# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001193125-26-028930
**Filing Date:** 2026-1
**Character Count:** 1036687
**Document Hash:** 77227ae333f3d52cf027e69eb60aff27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028930.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028930

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04367
- **FILM NUMBER:** 26576831

**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           |

### Columbia Dividend Income Fund (Series ID: S000012079)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000032900 | Columbia Dividend Income Fund Class A               | LBSAX           |
| C000032902 | Columbia Dividend Income Fund Class C               | LBSCX           |
| C000032905 | Columbia Dividend Income Fund Institutional Class   | GSFTX           |
| C000061836 | Columbia Dividend Income Fund Class R               | CDIRX           |
| C000122670 | Columbia Dividend Income Fund Institutional 2 Class | CDDRX           |
| C000122671 | Columbia Dividend Income Fund Institutional 3 Class | CDDYX           |
| C000255599 | Columbia Dividend Income Fund Class S               | GFSDX           |

### Columbia Adaptive Risk Allocation Fund (Series ID: S000037262)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000114818 | Columbia Adaptive Risk Allocation Fund Class A               | CRAAX           |
| C000114819 | Columbia Adaptive Risk Allocation Fund Class C               | CRACX           |
| C000114823 | Columbia Adaptive Risk Allocation Fund Institutional 2 Class | CRDRX           |
| C000114825 | Columbia Adaptive Risk Allocation Fund Institutional Class   | CRAZX           |
| C000147084 | Columbia Adaptive Risk Allocation Fund Institutional 3 Class | CARYX           |
| C000255600 | Columbia Adaptive Risk Allocation Fund Class S               | CRADX           |

### Columbia Multi Strategy Alternatives Fund (Series ID: S000048058)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000151801 | Columbia Multi Strategy Alternatives Fund Class A             | CLAAX           |
| C000151802 | Columbia Multi Strategy Alternatives Fund Class C             | CLABX           |
| C000151809 | Columbia Multi Strategy Alternatives Fund Institutional Class | CLAZX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-04367

## 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)

#### Michael G. Clarke

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

#### 290 Congress Street

#### Boston, MA 02210

#### Ryan C. Larrenaga, Esq.

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

#### 290 Congress Street

#### Boston, MA 02210

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

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

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

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

------

#### Item 1. Reports to Stockholders.

# Columbia Adaptive Risk Allocation Fund
Class A / CRAAX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $52 | 0.98%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Class A **\|** SSR214_01_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Class A **\|** SSR214_01_(01/26) \|

# Columbia Adaptive Risk Allocation Fund
Class C / CRACX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $91 | 1.73%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Class C **\|** SSR214_04_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Class C **\|** SSR214_04_(01/26) \|

# Columbia Adaptive Risk Allocation Fund
Institutional Class / CRAZX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $39 | 0.73%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Institutional Class **\|** SSR214_08_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Institutional Class **\|** SSR214_08_(01/26) \|

# Columbia Adaptive Risk Allocation Fund
Institutional 2 Class / CRDRX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Institutional 2 Class **\|** SSR214_15_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Institutional 2 Class **\|** SSR214_15_(01/26) \|

# Columbia Adaptive Risk Allocation Fund
Institutional 3 Class / CARYX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Institutional 3 Class **\|** SSR214_17_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Institutional 3 Class **\|** SSR214_17_(01/26) \|

# Columbia Adaptive Risk Allocation Fund
Class S / CRADX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $39 | 0.73%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $2516587773 |
| **Total number of portfolio holdings** | 353 |
| **Portfolio turnover for the reporting period** | 77% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 32% |

---

Columbia Adaptive Risk Allocation Fund \| Class S **\|** SSR214_16_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Credit Risk | 29.8% |
| Equity Risk | 41.0% |
| Foreign Exchange Risk | 9.4% |
| Interest Rate Risk | 23.4% |
|  | Short |
| Equity Risk | 5.3% |
| Foreign Exchange Risk | 41.8% |
| Interest Rate Risk | 3.7% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 41.4% |
| Inflation-Indexed Bonds | 14.6% |
| Foreign Government Obligations | 14.3% |
| Alternative Strategies Funds | 9.3% |
| U.S. Treasury Obligations | 8.6% |
| Common Stocks | 6.6% |
| Residential Mortgage-Backed Securities - Agency | 4.3% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Adaptive Risk Allocation Fund \| Class S **\|** SSR214_16_(01/26) \|

# Columbia Dividend Income Fund
Class A / LBSAX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $47 | 0.89%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Class A **\|** SSR139_01_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Class A **\|** SSR139_01_(01/26) \|

# Columbia Dividend Income Fund
Class C / LBSCX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $87 | 1.64%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Class C **\|** SSR139_04_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Class C **\|** SSR139_04_(01/26) \|

# Columbia Dividend Income Fund
Institutional Class / GSFTX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $34 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Institutional Class **\|** SSR139_08_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Institutional Class **\|** SSR139_08_(01/26) \|

# Columbia Dividend Income Fund
Institutional 2 Class / CDDRX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $31 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Institutional 2 Class **\|** SSR139_15_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Institutional 2 Class **\|** SSR139_15_(01/26) \|

# Columbia Dividend Income Fund
Institutional 3 Class / CDDYX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $29 | 0.54%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Institutional 3 Class **\|** SSR139_17_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Institutional 3 Class **\|** SSR139_17_(01/26) \|

# Columbia Dividend Income Fund
Class R / CDIRX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class R | $60 | 1.14%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Class R **\|** SSR139_12_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Class R **\|** SSR139_12_(01/26) \|

# Columbia Dividend Income Fund
Class S / GFSDX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class S | $34 | 0.64%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $45948768626 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover for the reporting period** | 9% |

---

Columbia Dividend Income Fund \| Class S **\|** SSR139_16_(01/26) \|

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

#### Equity Sector Allocation

---

| | |
|:---|:---|
| Financials | 20.9% |
| Information Technology | 16.7% |
| Industrials | 13.0% |
| Health Care | 12.9% |
| Consumer Staples | 8.5% |
| Communication Services | 6.2% |
| Utilities | 6.0% |
| Energy | 5.7% |
| Consumer Discretionary | 5.0% |
| Materials | 2.0% |
| Other | 1.6% |

---

### Top Holdings

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.5% |
| Johnson & Johnson | 3.5% |
| Microsoft Corp. | 2.8% |
| Walmart, Inc. | 2.5% |
| Broadcom, Inc. | 2.4% |
| Alphabet, Inc., Class A | 2.2% |
| Bank of America Corp. | 2.2% |
| Exxon Mobil Corp. | 2.2% |
| Parker-Hannifin Corp. | 2.1% |
| Procter & Gamble Co. (The) | 2.1% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Common Stocks | 98.6% |
| Money Market Funds | 1.3% |

---

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

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

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

Columbia Dividend Income Fund \| Class S **\|** SSR139_16_(01/26) \|

# Columbia High Yield Municipal Fund
Class A / LHIAX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $42 | 0.81%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Class A **\|** SSR161_01_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Class A **\|** SSR161_01_(01/26) \|

# Columbia High Yield Municipal Fund
Class C / CHMCX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $72 | 1.41%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Class C **\|** SSR161_04_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Class C **\|** SSR161_04_(01/26) \|

# Columbia High Yield Municipal Fund
Institutional Class / SRHMX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Institutional Class **\|** SSR161_08_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional Class **\|** SSR161_08_(01/26) \|

# Columbia High Yield Municipal Fund
Institutional 2 Class / CHMYX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 2 Class | $30 | 0.59%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Institutional 2 Class **\|** SSR161_15_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional 2 Class **\|** SSR161_15_(01/26) \|

# Columbia High Yield Municipal Fund
Institutional 3 Class / CHHYX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional 3 Class | $28 | 0.54%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Institutional 3 Class **\|** SSR161_17_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Institutional 3 Class **\|** SSR161_17_(01/26) \|

# Columbia High Yield Municipal Fund
Class S / SRHDX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

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

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $461325479 |
| **Total number of portfolio holdings** | 277 |
| **Portfolio turnover for the reporting period** | 13% |

---

Columbia High Yield Municipal Fund \| Class S **\|** SSR161_16_(01/26) \|

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

### Top States/Territories

---

| | |
|:---|:---|
| Wisconsin | 10.5% |
| Colorado | 8.9% |
| Texas | 8.0% |
| Puerto Rico | 6.8% |
| Illinois | 6.3% |
| Florida | 6.2% |
| New York | 5.8% |
| California | 5.5% |
| New Hampshire | 4.6% |
| Ohio | 3.8% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Municipal Bonds | 96.2% |
| Floating Rate Notes | 1.3% |
| Other | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia High Yield Municipal Fund \| Class S **\|** SSR161_16_(01/26) \|

# Columbia Multi Strategy Alternatives Fund
Class A / CLAAX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class A | $66 | 1.29%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $513153589 |
| **Total number of portfolio holdings** | 978 |
| **Portfolio turnover for the reporting period** | 371% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Multi Strategy Alternatives Fund \| Class A **\|** SSR259_01_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Commodity-Related Investment Risk | 43.9% |
| Credit Risk | 1.7% |
| Equity Risk | 35.9% |
| Foreign Exchange Risk | 294.9% |
| Interest Rate Risk | 249.2% |
|  | Short |
| Commodity-Related Investment Risk | 35.5% |
| Equity Risk | 36.8% |
| Foreign Exchange Risk | 240.8% |
| Interest Rate Risk | 317.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 55.5% |
| Residential Mortgage-Backed Securities - Agency | 25.4% |
| Treasury Bills | 15.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 11.2% |
| Asset-Backed Securities - Non-Agency | 1.6% |
| Other | 0.6% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Multi Strategy Alternatives Fund \| Class A **\|** SSR259_01_(01/26) \|

# Columbia Multi Strategy Alternatives Fund
Class C / CLABX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Class C | $104 | 2.04%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $513153589 |
| **Total number of portfolio holdings** | 978 |
| **Portfolio turnover for the reporting period** | 371% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Multi Strategy Alternatives Fund \| Class C **\|** SSR259_04_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Commodity-Related Investment Risk | 43.9% |
| Credit Risk | 1.7% |
| Equity Risk | 35.9% |
| Foreign Exchange Risk | 294.9% |
| Interest Rate Risk | 249.2% |
|  | Short |
| Commodity-Related Investment Risk | 35.5% |
| Equity Risk | 36.8% |
| Foreign Exchange Risk | 240.8% |
| Interest Rate Risk | 317.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 55.5% |
| Residential Mortgage-Backed Securities - Agency | 25.4% |
| Treasury Bills | 15.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 11.2% |
| Asset-Backed Securities - Non-Agency | 1.6% |
| Other | 0.6% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Multi Strategy Alternatives Fund \| Class C **\|** SSR259_04_(01/26) \|

# Columbia Multi Strategy Alternatives Fund
Institutional Class / CLAZX

![Image](g33631i8265a5e690d86cd4bbcb.jpg)

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

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

---

| | | |
|:---|:---|:---|
| Class | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
| Institutional Class | $53 | 1.04%<sup>Footnote Reference(a)</sup> |

---

---

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

---

## Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets** | $513153589 |
| **Total number of portfolio holdings** | 978 |
| **Portfolio turnover for the reporting period** | 371% |
| **Portfolio turnover as of the end of the period excluding transactions in to be announced securities** | 7% |

---

Columbia Multi Strategy Alternatives Fund \| Institutional Class **\|** SSR259_08_(01/26) \|

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

### Derivative Exposure

---

| | |
|:---|:---|
| | Long |
| Commodity-Related Investment Risk | 43.9% |
| Credit Risk | 1.7% |
| Equity Risk | 35.9% |
| Foreign Exchange Risk | 294.9% |
| Interest Rate Risk | 249.2% |
|  | Short |
| Commodity-Related Investment Risk | 35.5% |
| Equity Risk | 36.8% |
| Foreign Exchange Risk | 240.8% |
| Interest Rate Risk | 317.6% |

---

#### Asset Categories

---

| | |
|:---|:---|
| Money Market Funds | 55.5% |
| Residential Mortgage-Backed Securities - Agency | 25.4% |
| Treasury Bills | 15.8% |
| Residential Mortgage-Backed Securities - Non-Agency | 11.2% |
| Asset-Backed Securities - Non-Agency | 1.6% |
| Other | 0.6% |

---

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

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

e-mail to serviceinquiries@columbiathreadneedle.com.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.columbiathreadneedleus.com/resources/literature](g33631ie94b2e9e726c5d79fe3d.jpg)

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

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

Columbia Multi Strategy Alternatives Fund \| Institutional Class **\|** SSR259_08_(01/26) \|

------

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

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

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

(b) Not applicable.

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

------

![](g33631img27a8a93b1.jpg)

Columbia Adaptive Risk Allocation Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_POI-CommonContent-Date_1) | 3 |
| [Statement of Assets and Liabilities](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_FS-CommonContent-Date-25_1) | 17 |
| [Statement of Operations](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_FS-CommonContent-Date-25_3) | 19 |
| [Statement of Changes in Net Assets](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_FS-CommonContent-Date-25_4) | 20 |
| [Financial Highlights](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_FIHI-CommonContent-Date-25_1) | 22 |
| [Notes to Financial Statements](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_NTF-CommonContent-Date-25_1) | 26 |
| [Approval of Management Agreement](#xx_6ec412bf-3079-45e7-9188-c9220faa1ad4_CCH-CommonContent-Date-25_1) | 43 |

---

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Alternative Strategies Funds 9.3%** | **Alternative Strategies Funds 9.3%** | **Alternative Strategies Funds 9.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Commodity Strategy Fund, Institutional <br> 3 Class<sup>(a)</sup> <br>| &nbsp;&nbsp; 21498041 | &nbsp;&nbsp; 233253750 |
| Total Alternative Strategies Funds <br>(Cost $212,687,377) | Total Alternative Strategies Funds <br>(Cost $212,687,377) | &nbsp;&nbsp; **233253750** |
| **Common Stocks 6.6%** | **Common Stocks 6.6%** | **Common Stocks 6.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** | **Consumer Discretionary 0.0%** |
| **Household Durables 0.0%** | **Household Durables 0.0%** | **Household Durables 0.0%** |
| Neinor Homes SA<sup>(b)</sup> <br>| &nbsp;&nbsp; 7763 | &nbsp;&nbsp; 165754 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **165754** |
| **Health Care 0.0%** | **Health Care 0.0%** | **Health Care 0.0%** |
| **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** |
| Chartwell Retirement Residences | &nbsp;&nbsp; 27300 | &nbsp;&nbsp; 394619 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **394619** |
| **Information Technology 0.0%** | **Information Technology 0.0%** | **Information Technology 0.0%** |
| **IT Services 0.0%** | **IT Services 0.0%** | **IT Services 0.0%** |
| NEXTDC Ltd.<sup>(b)</sup> <br>| &nbsp;&nbsp; 68094 | &nbsp;&nbsp; 606693 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **606693** |
| **Real Estate 6.6%** | **Real Estate 6.6%** | **Real Estate 6.6%** |
| **Diversified REITs 0.4%** | **Diversified REITs 0.4%** | **Diversified REITs 0.4%** |
| Activia Properties, Inc. | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 212133 |
| CapitaLand Integrated Commercial Trust | &nbsp;&nbsp; 546087 | &nbsp;&nbsp; 991886 |
| Charter Hall Group | &nbsp;&nbsp; 55431 | &nbsp;&nbsp; 903355 |
| Daiwa House REIT Investment Corp. | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 409847 |
| GPT Group (The) | &nbsp;&nbsp; 252489 | &nbsp;&nbsp; 918330 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 30500 | &nbsp;&nbsp; 226003 |
| Hulic REIT, Inc. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 181578 |
| Kenedix Office Investment | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 464107 |
| Mapletree Commercial Trust | &nbsp;&nbsp; 198700 | &nbsp;&nbsp; 224146 |
| Merlin Properties Socimi SA | &nbsp;&nbsp; 112438 | &nbsp;&nbsp; 1660844 |
| Mirvac Group | &nbsp;&nbsp; 496678 | &nbsp;&nbsp; 703507 |
| Mori Trust Sogo REIT, Inc. | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 193652 |
| NIPPON REIT Investment Corp. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 94418 |
| Nomura Real Estate Master Fund, Inc. | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 476763 |
| Premier Investment Corp. | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 186491 |
| Sekisui House REIT, Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 203893 |
| Stockland | &nbsp;&nbsp; 282432 | &nbsp;&nbsp; 1113662 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Suntec Real Estate Investment Trust | &nbsp;&nbsp; 203300 | &nbsp;&nbsp; 215306 |
| United Urban Investment Corp. | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 343853 |
| Total |  | &nbsp;&nbsp; 9723774 |
| **Health Care REITs 1.0%** | **Health Care REITs 1.0%** | **Health Care REITs 1.0%** |
| Aedifica SA | &nbsp;&nbsp; 2830 | &nbsp;&nbsp; 218177 |
| Alexandria Real Estate Equities, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 15324 | &nbsp;&nbsp; 822439 |
| American Healthcare REIT, Inc. | &nbsp;&nbsp; 16300 | &nbsp;&nbsp; 827714 |
| CareTrust REIT, Inc. | &nbsp;&nbsp; 20900 | &nbsp;&nbsp; 784377 |
| Cofinimmo SA | &nbsp;&nbsp; 33544 | &nbsp;&nbsp; 3038979 |
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp; 38400 | &nbsp;&nbsp; 700032 |
| Healthpeak Properties, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 99361 | &nbsp;&nbsp; 1814332 |
| LTC Properties, Inc. | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 149609 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp; 76300 | &nbsp;&nbsp; 439488 |
| National Health Investors, Inc. | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 421244 |
| Parkway Life Real Estate Investment Trust | &nbsp;&nbsp; 46400 | &nbsp;&nbsp; 145073 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 144374 |
| Ventas, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 36200 | &nbsp;&nbsp; 2918806 |
| Welltower, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 60580 | &nbsp;&nbsp; 12613968 |
| Total |  | &nbsp;&nbsp; 25038612 |
| **Hotel & Resort REITs 0.1%** | **Hotel & Resort REITs 0.1%** | **Hotel & Resort REITs 0.1%** |
| CapitaLand Ascott Trust | &nbsp;&nbsp; 211000 | &nbsp;&nbsp; 153879 |
| CDL Hospitality Trusts | &nbsp;&nbsp; 90700 | &nbsp;&nbsp; 58494 |
| Host Hotels & Resorts, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 16200 | &nbsp;&nbsp; 285606 |
| Invincible Investment Corp. | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 313223 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 274656 |
| Sunstone Hotel Investors, Inc. | &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 183456 |
| Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp; 13500 | &nbsp;&nbsp; 188730 |
| Total |  | &nbsp;&nbsp; 1458044 |
| **Industrial REITs 1.0%** | **Industrial REITs 1.0%** | **Industrial REITs 1.0%** |
| CapitaLand Ascendas REIT | &nbsp;&nbsp; 338700 | &nbsp;&nbsp; 735647 |
| Dream Industrial Real Estate Investment Trust | &nbsp;&nbsp; 26800 | &nbsp;&nbsp; 238380 |
| Frasers Logistics & Commercial Trust<sup>(d)</sup> <br>| &nbsp;&nbsp; 331600 | &nbsp;&nbsp; 250990 |
| GLP J-REIT | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 446260 |
| Goodman Group | &nbsp;&nbsp; 204236 | &nbsp;&nbsp; 3974874 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 313664 |
| Industrial & Infrastructure Fund Investment Corp. | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 249339 |
| Innovative Industrial Properties, Inc. | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 153295 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Japan Logistics Fund, Inc. | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 191723 |
| LaSalle Logiport REIT | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 165060 |
| LXP Industrial Trust | &nbsp;&nbsp; 5620 | &nbsp;&nbsp; 272570 |
| Mapletree Industrial Trust | &nbsp;&nbsp; 218200 | &nbsp;&nbsp; 347232 |
| Mapletree Logistics Trust | &nbsp;&nbsp; 309400 | &nbsp;&nbsp; 315370 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp.<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 121149 |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 202214 |
| Montea NV | &nbsp;&nbsp; 25805 | &nbsp;&nbsp; 2143063 |
| Nippon Prologis REIT, Inc. | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 439307 |
| Prologis, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 84427 | &nbsp;&nbsp; 10851402 |
| Warehouses De Pauw CVA | &nbsp;&nbsp; 97035 | &nbsp;&nbsp; 2518580 |
| Total |  | &nbsp;&nbsp; 23930119 |
| **Office REITs 0.3%** | **Office REITs 0.3%** | **Office REITs 0.3%** |
| Allied Properties Real Estate Investment Trust | &nbsp;&nbsp; 16400 | &nbsp;&nbsp; 152212 |
| BXP, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 12600 | &nbsp;&nbsp; 911736 |
| Cousins Properties, Inc. | &nbsp;&nbsp; 17200 | &nbsp;&nbsp; 443416 |
| Dexus Property Group | &nbsp;&nbsp; 116704 | &nbsp;&nbsp; 547598 |
| Easterly Government Properties, Inc. | &nbsp;&nbsp; 8060 | &nbsp;&nbsp; 175708 |
| Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp; 90900 | &nbsp;&nbsp; 639027 |
| Global One Real Estate Investment Corp. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 78142 |
| Ichigo Office REIT Investment Corp. | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 65631 |
| Japan Prime Realty Investment Corp. | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 279065 |
| Japan Real Estate Investment Corp. | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 602839 |
| Keppel REIT | &nbsp;&nbsp; 213500 | &nbsp;&nbsp; 174674 |
| Mori Hills REIT Investment Corp. | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 139333 |
| Nippon Building Fund, Inc. | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 724669 |
| ORIX JREIT, Inc. | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 361101 |
| Paramount Group, Inc.<sup>(b)</sup> <br>| &nbsp;&nbsp; 16600 | &nbsp;&nbsp; 109394 |
| Piedmont Realty Trust, Inc. | &nbsp;&nbsp; 123800 | &nbsp;&nbsp; 1082012 |
| Precinct Properties Group | &nbsp;&nbsp; 291501 | &nbsp;&nbsp; 204951 |
| SL Green Realty Corp. | &nbsp;&nbsp; 22100 | &nbsp;&nbsp; 1041573 |
| Total |  | &nbsp;&nbsp; 7733081 |
| **Real Estate Management & Development 1.5%** | **Real Estate Management & Development 1.5%** | **Real Estate Management & Development 1.5%** |
| Aroundtown SA<sup>(b)</sup> <br>| &nbsp;&nbsp; 65167 | &nbsp;&nbsp; 224427 |
| Azrieli Group Ltd. | &nbsp;&nbsp; 3614 | &nbsp;&nbsp; 367193 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 235200 | &nbsp;&nbsp; 481739 |
| Castellum AB | &nbsp;&nbsp; 33438 | &nbsp;&nbsp; 379523 |
| Cibus Nordic Real Estate AB | &nbsp;&nbsp; 88348 | &nbsp;&nbsp; 1532801 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| City Developments Ltd. | &nbsp;&nbsp; 42700 | &nbsp;&nbsp; 238511 |
| CTP NV<sup>(d)</sup> <br>| &nbsp;&nbsp; 37769 | &nbsp;&nbsp; 804563 |
| Fabege AB | &nbsp;&nbsp; 19861 | &nbsp;&nbsp; 172500 |
| Fastighets AB Balder, Class B<sup>(b)</sup> <br>| &nbsp;&nbsp; 403609 | &nbsp;&nbsp; 2901695 |
| Henderson Land Development Co., Ltd. | &nbsp;&nbsp; 153000 | &nbsp;&nbsp; 578188 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 99500 | &nbsp;&nbsp; 632397 |
| Hulic Co., Ltd. | &nbsp;&nbsp; 41800 | &nbsp;&nbsp; 461052 |
| Intea Fastigheter AB | &nbsp;&nbsp; 78823 | &nbsp;&nbsp; 562714 |
| Kojamo OYJ<sup>(b)</sup> <br>| &nbsp;&nbsp; 13804 | &nbsp;&nbsp; 169625 |
| LEG Immobilien AG | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; 529957 |
| Logistea AB, Class B | &nbsp;&nbsp; 307745 | &nbsp;&nbsp; 500677 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp; 107300 | &nbsp;&nbsp; 2531539 |
| Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp; 247100 | &nbsp;&nbsp; 2902321 |
| Nomura Real Estate Holdings, Inc. | &nbsp;&nbsp; 52500 | &nbsp;&nbsp; 322151 |
| NP3 Fastigheter AB | &nbsp;&nbsp; 65230 | &nbsp;&nbsp; 1795077 |
| Nyfosa AB | &nbsp;&nbsp; 69017 | &nbsp;&nbsp; 558258 |
| Pandox AB | &nbsp;&nbsp; 220154 | &nbsp;&nbsp; 4439853 |
| Platzer Fastigheter Holding AB, Class B | &nbsp;&nbsp; 21899 | &nbsp;&nbsp; 170485 |
| PSP Swiss Property AG | &nbsp;&nbsp; 12186 | &nbsp;&nbsp; 2156370 |
| Sino Land Co., Ltd. | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 416396 |
| Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp; 30200 | &nbsp;&nbsp; 1459393 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 134500 | &nbsp;&nbsp; 1708197 |
| Swire Properties Ltd. | &nbsp;&nbsp; 96600 | &nbsp;&nbsp; 265543 |
| Swiss Prime Site AG | &nbsp;&nbsp; 49748 | &nbsp;&nbsp; 7335959 |
| Tokyo Tatemono Co., Ltd. | &nbsp;&nbsp; 18800 | &nbsp;&nbsp; 415547 |
| UOL Group Ltd. | &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 288037 |
| Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 512838 |
| Wihlborgs Fastigheter AB | &nbsp;&nbsp; 84037 | &nbsp;&nbsp; 818969 |
| Total |  | &nbsp;&nbsp; 38634495 |
| **Residential REITs 0.6%** | **Residential REITs 0.6%** | **Residential REITs 0.6%** |
| Advance Residence Investment Corp. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 249741 |
| American Homes 4 Rent, Class A<sup>(c)</sup> <br>| &nbsp;&nbsp; 41700 | &nbsp;&nbsp; 1339404 |
| AvalonBay Communities, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 9080 | &nbsp;&nbsp; 1652015 |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 137801 |
| Canadian Apartment Properties REIT | &nbsp;&nbsp; 14700 | &nbsp;&nbsp; 400254 |
| Centerspace | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 146872 |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 173829 |
| Daiwa Securities Living Investments Corp. | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 166027 |
| Elme Communities | &nbsp;&nbsp; 9300 | &nbsp;&nbsp; 161448 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Equity Residential<sup>(c)</sup> <br>| &nbsp;&nbsp; 46963 | &nbsp;&nbsp; 2899965 |
| Essex Property Trust, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 8167 | &nbsp;&nbsp; 2152985 |
| Independence Realty Trust, Inc. | &nbsp;&nbsp; 57300 | &nbsp;&nbsp; 982695 |
| InterRent Real Estate Investment Trust | &nbsp;&nbsp; 15600 | &nbsp;&nbsp; 147633 |
| Invitation Homes, Inc. | &nbsp;&nbsp; 24700 | &nbsp;&nbsp; 696540 |
| Irish Residential Properties REIT PLC | &nbsp;&nbsp; 3280994 | &nbsp;&nbsp; 3681467 |
| Killam Apartment Real Estate Investment Trust | &nbsp;&nbsp; 11600 | &nbsp;&nbsp; 138375 |
| Mitsui Fudosan Accommodations Fund, Inc. | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 234023 |
| UDR, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 14654 | &nbsp;&nbsp; 533699 |
| Veris Residential, Inc. | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 135540 |
| Xior Student Housing NV<sup>(d)</sup> <br>| &nbsp;&nbsp; 3301 | &nbsp;&nbsp; 112015 |
| Total |  | &nbsp;&nbsp; 16142328 |
| **Retail REITs 0.8%** | **Retail REITs 0.8%** | **Retail REITs 0.8%** |
| Acadia Realty Trust | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 267410 |
| AEON REIT Investment Corp. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 172324 |
| Choice Properties Real Estate Investment Trust | &nbsp;&nbsp; 26100 | &nbsp;&nbsp; 284075 |
| Crombie Real Estate Investment Trust | &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 109382 |
| Curbline Properties Corp. | &nbsp;&nbsp; 8811 | &nbsp;&nbsp; 210935 |
| Eurocommercial Properties NV | &nbsp;&nbsp; 3787 | &nbsp;&nbsp; 116705 |
| Federal Realty Investment Trust<sup>(c)</sup> <br>| &nbsp;&nbsp; 22144 | &nbsp;&nbsp; 2186277 |
| First Capital Realty, Inc. | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 280940 |
| Fortune Real Estate Investment Trust | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 76697 |
| Frasers Centrepoint Trust | &nbsp;&nbsp; 121200 | &nbsp;&nbsp; 213419 |
| Frontier Real Estate Investment Corp. | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 177016 |
| Fukuoka REIT Corp. | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 76208 |
| Getty Realty Corp. | &nbsp;&nbsp; 9700 | &nbsp;&nbsp; 276159 |
| Hammerson PLC | &nbsp;&nbsp; 109124 | &nbsp;&nbsp; 469976 |
| Japan Retail Fund Investment Corp. | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 499746 |
| Kimco Realty Corp.<sup>(c)</sup> <br>| &nbsp;&nbsp; 88000 | &nbsp;&nbsp; 1818080 |
| Lendlease Global Commercial REIT | &nbsp;&nbsp; 183500 | &nbsp;&nbsp; 87943 |
| Link REIT (The) | &nbsp;&nbsp; 244700 | &nbsp;&nbsp; 1162247 |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp; 13900 | &nbsp;&nbsp; 493450 |
| Primaris Real Estate Investment Trust | &nbsp;&nbsp; 12900 | &nbsp;&nbsp; 140497 |
| Realty Income Corp.<sup>(c)</sup> <br>| &nbsp;&nbsp; 47812 | &nbsp;&nbsp; 2754449 |
| RioCan Real Estate Investment Trust | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 379692 |
| Scentre Group | &nbsp;&nbsp; 567145 | &nbsp;&nbsp; 1516262 |
| Simon Property Group, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 21127 | &nbsp;&nbsp; 3936383 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| Smart Real Estate Investment Trust | &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 227289 |
| Vicinity Ltd. | &nbsp;&nbsp; 521143 | &nbsp;&nbsp; 840135 |
| Total |  | &nbsp;&nbsp; 18773696 |
| **Specialized REITs 0.9%** | **Specialized REITs 0.9%** | **Specialized REITs 0.9%** |
| American Tower Corp. | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 797588 |
| CubeSmart | &nbsp;&nbsp; 4776 | &nbsp;&nbsp; 177811 |
| Digital Realty Trust, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 24609 | &nbsp;&nbsp; 3940393 |
| Equinix, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 10580 | &nbsp;&nbsp; 7970020 |
| Extra Space Storage, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 20749 | &nbsp;&nbsp; 2763144 |
| Four Corners Property Trust, Inc. | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 245208 |
| Iron Mountain, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 28200 | &nbsp;&nbsp; 2435070 |
| Keppel DC REIT | &nbsp;&nbsp; 161308 | &nbsp;&nbsp; 287844 |
| National Storage REIT | &nbsp;&nbsp; 167495 | &nbsp;&nbsp; 297431 |
| Public Storage<sup>(c)</sup> <br>| &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 3733744 |
| VICI Properties, Inc.<sup>(c)</sup> <br>| &nbsp;&nbsp; 24900 | &nbsp;&nbsp; 717618 |
| Total |  | &nbsp;&nbsp; 23365871 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **164800020** |
| Total Common Stocks <br>(Cost $162,595,480) | Total Common Stocks <br>(Cost $162,595,480) | &nbsp;&nbsp; **165967086** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(e),(f)</sup> **14.3%** | **Foreign Government Obligations**<sup>(e),(f)</sup> **14.3%** | **Foreign Government Obligations**<sup>(e),(f)</sup> **14.3%** | **Foreign Government Obligations**<sup>(e),(f)</sup> **14.3%** | **Foreign Government Obligations**<sup>(e),(f)</sup> **14.3%** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** | **Austria 0.0%** |
| Republic of Austria Government Bond<sup>(d)</sup>  | Republic of Austria Government Bond<sup>(d)</sup>  | Republic of Austria Government Bond<sup>(d)</sup>  | Republic of Austria Government Bond<sup>(d)</sup>  | Republic of Austria Government Bond<sup>(d)</sup>  |
| 02/20/2035 | &nbsp;&nbsp; 2.950% | EUR | 405000 | &nbsp;&nbsp; 469439 |
| **Belgium 0.5%** | **Belgium 0.5%** | **Belgium 0.5%** | **Belgium 0.5%** | **Belgium 0.5%** |
| Kingdom of Belgium Government Bond<sup>(d)</sup>  | Kingdom of Belgium Government Bond<sup>(d)</sup>  | Kingdom of Belgium Government Bond<sup>(d)</sup>  | Kingdom of Belgium Government Bond<sup>(d)</sup>  | Kingdom of Belgium Government Bond<sup>(d)</sup>  |
| 10/22/2034 | &nbsp;&nbsp; 2.850% | EUR | 7000000 | &nbsp;&nbsp; 7971897 |
| 06/22/2055 | &nbsp;&nbsp; 3.500% | EUR | 5000000 | &nbsp;&nbsp; 5142097 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **13113994** |
| **Canada 1.1%** | **Canada 1.1%** | **Canada 1.1%** | **Canada 1.1%** | **Canada 1.1%** |
| Canadian Government Bond | Canadian Government Bond | Canadian Government Bond | Canadian Government Bond | Canadian Government Bond |
| 06/01/2034 | &nbsp;&nbsp; 3.000% | CAD | 38500000 | &nbsp;&nbsp; 27415180 |
| **China 1.7%** | **China 1.7%** | **China 1.7%** | **China 1.7%** | **China 1.7%** |
| China Development Bank | China Development Bank | China Development Bank | China Development Bank | China Development Bank |
| 07/18/2032 | &nbsp;&nbsp; 2.960% | CNY | 50950000 | &nbsp;&nbsp; 7677993 |
| China Government Bond | China Government Bond | China Government Bond | China Government Bond | China Government Bond |
| 05/15/2032 | &nbsp;&nbsp; 2.760% | CNY | 52400000 | &nbsp;&nbsp; 7884601 |
| 05/25/2033 | &nbsp;&nbsp; 2.670% | CNY | 27130000 | &nbsp;&nbsp; 4080178 |
| 05/25/2034 | &nbsp;&nbsp; 2.270% | CNY | 45000000 | &nbsp;&nbsp; 6591223 |
| 08/25/2035 | &nbsp;&nbsp; 1.830% | CNY | 90000000 | &nbsp;&nbsp; 12714058 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 10/15/2053 | &nbsp;&nbsp; 3.000% | CNY | 25000000 | &nbsp;&nbsp; 4108199 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **43056252** |
| **France 2.2%** | **France 2.2%** | **France 2.2%** | **France 2.2%** | **France 2.2%** |
| French Republic Government Bond OAT<sup>(d),(g)</sup>  | French Republic Government Bond OAT<sup>(d),(g)</sup>  | French Republic Government Bond OAT<sup>(d),(g)</sup>  | French Republic Government Bond OAT<sup>(d),(g)</sup>  | French Republic Government Bond OAT<sup>(d),(g)</sup>  |
| 11/25/2030 | &nbsp;&nbsp; 0.000% | EUR | 15428000 | &nbsp;&nbsp; 15693162 |
| French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  |
| 05/25/2033 | &nbsp;&nbsp; 3.000% | EUR | 19800000 | &nbsp;&nbsp; 22866921 |
| 05/25/2036 | &nbsp;&nbsp; 1.250% | EUR | 8757000 | &nbsp;&nbsp; 8200491 |
| 05/25/2040 | &nbsp;&nbsp; 0.500% | EUR | 13000000 | &nbsp;&nbsp; 9597085 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **56357659** |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Bundesrepublik Deutschland Bundesanleihe<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesanleihe<sup>(d)</sup>  |
| 08/15/2056 | &nbsp;&nbsp; 2.900% | EUR | 2300000 | &nbsp;&nbsp; 2451322 |
| **Italy 0.2%** | **Italy 0.2%** | **Italy 0.2%** | **Italy 0.2%** | **Italy 0.2%** |
| Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  |
| 02/01/2037 | &nbsp;&nbsp; 4.000% | EUR | 4850000 | &nbsp;&nbsp; 5911923 |
| **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** | **Japan 1.9%** |
| Japan Government 10-Year Bond | Japan Government 10-Year Bond | Japan Government 10-Year Bond | Japan Government 10-Year Bond | Japan Government 10-Year Bond |
| 06/20/2031 | &nbsp;&nbsp; 0.100% | JPY | 1289450000 | &nbsp;&nbsp; 7693321 |
| Japan Government 20-Year Bond | Japan Government 20-Year Bond | Japan Government 20-Year Bond | Japan Government 20-Year Bond | Japan Government 20-Year Bond |
| 06/20/2041 | &nbsp;&nbsp; 0.400% | JPY | 651800000 | &nbsp;&nbsp; 3064138 |
| 03/20/2042 | &nbsp;&nbsp; 0.800% | JPY | 613850000 | &nbsp;&nbsp; 3025747 |
| 03/20/2043 | &nbsp;&nbsp; 1.100% | JPY | 868150000 | &nbsp;&nbsp; 4390957 |
| Japan Government 30-Year Bond | Japan Government 30-Year Bond | Japan Government 30-Year Bond | Japan Government 30-Year Bond | Japan Government 30-Year Bond |
| 06/20/2051 | &nbsp;&nbsp; 0.700% | JPY | 510700000 | &nbsp;&nbsp; 1829755 |
| 09/20/2051 | &nbsp;&nbsp; 0.700% | JPY | 508500000 | &nbsp;&nbsp; 1808868 |
| 12/20/2051 | &nbsp;&nbsp; 0.700% | JPY | 506900000 | &nbsp;&nbsp; 1788942 |
| 03/20/2052 | &nbsp;&nbsp; 1.000% | JPY | 484850000 | &nbsp;&nbsp; 1860341 |
| 03/20/2053 | &nbsp;&nbsp; 1.400% | JPY | 678750000 | &nbsp;&nbsp; 2862000 |
| 06/20/2054 | &nbsp;&nbsp; 2.200% | JPY | 83300000 | &nbsp;&nbsp; 422760 |
| Japan Government 40-Year Bond | Japan Government 40-Year Bond | Japan Government 40-Year Bond | Japan Government 40-Year Bond | Japan Government 40-Year Bond |
| 03/20/2063 | &nbsp;&nbsp; 1.300% | JPY | 209250000 | &nbsp;&nbsp; 735696 |
| 03/20/2064 | &nbsp;&nbsp; 2.200% | JPY | 42600000 | &nbsp;&nbsp; 196914 |
| Japan Government Ten-Year Bond | Japan Government Ten-Year Bond | Japan Government Ten-Year Bond | Japan Government Ten-Year Bond | Japan Government Ten-Year Bond |
| 09/20/2035 | &nbsp;&nbsp; 1.700% | JPY | 1056000000 | &nbsp;&nbsp; 6698769 |
| Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond | Japan Government Thirty-Year Bond |
| 09/20/2055 | &nbsp;&nbsp; 3.200% | JPY | 507000000 | &nbsp;&nbsp; 3176932 |
| Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond | Japan Government Twenty-Year Bond |
| 09/20/2040 | &nbsp;&nbsp; 0.400% | JPY | 900000000 | &nbsp;&nbsp; 4339938 |
| 09/20/2045 | &nbsp;&nbsp; 2.700% | JPY | 625000000 | &nbsp;&nbsp; 3930533 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **47825611** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** | **Foreign Government Obligations**<sup>(e),(f)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Mexico 1.4%** | **Mexico 1.4%** | **Mexico 1.4%** | **Mexico 1.4%** | **Mexico 1.4%** |
| Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
| 11/23/2034 | &nbsp;&nbsp; 7.750% | MXN | 100000000 | &nbsp;&nbsp; 5132474 |
| 02/21/2036 | &nbsp;&nbsp; 8.000% | MXN | 560000000 | &nbsp;&nbsp; 28732543 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **33865017** |
| **New Zealand 1.9%** | **New Zealand 1.9%** | **New Zealand 1.9%** | **New Zealand 1.9%** | **New Zealand 1.9%** |
| New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond | New Zealand Government Bond |
| 05/15/2034 | &nbsp;&nbsp; 4.250% | NZD | 55000000 | &nbsp;&nbsp; 31769974 |
| 05/15/2035 | &nbsp;&nbsp; 4.500% | NZD | 25000000 | &nbsp;&nbsp; 14612557 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **46382531** |
| **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** |
| Spain Government Bond<sup>(d)</sup>  | Spain Government Bond<sup>(d)</sup>  | Spain Government Bond<sup>(d)</sup>  | Spain Government Bond<sup>(d)</sup>  | Spain Government Bond<sup>(d)</sup>  |
| 10/31/2034 | &nbsp;&nbsp; 3.450% | EUR | 10000000 | &nbsp;&nbsp; 11954962 |
| 04/30/2035 | &nbsp;&nbsp; 3.150% | EUR | 9729000 | &nbsp;&nbsp; 11322824 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **23277786** |
| **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** | **Sweden 1.5%** |
| Sweden Government Bond<sup>(d)</sup>  | Sweden Government Bond<sup>(d)</sup>  | Sweden Government Bond<sup>(d)</sup>  | Sweden Government Bond<sup>(d)</sup>  | Sweden Government Bond<sup>(d)</sup>  |
| 05/11/2035 | &nbsp;&nbsp; 2.250% | SEK | 235000000 | &nbsp;&nbsp; 23960536 |
| 10/15/2036 | &nbsp;&nbsp; 2.500% | SEK | 75000000 | &nbsp;&nbsp; 7740618 |
| Sweden Government Bond | Sweden Government Bond | Sweden Government Bond | Sweden Government Bond | Sweden Government Bond |
| 03/30/2039 | &nbsp;&nbsp; 3.500% | SEK | 51500000 | &nbsp;&nbsp; 5824992 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **37526146** |
| **United Kingdom 0.9%** | **United Kingdom 0.9%** | **United Kingdom 0.9%** | **United Kingdom 0.9%** | **United Kingdom 0.9%** |
| United Kingdom Gilt<sup>(d)</sup>  | United Kingdom Gilt<sup>(d)</sup>  | United Kingdom Gilt<sup>(d)</sup>  | United Kingdom Gilt<sup>(d)</sup>  | United Kingdom Gilt<sup>(d)</sup>  |
| 01/22/2044 | &nbsp;&nbsp; 3.250% | GBP | 6710000 | &nbsp;&nbsp; 6975375 |
| 07/31/2054 | &nbsp;&nbsp; 4.375% | GBP | 13500000 | &nbsp;&nbsp; 15704402 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **22679777** |
| Total Foreign Government Obligations <br>(Cost $381,997,870) | Total Foreign Government Obligations <br>(Cost $381,997,870) | Total Foreign Government Obligations <br>(Cost $381,997,870) | Total Foreign Government Obligations <br>(Cost $381,997,870) | &nbsp;&nbsp; **360332637** |
| **Inflation-Indexed Bonds**<sup>(e)</sup> **14.6%** | **Inflation-Indexed Bonds**<sup>(e)</sup> **14.6%** | **Inflation-Indexed Bonds**<sup>(e)</sup> **14.6%** | **Inflation-Indexed Bonds**<sup>(e)</sup> **14.6%** | **Inflation-Indexed Bonds**<sup>(e)</sup> **14.6%** |
| **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** | **Canada 0.5%** |
| Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond | Canadian Government Real Return Bond |
| 12/01/2031 | &nbsp;&nbsp; 4.000% | CAD | 3529465 | &nbsp;&nbsp; 2968412 |
| 12/01/2036 | &nbsp;&nbsp; 3.000% | CAD | 10100962 | &nbsp;&nbsp; 8470202 |
| 12/01/2041 | &nbsp;&nbsp; 2.000% | CAD | 1952584 | &nbsp;&nbsp; 1496647 |
| 12/01/2054 | &nbsp;&nbsp; 0.250% | CAD | 2715357 | &nbsp;&nbsp; 1345951 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **14281212** |
| **France 1.3%** | **France 1.3%** | **France 1.3%** | **France 1.3%** | **France 1.3%** |
| France Government Bond OAT<sup>(d)</sup>  | France Government Bond OAT<sup>(d)</sup>  | France Government Bond OAT<sup>(d)</sup>  | France Government Bond OAT<sup>(d)</sup>  | France Government Bond OAT<sup>(d)</sup>  |
| 07/25/2032 | &nbsp;&nbsp; 3.150% | EUR | 10668770 | &nbsp;&nbsp; 14054568 |
| 07/25/2047 | &nbsp;&nbsp; 0.100% | EUR | 1347077 | &nbsp;&nbsp; 1035922 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>|  | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  | French Republic Government Bond OAT<sup>(d)</sup>  |
| 03/01/2036 | &nbsp;&nbsp; 0.100% | EUR | 5169870 | &nbsp;&nbsp; 5107457 |
| 07/25/2036 | &nbsp;&nbsp; 0.100% | EUR | 6384765 | &nbsp;&nbsp; 6374820 |
| 07/25/2040 | &nbsp;&nbsp; 1.800% | EUR | 4602003 | &nbsp;&nbsp; 5366850 |
| 07/25/2043 | &nbsp;&nbsp; 0.950% | EUR | 1153625 | &nbsp;&nbsp; 1146179 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **33085796** |
| **Germany 0.6%** | **Germany 0.6%** | **Germany 0.6%** | **Germany 0.6%** | **Germany 0.6%** |
| Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup>  | Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup>  |
| 04/15/2030 | &nbsp;&nbsp; 0.500% | EUR | 6494400 | &nbsp;&nbsp; 7512788 |
| Deutsche Bundesrepublik Inflation-Linked Bond<sup>(d)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(d)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(d)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(d)</sup>  | Deutsche Bundesrepublik Inflation-Linked Bond<sup>(d)</sup>  |
| 04/15/2033 | &nbsp;&nbsp; 0.100% | EUR | 6459610 | &nbsp;&nbsp; 7164502 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **14677290** |
| **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** | **Italy 0.8%** |
| Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  | Italy Buoni Poliennali Del Tesoro<sup>(d)</sup>  |
| 05/15/2028 | &nbsp;&nbsp; 1.300% | EUR | 11203111 | &nbsp;&nbsp; 13175699 |
| 05/15/2036 | &nbsp;&nbsp; 1.800% | EUR | 5277645 | &nbsp;&nbsp; 6199689 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **19375388** |
| **Mexico 0.4%** | **Mexico 0.4%** | **Mexico 0.4%** | **Mexico 0.4%** | **Mexico 0.4%** |
| Mexican Udibonos | Mexican Udibonos | Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
| 11/22/2035 | &nbsp;&nbsp; 4.500% | MXN | 172134720 | &nbsp;&nbsp; 9410651 |
| **New Zealand 0.4%** | **New Zealand 0.4%** | **New Zealand 0.4%** | **New Zealand 0.4%** | **New Zealand 0.4%** |
| New Zealand Government Inflation-Linked Bond<sup>(d)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(d)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(d)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(d)</sup>  | New Zealand Government Inflation-Linked Bond<sup>(d)</sup>  |
| 09/20/2030 | &nbsp;&nbsp; 3.000% | NZD | 16560679 | &nbsp;&nbsp; 10138348 |
| **Sweden 0.2%** | **Sweden 0.2%** | **Sweden 0.2%** | **Sweden 0.2%** | **Sweden 0.2%** |
| Sweden Inflation Linked Bond<sup>(d)</sup>  | Sweden Inflation Linked Bond<sup>(d)</sup>  | Sweden Inflation Linked Bond<sup>(d)</sup>  | Sweden Inflation Linked Bond<sup>(d)</sup>  | Sweden Inflation Linked Bond<sup>(d)</sup>  |
| 06/01/2036 | &nbsp;&nbsp; 0.750% | SEK | 50179600 | &nbsp;&nbsp; 5138212 |
| **United Kingdom 3.6%** | **United Kingdom 3.6%** | **United Kingdom 3.6%** | **United Kingdom 3.6%** | **United Kingdom 3.6%** |
| United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup>  | United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup>  |
| 03/22/2029 | &nbsp;&nbsp; 0.125% | GBP | 12258742 | &nbsp;&nbsp; 15933533 |
| 08/10/2031 | &nbsp;&nbsp; 0.125% | GBP | 3043744 | &nbsp;&nbsp; 3854147 |
| 03/22/2034 | &nbsp;&nbsp; 0.750% | GBP | 6352949 | &nbsp;&nbsp; 7990017 |
| 11/22/2037 | &nbsp;&nbsp; 1.125% | GBP | 10733477 | &nbsp;&nbsp; 13319292 |
| 03/22/2039 | &nbsp;&nbsp; 0.125% | GBP | 5954976 | &nbsp;&nbsp; 6273372 |
| 03/22/2044 | &nbsp;&nbsp; 0.125% | GBP | 10442402 | &nbsp;&nbsp; 9720638 |
| 11/22/2047 | &nbsp;&nbsp; 0.750% | GBP | 5474308 | &nbsp;&nbsp; 5519032 |
| 03/22/2050 | &nbsp;&nbsp; 0.500% | GBP | 5168002 | &nbsp;&nbsp; 4716651 |
| 03/22/2052 | &nbsp;&nbsp; 0.250% | GBP | 5415519 | &nbsp;&nbsp; 4472151 |
| 11/22/2056 | &nbsp;&nbsp; 0.125% | GBP | 6822675 | &nbsp;&nbsp; 5027467 |
| 11/22/2065 | &nbsp;&nbsp; 0.125% | GBP | 5381206 | &nbsp;&nbsp; 3466157 |
| 03/22/2068 | &nbsp;&nbsp; 0.125% | GBP | 3108777 | &nbsp;&nbsp; 1959857 |
| United Kingdom Inflation-Linked Gilt<sup>(d)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(d)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(d)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(d)</sup>  | United Kingdom Inflation-Linked Gilt<sup>(d)</sup>  |
| 09/22/2035 | &nbsp;&nbsp; 1.125% | GBP | 7035452 | &nbsp;&nbsp; 8967218 |
| **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp; **91219532** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** | **Inflation-Indexed Bonds**<sup>(e)</sup> **(continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **United States 6.8%** | **United States 6.8%** | **United States 6.8%** | **United States 6.8%** |
| U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond | U.S. Treasury Inflation-Indexed Bond |
| 07/15/2027 | &nbsp;&nbsp; 0.375% | 18081367 | &nbsp;&nbsp; 17891372 |
| 01/15/2028 | &nbsp;&nbsp; 0.500% | 20744721 | &nbsp;&nbsp; 20422205 |
| 01/15/2029 | &nbsp;&nbsp; 0.875% | 23077958 | &nbsp;&nbsp; 22811119 |
| 07/15/2029 | &nbsp;&nbsp; 0.250% | 13346884 | &nbsp;&nbsp; 12914153 |
| 07/15/2030 | &nbsp;&nbsp; 0.125% | 20169338 | &nbsp;&nbsp; 19158508 |
| 04/15/2032 | &nbsp;&nbsp; 3.375% | 23304808 | &nbsp;&nbsp; 25999426 |
| 07/15/2034 | &nbsp;&nbsp; 1.875% | 8711006 | &nbsp;&nbsp; 8846775 |
| 01/15/2035 | &nbsp;&nbsp; 2.125% | 6174120 | &nbsp;&nbsp; 6356449 |
| 07/15/2035 | &nbsp;&nbsp; 1.875% | 9607920 | &nbsp;&nbsp; 9694992 |
| 02/15/2042 | &nbsp;&nbsp; 0.750% | 9498323 | &nbsp;&nbsp; 7539294 |
| 02/15/2043 | &nbsp;&nbsp; 0.625% | 5719132 | &nbsp;&nbsp; 4344976 |
| 02/15/2045 | &nbsp;&nbsp; 0.750% | 6327173 | &nbsp;&nbsp; 4722394 |
| 02/15/2050 | &nbsp;&nbsp; 0.250% | 9031379 | &nbsp;&nbsp; 5354973 |
| 02/15/2053 | &nbsp;&nbsp; 1.500% | 4151424 | &nbsp;&nbsp; 3327464 |
| 02/15/2055 | &nbsp;&nbsp; 2.375% | 1543710 | &nbsp;&nbsp; 1507469 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **170891569** |
| Total Inflation-Indexed Bonds <br>(Cost $413,272,093) | Total Inflation-Indexed Bonds <br>(Cost $413,272,093) | Total Inflation-Indexed Bonds <br>(Cost $413,272,093) | &nbsp;&nbsp; **368217998** |
| **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** | **Residential Mortgage-Backed Securities - Agency 4.3%** |
| Government National Mortgage Association TBA<sup>(h)</sup>  | Government National Mortgage Association TBA<sup>(h)</sup>  | Government National Mortgage Association TBA<sup>(h)</sup>  | Government National Mortgage Association TBA<sup>(h)</sup>  |
| 12/19/2054 | &nbsp;&nbsp; 4.000% | 6620000 | &nbsp;&nbsp; 6275737 |
| 12/18/2055 | &nbsp;&nbsp; 3.000% | 11950000 | &nbsp;&nbsp; 10779827 |
| 12/18/2055 | &nbsp;&nbsp; 3.500% | 9650000 | &nbsp;&nbsp; 8845205 |
| Uniform Mortgage-Backed Security TBA<sup>(h)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(h)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(h)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(h)</sup>  |
| 12/16/2040 | &nbsp;&nbsp; 2.500% | 6148328 | &nbsp;&nbsp; 5811799 |
| 12/16/2040- <br>12/13/2053<br>| &nbsp;&nbsp; 3.000% | 32200000 | &nbsp;&nbsp; 28868348 |
| 12/13/2053 | &nbsp;&nbsp; 4.000% | 17140000 | &nbsp;&nbsp; 16323034 |
| 12/13/2053 | &nbsp;&nbsp; 4.500% | 12330000 | &nbsp;&nbsp; 12069217 |
| 12/12/2054 | &nbsp;&nbsp; 3.500% | 19400000 | &nbsp;&nbsp; 17942007 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $106,378,832) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $106,378,832) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $106,378,832) | &nbsp;&nbsp; **106915174** |
| **U.S. Treasury Obligations 8.6%** | **U.S. Treasury Obligations 8.6%** | **U.S. Treasury Obligations 8.6%** | **U.S. Treasury Obligations 8.6%** |
| U.S. Treasury | U.S. Treasury | U.S. Treasury | U.S. Treasury |
| 08/15/2030 | &nbsp;&nbsp; 0.625% | 11479000 | &nbsp;&nbsp; 10014531 |
| 02/15/2031 | &nbsp;&nbsp; 1.125% | 20693000 | &nbsp;&nbsp; 18293905 |
| 08/15/2031 | &nbsp;&nbsp; 1.250% | 19572000 | &nbsp;&nbsp; 17139262 |
| 11/15/2031 | &nbsp;&nbsp; 1.375% | 8966000 | &nbsp;&nbsp; 7855757 |
| 05/15/2033 | &nbsp;&nbsp; 3.375% | 113380000 | &nbsp;&nbsp; 110067178 |
| 05/15/2034 | &nbsp;&nbsp; 4.375% | 47000000 | &nbsp;&nbsp; 48600937 |
| 08/15/2034 | &nbsp;&nbsp; 3.875% | 5000000 | &nbsp;&nbsp; 4979688 |
| Total U.S. Treasury Obligations <br>(Cost $223,755,510) | Total U.S. Treasury Obligations <br>(Cost $223,755,510) | Total U.S. Treasury Obligations <br>(Cost $223,755,510) | &nbsp;&nbsp; **216951258** |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 41.4%** | **Money Market Funds 41.4%** | **Money Market Funds 41.4%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(a),(i)</sup> <br>| &nbsp;&nbsp; 1042716224 | &nbsp;&nbsp; 1042403409 |
| Total Money Market Funds <br>(Cost $1,042,419,587) | Total Money Market Funds <br>(Cost $1,042,419,587) | &nbsp;&nbsp; **1042403409** |
| **Total Investments in Securities** <br>**(Cost: $2,543,106,749)** | **Total Investments in Securities** <br>**(Cost: $2,543,106,749)** | &nbsp;&nbsp; **2494041312** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **22546461** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **2516587773** |

---

At November 30, 2025, securities and/or cash totaling $175,830,981 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 26,966,000 HKD | &nbsp;&nbsp;&nbsp;&nbsp; 3,468,672 USD | Barclays | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 20,112,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 1,959,831 USD | Barclays | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27614)<br>|
| 4,606,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 3,536,491 USD | Barclays | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29500)<br>|
| 36,373,312 USD | &nbsp;&nbsp;&nbsp;&nbsp; 373,267,000 NOK | Barclays | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 512492 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,534,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 5,374,598 USD | Citi | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17256)<br>|
| 3,105,282 USD | &nbsp;&nbsp;&nbsp;&nbsp; 29,584,000 SEK | Citi | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 28641 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 22,288,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 14,366,689 USD | Citi | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (239930)<br>|
| 36,903,594 USD | &nbsp;&nbsp;&nbsp;&nbsp; 57,251,000 AUD | Citi | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 616307 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13,870,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 795,801 USD | Citi | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12136)<br>|
| 1,342,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,794,966 USD | Goldman Sachs International | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18560 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 59,120,000 HKD | &nbsp;&nbsp;&nbsp;&nbsp; 7,611,102 USD | Goldman Sachs International | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17178 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,426,734,988 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 92,617,403 USD | Goldman Sachs International | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (160310)<br>|
| 37,034,276 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,768,718,000 JPY | Goldman Sachs International | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 64102 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 473,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 593,433 USD | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 131,387,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 839,983 USD | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1334)<br>|
| 13,731,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,465,262 USD | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10696 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,215,250 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,120,000 EUR | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47392 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 233,984 USD | &nbsp;&nbsp;&nbsp;&nbsp; 178,000 GBP | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1635 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,818,939 USD | &nbsp;&nbsp;&nbsp;&nbsp; 21,899,000 HKD | HSBC | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6026)<br>|
| 348,607,164 CNY | &nbsp;&nbsp;&nbsp;&nbsp; 49,276,580 USD | HSBC | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (207785)<br>|
| 240,348,288 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 277,049,472 USD | HSBC | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2492412)<br>|
| 23,730,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp; 3,668,563 USD | JPMorgan | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28677)<br>|
| 101,193,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 56,775,223 USD | JPMorgan | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1415204)<br>|
| 37,811,079 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,874,527,000 JPY | JPMorgan | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32248)<br>|
| 27,408,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 17,813,073 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (143607)<br>|
| 10,106,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 12,778,795 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 191596 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 21,817,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 25,403,635 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85370 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 420,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 240,825 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (257)<br>|
| 199,331,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 21,233,301 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 117563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,238,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 8,691,442 USD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 17769 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,214,799 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,195,000 CHF | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10146 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,003,694 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,739,000 EUR | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 14386 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,529,679 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,464,828,000 JPY | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (149872)<br>|
| 5,394,492 USD | &nbsp;&nbsp;&nbsp;&nbsp; 51,120,000 SEK | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 20805 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,387,518 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,405,000 SGD | Morgan Stanley | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12333 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 814,315,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 43,868,224 USD | Morgan Stanley | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (426279)<br>|
| 58,702,853 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 41,760,260 USD | Standard Chartered | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (341422)<br>|
| 37,050,293 USD | &nbsp;&nbsp;&nbsp;&nbsp; 52,082,000 CAD | Standard Chartered | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 302915 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 475,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 588,225 USD | State Street | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3396)<br>|

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 824,849,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 86,565,603 USD | UBS | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1030479)<br>|
| 883,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1,095,684 USD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4108)<br>|
| 855,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 997,585 USD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5371 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,026,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,182,887 USD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7769)<br>|
| 499,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 659,533 USD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (994)<br>|
| 4,084,958,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 26,992,945 USD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 835525 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 621,651 USD | &nbsp;&nbsp;&nbsp;&nbsp; 958,000 AUD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,015,153 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,179,000 AUD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1421)<br>|
| 1,724,923 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,418,000 CAD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5565 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 110,095 USD | &nbsp;&nbsp;&nbsp;&nbsp; 88,000 CHF | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (489)<br>|
| 1,005,224 USD | &nbsp;&nbsp;&nbsp;&nbsp; 865,000 EUR | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1406)<br>|
| 14,889 USD | &nbsp;&nbsp;&nbsp;&nbsp; 26,000 NZD | Wells Fargo | 12/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 52,082,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 37,024,425 USD | Wells Fargo | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (328782)<br>|
| 44,219,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 55,035,748 USD | Wells Fargo | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (318942)<br>|
| 109,805,265 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 143,660,424 USD | Wells Fargo | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1688585)<br>|
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2947290 | &nbsp;&nbsp;&nbsp;&nbsp; (9118240)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Canadian Government 10-Year Bond | 394 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 48438360 | &nbsp;&nbsp;&nbsp;&nbsp; 197138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bobl | 27 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3184650 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-BTP | 44 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5340280 | &nbsp;&nbsp;&nbsp;&nbsp; 123322 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | 95 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 12243600 | &nbsp;&nbsp;&nbsp;&nbsp; 79504 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Buxl 30-Year | 178 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20256400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (95260)<br>|
| Euro-OAT | 435 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 53439750 | &nbsp;&nbsp;&nbsp;&nbsp; 744029 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | 82 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 7509560 | &nbsp;&nbsp;&nbsp;&nbsp; 92947 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI EAFE Index E-mini | 1353 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 190698585 | &nbsp;&nbsp;&nbsp;&nbsp; 1960376 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 1755 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 120884400 | &nbsp;&nbsp;&nbsp;&nbsp; 2704583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 1736 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 595404600 | &nbsp;&nbsp;&nbsp;&nbsp; 15168942 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 199 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 73303640 | &nbsp;&nbsp;&nbsp;&nbsp; 2340063 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 10-Year Note | 1291 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 146326781 | &nbsp;&nbsp;&nbsp;&nbsp; 394491 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury Ultra 10-Year Note | 2474 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 287486531 | &nbsp;&nbsp;&nbsp;&nbsp; 1086620 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24893194 | &nbsp;&nbsp;&nbsp;&nbsp; (95260)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| Australian 10-Year Bond | (280) | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (31292576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 348187 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | (769) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (43633060)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1844470)<br>|
| FTSE 100 Index | (198) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (19297080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1098321)<br>|
| U.S. Treasury 5-Year Note | (671) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (73652734)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79036)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 348187 | &nbsp;&nbsp;&nbsp;&nbsp; (3021827)<br>|

---

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

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** | **Cleared credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CDX Emerging Markets <br> Index, Series 44<br>| Morgan Stanley | 12/20/2030 | 1.000 | Quarterly | 1.359 | USD | 204097000 | 1473803 |  |  | 1473803 |  |
| CDX North America High <br> Yield Index, Series 45<br>| Morgan Stanley | 12/20/2030 | 5.000 | Quarterly | 3.217 | USD | 349166000 | 3517838 |  |  | 3517838 |  |
| CDX North America <br> Investment Grade Index, <br> Series 45<br>| Morgan Stanley | 12/20/2030 | 1.000 | Quarterly | 0.513 | USD | 196338000 | 449188 |  |  | 449188 |  |
| Total |  |  |  |  |  |  |  | 5440829 |  |  | 5440829 |  |

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Cash & other** <br>**receivable** <br>**(payable) ($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Appreciation on underlying <br> contracts for differences <br> (CFDs), accrued income on <br> long CFDs, and SOFR, SONIA, <br> ESTR, STIBOR or SARON less a <br> spread of 40-87.878 bps on <br> short CFDs<br>| Depreciation on underlying <br> CFDs, accrued income on <br> underlying short CFDs, and <br> SOFR, SONIA, or ESTR plus a <br> spread of 40-45 bps on long <br> CFDs<br>| Monthly | Goldman Sachs <br> International<br>| 11/22/2028 | USD | 122074818 | 864673 | 219395 | 1084068 |  |

---

The following table represents the contracts for differences underlying the swap arrangement as of November 30, 2025. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| British Land Co. PLC (The) | &nbsp;&nbsp; 341837 | &nbsp;&nbsp; 1708809 | &nbsp;&nbsp; 130225 | 12.0 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 910500 | &nbsp;&nbsp; (32000)<br>| &nbsp;&nbsp; (3.0)<br>|
| Capital & Counties Properties PLC | &nbsp;&nbsp; 131048 | &nbsp;&nbsp; 244627 | &nbsp;&nbsp; 6567 | 0.6 |
| Fonciere Des Regions | &nbsp;&nbsp; 46447 | &nbsp;&nbsp; 2981782 | &nbsp;&nbsp; 18812 | 1.7 |
| WP Carey, Inc. | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 234500 | &nbsp;&nbsp; 1295 | 0.1 |
| **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp; 21600 | &nbsp;&nbsp; 954288 | &nbsp;&nbsp; 37584 | 3.5 |
| Primary Health Properties PLC | &nbsp;&nbsp; 2299595 | &nbsp;&nbsp; 2893525 | &nbsp;&nbsp; 74030 | 6.8 |
| Target Healthcare REIT PLC | &nbsp;&nbsp; 1046336 | &nbsp;&nbsp; 1322773 | &nbsp;&nbsp; 17941 | 1.7 |
| Welltower, Inc. | &nbsp;&nbsp; 7922 | &nbsp;&nbsp; 1562773 | &nbsp;&nbsp; 86746 | 8.0 |
| **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp; 21200 | &nbsp;&nbsp; 245072 | &nbsp;&nbsp; 6996 | 0.6 |
| DiamondRock Hospitality Co. | &nbsp;&nbsp; 17900 | &nbsp;&nbsp; 156267 | &nbsp;&nbsp; 6802 | 0.6 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp; 54208 | &nbsp;&nbsp; 934004 | &nbsp;&nbsp; 21683 | 2.0 |
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp; 160100 | &nbsp;&nbsp; 1623414 | &nbsp;&nbsp; 108868 | 10.0 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; 24900 | &nbsp;&nbsp; 2305740 | &nbsp;&nbsp; 70467 | 6.5 |
| **Industrial REITs** | **Industrial REITs** | **Industrial REITs** | **Industrial REITs** | **Industrial REITs** |
| Americold Realty Trust, Inc. | &nbsp;&nbsp; 136330 | &nbsp;&nbsp; 1476222 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; — |
| ARGAN SA | &nbsp;&nbsp; 29105 | &nbsp;&nbsp; 2246210 | &nbsp;&nbsp; (37102)<br>| &nbsp;&nbsp; (3.4)<br>|
| EastGroup Properties, Inc. | &nbsp;&nbsp; 8025 | &nbsp;&nbsp; 1424839 | &nbsp;&nbsp; 29131 | 2.7 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| First Industrial Realty Trust, Inc. | &nbsp;&nbsp; 32208 | &nbsp;&nbsp; 1793663 | &nbsp;&nbsp; 49922 | 4.6 |
| LondonMetric Property PLC | &nbsp;&nbsp; 625421 | &nbsp;&nbsp; 1563209 | &nbsp;&nbsp; (5784)<br>| &nbsp;&nbsp; (0.5)<br>|
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp; 22513 | &nbsp;&nbsp; 913048 | &nbsp;&nbsp; 23717 | 2.2 |
| STAG Industrial, Inc. | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 673925 | &nbsp;&nbsp; 13475 | 1.2 |
| Tritax Big Box REIT PLC | &nbsp;&nbsp; 2577498 | &nbsp;&nbsp; 5052546 | &nbsp;&nbsp; 24113 | 2.2 |
| **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** |
| BXP, Inc. | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 435393 | &nbsp;&nbsp; 20475 | 1.9 |
| Vornado Realty Trust | &nbsp;&nbsp; 17400 | &nbsp;&nbsp; 575766 | &nbsp;&nbsp; 64902 | 6.0 |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| Grainger PLC | &nbsp;&nbsp; 66282 | &nbsp;&nbsp; 164796 | &nbsp;&nbsp; (2643)<br>| &nbsp;&nbsp; (0.2)<br>|
| TAG Immobilien AG | &nbsp;&nbsp; 452344 | &nbsp;&nbsp; 7369915 | &nbsp;&nbsp; 343844 | 31.7 |
| **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 50600 | &nbsp;&nbsp; 3125056 | &nbsp;&nbsp; 56166 | 5.2 |
| Unite Group PLC (The) | &nbsp;&nbsp; 39263 | &nbsp;&nbsp; 282528 | &nbsp;&nbsp; (8276)<br>| &nbsp;&nbsp; (0.8)<br>|
| **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** |
| Agree Realty Corp. | &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 1919320 | &nbsp;&nbsp; 36400 | 3.4 |
| InvenTrust Properties Corp. | &nbsp;&nbsp; 64200 | &nbsp;&nbsp; 1784118 | &nbsp;&nbsp; 48150 | 4.4 |
| Kite Realty Group Trust | &nbsp;&nbsp; 73400 | &nbsp;&nbsp; 1614800 | &nbsp;&nbsp; 83676 | 7.7 |
| Klepierre | &nbsp;&nbsp; 19642 | &nbsp;&nbsp; 765685 | &nbsp;&nbsp; (1058)<br>| &nbsp;&nbsp; (0.1)<br>|
| Macerich Co. (The) | &nbsp;&nbsp; 121700 | &nbsp;&nbsp; 2016569 | &nbsp;&nbsp; 96143 | 8.9 |
| NNN REIT, Inc. | &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 738720 | &nbsp;&nbsp; 5580 | 0.5 |
| Unibail-Rodamco-Westfield | &nbsp;&nbsp; 37944 | &nbsp;&nbsp; 4006502 | &nbsp;&nbsp; 23915 | 2.2 |
| **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** |
| Big Yellow Group PLC | &nbsp;&nbsp; 144116 | &nbsp;&nbsp; 2077847 | &nbsp;&nbsp; 134076 | 12.4 |
| CubeSmart | &nbsp;&nbsp; 61100 | &nbsp;&nbsp; 2201433 | &nbsp;&nbsp; 73320 | 6.8 |
| Gaming and Leisure Properties, Inc. | &nbsp;&nbsp; 75495 | &nbsp;&nbsp; 3318761 | &nbsp;&nbsp; (32463)<br>| &nbsp;&nbsp; (3.0)<br>|
| Safestore Holdings PLC | &nbsp;&nbsp; 198968 | &nbsp;&nbsp; 1871458 | &nbsp;&nbsp; 81460 | 7.5 |
| Total |  | &nbsp;&nbsp; 67490403 | &nbsp;&nbsp; 1677387 |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| ICADE | &nbsp;&nbsp; (85066)<br>| &nbsp;&nbsp; (2068092)<br>| &nbsp;&nbsp; (24457)<br>| &nbsp;&nbsp; (2.3)<br>|
| Land Securities Group PLC | &nbsp;&nbsp; (99916)<br>| &nbsp;&nbsp; (808495)<br>| &nbsp;&nbsp; 8661 | 0.8 |
| **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** | **Health Care REITs** |
| Care Property Invest NV | &nbsp;&nbsp; (19977)<br>| &nbsp;&nbsp; (273162)<br>| &nbsp;&nbsp; (6977)<br>| &nbsp;&nbsp; (0.6)<br>|
| **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** |
| RLJ Lodging Trust | &nbsp;&nbsp; (219300)<br>| &nbsp;&nbsp; (1603083)<br>| &nbsp;&nbsp; (50439)<br>| &nbsp;&nbsp; (4.7)<br>|
| **Industrial REITs** | **Industrial REITs** | **Industrial REITs** | **Industrial REITs** | **Industrial REITs** |
| Lineage, Inc. | &nbsp;&nbsp; (21500)<br>| &nbsp;&nbsp; (723690)<br>| &nbsp;&nbsp; (46440)<br>| &nbsp;&nbsp; (4.3)<br>|
| Segro PLC | &nbsp;&nbsp; (332005)<br>| &nbsp;&nbsp; (3070371)<br>| &nbsp;&nbsp; (66364)<br>| &nbsp;&nbsp; (6.1)<br>|
| Terreno Realty Corp | &nbsp;&nbsp; (19600)<br>| &nbsp;&nbsp; (1176784)<br>| &nbsp;&nbsp; (53900)<br>| &nbsp;&nbsp; (5.0)<br>|
| **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** |
| Corporate Office Properties Trust | &nbsp;&nbsp; (17900)<br>| &nbsp;&nbsp; (512835)<br>| &nbsp;&nbsp; (37232)<br>| &nbsp;&nbsp; (3.4)<br>|
| Derwent London PLC | &nbsp;&nbsp; (97560)<br>| &nbsp;&nbsp; (2159484)<br>| &nbsp;&nbsp; (32440)<br>| &nbsp;&nbsp; (3.0)<br>|
| Gecina SA | &nbsp;&nbsp; (20775)<br>| &nbsp;&nbsp; (1924722)<br>| &nbsp;&nbsp; (1259)<br>| &nbsp;&nbsp; (0.1)<br>|
| Great Portland Estates PLC | &nbsp;&nbsp; (402073)<br>| &nbsp;&nbsp; (1658259)<br>| &nbsp;&nbsp; (41682)<br>| &nbsp;&nbsp; (3.8)<br>|
| Highwoods Properties, Inc. | &nbsp;&nbsp; (19700)<br>| &nbsp;&nbsp; (547660)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; — |
| Inmobiliaria Colonial Socimi SA | &nbsp;&nbsp; (328245)<br>| &nbsp;&nbsp; (1983631)<br>| &nbsp;&nbsp; (25596)<br>| &nbsp;&nbsp; (2.4)<br>|
| JBG Smith Properties | &nbsp;&nbsp; (22200)<br>| &nbsp;&nbsp; (387612)<br>| &nbsp;&nbsp; (17094)<br>| &nbsp;&nbsp; (1.6)<br>|
| Kilroy Realty Corp. | &nbsp;&nbsp; (11500)<br>| &nbsp;&nbsp; (464600)<br>| &nbsp;&nbsp; (28635)<br>| &nbsp;&nbsp; (2.6)<br>|
| Workspace Group PLC | &nbsp;&nbsp; (172962)<br>| &nbsp;&nbsp; (921503)<br>| &nbsp;&nbsp; 48059 | 4.4 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** | **Real Estate Management & Development** |
| Allreal Holding AG | &nbsp;&nbsp; (26008)<br>| &nbsp;&nbsp; (6399558)<br>| &nbsp;&nbsp; (141433)<br>| &nbsp;&nbsp; (13.0)<br>|
| Atrium Ljungberg AB, Class B | &nbsp;&nbsp; (407854)<br>| &nbsp;&nbsp; (1436233)<br>| &nbsp;&nbsp; (11300)<br>| &nbsp;&nbsp; (1.0)<br>|
| Catena AB | &nbsp;&nbsp; (44615)<br>| &nbsp;&nbsp; (2126160)<br>| &nbsp;&nbsp; 31901 | 2.9 |
| Grand City Properties SA | &nbsp;&nbsp; (85220)<br>| &nbsp;&nbsp; (1056656)<br>| &nbsp;&nbsp; (23607)<br>| &nbsp;&nbsp; (2.2)<br>|
| Hufvudstaden AB | &nbsp;&nbsp; (232859)<br>| &nbsp;&nbsp; (3224976)<br>| &nbsp;&nbsp; 102170 | 9.4 |
| Mobimo Holding AG | &nbsp;&nbsp; (8876)<br>| &nbsp;&nbsp; (3927927)<br>| &nbsp;&nbsp; (39584)<br>| &nbsp;&nbsp; (3.7)<br>|
| Sagax AB, Class B | &nbsp;&nbsp; (21744)<br>| &nbsp;&nbsp; (467426)<br>| &nbsp;&nbsp; 2200 | 0.2 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; (1519552)<br>| &nbsp;&nbsp; (1901875)<br>| &nbsp;&nbsp; (73351)<br>| &nbsp;&nbsp; (6.8)<br>|
| VGP NV | &nbsp;&nbsp; (3508)<br>| &nbsp;&nbsp; (417076)<br>| &nbsp;&nbsp; (4650)<br>| &nbsp;&nbsp; (0.4)<br>|
| Vonovia SE | &nbsp;&nbsp; (95822)<br>| &nbsp;&nbsp; (2880270)<br>| &nbsp;&nbsp; (20564)<br>| &nbsp;&nbsp; (1.9)<br>|
| Wallenstam AB | &nbsp;&nbsp; (657819)<br>| &nbsp;&nbsp; (2991947)<br>| &nbsp;&nbsp; (700)<br>| &nbsp;&nbsp; (0.1)<br>|
| **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** |
| Camden Property Trust | &nbsp;&nbsp; (5600)<br>| &nbsp;&nbsp; (572040)<br>| &nbsp;&nbsp; (23464)<br>| &nbsp;&nbsp; (2.2)<br>|
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp; (2189)<br>| &nbsp;&nbsp; (289858)<br>| &nbsp;&nbsp; (7605)<br>| &nbsp;&nbsp; (0.7)<br>|
| **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** |
| Brixmor Property Group, Inc. | &nbsp;&nbsp; (14122)<br>| &nbsp;&nbsp; (366607)<br>| &nbsp;&nbsp; (2542)<br>| &nbsp;&nbsp; (0.2)<br>|
| Mercialys SA | &nbsp;&nbsp; (81416)<br>| &nbsp;&nbsp; (1009490)<br>| &nbsp;&nbsp; (26153)<br>| &nbsp;&nbsp; (2.4)<br>|
| Supermarket Income REIT PLC | &nbsp;&nbsp; (824411)<br>| &nbsp;&nbsp; (860019)<br>| &nbsp;&nbsp; (30713)<br>| &nbsp;&nbsp; (2.8)<br>|
| Urban Edge Properties | &nbsp;&nbsp; (68700)<br>| &nbsp;&nbsp; (1276446)<br>| &nbsp;&nbsp; (43968)<br>| &nbsp;&nbsp; (4.1)<br>|
| **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** |
| EPR Properties | &nbsp;&nbsp; (4700)<br>| &nbsp;&nbsp; (236786)<br>| &nbsp;&nbsp; (8883)<br>| &nbsp;&nbsp; (0.8)<br>|
| National Storage Affiliates Trust | &nbsp;&nbsp; (45900)<br>| &nbsp;&nbsp; (1321002)<br>| &nbsp;&nbsp; (30753)<br>| &nbsp;&nbsp; (2.8)<br>|
| Shurgard Self Storage Ltd. | &nbsp;&nbsp; (43355)<br>| &nbsp;&nbsp; (1538080)<br>| &nbsp;&nbsp; (83920)<br>| &nbsp;&nbsp; (7.7)<br>|
| Total |  | &nbsp;&nbsp; (54584415)<br>| &nbsp;&nbsp; (812714)<br>|  |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Cash & other** <br>**receivable** <br>**(payable) ($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Appreciation on underlying <br> contracts for differences (CFDs), <br> accrued income on long CFDs, <br> and 1-Day Overnight Fed Funds <br> Effective Rate less a spread of <br> 35 basis points on short CFDs<br>| Depreciation on underlying CFDs, <br> accrued income on underlying <br> short CFDs, and 1-Day Overnight <br> Fed Funds Effective Rate plus a <br> spread of 40 basis points on <br> long CFDs<br>| Monthly | Morgan Stanley | 08/06/2027 | USD | 6503341 | 31427 | (3668)<br>| 27759 |  |

---

The following table represents the contracts for differences underlying the swap arrangement as of November 30, 2025. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp; 92300 | &nbsp;&nbsp; 2838225 | &nbsp;&nbsp; 83993 | 302.6 |
| **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** | **Office REITs** |
| Brandywine Realty Trust | &nbsp;&nbsp; 19600 | &nbsp;&nbsp; 65856 | &nbsp;&nbsp; 1372 | 4.9 |
| **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** |
| Invitation Homes, Inc. | &nbsp;&nbsp; 42620 | &nbsp;&nbsp; 1195065 | &nbsp;&nbsp; 6819 | 24.6 |
| Sun Communities, Inc. | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 427686 | &nbsp;&nbsp; 10370 | 37.4 |
| Total |  | &nbsp;&nbsp; 4526832 | &nbsp;&nbsp; 102554 |  |

---

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

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** | **Hotel & Resort REITs** |
| Pebblebrook Hotel Trust | &nbsp;&nbsp; (132300)<br>| &nbsp;&nbsp; (1439424)<br>| &nbsp;&nbsp; (60858)<br>| &nbsp;&nbsp; (219.2)<br>|
| **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** |
| Tanger, Inc. | &nbsp;&nbsp; (16300)<br>| &nbsp;&nbsp; (537085)<br>| &nbsp;&nbsp; (10269)<br>| &nbsp;&nbsp; (37.0)<br>|
| Total |  | &nbsp;&nbsp; (1976509)<br>| &nbsp;&nbsp; (71127)<br>|  |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** | **Swap arrangement - contracts for differences** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Cash & other** <br>**receivable** <br>**(payable) ($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Appreciation on underlying <br> contracts for differences (CFDs) <br> and accrued income on long <br> CFDs, and OBFR, SONIA, ESTR or <br> SARON less a spread of 0-15.5 <br> bps on short CFDs<br>| Depreciation on underlying CFDs <br> and OBFR, SONIA, ESTR or <br> SARON plus a spread of <br> 29.5-46.5 basis points on long <br> CFDs<br>| Monthly | UBS | 05/31/2028 | USD | 2352757 | 74419 | (1294)<br>| 73125 |  |

---

The following table represents the contracts for differences underlying the swap arrangement as of November 30, 2025. Percentages represent the unrealized appreciation (depreciation) of each underlying contract for difference compared to the aggregate unrealized appreciation (depreciation) of the swap arrangement:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** | **Long Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** | **Diversified REITs** |
| American Assets Trust, Inc. | &nbsp;&nbsp; 20300 | &nbsp;&nbsp; 381843 | &nbsp;&nbsp; 14007 | 19.2 |
| **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** | **Residential REITs** |
| UDR, Inc. | &nbsp;&nbsp; 32100 | &nbsp;&nbsp; 1106808 | &nbsp;&nbsp; 62274 | 85.2 |
| **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** | **Retail REITs** |
| Carmila SA | &nbsp;&nbsp; 4861 | &nbsp;&nbsp; 93281 | &nbsp;&nbsp; 3346 | 4.6 |
| Hammerson PLC | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 10205 | &nbsp;&nbsp; 924 | 1.3 |
| Total |  | &nbsp;&nbsp; 1592137 | &nbsp;&nbsp; 80551 |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Shares** | **Notional Amount ($)** | **Appreciation (Depreciation) ($)** | **(%)** |
| **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** | **Short Equity Contracts for Differences** |
| **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** | **Real Estate** |
| **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** | **Specialized REITs** |
| Crown Castle International Corp. | &nbsp;&nbsp; (8400)<br>| &nbsp;&nbsp; (760620)<br>| &nbsp;&nbsp; (6132)<br>| &nbsp;&nbsp; (8.4)<br>|
| Total |  | &nbsp;&nbsp; (760620)<br>| &nbsp;&nbsp; (6132)<br>|  |

---

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

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| 1-Day Overnight Fed Funds Effective Rate | Overnight Federal Funds Effective Rate | 3.880% |
| 3-Month SEK STIBOR | Stockholm Interbank Offered Rate | 1.933% |
| ESTR | Euro Short Term Rate | 1.927% |
| OBFR | Overnight Bank Funding Rate | 3.880% |
| SARON | Swiss Average Rate Overnight | (0.038)% |
| SOFR | Secured Overnight Financing Rate | 4.050% |
| SONIA | Sterling Overnight Index Average | 3.969% |
| 1-Month SEK STIBOR | Stockholm Interbank Offered Rate | 1.808% |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Capital gain** <br>**distributions($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends —** <br>**affiliated** <br>**issuers ($)**<br>| **End of** <br>**period shares**<br>|
| Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  | Columbia Commodity Strategy Fund, Institutional 3 Class  |
|  | 259653120 | 46182347 | (100285084)<br>| 27703367 | 233253750 |  | 3714915 |  | 21498041 |
| Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  | Columbia Short-Term Cash Fund, 4.061%  |
|  | 1000987905 | 1216949762 | (1175601078)<br>| 66820 | 1042403409 |  | (72315)<br>| 19704276 | 1042716224 |
| Total | 1260641025 |  |  | 27770187 | 1275657159 |  | 3642600 | 19704276 |  |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At November 30, 2025, the total value of these securities amounted to $330,765,188, which represents 13.14% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Principal amounts are denominated in United States Dollars unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Principal and interest may not be guaranteed by a governmental entity.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the seven-day current annualized yield at November 30, 2025.

**Abbreviation Legend** 

TBA To Be Announced

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canada Dollar |
| CHF | Swiss Franc |
| CNY | China Yuan Renminbi |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | US Dollar |
| ZAR | South African Rand |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

■

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

■

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

■

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

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

Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Alternative Strategies Funds | 233253750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233253750 |
| Common Stocks |  |  |  |  |
| Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;&nbsp; 165754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165754 |
| Health Care | 394619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394619 |
| Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp; 606693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606693 |
| Real Estate | 98922022 | &nbsp;&nbsp;&nbsp;&nbsp; 65877998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164800020 |
| Total Common Stocks | 99316641 | &nbsp;&nbsp;&nbsp;&nbsp; 66650445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165967086 |
| Foreign Government Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 360332637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360332637 |
| Inflation-Indexed Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 368217998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 368217998 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 106915174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106915174 |
| U.S. Treasury Obligations |  | &nbsp;&nbsp;&nbsp;&nbsp; 216951258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216951258 |
| Money Market Funds | 1042403409 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1042403409 |
| Total Investments in Securities | 1374973800 | &nbsp;&nbsp;&nbsp;&nbsp; 1119067512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2494041312 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 2947290 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2947290 |
| Futures Contracts | 25241381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25241381 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 6625781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6625781 |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (9118240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9118240)<br>|
| Futures Contracts | (3117087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3117087)<br>|
| Total | 1397098094 | &nbsp;&nbsp;&nbsp;&nbsp; 1119522343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2516620437 |

---

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security's correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $1,287,999,785) | $1218384153 |
| Affiliated issuers (cost $1,255,106,964) | 1275657159 |
| Cash | 9268 |
| Foreign currency (cost $9,523,409) | 9541846 |
| Cash collateral held at broker for: |  |
| Forward foreign currency exchange contracts | 310000 |
| Other<sup>(a)</sup> <br>| 320000 |
| Margin deposits on: |  |
| Futures contracts | 67203495 |
| Swap contracts | 49214699 |
| Unrealized appreciation on forward foreign currency exchange contracts | 2947290 |
| Unrealized appreciation on swap contracts | 1184952 |
| Receivable for: |  |
| Investments sold | 391749 |
| Capital shares sold | 276296 |
| Dividends | 3392495 |
| Interest | 5048212 |
| Foreign tax reclaims | 316143 |
| Variation margin for futures contracts | 4407389 |
| Variation margin for swap contracts | 524075 |
| Prepaid expenses | 13344 |
| Deferred compensation of board members | 225116 |
| Other assets | 4732 |
| Total assets | 2639372413 |
| **Liabilities** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 9118240 |
| Payable for: |  |
| Investments purchased | 4544515 |
| Investments purchased on a delayed delivery basis | 106512312 |
| Capital shares redeemed | 747076 |
| Variation margin for futures contracts | 1220884 |
| Management services fees | 92791 |
| Distribution and/or service fees | 3363 |
| Transfer agent fees | 104060 |
| Compensation of chief compliance officer | 206 |
| Compensation of board members | 4083 |
| Other expenses | 99156 |
| Deferred compensation of board members | 337954 |
| Total liabilities | 122784640 |
| **Net assets applicable to outstanding capital stock** | **$2516587773** |
| **Represented by** |  |
| Paid in capital | 2743134634 |
| Total distributable earnings (loss) | (226546861)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$2516587773** |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $123191207 |
| Shares outstanding | 11297821 |
| Net asset value per share | $10.90 |
| Maximum sales charge  | 5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $11.56 |
| **Class C** |  |
| Net assets | $30716865 |
| Shares outstanding | 3008129 |
| Net asset value per share | $10.21 |
| **Institutional Class** |  |
| Net assets | $2273202585 |
| Shares outstanding | 207921533 |
| Net asset value per share | $10.93 |
| **Institutional 2 Class** |  |
| Net assets | $54509256 |
| Shares outstanding | 4966264 |
| Net asset value per share | $10.98 |
| **Institutional 3 Class** |  |
| Net assets | $22524703 |
| Shares outstanding | 2050406 |
| Net asset value per share | $10.99 |
| **Class S** |  |
| Net assets | $12443157 |
| Shares outstanding | 1137894 |
| Net asset value per share | $10.94 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to forward foreign currency exchange contracts and swap contracts.

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $3735085 |
| Dividends — affiliated issuers | 19704276 |
| Interest | 17790113 |
| Interfund lending | 2642 |
| Foreign taxes withheld | (136628)<br>|
| Total income | 41095488 |
| Expenses: |  |
| Management services fees | 8150349 |
| Distribution and/or service fees |  |
| Class A | 149025 |
| Class C | 159920 |
| Transfer agent fees |  |
| Class A | 27356 |
| Class C | 7346 |
| Institutional Class | 509284 |
| Institutional 2 Class | 13969 |
| Institutional 3 Class | 578 |
| Class S | 2927 |
| Custodian fees | 71808 |
| Printing and postage fees | 34128 |
| Registration fees | 65159 |
| Accounting services fees | 27032 |
| Legal fees | 27309 |
| Interest on collateral | 368 |
| Compensation of chief compliance officer | 206 |
| Compensation of board members | 17760 |
| Deferred compensation of board members | 22894 |
| Other | 26236 |
| Total expenses | 9313654 |
| Expense reduction | (40)<br>|
| Total net expenses | 9313614 |
| **Net investment income** | 31781874 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 2256675 |
| Investments — affiliated issuers | 3642600 |
| Foreign currency translations | 533389 |
| Forward foreign currency exchange contracts | 14320512 |
| Futures contracts | 171914519 |
| Swap contracts | 24725509 |
| Net realized gain | 217393204 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 12885553 |
| Investments — affiliated issuers | 27770187 |
| Foreign currency translations | (201464)<br>|
| Forward foreign currency exchange contracts | (7290071)<br>|
| Futures contracts | (13906140)<br>|
| Swap contracts | 32569 |
| Net change in unrealized appreciation (depreciation) | 19290634 |
| Net realized and unrealized gain | 236683838 |
| **Net increase in net assets resulting from operations** | **$268465712** |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $31781874 | &nbsp;&nbsp; $91799983 |
| Net realized gain (loss) | 217393204 | &nbsp;&nbsp; (22010399)<br>|
| Net change in unrealized appreciation (depreciation) | 19290634 | &nbsp;&nbsp; 123067712 |
| Net increase in net assets resulting from operations | 268465712 | &nbsp;&nbsp; 192857296 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (2658801)<br>|
| Class C |  | &nbsp;&nbsp; (622025)<br>|
| Institutional Class |  | &nbsp;&nbsp; (54835498)<br>|
| Institutional 2 Class |  | &nbsp;&nbsp; (1009415)<br>|
| Institutional 3 Class |  | &nbsp;&nbsp; (546974)<br>|
| Class S |  | &nbsp;&nbsp; (383575)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (60056288)<br>|
| Decrease in net assets from capital stock activity | (120316537)<br>| &nbsp;&nbsp; (423067520)<br>|
| Total increase (decrease) in net assets | 148149175 | &nbsp;&nbsp; (290266512)<br>|
| Net assets at beginning of period | 2368438598 | &nbsp;&nbsp; 2658705110 |
| **Net assets at end of period** | **$2516587773** | &nbsp;&nbsp; **$2368438598** |

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Statement of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 572640 | &nbsp;&nbsp;&nbsp;&nbsp; 5999596 | &nbsp;&nbsp;&nbsp;&nbsp; 1558820 | &nbsp;&nbsp;&nbsp;&nbsp; 15132804 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259797 | &nbsp;&nbsp;&nbsp;&nbsp; 2457682 |
| Shares redeemed | (1104170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11453585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3782008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36803267)<br>|
| Net decrease | (531530)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5453989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1963391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19212781)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 136843 | &nbsp;&nbsp;&nbsp;&nbsp; 1345381 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4301518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42894966)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4164675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41549585)<br>|
| Class C |  |  |  |  |
| Shares sold | 63860 | &nbsp;&nbsp;&nbsp;&nbsp; 630226 | &nbsp;&nbsp;&nbsp;&nbsp; 188175 | &nbsp;&nbsp;&nbsp;&nbsp; 1722702 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68516 | &nbsp;&nbsp;&nbsp;&nbsp; 611157 |
| Shares redeemed | (570559)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5608413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1899614)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17337457)<br>|
| Net decrease | (506699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4978187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1642923)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15003598)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 10071418 | &nbsp;&nbsp;&nbsp;&nbsp; 105004655 | &nbsp;&nbsp;&nbsp;&nbsp; 25565052 | &nbsp;&nbsp;&nbsp;&nbsp; 248814047 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5711382 | &nbsp;&nbsp;&nbsp;&nbsp; 54029676 |
| Shares redeemed | (20565506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (214938840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68348039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (664164801)<br>|
| Net decrease | (10494088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (109934185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37071605)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (361321078)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 626179 | &nbsp;&nbsp;&nbsp;&nbsp; 6568387 | &nbsp;&nbsp;&nbsp;&nbsp; 1921696 | &nbsp;&nbsp;&nbsp;&nbsp; 18572837 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106254 | &nbsp;&nbsp;&nbsp;&nbsp; 1009415 |
| Shares redeemed | (364926)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3841089)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1837187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17705834)<br>|
| Net increase | 261253 | &nbsp;&nbsp;&nbsp;&nbsp; 2727298 | &nbsp;&nbsp;&nbsp;&nbsp; 190763 | &nbsp;&nbsp;&nbsp;&nbsp; 1876418 |
| Institutional 3 Class |  |  |  |  |
| Shares sold | 49312 | &nbsp;&nbsp;&nbsp;&nbsp; 505357 | &nbsp;&nbsp;&nbsp;&nbsp; 124157 | &nbsp;&nbsp;&nbsp;&nbsp; 1223201 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57576 | &nbsp;&nbsp;&nbsp;&nbsp; 546974 |
| Shares redeemed | (153415)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1610315)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260843)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2561779)<br>|
| Net decrease | (104103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1104958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79110)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (791604)<br>|
| Class S |  |  |  |  |
| Shares sold | 139 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp;&nbsp; 1920419 | &nbsp;&nbsp;&nbsp;&nbsp; 19183820 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40547 | &nbsp;&nbsp;&nbsp;&nbsp; 383575 |
| Shares redeemed | (148917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1574016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (674294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6632687)<br>|
| Net increase (decrease) | (148778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1572516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1286672 | &nbsp;&nbsp;&nbsp;&nbsp; 12934708 |
| **Total net decrease** | **(11523945)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(120316537)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(43444269)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(423067520)**<br>|

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.79<br>| 0.12<br>| 0.99<br>| 1.11<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.31<br>| 0.33<br>| 0.37<br>| 0.70<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 5/31/2024 | $8.47<br>| 0.26<br>| 0.61<br>| 0.87<br>| &nbsp;&nbsp; (0.03) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.03) <br>|
| Year Ended 5/31/2023 | $9.69<br>| 0.24<br>| &nbsp;&nbsp; (0.80) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.66) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.66) <br>|
| Year Ended 5/31/2022 | $12.10<br>| 0.32<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.27) <br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (1.72) <br>| &nbsp;&nbsp; (2.14) <br>|
| Year Ended 5/31/2021 | $10.25<br>| &nbsp;&nbsp; (0.01) <br>| 1.97<br>| 1.96<br>| &nbsp;&nbsp; (0.04) <br>| &nbsp;&nbsp; (0.07) <br>| &nbsp;&nbsp; (0.11) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.20<br>| 0.08<br>| 0.93<br>| 1.01<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $8.76<br>| 0.24<br>| 0.35<br>| 0.59<br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.15) <br>|
| Year Ended 5/31/2024 | $8.01<br>| 0.18<br>| 0.57<br>| 0.75<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2023 | $9.18<br>| 0.17<br>| &nbsp;&nbsp; (0.76) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.58) <br>|
| Year Ended 5/31/2022 | $11.57<br>| 0.23<br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (0.34) <br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (1.68) <br>| &nbsp;&nbsp; (2.05) <br>|
| Year Ended 5/31/2021 | $9.85<br>| &nbsp;&nbsp; (0.09) <br>| 1.87<br>| 1.78<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.06) <br>| &nbsp;&nbsp; (0.06) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.80<br>| 0.14<br>| 0.99<br>| 1.13<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.33<br>| 0.36<br>| 0.35<br>| 0.71<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2024 | $8.48<br>| 0.28<br>| 0.62<br>| 0.90<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 5/31/2023 | $9.70<br>| 0.27<br>| &nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|
| Year Ended 5/31/2022 | $12.11<br>| 0.35<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (1.73) <br>| &nbsp;&nbsp; (2.17) <br>|
| Year Ended 5/31/2021 | $10.36<br>| 0.02<br>| 1.98<br>| 2.00<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.15) <br>| &nbsp;&nbsp; (0.25) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.84<br>| 0.14<br>| 1.00<br>| 1.14<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.36<br>| 0.35<br>| 0.37<br>| 0.72<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2024 | $8.51<br>| 0.28<br>| 0.62<br>| 0.90<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 5/31/2023 | $9.74<br>| 0.26<br>| &nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp; (0.55) <br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|
| Year Ended 5/31/2022 | $12.15<br>| 0.32<br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (1.73) <br>| &nbsp;&nbsp; (2.17) <br>|
| Year Ended 5/31/2021 | $10.39<br>| 0.02<br>| 1.98<br>| 2.00<br>| &nbsp;&nbsp; (0.10) <br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; (0.24) <br>|

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.90<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.34%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.98% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $123191<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $115752<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.31<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.26%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.01% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $128468<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.79%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $149173<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.62%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $185112<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.17%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.00% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 227%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $175015<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.98%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.73% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.73% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30717<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.74%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $32330<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $8.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.36%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.76% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $45206<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.01<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.37%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.77% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.77% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63998<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.18<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.39%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $94069<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $11.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.14%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 227%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $113245<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.93<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2273203<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.71%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2140251<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2382960<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.52%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3190280<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.37%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3693809<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.40%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.75% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3831565<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.98<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.59%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54509<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.79%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $46287<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.58%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.77% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $42265<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.60%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.78% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $54968<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.36%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $63729<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.38%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $64418<br>|

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.84<br>| 0.14<br>| 1.01<br>| 1.15<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $9.37<br>| 0.37<br>| 0.34<br>| 0.71<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|
| Year Ended 5/31/2024 | $8.52<br>| 0.28<br>| 0.62<br>| 0.90<br>| &nbsp;&nbsp; (0.05) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.05) <br>|
| Year Ended 5/31/2023 | $9.74<br>| 0.27<br>| &nbsp;&nbsp; (0.81) <br>| &nbsp;&nbsp; (0.54) <br>| &nbsp;&nbsp; (0.68) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.68) <br>|
| Year Ended 5/31/2022 | $12.16<br>| 0.36<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.25) <br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (1.73) <br>| &nbsp;&nbsp; (2.17) <br>|
| Year Ended 5/31/2021 | $10.41<br>| 0.03<br>| 1.99<br>| 2.02<br>| &nbsp;&nbsp; (0.11) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.27) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $9.80<br>| 0.14<br>| 1.00<br>| 1.14<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025<sup>(e)</sup> <br>| $10.03<br>| 0.26<br>| &nbsp;&nbsp; (0.25 )<sup>(f)</sup><br>| 0.01<br>| &nbsp;&nbsp; (0.24) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.24) <br>|

---

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

---

| | |
|:---|:---|
| **Notes to Financial Highlights**  | **Notes to Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **11/30/2025** | **5/31/2025** | **5/31/2024** | **5/31/2023** | **5/31/2022** | **5/31/2021** |
| Class A | less than 0.01% | less than 0.01% | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Class C | less than 0.01% | less than 0.01% | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Institutional Class | less than 0.01% | less than 0.01% | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Institutional 2 Class | less than 0.01% | less than 0.01% | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Institutional 3 Class | less than 0.01% | less than 0.01% | less than 0.01% | less than 0.01% | &nbsp;&nbsp; 0.01% | less than 0.01% |
| Class S | less than 0.01% | less than 0.01% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class.

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.69%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.69% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $22525<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $9.84<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21209<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $9.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.61%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 190%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $20927<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $8.52<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.47%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.74% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 199%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19005<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $9.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.40%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 0.72% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 260%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $19579<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.16<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.53%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.71% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 227%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21369<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $10.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 0.73% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12443<br>|
|  Year Ended 5/31/2025 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $9.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17%<br>&nbsp;&nbsp;&nbsp;&nbsp; 0.76% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 186%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12611<br>|

---

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Adaptive Risk Allocation 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.

The Fund invests significantly in shares of affiliated funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or its affiliates as well as third-party advised (unaffiliated) funds, including exchange-traded funds (collectively, Underlying Funds).

For information on the Underlying Funds, please refer to the Fund's current prospectus and the prospectuses of the Underlying Funds, which are available, free of charge, from the Securities and Exchange Commission website at www.sec.gov.

**Fund shares**

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

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

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

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

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

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

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

**Derivative instruments**

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

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

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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.

**Forward foreign currency exchange contracts** 

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

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

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

**Futures contracts**

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

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

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

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

**Credit default swap contracts**

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**Swap arrangements - contracts for differences**

The Fund entered into swap arrangements, particularly contracts for differences (CFDs), to obtain long and short exposures to real estate companies. CFDs are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two or more individual securities or baskets of securities or other instruments where the parties agree to exchange the difference in the settlement price between the open and closing trades for the particular assets.

CFDs are valued daily, and the change in value is recorded as unrealized appreciation (depreciation). The swap arrangement resets monthly, at which time the Fund settles in cash with the counterparty. Payments received (or made) by the Fund are recorded as realized gains (losses). CFDs are subject to the risk associated with investment in the underlying reference assets. The risk in the case of short CFD positions is unlimited based on the potential for unlimited increases in the market value of the underlying reference assets. The risk may be offset if the Fund holds any of the underlying reference assets. The risk in the case of long CFD positions is limited to the notional amount of the position at the time the Fund enters into the CFD.

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 5,440,829<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 22,173,964<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,184,952<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2947290 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,067,417<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 34814452 |

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

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| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,942,791<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 9118240 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 174,296<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 12235327 |

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

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

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended November 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26872712 | &nbsp;&nbsp;&nbsp;&nbsp; 26872712 |
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 161023001 | &nbsp;&nbsp;&nbsp;&nbsp; (2147203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 158875798 |
| Foreign exchange risk | &nbsp;&nbsp; 14320512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14320512 |
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10891518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10891518 |
| Total | &nbsp;&nbsp; 14320512 | &nbsp;&nbsp;&nbsp;&nbsp; 171914519 | &nbsp;&nbsp;&nbsp;&nbsp; 24725509 | &nbsp;&nbsp;&nbsp;&nbsp; 210960540 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (877454)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (877454)<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12968053)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 910023 | &nbsp;&nbsp;&nbsp;&nbsp; (12058030)<br>|
| Foreign exchange risk | &nbsp;&nbsp; (7290071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7290071)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (938087)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (938087)<br>|
| Total | &nbsp;&nbsp; (7290071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13906140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32569 | &nbsp;&nbsp;&nbsp;&nbsp; (21163642)<br>|

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The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

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| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 1661067956 |
| Futures contracts — short | 165000249 |
| Credit default swap contracts — sell protection | 922923308 |

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

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| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Swap arrangements - contracts for differences | &nbsp;&nbsp; 441245 | &nbsp;&nbsp;&nbsp;&nbsp; (318746)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6154802 | &nbsp;&nbsp;&nbsp;&nbsp; (5776660)<br>|

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**Asset- and mortgage-backed securities** 

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

**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.

Columbia Adaptive Risk Allocation Fund \| 2025

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Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**To be announced securities** 

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

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

**Treasury inflation protected securities** 

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of November 30, 2025:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays**  | **Citi**  | **Goldman** <br>**Sachs** <br>**International** <br>| **HSBC**  | **JPMorgan**  | **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <sup>(a)</sup> <br>| **Standard** <br>**Chartered** <br>| **State** <br>**Street** <br>| **UBS**  | **Wells** <br>**Fargo** <br>| **Total**  |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| Centrally cleared credit <br> default swap contracts <br> <sup>(b)</sup> <br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 524075<br>| -<br>| -<br>| -<br>| -<br>| 524075<br>|
| Forward foreign <br> currency exchange <br> contracts<br>| 513103<br>| 644948<br>| 99840<br>| 64026<br>| -<br>| 469968<br>| -<br>| 302915<br>| -<br>| -<br>| 852490<br>| 2947290<br>|
| OTC Swap <br> arrangements - <br> contracts for <br> differences <sup>(c)</sup> <br>| -<br>| -<br>| 1084068<br>| -<br>| -<br>| 27759<br>| -<br>| -<br>| -<br>| 73125<br>| -<br>| 1184952<br>|
| Total assets | 513103<br>| 644948<br>| 1183908<br>| 64026<br>| -<br>| 497727<br>| 524075<br>| 302915<br>| -<br>| 73125<br>| 852490<br>| 4656317<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |
| Forward foreign <br> currency exchange <br> contracts<br>| 57114<br>| 269322<br>| 160310<br>| 2707557<br>| 1476129<br>| 720015<br>| -<br>| 341422<br>| 3396<br>| 1030479<br>| 2352496<br>| 9118240<br>|
| **Total financial and** <br> **derivative net assets**<br>| **455989**<br>| **375626**<br>| **1023598**<br>| **(2643531)**<br>| **(1476129)**<br>| **(222288)**<br>| **524075**<br>| **(38507)**<br>| **(3396)**<br>| **(957354)**<br>| **(1500006)**<br>| **(4461923)**<br>|
| Total collateral <br> received (pledged) <sup>(d)</sup> <br>| -<br>| -<br>| -<br>| (310000)<br>| -<br>| (222288)<br>| -<br>| -<br>| -<br>| (320000)<br>| -<br>| (852288)<br>|
| **Net amount** <sup>(e)</sup> <br>| $**455989**<br>| **375626**<br>| **1023598**<br>| **(2333531)**<br>| **(1476129)**<br>| **-**<br>| **524075**<br>| **(38507)**<br>| **(3396)**<br>| **(637354)**<br>| **(1500006)**<br>| **(3609635)**<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Over-the-Counter (OTC) swap arrangements - contracts for difference are presented at unrealized appreciation or (depreciation), which is comprised of market value plus cash & other receivable (payable).

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

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

**Security transactions**

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

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

**Expenses**

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

**Determination of class net asset value**

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

**Federal income tax status**

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

**Foreign taxes**

The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.

**Distributions to shareholders**

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

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

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is a blend of (i) a fee that declines from 0.06% to 0.03%, depending on asset levels, on assets invested in affiliated mutual funds, exchange-traded funds and closed-end funds that pay a management fee (or advisory fee, as applicable) to the Investment Manager, (ii) a fee that declines from 0.16% to 0.13%, depending on asset levels, on assets invested in exchange-traded funds and mutual funds that are not managed by the Investment Manager or its affiliates and (iii) a fee that declines from 0.76% to 0.63%, depending on asset levels, on assets invested in securities, instruments and other assets not described above, including affiliated mutual funds, exchange-traded funds and closed-end funds advised by the Investment Manager that do not pay a management fee, third party closed-end funds, derivatives and individual securities. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.66% of the Fund's average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds (also referred to as "acquired funds") in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

**Participating Affiliates** 

The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, delegation agreements, personnel-sharing agreements or similar inter-company or other arrangements or relationships, and the Fund pays no additional fees and expenses as a result of any such arrangements.

These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered with the appropriate respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Pursuant to some of these arrangements or relationships, certain personnel of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund's prospectus and Statement of Additional Information (SAI), provide such services to the Fund.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

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

**Transfer agency fees**

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

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

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

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.05 |
| Class C | 0.05 |
| Institutional Class | 0.05 |
| Institutional 2 Class | 0.06 |
| Institutional 3 Class | 0.01 |
| Class S | 0.05 |

---

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $40.

**Distribution and service fees**

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 0.25% 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 rates of 0.10% and 0.75% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22545 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 230 |

---

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**September 30, 2026 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |

---

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 2542892000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99479000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26486000)<br>|

---

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

The following capital loss carryforwards, determined at May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (247570257)<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; (156966640)<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; (404536897)<br>|

---

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,166,216,911 and $1,128,711,188, respectively, for the six months ended November 30, 2025, of which $672,097,683 and $656,551,004, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 4400000 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

Note 8. Line of credit

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

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

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

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

Columbia Adaptive Risk Allocation Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 84.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

Columbia Adaptive Risk Allocation Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Adaptive Risk Allocation Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Adaptive Risk Allocation Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia Adaptive Risk Allocation Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Adaptive Risk Allocation Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Adaptive Risk Allocation Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Columbia Adaptive Risk Allocation Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g33631img6e24f05f2.jpg)

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

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

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

columbiathreadneedleus.com/investor/

SAR214_05_T01_(01/26)

------

![](g33631img0496d13d1.jpg)

Columbia Dividend Income Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_POI-CommonContent-Date-60_1) | 3 |
| [Statement of Assets and Liabilities](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_FS-CommonContent-Date-60_1) | 8 |
| [Statement of Operations](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_FS-CommonContent-Date-60_3) | 10 |
| [Statement of Changes in Net Assets](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_FS-CommonContent-Date-60_4) | 11 |
| [Financial Highlights](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_FIHI-CommonContent-Date-60_2) | 14 |
| [Notes to Financial Statements](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_NTF-CommonContent-Date-60_1) | 18 |
| [Approval of Management Agreement](#xx_b3f035b8-6ecb-435c-ba2c-90873ac90ffb_CCH-CommonContent-Date-60_1) | 26 |

---

Columbia Dividend Income Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | |
|:---|:---|:---|
| **Common Stocks 98.6%** | **Common Stocks 98.6%** | **Common Stocks 98.6%** |
| **Issuer** | **Shares** | **Value ($)** |
| **Communication Services 6.2%** | **Communication Services 6.2%** | **Communication Services 6.2%** |
| **Diversified Telecommunication Services 1.6%** | **Diversified Telecommunication Services 1.6%** | **Diversified Telecommunication Services 1.6%** |
| AT&T, Inc. | &nbsp;&nbsp; 28647427 | &nbsp;&nbsp; 745406051 |
| **Entertainment 1.4%** | **Entertainment 1.4%** | **Entertainment 1.4%** |
| Walt Disney Co. (The) | &nbsp;&nbsp; 6194853 | &nbsp;&nbsp; 647176293 |
| **Interactive Media & Services 2.2%** | **Interactive Media & Services 2.2%** | **Interactive Media & Services 2.2%** |
| Alphabet, Inc., Class A | &nbsp;&nbsp; 3191074 | &nbsp;&nbsp; 1021718073 |
| **Media 1.0%** | **Media 1.0%** | **Media 1.0%** |
| Comcast Corp., Class A | &nbsp;&nbsp; 16107874 | &nbsp;&nbsp; 429919157 |
| **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **2844219574** |
| **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** | **Consumer Discretionary 5.1%** |
| **Broadline Retail 0.7%** | **Broadline Retail 0.7%** | **Broadline Retail 0.7%** |
| eBay, Inc. | &nbsp;&nbsp; 3665202 | &nbsp;&nbsp; 303442074 |
| **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** |
| McDonald's Corp. | &nbsp;&nbsp; 2357386 | &nbsp;&nbsp; 735080102 |
| **Specialty Retail 2.8%** | **Specialty Retail 2.8%** | **Specialty Retail 2.8%** |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 2030710 | &nbsp;&nbsp; 724801013 |
| TJX Companies, Inc. (The) | &nbsp;&nbsp; 3660769 | &nbsp;&nbsp; 556144027 |
| Total |  | &nbsp;&nbsp; 1280945040 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2319467216** |
| **Consumer Staples 8.5%** | **Consumer Staples 8.5%** | **Consumer Staples 8.5%** |
| **Beverages 1.8%** | **Beverages 1.8%** | **Beverages 1.8%** |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 7909979 | &nbsp;&nbsp; 578377664 |
| PepsiCo, Inc. | &nbsp;&nbsp; 1760921 | &nbsp;&nbsp; 261919390 |
| Total |  | &nbsp;&nbsp; 840297054 |
| **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** | **Consumer Staples Distribution & Retail 2.5%** |
| Walmart, Inc. | &nbsp;&nbsp; 10469921 | &nbsp;&nbsp; 1157030970 |
| **Food Products 0.9%** | **Food Products 0.9%** | **Food Products 0.9%** |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 7372682 | &nbsp;&nbsp; 424445303 |
| **Household Products 2.1%** | **Household Products 2.1%** | **Household Products 2.1%** |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 6504413 | &nbsp;&nbsp; 963693830 |
| **Tobacco 1.2%** | **Tobacco 1.2%** | **Tobacco 1.2%** |
| Altria Group, Inc. | &nbsp;&nbsp; 8945365 | &nbsp;&nbsp; 527865988 |
| **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **3913333145** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Energy 5.7%** | **Energy 5.7%** | **Energy 5.7%** |
| **Oil, Gas & Consumable Fuels 5.7%** | **Oil, Gas & Consumable Fuels 5.7%** | **Oil, Gas & Consumable Fuels 5.7%** |
| Chevron Corp. | &nbsp;&nbsp; 5105699 | &nbsp;&nbsp; 771624290 |
| ConocoPhillips Co. | &nbsp;&nbsp; 4998076 | &nbsp;&nbsp; 443279360 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 8812062 | &nbsp;&nbsp; 1021494227 |
| Valero Energy Corp. | &nbsp;&nbsp; 2249193 | &nbsp;&nbsp; 397567355 |
| Total |  | &nbsp;&nbsp; 2633965232 |
| **Total Energy** | **Total Energy** | &nbsp;&nbsp; **2633965232** |
| **Financials 20.9%** | **Financials 20.9%** | **Financials 20.9%** |
| **Banks 9.5%** | **Banks 9.5%** | **Banks 9.5%** |
| Bank of America Corp. | &nbsp;&nbsp; 19042035 | &nbsp;&nbsp; 1021605178 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 6551011 | &nbsp;&nbsp; 2050990524 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp; 2807661 | &nbsp;&nbsp; 535477106 |
| Wells Fargo & Co. | &nbsp;&nbsp; 9020137 | &nbsp;&nbsp; 774378761 |
| Total |  | &nbsp;&nbsp; 4382451569 |
| **Capital Markets 6.3%** | **Capital Markets 6.3%** | **Capital Markets 6.3%** |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 7491754 | &nbsp;&nbsp; 839825624 |
| Blackrock, Inc. | &nbsp;&nbsp; 536801 | &nbsp;&nbsp; 562191687 |
| CME Group, Inc. | &nbsp;&nbsp; 2309655 | &nbsp;&nbsp; 650075496 |
| Morgan Stanley | &nbsp;&nbsp; 4810311 | &nbsp;&nbsp; 816117364 |
| Total |  | &nbsp;&nbsp; 2868210171 |
| **Consumer Finance 0.8%** | **Consumer Finance 0.8%** | **Consumer Finance 0.8%** |
| American Express Co. | &nbsp;&nbsp; 988637 | &nbsp;&nbsp; 361119437 |
| **Financial Services 1.2%** | **Financial Services 1.2%** | **Financial Services 1.2%** |
| Visa, Inc., Class A | &nbsp;&nbsp; 1677289 | &nbsp;&nbsp; 560952533 |
| **Insurance 3.1%** | **Insurance 3.1%** | **Insurance 3.1%** |
| Chubb Ltd. | &nbsp;&nbsp; 3100356 | &nbsp;&nbsp; 918263440 |
| Marsh & McLennan Companies, Inc. | &nbsp;&nbsp; 2851991 | &nbsp;&nbsp; 523197749 |
| Total |  | &nbsp;&nbsp; 1441461189 |
| **Total Financials** | **Total Financials** | &nbsp;&nbsp; **9614194899** |
| **Health Care 12.9%** | **Health Care 12.9%** | **Health Care 12.9%** |
| **Biotechnology 2.6%** | **Biotechnology 2.6%** | **Biotechnology 2.6%** |
| AbbVie, Inc. | &nbsp;&nbsp; 3406917 | &nbsp;&nbsp; 775755001 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 3121936 | &nbsp;&nbsp; 392864426 |
| Total |  | &nbsp;&nbsp; 1168619427 |

---

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

Columbia Dividend Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** | **Health Care Equipment & Supplies 2.7%** |
| Abbott Laboratories | &nbsp;&nbsp; 5556785 | &nbsp;&nbsp; 716269587 |
| Medtronic PLC | &nbsp;&nbsp; 5126580 | &nbsp;&nbsp; 539982671 |
| Total |  | &nbsp;&nbsp; 1256252258 |
| **Health Care Providers & Services 1.2%** | **Health Care Providers & Services 1.2%** | **Health Care Providers & Services 1.2%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 1658336 | &nbsp;&nbsp; 546869463 |
| **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** |
| Danaher Corp. | &nbsp;&nbsp; 1042431 | &nbsp;&nbsp; 236402502 |
| **Pharmaceuticals 5.9%** | **Pharmaceuticals 5.9%** | **Pharmaceuticals 5.9%** |
| AstraZeneca PLC, ADR | &nbsp;&nbsp; 3110582 | &nbsp;&nbsp; 288413163 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 5861034 | &nbsp;&nbsp; 288362873 |
| Johnson & Johnson | &nbsp;&nbsp; 7705768 | &nbsp;&nbsp; 1594477515 |
| Merck & Co., Inc. | &nbsp;&nbsp; 5072445 | &nbsp;&nbsp; 531744409 |
| Total |  | &nbsp;&nbsp; 2702997960 |
| **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **5911141610** |
| **Industrials 13.0%** | **Industrials 13.0%** | **Industrials 13.0%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| General Dynamics Corp. | &nbsp;&nbsp; 1742263 | &nbsp;&nbsp; 595209309 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 770049 | &nbsp;&nbsp; 214604956 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 758944 | &nbsp;&nbsp; 434305704 |
| Total |  | &nbsp;&nbsp; 1244119969 |
| **Building Products 1.0%** | **Building Products 1.0%** | **Building Products 1.0%** |
| Trane Technologies PLC | &nbsp;&nbsp; 1106767 | &nbsp;&nbsp; 466480155 |
| **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** | **Commercial Services & Supplies 1.1%** |
| Waste Management, Inc. | &nbsp;&nbsp; 2248299 | &nbsp;&nbsp; 489836903 |
| **Electrical Equipment 0.9%** | **Electrical Equipment 0.9%** | **Electrical Equipment 0.9%** |
| Eaton Corp. PLC | &nbsp;&nbsp; 572027 | &nbsp;&nbsp; 197858419 |
| Emerson Electric Co. | &nbsp;&nbsp; 1736424 | &nbsp;&nbsp; 231604233 |
| Total |  | &nbsp;&nbsp; 429462652 |
| **Ground Transportation 1.9%** | **Ground Transportation 1.9%** | **Ground Transportation 1.9%** |
| CSX Corp. | &nbsp;&nbsp; 9141770 | &nbsp;&nbsp; 323252987 |
| Union Pacific Corp. | &nbsp;&nbsp; 2251025 | &nbsp;&nbsp; 521855126 |
| Total |  | &nbsp;&nbsp; 845108113 |
| **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** | **Industrial Conglomerates 0.9%** |
| Honeywell International, Inc. | &nbsp;&nbsp; 2124207 | &nbsp;&nbsp; 408251343 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Machinery 3.5%** | **Machinery 3.5%** | **Machinery 3.5%** |
| Cummins, Inc. | &nbsp;&nbsp; 484059 | &nbsp;&nbsp; 241051701 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 1609140 | &nbsp;&nbsp; 401126419 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 1137950 | &nbsp;&nbsp; 980571515 |
| Total |  | &nbsp;&nbsp; 1622749635 |
| **Professional Services 1.0%** | **Professional Services 1.0%** | **Professional Services 1.0%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp; 1824363 | &nbsp;&nbsp; 465759874 |
| **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5971768644** |
| **Information Technology 16.7%** | **Information Technology 16.7%** | **Information Technology 16.7%** |
| **Communications Equipment 2.0%** | **Communications Equipment 2.0%** | **Communications Equipment 2.0%** |
| Cisco Systems, Inc. | &nbsp;&nbsp; 12128999 | &nbsp;&nbsp; 933205183 |
| **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** | **Electronic Equipment, Instruments & Components 1.1%** |
| TE Connectivity PLC | &nbsp;&nbsp; 2211069 | &nbsp;&nbsp; 500033254 |
| **IT Services 3.0%** | **IT Services 3.0%** | **IT Services 3.0%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 1636480 | &nbsp;&nbsp; 409120000 |
| International Business Machines Corp. | &nbsp;&nbsp; 3069337 | &nbsp;&nbsp; 947136012 |
| Total |  | &nbsp;&nbsp; 1356256012 |
| **Semiconductors & Semiconductor Equipment 7.8%** | **Semiconductors & Semiconductor Equipment 7.8%** | **Semiconductors & Semiconductor Equipment 7.8%** |
| Analog Devices, Inc. | &nbsp;&nbsp; 3542658 | &nbsp;&nbsp; 940008874 |
| Broadcom, Inc. | &nbsp;&nbsp; 2705396 | &nbsp;&nbsp; 1090166372 |
| KLA Corp. | &nbsp;&nbsp; 489198 | &nbsp;&nbsp; 575037573 |
| Lam Research Corp. | &nbsp;&nbsp; 3699357 | &nbsp;&nbsp; 577099692 |
| QUALCOMM, Inc. | &nbsp;&nbsp; 1232949 | &nbsp;&nbsp; 207246397 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 1232418 | &nbsp;&nbsp; 207378977 |
| Total |  | &nbsp;&nbsp; 3596937885 |
| **Software 2.8%** | **Software 2.8%** | **Software 2.8%** |
| Microsoft Corp. | &nbsp;&nbsp; 2642952 | &nbsp;&nbsp; 1300358814 |
| **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **7686791148** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| Linde PLC | &nbsp;&nbsp; 1128454 | &nbsp;&nbsp; 463027245 |
| **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** | **Containers & Packaging 1.0%** |
| Avery Dennison Corp. | &nbsp;&nbsp; 1280042 | &nbsp;&nbsp; 220640840 |
| Packaging Corp. of America | &nbsp;&nbsp; 1135478 | &nbsp;&nbsp; 231716995 |
| Total |  | &nbsp;&nbsp; 452357835 |
| **Total Materials** | **Total Materials** | &nbsp;&nbsp; **915385080** |

---

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

Columbia Dividend Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Issuer** | **Shares** | **Value ($)** |
| **Real Estate 1.6%** | **Real Estate 1.6%** | **Real Estate 1.6%** |
| **Health Care REITs 0.4%** | **Health Care REITs 0.4%** | **Health Care REITs 0.4%** |
| Welltower, Inc. | &nbsp;&nbsp; 834158 | &nbsp;&nbsp; 173688379 |
| **Industrial REITs 0.5%** | **Industrial REITs 0.5%** | **Industrial REITs 0.5%** |
| Prologis, Inc. | &nbsp;&nbsp; 1720865 | &nbsp;&nbsp; 221182778 |
| **Residential REITs 0.4%** | **Residential REITs 0.4%** | **Residential REITs 0.4%** |
| AvalonBay Communities, Inc. | &nbsp;&nbsp; 980013 | &nbsp;&nbsp; 178303565 |
| **Specialized REITs 0.3%** | **Specialized REITs 0.3%** | **Specialized REITs 0.3%** |
| Public Storage | &nbsp;&nbsp; 605640 | &nbsp;&nbsp; 166272406 |
| **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **739447128** |
| **Utilities 6.0%** | **Utilities 6.0%** | **Utilities 6.0%** |
| **Electric Utilities 3.7%** | **Electric Utilities 3.7%** | **Electric Utilities 3.7%** |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 2943567 | &nbsp;&nbsp; 364325288 |
| Entergy Corp. | &nbsp;&nbsp; 5642884 | &nbsp;&nbsp; 550294048 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 2901863 | &nbsp;&nbsp; 250401758 |
| Southern Co. (The) | &nbsp;&nbsp; 5584570 | &nbsp;&nbsp; 508866018 |
| Total |  | &nbsp;&nbsp; 1673887112 |
| **Multi-Utilities 2.3%** | **Multi-Utilities 2.3%** | **Multi-Utilities 2.3%** |
| Ameren Corp. | &nbsp;&nbsp; 2351902 | &nbsp;&nbsp; 250124778 |
| CMS Energy Corp. | &nbsp;&nbsp; 2584266 | &nbsp;&nbsp; 194957027 |
| DTE Energy Co. | &nbsp;&nbsp; 1140991 | &nbsp;&nbsp; 156349997 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 2403879 | &nbsp;&nbsp; 200771974 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 2413210 | &nbsp;&nbsp; 270448444 |
| Total |  | &nbsp;&nbsp; 1072652220 |
| **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **2746539332** |
| Total Common Stocks <br>(Cost $25,068,337,914) | Total Common Stocks <br>(Cost $25,068,337,914) | &nbsp;&nbsp; **45296253008** |

---

---

| | | |
|:---|:---|:---|
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(a),(b)</sup> <br>| &nbsp;&nbsp; 584636274 | &nbsp;&nbsp; 584460884 |
| Total Money Market Funds <br>(Cost $584,380,456) | Total Money Market Funds <br>(Cost $584,380,456) | &nbsp;&nbsp; **584460884** |
| **Total Investments in Securities** <br>**(Cost: $25,652,718,370)** | **Total Investments in Securities** <br>**(Cost: $25,652,718,370)** | &nbsp;&nbsp; **45880713892** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **68054734** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **45948768626** |

---

**Notes to Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 727069445 | &nbsp;&nbsp; 1348680449 | &nbsp;&nbsp; (1491304289)<br>| &nbsp;&nbsp; 15279 | &nbsp;&nbsp; 584460884 | &nbsp;&nbsp; (4950)<br>| &nbsp;&nbsp; 15772051 | &nbsp;&nbsp; 584636274 |

---

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

Columbia Dividend Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Abbreviation Legend** 

ADR American Depositary Receipt

**Fair value measurements** 

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

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

■

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

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Communication Services | 2844219574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2844219574 |
| Consumer Discretionary | 2319467216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2319467216 |
| Consumer Staples | 3913333145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3913333145 |
| Energy | 2633965232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2633965232 |
| Financials | 9614194899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9614194899 |
| Health Care | 5911141610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5911141610 |
| Industrials | 5971768644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5971768644 |
| Information Technology | 7686791148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7686791148 |
| Materials | 915385080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 915385080 |
| Real Estate | 739447128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 739447128 |
| Utilities | 2746539332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2746539332 |
| Total Common Stocks | 45296253008 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45296253008 |
| Money Market Funds | 584460884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584460884 |
| Total Investments in Securities | 45880713892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45880713892 |

---

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

Columbia Dividend Income Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

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

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

Columbia Dividend Income Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $25,068,337,914) | $45296253008 |
| Affiliated issuers (cost $584,380,456) | 584460884 |
| Receivable for: |  |
| Capital shares sold | 10143910 |
| Dividends | 76993272 |
| Foreign tax reclaims | 392465 |
| Prepaid expenses | 132447 |
| Deferred compensation of board members | 1276234 |
| Other assets | 39299 |
| Total assets | 45969691519 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 13198073 |
| Management services fees | 1314098 |
| Distribution and/or service fees | 145896 |
| Transfer agent fees | 3611466 |
| Compensation of chief compliance officer | 3664 |
| Compensation of board members | 50922 |
| Other expenses | 435083 |
| Deferred compensation of board members | 2163691 |
| Total liabilities | 20922893 |
| **Net assets applicable to outstanding capital stock** | **$45948768626** |
| **Represented by** |  |
| Paid in capital | 23581695932 |
| Total distributable earnings (loss) | 22367072694 |
| **Total - representing net assets applicable to outstanding capital stock** | **$45948768626** |

---

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

Columbia Dividend Income Fund \| 2025

------

Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $5110965525 |
| Shares outstanding | 136033160 |
| Net asset value per share | $37.57 |
| Maximum sales charge  | 5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $39.86 |
| **Class C** |  |
| Net assets | $1290077537 |
| Shares outstanding | 35728122 |
| Net asset value per share | $36.11 |
| **Institutional Class** |  |
| Net assets | $24090957443 |
| Shares outstanding | 640322776 |
| Net asset value per share | $37.62 |
| **Institutional 2 Class** |  |
| Net assets | $3989674685 |
| Shares outstanding | 103926531 |
| Net asset value per share | $38.39 |
| **Institutional 3 Class** |  |
| Net assets | $9947827845 |
| Shares outstanding | 258619147 |
| Net asset value per share | $38.47 |
| **Class R** |  |
| Net assets | $218948932 |
| Shares outstanding | 5823693 |
| Net asset value per share | $37.60 |
| **Class S** |  |
| Net assets | $1300316659 |
| Shares outstanding | 34554783 |
| Net asset value per share | $37.63 |

---

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

Columbia Dividend Income Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $491609801 |
| Dividends — affiliated issuers | 15772051 |
| Total income | 507381852 |
| Expenses: |  |
| Management services fees | 115768773 |
| Distribution and/or service fees |  |
| Class A | 6122832 |
| Class C | 6362470 |
| Class R | 525965 |
| Transfer agent fees |  |
| Class A | 2668416 |
| Class C | 693286 |
| Institutional Class | 12507189 |
| Institutional 2 Class | 1016534 |
| Institutional 3 Class | 214952 |
| Class R | 114620 |
| Class S | 727660 |
| Custodian fees | 86244 |
| Printing and postage fees | 686726 |
| Registration fees | 215023 |
| Accounting services fees | 16211 |
| Legal fees | 347313 |
| Compensation of chief compliance officer | 3664 |
| Compensation of board members | 226822 |
| Deferred compensation of board members | 195835 |
| Other | 286770 |
| Total expenses | 148787305 |
| Expense reduction | (1289)<br>|
| Total net expenses | 148786016 |
| **Net investment income** | 358595836 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 1302185149 |
| Investments — affiliated issuers | (4950)<br>|
| Net realized gain | 1302180199 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 3225998238 |
| Investments — affiliated issuers | 15279 |
| Net change in unrealized appreciation (depreciation) | 3226013517 |
| Net realized and unrealized gain | 4528193716 |
| **Net increase in net assets resulting from operations** | **$4886789552** |

---

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

Columbia Dividend Income Fund \| 2025

------

Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $358595836 | &nbsp;&nbsp; $716287248 |
| Net realized gain | 1302180199 | &nbsp;&nbsp; 1565041926 |
| Net change in unrealized appreciation (depreciation) | 3226013517 | &nbsp;&nbsp; 2011127929 |
| Net increase in net assets resulting from operations | 4886789552 | &nbsp;&nbsp; 4292457103 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (36394828)<br>| &nbsp;&nbsp; (255428003)<br>|
| Advisor Class |  | &nbsp;&nbsp; (31493940)<br>|
| Class C | (5072739)<br>| &nbsp;&nbsp; (65550956)<br>|
| Institutional Class | (197972348)<br>| &nbsp;&nbsp; (1237288595)<br>|
| Institutional 2 Class | (33460528)<br>| &nbsp;&nbsp; (205225278)<br>|
| Institutional 3 Class | (85837159)<br>| &nbsp;&nbsp; (514772733)<br>|
| Class R | (1308132)<br>| &nbsp;&nbsp; (10561352)<br>|
| Class S | (11751478)<br>| &nbsp;&nbsp; (67127339)<br>|
| Total distributions to shareholders | (371797212)<br>| &nbsp;&nbsp; (2387448196)<br>|
| Increase (decrease) in net assets from capital stock activity | (597216950)<br>| &nbsp;&nbsp; 251318294 |
| Total increase in net assets | 3917775390 | &nbsp;&nbsp; 2156327201 |
| Net assets at beginning of period | 42030993236 | &nbsp;&nbsp; 39874666035 |
| **Net assets at end of period** | **$45948768626** | &nbsp;&nbsp; **$42030993236** |

---

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

Columbia Dividend Income Fund \| 2025

------

Statement of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 8725033 | &nbsp;&nbsp;&nbsp;&nbsp; 311775269 | &nbsp;&nbsp;&nbsp;&nbsp; 21602233 | &nbsp;&nbsp;&nbsp;&nbsp; 728795326 |
| Distributions reinvested | 850929 | &nbsp;&nbsp;&nbsp;&nbsp; 29889845 | &nbsp;&nbsp;&nbsp;&nbsp; 6306060 | &nbsp;&nbsp;&nbsp;&nbsp; 212199175 |
| Shares redeemed | (11703286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (418642347)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26874837)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (907496563)<br>|
| Net increase (decrease) | (2127324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76977233)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1033456 | &nbsp;&nbsp;&nbsp;&nbsp; 33497938 |
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8609118 | &nbsp;&nbsp;&nbsp;&nbsp; 297495849 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 911471 | &nbsp;&nbsp;&nbsp;&nbsp; 31241887 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (116178429)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4233070551)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106657840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3904332815)<br>|
| Class C |  |  |  |  |
| Shares sold | 1709012 | &nbsp;&nbsp;&nbsp;&nbsp; 58847720 | &nbsp;&nbsp;&nbsp;&nbsp; 4803748 | &nbsp;&nbsp;&nbsp;&nbsp; 156192369 |
| Distributions reinvested | 138812 | &nbsp;&nbsp;&nbsp;&nbsp; 4682717 | &nbsp;&nbsp;&nbsp;&nbsp; 1828292 | &nbsp;&nbsp;&nbsp;&nbsp; 59261898 |
| Shares redeemed | (4435430)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (152875658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10530554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (342539914)<br>|
| Net decrease | (2587606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (89345221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3898514)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127085647)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 49638385 | &nbsp;&nbsp;&nbsp;&nbsp; 1779868099 | &nbsp;&nbsp;&nbsp;&nbsp; 216112907 | &nbsp;&nbsp;&nbsp;&nbsp; 7526842609 |
| Distributions reinvested | 5105596 | &nbsp;&nbsp;&nbsp;&nbsp; 179557551 | &nbsp;&nbsp;&nbsp;&nbsp; 33253539 | &nbsp;&nbsp;&nbsp;&nbsp; 1119621971 |
| Shares redeemed | (58297566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2091332054)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (191517838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6508387568)<br>|
| Net increase (decrease) | (3553585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (131906404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57848608 | &nbsp;&nbsp;&nbsp;&nbsp; 2138077012 |
| Institutional 2 Class |  |  |  |  |
| Shares sold | 8864328 | &nbsp;&nbsp;&nbsp;&nbsp; 324471664 | &nbsp;&nbsp;&nbsp;&nbsp; 19349109 | &nbsp;&nbsp;&nbsp;&nbsp; 665939356 |
| Distributions reinvested | 919260 | &nbsp;&nbsp;&nbsp;&nbsp; 32986878 | &nbsp;&nbsp;&nbsp;&nbsp; 5886211 | &nbsp;&nbsp;&nbsp;&nbsp; 202144736 |
| Shares redeemed | (10826382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (397548200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22878927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (787834536)<br>|
| Net increase (decrease) | (1042794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40089658)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2356393 | &nbsp;&nbsp;&nbsp;&nbsp; 80249556 |
| Institutional 3 Class |  |  |  |  |
| Shares sold | 27560705 | &nbsp;&nbsp;&nbsp;&nbsp; 1012180035 | &nbsp;&nbsp;&nbsp;&nbsp; 64035517 | &nbsp;&nbsp;&nbsp;&nbsp; 2230886403 |
| Distributions reinvested | 1677203 | &nbsp;&nbsp;&nbsp;&nbsp; 60317811 | &nbsp;&nbsp;&nbsp;&nbsp; 10378276 | &nbsp;&nbsp;&nbsp;&nbsp; 357082563 |
| Shares redeemed | (31484254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1157902832)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55830776)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1925293614)<br>|
| Net increase (decrease) | (2246346)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (85404986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18583017 | &nbsp;&nbsp;&nbsp;&nbsp; 662675352 |
| Class R |  |  |  |  |
| Shares sold | 469534 | &nbsp;&nbsp;&nbsp;&nbsp; 16835233 | &nbsp;&nbsp;&nbsp;&nbsp; 1061071 | &nbsp;&nbsp;&nbsp;&nbsp; 35834684 |
| Distributions reinvested | 37160 | &nbsp;&nbsp;&nbsp;&nbsp; 1306233 | &nbsp;&nbsp;&nbsp;&nbsp; 313174 | &nbsp;&nbsp;&nbsp;&nbsp; 10551643 |
| Shares redeemed | (611633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21939675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1522824)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51512637)<br>|
| Net decrease | (104939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3798209)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (148579)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5126310)<br>|
| Class S |  |  |  |  |
| Shares sold | 915050 | &nbsp;&nbsp;&nbsp;&nbsp; 32753439 | &nbsp;&nbsp;&nbsp;&nbsp; 44496527 | &nbsp;&nbsp;&nbsp;&nbsp; 1554336638 |
| Distributions reinvested | 334106 | &nbsp;&nbsp;&nbsp;&nbsp; 11749355 | &nbsp;&nbsp;&nbsp;&nbsp; 1992010 | &nbsp;&nbsp;&nbsp;&nbsp; 67116129 |
| Shares redeemed | (5916797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (214198033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7266113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (248089559)<br>|
| Net increase (decrease) | (4667641)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169695239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39222424 | &nbsp;&nbsp;&nbsp;&nbsp; 1373363208 |
| **Total net increase (decrease)** | **(16330235)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(597216950)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8338965** | &nbsp;&nbsp;&nbsp;&nbsp; **251318294** |

---

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

Columbia Dividend Income Fund \| 2025

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Columbia Dividend Income Fund \| 2025

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Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $33.92<br>| 0.25<br>| 3.66<br>| 3.91<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.26) <br>|
| Year Ended 5/31/2025 | $32.37<br>| 0.51<br>| 2.94<br>| 3.45<br>| &nbsp;&nbsp; (0.51) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.90) <br>|
| Year Ended 5/31/2024 | $28.21<br>| 0.52<br>| 5.07<br>| 5.59<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.43) <br>|
| Year Ended 5/31/2023 | $29.77<br>| 0.52<br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.06) <br>|
| Year Ended 5/31/2022 | $29.50<br>| 0.42<br>| 0.71<br>| 1.13<br>| &nbsp;&nbsp; (0.41) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.86) <br>|
| Year Ended 5/31/2021 | $22.13<br>| 0.38<br>| 7.37<br>| 7.75<br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.38) <br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $32.60<br>| 0.11<br>| 3.54<br>| 3.65<br>| &nbsp;&nbsp; (0.14) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.14) <br>|
| Year Ended 5/31/2025 | $31.17<br>| 0.25<br>| 2.83<br>| 3.08<br>| &nbsp;&nbsp; (0.26) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.65) <br>|
| Year Ended 5/31/2024 | $27.21<br>| 0.28<br>| 4.88<br>| 5.16<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.20) <br>|
| Year Ended 5/31/2023 | $28.73<br>| 0.29<br>| &nbsp;&nbsp; (0.96) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.85) <br>|
| Year Ended 5/31/2022 | $28.49<br>| 0.19<br>| 0.68<br>| 0.87<br>| &nbsp;&nbsp; (0.18) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.63) <br>|
| Year Ended 5/31/2021 | $21.38<br>| 0.18<br>| 7.14<br>| 7.32<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.21) <br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $33.96<br>| 0.30<br>| 3.67<br>| 3.97<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.31) <br>|
| Year Ended 5/31/2025 | $32.41<br>| 0.59<br>| 2.95<br>| 3.54<br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.99) <br>|
| Year Ended 5/31/2024 | $28.25<br>| 0.60<br>| 5.06<br>| 5.66<br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.50) <br>|
| Year Ended 5/31/2023 | $29.81<br>| 0.59<br>| &nbsp;&nbsp; (1.01) <br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.58) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.14) <br>|
| Year Ended 5/31/2022 | $29.53<br>| 0.50<br>| 0.71<br>| 1.21<br>| &nbsp;&nbsp; (0.48) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.93) <br>|
| Year Ended 5/31/2021 | $22.15<br>| 0.44<br>| 7.38<br>| 7.82<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.44) <br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $34.65<br>| 0.31<br>| 3.75<br>| 4.06<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.32) <br>|
| Year Ended 5/31/2025 | $33.03<br>| 0.62<br>| 3.00<br>| 3.62<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (2.00) <br>|
| Year Ended 5/31/2024 | $28.76<br>| 0.62<br>| 5.17<br>| 5.79<br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.52) <br>|
| Year Ended 5/31/2023 | $30.33<br>| 0.62<br>| &nbsp;&nbsp; (1.04) <br>| &nbsp;&nbsp; (0.42) <br>| &nbsp;&nbsp; (0.59) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.15) <br>|
| Year Ended 5/31/2022 | $30.03<br>| 0.52<br>| 0.73<br>| 1.25<br>| &nbsp;&nbsp; (0.50) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.95) <br>|
| Year Ended 5/31/2021 | $22.52<br>| 0.46<br>| 7.51<br>| 7.97<br>| &nbsp;&nbsp; (0.46) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.46) <br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $34.72<br>| 0.32<br>| 3.76<br>| 4.08<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.33) <br>|
| Year Ended 5/31/2025 | $33.09<br>| 0.64<br>| 3.01<br>| 3.65<br>| &nbsp;&nbsp; (0.63) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (2.02) <br>|
| Year Ended 5/31/2024 | $28.81<br>| 0.64<br>| 5.17<br>| 5.81<br>| &nbsp;&nbsp; (0.62) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.53) <br>|
| Year Ended 5/31/2023 | $30.38<br>| 0.63<br>| &nbsp;&nbsp; (1.03) <br>| &nbsp;&nbsp; (0.40) <br>| &nbsp;&nbsp; (0.61) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (1.17) <br>|
| Year Ended 5/31/2022 | $30.08<br>| 0.54<br>| 0.73<br>| 1.27<br>| &nbsp;&nbsp; (0.52) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.97) <br>|
| Year Ended 5/31/2021 | $22.55<br>| 0.48<br>| 7.52<br>| 8.00<br>| &nbsp;&nbsp; (0.47) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.47) <br>|

---

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

Columbia Dividend Income Fund \| 2025

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Financial Highlights (continued)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $37.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5110966<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33.92<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4686133<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $32.37<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4438351<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.71%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3967471<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.77<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4392792<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.42%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4247346<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $36.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1290078<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $32.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.93%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1249265<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $31.17<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1315823<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $27.21<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.42%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1231203<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $28.73<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1350125<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $28.49<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.43%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1286989<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $37.62<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $24090957<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33.96<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21868333<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $32.41<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18992524<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.25<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.45%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16392771<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $17707133<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.53<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $16364361<br>|
| **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** | **Institutional 2 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $38.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3989675<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $34.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.10%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3637136<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $33.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3388853<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.76<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.40%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2799839<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $30.33<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2972324<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $30.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3093985<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $38.47<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.81%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9947828<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $34.72<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $9056549<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $33.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8016124<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.81<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.36%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7272474<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $30.38<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7668907<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $30.08<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6667177<br>|

---

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

Columbia Dividend Income Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Distributions** <br>**from net** <br>**realized** <br>**gains**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | $33.94<br>| 0.21<br>| 3.67<br>| 3.88<br>| &nbsp;&nbsp; (0.22) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.22) <br>|
| Year Ended 5/31/2025 | $32.39<br>| 0.42<br>| 2.95<br>| 3.37<br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.82) <br>|
| Year Ended 5/31/2024 | $28.23<br>| 0.44<br>| 5.07<br>| 5.51<br>| &nbsp;&nbsp; (0.44) <br>| &nbsp;&nbsp; (0.91) <br>| &nbsp;&nbsp; (1.35) <br>|
| Year Ended 5/31/2023 | $29.79<br>| 0.45<br>| &nbsp;&nbsp; (1.02) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; (0.43) <br>| &nbsp;&nbsp; (0.56) <br>| &nbsp;&nbsp; (0.99) <br>|
| Year Ended 5/31/2022 | $29.51<br>| 0.35<br>| 0.71<br>| 1.06<br>| &nbsp;&nbsp; (0.33) <br>| &nbsp;&nbsp; (0.45) <br>| &nbsp;&nbsp; (0.78) <br>|
| Year Ended 5/31/2021 | $22.14<br>| 0.31<br>| 7.38<br>| 7.69<br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.32) <br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | $33.97<br>| 0.30<br>| 3.67<br>| 3.97<br>| &nbsp;&nbsp; (0.31) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (0.31) <br>|
| Year Ended 5/31/2025<sup>(d)</sup> <br>| $34.91<br>| 0.38<br>| 0.36<br>| 0.74<br>| &nbsp;&nbsp; (0.29) <br>| &nbsp;&nbsp; (1.39) <br>| &nbsp;&nbsp; (1.68) <br>|

---

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

---

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

---

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

Columbia Dividend Income Fund \| 2025

------

Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $37.60<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $218949<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $33.94<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $201224<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $32.39<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $196824<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $28.23<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.96%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $192439<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $29.79<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $229025<br>|
| Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp; $29.51<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.08%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $217516<br>|
| **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $37.63<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1300317<br>|
|  Year Ended 5/31/2025 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $33.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1332352<br>|

---

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

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Dividend Income 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, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

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

**Security valuation**

Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

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

**Security transactions**

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

**Income recognition**

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.

The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Expenses**

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

**Determination of class net asset value**

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

**Federal income tax status**

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

**Distributions to shareholders**

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

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

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

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.72% to 0.5025% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.5256% of the Fund's average daily net assets.

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

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

**Transfer agency fees**

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

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

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

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.11 |
| Class C | 0.11 |
| Institutional Class | 0.11 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class R | 0.11 |
| Class S | 0.11 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $1,289.

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**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 0.25% 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 rates of 0.10%, 0.75% and 0.50% of the average daily net assets attributable to Class A, Class C and Class R shares of the Fund, respectively.

Although the Fund may pay distribution and service fees up to a maximum annual rate of 0.35% of the Fund's average daily net assets attributable to Class A shares (comprised of up to 0.10% for distribution services and up to 0.25% for shareholder services), the Fund currently limits such fees to an aggregate fee of not more than 0.25% of the Fund's average daily net assets attributable to Class A shares.

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1540796 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27228 |

---

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **October 1, 2025** <br>**through** <br>**September 30, 2026 (%)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Prior to** <br>**October 1, 2025 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| 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;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| 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;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 |

---

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,

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>**appreciation ($)**<br>|
| 25652718000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20419913000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191917000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20227996000 |

---

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

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,766,193,952 and $4,228,387,044, respectively, for the six months ended November 30, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

The Fund did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

Note 8. Line of credit

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

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

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

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

Note 10. Subsequent events

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

Columbia Dividend Income Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Note 11. Information regarding pending and settled legal proceedings

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

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

Columbia Dividend Income Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Dividend Income Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia Dividend Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund.

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses

Columbia Dividend Income Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia Dividend Income Fund \| 2025

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**Columbia Dividend Income Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g33631imgc4ae79182.jpg)

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

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

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

columbiathreadneedleus.com/investor/

SAR139_05_T01_(01/26)

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![](g33631imgec96466e1.jpg)

Columbia High Yield Municipal Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_751d8576-2741-4976-a444-7d293af7444d_POI-CommonContent-Date-80_1) | 3 |
| [Statement of Assets and Liabilities](#xx_751d8576-2741-4976-a444-7d293af7444d_FS-CommonContent-Date-80_1) | 18 |
| [Statement of Operations](#xx_751d8576-2741-4976-a444-7d293af7444d_FS-CommonContent-Date-80_2) | 19 |
| [Statement of Changes in Net Assets](#xx_751d8576-2741-4976-a444-7d293af7444d_FS-CommonContent-Date-80_3) | 20 |
| [Financial Highlights](#xx_751d8576-2741-4976-a444-7d293af7444d_FIHI-CommonContent-Date-80_1) | 22 |
| [Notes to Financial Statements](#xx_751d8576-2741-4976-a444-7d293af7444d_NTF-CommonContent-Date-80_1) | 26 |
| [Approval of Management Agreement](#xx_751d8576-2741-4976-a444-7d293af7444d_CCH-CommonContent-Date-80_1) | 34 |

---

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Floating Rate Notes 1.3%** | **Floating Rate Notes 1.3%** | **Floating Rate Notes 1.3%** | **Floating Rate Notes 1.3%** |
| **Issue Description** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **New York 1.3%** | **New York 1.3%** | **New York 1.3%** | **New York 1.3%** |
| City of New York<sup>(a),(b)</sup>  | City of New York<sup>(a),(b)</sup>  | City of New York<sup>(a),(b)</sup>  | City of New York<sup>(a),(b)</sup>  |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Subordinated Series 2014I-2 (JPMorgan Chase Bank) | Subordinated Series 2014I-2 (JPMorgan Chase Bank) | Subordinated Series 2014I-2 (JPMorgan Chase Bank) | Subordinated Series 2014I-2 (JPMorgan Chase Bank) |
| 03/01/2040 | &nbsp;&nbsp; 2.850% | 2000000 | &nbsp;&nbsp; 2000000 |
| 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; 2.850% | 2500000 | &nbsp;&nbsp; 2500000 |
| New York City Transitional Finance Authority<sup>(a),(b)</sup>  | New York City Transitional Finance Authority<sup>(a),(b)</sup>  | New York City Transitional Finance Authority<sup>(a),(b)</sup>  | New York City Transitional Finance Authority<sup>(a),(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Future Tax Secured | Future Tax Secured | Future Tax Secured | Future Tax Secured |
| Subordinated Series 2015 (JPMorgan Chase Bank) | Subordinated Series 2015 (JPMorgan Chase Bank) | Subordinated Series 2015 (JPMorgan Chase Bank) | Subordinated Series 2015 (JPMorgan Chase Bank) |
| 02/01/2045 | &nbsp;&nbsp; 2.850% | 1000000 | &nbsp;&nbsp; 1000000 |
| Subordinated Series 2016 (JPMorgan Chase Bank) | Subordinated Series 2016 (JPMorgan Chase Bank) | Subordinated Series 2016 (JPMorgan Chase Bank) | Subordinated Series 2016 (JPMorgan Chase Bank) |
| 02/01/2045 | &nbsp;&nbsp; 2.850% | 300000 | &nbsp;&nbsp; 300000 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5800000** |
| Total Floating Rate Notes <br>(Cost $5,800,000) | Total Floating Rate Notes <br>(Cost $5,800,000) | Total Floating Rate Notes <br>(Cost $5,800,000) | &nbsp;&nbsp; **5800000** |
| **Municipal Bonds 96.2%** | **Municipal Bonds 96.2%** | **Municipal Bonds 96.2%** | **Municipal Bonds 96.2%** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Alabama 1.1%** | **Alabama 1.1%** | **Alabama 1.1%** | **Alabama 1.1%** |
| Baldwin County Industrial Development Authority<sup>(c),(d)</sup>  | Baldwin County Industrial Development Authority<sup>(c),(d)</sup>  | Baldwin County Industrial Development Authority<sup>(c),(d)</sup>  | Baldwin County Industrial Development Authority<sup>(c),(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Novelis Corp. Project | Novelis Corp. Project | Novelis Corp. Project | Novelis Corp. Project |
| Series 2025 (Mandatory Put 06/01/32) | Series 2025 (Mandatory Put 06/01/32) | Series 2025 (Mandatory Put 06/01/32) | Series 2025 (Mandatory Put 06/01/32) |
| 06/01/2055 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 1022190 |
| Black Belt Energy Gas District<sup>(b)</sup>  | Black Belt Energy Gas District<sup>(b)</sup>  | Black Belt Energy Gas District<sup>(b)</sup>  | Black Belt Energy Gas District<sup>(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Gas Project | Gas Project | Gas Project | Gas Project |
| Series 2025A (Mandatory Put 05/01/32) | Series 2025A (Mandatory Put 05/01/32) | Series 2025A (Mandatory Put 05/01/32) | Series 2025A (Mandatory Put 05/01/32) |
| 05/01/2056 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 2066885 |
| Series 2024A (Mandatory Put 09/01/32) | Series 2024A (Mandatory Put 09/01/32) | Series 2024A (Mandatory Put 09/01/32) | Series 2024A (Mandatory Put 09/01/32) |
| 05/01/2055 | &nbsp;&nbsp; 5.250% | 2000000 | &nbsp;&nbsp; 2193077 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5282152** |
| **Alaska 0.2%** | **Alaska 0.2%** | **Alaska 0.2%** | **Alaska 0.2%** |
| Northern Tobacco Securitization Corp.<sup>(e)</sup>  | Northern Tobacco Securitization Corp.<sup>(e)</sup>  | Northern Tobacco Securitization Corp.<sup>(e)</sup>  | Northern Tobacco Securitization Corp.<sup>(e)</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% | 8225000 | &nbsp;&nbsp; 939274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Arizona 2.8%** | **Arizona 2.8%** | **Arizona 2.8%** | **Arizona 2.8%** |
| Arizona Industrial Development Authority<sup>(c),(f)</sup>  | Arizona Industrial Development Authority<sup>(c),(f)</sup>  | Arizona Industrial Development Authority<sup>(c),(f)</sup>  | Arizona Industrial Development Authority<sup>(c),(f)</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; 70500 |
| Series 2021A | Series 2021A | Series 2021A | Series 2021A |
| 07/01/2051 | &nbsp;&nbsp; 0.000% | 500000 | &nbsp;&nbsp; 11750 |
| Arizona Industrial Development Authority<sup>(c)</sup>  | Arizona Industrial Development Authority<sup>(c)</sup>  | Arizona Industrial Development Authority<sup>(c)</sup>  | Arizona Industrial Development Authority<sup>(c)</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; 2423539 |
| Industrial Development Authority of the County of Pima (The)<sup>(c)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(c)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(c)</sup>  | Industrial Development Authority of the County of Pima (The)<sup>(c)</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; 3418896 |
| 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; 1075018 |
| 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; 1462459 |
| Series 2018 | Series 2018 | Series 2018 | Series 2018 |
| 02/15/2048 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 970886 |
| 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; 535968 |
| Maricopa County Industrial Development Authority<sup>(c)</sup>  | Maricopa County Industrial Development Authority<sup>(c)</sup>  | Maricopa County Industrial Development Authority<sup>(c)</sup>  | Maricopa County Industrial Development Authority<sup>(c)</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; 1028845 |
| Sierra Vista Industrial Development Authority<sup>(c)</sup>  | Sierra Vista Industrial Development Authority<sup>(c)</sup>  | Sierra Vista Industrial Development Authority<sup>(c)</sup>  | Sierra Vista Industrial Development Authority<sup>(c)</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; 1799604 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12797465** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Arkansas 0.4%** | **Arkansas 0.4%** | **Arkansas 0.4%** | **Arkansas 0.4%** |
| Arkansas Development Finance Authority<sup>(d)</sup>  | Arkansas Development Finance Authority<sup>(d)</sup>  | Arkansas Development Finance Authority<sup>(d)</sup>  | Arkansas Development Finance Authority<sup>(d)</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; 2039522 |
| **California 5.3%** | **California 5.3%** | **California 5.3%** | **California 5.3%** |
| California Community Choice Financing Authority<sup>(b)</sup>  | California Community Choice Financing Authority<sup>(b)</sup>  | California Community Choice Financing Authority<sup>(b)</sup>  | California Community Choice Financing 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 07/01/34) | Series 2025 (Mandatory Put 07/01/34) | Series 2025 (Mandatory Put 07/01/34) | Series 2025 (Mandatory Put 07/01/34) |
| 10/01/2055 | &nbsp;&nbsp; 5.000% | 2000000 | &nbsp;&nbsp; 2101136 |
| California County Tobacco Securitization Agency<sup>(e)</sup>  | California County Tobacco Securitization Agency<sup>(e)</sup>  | California County Tobacco Securitization Agency<sup>(e)</sup>  | California County Tobacco Securitization Agency<sup>(e)</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; 958093 |
| California Municipal Finance Authority<sup>(c)</sup>  | California Municipal Finance Authority<sup>(c)</sup>  | California Municipal Finance Authority<sup>(c)</sup>  | California Municipal Finance Authority<sup>(c)</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; 2077948 |
| California Municipal Finance Authority<sup>(c),(d),(f)</sup>  | California Municipal Finance Authority<sup>(c),(d),(f)</sup>  | California Municipal Finance Authority<sup>(c),(d),(f)</sup>  | California Municipal Finance Authority<sup>(c),(d),(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>(c)</sup>  | California Public Finance Authority<sup>(c)</sup>  | California Public Finance Authority<sup>(c)</sup>  | California Public Finance Authority<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| 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; 1470643 |
| 06/01/2059 | &nbsp;&nbsp; 6.375% | 1500000 | &nbsp;&nbsp; 1433471 |
| California School Finance Authority<sup>(c)</sup>  | California School Finance Authority<sup>(c)</sup>  | California School Finance Authority<sup>(c)</sup>  | California School Finance Authority<sup>(c)</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; 2005166 |
| City of Los Angeles Department of Airports<sup>(d)</sup>  | City of Los Angeles Department of Airports<sup>(d)</sup>  | City of Los Angeles Department of Airports<sup>(d)</sup>  | City of Los Angeles Department of Airports<sup>(d)</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; 154212 |
| 05/15/2055 | &nbsp;&nbsp; 5.500% | 295000 | &nbsp;&nbsp; 316342 |
| CMFA Special Finance Agency<sup>(c)</sup>  | CMFA Special Finance Agency<sup>(c)</sup>  | CMFA Special Finance Agency<sup>(c)</sup>  | CMFA Special Finance Agency<sup>(c)</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; 1582290 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CSCDA Community Improvement Authority<sup>(c)</sup>  | CSCDA Community Improvement Authority<sup>(c)</sup>  | CSCDA Community Improvement Authority<sup>(c)</sup>  | CSCDA Community Improvement Authority<sup>(c)</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; 594777 |
| Hastings Campus Housing Finance Authority<sup>(c),(e)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(e)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(e)</sup>  | Hastings Campus Housing Finance Authority<sup>(c),(e)</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; 1461657 |
| 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; 6150296 |
| San Diego County Regional Airport Authority<sup>(d)</sup>  | San Diego County Regional Airport Authority<sup>(d)</sup>  | San Diego County Regional Airport Authority<sup>(d)</sup>  | San Diego County Regional Airport Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Private Activity | Private Activity | Private Activity | Private Activity |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 07/01/2055 | &nbsp;&nbsp; 5.500% | 1000000 | &nbsp;&nbsp; 1076332 |
| San Francisco City & County Airport Commission<sup>(d)</sup>  | San Francisco City & County Airport Commission<sup>(d)</sup>  | San Francisco City & County Airport Commission<sup>(d)</sup>  | San Francisco City & County Airport Commission<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Second Series 2025A | Second Series 2025A | Second Series 2025A | Second Series 2025A |
| 05/01/2055 | &nbsp;&nbsp; 5.500% | 2250000 | &nbsp;&nbsp; 2419343 |
| 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; 569880 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **24408286** |
| **Colorado 8.9%** | **Colorado 8.9%** | **Colorado 8.9%** | **Colorado 8.9%** |
| 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; 1007183 |
| 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; 985688 |
| 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; 869604 |
| Canyons Metropolitan District No. 5<sup>(g)</sup>  | Canyons Metropolitan District No. 5<sup>(g)</sup>  | Canyons Metropolitan District No. 5<sup>(g)</sup>  | Canyons Metropolitan District No. 5<sup>(g)</sup>  |
| 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; 1252593 |
| Colorado Bridge Enterprise<sup>(d)</sup>  | Colorado Bridge Enterprise<sup>(d)</sup>  | Colorado Bridge Enterprise<sup>(d)</sup>  | Colorado Bridge Enterprise<sup>(d)</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; 5173576 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Colorado Educational & Cultural Facilities Authority<sup>(c)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(c)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(c)</sup>  | Colorado Educational & Cultural Facilities Authority<sup>(c)</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; 1346434 |
| 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; 2845317 |
| 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; 4040237 |
| 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; 1406942 |
| Fiddlers Business Improvement District<sup>(c)</sup>  | Fiddlers Business Improvement District<sup>(c)</sup>  | Fiddlers Business Improvement District<sup>(c)</sup>  | Fiddlers Business Improvement District<sup>(c)</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; 3048691 |
| 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; 2199328 |
| Mineral Business Improvement District<sup>(c)</sup>  | Mineral Business Improvement District<sup>(c)</sup>  | Mineral Business Improvement District<sup>(c)</sup>  | Mineral Business Improvement District<sup>(c)</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; 1262044 |
| 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; 1052294 |
| 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; 1054385 |
| 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; 1054385 |
| Redtail Ridge Metropolitan District<sup>(e)</sup>  | Redtail Ridge Metropolitan District<sup>(e)</sup>  | Redtail Ridge Metropolitan District<sup>(e)</sup>  | Redtail Ridge Metropolitan District<sup>(e)</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; 2181938 |
| 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; 2237657 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 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; 2075256 |
| 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; 1267896 |
| 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; 2108332 |
| 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; 924463 |
| 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; 1826124 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **41220367** |
| **Connecticut 0.4%** | **Connecticut 0.4%** | **Connecticut 0.4%** | **Connecticut 0.4%** |
| 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; 2025256 |
| **District of Columbia 0.8%** | **District of Columbia 0.8%** | **District of Columbia 0.8%** | **District of Columbia 0.8%** |
| 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% | 4275000 | &nbsp;&nbsp; 3782330 |
| **Florida 6.2%** | **Florida 6.2%** | **Florida 6.2%** | **Florida 6.2%** |
| Capital Projects Finance Authority<sup>(c)</sup>  | Capital Projects Finance Authority<sup>(c)</sup>  | Capital Projects Finance Authority<sup>(c)</sup>  | Capital Projects Finance Authority<sup>(c)</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; 1045726 |
| Capital Trust Agency, Inc.<sup>(c),(f)</sup>  | Capital Trust Agency, Inc.<sup>(c),(f)</sup>  | Capital Trust Agency, Inc.<sup>(c),(f)</sup>  | Capital Trust Agency, Inc.<sup>(c),(f)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| 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; 426000 |
| Capital Trust Agency, Inc.<sup>(c)</sup>  | Capital Trust Agency, Inc.<sup>(c)</sup>  | Capital Trust Agency, Inc.<sup>(c)</sup>  | Capital Trust Agency, Inc.<sup>(c)</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% | 225000 | &nbsp;&nbsp; 211984 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **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 Agency, Inc.<sup>(c),(e)</sup>  | Capital Trust Agency, Inc.<sup>(c),(e)</sup>  | Capital Trust Agency, Inc.<sup>(c),(e)</sup>  | Capital Trust Agency, Inc.<sup>(c),(e)</sup>  |
| Subordinated | Subordinated | Subordinated | Subordinated |
| 07/01/2061 | &nbsp;&nbsp; 0.000% | 30000000 | &nbsp;&nbsp; 2648163 |
| Capital Trust Authority<sup>(c)</sup>  | Capital Trust Authority<sup>(c)</sup>  | Capital Trust Authority<sup>(c)</sup>  | Capital Trust Authority<sup>(c)</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; 713868 |
| Capital Trust Authority<sup>(c),(d)</sup>  | Capital Trust Authority<sup>(c),(d)</sup>  | Capital Trust Authority<sup>(c),(d)</sup>  | Capital Trust Authority<sup>(c),(d)</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; 998475 |
| City of Tampa<sup>(e)</sup>  | City of Tampa<sup>(e)</sup>  | City of Tampa<sup>(e)</sup>  | City of Tampa<sup>(e)</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; 432070 |
| County of Miami-Dade<sup>(e)</sup>  | County of Miami-Dade<sup>(e)</sup>  | County of Miami-Dade<sup>(e)</sup>  | County of Miami-Dade<sup>(e)</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; 5189248 |
| County of Osceola Transportation<sup>(e)</sup>  | County of Osceola Transportation<sup>(e)</sup>  | County of Osceola Transportation<sup>(e)</sup>  | County of Osceola Transportation<sup>(e)</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; 475715 |
| 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; 498711 |
| 10/01/2053 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 670049 |
| Florida Development Finance Corp.<sup>(c)</sup>  | Florida Development Finance Corp.<sup>(c)</sup>  | Florida Development Finance Corp.<sup>(c)</sup>  | Florida Development Finance Corp.<sup>(c)</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; 1081865 |
| Renaissance Character School, Inc. Projects | Renaissance Character School, Inc. Projects | Renaissance Character School, Inc. Projects | Renaissance Character School, Inc. Projects |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 06/15/2055 | &nbsp;&nbsp; 6.000% | 2100000 | &nbsp;&nbsp; 2130979 |
| 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; 1919389 |
| 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; 1322530 |
| 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; 956161 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Florida Local Government Finance Commission<sup>(c)</sup>  | Florida Local Government Finance Commission<sup>(c)</sup>  | Florida Local Government Finance Commission<sup>(c)</sup>  | Florida Local Government Finance Commission<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Fleet Landing at Nocatee Project | Fleet Landing at Nocatee Project | Fleet Landing at Nocatee Project | Fleet Landing at Nocatee Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 11/15/2055 | &nbsp;&nbsp; 6.750% | 1500000 | &nbsp;&nbsp; 1566343 |
| 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; 2778023 |
| Seminole County Industrial Development Authority<sup>(c)</sup>  | Seminole County Industrial Development Authority<sup>(c)</sup>  | Seminole County Industrial Development Authority<sup>(c)</sup>  | Seminole County Industrial Development Authority<sup>(c)</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; 648673 |
| 06/15/2056 | &nbsp;&nbsp; 4.000% | 1410000 | &nbsp;&nbsp; 1069882 |
| Village Community Development District No. 15<sup>(c)</sup>  | Village Community Development District No. 15<sup>(c)</sup>  | Village Community Development District No. 15<sup>(c)</sup>  | Village Community Development District No. 15<sup>(c)</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% | 1495000 | &nbsp;&nbsp; 1434300 |
| 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; 285098 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28503252** |
| **Georgia 1.7%** | **Georgia 1.7%** | **Georgia 1.7%** | **Georgia 1.7%** |
| Atlanta Development Authority (The)<sup>(c)</sup>  | Atlanta Development Authority (The)<sup>(c)</sup>  | Atlanta Development Authority (The)<sup>(c)</sup>  | Atlanta Development Authority (The)<sup>(c)</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; 2293270 |
| City of Atlanta Department of Aviation<sup>(d)</sup>  | City of Atlanta Department of Aviation<sup>(d)</sup>  | City of Atlanta Department of Aviation<sup>(d)</sup>  | City of Atlanta Department of Aviation<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Sustainable Bonds | Sustainable Bonds | Sustainable Bonds | Sustainable Bonds |
| Series 2025B-1 | Series 2025B-1 | Series 2025B-1 | Series 2025B-1 |
| 07/01/2050 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 1045613 |
| 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; 1499903 |
| 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; 2933433 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7772219** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** | **Idaho 0.5%** |
| Avimor Community Infrastructure District No. 1<sup>(c)</sup>  | Avimor Community Infrastructure District No. 1<sup>(c)</sup>  | Avimor Community Infrastructure District No. 1<sup>(c)</sup>  | Avimor Community Infrastructure District No. 1<sup>(c)</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% | 1205000 | &nbsp;&nbsp; 1240739 |
| 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% | 1400000 | &nbsp;&nbsp; 1217689 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2458428** |
| **Illinois 6.1%** | **Illinois 6.1%** | **Illinois 6.1%** | **Illinois 6.1%** |
| 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; 1958323 |
| Series 2012A | Series 2012A | Series 2012A | Series 2012A |
| 12/01/2042 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 936266 |
| Series 2018D | Series 2018D | Series 2018D | Series 2018D |
| 12/01/2046 | &nbsp;&nbsp; 5.000% | 5000000 | &nbsp;&nbsp; 4489912 |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 12/01/2047 | &nbsp;&nbsp; 4.000% | 3000000 | &nbsp;&nbsp; 2271694 |
| 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; 3299130 |
| 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; 547304 |
| Illinois Finance Authority<sup>(c)</sup>  | Illinois Finance Authority<sup>(c)</sup>  | Illinois Finance Authority<sup>(c)</sup>  | Illinois Finance Authority<sup>(c)</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; 1023580 |
| 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; 1017178 |
| 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; 994124 |
| 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; 2045238 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 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; 1051307 |
| Metropolitan Pier & Exposition Authority<sup>(e)</sup>  | Metropolitan Pier & Exposition Authority<sup>(e)</sup>  | Metropolitan Pier & Exposition Authority<sup>(e)</sup>  | Metropolitan Pier & Exposition Authority<sup>(e)</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; 1680212 |
| 06/15/2038 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 1819023 |
| 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; 3984029 |
| Series 2020 | Series 2020 | Series 2020 | Series 2020 |
| 05/01/2039 | &nbsp;&nbsp; 5.500% | 570000 | &nbsp;&nbsp; 608876 |
| 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% | 358000 | &nbsp;&nbsp; 358341 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **28084537** |
| **Iowa 1.2%** | **Iowa 1.2%** | **Iowa 1.2%** | **Iowa 1.2%** |
| 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; 1576590 |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 05/15/2053 | &nbsp;&nbsp; 7.500% | 2000000 | &nbsp;&nbsp; 2220575 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Presbyterian Homes Mill Pond Project | Presbyterian Homes Mill Pond Project | Presbyterian Homes Mill Pond Project | Presbyterian Homes Mill Pond Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 10/01/2065 | &nbsp;&nbsp; 5.875% | 1500000 | &nbsp;&nbsp; 1521083 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5318248** |
| **Kansas 0.6%** | **Kansas 0.6%** | **Kansas 0.6%** | **Kansas 0.6%** |
| City of Overland Park<sup>(f)</sup>  | City of Overland Park<sup>(f)</sup>  | City of Overland Park<sup>(f)</sup>  | City of Overland Park<sup>(f)</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; 1380000 |
| 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% | 1345000 | &nbsp;&nbsp; 1344909 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2724909** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Kentucky 0.6%** | **Kentucky 0.6%** | **Kentucky 0.6%** | **Kentucky 0.6%** |
| City of Henderson<sup>(c),(d)</sup>  | City of Henderson<sup>(c),(d)</sup>  | City of Henderson<sup>(c),(d)</sup>  | City of Henderson<sup>(c),(d)</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; 2856286 |
| **Louisiana 1.2%** | **Louisiana 1.2%** | **Louisiana 1.2%** | **Louisiana 1.2%** |
| 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; 25268 |
| Louisiana Public Facilities Authority<sup>(c)</sup>  | Louisiana Public Facilities Authority<sup>(c)</sup>  | Louisiana Public Facilities Authority<sup>(c)</sup>  | Louisiana Public Facilities Authority<sup>(c)</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; 1432792 |
| Parish of St. James<sup>(c)</sup>  | Parish of St. James<sup>(c)</sup>  | Parish of St. James<sup>(c)</sup>  | Parish of St. James<sup>(c)</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; 4079930 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5537990** |
| **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; 2303969 |
| **Massachusetts 1.2%** | **Massachusetts 1.2%** | **Massachusetts 1.2%** | **Massachusetts 1.2%** |
| Massachusetts Development Finance Agency<sup>(c)</sup>  | Massachusetts Development Finance Agency<sup>(c)</sup>  | Massachusetts Development Finance Agency<sup>(c)</sup>  | Massachusetts Development Finance Agency<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| 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; 2025318 |
| 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; 1143022 |
| 07/01/2060 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 939214 |
| Massachusetts Educational Financing Authority<sup>(d)</sup>  | Massachusetts Educational Financing Authority<sup>(d)</sup>  | Massachusetts Educational Financing Authority<sup>(d)</sup>  | Massachusetts Educational Financing Authority<sup>(d)</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; 1310124 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5417678** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **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; 244828 |
| 05/01/2051 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 734309 |
| City of Deephaven<sup>(c)</sup>  | City of Deephaven<sup>(c)</sup>  | City of Deephaven<sup>(c)</sup>  | City of Deephaven<sup>(c)</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; 1377816 |
| 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; 1087310 |
| 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; 1731868 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5176131** |
| **Missouri 1.5%** | **Missouri 1.5%** | **Missouri 1.5%** | **Missouri 1.5%** |
| Kansas City Industrial Development Authority<sup>(c)</sup>  | Kansas City Industrial Development Authority<sup>(c)</sup>  | Kansas City Industrial Development Authority<sup>(c)</sup>  | Kansas City Industrial Development Authority<sup>(c)</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; 1183472 |
| 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% | 1400000 | &nbsp;&nbsp; 1396256 |
| 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; 1326677 |
| 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; 2777411 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **6683816** |
| **Nevada 0.8%** | **Nevada 0.8%** | **Nevada 0.8%** | **Nevada 0.8%** |
| State of Nevada Department of Business & Industry<sup>(c)</sup>  | State of Nevada Department of Business & Industry<sup>(c)</sup>  | State of Nevada Department of Business & Industry<sup>(c)</sup>  | State of Nevada Department of Business & Industry<sup>(c)</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; 2398828 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2018A | Series 2018A | Series 2018A | Series 2018A |
| 12/15/2048 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1383713 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3782541** |
| **New Hampshire 4.6%** | **New Hampshire 4.6%** | **New Hampshire 4.6%** | **New Hampshire 4.6%** |
| New Hampshire Business Finance Authority<sup>(b),(d)</sup>  | New Hampshire Business Finance Authority<sup>(b),(d)</sup>  | New Hampshire Business Finance Authority<sup>(b),(d)</sup>  | New Hampshire Business Finance Authority<sup>(b),(d)</sup>  |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Waste Management, Inc. Project | Waste Management, Inc. Project | Waste Management, Inc. Project | Waste Management, Inc. Project |
| Series 2019A-3 (Mandatory Put 07/01/26) | Series 2019A-3 (Mandatory Put 07/01/26) | Series 2019A-3 (Mandatory Put 07/01/26) | Series 2019A-3 (Mandatory Put 07/01/26) |
| 07/01/2033 | &nbsp;&nbsp; 4.000% | 5910000 | &nbsp;&nbsp; 5912310 |
| New Hampshire Business Finance Authority<sup>(c),(e)</sup>  | New Hampshire Business Finance Authority<sup>(c),(e)</sup>  | New Hampshire Business Finance Authority<sup>(c),(e)</sup>  | New Hampshire Business Finance Authority<sup>(c),(e)</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; 939103 |
| 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; 1752024 |
| The Wildflower Project | The Wildflower Project | The Wildflower Project | The Wildflower Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2033 | &nbsp;&nbsp; 0.000% | 3000000 | &nbsp;&nbsp; 1837261 |
| New Hampshire Business Finance Authority<sup>(c)</sup>  | New Hampshire Business Finance Authority<sup>(c)</sup>  | New Hampshire Business Finance Authority<sup>(c)</sup>  | New Hampshire Business Finance Authority<sup>(c)</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; 1486974 |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2035 | &nbsp;&nbsp; 5.375% | 900000 | &nbsp;&nbsp; 899166 |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2033 | &nbsp;&nbsp; 5.875% | 1000000 | &nbsp;&nbsp; 989820 |
| Silverado Project | Silverado Project | Silverado Project | Silverado Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2028 | &nbsp;&nbsp; 5.000% | 1500000 | &nbsp;&nbsp; 1498433 |
| Tamarron Project | Tamarron Project | Tamarron Project | Tamarron Project |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/01/2035 | &nbsp;&nbsp; 5.250% | 1400000 | &nbsp;&nbsp; 1394556 |
| 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; 1995969 |
| 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% | 2300000 | &nbsp;&nbsp; 2296644 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21002260** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **New Jersey 1.6%** | **New Jersey 1.6%** | **New Jersey 1.6%** | **New Jersey 1.6%** |
| 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; 1116340 |
| Middlesex County Improvement Authority<sup>(f)</sup>  | Middlesex County Improvement Authority<sup>(f)</sup>  | Middlesex County Improvement Authority<sup>(f)</sup>  | Middlesex County Improvement Authority<sup>(f)</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; 12 |
| New Jersey Economic Development Authority<sup>(c),(d)</sup>  | New Jersey Economic Development Authority<sup>(c),(d)</sup>  | New Jersey Economic Development Authority<sup>(c),(d)</sup>  | New Jersey Economic Development Authority<sup>(c),(d)</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; 2074561 |
| 01/01/2045 | &nbsp;&nbsp; 6.625% | 2000000 | &nbsp;&nbsp; 2076489 |
| New Jersey Economic Development Authority<sup>(d)</sup>  | New Jersey Economic Development Authority<sup>(d)</sup>  | New Jersey Economic Development Authority<sup>(d)</sup>  | New Jersey Economic Development Authority<sup>(d)</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; 1999895 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **7267297** |
| **New York 4.6%** | **New York 4.6%** | **New York 4.6%** | **New York 4.6%** |
| 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; 4330253 |
| Build NYC Resource Corp.<sup>(c)</sup>  | Build NYC Resource Corp.<sup>(c)</sup>  | Build NYC Resource Corp.<sup>(c)</sup>  | Build NYC Resource Corp.<sup>(c)</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; 605597 |
| 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; 486577 |
| 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; 1417943 |
| Nassau County Tobacco Settlement Corp.<sup>(e)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(e)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(e)</sup>  | Nassau County Tobacco Settlement Corp.<sup>(e)</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; 1488685 |
| New York Energy Finance Development Corp.<sup>(b)</sup>  | New York Energy Finance Development Corp.<sup>(b)</sup>  | New York Energy Finance Development Corp.<sup>(b)</sup>  | New York Energy Finance Development Corp.<sup>(b)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025 (Mandatory Put 12/01/33) | Series 2025 (Mandatory Put 12/01/33) | Series 2025 (Mandatory Put 12/01/33) | Series 2025 (Mandatory Put 12/01/33) |
| 07/01/2056 | &nbsp;&nbsp; 5.000% | 600000 | &nbsp;&nbsp; 642757 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| New York Transportation Development Corp.<sup>(d)</sup>  | New York Transportation Development Corp.<sup>(d)</sup>  | New York Transportation Development Corp.<sup>(d)</sup>  | New York Transportation Development Corp.<sup>(d)</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; 1305656 |
| 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; 2355742 |
| 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; 1303935 |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 06/30/2059 | &nbsp;&nbsp; 6.000% | 2000000 | &nbsp;&nbsp; 2125075 |
| 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; 1050396 |
| Oneida Indian Nation of New York<sup>(c),(i)</sup>  | Oneida Indian Nation of New York<sup>(c),(i)</sup>  | Oneida Indian Nation of New York<sup>(c),(i)</sup>  | Oneida Indian Nation of New York<sup>(c),(i)</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; 754374 |
| 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; 1522603 |
| Westchester County Local Development Corp.<sup>(c)</sup>  | Westchester County Local Development Corp.<sup>(c)</sup>  | Westchester County Local Development Corp.<sup>(c)</sup>  | Westchester County Local Development Corp.<sup>(c)</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% | 2000000 | &nbsp;&nbsp; 1764479 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **21154072** |
| **North Carolina 0.4%** | **North Carolina 0.4%** | **North Carolina 0.4%** | **North Carolina 0.4%** |
| 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; 1234829 |
| North Carolina Turnpike Authority<sup>(e)</sup>  | North Carolina Turnpike Authority<sup>(e)</sup>  | North Carolina Turnpike Authority<sup>(e)</sup>  | North Carolina Turnpike Authority<sup>(e)</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; 835357 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2070186** |
| **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; 1503308 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 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; 994921 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **2498229** |
| **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; 7805916 |
| 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; 420589 |
| 12/01/2049 | &nbsp;&nbsp; 5.125% | 1875000 | &nbsp;&nbsp; 1422160 |
| Hickory Chase Community Authority<sup>(c)</sup>  | Hickory Chase Community Authority<sup>(c)</sup>  | Hickory Chase Community Authority<sup>(c)</sup>  | Hickory Chase Community Authority<sup>(c)</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; 1296134 |
| Ohio Air Quality Development Authority<sup>(d)</sup>  | Ohio Air Quality Development Authority<sup>(d)</sup>  | Ohio Air Quality Development Authority<sup>(d)</sup>  | Ohio Air Quality Development Authority<sup>(d)</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; 479050 |
| 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% | 4905000 | &nbsp;&nbsp; 4887348 |
| 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; 1062461 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **17373658** |
| **Oregon 0.4%** | **Oregon 0.4%** | **Oregon 0.4%** | **Oregon 0.4%** |
| 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; 914613 |
| 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; 723854 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **1638467** |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Pennsylvania 1.2%** | **Pennsylvania 1.2%** | **Pennsylvania 1.2%** | **Pennsylvania 1.2%** |
| 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; 1662625 |
| 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; 1399247 |
| 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; 503958 |
| Pennsylvania Economic Development Financing Authority<sup>(c),(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(c),(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(c),(f)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(c),(f)</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; 550000 |
| Pennsylvania Economic Development Financing Authority<sup>(d)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d)</sup>  | Pennsylvania Economic Development Financing Authority<sup>(d)</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; 1590971 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **5706801** |
| **Puerto Rico 6.8%** | **Puerto Rico 6.8%** | **Puerto Rico 6.8%** | **Puerto Rico 6.8%** |
| Commonwealth of Puerto Rico<sup>(i),(j)</sup>  | Commonwealth of Puerto Rico<sup>(i),(j)</sup>  | Commonwealth of Puerto Rico<sup>(i),(j)</sup>  | Commonwealth of Puerto Rico<sup>(i),(j)</sup>  |
| Revenue Notes | Revenue Notes | Revenue Notes | Revenue Notes |
| Series 2022 | Series 2022 | Series 2022 | Series 2022 |
| 11/01/2051 | &nbsp;&nbsp; 0.000% | 2509317 | &nbsp;&nbsp; 1637329 |
| Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 | Subordinated Series 2022 |
| 11/01/2043 | &nbsp;&nbsp; 0.000% | 1939932 | &nbsp;&nbsp; 1241557 |
| 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; 373108 |
| 07/01/2041 | &nbsp;&nbsp; 4.000% | 528266 | &nbsp;&nbsp; 487844 |
| 07/01/2046 | &nbsp;&nbsp; 4.000% | 389 | &nbsp;&nbsp; 345 |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(c),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(c),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(c),(i)</sup>  | Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(c),(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; 5897992 |
| Series 2022A | Series 2022A | Series 2022A | Series 2022A |
| 07/01/2047 | &nbsp;&nbsp; 4.000% | 500000 | &nbsp;&nbsp; 426706 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 Electric Power Authority<sup>(f),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(f),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(f),(i)</sup>  | Puerto Rico Electric Power Authority<sup>(f),(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; 1330000 |
| Series 2010XX | Series 2010XX | Series 2010XX | Series 2010XX |
| 07/01/2040 | &nbsp;&nbsp; 0.000% | 6320000 | &nbsp;&nbsp; 4202800 |
| Puerto Rico Sales Tax Financing Corp.<sup>(e),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(e),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(e),(i)</sup>  | Puerto Rico Sales Tax Financing Corp.<sup>(e),(i)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2018A-1 | Series 2018A-1 | Series 2018A-1 | Series 2018A-1 |
| 07/01/2051 | &nbsp;&nbsp; 0.000% | 51413000 | &nbsp;&nbsp; 12747360 |
| 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; 2917842 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **31262883** |
| **South Carolina 2.0%** | **South Carolina 2.0%** | **South Carolina 2.0%** | **South Carolina 2.0%** |
| 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; 1084580 |
| South Carolina Jobs-Economic Development Authority<sup>(c)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(c)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(c)</sup>  | South Carolina Jobs-Economic Development Authority<sup>(c)</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; 1000853 |
| Libertas Woodruff Project | Libertas Woodruff Project | Libertas Woodruff Project | Libertas Woodruff Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 08/15/2065 | &nbsp;&nbsp; 7.250% | 1500000 | &nbsp;&nbsp; 1489969 |
| 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; 659029 |
| 05/01/2048 | &nbsp;&nbsp; 5.125% | 1500000 | &nbsp;&nbsp; 1276165 |
| 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; 3676393 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **9186989** |
| **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; 1437263 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **Texas 8.0%** | **Texas 8.0%** | **Texas 8.0%** | **Texas 8.0%** |
| Angelina & Neches River Authority<sup>(c),(d),(f)</sup>  | Angelina & Neches River Authority<sup>(c),(d),(f)</sup>  | Angelina & Neches River Authority<sup>(c),(d),(f)</sup>  | Angelina & Neches River Authority<sup>(c),(d),(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; 49500 |
| 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; 1676082 |
| Arlington Higher Education Finance Corp.<sup>(c)</sup>  | Arlington Higher Education Finance Corp.<sup>(c)</sup>  | Arlington Higher Education Finance Corp.<sup>(c)</sup>  | Arlington Higher Education Finance Corp.<sup>(c)</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; 894882 |
| 06/15/2064 | &nbsp;&nbsp; 5.000% | 1200000 | &nbsp;&nbsp; 1077937 |
| 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; 1767143 |
| Beaumont Housing Authority<sup>(c)</sup>  | Beaumont Housing Authority<sup>(c)</sup>  | Beaumont Housing Authority<sup>(c)</sup>  | Beaumont Housing Authority<sup>(c)</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; 991259 |
| 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; 4297817 |
| City of Houston Airport System<sup>(d)</sup>  | City of Houston Airport System<sup>(d)</sup>  | City of Houston Airport System<sup>(d)</sup>  | City of Houston Airport System<sup>(d)</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; 909429 |
| Clifton Higher Education Finance Corp.<sup>(c)</sup>  | Clifton Higher Education Finance Corp.<sup>(c)</sup>  | Clifton Higher Education Finance Corp.<sup>(c)</sup>  | Clifton Higher Education Finance Corp.<sup>(c)</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; 710912 |
| 06/15/2054 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 929836 |
| Katy Independent School District | Katy Independent School District | Katy Independent School District | Katy Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2054 | &nbsp;&nbsp; 5.250% | 3000000 | &nbsp;&nbsp; 3237221 |
| Lubbock Independent School District | Lubbock Independent School District | Lubbock Independent School District | Lubbock Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2055 | &nbsp;&nbsp; 5.250% | 1250000 | &nbsp;&nbsp; 1332124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Mansfield Independent School District | Mansfield Independent School District | Mansfield Independent School District | Mansfield Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2055 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 1071180 |
| 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; 2078232 |
| New Hope Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | New Hope Cultural Education Facilities Finance Corp.<sup>(f)</sup>  |
| 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; 0.000% | 3500000 | &nbsp;&nbsp; 3429145 |
| 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; 417373 |
| 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; 1271400 |
| 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>(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 |
| 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; 849065 |
| 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 |
| Legacy Midtown Park Project | Legacy Midtown Park Project | Legacy Midtown Park Project | Legacy Midtown Park Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 07/01/2044 | &nbsp;&nbsp; 6.750% | 1000000 | &nbsp;&nbsp; 1023931 |
| 07/01/2056 | &nbsp;&nbsp; 7.125% | 500000 | &nbsp;&nbsp; 509532 |
| 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; 982824 |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 07/01/2047 | &nbsp;&nbsp; 5.000% | 1000000 | &nbsp;&nbsp; 939627 |
| Northwest Independent School District | Northwest Independent School District | Northwest Independent School District | Northwest Independent School District |
| Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds | Unlimited General Obligation Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 02/15/2055 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 1068827 |
| 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; 917532 |
| Spring Independent School District | Spring Independent School District | Spring Independent School District | Spring Independent School District |
| Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds | Unlimited General Obligation Refunding Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 08/15/2055 | &nbsp;&nbsp; 5.250% | 1000000 | &nbsp;&nbsp; 1071846 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Tarrant County Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(f)</sup>  | Tarrant County Cultural Education Facilities Finance Corp.<sup>(f)</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; 2370000 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **36732031** |
| **Utah 2.3%** | **Utah 2.3%** | **Utah 2.3%** | **Utah 2.3%** |
| Point Phase 1 Public Infrastructure District No. 1 | Point Phase 1 Public Infrastructure District No. 1 | Point Phase 1 Public Infrastructure District No. 1 | Point Phase 1 Public Infrastructure District No. 1 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025A-1 | Series 2025A-1 | Series 2025A-1 | Series 2025A-1 |
| 03/01/2045 | &nbsp;&nbsp; 5.875% | 1250000 | &nbsp;&nbsp; 1291671 |
| Point Phase 1 Public Infrastructure District No. 1<sup>(c)</sup>  | Point Phase 1 Public Infrastructure District No. 1<sup>(c)</sup>  | Point Phase 1 Public Infrastructure District No. 1<sup>(c)</sup>  | Point Phase 1 Public Infrastructure District No. 1<sup>(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Subordinated Series 2025 | Subordinated Series 2025 | Subordinated Series 2025 | Subordinated Series 2025 |
| 03/15/2055 | &nbsp;&nbsp; 8.500% | 2000000 | &nbsp;&nbsp; 2027155 |
| TV Public Infrastructure District<sup>(c)</sup>  | TV Public Infrastructure District<sup>(c)</sup>  | TV Public Infrastructure District<sup>(c)</sup>  | TV Public Infrastructure 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 |
| 03/01/2056 | &nbsp;&nbsp; 8.000% | 1500000 | &nbsp;&nbsp; 1008004 |
| UIPA Crossroads Public Infrastructure District<sup>(c)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(c)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(c)</sup>  | UIPA Crossroads Public Infrastructure District<sup>(c)</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; 1843199 |
| Utah Charter School Finance Authority<sup>(c)</sup>  | Utah Charter School Finance Authority<sup>(c)</sup>  | Utah Charter School Finance Authority<sup>(c)</sup>  | Utah Charter School Finance Authority<sup>(c)</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; 1661971 |
| Wakara Ridge Public Infrastructure District<sup>(c)</sup>  | Wakara Ridge Public Infrastructure District<sup>(c)</sup>  | Wakara Ridge Public Infrastructure District<sup>(c)</sup>  | Wakara Ridge Public Infrastructure District<sup>(c)</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; 2560335 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **10392335** |
| **Virginia 2.6%** | **Virginia 2.6%** | **Virginia 2.6%** | **Virginia 2.6%** |
| 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% | 6530000 | &nbsp;&nbsp; 6711228 |
| 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; 703343 |
| 07/01/2051 | &nbsp;&nbsp; 5.000% | 1200000 | &nbsp;&nbsp; 1128885 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 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; 1622776 |
| 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; 2049481 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12215713** |
| **Washington 2.7%** | **Washington 2.7%** | **Washington 2.7%** | **Washington 2.7%** |
| 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; 3248739 |
| 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 |
| Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds | Refunding Revenue Bonds |
| Snoqualmie Valley Health | Snoqualmie Valley Health | Snoqualmie Valley Health | Snoqualmie Valley Health |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/01/2060 | &nbsp;&nbsp; 7.000% | 1500000 | &nbsp;&nbsp; 1537882 |
| 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 |
| Prerefunded 12/01/25 Revenue Bonds | Prerefunded 12/01/25 Revenue Bonds | Prerefunded 12/01/25 Revenue Bonds | Prerefunded 12/01/25 Revenue Bonds |
| Series 2015A | Series 2015A | Series 2015A | Series 2015A |
| 12/01/2035 | &nbsp;&nbsp; 6.000% | 1250000 | &nbsp;&nbsp; 1250000 |
| 12/01/2045 | &nbsp;&nbsp; 6.250% | 2500000 | &nbsp;&nbsp; 2500000 |
| 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; 952361 |
| Washington State Housing Finance Commission<sup>(c)</sup>  | Washington State Housing Finance Commission<sup>(c)</sup>  | Washington State Housing Finance Commission<sup>(c)</sup>  | Washington State Housing Finance Commission<sup>(c)</sup>  |
| 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; 403448 |
| 07/01/2059 | &nbsp;&nbsp; 6.250% | 320000 | &nbsp;&nbsp; 345345 |
| 07/01/2063 | &nbsp;&nbsp; 6.375% | 175000 | &nbsp;&nbsp; 189523 |
| 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; 966661 |
| 01/01/2059 | &nbsp;&nbsp; 5.875% | 1065000 | &nbsp;&nbsp; 1035571 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **12429530** |
| **West Virginia 0.8%** | **West Virginia 0.8%** | **West Virginia 0.8%** | **West Virginia 0.8%** |
| West Virginia Economic Development Authority<sup>(b),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(d)</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; 1015091 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| West Virginia Economic Development Authority<sup>(b),(c),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(c),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(c),(d)</sup>  | West Virginia Economic Development Authority<sup>(b),(c),(d)</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; 2670922 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **3686013** |
| **Wisconsin 10.5%** | **Wisconsin 10.5%** | **Wisconsin 10.5%** | **Wisconsin 10.5%** |
| Public Finance Authority<sup>(c)</sup>  | Public Finance Authority<sup>(c)</sup>  | Public Finance Authority<sup>(c)</sup>  | Public Finance Authority<sup>(c)</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% | 1273552 | &nbsp;&nbsp; 1258749 |
| Legacy Hills Project | Legacy Hills Project | Legacy Hills Project | Legacy Hills Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 11/15/2045 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 973563 |
| 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; 2182279 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| 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; 1530395 |
| 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; 1259638 |
| 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; 1111558 |
| Explore Academy Rio Rancho Project | Explore Academy Rio Rancho Project | Explore Academy Rio Rancho Project | Explore Academy Rio Rancho Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 07/01/2055 | &nbsp;&nbsp; 7.000% | 1000000 | &nbsp;&nbsp; 1004614 |
| Mater Academy of Nevada - Cactus Park Campus Project | Mater Academy of Nevada - Cactus Park Campus Project | Mater Academy of Nevada - Cactus Park Campus Project | Mater Academy of Nevada - Cactus Park Campus Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2055 | &nbsp;&nbsp; 6.000% | 1000000 | &nbsp;&nbsp; 1023592 |
| 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; 1823163 |
| 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% | 1433657 | &nbsp;&nbsp; 1436491 |
| Million Air Three LLC | Million Air Three LLC | Million Air Three LLC | Million Air Three LLC |
| Series 2025B | Series 2025B | Series 2025B | Series 2025B |
| 09/01/2054 | &nbsp;&nbsp; 7.000% | 750000 | &nbsp;&nbsp; 798871 |
| 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% | 1146318 | &nbsp;&nbsp; 1142409 |
| 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; 1015414 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Signorelli Projects | Signorelli Projects | Signorelli Projects | Signorelli Projects |
| Series 2024 | Series 2024 | Series 2024 | Series 2024 |
| 12/15/2032 | &nbsp;&nbsp; 5.375% | 1900000 | &nbsp;&nbsp; 1895126 |
| 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; 2511274 |
| 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; 3928312 |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2023A | Series 2023A | Series 2023A | Series 2023A |
| 07/01/2062 | &nbsp;&nbsp; 5.750% | 2368916 | &nbsp;&nbsp; 2484053 |
| 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>  |
| 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; 258959 |
| Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  | Public Finance Authority<sup>(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Georgia SR 400 Express Lanes Project | Georgia SR 400 Express Lanes Project | Georgia SR 400 Express Lanes Project | Georgia SR 400 Express Lanes Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 06/30/2060 | &nbsp;&nbsp; 5.750% | 2000000 | &nbsp;&nbsp; 2078636 |
| Public Finance Authority<sup>(c),(e)</sup>  | Public Finance Authority<sup>(c),(e)</sup>  | Public Finance Authority<sup>(c),(e)</sup>  | Public Finance Authority<sup>(c),(e)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Heritage Bend Project | Heritage Bend Project | Heritage Bend Project | Heritage Bend Project |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 12/15/2042 | &nbsp;&nbsp; 0.000% | 7000000 | &nbsp;&nbsp; 2136754 |
| Lariat Project | Lariat Project | Lariat Project | Lariat Project |
| Series 2023 | Series 2023 | Series 2023 | Series 2023 |
| 09/01/2029 | &nbsp;&nbsp; 0.000% | 700000 | &nbsp;&nbsp; 532770 |
| 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; 970102 |
| Public Finance Authority<sup>(c),(j)</sup>  | Public Finance Authority<sup>(c),(j)</sup>  | Public Finance Authority<sup>(c),(j)</sup>  | Public Finance Authority<sup>(c),(j)</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; 1600000 |
| Wisconsin Center District<sup>(e)</sup>  | Wisconsin Center District<sup>(e)</sup>  | Wisconsin Center District<sup>(e)</sup>  | Wisconsin Center District<sup>(e)</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; 910229 |
| 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; 2661521 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** | **Municipal Bonds (continued)** |
| **Issue Description** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| 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; 2608469 |
| 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; 2685142 |
| 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; 2006549 |
| 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; 2731411 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **48560043** |
| Total Municipal Bonds <br>(Cost $481,163,802) | Total Municipal Bonds <br>(Cost $481,163,802) | Total Municipal Bonds <br>(Cost $481,163,802) | &nbsp;&nbsp; **443728426** |
| **Municipal Short Term 0.4%** | **Municipal Short Term 0.4%** | **Municipal Short Term 0.4%** | **Municipal Short Term 0.4%** |
| **Issue Description** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **California 0.2%** | **California 0.2%** | **California 0.2%** | **California 0.2%** |
| California Infrastructure & Economic Development Bank<sup>(b),(d)</sup>  | California Infrastructure & Economic Development Bank<sup>(b),(d)</sup>  | California Infrastructure & Economic Development Bank<sup>(b),(d)</sup>  | California Infrastructure & Economic Development Bank<sup>(b),(d)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025 | Series 2025 | Series 2025 | Series 2025 |
| 01/01/2065 | &nbsp;&nbsp; 14.140% | 1335000 | &nbsp;&nbsp; 1134750 |
| **Illinois 0.2%** | **Illinois 0.2%** | **Illinois 0.2%** | **Illinois 0.2%** |
| Illinois Finance Authority<sup>(b),(c)</sup>  | Illinois Finance Authority<sup>(b),(c)</sup>  | Illinois Finance Authority<sup>(b),(c)</sup>  | Illinois Finance Authority<sup>(b),(c)</sup>  |
| Revenue Bonds | Revenue Bonds | Revenue Bonds | Revenue Bonds |
| Series 2025 (Mandatory Put 07/02/35) | Series 2025 (Mandatory Put 07/02/35) | Series 2025 (Mandatory Put 07/02/35) | Series 2025 (Mandatory Put 07/02/35) |
| 12/01/2043 | &nbsp;&nbsp; 4.540% | 850000 | &nbsp;&nbsp; 876635 |
| Total Municipal Short Term <br>(Cost $2,118,250) | Total Municipal Short Term <br>(Cost $2,118,250) | Total Municipal Short Term <br>(Cost $2,118,250) | &nbsp;&nbsp; **2011385** |

---

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

---

| | | |
|:---|:---|:---|
| **Warrants 0.0%** | **Warrants 0.0%** | **Warrants 0.0%** |
| **Issuer** | **Shares** | **Value ($)** |
| **United States 0.0%** | **United States 0.0%** | **United States 0.0%** |
| BL Train Holdings West LLC<sup>(k),(l)</sup> <br>| &nbsp;&nbsp; 11070 | &nbsp;&nbsp; 111 |
| Total Warrants <br>(Cost $1) | Total Warrants <br>(Cost $1) | &nbsp;&nbsp; **111** |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
|  | **Shares** | **Value ($)** |
| BlackRock Liquidity Funds MuniCash, Institutional <br> Shares, 2.605%<sup>(m)</sup> <br>| &nbsp;&nbsp; 1116415 | &nbsp;&nbsp; 1116527 |
| Total Money Market Funds <br>(Cost $1,116,415) | Total Money Market Funds <br>(Cost $1,116,415) | &nbsp;&nbsp; **1116527** |
| **Total Investments in Securities** <br>**(Cost $490,198,468)** | **Total Investments in Securities** <br>**(Cost $490,198,468)** | &nbsp;&nbsp; **452656449** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **8669030** |
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **$461325479** |

---

**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 November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At November 30, 2025, the total value of these securities amounted to $152,206,064, which represents 32.99% of total net assets.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Cash flow bond. Interest rate represents the stated coupon rate at November 30, 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 November 30, 2025.

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Notes to Portfolio of Investments (continued)**

&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 November 30, 2025, the total value of these securities amounted to $32,017,257, which represents 6.94% of total net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the seven-day current annualized yield at November 30, 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 November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Floating Rate Notes |  | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5800000 |
| Municipal Bonds |  | &nbsp;&nbsp;&nbsp;&nbsp; 443728426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 443728426 |
| Municipal Short Term |  | &nbsp;&nbsp;&nbsp;&nbsp; 2011385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2011385 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| Warrants |  |  |  |  |
| United States |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| Total Warrants |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| Money Market Funds | 1116527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1116527 |
| Total Investments in Securities | 1116527 | &nbsp;&nbsp;&nbsp;&nbsp; 451539811 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 452656449 |

---

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

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

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

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $490,198,468) | $452656449 |
| Cash | 600170 |
| Receivable for: |  |
| Capital shares sold | 1387437 |
| Dividends | 5743 |
| Interest | 9020069 |
| Expense reimbursement due from Investment Manager | 1761 |
| Prepaid expenses | 4033 |
| Deferred compensation of board members | 201769 |
| Other assets | 28457 |
| Total assets | 463905888 |
| **Liabilities** |  |
| Payable for: |  |
| Capital shares redeemed | 650683 |
| Distributions to shareholders | 1642438 |
| Management services fees | 13632 |
| Distribution and/or service fees | 2261 |
| Transfer agent fees | 26106 |
| Compensation of chief compliance officer | 40 |
| Compensation of board members | 1797 |
| Other expenses | 2990 |
| Deferred compensation of board members | 240462 |
| Total liabilities | 2580409 |
| **Net assets applicable to outstanding capital stock** | **$461325479** |
| **Represented by** |  |
| Paid in capital | 564182625 |
| Total distributable earnings (loss) | (102857146)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$461325479** |
| **Class A** |  |
| Net assets | $143880655 |
| Shares outstanding | 15817259 |
| Net asset value per share | $9.10 |
| 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) | $9.38 |
| **Class C** |  |
| Net assets | $15668776 |
| Shares outstanding | 1722431 |
| Net asset value per share | $9.10 |
| **Institutional Class** |  |
| Net assets | $207033042 |
| Shares outstanding | 22760460 |
| Net asset value per share | $9.10 |
| **Institutional 2 Class** |  |
| Net assets | $11649071 |
| Shares outstanding | 1281454 |
| Net asset value per share | $9.09 |
| **Institutional 3 Class** |  |
| Net assets | $69475715 |
| Shares outstanding | 7617571 |
| Net asset value per share | $9.12 |
| **Class S** |  |
| Net assets | $13618220 |
| Shares outstanding | 1497146 |
| Net asset value per share | $9.10 |

---

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

Columbia High Yield Municipal Fund \| 2025

------

Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — unaffiliated issuers | $54263 |
| Interest | 12173508 |
| Total income | 12227771 |
| Expenses: |  |
| Management services fees | 1247492 |
| Distribution and/or service fees |  |
| Class A | 144052 |
| Class C | 64520 |
| Transfer agent fees |  |
| Class A | 53588 |
| Class C | 6002 |
| Institutional Class | 77081 |
| Institutional 2 Class | 3035 |
| Institutional 3 Class | 1440 |
| Class S | 5159 |
| Custodian fees | 6577 |
| Printing and postage fees | 12627 |
| Registration fees | 65939 |
| Accounting services fees | 16211 |
| Legal fees | 40381 |
| Compensation of chief compliance officer | 40 |
| Compensation of board members | 7664 |
| Deferred compensation of board members | 8145 |
| Other | 13494 |
| Total expenses | 1773447 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (171249)<br>|
| Expense reduction | (220)<br>|
| Total net expenses | 1601978 |
| **Net investment income** | 10625793 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | (6417970)<br>|
| Net realized loss | (6417970)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 19607941 |
| Net change in unrealized appreciation (depreciation) | 19607941 |
| Net realized and unrealized gain | 13189971 |
| **Net increase in net assets resulting from operations** | **$23815764** |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $10625793 | &nbsp;&nbsp; $22017202 |
| Net realized loss | (6417970)<br>| &nbsp;&nbsp; (20939415)<br>|
| Net change in unrealized appreciation (depreciation) | 19607941 | &nbsp;&nbsp; 15445217 |
| Net increase in net assets resulting from operations | 23815764 | &nbsp;&nbsp; 16523004 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A | (3227026)<br>| &nbsp;&nbsp; (6704041)<br>|
| Advisor Class |  | &nbsp;&nbsp; (377442)<br>|
| Class C | (312515)<br>| &nbsp;&nbsp; (787426)<br>|
| Institutional Class | (4849790)<br>| &nbsp;&nbsp; (10379784)<br>|
| Institutional 2 Class | (269061)<br>| &nbsp;&nbsp; (650977)<br>|
| Institutional 3 Class | (1645138)<br>| &nbsp;&nbsp; (3856718)<br>|
| Class S | (324310)<br>| &nbsp;&nbsp; (507342)<br>|
| Total distributions to shareholders | (10627840)<br>| &nbsp;&nbsp; (23263730)<br>|
| Decrease in net assets from capital stock activity | (9212251)<br>| &nbsp;&nbsp; (11829167)<br>|
| Total increase (decrease) in net assets | 3975673 | &nbsp;&nbsp; (18569893)<br>|
| Net assets at beginning of period | 457349806 | &nbsp;&nbsp; 475919699 |
| **Net assets at end of period** | **$461325479** | &nbsp;&nbsp; **$457349806** |

---

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)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 2282495 | &nbsp;&nbsp;&nbsp;&nbsp; 20301967 | &nbsp;&nbsp;&nbsp;&nbsp; 4930096 | &nbsp;&nbsp;&nbsp;&nbsp; 45647699 |
| Distributions reinvested | 341379 | &nbsp;&nbsp;&nbsp;&nbsp; 3043891 | &nbsp;&nbsp;&nbsp;&nbsp; 686746 | &nbsp;&nbsp;&nbsp;&nbsp; 6336672 |
| Shares redeemed | (2732438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24229464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5001305)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (45755387)<br>|
| Net increase (decrease) | (108564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (883606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 615537 | &nbsp;&nbsp;&nbsp;&nbsp; 6228984 |
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 612462 | &nbsp;&nbsp;&nbsp;&nbsp; 5772584 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34679 | &nbsp;&nbsp;&nbsp;&nbsp; 324138 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2133981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19960666)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1486840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13863944)<br>|
| Class C |  |  |  |  |
| Shares sold | 322630 | &nbsp;&nbsp;&nbsp;&nbsp; 2852594 | &nbsp;&nbsp;&nbsp;&nbsp; 446158 | &nbsp;&nbsp;&nbsp;&nbsp; 4115934 |
| Distributions reinvested | 34867 | &nbsp;&nbsp;&nbsp;&nbsp; 310979 | &nbsp;&nbsp;&nbsp;&nbsp; 84377 | &nbsp;&nbsp;&nbsp;&nbsp; 779552 |
| Shares redeemed | (441055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3926335)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1018279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9272716)<br>|
| Net decrease | (83558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (762762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (487744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4377230)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 4100112 | &nbsp;&nbsp;&nbsp;&nbsp; 36274927 | &nbsp;&nbsp;&nbsp;&nbsp; 9046442 | &nbsp;&nbsp;&nbsp;&nbsp; 83594388 |
| Distributions reinvested | 494159 | &nbsp;&nbsp;&nbsp;&nbsp; 4407256 | &nbsp;&nbsp;&nbsp;&nbsp; 1012271 | &nbsp;&nbsp;&nbsp;&nbsp; 9341674 |
| Shares redeemed | (4703418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41773729)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10948231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100798846)<br>|
| Net decrease | (109147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1091546)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (889518)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7862784)<br>|
| Institutional 2 Class |  |  |  |  |
| Shares sold | 217586 | &nbsp;&nbsp;&nbsp;&nbsp; 1924103 | &nbsp;&nbsp;&nbsp;&nbsp; 457217 | &nbsp;&nbsp;&nbsp;&nbsp; 4218684 |
| Distributions reinvested | 30173 | &nbsp;&nbsp;&nbsp;&nbsp; 269061 | &nbsp;&nbsp;&nbsp;&nbsp; 70607 | &nbsp;&nbsp;&nbsp;&nbsp; 650977 |
| Shares redeemed | (387377)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3432323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (521185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4795935)<br>|
| Net increase (decrease) | (139618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1239159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6639 | &nbsp;&nbsp;&nbsp;&nbsp; 73726 |
| Institutional 3 Class |  |  |  |  |
| Shares sold | 863815 | &nbsp;&nbsp;&nbsp;&nbsp; 7729363 | &nbsp;&nbsp;&nbsp;&nbsp; 1213423 | &nbsp;&nbsp;&nbsp;&nbsp; 11263142 |
| Distributions reinvested | 18324 | &nbsp;&nbsp;&nbsp;&nbsp; 163826 | &nbsp;&nbsp;&nbsp;&nbsp; 33451 | &nbsp;&nbsp;&nbsp;&nbsp; 309046 |
| Shares redeemed | (1327424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11832357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2108057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19370579)<br>|
| Net decrease | (445285)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3939168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (861183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7798391)<br>|
| Class S |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2080429 | &nbsp;&nbsp;&nbsp;&nbsp; 19779138 |
| Distributions reinvested | 36371 | &nbsp;&nbsp;&nbsp;&nbsp; 324310 | &nbsp;&nbsp;&nbsp;&nbsp; 55313 | &nbsp;&nbsp;&nbsp;&nbsp; 507265 |
| Shares redeemed | (183280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1620320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (491687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4515931)<br>|
| Net increase (decrease) | (146909)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1296010)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1644055 | &nbsp;&nbsp;&nbsp;&nbsp; 15770472 |
| **Total net decrease** | **(1033081)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(9212251)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(1459054)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(11829167)**<br>|

---

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

Columbia High Yield Municipal Fund \| 2025

------

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.84<br>| 0.20<br>| 0.26<br>| 0.46<br>| &nbsp;&nbsp; (0.20) <br>| &nbsp;&nbsp; (0.20) <br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.84<br>| 0.17<br>| 0.26<br>| 0.43<br>| &nbsp;&nbsp; (0.17) <br>| &nbsp;&nbsp; (0.17) <br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.84<br>| 0.21<br>| 0.26<br>| 0.47<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.21) <br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.83<br>| 0.21<br>| 0.26<br>| 0.47<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.21) <br>|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $143881<br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $15669<br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $207033<br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.09<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11649<br>|
| 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

------

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.86<br>| 0.21<br>| 0.26<br>| 0.47<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.21) <br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | $8.84<br>| 0.21<br>| 0.26<br>| 0.47<br>| &nbsp;&nbsp; (0.21) <br>| &nbsp;&nbsp; (0.21) <br>|
| 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>|

---

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

---

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

---

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

---

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

---

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

&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

------

Financial Highlights (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Total gross** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Total net** <br>**expense** <br>**ratio to** <br>**average** <br>**net assets**<sup>(a),(b)</sup> <br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** | **Institutional 3 Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.12<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $69476<br>|
| 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** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $9.10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.36%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13618<br>|
|  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

------

Notes to Financial Statements

November 30, 2025 (Unaudited)

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.

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

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

**Segment reporting**

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

**Security valuation**

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.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

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

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

**Security transactions**

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

**Income recognition**

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

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.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Distributions to shareholders**

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

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

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

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.54% to 0.34% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.54% 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.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Transfer agency fees**

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

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

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

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.07 |
| Class C | 0.07 |
| Institutional Class | 0.07 |
| Institutional 2 Class | 0.05 |
| Institutional 3 Class | 0.00 |
| Class S | 0.07 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2025, these minimum account balance fees reduced total expenses of the Fund by $220.

**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.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 3.00<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.75 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19043 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 291 |

---

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

&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.

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**September 30, 2026 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |
| Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 |

---

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

Note 4. Federal tax information

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

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 490198000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47932000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37542000)<br>|

---

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

The following capital loss carryforwards, determined at May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

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

---

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $60,518,500 and $77,945,171, respectively, for the six months ended November 30, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the six months ended November 30, 2025.

Note 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 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $750 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

Prior to the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 8. Risks and uncertainties

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

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 25.5% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 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.

Columbia High Yield Municipal Fund \| 2025

------

Notes to Financial Statements (continued)

November 30, 2025 (Unaudited)

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

Columbia High Yield Municipal Fund \| 2025

------

Approval of Management Agreement

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia High Yield Municipal Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds).

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Management Agreement;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

• Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

Columbia High Yield Municipal Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

Columbia High Yield Municipal Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe's median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia High Yield Municipal Fund \| 2025

------

Approval of Management Agreement (continued)

(Unaudited)

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

Columbia High Yield Municipal Fund \| 2025

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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**Columbia High Yield Municipal Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g33631img75fc57592.jpg)

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

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

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

columbiathreadneedleus.com/investor/

SAR161_05_T01_(01/26)

------

![](g33631img032162da1.jpg)

Columbia Multi Strategy Alternatives Fund

**Semi-Annual Financial Statements and Additional Information**

November 30, 2025 (Unaudited)

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
| [Consolidated Portfolio of Investments](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_POI-CommonContent-Date-24_1) | 3 |
| [Consolidated Statement of Assets and Liabilities](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_FS-CommonContent-Date-24_1) | 35 |
| [Consolidated Statement of Operations](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_FS-CommonContent-Date-24_3) | 37 |
| [Consolidated Statement of Changes in Net Assets](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_FS-CommonContent-Date-24_4) | 38 |
| [Consolidated Financial Highlights](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_FIHI-CommonContent-Date-24_1) | 40 |
| [Notes to Consolidated Financial Statements](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_NTF-CommonContent-Date-24_1) | 42 |
| [Approval of Management and Subadvisory Agreements](#xx_b172d5b9-cdc7-4d84-96b9-55d1d695ae3a_CCH-CommonContent-Date-24_1) | 62 |

---

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments

November 30, 2025 (Unaudited)

(Percentages represent value of investments compared to net assets)

**Investments in securities**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency 1.6%** | **Asset-Backed Securities - Non-Agency 1.6%** | **Asset-Backed Securities - Non-Agency 1.6%** | **Asset-Backed Securities - Non-Agency 1.6%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  | Affirm Asset Securitization Trust<sup>(a),(b),(c)</sup>  |
| Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT | Series 2024-X2 Class CERT |
| 12/17/2029 | &nbsp;&nbsp; 0.000% | 4624 | &nbsp;&nbsp; 112615 |
| ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  | ASP WHCO Participation LP<sup>(a),(d),(e)</sup>  |
| 30-day Average SOFR + 2.400% <br>Floor 3.000% <br>03/29/2029<br>| &nbsp;&nbsp; 6.713% | 1000000 | &nbsp;&nbsp; 1000000 |
| EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  | EDGEX Issuer Trust<sup>(a)</sup>  |
| Series 2025-1NN Class B | Series 2025-1NN Class B | Series 2025-1NN Class B | Series 2025-1NN Class B |
| 01/15/2031 | &nbsp;&nbsp; 6.850% | 399988 | &nbsp;&nbsp; 402666 |
| Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A | Series 2025-2NN Class A |
| 01/15/2032 | &nbsp;&nbsp; 5.498% | 387000 | &nbsp;&nbsp; 387323 |
| Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B | Series 2025-2NN Class B |
| 01/15/2032 | &nbsp;&nbsp; 6.475% | 597000 | &nbsp;&nbsp; 599778 |
| EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  | EDGEX Issuer Trust<sup>(a),(c)</sup>  |
| Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT | Series 2025-1NN Class CERT |
| 01/15/2031 | &nbsp;&nbsp; 0.000% | 450000 | &nbsp;&nbsp; 426255 |
| Elmwood CLO VIII Ltd.<sup>(a),(e)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(e)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(e)</sup>  | Elmwood CLO VIII Ltd.<sup>(a),(e)</sup>  |
| Series 2024-1A Class ER | Series 2024-1A Class ER | Series 2024-1A Class ER | Series 2024-1A Class ER |
| 3-month Term SOFR + 6.250% <br>Floor 6.250% <br>04/20/2037<br>| &nbsp;&nbsp; 10.134% | 250000 | &nbsp;&nbsp; 245108 |
| LendingClub Receivables Trust<sup>(a),(c),(d),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(d),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(d),(f)</sup>  | LendingClub Receivables Trust<sup>(a),(c),(d),(f)</sup>  |
| Series 2020-2 Class R | Series 2020-2 Class R | Series 2020-2 Class R | Series 2020-2 Class R |
| 02/15/2046 | &nbsp;&nbsp; 0.000% | 85000 | &nbsp;&nbsp; 0 |
| MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  | MPOWER Education Trust<sup>(a),(d),(f)</sup>  |
| Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B | Series 2025-1 Class B |
| 12/22/2042 | &nbsp;&nbsp; 8.180% | 100000 | &nbsp;&nbsp; 100000 |
| Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  | Netcredit Combined Receivables LLC<sup>(a)</sup>  |
| Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A | Series 2023-A Class A |
| 12/20/2027 | &nbsp;&nbsp; 7.780% | 82940 | &nbsp;&nbsp; 83052 |
| Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  | Pagaya AI Debt Grantor Trust<sup>(a)</sup>  |
| Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A | Series 2025-R3 Class A |
| 01/18/2033 | &nbsp;&nbsp; 4.841% | 660000 | &nbsp;&nbsp; 660398 |
| Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D | Subordinated Series 2024-10 Class D |
| 06/15/2032 | &nbsp;&nbsp; 6.429% | 280692 | &nbsp;&nbsp; 283123 |
| Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  | Pagaya AI Debt Selection Trust<sup>(a),(c)</sup>  |
| Series 2020-3 Class CERT | Series 2020-3 Class CERT | Series 2020-3 Class CERT | Series 2020-3 Class CERT |
| 05/17/2027 | &nbsp;&nbsp; 0.000% | 3200000 | &nbsp;&nbsp; 13848 |
| Series 2021-1 Class CERT | Series 2021-1 Class CERT | Series 2021-1 Class CERT | Series 2021-1 Class CERT |
| 11/15/2027 | &nbsp;&nbsp; 0.000% | 696200 | &nbsp;&nbsp; 0 |
| Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class | Subordinated Series 2021-5 Class |
| 08/15/2029 | &nbsp;&nbsp; 0.000% | 865000 | &nbsp;&nbsp; 23309 |
| Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  | Pagaya AI Debt Selection Trust<sup>(a)</sup>  |
| Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE | Series 2021-2 Class NOTE |
| 01/25/2029 | &nbsp;&nbsp; 3.000% | 1885 | &nbsp;&nbsp; 1884 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** | **Asset-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  | Pagaya AI Debt Trust<sup>(a)</sup>  |
| Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B | Subordinated Series 2022-5 Class B |
| 06/17/2030 | &nbsp;&nbsp; 10.310% | 388199 | &nbsp;&nbsp; 403915 |
| Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B | Subordinated Series 2024-1 Class B |
| 07/15/2031 | &nbsp;&nbsp; 7.109% | 165959 | &nbsp;&nbsp; 168103 |
| Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C |
| 07/15/2031 | &nbsp;&nbsp; 8.344% | 109900 | &nbsp;&nbsp; 111433 |
| Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C | Subordinated Series 2024-2 Class C |
| 08/15/2031 | &nbsp;&nbsp; 7.573% | 159401 | &nbsp;&nbsp; 161575 |
| Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  | Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup>  |
| Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A | Series 2021-2A Class A |
| 03/25/2030 | &nbsp;&nbsp; 2.650% | 167921 | &nbsp;&nbsp; 166616 |
| Research-Driven Pagaya Motor Trust<sup>(a),(g)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a),(g)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a),(g)</sup>  | Research-Driven Pagaya Motor Trust<sup>(a),(g)</sup>  |
| Series 2025-6A Class A3 | Series 2025-6A Class A3 | Series 2025-6A Class A3 | Series 2025-6A Class A3 |
| 08/25/2034 | &nbsp;&nbsp; 4.732% | 420000 | &nbsp;&nbsp; 420109 |
| RR 16 Ltd.<sup>(a),(e)</sup>  | RR 16 Ltd.<sup>(a),(e)</sup>  | RR 16 Ltd.<sup>(a),(e)</sup>  | RR 16 Ltd.<sup>(a),(e)</sup>  |
| Series 2021-16A Class D | Series 2021-16A Class D | Series 2021-16A Class D | Series 2021-16A Class D |
| 3-month Term SOFR + 6.512% <br>Floor 6.250% <br>07/15/2036<br>| &nbsp;&nbsp; 10.416% | 266667 | &nbsp;&nbsp; 263766 |
| Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  | Upstart Asset Trust II Series<sup>(a),(c),(d),(f)</sup>  |
| Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT | Series 2025-1GS Class CERT |
| 02/20/2030 | &nbsp;&nbsp; 0.000% | 1000 | &nbsp;&nbsp; 261500 |
| Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  | Upstart Securitization Trust<sup>(a)</sup>  |
| Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C | Series 2025-1 Class C |
| 04/20/2035 | &nbsp;&nbsp; 9.270% | 1000000 | &nbsp;&nbsp; 1045829 |
| Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C | Subordinated Series 2024-1 Class C |
| 11/20/2034 | &nbsp;&nbsp; 8.680% | 800000 | &nbsp;&nbsp; 832785 |
| US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  | US Auto Funding<sup>(a)</sup>  |
| Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D | Subordinated Series 2021-1A Class D |
| 03/15/2027 | &nbsp;&nbsp; 4.360% | 1125000 | &nbsp;&nbsp; 9332 |
| Total Asset-Backed Securities — Non-Agency <br>(Cost $10,287,108) | Total Asset-Backed Securities — Non-Agency <br>(Cost $10,287,108) | Total Asset-Backed Securities — Non-Agency <br>(Cost $10,287,108) | &nbsp;&nbsp; **8184322** |
| **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** | **Commercial Mortgage-Backed Securities - Agency 0.1%** |
| Government National Mortgage Association<sup>(h),(i)</sup>  | Government National Mortgage Association<sup>(h),(i)</sup>  | Government National Mortgage Association<sup>(h),(i)</sup>  | Government National Mortgage Association<sup>(h),(i)</sup>  |
| Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB | Series 2019-102 Class IB |
| 03/16/2060 | &nbsp;&nbsp; 0.835% | 1275134 | &nbsp;&nbsp; 59790 |
| Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO | Series 2019-131 Class IO |
| 07/16/2061 | &nbsp;&nbsp; 0.803% | 2559400 | &nbsp;&nbsp; 147106 |
| Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO | Series 2020-19 Class IO |
| 12/16/2061 | &nbsp;&nbsp; 0.719% | 1559128 | &nbsp;&nbsp; 71054 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** | **Commercial Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO | Series 2020-3 Class IO |
| 02/16/2062 | &nbsp;&nbsp; 0.616% | 1874539 | &nbsp;&nbsp; 69168 |
| Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $981,217) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $981,217) | Total Commercial Mortgage-Backed Securities - Agency <br>(Cost $981,217) | &nbsp;&nbsp; **347118** |
| **Commercial Mortgage-Backed Securities - Non-Agency 0.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.4%** | **Commercial Mortgage-Backed Securities - Non-Agency 0.4%** |
| BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  | BHMS Commercial Mortgage Trust<sup>(a),(e)</sup>  |
| Series 2025-ATLS Class B | Series 2025-ATLS Class B | Series 2025-ATLS Class B | Series 2025-ATLS Class B |
| 1-month Term SOFR + 2.650% <br>Floor 2.650% <br>08/15/2042<br>| &nbsp;&nbsp; 6.515% | 200000 | &nbsp;&nbsp; 200126 |
| BXP Trust<sup>(a),(h)</sup>  | BXP Trust<sup>(a),(h)</sup>  | BXP Trust<sup>(a),(h)</sup>  | BXP Trust<sup>(a),(h)</sup>  |
| Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E | Subordinated Series 2021-601L Class E |
| 01/15/2044 | &nbsp;&nbsp; 2.776% | 350000 | &nbsp;&nbsp; 276846 |
| Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  | Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup>  |
| Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E | Subordinated Series 2014-USA Class E |
| 09/15/2037 | &nbsp;&nbsp; 4.373% | 150000 | &nbsp;&nbsp; 116908 |
| Hilton USA Trust<sup>(a),(j)</sup>  | Hilton USA Trust<sup>(a),(j)</sup>  | Hilton USA Trust<sup>(a),(j)</sup>  | Hilton USA Trust<sup>(a),(j)</sup>  |
| Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F | Subordinated Series 2016-SFP Class F |
| 11/05/2035 | &nbsp;&nbsp; 0.000% | 1700000 | &nbsp;&nbsp; 34184 |
| Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  | Home Partners of America Trust<sup>(a)</sup>  |
| Series 2019-2 Class F | Series 2019-2 Class F | Series 2019-2 Class F | Series 2019-2 Class F |
| 10/19/2039 | &nbsp;&nbsp; 3.866% | 327875 | &nbsp;&nbsp; 318023 |
| Wells Fargo Commercial Mortgage Trust<sup>(a),(e)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(e)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(e)</sup>  | Wells Fargo Commercial Mortgage Trust<sup>(a),(e)</sup>  |
| Series 2017-SMP Class A | Series 2017-SMP Class A | Series 2017-SMP Class A | Series 2017-SMP Class A |
| 1-month Term SOFR + 0.922% <br>Floor 0.750% <br>12/15/2034<br>| &nbsp;&nbsp; 4.880% | 1000000 | &nbsp;&nbsp; 933733 |
| Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,551,478) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,551,478) | Total Commercial Mortgage-Backed Securities - Non-Agency <br>(Cost $3,551,478) | &nbsp;&nbsp; **1879820** |
| **Residential Mortgage-Backed Securities - Agency 25.4%** | **Residential Mortgage-Backed Securities - Agency 25.4%** | **Residential Mortgage-Backed Securities - Agency 25.4%** | **Residential Mortgage-Backed Securities - Agency 25.4%** |
| Fannie Mae REMICS<sup>(e),(i)</sup>  | Fannie Mae REMICS<sup>(e),(i)</sup>  | Fannie Mae REMICS<sup>(e),(i)</sup>  | Fannie Mae REMICS<sup>(e),(i)</sup>  |
| CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM | CMO Series 2017-81 Class SM |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>10/25/2047<br>| &nbsp;&nbsp; 2.014% | 1539746 | &nbsp;&nbsp; 208290 |
| CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE | CMO Series 2018-64 Class SE |
| -1.0 x 30-day Average SOFR + <br> 6.086% <br>Cap 6.200% <br>09/25/2048<br>| &nbsp;&nbsp; 2.014% | 1474374 | &nbsp;&nbsp; 198686 |
| CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA | CMO Series 2020-22 Class SA |
| -1.0 x 30-day Average SOFR + <br> 6.214% <br>Cap 6.100% <br>04/25/2050<br>| &nbsp;&nbsp; 1.914% | 2447588 | &nbsp;&nbsp; 371209 |
| Fannie Mae REMICS<sup>(h),(i)</sup>  | Fannie Mae REMICS<sup>(h),(i)</sup>  | Fannie Mae REMICS<sup>(h),(i)</sup>  | Fannie Mae REMICS<sup>(h),(i)</sup>  |
| CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS | CMO Series 2022-90 Class GS |
| 07/25/2050 | &nbsp;&nbsp; 1.800% | 2722837 | &nbsp;&nbsp; 339542 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  | Fannie Mae REMICS<sup>(e)</sup>  |
| CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF | CMO Series 2025-12 Class LF |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>03/25/2055<br>| &nbsp;&nbsp; 8.022% | 1063114 | &nbsp;&nbsp; 1097606 |
| CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA | CMO Series 2025-16 Class MA |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>01/25/2055<br>| &nbsp;&nbsp; 8.022% | 631577 | &nbsp;&nbsp; 645265 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| 11/01/2052 | &nbsp;&nbsp; 4.000% | 1602634 | &nbsp;&nbsp; 1538272 |
| 09/01/2053 | &nbsp;&nbsp; 5.500% | 1626141 | &nbsp;&nbsp; 1670316 |
| Federal Home Loan Mortgage Corp.<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp.<sup>(e),(i)</sup>  |
| CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS | CMO Series 2013-101 Class HS |
| -1.0 x 30-day Average SOFR + <br> 6.386% <br>Cap 6.500% <br>10/25/2043<br>| &nbsp;&nbsp; 2.314% | 543881 | &nbsp;&nbsp; 74221 |
| CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS | CMO Series 4987 Class KS |
| -1.0 x 30-day Average SOFR + <br> 6.194% <br>Cap 6.080% <br>06/25/2050<br>| &nbsp;&nbsp; 1.894% | 1085200 | &nbsp;&nbsp; 168709 |
| CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS | CMO Series 4993 Class MS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>07/25/2050<br>| &nbsp;&nbsp; 1.864% | 1625489 | &nbsp;&nbsp; 257377 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(e),(i)</sup>  |
| CMO Series 4606 Class SL | CMO Series 4606 Class SL | CMO Series 4606 Class SL | CMO Series 4606 Class SL |
| -1.0 x 30-day Average SOFR + <br> 5.886% <br>Cap 6.000% <br>12/15/2044<br>| &nbsp;&nbsp; 1.744% | 2675050 | &nbsp;&nbsp; 295650 |
| CMO Series 5138 Class SA | CMO Series 5138 Class SA | CMO Series 5138 Class SA | CMO Series 5138 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>09/25/2047<br>| &nbsp;&nbsp; 1.914% | 1845653 | &nbsp;&nbsp; 231089 |
| Federal Home Loan Mortgage Corp. REMICS<sup>(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(i)</sup>  | Federal Home Loan Mortgage Corp. REMICS<sup>(i)</sup>  |
| CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID | CMO Series 5105 Class ID |
| 05/25/2051 | &nbsp;&nbsp; 3.000% | 2372734 | &nbsp;&nbsp; 388201 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 09/01/2052 | &nbsp;&nbsp; 5.000% | 1679623 | &nbsp;&nbsp; 1699676 |
| 02/01/2053 | &nbsp;&nbsp; 4.500% | 973038 | &nbsp;&nbsp; 957092 |
| 07/01/2055 | &nbsp;&nbsp; 5.500% | 1981978 | &nbsp;&nbsp; 2008682 |
| Federal National Mortgage Association<sup>(e),(i)</sup>  | Federal National Mortgage Association<sup>(e),(i)</sup>  | Federal National Mortgage Association<sup>(e),(i)</sup>  | Federal National Mortgage Association<sup>(e),(i)</sup>  |
| CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS | CMO Series 2020-38 Class WS |
| -1.0 x 30-day Average SOFR + <br> 4.886% <br>Cap 5.000% <br>06/25/2050<br>| &nbsp;&nbsp; 0.814% | 2554046 | &nbsp;&nbsp; 223986 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Federal National Mortgage Association REMICS<sup>(e),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(i)</sup>  | Federal National Mortgage Association REMICS<sup>(e),(i)</sup>  |
| CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA | CMO Series 2019-5 Class SA |
| -1.0 x 30-day Average SOFR + <br> 5.986% <br>Cap 6.100% <br>03/25/2049<br>| &nbsp;&nbsp; 1.914% | 1095219 | &nbsp;&nbsp; 124425 |
| CMO Series 2020-34 Class S | CMO Series 2020-34 Class S | CMO Series 2020-34 Class S | CMO Series 2020-34 Class S |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>06/25/2050<br>| &nbsp;&nbsp; 1.864% | 2477170 | &nbsp;&nbsp; 349327 |
| CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS | CMO Series 2020-54 Class AS |
| -1.0 x 30-day Average SOFR + <br> 6.036% <br>Cap 6.150% <br>08/25/2050<br>| &nbsp;&nbsp; 1.964% | 1616317 | &nbsp;&nbsp; 208646 |
| Freddie Mac REMICS<sup>(e),(i)</sup>  | Freddie Mac REMICS<sup>(e),(i)</sup>  | Freddie Mac REMICS<sup>(e),(i)</sup>  | Freddie Mac REMICS<sup>(e),(i)</sup>  |
| CMO Series 4979 Class YS | CMO Series 4979 Class YS | CMO Series 4979 Class YS | CMO Series 4979 Class YS |
| -1.0 x 30-day Average SOFR + <br> 5.936% <br>Cap 6.050% <br>06/25/2050<br>| &nbsp;&nbsp; 1.864% | 1399591 | &nbsp;&nbsp; 177785 |
| CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC | CMO Series 5544 Class SC |
| 30-day Average SOFR + 7.000% <br>Cap 7.000% <br>06/25/2055<br>| &nbsp;&nbsp; 2.928% | 1228886 | &nbsp;&nbsp; 166578 |
| CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE | CMO Series 5547 Class SE |
| -1.0 x 30-day Average SOFR + <br> 5.100% <br>Cap 5.100% <br>06/25/2055<br>| &nbsp;&nbsp; 1.028% | 1919383 | &nbsp;&nbsp; 114690 |
| Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  | Freddie Mac REMICS<sup>(e)</sup>  |
| CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ | CMO Series 5513 Class MQ |
| 30-day Average SOFR + 3.950% <br>Cap 8.250% <br>06/25/2054<br>| &nbsp;&nbsp; 8.022% | 672630 | &nbsp;&nbsp; 695919 |
| CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F | CMO Series 5542 Class F |
| 30-day Average SOFR + 4.300% <br>05/25/2055<br>| &nbsp;&nbsp; 8.372% | 682571 | &nbsp;&nbsp; 698806 |
| CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F | CMO Series 5548 Class F |
| 30-day Average SOFR + 4.600% <br>Cap 8.700% <br>06/25/2055<br>| &nbsp;&nbsp; 8.672% | 1096011 | &nbsp;&nbsp; 1100847 |
| Government National Mortgage Association<sup>(e),(i)</sup>  | Government National Mortgage Association<sup>(e),(i)</sup>  | Government National Mortgage Association<sup>(e),(i)</sup>  | Government National Mortgage Association<sup>(e),(i)</sup>  |
| CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD | CMO Series 2010-9 Class XD |
| -1.0 x 1-month Term SOFR + <br> 6.486% <br>Cap 6.600% <br>01/16/2040<br>| &nbsp;&nbsp; 2.527% | 1238555 | &nbsp;&nbsp; 149720 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA | CMO Series 2019-103 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>08/20/2049<br>| &nbsp;&nbsp; 1.976% | 1641662 | &nbsp;&nbsp; 242252 |
| CMO Series 2019-120 Class CS | CMO Series 2019-120 Class CS | CMO Series 2019-120 Class CS | CMO Series 2019-120 Class CS |
| -1.0 x 1-month Term SOFR + <br> 3.286% <br>Cap 3.400% <br>09/20/2049<br>| &nbsp;&nbsp; 0.000% | 15740767 | &nbsp;&nbsp; 214180 |
| CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS | CMO Series 2019-21 Class QS |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>10/20/2046<br>| &nbsp;&nbsp; 2.026% | 1877363 | &nbsp;&nbsp; 240574 |
| CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD | CMO Series 2019-92 Class SD |
| -1.0 x 1-month Term SOFR + <br> 5.986% <br>Cap 6.100% <br>07/20/2049<br>| &nbsp;&nbsp; 2.026% | 2007328 | &nbsp;&nbsp; 261417 |
| CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA | CMO Series 2020-104 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.086% <br>Cap 6.200% <br>07/20/2050<br>| &nbsp;&nbsp; 2.126% | 1042501 | &nbsp;&nbsp; 137434 |
| CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA | CMO Series 2020-34 Class SA |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>03/20/2050<br>| &nbsp;&nbsp; 1.976% | 1625417 | &nbsp;&nbsp; 235359 |
| CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD | CMO Series 2020-78 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.036% <br>Cap 6.150% <br>06/20/2050<br>| &nbsp;&nbsp; 2.076% | 1818059 | &nbsp;&nbsp; 242551 |
| CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS | CMO Series 2021-117 Class HS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 1824310 | &nbsp;&nbsp; 263620 |
| CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC | CMO Series 2021-119 Class SC |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 2621404 | &nbsp;&nbsp; 395848 |
| CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB | CMO Series 2021-122 Class SB |
| -1.0 x 1-month Term SOFR + <br> 2.486% <br>Cap 2.600% <br>07/20/2051<br>| &nbsp;&nbsp; 0.000% | 5897419 | &nbsp;&nbsp; 29857 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG | CMO Series 2021-122 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>07/20/2051<br>| &nbsp;&nbsp; 2.226% | 2946716 | &nbsp;&nbsp; 427138 |
| CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA | CMO Series 2021-156 Class SA |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.226% | 2908925 | &nbsp;&nbsp; 406385 |
| CMO Series 2021-160 Class S | CMO Series 2021-160 Class S | CMO Series 2021-160 Class S | CMO Series 2021-160 Class S |
| -1.0 x 30-day Average SOFR + <br> 2.650% <br>Cap 2.650% <br>09/20/2051<br>| &nbsp;&nbsp; 0.000% | 4875325 | &nbsp;&nbsp; 27736 |
| CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL | CMO Series 2021-161 Class SL |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>09/20/2051<br>| &nbsp;&nbsp; 2.226% | 2760193 | &nbsp;&nbsp; 408612 |
| CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES | CMO Series 2021-193 Class ES |
| 30-day Average SOFR + 1.700% <br>11/20/2051<br>| &nbsp;&nbsp; 0.000% | 16780246 | &nbsp;&nbsp; 45359 |
| CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD | CMO Series 2021-42 Class SD |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>11/20/2050<br>| &nbsp;&nbsp; 2.226% | 2886029 | &nbsp;&nbsp; 440061 |
| CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG | CMO Series 2021-42 Class SG |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>03/20/2051<br>| &nbsp;&nbsp; 2.226% | 2148556 | &nbsp;&nbsp; 291855 |
| CMO Series 2021-96 Class US | CMO Series 2021-96 Class US | CMO Series 2021-96 Class US | CMO Series 2021-96 Class US |
| -1.0 x 30-day Average SOFR + <br> 3.250% <br>Cap 3.250% <br>06/20/2051<br>| &nbsp;&nbsp; 0.000% | 2804536 | &nbsp;&nbsp; 49530 |
| CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS | CMO Series 2021-97 Class CS |
| -1.0 x 1-month Term SOFR + <br> 6.186% <br>Cap 6.300% <br>06/20/2051<br>| &nbsp;&nbsp; 2.226% | 2716725 | &nbsp;&nbsp; 385465 |
| CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST | CMO Series 2022-168 Class ST |
| -1.0 x 30-day Average SOFR + <br> 6.000% <br>Cap 6.000% <br>09/20/2052<br>| &nbsp;&nbsp; 1.901% | 3853144 | &nbsp;&nbsp; 388432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE | CMO Series 2022-46 Class SE |
| -1.0 x 30-day Average SOFR + <br> 3.450% <br>Cap 3.450% <br>03/20/2052<br>| &nbsp;&nbsp; 0.000% | 2406883 | &nbsp;&nbsp; 41058 |
| CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ | CMO Series 2022-90 Class SJ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>01/20/2050<br>| &nbsp;&nbsp; 1.976% | 2491226 | &nbsp;&nbsp; 286566 |
| CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS | CMO Series 2023-113 Class CS |
| -1.0 x 30-day Average SOFR + <br> 5.730% <br>Cap 5.730% <br>08/20/2053<br>| &nbsp;&nbsp; 1.631% | 1269354 | &nbsp;&nbsp; 87075 |
| CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM | CMO Series 2023-115 Class SM |
| -1.0 x 30-day Average SOFR + <br> 5.900% <br>Cap 5.900% <br>08/20/2053<br>| &nbsp;&nbsp; 1.801% | 3202471 | &nbsp;&nbsp; 202988 |
| CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ | CMO Series 2023-141 Class SQ |
| -1.0 x 1-month Term SOFR + <br> 5.936% <br>Cap 6.050% <br>12/20/2049<br>| &nbsp;&nbsp; 1.976% | 2382885 | &nbsp;&nbsp; 300760 |
| CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB | CMO Series 2023-173 Class SB |
| -1.0 x 30-day Average SOFR + <br> 5.650% <br>Cap 5.650% <br>11/20/2053<br>| &nbsp;&nbsp; 1.551% | 4869594 | &nbsp;&nbsp; 350699 |
| CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS | CMO Series 2023-47 Class AS |
| -1.0 x 30-day Average SOFR + <br> 6.350% <br>Cap 6.350% <br>03/20/2053<br>| &nbsp;&nbsp; 2.251% | 1612122 | &nbsp;&nbsp; 131679 |
| CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS | CMO Series 2023-66 Class BS |
| -1.0 x 30-day Average SOFR + <br> 6.150% <br>Cap 6.150% <br>05/20/2053<br>| &nbsp;&nbsp; 2.051% | 1635619 | &nbsp;&nbsp; 156372 |
| CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ | CMO Series 2023-66 Class SQ |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>05/20/2053<br>| &nbsp;&nbsp; 1.301% | 4251849 | &nbsp;&nbsp; 211930 |
| CMO Series 2024-51 Class US | CMO Series 2024-51 Class US | CMO Series 2024-51 Class US | CMO Series 2024-51 Class US |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>03/20/2054<br>| &nbsp;&nbsp; 1.301% | 2713752 | &nbsp;&nbsp; 134375 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** | **Residential Mortgage-Backed Securities - Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS | CMO Series 2024-64 Class DS |
| -1.0 x 30-day Average SOFR + <br> 5.400% <br>Cap 5.400% <br>04/20/2054<br>| &nbsp;&nbsp; 1.301% | 3194154 | &nbsp;&nbsp; 172917 |
| CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH | CMO Series 2024-79 Class SH |
| -1.0 x 30-day Average SOFR + <br> 7.250% <br>Cap 7.250% <br>05/20/2054<br>| &nbsp;&nbsp; 3.151% | 1516307 | &nbsp;&nbsp; 228110 |
| CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS | CMO Series 2024-97 Class KS |
| -1.0 x 30-day Average SOFR + <br> 7.300% <br>Cap 7.300% <br>06/20/2054<br>| &nbsp;&nbsp; 3.201% | 1897301 | &nbsp;&nbsp; 274157 |
| Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  | Government National Mortgage Association<sup>(i)</sup>  |
| CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI | CMO Series 2020-138 Class JI |
| 09/20/2050 | &nbsp;&nbsp; 2.500% | 3783588 | &nbsp;&nbsp; 544912 |
| CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI | CMO Series 2020-164 Class CI |
| 11/20/2050 | &nbsp;&nbsp; 3.000% | 1650702 | &nbsp;&nbsp; 281084 |
| CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI | CMO Series 2020-175 Class KI |
| 11/20/2050 | &nbsp;&nbsp; 2.500% | 2636975 | &nbsp;&nbsp; 388798 |
| CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC | CMO Series 2020-191 Class UC |
| 12/20/2050 | &nbsp;&nbsp; 4.000% | 1749190 | &nbsp;&nbsp; 391782 |
| CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI | CMO Series 2021-158 Class VI |
| 09/20/2051 | &nbsp;&nbsp; 3.000% | 2037924 | &nbsp;&nbsp; 324536 |
| CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI | CMO Series 2021-160 Class CI |
| 09/20/2051 | &nbsp;&nbsp; 2.500% | 4146217 | &nbsp;&nbsp; 568654 |
| CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI | CMO Series 2021-24 Class MI |
| 02/20/2051 | &nbsp;&nbsp; 3.000% | 1602063 | &nbsp;&nbsp; 263321 |
| CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT | CMO Series 2021-7 Class IT |
| 01/16/2051 | &nbsp;&nbsp; 3.000% | 1583290 | &nbsp;&nbsp; 366683 |
| Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  | Government National Mortgage Association<sup>(e)</sup>  |
| CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M | CMO Series 2025-39 Class M |
| 30-day Average SOFR + 4.000% <br>Floor 4.000%, Cap 7.700% <br>03/20/2055<br>| &nbsp;&nbsp; 6.823% | 570300 | &nbsp;&nbsp; 589196 |
| Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  | Government National Mortgage Association TBA<sup>(g)</sup>  |
| 12/20/2053 | &nbsp;&nbsp; 4.500% | 11000000 | &nbsp;&nbsp; 10757012 |
| Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  | Uniform Mortgage-Backed Security TBA<sup>(g)</sup>  |
| 12/13/2053 | &nbsp;&nbsp; 4.000% | 23000000 | &nbsp;&nbsp; 21903721 |
| 12/13/2053 | &nbsp;&nbsp; 4.500% | 28000000 | &nbsp;&nbsp; 27407791 |
| 12/13/2053 | &nbsp;&nbsp; 5.000% | 13000000 | &nbsp;&nbsp; 12972387 |
| 12/12/2054 | &nbsp;&nbsp; 3.500% | 9000000 | &nbsp;&nbsp; 8323612 |
| 12/11/2055 | &nbsp;&nbsp; 6.000% | 21000000 | &nbsp;&nbsp; 21500832 |
| Total Residential Mortgage-Backed Securities - Agency <br>(Cost $133,812,260) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $133,812,260) | Total Residential Mortgage-Backed Securities - Agency <br>(Cost $133,812,260) | &nbsp;&nbsp; **130457284** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency 11.2%** | **Residential Mortgage-Backed Securities - Non-Agency 11.2%** | **Residential Mortgage-Backed Securities - Non-Agency 11.2%** | **Residential Mortgage-Backed Securities - Non-Agency 11.2%** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| A&D Mortgage Trust<sup>(a),(k)</sup>  | A&D Mortgage Trust<sup>(a),(k)</sup>  | A&D Mortgage Trust<sup>(a),(k)</sup>  | A&D Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 | CMO Series 2025-NQM4 Class A1 |
| 10/25/2070 | &nbsp;&nbsp; 5.225% | 456466 | &nbsp;&nbsp; 457543 |
| A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  | A&D Mortgage Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 | Subordinated CMO Series 2024-NQM1 Class B1 |
| 02/25/2069 | &nbsp;&nbsp; 8.468% | 400000 | &nbsp;&nbsp; 405443 |
| Ajax Mortgage Loan Trust<sup>(a),(k)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(k)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(k)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(k)</sup>  |
| CMO Series 2021-C Class A | CMO Series 2021-C Class A | CMO Series 2021-C Class A | CMO Series 2021-C Class A |
| 01/25/2061 | &nbsp;&nbsp; 6.115% | 152428 | &nbsp;&nbsp; 153404 |
| Ajax Mortgage Loan Trust<sup>(a),(h)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(h)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(h)</sup>  | Ajax Mortgage Loan Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 | Subordinated CMO Series 2021-E Class B2 |
| 12/25/2060 | &nbsp;&nbsp; 3.878% | 465000 | &nbsp;&nbsp; 291965 |
| Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  | Angel Oak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 | CMO Series 2021-5 Class A3 |
| 07/25/2066 | &nbsp;&nbsp; 1.311% | 252525 | &nbsp;&nbsp; 223494 |
| Arroyo Mortgage Trust<sup>(a)</sup>  | Arroyo Mortgage Trust<sup>(a)</sup>  | Arroyo Mortgage Trust<sup>(a)</sup>  | Arroyo Mortgage Trust<sup>(a)</sup>  |
| CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 | CMO Series 2020-1 Class M1 |
| 03/25/2055 | &nbsp;&nbsp; 4.277% | 1870000 | &nbsp;&nbsp; 1764071 |
| Barclays Mortgage Trust<sup>(a),(k)</sup>  | Barclays Mortgage Trust<sup>(a),(k)</sup>  | Barclays Mortgage Trust<sup>(a),(k)</sup>  | Barclays Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B | CMO Series 2021-NPL1 Class B |
| 11/25/2051 | &nbsp;&nbsp; 4.625% | 259099 | &nbsp;&nbsp; 259343 |
| BRAVO Residential Funding Trust<sup>(a),(h)</sup>  | BRAVO Residential Funding Trust<sup>(a),(h)</sup>  | BRAVO Residential Funding Trust<sup>(a),(h)</sup>  | BRAVO Residential Funding Trust<sup>(a),(h)</sup>  |
| CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 | CMO Series 2020-NQM1 Class B1 |
| 05/25/2060 | &nbsp;&nbsp; 5.086% | 300000 | &nbsp;&nbsp; 300926 |
| CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 | CMO Series 2020-NQM1 Class B2 |
| 05/25/2060 | &nbsp;&nbsp; 6.027% | 430000 | &nbsp;&nbsp; 433175 |
| CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 | CMO Series 2025-HE1 Class B2 |
| 09/25/2072 | &nbsp;&nbsp; 6.756% | 430000 | &nbsp;&nbsp; 407607 |
| Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 | Subordinated CMO Series 2021-NQM2 Class B1 |
| 03/25/2060 | &nbsp;&nbsp; 3.044% | 200000 | &nbsp;&nbsp; 188009 |
| Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 | Subordinated CMO Series 2021-NQM2 Class B2 |
| 03/25/2060 | &nbsp;&nbsp; 4.099% | 300000 | &nbsp;&nbsp; 269609 |
| CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  | CHNGE Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 | CMO Series 2022-1 Class M1 |
| 01/25/2067 | &nbsp;&nbsp; 3.990% | 350000 | &nbsp;&nbsp; 304533 |
| CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 | CMO Series 2023-3 Class M1 |
| 07/25/2058 | &nbsp;&nbsp; 8.219% | 800000 | &nbsp;&nbsp; 806251 |
| Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 | Subordinated CMO Series 2022-1 Class B1 |
| 01/25/2067 | &nbsp;&nbsp; 4.555% | 650000 | &nbsp;&nbsp; 571463 |
| Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 | Subordinated CMO Series 2022-1 Class B2 |
| 01/25/2067 | &nbsp;&nbsp; 4.555% | 500000 | &nbsp;&nbsp; 420274 |
| Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 |
| 03/25/2058 | &nbsp;&nbsp; 8.110% | 473000 | &nbsp;&nbsp; 472234 |
| Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 | Subordinated CMO Series 2023-1 Class B2 |
| 03/25/2058 | &nbsp;&nbsp; 8.116% | 300000 | &nbsp;&nbsp; 298922 |
| Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 | Subordinated CMO Series 2023-2 Class B1 |
| 06/25/2058 | &nbsp;&nbsp; 7.985% | 200000 | &nbsp;&nbsp; 201768 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 | Subordinated CMO Series 2023-3 Class B1 |
| 07/25/2058 | &nbsp;&nbsp; 8.219% | 300000 | &nbsp;&nbsp; 301363 |
| CHNGE Mortgage Trust<sup>(a),(k)</sup>  | CHNGE Mortgage Trust<sup>(a),(k)</sup>  | CHNGE Mortgage Trust<sup>(a),(k)</sup>  | CHNGE Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 | CMO Series 2022-NQM1 Class M1 |
| 06/25/2067 | &nbsp;&nbsp; 5.820% | 250000 | &nbsp;&nbsp; 249148 |
| Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  | Citigroup Mortgage Loan Trust<sup>(a)</sup>  |
| Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 | Subordinated CMO Series 2015-RP2 Class B5 |
| 01/25/2053 | &nbsp;&nbsp; 4.250% | 998443 | &nbsp;&nbsp; 763486 |
| Citigroup Mortgage Loan Trust<sup>(a),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(h)</sup>  | Citigroup Mortgage Loan Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 | Subordinated CMO Series 2018-RP3 Class B3 |
| 03/25/2061 | &nbsp;&nbsp; 3.250% | 700000 | &nbsp;&nbsp; 511240 |
| COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  | COLT Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 | CMO Series 2021-3 Class A3 |
| 09/27/2066 | &nbsp;&nbsp; 1.419% | 406916 | &nbsp;&nbsp; 355539 |
| CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 | CMO Series 2023-1 Class B2 |
| 04/25/2068 | &nbsp;&nbsp; 7.989% | 300000 | &nbsp;&nbsp; 299352 |
| Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 | Subordinated CMO Series 2021-4 Class B1 |
| 10/25/2066 | &nbsp;&nbsp; 3.764% | 400000 | &nbsp;&nbsp; 321497 |
| Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 | Subordinated CMO Series 2022-4 Class B2 |
| 03/25/2067 | &nbsp;&nbsp; 4.715% | 400000 | &nbsp;&nbsp; 373908 |
| Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 | Subordinated Series 2021-3 Class B1 |
| 09/27/2066 | &nbsp;&nbsp; 3.059% | 200000 | &nbsp;&nbsp; 146924 |
| Connecticut Avenue Securities Trust<sup>(a),(e)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(e)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(e)</sup>  | Connecticut Avenue Securities Trust<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 | Subordinated CMO Series 2021-R03 Class 1B2 |
| 30-day Average SOFR + 5.500% <br>Floor 5.500% <br>12/25/2041<br>| &nbsp;&nbsp; 9.572% | 550000 | &nbsp;&nbsp; 570251 |
| Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 | Subordinated CMO Series 2022-R01 Class 1B2 |
| 30-day Average SOFR + 6.000% <br>12/25/2041<br>| &nbsp;&nbsp; 10.072% | 900000 | &nbsp;&nbsp; 937292 |
| Deephaven Residential Mortgage Trust<sup>(a),(h)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(h)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(h)</sup>  | Deephaven Residential Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 |
| 10/25/2055 | &nbsp;&nbsp; 6.971% | 200000 | &nbsp;&nbsp; 199953 |
| CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 |
| 10/25/2055 | &nbsp;&nbsp; 7.914% | 150000 | &nbsp;&nbsp; 149956 |
| Fannie Mae Connecticut Avenue Securities<sup>(a),(e)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(e)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(e)</sup>  | Fannie Mae Connecticut Avenue Securities<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 | Subordinated CMO Series 2021-R02 Class 2B2 |
| 30-day Average SOFR + 6.200% <br>11/25/2041<br>| &nbsp;&nbsp; 10.272% | 800000 | &nbsp;&nbsp; 831669 |
| FIGRE Trust<sup>(a),(h)</sup>  | FIGRE Trust<sup>(a),(h)</sup>  | FIGRE Trust<sup>(a),(h)</sup>  | FIGRE Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F | CMO Series 2025-HE1 Class F |
| 01/25/2055 | &nbsp;&nbsp; 9.083% | 150000 | &nbsp;&nbsp; 158467 |
| CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E | CMO Series 2025-HE3 Class E |
| 05/25/2055 | &nbsp;&nbsp; 8.103% | 100000 | &nbsp;&nbsp; 106994 |
| CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F | CMO Series 2025-HE3 Class F |
| 05/25/2055 | &nbsp;&nbsp; 9.081% | 100000 | &nbsp;&nbsp; 107241 |
| Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E | Subordinated CMO Series 2024-HE1 Class E |
| 03/25/2054 | &nbsp;&nbsp; 8.323% | 150000 | &nbsp;&nbsp; 160245 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F | Subordinated CMO Series 2024-HE1 Class F |
| 03/25/2054 | &nbsp;&nbsp; 10.029% | 250000 | &nbsp;&nbsp; 270962 |
| Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F | Subordinated CMO Series 2024-HE2 Class F |
| 05/25/2054 | &nbsp;&nbsp; 9.790% | 400000 | &nbsp;&nbsp; 431115 |
| Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E | Subordinated CMO Series 2024-HE3 Class E |
| 07/25/2054 | &nbsp;&nbsp; 7.551% | 150000 | &nbsp;&nbsp; 157467 |
| Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F | Subordinated CMO Series 2024-HE3 Class F |
| 07/25/2054 | &nbsp;&nbsp; 9.261% | 150000 | &nbsp;&nbsp; 160092 |
| Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E | Subordinated CMO Series 2024-HE5 Class E |
| 10/25/2054 | &nbsp;&nbsp; 7.010% | 250000 | &nbsp;&nbsp; 253837 |
| Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F | Subordinated CMO Series 2024-HE5 Class F |
| 10/25/2054 | &nbsp;&nbsp; 8.630% | 200000 | &nbsp;&nbsp; 209178 |
| Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  | Freddie Mac STACR REMIC Trust<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 | Subordinated CMO Series 2021-DNA1 Class B2 |
| 30-day Average SOFR + 4.750% <br>01/25/2051<br>| &nbsp;&nbsp; 8.822% | 1050000 | &nbsp;&nbsp; 1164756 |
| Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 | Subordinated CMO Series 2021-DNA6 Class B2 |
| 30-day Average SOFR + 7.500% <br>10/25/2041<br>| &nbsp;&nbsp; 11.572% | 550000 | &nbsp;&nbsp; 576796 |
| Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(e)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(e)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(e)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 | Subordinated CMO Series 2019-CS03 Class B2 |
| 30-day Average SOFR + 0.114% <br>10/25/2032<br>| &nbsp;&nbsp; 4.454% | 413162 | &nbsp;&nbsp; 388383 |
| Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(i)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(i)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(i)</sup>  | Freddie Mac STACR Single Seller Risk Transfer Debt Notes<sup>(i)</sup>  |
| Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO | Subordinated CMO Series 2019-CS03 Class IO |
| 10/25/2029 | &nbsp;&nbsp; 0.270% | 35430031 | &nbsp;&nbsp; 260166 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(e)</sup>  |
| CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 | CMO Series 2019-CS02 Class B2 |
| 30-day Average SOFR + 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 84336 | &nbsp;&nbsp; 83175 |
| CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 | CMO Series 2019-CS02 Class B3 |
| 30-day Average SOFR + 0.114% <br>02/25/2032<br>| &nbsp;&nbsp; 4.454% | 150000 | &nbsp;&nbsp; 144895 |
| CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 | CMO Series 2020-CS01 Class B2 |
| 30-day Average SOFR + 0.114% <br>04/25/2033<br>| &nbsp;&nbsp; 4.454% | 1000000 | &nbsp;&nbsp; 829893 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(i)</sup>  |
| CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO | CMO Series 2019-CS02 Class IO |
| 02/25/2029 | &nbsp;&nbsp; 0.270% | 14423366 | &nbsp;&nbsp; 92959 |
| CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 | CMO Series 2020-CS02 Class IO1 |
| 05/25/2030 | &nbsp;&nbsp; 0.090% | 26282842 | &nbsp;&nbsp; 72415 |
| CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 | CMO Series 2020-CS02 Class IO2 |
| 06/25/2030 | &nbsp;&nbsp; 0.115% | 26282842 | &nbsp;&nbsp; 92531 |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(i)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(i)</sup>  |
| CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 | CMO Series 2020-CS01 Class IO1 |
| 04/25/2030 | &nbsp;&nbsp; 0.080% | 112567381 | &nbsp;&nbsp; 263712 |
| CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 | CMO Series 2020-CS01 Class IO2 |
| 04/25/2030 | &nbsp;&nbsp; 0.125% | 112567381 | &nbsp;&nbsp; 412053 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(e)</sup>  | Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(e)</sup>  |
| Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 | Subordinated CMO Series 2020-CS02 Class B2 |
| 30-day Average SOFR + 0.114% <br>06/25/2033<br>| &nbsp;&nbsp; 4.454% | 350000 | &nbsp;&nbsp; 297831 |
| GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  | GCAT Trust<sup>(a),(h)</sup>  |
| CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 | CMO Series 2019-NQM3 Class M1 |
| 11/25/2059 | &nbsp;&nbsp; 3.450% | 600000 | &nbsp;&nbsp; 555501 |
| Genworth Mortgage Insurance Corp.<sup>(a),(e)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(e)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(e)</sup>  | Genworth Mortgage Insurance Corp.<sup>(a),(e)</sup>  |
| CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B | CMO Series 2021-3 Class M1B |
| 30-day Average SOFR + 2.900% <br>Floor 2.900% <br>02/25/2034<br>| &nbsp;&nbsp; 6.972% | 229054 | &nbsp;&nbsp; 229367 |
| Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 | Subordinated CMO Series 2021-3 Class B1 |
| 30-day Average SOFR + 4.950% <br>Floor 4.950% <br>02/25/2034<br>| &nbsp;&nbsp; 9.022% | 500000 | &nbsp;&nbsp; 510867 |
| GITSIT Mortgage Loan Trust<sup>(a),(k)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(k)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(k)</sup>  | GITSIT Mortgage Loan Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 | CMO Series 2025-NPL1 Class A1 |
| 02/25/2055 | &nbsp;&nbsp; 6.276% | 175513 | &nbsp;&nbsp; 175909 |
| Homeward Opportunities Fund I Trust<sup>(a),(h)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(h)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(h)</sup>  | Homeward Opportunities Fund I Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 | Subordinated CMO Series 2020-2 Class B1 |
| 05/25/2065 | &nbsp;&nbsp; 5.450% | 250000 | &nbsp;&nbsp; 251001 |
| HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  | HTAP<sup>(a)</sup>  |
| CMO Series 2024-1 Class A | CMO Series 2024-1 Class A | CMO Series 2024-1 Class A | CMO Series 2024-1 Class A |
| 04/25/2037 | &nbsp;&nbsp; 7.000% | 489511 | &nbsp;&nbsp; 493002 |
| HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  | HTAP Issuer Trust<sup>(a)</sup>  |
| CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A | CMO Series 2024-2 Class A |
| 04/25/2042 | &nbsp;&nbsp; 6.500% | 626476 | &nbsp;&nbsp; 627146 |
| CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A | CMO Series 2025-1 Class A |
| 11/25/2042 | &nbsp;&nbsp; 6.500% | 280840 | &nbsp;&nbsp; 281348 |
| Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B | Subordinated CMO Series 2024-2 Class B |
| 04/25/2042 | &nbsp;&nbsp; 7.500% | 300000 | &nbsp;&nbsp; 296632 |
| Imperial Fund Mortgage Trust<sup>(a),(h)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(h)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(h)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 | Subordinated CMO Series 2021-NQM3 Class B1 |
| 11/25/2056 | &nbsp;&nbsp; 4.124% | 500000 | &nbsp;&nbsp; 414802 |
| Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 | Subordinated CMO Series 2022-NQM3 Class B1 |
| 05/25/2067 | &nbsp;&nbsp; 4.408% | 350000 | &nbsp;&nbsp; 291417 |
| Imperial Fund Mortgage Trust<sup>(a),(k)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(k)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(k)</sup>  | Imperial Fund Mortgage Trust<sup>(a),(k)</sup>  |
| Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 | Subordinated CMO Series 2022-NQM5 Class B2 |
| 08/25/2067 | &nbsp;&nbsp; 6.250% | 183000 | &nbsp;&nbsp; 182264 |
| JPMorgan Mortgage Trust<sup>(a),(h)</sup>  | JPMorgan Mortgage Trust<sup>(a),(h)</sup>  | JPMorgan Mortgage Trust<sup>(a),(h)</sup>  | JPMorgan Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 | CMO Series 2025-VIS3 Class A1 |
| 02/25/2066 | &nbsp;&nbsp; 5.062% | 602437 | &nbsp;&nbsp; 603698 |
| Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  | Knock Issuer Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 | CMO Series 2025-1 Class A1 |
| 02/25/2030 | &nbsp;&nbsp; 7.119% | 960000 | &nbsp;&nbsp; 971170 |
| Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  | Legacy Mortgage Asset Trust<sup>(a),(k)</sup>  |
| CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 | CMO Series 2021-GS1 Class A1 |
| 10/25/2066 | &nbsp;&nbsp; 5.892% | 301915 | &nbsp;&nbsp; 302072 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| LHOME Mortgage Trust<sup>(a),(k)</sup>  | LHOME Mortgage Trust<sup>(a),(k)</sup>  | LHOME Mortgage Trust<sup>(a),(k)</sup>  | LHOME Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 | CMO Series 2023-RTL3 Class A2 |
| 08/25/2028 | &nbsp;&nbsp; 9.000% | 600000 | &nbsp;&nbsp; 602673 |
| CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 | CMO Series 2024-RTL1 Class A2 |
| 01/25/2029 | &nbsp;&nbsp; 9.165% | 400000 | &nbsp;&nbsp; 402740 |
| CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M | CMO Series 2024-RTL1 Class M |
| 01/25/2029 | &nbsp;&nbsp; 11.949% | 300000 | &nbsp;&nbsp; 301847 |
| LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  | LHOME Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 | CMO Series 2024-RTL5 Class M1 |
| 09/25/2039 | &nbsp;&nbsp; 6.823% | 300000 | &nbsp;&nbsp; 301576 |
| CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 | CMO Series 2025-RTL3 Class M1 |
| 08/25/2040 | &nbsp;&nbsp; 6.891% | 200000 | &nbsp;&nbsp; 201616 |
| Mello Mortgage Capital Acceptance<sup>(a),(k)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(k)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(k)</sup>  | Mello Mortgage Capital Acceptance<sup>(a),(k)</sup>  |
| CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 | CMO Series 2024-SD1 Class M2 |
| 04/25/2054 | &nbsp;&nbsp; 4.000% | 500000 | &nbsp;&nbsp; 464050 |
| New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  | New Residential Mortgage Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 | CMO Series 2022-NQM2 Class A2 |
| 03/27/2062 | &nbsp;&nbsp; 3.699% | 2570000 | &nbsp;&nbsp; 2115158 |
| Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 | Subordinated CMO Series 2019-RPL3 Class B4 |
| 07/25/2059 | &nbsp;&nbsp; 3.982% | 750000 | &nbsp;&nbsp; 581006 |
| Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 | Subordinated CMO Series 2022-NQM2 Class B1 |
| 03/27/2062 | &nbsp;&nbsp; 3.864% | 200000 | &nbsp;&nbsp; 150158 |
| NYMT Loan Trust<sup>(a),(k)</sup>  | NYMT Loan Trust<sup>(a),(k)</sup>  | NYMT Loan Trust<sup>(a),(k)</sup>  | NYMT Loan Trust<sup>(a),(k)</sup>  |
| CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 | CMO Series 2024-BPL1 Class A1 |
| 02/25/2029 | &nbsp;&nbsp; 7.154% | 500000 | &nbsp;&nbsp; 500796 |
| NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  | NYMT Loan Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 | CMO Series 2024-CP1 Class A2 |
| 02/25/2068 | &nbsp;&nbsp; 3.850% | 400000 | &nbsp;&nbsp; 327883 |
| CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 | CMO Series 2024-CP1 Class M1 |
| 02/25/2068 | &nbsp;&nbsp; 3.850% | 150000 | &nbsp;&nbsp; 114690 |
| CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 | CMO Series 2025-INV2 Class A1 |
| 10/25/2060 | &nbsp;&nbsp; 5.000% | 414390 | &nbsp;&nbsp; 415059 |
| NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  | NYMT Loan Trust<sup>(a)</sup>  |
| CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A | CMO Series 2025-R1 Class A |
| 02/25/2030 | &nbsp;&nbsp; 6.381% | 152933 | &nbsp;&nbsp; 153164 |
| NYMT Trust<sup>(a),(k)</sup>  | NYMT Trust<sup>(a),(k)</sup>  | NYMT Trust<sup>(a),(k)</sup>  | NYMT Trust<sup>(a),(k)</sup>  |
| CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A | CMO Series 2024-RR1 Class A |
| 05/25/2064 | &nbsp;&nbsp; 7.375% | 889257 | &nbsp;&nbsp; 897578 |
| Oaktown Re VI Ltd.<sup>(a),(e)</sup>  | Oaktown Re VI Ltd.<sup>(a),(e)</sup>  | Oaktown Re VI Ltd.<sup>(a),(e)</sup>  | Oaktown Re VI Ltd.<sup>(a),(e)</sup>  |
| CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 | CMO Series 2021-1A Class M2 |
| 30-day Average SOFR + 3.950% <br>Floor 3.950% <br>10/25/2033<br>| &nbsp;&nbsp; 8.022% | 500000 | &nbsp;&nbsp; 504736 |
| OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  | OBX Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 | CMO Series 2021-NQM2 Class A1 |
| 05/25/2061 | &nbsp;&nbsp; 1.101% | 395380 | &nbsp;&nbsp; 330959 |
| Preston Ridge Partners Mortgage Trust<sup>(a),(k)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(k)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(k)</sup>  | Preston Ridge Partners Mortgage Trust<sup>(a),(k)</sup>  |
| CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 | CMO Series 2023-RCF1 Class M2 |
| 06/25/2053 | &nbsp;&nbsp; 4.000% | 700000 | &nbsp;&nbsp; 664557 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| PRET LLC<sup>(a),(k)</sup>  | PRET LLC<sup>(a),(k)</sup>  | PRET LLC<sup>(a),(k)</sup>  | PRET LLC<sup>(a),(k)</sup>  |
| CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 | CMO Series 2024-NPL6 Class A2 |
| 10/25/2054 | &nbsp;&nbsp; 8.716% | 700000 | &nbsp;&nbsp; 700734 |
| CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 | CMO Series 2024-NPL7 Class A2 |
| 10/25/2054 | &nbsp;&nbsp; 8.956% | 650000 | &nbsp;&nbsp; 650785 |
| CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 | CMO Series 2024-NPL9 Class A2 |
| 12/25/2054 | &nbsp;&nbsp; 8.590% | 600000 | &nbsp;&nbsp; 600581 |
| PRKCM Trust<sup>(a),(h)</sup>  | PRKCM Trust<sup>(a),(h)</sup>  | PRKCM Trust<sup>(a),(h)</sup>  | PRKCM Trust<sup>(a),(h)</sup>  |
| CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 | CMO Series 2021-AFC1 Class M1 |
| 08/25/2056 | &nbsp;&nbsp; 3.114% | 2000000 | &nbsp;&nbsp; 1449841 |
| CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 | CMO Series 2022-AFC1 Class A3 |
| 04/25/2057 | &nbsp;&nbsp; 4.100% | 420943 | &nbsp;&nbsp; 403491 |
| PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  |
| CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 | CMO Series 2025-RPL1 Class M2 |
| 03/25/2055 | &nbsp;&nbsp; 4.000% | 494000 | &nbsp;&nbsp; 439839 |
| PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  | PRPM LLC<sup>(a),(k)</sup>  |
| CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 | CMO Series 2024-8 Class A1 |
| 12/25/2029 | &nbsp;&nbsp; 5.897% | 297163 | &nbsp;&nbsp; 297260 |
| CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 | CMO Series 2024-8 Class A2 |
| 12/25/2029 | &nbsp;&nbsp; 8.836% | 400000 | &nbsp;&nbsp; 400392 |
| CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 | CMO Series 2024-RCF1 Class M1 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 150000 | &nbsp;&nbsp; 144221 |
| CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 | CMO Series 2024-RCF1 Class M2 |
| 01/25/2054 | &nbsp;&nbsp; 4.000% | 750000 | &nbsp;&nbsp; 699585 |
| CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 | CMO Series 2024-RCF2 Class M1 |
| 03/25/2054 | &nbsp;&nbsp; 3.750% | 200000 | &nbsp;&nbsp; 190493 |
| CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 | CMO Series 2024-RCF2 Class M2 |
| 03/25/2054 | &nbsp;&nbsp; 3.750% | 850000 | &nbsp;&nbsp; 782734 |
| CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 | CMO Series 2024-RCF4 Class M1 |
| 07/25/2054 | &nbsp;&nbsp; 4.000% | 165000 | &nbsp;&nbsp; 155377 |
| CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 | CMO Series 2024-RCF4 Class M2 |
| 07/25/2054 | &nbsp;&nbsp; 4.000% | 135000 | &nbsp;&nbsp; 124017 |
| CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 | CMO Series 2024-RCF6 Class M1 |
| 10/25/2054 | &nbsp;&nbsp; 4.000% | 150000 | &nbsp;&nbsp; 142380 |
| CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 | CMO Series 2024-RCF6 Class M2 |
| 10/25/2054 | &nbsp;&nbsp; 4.000% | 250000 | &nbsp;&nbsp; 227945 |
| CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 | CMO Series 2024-RPL4 Class M1 |
| 12/25/2054 | &nbsp;&nbsp; 4.000% | 300000 | &nbsp;&nbsp; 283547 |
| CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 | CMO Series 2024-RPL4 Class M2 |
| 12/25/2054 | &nbsp;&nbsp; 4.000% | 300000 | &nbsp;&nbsp; 270688 |
| CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 | CMO Series 2025-2 Class A2 |
| 05/25/2030 | &nbsp;&nbsp; 9.560% | 350000 | &nbsp;&nbsp; 351567 |
| PRPM Trust<sup>(a),(h)</sup>  | PRPM Trust<sup>(a),(h)</sup>  | PRPM Trust<sup>(a),(h)</sup>  | PRPM Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 | Subordinated CMO Series 2022-NQM1 Class B1 |
| 08/25/2067 | &nbsp;&nbsp; 5.397% | 350000 | &nbsp;&nbsp; 345727 |
| Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 | Subordinated CMO Series 2023-NQM1 Class B1 |
| 01/25/2068 | &nbsp;&nbsp; 6.211% | 300000 | &nbsp;&nbsp; 298611 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 | Subordinated CMO Series 2023-NQM3 Class B2 |
| 11/25/2068 | &nbsp;&nbsp; 7.408% | 150000 | &nbsp;&nbsp; 150005 |
| RCO Trust<sup>(a),(k)</sup>  | RCO Trust<sup>(a),(k)</sup>  | RCO Trust<sup>(a),(k)</sup>  | RCO Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A | CMO Series 2025-PR1 Class A |
| 02/25/2055 | &nbsp;&nbsp; 6.250% | 731270 | &nbsp;&nbsp; 727746 |
| RCO X Mortgage LLC<sup>(a),(k)</sup>  | RCO X Mortgage LLC<sup>(a),(k)</sup>  | RCO X Mortgage LLC<sup>(a),(k)</sup>  | RCO X Mortgage LLC<sup>(a),(k)</sup>  |
| CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 |
| 01/25/2030 | &nbsp;&nbsp; 8.353% | 500000 | &nbsp;&nbsp; 500984 |
| SAIF Securitization Trust<sup>(a),(k)</sup>  | SAIF Securitization Trust<sup>(a),(k)</sup>  | SAIF Securitization Trust<sup>(a),(k)</sup>  | SAIF Securitization Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 | CMO Series 2025-CES1 Class M1 |
| 06/25/2065 | &nbsp;&nbsp; 6.240% | 142780 | &nbsp;&nbsp; 143132 |
| Saluda Grade Alternative Mortgage Trust<sup>(a),(h)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(h)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(h)</sup>  | Saluda Grade Alternative Mortgage Trust<sup>(a),(h)</sup>  |
| Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 | Subordinated CMO Series 2022-INV1 Class B1 |
| 04/25/2067 | &nbsp;&nbsp; 4.638% | 400000 | &nbsp;&nbsp; 342221 |
| Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 | Subordinated CMO Series 2022-INV1 Class B2 |
| 04/25/2067 | &nbsp;&nbsp; 4.638% | 400000 | &nbsp;&nbsp; 329418 |
| Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE | Subordinated CMO Series 2023-FIG3 Class CE |
| 08/25/2053 | &nbsp;&nbsp; 4.327% | 470607 | &nbsp;&nbsp; 715225 |
| Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 | Subordinated CMO Series 2024-CES1 Class B1 |
| 03/25/2054 | &nbsp;&nbsp; 8.243% | 690000 | &nbsp;&nbsp; 711058 |
| Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  | Splitero Trust<sup>(a)</sup>  |
| CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 | CMO Series 2025-1 Class A2 |
| 12/25/2055 | &nbsp;&nbsp; 7.000% | 500000 | &nbsp;&nbsp; 488393 |
| Starwood Mortgage Residential Trust<sup>(a),(h)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(h)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(h)</sup>  | Starwood Mortgage Residential Trust<sup>(a),(h)</sup>  |
| CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 | CMO Series 2020-3 Class B1 |
| 04/25/2065 | &nbsp;&nbsp; 4.750% | 250000 | &nbsp;&nbsp; 238141 |
| CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 | CMO Series 2021-3 Class A1 |
| 06/25/2056 | &nbsp;&nbsp; 1.127% | 211155 | &nbsp;&nbsp; 187571 |
| Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  | Toorak Mortgage Trust<sup>(a),(h)</sup>  |
| CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 | CMO Series 2025-RRTL1 Class B1 |
| 02/25/2040 | &nbsp;&nbsp; 8.342% | 200000 | &nbsp;&nbsp; 202871 |
| Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 | Subordinated CMO Series 2024-RRTL1 Class B1 |
| 02/25/2039 | &nbsp;&nbsp; 10.743% | 524000 | &nbsp;&nbsp; 528037 |
| Triangle Re Ltd.<sup>(a),(e)</sup>  | Triangle Re Ltd.<sup>(a),(e)</sup>  | Triangle Re Ltd.<sup>(a),(e)</sup>  | Triangle Re Ltd.<sup>(a),(e)</sup>  |
| Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 | Subordinated CMO Series 2021-2 Class B1 |
| 1-month Term SOFR + 7.614% <br>10/25/2033<br>| &nbsp;&nbsp; 11.569% | 650000 | &nbsp;&nbsp; 669558 |
| VCAT LLC<sup>(a),(k)</sup>  | VCAT LLC<sup>(a),(k)</sup>  | VCAT LLC<sup>(a),(k)</sup>  | VCAT LLC<sup>(a),(k)</sup>  |
| CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 | CMO Series 2025-NPL2 Class A1 |
| 09/25/2054 | &nbsp;&nbsp; 5.977% | 464660 | &nbsp;&nbsp; 470431 |
| Vericrest Opportunity Loan Transferee<sup>(a),(k)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(k)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(k)</sup>  | Vericrest Opportunity Loan Transferee<sup>(a),(k)</sup>  |
| CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 | CMO Series 2021-NPL4 Class A1 |
| 03/27/2051 | &nbsp;&nbsp; 6.240% | 63282 | &nbsp;&nbsp; 63288 |
| Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  | Verus Securitization Trust<sup>(a)</sup>  |
| CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 | CMO Series 2021-R2 Class M1 |
| 02/25/2064 | &nbsp;&nbsp; 2.244% | 500000 | &nbsp;&nbsp; 467589 |
| Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  | Verus Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 | CMO Series 2023-INV1 Class M1 |
| 02/25/2068 | &nbsp;&nbsp; 7.451% | 800000 | &nbsp;&nbsp; 798901 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** | **Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| **Issuer** | **Coupon**<br> **Rate**<br>| **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 | Subordinated CMO Series 2022-2 Class B2 |
| 02/25/2067 | &nbsp;&nbsp; 4.267% | 300000 | &nbsp;&nbsp; 240526 |
| Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 | Subordinated CMO Series 2023-1 Class B1 |
| 12/25/2067 | &nbsp;&nbsp; 6.847% | 1750000 | &nbsp;&nbsp; 1743681 |
| Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 | Subordinated CMO Series 2023-INV1 Class B1 |
| 02/25/2068 | &nbsp;&nbsp; 7.451% | 450000 | &nbsp;&nbsp; 449128 |
| Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 | Subordinated Series 2021-5 Class B1 |
| 09/25/2066 | &nbsp;&nbsp; 3.037% | 300000 | &nbsp;&nbsp; 223171 |
| Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 | Subordinated Series 2021-5 Class B2 |
| 09/25/2066 | &nbsp;&nbsp; 3.941% | 250000 | &nbsp;&nbsp; 196176 |
| Visio Trust<sup>(a),(h)</sup>  | Visio Trust<sup>(a),(h)</sup>  | Visio Trust<sup>(a),(h)</sup>  | Visio Trust<sup>(a),(h)</sup>  |
| CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 | CMO Series 2019-2 Class M1 |
| 11/25/2054 | &nbsp;&nbsp; 3.260% | 200000 | &nbsp;&nbsp; 196364 |
| Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 | Subordinated CMO Series 2019-2 Class B1 |
| 11/25/2054 | &nbsp;&nbsp; 3.910% | 100000 | &nbsp;&nbsp; 98499 |
| Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  | Vista Point Securitization Trust<sup>(a),(h)</sup>  |
| CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 | CMO Series 2024-CES3 Class B1 |
| 01/25/2055 | &nbsp;&nbsp; 7.833% | 300000 | &nbsp;&nbsp; 303018 |
| CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 | CMO Series 2024-CES3 Class B2 |
| 01/25/2055 | &nbsp;&nbsp; 9.495% | 200000 | &nbsp;&nbsp; 205524 |
| CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 | CMO Series 2025-CES1 Class B1 |
| 04/25/2055 | &nbsp;&nbsp; 7.621% | 250000 | &nbsp;&nbsp; 254337 |
| CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 | CMO Series 2025-CES1 Class B2 |
| 04/25/2055 | &nbsp;&nbsp; 8.956% | 150000 | &nbsp;&nbsp; 154433 |
| Vista Point Securitization Trust<sup>(a),(k)</sup>  | Vista Point Securitization Trust<sup>(a),(k)</sup>  | Vista Point Securitization Trust<sup>(a),(k)</sup>  | Vista Point Securitization Trust<sup>(a),(k)</sup>  |
| CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 | CMO Series 2025-CES2 Class M1 |
| 08/25/2055 | &nbsp;&nbsp; 6.366% | 500000 | &nbsp;&nbsp; 506317 |
| Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $55,213,109) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $55,213,109) | Total Residential Mortgage-Backed Securities - Non-Agency <br>(Cost $55,213,109) | &nbsp;&nbsp; **57418775** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Treasury Bills 15.8%** | **Treasury Bills 15.8%** | **Treasury Bills 15.8%** | **Treasury Bills 15.8%** |
| **Issuer** | **Yield** | **Principal**<br> **Amount ($)**<br>| **Value ($)** |
| **United States 15.8%** | **United States 15.8%** | **United States 15.8%** | **United States 15.8%** |
| U.S. Treasury Bills<sup>(l)</sup>  | U.S. Treasury Bills<sup>(l)</sup>  | U.S. Treasury Bills<sup>(l)</sup>  | U.S. Treasury Bills<sup>(l)</sup>  |
| 12/09/2025 | &nbsp;&nbsp; 3.890% | 37750000 | &nbsp;&nbsp; 37705782 |
| 03/03/2026 | &nbsp;&nbsp; 3.660% | 44000000 | &nbsp;&nbsp; 43584469 |
| **Total** | **Total** | **Total** | &nbsp;&nbsp; **81290251** |
| Total Treasury Bills <br>(Cost $81,273,886) | Total Treasury Bills <br>(Cost $81,273,886) | Total Treasury Bills <br>(Cost $81,273,886) | &nbsp;&nbsp; **81290251** |

---

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

---

| | |
|:---|:---|
| **Call Option Contracts Purchased 0.1%** | **Call Option Contracts Purchased 0.1%** |
|  | **Value ($)** |
| (Cost $632,834) | &nbsp;&nbsp; **568631** |
| **Put Option Contracts Purchased 0.1%** | **Put Option Contracts Purchased 0.1%** |
| (Cost $897,300) | &nbsp;&nbsp; **496112** |

---

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

---

| | | |
|:---|:---|:---|
| **Money Market Funds 55.5%** | **Money Market Funds 55.5%** | **Money Market Funds 55.5%** |
|  | **Shares** | **Value ($)** |
| Columbia Short-Term Cash Fund, 4.061%<sup>(m),(n)</sup> <br>| &nbsp;&nbsp; 284930386 | &nbsp;&nbsp; 284844907 |
| Total Money Market Funds <br>(Cost $284,851,817) | Total Money Market Funds <br>(Cost $284,851,817) | &nbsp;&nbsp; **284844907** |
| **Total Investments in Securities** <br>**(Cost: $571,501,009)** | **Total Investments in Securities** <br>**(Cost: $571,501,009)** | &nbsp;&nbsp; **565487220** |
| **Other Assets & Liabilities, Net** |  | &nbsp;&nbsp; **(52333631)**<br>|
| **Net Assets** | **Net Assets** | &nbsp;&nbsp; **513153589** |

---

At November 30, 2025, securities and/or cash totaling $67,876,459 were pledged as collateral.

**Investments in derivatives** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** | **Forward foreign currency exchange contracts** |
| **Currency to** <br>**be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to** <br>**be purchased**<br>| **Counterparty** | **Settlement** <br>**date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**depreciation ($)**<br>|
| 66,626,205 USD | &nbsp;&nbsp;&nbsp;&nbsp; 674,577,000 NOK | Barclays | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 41516 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 203,859,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 19,865,209 USD | Barclays | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (279897)<br>|
| 5,389,392 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,553,652 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22307 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 15,472,524 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 10,061,462 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76755)<br>|
| 161,500 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 30,295 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 76,399,433 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 13,887,209 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (377490)<br>|
| 17,098,104 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 12,423,877 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 178355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,575,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,834,546 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9648)<br>|
| 16,696,702 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 21,066,054 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 232848 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,570,501 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1,952,579 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7004)<br>|
| 5,601,351,379 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 5,959,173 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77387)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 55,001 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7,792 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 128,148,885 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 18,059,444 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88921)<br>|
| 3,235,357,927 COP | &nbsp;&nbsp;&nbsp;&nbsp; 861,725 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1858 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,256,705,413 COP | &nbsp;&nbsp;&nbsp;&nbsp; 3,664,480 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (124553)<br>|
| 52,481,500 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 2,543,819 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24291 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 104,600,750 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 4,993,836 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27829)<br>|
| 13,981,244 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16,377,449 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140331 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,568,496 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 12,218,610 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55112)<br>|
| 10,446,709 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 14,071,570 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 243209 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,355,500 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,769,449 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24833)<br>|
| 1,898,801,414 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 5,675,815 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (95783)<br>|
| 5,500,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 331,744 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1436 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12,553,732,433 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 751,078 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2849)<br>|
| 2,309,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 710,327 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25,720,606 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 7,727,100 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (172106)<br>|
| 1,224,265,696 INR | &nbsp;&nbsp;&nbsp;&nbsp; 13,829,163 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 148189 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,890,824,153 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 12,388,291 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 262156 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,211,134,228 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 7,712,943 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54240)<br>|
| 9,123,713,505 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 6,356,739 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 141227 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,812,959,968 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 5,305,896 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16668)<br>|
| 442,827,251 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 23,452,532 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (705872)<br>|
| 66,499,999 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 6,656,340 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 84216 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 38,766,056 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 3,788,320 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42888)<br>|
| 9,669,608 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,629,436 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75551 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,131,904 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,183,011 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62036)<br>|
| 990,519 PEN | &nbsp;&nbsp;&nbsp;&nbsp; 292,645 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1813)<br>|
| 73,750,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1,275,565 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18186 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 126,562,499 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 2,147,100 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10690)<br>|
| 12,802,366 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 3,533,267 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25769 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 35,604,189 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 9,713,478 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41094)<br>|
| 55,250,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 5,903,542 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45809 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 393,036,127 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 41,457,107 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (213495)<br>|
| 36,346,800 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 28,430,527 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 348606 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,134,501 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 5,489,067 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23123)<br>|
| 77,166,222 THB | &nbsp;&nbsp;&nbsp;&nbsp; 2,411,001 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11046 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 206,498,660 THB | &nbsp;&nbsp;&nbsp;&nbsp; 6,403,601 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18736)<br>|
| 236,847,996 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 7,570,194 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27442 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 41,867,208 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1,332,942 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (377)<br>|
| 9,576,550 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,734,416 AUD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 78029 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,048,026 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,084,499 AUD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26939)<br>|
| 8,330,930 USD | &nbsp;&nbsp;&nbsp;&nbsp; 45,854,712 BRL | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 230700 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,115,447 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,927,000 BRL | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8805)<br>|
| 9,170,945 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,871,530 CAD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47539 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,817,872 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,515,212 CAD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16498)<br>|
| 13,899,311 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,193,624 CHF | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 67464 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,142,391 USD | &nbsp;&nbsp;&nbsp;&nbsp; 900,001 CHF | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19420)<br>|
| 7,783,201 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,500,996,321 CLP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,211,046 USD | &nbsp;&nbsp;&nbsp;&nbsp; 164,711,602 CNH | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115308 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,461,740 USD | &nbsp;&nbsp;&nbsp;&nbsp; 25,848,784,200 COP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 408143 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 360,369 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,350,000,000 COP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>|
| 5,186,044 USD | &nbsp;&nbsp;&nbsp;&nbsp; 108,822,375 CZK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38293 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,951,765 USD | &nbsp;&nbsp;&nbsp;&nbsp; 40,453,125 CZK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9694)<br>|
| 6,560,576 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,686,344 EUR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 43259 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 27,731,612 USD | &nbsp;&nbsp;&nbsp;&nbsp; 23,636,179 EUR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (281736)<br>|
| 31,345,831 USD | &nbsp;&nbsp;&nbsp;&nbsp; 23,877,925 GBP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 261498 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,557,850 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,397,002 GBP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61222)<br>|
| 7,587,177 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,563,593,081 HUF | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205123 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 373,927 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,250,000,000 IDR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 883,830 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,607,464,867 IDR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6564)<br>|
| 6,684,617 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,157,292 ILS | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120239 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 346,318 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,126,500 ILS | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (352)<br>|
| 11,415,688 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,008,914,881 INR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (141226)<br>|
| 34,442,625 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,062,725,912 JPY | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1974615)<br>|
| 854,912 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,258,571,427 KRW | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 19,878,997 USD | &nbsp;&nbsp;&nbsp;&nbsp; 27,892,261,526 KRW | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (877450)<br>|
| 15,946,022 USD | &nbsp;&nbsp;&nbsp;&nbsp; 295,325,097 MXN | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,469,803 USD | &nbsp;&nbsp;&nbsp;&nbsp; 35,518,159 NOK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 40419 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,185,350 USD | &nbsp;&nbsp;&nbsp;&nbsp; 82,454,133 NOK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36497)<br>|
| 3,709,831 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,510,744 NZD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29712 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,543,497 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,536,617 NZD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65998)<br>|
| 615,188 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,179,104 PEN | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32608 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 952,868 USD | &nbsp;&nbsp;&nbsp;&nbsp; 56,093,750 PHP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3486 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,175,933 USD | &nbsp;&nbsp;&nbsp;&nbsp; 182,500,000 PHP | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64453)<br>|
| 5,674,617 USD | &nbsp;&nbsp;&nbsp;&nbsp; 20,841,504 PLN | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35385 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,558,483 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,672,932 PLN | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4255)<br>|
| 12,818,056 USD | &nbsp;&nbsp;&nbsp;&nbsp; 121,386,753 SEK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 51649 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,656,623 USD | &nbsp;&nbsp;&nbsp;&nbsp; 71,691,374 SEK | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55737)<br>|
| 16,958,935 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,092,719 SGD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110133 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,920,165 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,446,499 SGD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29974)<br>|
| 4,477,506 USD | &nbsp;&nbsp;&nbsp;&nbsp; 145,168,973 THB | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37410 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,187,878 USD | &nbsp;&nbsp;&nbsp;&nbsp; 37,500,000 THB | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21587)<br>|
| 17,130,611 USD | &nbsp;&nbsp;&nbsp;&nbsp; 518,451,951 TWD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (619793)<br>|
| 12,887,633 USD | &nbsp;&nbsp;&nbsp;&nbsp; 227,196,347 ZAR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 374504 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 265,876 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,544,087 ZAR | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (624)<br>|
| 200,762,360 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 11,479,094 USD | Citi | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (240012)<br>|
| 5,413,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,502,133 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45658)<br>|
| 9,595,483 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 1,735,863 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19157)<br>|
| 2,297,453 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,637,036 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15255)<br>|
| 12,286,509 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 15,418,191 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63021)<br>|
| 1,552,978 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 220,055 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1060)<br>|
| 29,463,000 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 1,409,135 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7334)<br>|
| 1,292,841 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,499,605 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8663)<br>|
| 2,354,926 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3,095,214 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21763)<br>|
| 62,499,999 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 186,876 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1973)<br>|
| 5,646,418 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 1,728,112 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8308)<br>|
| 184,375,004 INR | &nbsp;&nbsp;&nbsp;&nbsp; 2,062,663 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 11993 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 30,238,095 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 20,752 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 518,571,429 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 354,120 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1019)<br>|
| 97,825,097 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 5,259,342 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26795)<br>|
| 16,181,426 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 1,578,438 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19877)<br>|
| 4,503,809 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 2,566,971 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29022)<br>|
| 24,218,750 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 409,882 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2089)<br>|
| 15,108,800 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 4,113,247 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23641)<br>|
| 16,125,001 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,698,414 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19630)<br>|
| 23,686,719 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 18,299,823 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117245)<br>|
| 86,168,973 THB | &nbsp;&nbsp;&nbsp;&nbsp; 2,673,022 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24769)<br>|
| 1 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1 AUD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 449,110 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,480,543 BRL | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 599,871 USD | &nbsp;&nbsp;&nbsp;&nbsp; 842,000 CAD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5682 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,765,736 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,651,351,379 CLP | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,307,203 USD | &nbsp;&nbsp;&nbsp;&nbsp; 51,587,524 CNH | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37882 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,145,124 USD | &nbsp;&nbsp;&nbsp;&nbsp; 8,319,421,712 COP | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37351 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,191,689 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,535,357,927 COP | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1906)<br>|
| 1,179,190 USD | &nbsp;&nbsp;&nbsp;&nbsp; 24,656,250 CZK | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6190 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,984,768 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,158,476 EUR | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33269 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,356,164 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,122,291,665 HUF | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34940 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 1,664 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,439 ILS | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,269,615 USD | &nbsp;&nbsp;&nbsp;&nbsp; 113,640,702 INR | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5672)<br>|
| 5,593,740 USD | &nbsp;&nbsp;&nbsp;&nbsp; 871,134,228 JPY | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38604 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,505,912 USD | &nbsp;&nbsp;&nbsp;&nbsp; 386,043,305 JPY | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9938)<br>|
| 7,357,544 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,779,779,962 KRW | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24902 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,901,204 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,773,069,991 KRW | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2089)<br>|
| 2,558,161 USD | &nbsp;&nbsp;&nbsp;&nbsp; 26,258,665 NOK | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35529 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 531,285 USD | &nbsp;&nbsp;&nbsp;&nbsp; 930,059 NZD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 291,877 USD | &nbsp;&nbsp;&nbsp;&nbsp; 990,519 PEN | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,517,308 USD | &nbsp;&nbsp;&nbsp;&nbsp; 89,687,499 PHP | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 57,443 USD | &nbsp;&nbsp;&nbsp;&nbsp; 211,056 PLN | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,573,208 USD | &nbsp;&nbsp;&nbsp;&nbsp; 33,904,127 SEK | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39118 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,354,160 USD | &nbsp;&nbsp;&nbsp;&nbsp; 259,215,205 TWD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50308)<br>|
| 1,821,769 USD | &nbsp;&nbsp;&nbsp;&nbsp; 31,829,031 ZAR | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23451 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,275,520 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 644,374 USD | Citi | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9300)<br>|
| 3,000,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 179,000 USD | Citi | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (724)<br>|
| 376,062 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,303,732,433 IDR | Citi | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 68,075,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 78,517,024 USD | Goldman Sachs International | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (541877)<br>|
| 66,662,168 USD | &nbsp;&nbsp;&nbsp;&nbsp; 101,912,000 AUD | Goldman Sachs International | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 114651 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,683,097,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 75,003,672 USD | Goldman Sachs International | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (129822)<br>|
| 1,140,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,500,678 USD | HSBC | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8346)<br>|
| 82,185,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 47,022,559 USD | HSBC | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (181629)<br>|
| 597,922 USD | &nbsp;&nbsp;&nbsp;&nbsp; 927,000 AUD | HSBC | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9486 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,675,730 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,698,000 EUR | HSBC | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 71092 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,389,392 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,553,660 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 22314 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 15,472,525 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 10,061,482 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (76735)<br>|
| 161,500 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 30,295 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 76,399,439 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 13,887,222 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (377478)<br>|
| 17,098,105 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 12,423,903 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 178380 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,575,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,834,550 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9644)<br>|
| 16,696,702 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 21,066,096 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 232890 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,570,499 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 1,952,581 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7000)<br>|
| 5,601,351,379 CLP | &nbsp;&nbsp;&nbsp;&nbsp; 5,959,163 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77396)<br>|
| 55,001 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 7,792 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 128,148,882 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 18,059,479 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (88885)<br>|
| 3,235,357,927 COP | &nbsp;&nbsp;&nbsp;&nbsp; 861,727 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,256,705,411 COP | &nbsp;&nbsp;&nbsp;&nbsp; 3,664,446 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (124587)<br>|
| 52,481,500 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 2,543,824 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 24296 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 104,600,750 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 4,993,846 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27819)<br>|
| 13,981,253 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16,377,492 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140364 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,568,498 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 12,218,637 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55088)<br>|
| 10,446,708 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 14,071,597 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 243237 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,355,500 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1,769,453 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24829)<br>|
| 1,898,801,416 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 5,675,827 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (95772)<br>|
| 5,500,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 331,745 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13,053,732,433 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 781,007 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2948)<br>|
| 2,309,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 710,329 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25,720,602 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 7,727,115 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (172091)<br>|
| 1,243,015,699 INR | &nbsp;&nbsp;&nbsp;&nbsp; 14,039,866 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 149365 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,890,824,157 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 12,388,316 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 262181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,211,134,228 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 7,712,958 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54225)<br>|
| 9,123,713,515 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 6,356,314 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 140803 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,812,959,972 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 5,304,625 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17938)<br>|
| 442,827,252 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 23,452,579 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (705825)<br>|
| 66,500,002 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 6,656,353 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 84229 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 38,766,051 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 3,788,327 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42880)<br>|
| 9,669,608 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,629,447 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9,131,901 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 5,183,019 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62025)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 990,519 PEN | &nbsp;&nbsp;&nbsp;&nbsp; 292,645 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1812)<br>|
| 73,750,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 1,275,854 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 18474 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 132,812,499 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 2,253,185 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11163)<br>|
| 12,802,366 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 3,533,274 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25776 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 35,604,186 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 9,713,497 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41075)<br>|
| 55,249,999 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 5,903,554 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 45821 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 45,404,126 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 4,767,143 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46708)<br>|
| 36,346,803 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 28,430,586 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 348663 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,134,499 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 5,489,077 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23112)<br>|
| 77,166,222 THB | &nbsp;&nbsp;&nbsp;&nbsp; 2,411,005 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11050 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 206,498,660 THB | &nbsp;&nbsp;&nbsp;&nbsp; 6,403,614 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18723)<br>|
| 236,847,998 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 7,569,883 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27131 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 41,867,207 TWD | &nbsp;&nbsp;&nbsp;&nbsp; 1,332,989 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (330)<br>|
| 9,576,530 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,734,415 AUD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 78048 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,048,024 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,084,501 AUD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26935)<br>|
| 8,330,914 USD | &nbsp;&nbsp;&nbsp;&nbsp; 45,854,718 BRL | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 230717 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,115,445 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,927,000 BRL | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8803)<br>|
| 9,170,927 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,871,530 CAD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 47557 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,817,869 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,515,213 CAD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16494)<br>|
| 13,899,282 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,193,623 CHF | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 67492 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,142,387 USD | &nbsp;&nbsp;&nbsp;&nbsp; 900,000 CHF | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19418)<br>|
| 7,783,178 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,500,996,321 CLP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 300624 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 23,210,999 USD | &nbsp;&nbsp;&nbsp;&nbsp; 164,711,600 CNH | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 115355 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,461,604 USD | &nbsp;&nbsp;&nbsp;&nbsp; 25,848,784,200 COP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 408279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 360,368 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,350,000,000 COP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1576)<br>|
| 5,186,033 USD | &nbsp;&nbsp;&nbsp;&nbsp; 108,822,375 CZK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 38303 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,951,761 USD | &nbsp;&nbsp;&nbsp;&nbsp; 40,453,125 CZK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9690)<br>|
| 6,560,563 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,686,344 EUR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 43272 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 27,731,568 USD | &nbsp;&nbsp;&nbsp;&nbsp; 23,636,189 EUR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (281680)<br>|
| 5,613,882 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,270,927 GBP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 39565 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,557,839 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,397,000 GBP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (61213)<br>|
| 7,587,162 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,563,593,083 HUF | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 205138 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 403,857 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,750,000,000 IDR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 883,832 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,607,464,867 IDR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6566)<br>|
| 6,684,603 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,157,289 ILS | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 120253 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 346,318 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,126,500 ILS | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (352)<br>|
| 11,626,519 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,027,664,884 INR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (142529)<br>|
| 33,657,578 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,942,174,915 JPY | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1962679)<br>|
| 854,906 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,258,571,428 KRW | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 19,879,212 USD | &nbsp;&nbsp;&nbsp;&nbsp; 27,892,261,538 KRW | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (877665)<br>|
| 15,945,990 USD | &nbsp;&nbsp;&nbsp;&nbsp; 295,325,098 MXN | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 165447 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,675,366 USD | &nbsp;&nbsp;&nbsp;&nbsp; 27,389,157 NOK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 31475 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,185,334 USD | &nbsp;&nbsp;&nbsp;&nbsp; 82,454,134 NOK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36480)<br>|
| 3,709,824 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,510,743 NZD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29719 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,543,485 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,536,615 NZD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (65987)<br>|
| 615,187 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,179,104 PEN | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32609 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,058,877 USD | &nbsp;&nbsp;&nbsp;&nbsp; 62,343,750 PHP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4035 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,175,220 USD | &nbsp;&nbsp;&nbsp;&nbsp; 182,500,000 PHP | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63739)<br>|
| 5,674,604 USD | &nbsp;&nbsp;&nbsp;&nbsp; 20,841,500 PLN | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 35396 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,558,481 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,672,934 PLN | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4252)<br>|
| 3,051,008 USD | &nbsp;&nbsp;&nbsp;&nbsp; 28,962,752 SEK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19690 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,656,607 USD | &nbsp;&nbsp;&nbsp;&nbsp; 71,691,373 SEK | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55722)<br>|
| 16,958,900 USD | &nbsp;&nbsp;&nbsp;&nbsp; 22,092,718 SGD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 110167 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,920,163 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,446,501 SGD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29971)<br>|
| 4,477,497 USD | &nbsp;&nbsp;&nbsp;&nbsp; 145,168,973 THB | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37419 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,187,876 USD | &nbsp;&nbsp;&nbsp;&nbsp; 37,500,000 THB | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21584)<br>|
| 17,130,963 USD | &nbsp;&nbsp;&nbsp;&nbsp; 518,451,952 TWD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (620145)<br>|
| 12,887,608 USD | &nbsp;&nbsp;&nbsp;&nbsp; 227,196,358 ZAR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 374530 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 265,875 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,544,088 ZAR | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (623)<br>|
| 200,762,372 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 11,479,117 USD | JPMorgan | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (239989)<br>|
| 12,329,267 USD | &nbsp;&nbsp;&nbsp;&nbsp; 21,975,000 NZD | JPMorgan | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 307325 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,412,999 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,502,140 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45651)<br>|
| 9,595,485 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 1,735,867 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19154)<br>|
| 2,297,453 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,637,039 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15251)<br>|
| 12,286,509 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 15,418,221 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62991)<br>|
| 1,552,974 CNH | &nbsp;&nbsp;&nbsp;&nbsp; 220,055 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1059)<br>|
| 29,463,000 CZK | &nbsp;&nbsp;&nbsp;&nbsp; 1,409,138 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7332)<br>|
| 1,292,847 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,499,615 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8660)<br>|
| 2,354,926 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 3,095,220 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21757)<br>|
| 62,499,999 HUF | &nbsp;&nbsp;&nbsp;&nbsp; 186,877 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1973)<br>|
| 5,646,413 ILS | &nbsp;&nbsp;&nbsp;&nbsp; 1,728,114 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8305)<br>|
| 184,374,995 INR | &nbsp;&nbsp;&nbsp;&nbsp; 2,062,738 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12069 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 30,238,095 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 20,732 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 518,571,425 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 354,132 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1008)<br>|
| 97,825,097 MXN | &nbsp;&nbsp;&nbsp;&nbsp; 5,259,352 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26784)<br>|
| 16,181,427 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 1,578,441 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19873)<br>|
| 4,503,809 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 2,566,976 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29017)<br>|
| 24,218,750 PHP | &nbsp;&nbsp;&nbsp;&nbsp; 409,911 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2060)<br>|
| 15,108,795 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 4,113,254 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23633)<br>|
| 16,125,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 1,698,417 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19627)<br>|
| 23,686,718 SGD | &nbsp;&nbsp;&nbsp;&nbsp; 18,299,859 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117208)<br>|
| 86,168,973 THB | &nbsp;&nbsp;&nbsp;&nbsp; 2,673,028 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24764)<br>|
| 449,110 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,480,544 BRL | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4584 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 599,869 USD | &nbsp;&nbsp;&nbsp;&nbsp; 842,000 CAD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5683 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,765,711 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,651,351,379 CLP | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 14433 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,307,188 USD | &nbsp;&nbsp;&nbsp;&nbsp; 51,587,521 CNH | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37897 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,145,104 USD | &nbsp;&nbsp;&nbsp;&nbsp; 8,319,421,712 COP | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 37372 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,191,687 USD | &nbsp;&nbsp;&nbsp;&nbsp; 4,535,357,927 COP | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1904)<br>|
| 1,179,187 USD | &nbsp;&nbsp;&nbsp;&nbsp; 24,656,250 CZK | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,984,763 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,158,482 EUR | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 33281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,356,158 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,122,291,665 HUF | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 34947 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,663 USD | &nbsp;&nbsp;&nbsp;&nbsp; 5,435 ILS | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,269,663 USD | &nbsp;&nbsp;&nbsp;&nbsp; 113,640,693 INR | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5720)<br>|
| 5,593,729 USD | &nbsp;&nbsp;&nbsp;&nbsp; 871,134,228 JPY | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 38615 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2,505,907 USD | &nbsp;&nbsp;&nbsp;&nbsp; 386,043,305 JPY | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9933)<br>|
| 7,357,969 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,779,779,958 KRW | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 24477 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,903,208 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,773,069,991 KRW | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4093)<br>|
| 2,558,156 USD | &nbsp;&nbsp;&nbsp;&nbsp; 26,258,666 NOK | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 35534 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 531,284 USD | &nbsp;&nbsp;&nbsp;&nbsp; 930,059 NZD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 291,877 USD | &nbsp;&nbsp;&nbsp;&nbsp; 990,519 PEN | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,517,526 USD | &nbsp;&nbsp;&nbsp;&nbsp; 89,687,499 PHP | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 8097 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 57,442 USD | &nbsp;&nbsp;&nbsp;&nbsp; 211,051 PLN | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,573,201 USD | &nbsp;&nbsp;&nbsp;&nbsp; 33,904,126 SEK | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 39125 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8,353,528 USD | &nbsp;&nbsp;&nbsp;&nbsp; 259,215,204 TWD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49677)<br>|
| 1,821,766 USD | &nbsp;&nbsp;&nbsp;&nbsp; 31,829,032 ZAR | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 23455 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11,275,520 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 644,375 USD | JPMorgan | 03/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9299)<br>|
| 3,000,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp; 179,001 USD | JPMorgan | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (723)<br>|
| 376,061 USD | &nbsp;&nbsp;&nbsp;&nbsp; 6,303,732,433 IDR | JPMorgan | 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,250,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 4,792,569 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42079 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 18,700,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 12,124,369 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128619)<br>|
| 470,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 88,051 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 55,390,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp; 10,168,527 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (173457)<br>|
| 21,500,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 15,607,034 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 208910 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 24,800,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 31,549,220 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 605175 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4,400,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 5,209,503 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 99563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,900,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 20,212,029 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 488824 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** | **Forward foreign currency exchange contracts (continued)** |
| **Currency to**<br> **be sold**<br>| &nbsp;&nbsp;&nbsp; **Currency to**<br> **be purchased**<br>| **Counterparty** | **Settlement**<br> **date**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized**<br> **depreciation ($)**<br>|
| 587,155,000 INR | &nbsp;&nbsp;&nbsp;&nbsp; 6,610,989 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 49626 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 955,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 6,496,516 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 371959 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,079,110,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp; 7,271,767 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 405394 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 36,487,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 3,611,369 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5398 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 36,450,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp; 21,573,954 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 638349 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 36,615,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 10,096,058 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 64551 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,590,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp; 434,301 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1315)<br>|
| 195,695,000 TRY | &nbsp;&nbsp;&nbsp;&nbsp; 4,480,569 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67084)<br>|
| 6,881,482 USD | &nbsp;&nbsp;&nbsp;&nbsp; 10,400,000 AUD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (66986)<br>|
| 6,738,030 USD | &nbsp;&nbsp;&nbsp;&nbsp; 37,390,000 BRL | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 243136 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 10,658,740 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,935,000 CAD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37585 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,760,598 USD | &nbsp;&nbsp;&nbsp;&nbsp; 9,300,000 CAD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100014)<br>|
| 3,648,911 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,940,000 CHF | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19456 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 14,714,272 USD | &nbsp;&nbsp;&nbsp;&nbsp; 11,595,000 CHF | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (246683)<br>|
| 17,536,261 USD | &nbsp;&nbsp;&nbsp;&nbsp; 14,850,000 EUR | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (290214)<br>|
| 17,221,158 USD | &nbsp;&nbsp;&nbsp;&nbsp; 12,800,000 GBP | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (277734)<br>|
| 6,636,538 USD | &nbsp;&nbsp;&nbsp;&nbsp; 587,155,000 INR | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75175)<br>|
| 21,984,873 USD | &nbsp;&nbsp;&nbsp;&nbsp; 3,195,000,000 JPY | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1494865)<br>|
| 10,342,613 USD | &nbsp;&nbsp;&nbsp;&nbsp; 191,620,000 MXN | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 111200 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25,721,216 USD | &nbsp;&nbsp;&nbsp;&nbsp; 255,250,000 NOK | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (495133)<br>|
| 13,427,339 USD | &nbsp;&nbsp;&nbsp;&nbsp; 23,680,000 NZD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 173625 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5,557,588 USD | &nbsp;&nbsp;&nbsp;&nbsp; 52,955,000 SEK | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 56824 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,055,697 USD | &nbsp;&nbsp;&nbsp;&nbsp; 65,500,000 SEK | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (111235)<br>|
| 10,985,798 USD | &nbsp;&nbsp;&nbsp;&nbsp; 488,950,000 TRY | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 376654 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,253,579 USD | &nbsp;&nbsp;&nbsp;&nbsp; 56,290,000 ZAR | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32238 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,482,992 USD | &nbsp;&nbsp;&nbsp;&nbsp; 59,620,000 ZAR | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2793)<br>|
| 56,290,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 3,193,613 USD | Morgan Stanley | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92204)<br>|
| 21,829,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 28,564,283 USD | Standard Chartered | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (330873)<br>|
| 12,064,380 USD | &nbsp;&nbsp;&nbsp;&nbsp; 21,415,000 NZD | Standard Chartered | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 235646 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 850,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 557,270 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1,450,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1,038,344 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (134)<br>|
| 1,500,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1,749,042 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7017 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 250,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp; 331,648 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp; 699,382 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7580 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp; 694,105 USD | State Street | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4959 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 69,303,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 86,124,384 USD | UBS | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (348002)<br>|
| 5,098,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp; 3,318,252 USD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22162)<br>|
| 24,509,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp; 17,497,820 USD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55325)<br>|
| 453,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp; 564,789 USD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (439)<br>|
| 6,380,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7,389,747 USD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19666)<br>|
| 597,418,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp; 3,858,886 USD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 27556 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 864,863 USD | &nbsp;&nbsp;&nbsp;&nbsp; 1,325,000 AUD | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3,059,804 USD | &nbsp;&nbsp;&nbsp;&nbsp; 2,326,000 GBP | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 19134 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 975,442 USD | &nbsp;&nbsp;&nbsp;&nbsp; 152,838,000 JPY | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4731 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 86,097,825 USD | &nbsp;&nbsp;&nbsp;&nbsp; 13,222,904,000 JPY | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1297385)<br>|
| 703,728 USD | &nbsp;&nbsp;&nbsp;&nbsp; 7,127,000 NOK | Wells Fargo | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 72,808,888 USD | &nbsp;&nbsp;&nbsp;&nbsp; 58,499,000 CHF | Wells Fargo | 01/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 421940 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15446933 | &nbsp;&nbsp;&nbsp;&nbsp; (21529250)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** | **Long futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 3-Month SOFR | 131 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 31406431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15698)<br>|
| Australian 10-Year Bond | 179 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 20004897 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (256575)<br>|
| Australian 10-Year Bond | 672 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 75102182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (830153)<br>|
| Australian 3-Year Bond | 68 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 7199631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29267)<br>|
| Bist 30 Index | 681 | 12/2025 | TRY | &nbsp;&nbsp;&nbsp;&nbsp; 83299920 | &nbsp;&nbsp;&nbsp;&nbsp; 36932 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Brent Crude | 7 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 436660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8172)<br>|
| Brent Crude | 43 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2650950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (107899)<br>|
| Brent Crude | 86 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5301040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (219057)<br>|
| Brent Crude | 43 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2649230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67530)<br>|
| CAC40 Index | 145 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 11784150 | &nbsp;&nbsp;&nbsp;&nbsp; 38266 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Canadian Government 10-Year Bond | 433 | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 53233020 | &nbsp;&nbsp;&nbsp;&nbsp; 216652 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cocoa | 47 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2586880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (193679)<br>|
| Coffee | 11 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1572450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33486)<br>|
| Coffee | 13 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1774500 | &nbsp;&nbsp;&nbsp;&nbsp; 20139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 1 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 136500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2478)<br>|
| Coffee | 22 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2883788 | &nbsp;&nbsp;&nbsp;&nbsp; 46695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | 8 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1048650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16527)<br>|
| Copper | 4 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1122242 | &nbsp;&nbsp;&nbsp;&nbsp; 41274 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 3 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 839109 | &nbsp;&nbsp;&nbsp;&nbsp; 27025 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1054400 | &nbsp;&nbsp;&nbsp;&nbsp; 38195 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 28 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3722250 | &nbsp;&nbsp;&nbsp;&nbsp; 296521 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Copper | 56 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 7500500 | &nbsp;&nbsp;&nbsp;&nbsp; 220150 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 86 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1925325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (962)<br>|
| Corn | 111 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2485013 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5958)<br>|
| Corn | 133 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3030738 | &nbsp;&nbsp;&nbsp;&nbsp; 25649 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 210 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4843125 | &nbsp;&nbsp;&nbsp;&nbsp; 68208 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | 53 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1222313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1524)<br>|
| Cotton | 123 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3979665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87491)<br>|
| Cotton | 26 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 856960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31268)<br>|
| Cotton | 51 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1707480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12552)<br>|
| DAX Index | 2 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1193400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2360)<br>|
| DAX Index | 1 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 596700 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10700)<br>|
| DJIA Index E-mini | 3 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 716145 | &nbsp;&nbsp;&nbsp;&nbsp; 10339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro STOXX 50 Index | 9 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 510660 | &nbsp;&nbsp;&nbsp;&nbsp; 16161 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bobl | 34 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 4010300 | &nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-BTP | 26 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3155620 | &nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | 136 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17527680 | &nbsp;&nbsp;&nbsp;&nbsp; 20517 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-Bund | 11 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1417680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4134)<br>|
| Euro-OAT | 138 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 16953300 | &nbsp;&nbsp;&nbsp;&nbsp; 162566 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-OAT | 12 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1474200 | &nbsp;&nbsp;&nbsp;&nbsp; 5088 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Euro-OAT | 18 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2211300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1128)<br>|
| Euro-Schatz | 465 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 49743375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (63116)<br>|
| Feeder Cattle | 51 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 8261363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (553248)<br>|
| FTSE 100 Index | 52 | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5067920 | &nbsp;&nbsp;&nbsp;&nbsp; 109992 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE China A50 Index | 265 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3992490 | &nbsp;&nbsp;&nbsp;&nbsp; 33532 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE Taiwan Index | 45 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4095450 | &nbsp;&nbsp;&nbsp;&nbsp; 124739 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FTSE/JSE Top 40 Index | 33 | 12/2025 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; 34200210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38618)<br>|
| Gas Oil | 12 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 803700 | &nbsp;&nbsp;&nbsp;&nbsp; 55082 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 37 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2478075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78014)<br>|
| Gas Oil | 39 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2612025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (147118)<br>|
| Gas Oil | 18 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1172700 | &nbsp;&nbsp;&nbsp;&nbsp; 19128 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 7 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 444850 | &nbsp;&nbsp;&nbsp;&nbsp; 2227 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gas Oil | 11 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 699050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5538)<br>|
| Gas Oil | 37 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2319900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37446)<br>|
| Gold 100 oz. | 3 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1276470 | &nbsp;&nbsp;&nbsp;&nbsp; 43907 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Gold 100 oz. | 2 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 850980 | &nbsp;&nbsp;&nbsp;&nbsp; 29845 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | 37 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 997150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19260)<br>|
| Hard Red Winter Wheat | 72 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1983600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17498)<br>|
| IBEX 35 Index | 47 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 7699681 | &nbsp;&nbsp;&nbsp;&nbsp; 148807 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index | 18 | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2948814 | &nbsp;&nbsp;&nbsp;&nbsp; 90552 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IFSC Nifty 50 Index | 77 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4063598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4908)<br>|
| KLCI Index | 12 | 12/2025 | MYR | &nbsp;&nbsp;&nbsp;&nbsp; 974100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (320)<br>|
| KOSPI 200 Index Mini | 18 | 12/2025 | KRW | &nbsp;&nbsp;&nbsp;&nbsp; 2501550000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3731)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Lead | 9 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 441736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13306)<br>|
| Lead | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 397270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15023)<br>|
| Lead | 8 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 400850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7278)<br>|
| Lead | 16 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 808100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25842)<br>|
| Lean Hogs | 67 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2160080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49988)<br>|
| Lean Hogs | 14 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 453600 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 137 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4438800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50620)<br>|
| Lean Hogs | 22 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 747120 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38959)<br>|
| Lean Hogs | 39 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1509300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69622)<br>|
| Lean Hogs | 14 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 547820 | &nbsp;&nbsp;&nbsp;&nbsp; 3917 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Lean Hogs | 5 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 195650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (635)<br>|
| Live Cattle | 42 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3621660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (345369)<br>|
| Live Cattle | 10 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 871400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27010)<br>|
| Live Cattle | 19 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1668580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (126005)<br>|
| Live Cattle | 40 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3430400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (318599)<br>|
| Live Cattle | 20 | 08/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1690200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9916)<br>|
| Long Gilt | 44 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 4029520 | &nbsp;&nbsp;&nbsp;&nbsp; 29151 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | 19 | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1740020 | &nbsp;&nbsp;&nbsp;&nbsp; 18361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mexican Bolsa IPC Index | 1 | 12/2025 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; 634480 | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index | 221 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 15222480 | &nbsp;&nbsp;&nbsp;&nbsp; 348160 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NASDAQ 100 Index E-mini | 4 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2038560 | &nbsp;&nbsp;&nbsp;&nbsp; 55147 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 30 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1146900 | &nbsp;&nbsp;&nbsp;&nbsp; 44825 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 85 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3249550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52651)<br>|
| Natural Gas | 117 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4351230 | &nbsp;&nbsp;&nbsp;&nbsp; 195948 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 137 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5537540 | &nbsp;&nbsp;&nbsp;&nbsp; 36503 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Natural Gas | 78 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3152760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16607)<br>|
| Nickel | 11 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 980863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45492)<br>|
| Nickel | 11 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 988783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34159)<br>|
| Nickel | 21 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1900403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50424)<br>|
| Nikkei 225 Index | 3 | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 150750000 | &nbsp;&nbsp;&nbsp;&nbsp; 24408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 13 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1257493 | &nbsp;&nbsp;&nbsp;&nbsp; 76015 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 25 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2418255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75540)<br>|
| NY Harbor ULSD Heat Oil | 17 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1644413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (105376)<br>|
| NY Harbor ULSD Heat Oil | 17 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1644413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171220)<br>|
| NY Harbor ULSD Heat Oil | 2 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 187505 | &nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| NY Harbor ULSD Heat Oil | 8 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 750019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2852)<br>|
| NY Harbor ULSD Heat Oil | 10 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 906486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9271)<br>|
| NY Harbor ULSD Heat Oil | 21 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1881835 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43357)<br>|
| OMXS30 Index | 197 | 12/2025 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; 55041800 | &nbsp;&nbsp;&nbsp;&nbsp; 215752 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Palladium | 3 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 451890 | &nbsp;&nbsp;&nbsp;&nbsp; 25009 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 14 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 998477 | &nbsp;&nbsp;&nbsp;&nbsp; 6107 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 38 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2730386 | &nbsp;&nbsp;&nbsp;&nbsp; 160218 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 27 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1944736 | &nbsp;&nbsp;&nbsp;&nbsp; 112926 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | 54 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3895884 | &nbsp;&nbsp;&nbsp;&nbsp; 56993 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 122 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 9333366 | &nbsp;&nbsp;&nbsp;&nbsp; 127716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| RBOB Gasoline | 30 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2295090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (113795)<br>|
| RBOB Gasoline | 58 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4437174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (163154)<br>|
| RBOB Gasoline | 11 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 848463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19403)<br>|
| RBOB Gasoline | 10 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 854112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16829)<br>|
| RBOB Gasoline | 19 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1593127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22671)<br>|
| S&P 500 Index E-mini | 49 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 16805775 | &nbsp;&nbsp;&nbsp;&nbsp; 423042 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P 500 Index E-mini | 33 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 11318175 | &nbsp;&nbsp;&nbsp;&nbsp; 352636 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 91 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 33520760 | &nbsp;&nbsp;&nbsp;&nbsp; 1302284 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 24 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 8840640 | &nbsp;&nbsp;&nbsp;&nbsp; 295086 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index | 28 | 12/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; 10314080 | &nbsp;&nbsp;&nbsp;&nbsp; 127098 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Silver | 4 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1143260 | &nbsp;&nbsp;&nbsp;&nbsp; 121309 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 49 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2807700 | &nbsp;&nbsp;&nbsp;&nbsp; 233724 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean | 49 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2830363 | &nbsp;&nbsp;&nbsp;&nbsp; 155317 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** | **Long futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| Soybean | 97 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5642975 | &nbsp;&nbsp;&nbsp;&nbsp; 230285 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 48 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1556160 | &nbsp;&nbsp;&nbsp;&nbsp; 136663 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 47 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1549120 | &nbsp;&nbsp;&nbsp;&nbsp; 111627 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Meal | 92 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3080160 | &nbsp;&nbsp;&nbsp;&nbsp; 176778 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 9 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 281070 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 8 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 252240 | &nbsp;&nbsp;&nbsp;&nbsp; 1857 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 48 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1513440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (31752)<br>|
| Soybean Oil | 56 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1775424 | &nbsp;&nbsp;&nbsp;&nbsp; 31274 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Soybean Oil | 111 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3525138 | &nbsp;&nbsp;&nbsp;&nbsp; 84470 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SPI 200 Index | 9 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 1940400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39646)<br>|
| SPI 200 Index | 37 | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; 7977200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (210075)<br>|
| Sugar #11 | 48 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 817690 | &nbsp;&nbsp;&nbsp;&nbsp; 29279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 5 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 82488 | &nbsp;&nbsp;&nbsp;&nbsp; 2975 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 75 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1237320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77800)<br>|
| Sugar #11 | 44 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 723430 | &nbsp;&nbsp;&nbsp;&nbsp; 45053 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | 116 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1907226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40498)<br>|
| TOPIX Index | 9 | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 304155000 | &nbsp;&nbsp;&nbsp;&nbsp; 36780 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| TOPIX Index | 5 | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; 168975000 | &nbsp;&nbsp;&nbsp;&nbsp; 19989 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 21 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4386047 | &nbsp;&nbsp;&nbsp;&nbsp; 2259 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Treasury 2-Year Note | 228 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 47619938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8208)<br>|
| U.S. Treasury 5-Year Note | 955 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 104826172 | &nbsp;&nbsp;&nbsp;&nbsp; 199420 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 15 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 403875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10085)<br>|
| Wheat | 8 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 218700 | &nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 49 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1339538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29148)<br>|
| Wheat | 34 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 943500 | &nbsp;&nbsp;&nbsp;&nbsp; 9400 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | 79 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2192250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52306)<br>|
| WTI Crude | 8 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 468400 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WTI Crude | 37 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2166350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57049)<br>|
| WTI Crude | 39 | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2265510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170348)<br>|
| WTI Crude | 39 | 04/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2262390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (124377)<br>|
| WTI Crude | 78 | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 4532580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118938)<br>|
| Zinc | 44 | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 3485966 | &nbsp;&nbsp;&nbsp;&nbsp; 69264 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 68 | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 5255992 | &nbsp;&nbsp;&nbsp;&nbsp; 55800 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 24 | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 1833162 | &nbsp;&nbsp;&nbsp;&nbsp; 80420 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 13 | 05/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 988117 | &nbsp;&nbsp;&nbsp;&nbsp; 33172 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Zinc | 27 | 07/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; 2045831 | &nbsp;&nbsp;&nbsp;&nbsp; 9637 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7876833 | &nbsp;&nbsp;&nbsp;&nbsp; (5918616)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** | **Short futures contracts** |
| **Description** | **Number of** <br>**contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration** <br>**date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading** <br>**currency**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized** <br>**depreciation ($)**<br>|
| 10-Year Mini Japanese Government Bond | (19) | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (256633000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17160 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3-Month SOFR | (129) | 06/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (31105125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5024 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Australian 10-Year Bond | (973) | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (108741702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1204625 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Brent Crude | (95) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (5887150)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38790 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAC40 Index | (100) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (8127000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (136322)<br>|
| Canadian Government 10-Year Bond | (398) | 03/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp; (48930120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42903)<br>|
| Cocoa | (8) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (325520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19908 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cocoa | (4) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (220160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11958)<br>|
| Coffee | (11) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1572450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40498 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Coffee | (15) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2144250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26454)<br>|
| Copper | (25) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3295000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (133549)<br>|
| Copper | (144) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (18979200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (459764)<br>|
| Corn | (506) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (11328075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20721 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corn | (129) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2887988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6470)<br>|
| Cotton | (22) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (711810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17774 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Cotton | (108) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3494340)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10424 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** | **Short futures contracts (continued)** |
| **Description** | **Number of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Expiration**<br> **date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Trading**<br> **currency**<br>| &nbsp;&nbsp;&nbsp; **Notional**<br> **amount**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Value/Unrealized**<br> **depreciation ($)**<br>|
| DAX Index | (8) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (4773600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (62095)<br>|
| Euro STOXX 50 Index | (759) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (43065660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1633104)<br>|
| Euro-Bund | (79) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (10181520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3959)<br>|
| FTSE 100 Index | (7) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (682220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38830)<br>|
| FTSE 100 Index | (25) | 12/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (2436500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49793)<br>|
| FTSE Taiwan Index | (22) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2002220)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73216)<br>|
| FTSE/JSE Top 40 Index | (121) | 12/2025 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp; (125400770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (146378)<br>|
| FTSE/MIB Index | (29) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (6293725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125230)<br>|
| FTSE/MIB Index | (73) | 12/2025 | EUR | &nbsp;&nbsp;&nbsp;&nbsp; (15842825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (273779)<br>|
| Hard Red Winter Wheat | (143) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3771625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97208 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hard Red Winter Wheat | (10) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (263750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6658 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| IFSC Nifty 50 Index | (54) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2849796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13635)<br>|
| Japanese 10-Year Government Bond | (154) | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (20810020000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1818233 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Japanese 10-Year Government Bond | (17) | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (2297210000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72987 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Live Cattle | (41) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (3572740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98340 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Long Gilt | (78) | 03/2026 | GBP | &nbsp;&nbsp;&nbsp;&nbsp; (7143240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (87613)<br>|
| Mexican Bolsa IPC Index | (233) | 12/2025 | MXN | &nbsp;&nbsp;&nbsp;&nbsp; (147833840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (137301)<br>|
| MSCI EAFE Index | (5) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (704725)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (17661)<br>|
| MSCI Singapore Index | (151) | 12/2025 | SGD | &nbsp;&nbsp;&nbsp;&nbsp; (6691565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (39619)<br>|
| Natural Gas | (3) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (145500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2114)<br>|
| Natural Gas | (57) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2764500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106579)<br>|
| Natural Gas | (628) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (30458000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4339531)<br>|
| Nickel | (14) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1232326)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42836 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nickel | (75) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6637293)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235404 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Nickel | (6) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (535016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| OMXS30 Index | (48) | 12/2025 | SEK | &nbsp;&nbsp;&nbsp;&nbsp; (13411200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53844)<br>|
| Platinum | (7) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (589750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56086)<br>|
| Primary Aluminum | (32) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2282232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8766 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Primary Aluminum | (184) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (13173296)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (394655)<br>|
| S&P 500 Index E-mini | (5) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1714875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7643)<br>|
| S&P Mid 400 Index E-mini | (1) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (331440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15782)<br>|
| Silver | (4) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1143260)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122525)<br>|
| Soybean | (6) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (341325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16727)<br>|
| Soybean | (30) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1706625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (150462)<br>|
| Soybean | (275) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (15644063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1373826)<br>|
| Soybean Meal | (202) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (6437740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (568332)<br>|
| Soybean Oil | (135) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4216050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48422)<br>|
| Soybean Oil | (304) | 01/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (9493920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (232766)<br>|
| SPI 200 Index | (129) | 12/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp; (27812400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | (285) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (4855032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 425578 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Sugar #11 | (30) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (511056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4870)<br>|
| Sugar #11 | (64) | 02/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (1090253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64464)<br>|
| Thai SET50 Index | (573) | 12/2025 | THB | &nbsp;&nbsp;&nbsp;&nbsp; (94545000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8722)<br>|
| TOPIX Index | (56) | 12/2025 | JPY | &nbsp;&nbsp;&nbsp;&nbsp; (1892520000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (585077)<br>|
| U.S. Long Bond | (240) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (28185000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (146733)<br>|
| U.S. Treasury 10-Year Note | (79) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (8954156)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6513)<br>|
| U.S. Treasury 10-Year Note | (1331) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (150860531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (212955)<br>|
| U.S. Treasury Ultra Bond | (64) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (7740000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3574)<br>|
| U.S. Treasury Ultra Bond | (122) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (14754375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84492)<br>|
| Wheat | (295) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (7942875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 197819 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Wheat | (5) | 03/2026 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (134625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4810 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WIG 20 Index | (302) | 12/2025 | PLN | &nbsp;&nbsp;&nbsp;&nbsp; (18192480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70047 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WTI Crude | (50) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (2927500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| WTI Crude | (163) | 12/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp; (9543650)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (254830)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4536070 | &nbsp;&nbsp;&nbsp;&nbsp; (12381247)<br>|

---

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** | **Call option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 10-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 6000000 | 3.50 | &nbsp;&nbsp; 07/09/2026 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 88423 |
| 10-Year OTC interest rate swap with Morgan Stanley to <br> receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp; 6500000 | 3.40 | &nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp; 89700 | &nbsp;&nbsp; 42490 |
| 10-Year OTC interest rate swap with Morgan Stanley to <br> receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 4785000 | &nbsp;&nbsp; 4785000 | 3.50 | &nbsp;&nbsp; 06/11/2026 | &nbsp;&nbsp; 78952 | &nbsp;&nbsp; 65580 |
| 30-Year OTC interest rate swap with Morgan Stanley to <br> receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 2613000 | &nbsp;&nbsp; 2613000 | 3.50 | &nbsp;&nbsp; 10/29/2026 | &nbsp;&nbsp; 70682 | &nbsp;&nbsp; 51681 |
| 5-Year OTC interest rate swap with Citi to receive <br> exercise rate and pay SOFR<br>| Citi | USD | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 | 3.30 | &nbsp;&nbsp; 03/30/2026 | &nbsp;&nbsp; 97500 | &nbsp;&nbsp; 84621 |
| 5-Year OTC interest rate swap with Morgan Stanley to <br> receive exercise rate and pay SOFR<br>| Morgan Stanley | USD | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 | 3.75 | &nbsp;&nbsp; 05/14/2026 | &nbsp;&nbsp; 191000 | &nbsp;&nbsp; 235836 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 632834 | &nbsp;&nbsp; 568631 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** | **Put option contracts purchased** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Cost ($)** | **Value ($)** |
| 5-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 | 3.75 | &nbsp;&nbsp; 12/23/2025 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 790 |
| 5-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15000000 | 3.35 | &nbsp;&nbsp; 03/18/2026 | &nbsp;&nbsp; 132000 | &nbsp;&nbsp; 100078 |
| 5-Year OTC interest rate swap with Morgan Stanley to <br> receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 | 3.55 | &nbsp;&nbsp; 12/29/2025 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 6258 |
| 5-Year OTC interest rate swap with Morgan Stanley to <br> receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 26000000 | &nbsp;&nbsp; 26000000 | 3.60 | &nbsp;&nbsp; 05/06/2026 | &nbsp;&nbsp; 153400 | &nbsp;&nbsp; 111288 |
| 5-Year OTC interest rate swap with Morgan Stanley to <br> receive SOFR and pay exercise rate<br>| Morgan Stanley | USD | &nbsp;&nbsp; 27500000 | &nbsp;&nbsp; 27500000 | 3.40 | &nbsp;&nbsp; 08/05/2026 | &nbsp;&nbsp; 438900 | &nbsp;&nbsp; 277698 |
| Total |  |  |  |  |  |  | &nbsp;&nbsp; 897300 | &nbsp;&nbsp; 496112 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** | **Call option contracts written** |
| **Description** | **Counterparty** | &nbsp;&nbsp; **Trading** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Number of** <br>**contracts**<br>| **Exercise** <br>**price/Rate**<br>| **Expiration** <br>**date**<br>| **Premium** <br>**received ($)**<br>| **Value ($)** |
| 2-Year OTC interest rate swap with Citi to receive <br> SOFR and pay exercise rate<br>| Citi | USD | &nbsp;&nbsp; (30000000)<br>| &nbsp;&nbsp; (30000000)<br>| 3.20 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp; (36000)<br>| &nbsp;&nbsp; (28719)<br>|

---

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** | **Cleared interest rate swap contracts** |
| **Fund** <br> **receives**<br>| **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Fixed rate <br> of 3.500%<br>| 3-Month <br> AUD <br> BBSW<br>| Receives Quarterly, Pays Quarterly | JPMorgan | 12/09/2027 | AUD | 24600000 | (119009)<br>|  |  |  | (119009)<br>|
| TONA | Fixed rate <br> of 1.000%<br>| Receives Annually, Pays Annually | JPMorgan | 12/15/2027 | JPY | 15339800000 | 165868 |  |  | 165868 |  |
| 6-Month <br> NOK <br> NIBOR<br>| Fixed rate <br> of 4.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 12/15/2027 | NOK | 38000000 | 21210 |  |  | 21210 |  |
| SOFR | Fixed rate <br> of 3.000%<br>| Receives Annually, Pays Annually | JPMorgan | 12/15/2027 | USD | 3900000 | 14085 |  |  | 14085 |  |
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 12/15/2027 | CHF | 200000 | 90 |  |  | 90 |  |
| Fixed rate <br> of 2.000%<br>| 3-Month <br> SEK <br> STIBOR<br>| Receives Annually, Pays Quarterly | JPMorgan | 12/15/2027 | SEK | 27000000 | (7163)<br>|  |  |  | (7163)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund** <br> **receives**<br>| **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 12/15/2027 | CHF | 25200000 | (20156)<br>|  |  |  | (20156)<br>|
| CORRA | Fixed rate <br> of 2.500%<br>| Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 12/15/2027 | CAD | 25200000 | (89163)<br>|  |  |  | (89163)<br>|
| Fixed rate <br> of 2.500%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | JPMorgan | 12/15/2027 | NZD | 21400000 | (95197)<br>|  |  |  | (95197)<br>|
| Fixed rate <br> of 3.500%<br>| 3-Month <br> AUD <br> BBSW<br>| Receives Quarterly, Pays Quarterly | JPMorgan | 03/09/2028 | AUD | 46100000 | (79904)<br>|  |  |  | (79904)<br>|
| TONA | Fixed rate <br> of 1.000%<br>| Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | JPY | 41115900000 | 448789 |  |  | 448789 |  |
| 6-Month <br> NOK <br> NIBOR<br>| Fixed rate <br> of 4.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/15/2028 | NOK | 468800000 | 199255 |  |  | 199255 |  |
| Fixed rate <br> of 3.000%<br>| SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | USD | 52600000 | 26512 |  |  | 26512 |  |
| 6-Month <br> EURIBOR<br>| Fixed rate <br> of 2.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/15/2028 | EUR | 32900000 | 6191 |  |  | 6191 |  |
| SONIA | Fixed rate <br> of 3.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | GBP | 25900000 | 4389 |  |  | 4389 |  |
| CORRA | Fixed rate <br> of 2.500%<br>| Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/15/2028 | CAD | 600000 | 113 |  |  | 113 |  |
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | CHF | 600000 | 52 |  |  | 52 |  |
| 6-Month <br> NOK <br> NIBOR<br>| Fixed rate <br> of 4.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/15/2028 | NOK | 59600000 | (4556)<br>|  |  |  | (4556)<br>|
| Fixed rate <br> of 2.000%<br>| 3-Month <br> SEK <br> STIBOR<br>| Receives Annually, Pays Quarterly | JPMorgan | 03/15/2028 | SEK | 227000000 | (18326)<br>|  |  |  | (18326)<br>|
| 6-Month <br> EURIBOR<br>| Fixed rate <br> of 2.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/15/2028 | EUR | 32000000 | (18414)<br>|  |  |  | (18414)<br>|
| CORRA | Fixed rate <br> of 2.500%<br>| Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/15/2028 | CAD | 181400000 | (34147)<br>|  |  |  | (34147)<br>|
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | CHF | 120400000 | (55644)<br>|  |  |  | (55644)<br>|
| Fixed rate <br> of 3.000%<br>| SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | USD | 142700000 | (156116)<br>|  |  |  | (156116)<br>|
| SONIA | Fixed rate <br> of 3.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | GBP | 143200000 | (387753)<br>|  |  |  | (387753)<br>|
| Fixed rate <br> of 2.500%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | JPMorgan | 03/15/2028 | NZD | 178800000 | (804297)<br>|  |  |  | (804297)<br>|
| Fixed rate <br> of 3.000%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | JPMorgan | 12/11/2030 | NZD | 600000 | (7290)<br>|  |  |  | (7290)<br>|
| TONA | Fixed rate <br> of 1.000%<br>| Receives Annually, Pays Annually | JPMorgan | 12/18/2030 | JPY | 240000000 | 16788 |  |  | 16788 |  |
| 6-Month <br> NOK <br> NIBOR<br>| Fixed rate <br> of 4.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 12/18/2030 | NOK | 6000000 | 3576 |  |  | 3576 |  |
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 12/18/2030 | CHF | 100000 | (408)<br>|  |  |  | (408)<br>|
| Fixed rate <br> of 3.000%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | JPMorgan | 03/12/2031 | NZD | 700000 | (8889)<br>|  |  |  | (8889)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund** <br> **receives**<br>| **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| TONA | Fixed rate <br> of 1.000%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2031 | JPY | 100000000 | 3681 |  |  | 3681 |  |
| 6-Month <br> EURIBOR<br>| Fixed rate <br> of 2.500%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/19/2031 | EUR | 2600000 | 3481 |  |  | 3481 |  |
| 3-Month <br> SEK <br> STIBOR<br>| Fixed rate <br> of 2.500%<br>| Receives Quarterly, Pays Annually | JPMorgan | 03/19/2031 | SEK | 3000000 | 443 |  |  | 443 |  |
| Fixed rate <br> of 3.500%<br>| SOFR | Receives Annually, Pays Annually | JPMorgan | 03/19/2031 | USD | 100000 | 394 |  |  | 394 |  |
| 3-Month <br> SEK <br> STIBOR<br>| Fixed rate <br> of 2.500%<br>| Receives Quarterly, Pays Annually | JPMorgan | 03/19/2031 | SEK | 1000000 | (53)<br>|  |  |  | (53)<br>|
| 6-Month <br> EURIBOR<br>| Fixed rate <br> of 2.500%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/19/2031 | EUR | 100000 | (70)<br>|  |  |  | (70)<br>|
| Fixed rate <br> of 2.500%<br>| CORRA | Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/19/2031 | CAD | 500000 | (1257)<br>|  |  |  | (1257)<br>|
| Fixed rate <br> of 0.000%<br>| SARON | Receives Annually, Pays Annually | JPMorgan | 03/19/2031 | CHF | 600000 | (1917)<br>|  |  |  | (1917)<br>|
| SONIA | Fixed rate <br> of 4.000%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2031 | GBP | 1500000 | (6214)<br>|  |  |  | (6214)<br>|
| Fixed rate <br> of 3.500%<br>| SOFR | Receives Annually, Pays Annually | JPMorgan | 03/19/2031 | USD | 2400000 | (6785)<br>|  |  |  | (6785)<br>|
| Fixed rate <br> of 4.000%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | JPMorgan | 12/12/2035 | NZD | 500000 | 992 |  |  | 992 |  |
| Fixed rate <br> of 4.500%<br>| 6-Month <br> AUD <br> BBSW<br>| Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 12/13/2035 | AUD | 800000 | (17282)<br>|  |  |  | (17282)<br>|
| 3-Month <br> SEK <br> STIBOR<br>| Fixed rate <br> of 3.000%<br>| Receives Quarterly, Pays Annually | JPMorgan | 12/19/2035 | SEK | 900000 | 1403 |  |  | 1403 |  |
| SARON | Fixed rate <br> of 0.500%<br>| Receives Annually, Pays Annually | JPMorgan | 12/19/2035 | CHF | 900000 | 792 |  |  | 792 |  |
| SARON | Fixed rate <br> of 0.500%<br>| Receives Annually, Pays Annually | JPMorgan | 12/19/2035 | CHF | 100000 | (604)<br>|  |  |  | (604)<br>|
| Fixed rate <br> of 4.000%<br>| 6-Month <br> NOK <br> NIBOR<br>| Receives Annually, Pays Semi-Annually | JPMorgan | 12/19/2035 | NOK | 2000000 | (2938)<br>|  |  |  | (2938)<br>|
| Fixed rate <br> of 1.500%<br>| TONA | Receives Annually, Pays Annually | JPMorgan | 12/19/2035 | JPY | 270000000 | (23191)<br>|  |  |  | (23191)<br>|
| 3-Month <br> NZD Bank <br> Bill<br>| Fixed rate <br> of 4.000%<br>| Receives Quarterly, Pays Semi-Annually | JPMorgan | 03/12/2036 | NZD | 1200000 | 6747 |  |  | 6747 |  |
| 6-Month <br> AUD <br> BBSW<br>| Fixed rate <br> of 4.500%<br>| Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/13/2036 | AUD | 8700000 | 42349 |  |  | 42349 |  |
| Fixed rate <br> of 4.000%<br>| SONIA | Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | GBP | 40700000 | 207983 |  |  | 207983 |  |
| 6-Month <br> EURIBOR<br>| Fixed rate <br> of 1.000%<br>| Receives Semi-Annually, Pays Annually | JPMorgan | 03/19/2036 | EUR | 24900000 | 170149 |  |  | 170149 |  |
| SOFR | Fixed rate <br> of 3.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | USD | 37500000 | 86068 |  |  | 86068 |  |
| 3-Month <br> SEK <br> STIBOR<br>| Fixed rate <br> of 3.000%<br>| Receives Quarterly, Pays Annually | JPMorgan | 03/19/2036 | SEK | 71500000 | 52365 |  |  | 52365 |  |
| SARON | Fixed rate <br> of 0.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | CHF | 2600000 | 6063 |  |  | 6063 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** | **Cleared interest rate swap contracts (continued)** |
| **Fund** <br> **receives**<br>| **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Fixed rate <br> of 3.000%<br>| CORRA | Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/19/2036 | CAD | 300000 | 146 |  |  | 146 |  |
| Fixed rate <br> of 4.000%<br>| SONIA | Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | GBP | 3500000 | (4288)<br>|  |  |  | (4288)<br>|
| Fixed rate <br> of 4.000%<br>| 6-Month <br> NOK <br> NIBOR<br>| Receives Annually, Pays Semi-Annually | JPMorgan | 03/19/2036 | NOK | 19900000 | (21682)<br>|  |  |  | (21682)<br>|
| SARON | Fixed rate <br> of 0.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | CHF | 9800000 | (28999)<br>|  |  |  | (28999)<br>|
| SOFR | Fixed rate <br> of 3.500%<br>| Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | USD | 17000000 | (31157)<br>|  |  |  | (31157)<br>|
| Fixed rate <br> of 3.000%<br>| CORRA | Receives Semi-Annually, Pays Semi-Annually | JPMorgan | 03/19/2036 | CAD | 41000000 | (45657)<br>|  |  |  | (45657)<br>|
| Fixed rate <br> of 1.500%<br>| TONA | Receives Annually, Pays Annually | JPMorgan | 03/19/2036 | JPY | 7081900000 | (860993)<br>|  |  |  | (860993)<br>|
| Fixed rate <br> of 4.500%<br>| SONIA | Receives Annually, Pays Annually | JPMorgan | 03/15/2056 | GBP | 1900000 | 48708 |  |  | 48708 |  |
| SOFR | Fixed rate <br> of 4.000%<br>| Receives Annually, Pays Annually | JPMorgan | 03/15/2056 | USD | 1500000 | 30768 |  |  | 30768 |  |
| Fixed rate <br> of 3.000%<br>| 6-Month <br> EURIBOR<br>| Receives Annually, Pays Semi-Annually | JPMorgan | 03/15/2056 | EUR | 900000 | (17496)<br>|  |  |  | (17496)<br>|
| Fixed rate <br> of 3.940%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | Morgan <br> Stanley<br>| 05/05/2035 | NZD | 28900000 | 103209 |  |  | 103209 |  |
| Fixed rate <br> of 4.008%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | Morgan <br> Stanley<br>| 07/03/2035 | NZD | 18500000 | 229551 |  |  | 229551 |  |
| Fixed rate <br> of 3.950%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | Morgan <br> Stanley<br>| 09/04/2035 | NZD | 6000000 | 22399 |  |  | 22399 |  |
| Fixed rate <br> of 2.705%<br>| 3-Month <br> SEK <br> STIBOR<br>| Receives Annually, Pays Quarterly | Morgan <br> Stanley<br>| 09/04/2035 | SEK | 334000000 | (391712)<br>|  |  |  | (391712)<br>|
| Fixed rate <br> of 2.696%<br>| 3-Month <br> SEK <br> STIBOR<br>| Receives Annually, Pays Quarterly | Morgan <br> Stanley<br>| 10/03/2035 | SEK | 210500000 | (275885)<br>|  |  |  | (275885)<br>|
| Fixed rate <br> of 3.695%<br>| 3-Month <br> NZD Bank <br> Bill<br>| Receives Semi-Annually, Pays Quarterly | Morgan <br> Stanley<br>| 10/03/2035 | NZD | 44500000 | (412614)<br>|  |  |  | (412614)<br>|
| Total |  |  |  |  |  |  | (2132617)<br>|  |  | 1924609 | (4057226)<br>|

---

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** | **Credit default swap contracts - sell protection** |
| **Reference** <br>**entity**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Receive** <br>**fixed** <br>**rate** <br>**(%)**<br>| **Payment** <br>**frequency**<br>| **Implied** <br>**credit** <br>**spread** <br>**(%)\***<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount** <br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| CMBX North America <br> Index, Series 16 <br> BBB-<br>| Goldman Sachs <br> International<br>| 04/17/2065 | 3.000 | Monthly | 7.307 | USD | 1000000 | (173749)<br>| 333 |  | (127266)<br>|  | (46150)<br>|
| CMBX North America <br> Index, Series 17 <br> BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 3000000 | (425250)<br>| 999 |  | (446465)<br>| 22214 |  |
| CMBX North America <br> Index, Series 17 <br> BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 500000 | (70875)<br>| 167 |  | (88213)<br>| 17505 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** | **Credit default swap contracts - sell protection (continued)** |
| **Reference**<br> **entity**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Receive**<br> **fixed**<br> **rate**<br> **(%)**<br>| **Payment**<br> **frequency**<br>| **Implied**<br> **credit**<br> **spread**<br> **(%)\***<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| CMBX North America <br> Index, Series 17 <br> BBB-<br>| Goldman Sachs <br> International<br>| 12/15/2056 | 3.000 | Monthly | 6.109 | USD | 500000 | (70875)<br>| 167 |  | (83389)<br>| 12681 |  |
| CMBX North America <br> Index, Series 10 <br> BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 1199831 | (255692)<br>| 400 |  | (253196)<br>|  | (2096)<br>|
| CMBX North America <br> Index, Series 10 <br> BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 499930 | (106538)<br>| 167 |  | (90037)<br>|  | (16334)<br>|
| CMBX North America <br> Index, Series 10 <br> BBB-<br>| Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 31.330 | USD | 1999719 | (426153)<br>| 665 |  | (286844)<br>|  | (138644)<br>|
| Total |  |  |  |  |  |  |  | (1529132)<br>| 2898 |  | (1375410)<br>| 52400 | (203224)<br>|

---

\* Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** | **Total return swap contracts** |
| **Fund receives** | **Fund pays** | **Payment** <br>**frequency**<br>| **Counterparty** | **Maturity** <br>**date**<br>| **Notional** <br>**currency**<br>| **Notional** <br>**amount**<br>| **Value** <br>**($)**<br>| **Periodic** <br>**payments** <br>**receivable** <br>**(payable)** <br>**($)**<br>| **Upfront** <br>**payments** <br>**($)**<br>| **Upfront** <br>**receipts** <br>**($)**<br>| **Unrealized** <br>**appreciation** <br>**($)**<br>| **Unrealized** <br>**depreciation** <br>**($)**<br>|
| Increase in total <br> return of TAIEX <br> Index <br> December <br> Futures<br>| Decrease in total <br> return of TAIEX <br> Index <br> December <br> Futures<br>| At Termination | Goldman Sachs <br> International<br>| 12/17/2025 | TWD | 160874600 | 140220 |  |  |  | 140220 |  |
| Decrease in total <br> return of WIG <br> 20 Index <br> December <br> Futures<br>| Increase in total <br> return of WIG <br> 20 Index <br> December <br> Futures<br>| At Termination | Goldman Sachs <br> International<br>| 12/19/2025 | PLN | 361440 | (2116)<br>|  |  |  |  | (2116)<br>|
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 6114249 | 16623 | (381)<br>|  |  | 16242 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 18867722 | 12714 | 1847 |  |  | 14561 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 5322993 | 14472 | (332)<br>|  |  | 14140 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Total return on <br> MSCI Brazil <br> Net Return BRL <br> Index<br>| Overnight BRL <br> CDI plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | BRL | 8832615 | 12540 | (702)<br>|  |  | 11838 |  |
| Total return on <br> MSCI Mexico <br> Net Return <br> MXN Index<br>| 28-Day MXN <br> TIIE-Banxico <br> plus 0.500%<br>| Monthly | JPMorgan | 12/17/2025 | MXN | 9500966 | 11737 | (465)<br>|  |  | 11272 |  |
| Total return on <br> MSCI France <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.480%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 679343 | 10944 |  |  |  | 10944 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 3956279 | 10756 | (246)<br>|  |  | 10510 |  |
| Total return on <br> MSCI France <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.480%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 396573 | 9772 | (277)<br>|  |  | 9495 |  |
| Total return on <br> MSCI Spain <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.340%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 222835 | 8727 | (49)<br>|  |  | 8678 |  |
| Total return on <br> MSCI Canada <br> Net Return <br> CAD Index<br>| CORRA plus <br> 0.100%<br>| Monthly | JPMorgan | 12/17/2025 | CAD | 778457 | 8429 | (36)<br>|  |  | 8393 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 3021158 | 8214 | (188)<br>|  |  | 8026 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 3021158 | 8214 | (188)<br>|  |  | 8026 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 2949226 | 8018 | (183)<br>|  |  | 7835 |  |
| Total return on <br> MSCI France <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.480%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 312812 | 7708 | (219)<br>|  |  | 7489 |  |
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 2805361 | 7627 | (175)<br>|  |  | 7452 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Total return on <br> MSCI Sweden <br> Net Return SEK <br> Index<br>| 1-Month SEK <br> STIBOR plus <br> 0.450%<br>| Monthly | JPMorgan | 12/17/2025 | SEK | 2517632 | 6845 | (157)<br>|  |  | 6688 |  |
| Total return on <br> MSCI France <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.480%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 256046 | 6309 | (179)<br>|  |  | 6130 |  |
| SORA plus <br> 0.080%<br>| Total return on <br> MSCI <br> Singapore Net <br> Return SGD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | SGD | 3229152 | 5020 | 838 |  |  | 5858 |  |
| Total return on <br> MSCI Mexico <br> Net Return <br> MXN Index<br>| 28-Day MXN <br> TIIE-Banxico <br> plus 0.500%<br>| Monthly | JPMorgan | 12/17/2025 | MXN | 3769471 | 5058 | (185)<br>|  |  | 4873 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 6209395 | 4184 | 608 |  |  | 4792 |  |
| Total return on <br> MSCI Spain <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.340%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 226262 | 4751 |  |  |  | 4751 |  |
| Total return on <br> MSCI Mexico <br> Net Return <br> MXN Index<br>| 28-Day MXN <br> TIIE-Banxico <br> plus 0.500%<br>| Monthly | JPMorgan | 12/17/2025 | MXN | 6248795 | 4758 | (150)<br>|  |  | 4608 |  |
| Total return on <br> MSCI Spain <br> Net Return EUR <br> Index<br>| ESTR plus <br> 0.340%<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 167744 | 4051 | (38)<br>|  |  | 4013 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 3588935 | 2418 | 334 |  |  | 2752 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 3346419 | 1606 | 178 |  |  | 1784 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 1790338 | 1206 | 176 |  |  | 1382 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Total return on <br> MSCI Mexico <br> Net Return <br> MXN Index<br>| 28-Day MXN <br> TIIE-Banxico <br> plus 0.500%<br>| Monthly | JPMorgan | 12/17/2025 | MXN | 3249217 | 1418 | (39)<br>|  |  | 1379 |  |
| SORA plus <br> 0.080%<br>| Total return on <br> MSCI <br> Singapore Net <br> Return SGD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | SGD | 438642 | 682 | 114 |  |  | 796 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 234749 | 799 | (72)<br>|  |  | 727 |  |
| SORA plus <br> 0.080%<br>| Total return on <br> MSCI <br> Singapore Net <br> Return SGD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | SGD | 354647 | 551 | 92 |  |  | 643 |  |
| SORA plus <br> 0.080%<br>| Total return on <br> MSCI <br> Singapore Net <br> Return SGD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | SGD | 186656 | 290 | 49 |  |  | 339 |  |
| Total return on <br> MSCI Japan <br> Net Return JPY <br> Index<br>| TONA plus <br> 0.150%<br>| Monthly | JPMorgan | 12/17/2025 | JPY | 115931 | 28 |  |  |  | 28 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 4273 | 15 | (2)<br>|  |  | 13 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 4273 | 15 | (2)<br>|  |  | 13 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 3704 | 13 | (2)<br>|  |  | 11 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 3134 | 11 | (1)<br>|  |  | 10 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 855 | 3 |  |  |  | 3 |  |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 570 | 2 |  |  |  | 2 |  |
| Total return on <br> MSCI Poland <br> Net Return PLN <br> Index<br>| 1-Month PLN <br> WIBOR plus <br> 0.200%<br>| Monthly | JPMorgan | 12/17/2025 | PLN | 285 | 1 |  |  |  | 1 |  |
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 3036542 | (3144)<br>| 62 |  |  |  | (3082)<br>|
| 1-Month AUD <br> BBSW plus <br> 0.100%<br>| Total return on <br> MSCI Australia <br> Net Return AUD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | AUD | 360375 | (3316)<br>| 213 |  |  |  | (3103)<br>|
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | ZAR | 3250968 | (4211)<br>| 104 |  |  |  | (4107)<br>|
| 1-Month AUD <br> BBSW plus <br> 0.100%<br>| Total return on <br> MSCI Australia <br> Net Return AUD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | AUD | 576600 | (5306)<br>| 341 |  |  |  | (4965)<br>|
| ESTR minus <br> 0.200%<br>| Total return on <br> MSCI <br> Netherlands <br> Net Return EUR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 1173120 | (5772)<br>| 199 |  |  |  | (5573)<br>|
| 1-Month AUD <br> BBSW plus <br> 0.100%<br>| Total return on <br> MSCI Australia <br> Net Return AUD <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | AUD | 689861 | (6348)<br>| 407 |  |  |  | (5941)<br>|
| ESTR minus <br> 0.250%<br>| Total return on <br> MSCI Italy Net <br> Return EUR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 213263 | (6067)<br>| 104 |  |  |  | (5963)<br>|
| ESTR minus <br> 0.250%<br>| Total return on <br> MSCI Italy Net <br> Return EUR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 287292 | (8173)<br>| 140 |  |  |  | (8033)<br>|
| SARON | Total return on <br> MSCI <br> Switzerland <br> Net Return CHF <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | CHF | 308073 | (9167)<br>| (4)<br>|  |  |  | (9171)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** | **Total return swap contracts (continued)** |
| **Fund receives** | **Fund pays** | **Payment**<br> **frequency**<br>| **Counterparty** | **Maturity**<br> **date**<br>| **Notional**<br> **currency**<br>| **Notional**<br> **amount**<br>| **Value**<br> **($)**<br>| **Periodic**<br> **payments**<br> **receivable**<br> **(payable)**<br> **($)**<br>| **Upfront**<br> **payments**<br> **($)**<br>| **Upfront**<br> **receipts**<br> **($)**<br>| **Unrealized**<br> **appreciation**<br> **($)**<br>| **Unrealized**<br> **depreciation**<br> **($)**<br>|
| SARON | Total return on <br> MSCI <br> Switzerland <br> Net Return CHF <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | CHF | 546316 | (16256)<br>| (7)<br>|  |  |  | (16263)<br>|
| ESTR minus <br> 0.200%<br>| Total return on <br> MSCI <br> Netherlands <br> Net Return EUR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 358339 | (16943)<br>| 61 |  |  |  | (16882)<br>|
| ESTR minus <br> 0.200%<br>| Total return on <br> MSCI <br> Netherlands <br> Net Return EUR <br> Index<br>| Monthly | JPMorgan | 12/17/2025 | EUR | 1196979 | (46254)<br>| 67 |  |  |  | (46187)<br>|
| 1-Month ZAR <br> JIBAR<br>| Total return on <br> MSCI South <br> Africa Net <br> Return ZAR <br> Index<br>| Monthly | JPMorgan | 12/24/2025 | ZAR | 3351463 | 2258 | 325 |  |  | 2583 |  |
| Increase in total <br> return of KOSPI <br> 200 Index <br> December <br> Futures<br>| Decrease in total <br> return of KOSPI <br> 200 Index <br> December <br> Futures<br>| At Termination | Morgan Stanley <br> International<br>| 12/11/2025 | KRW | 12507750005 | 1843722 |  |  |  | 1843722 |  |
| Increase in total <br> return of KOSPI <br> 200 Index <br> December <br> Futures<br>| Decrease in total <br> return of KOSPI <br> 200 Index <br> December <br> Futures<br>| At Termination | Morgan Stanley <br> International<br>| 12/11/2025 | KRW | 11117999995 | (153875)<br>|  |  |  |  | (153875)<br>|
| Decrease in total <br> return of <br> Ibovespa Index <br> December <br> Futures<br>| Increase in total <br> return of <br> Ibovespa Index <br> December <br> Futures<br>| At Termination | Morgan Stanley <br> International<br>| 12/17/2025 | BRL | 27077687 | (191293)<br>|  |  |  |  | (191293)<br>|
| Decrease in total <br> return of Swiss <br> Market Index <br> December <br> Futures<br>| Increase in total <br> return of Swiss <br> Market Index <br> December <br> Futures<br>| At Termination | Morgan Stanley <br> International<br>| 12/19/2025 | CHF | 7583860 | (222051)<br>|  |  |  |  | (222051)<br>|
| Total |  |  |  |  |  |  | 1492437 | 1980 |  |  | 2193022 | (698605)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** | **Reference index and values for swap contracts as of period end** |
| **Reference index**  |  | **Reference rate** |
| 3-Month NZD Bank Bill | Bank Bill Rate | 2.450% |
| 3-Month SEK STIBOR | Stockholm Interbank Offered Rate | 1.933% |
| 6-Month AUD BBSW | Bank Bill Swap Rate | 3.973% |
| 6-Month EURIBOR | Euro Interbank Offered Rate | 2.110% |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Reference index and values for swap contracts as of period end (continued)** | **Reference index and values for swap contracts as of period end (continued)** | **Reference index and values for swap contracts as of period end (continued)** |
| **Reference index**  |  | **Reference rate** |
| 6-Month NOK NIBOR | Norwegian Interbank Offered Rate | 4.330% |
| ESTR | Euro Short Term Rate | 1.927% |
| CORRA | Canadian Overnight Repo Rate Average | 2.240% |
| Overnight BRL CDI | Interbank Certificate of Deposit | 14.900% |
| SARON | Swiss Average Rate Overnight | (0.038)% |
| SOFR | Secured Overnight Financing Rate | 4.050% |
| SONIA | Sterling Overnight Index Average | 3.969% |
| SORA | Singapore Overnight Rate Average | 1.270% |
| TONA | Tokyo Overnight Average Rate | 0.477% |
| 1-Month AUD BBSW | Bank Bill Swap Rate | 3.550% |
| 1-Month ZAR JIBAR | Johannesburg Interbank Average Rate | 6.658% |
| 1-Month PLN WIBOR | Warsaw Interbank Offer Rate | 4.320% |
| 1-Month SEK STIBOR | Stockholm Interbank Offered Rate | 1.808% |
| 28-Day MXN TIIE-Banxico | Interbank Equilibrium Interest Rate | 7.610% |
| 3-Month AUD BBSW | Bank Bill Swap Rate | 3.663% |

---

**Notes to Consolidated Portfolio of Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At November 30, 2025, the total value of these securities amounted to $66,667,015, which represents 12.99% of total net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Principal amount represents ownership shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security represents a pool of loans that generate cash payments generally over fixed periods of time. Such securities entitle the security holders to receive distributions (i.e. principal and interest, net of fees and expenses) that are tied to the payments made by the borrower on the underlying loans. Due to the structure of the security the cash payments received are not known until the time of payment. The interest rate shown is the stated coupon rate as of November 30, 2025 and is not reflective of the cash flow payments.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Valuation based on significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable rate security. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2025, the total value of these securities amounted to $361,500, which represents 0.07% of total net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

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

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(l) This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(m) The rate shown is the seven-day current annualized yield at November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2025 are as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated issuers** | **Beginning** <br>**of period($)**<br>| **Purchases($)** | **Sales($)** | **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)($)**<br>| **End of** <br>**period($)**<br>| **Realized gain** <br>**(loss)($)**<br>| **Dividends($)** | **End of** <br>**period shares**<br>|
| Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% | Columbia Short-Term Cash Fund, 4.061% |
|  | 243165326 | &nbsp;&nbsp; 237334895 | &nbsp;&nbsp; (195664247)<br>| &nbsp;&nbsp; 8933 | &nbsp;&nbsp; 284844907 | &nbsp;&nbsp; (9162)<br>| &nbsp;&nbsp; 5566993 | &nbsp;&nbsp; 284930386 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Abbreviation Legend** 

---

| | |
|:---|:---|
| BBSW | Bank Bill Swap Rate |
| CDI | CHESS Depository Interest |
| CMO | Collateralized Mortgage Obligation |
| SOFR | Secured Overnight Financing Rate |
| STIBOR | Stockholm Interbank Offered Rate |
| TBA | To Be Announced |

---

**Currency Legend** 

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canada Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Yuan Offshore Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian New Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | US Dollar |
| ZAR | South African Rand |

---

**Fair value measurements** 

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

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

■

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Portfolio of Investments (continued)

November 30, 2025 (Unaudited)

**Fair value measurements (continued)**

■

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

■

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** | **Total ($)** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 6822822 | &nbsp;&nbsp;&nbsp;&nbsp; 1361500 | &nbsp;&nbsp;&nbsp;&nbsp; 8184322 |
| Commercial Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 347118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 347118 |
| Commercial Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 1879820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1879820 |
| Residential Mortgage-Backed Securities - Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 130457284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130457284 |
| Residential Mortgage-Backed Securities - Non-Agency |  | &nbsp;&nbsp;&nbsp;&nbsp; 57418775 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57418775 |
| Treasury Bills |  | &nbsp;&nbsp;&nbsp;&nbsp; 81290251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81290251 |
| Call Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 568631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568631 |
| Put Option Contracts Purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 496112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 496112 |
| Money Market Funds | 284844907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 284844907 |
| Total Investments in Securities | 284844907 | &nbsp;&nbsp;&nbsp;&nbsp; 279280813 | &nbsp;&nbsp;&nbsp;&nbsp; 1361500 | &nbsp;&nbsp;&nbsp;&nbsp; 565487220 |
| **Investments in Derivatives** |  |  |  |  |
| Asset |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 15446933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15446933 |
| Futures Contracts | 12412903 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12412903 |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; 4170031 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4170031 |
| Liability |  |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (21529250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21529250)<br>|
| Futures Contracts | (18299863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18299863)<br>|
| Call Option Contracts Written |  | &nbsp;&nbsp;&nbsp;&nbsp; (28719)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28719)<br>|
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp; (4959055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4959055)<br>|
| Total | 278957947 | &nbsp;&nbsp;&nbsp;&nbsp; 272380753 | &nbsp;&nbsp;&nbsp;&nbsp; 1361500 | &nbsp;&nbsp;&nbsp;&nbsp; 552700200 |

---

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

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

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

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Statement of Assets and Liabilities

November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value |  |
| Unaffiliated issuers (cost $285,119,058) | $279577570 |
| Affiliated issuers (cost $284,851,817) | 284844907 |
| Option contracts purchased (cost $1,530,134) | 1064743 |
| Cash | 2174664 |
| Foreign currency (cost $2,762,839) | 2765445 |
| Cash collateral held at broker for: |  |
| Forward foreign currency exchange contracts | 3920000 |
| Swap contracts | 1810000 |
| Other<sup>(a)</sup> <br>| 8530000 |
| Margin deposits on: |  |
| Futures contracts | 31964751 |
| Swap contracts | 6955225 |
| Unrealized appreciation on forward foreign currency exchange contracts | 15446933 |
| Unrealized appreciation on swap contracts | 2245422 |
| Receivable for: |  |
| Investments sold | 1178788 |
| Investments sold on a delayed delivery basis  | 974492 |
| Capital shares sold | 58975 |
| Dividends | 877121 |
| Interest | 500560 |
| Variation margin for futures contracts | 4718402 |
| Variation margin for swap contracts | 394531 |
| Expense reimbursement due from Investment Manager | 3307 |
| Prepaid expenses | 4104 |
| Deferred compensation of board members | 107621 |
| Other assets | 15663 |
| Total assets | 650133224 |
| **Liabilities** |  |
| Option contracts written, at value (premiums received $36,000) | 28719 |
| Unrealized depreciation on forward foreign currency exchange contracts | 21529250 |
| Unrealized depreciation on swap contracts | 901829 |
| Upfront receipts on swap contracts | 1375410 |
| Cash collateral due to broker for: |  |
| Swap contracts | 1790000 |
| Payable for: |  |
| Investments purchased | 333540 |
| Investments purchased on a delayed delivery basis | 103888470 |
| Capital shares redeemed | 170404 |
| Variation margin for futures contracts | 5768546 |
| Variation margin for swap contracts | 880376 |
| Management services fees | 27114 |
| Distribution and/or service fees | 169 |
| Transfer agent fees | 48196 |
| Compensation of chief compliance officer | 42 |
| Compensation of board members | 1813 |
| Other expenses | 86610 |
| Deferred compensation of board members | 149147 |
| Total liabilities | 136979635 |
| **Net assets applicable to outstanding capital stock** | **$513153589** |
| **Represented by** |  |
| Paid in capital | 632667466 |
| Total distributable earnings (loss) | (119513877)<br>|
| **Total - representing net assets applicable to outstanding capital stock** | **$513153589** |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Statement of Assets and Liabilities (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Class A** |  |
| Net assets | $3378634 |
| Shares outstanding | 115925 |
| Net asset value per share | $29.14 |
| Maximum sales charge  | 5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $30.92 |
| **Class C** |  |
| Net assets | $2228757 |
| Shares outstanding | 80343 |
| Net asset value per share | $27.74 |
| **Institutional Class** |  |
| Net assets | $507546198 |
| Shares outstanding | 17166266 |
| Net asset value per share | $29.57 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes collateral related to forward foreign currency exchange contracts and swap contracts.

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Statement of Operations

Six Months Ended November 30, 2025 (Unaudited)

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

---

| | |
|:---|:---|
| **Net investment income** |  |
| Income: |  |
| Dividends — affiliated issuers | $5566993 |
| Interest | 5394163 |
| Interfund lending | 577 |
| Total income | 10961733 |
| Expenses: |  |
| Management services fees | 2419272 |
| Distribution and/or service fees |  |
| Class A | 4343 |
| Class C | 15084 |
| Transfer agent fees |  |
| Class A | 1957 |
| Class C | 1715 |
| Institutional Class | 280328 |
| Custodian fees | 55124 |
| Printing and postage fees | 24073 |
| Registration fees | 36897 |
| Accounting services fees | 27032 |
| Legal fees | 12147 |
| Interest on collateral | 49108 |
| Compensation of chief compliance officer | 42 |
| Compensation of board members | 7868 |
| Deferred compensation of board members | 8672 |
| Other | 14613 |
| Total expenses | 2958275 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (319034)<br>|
| Total net expenses | 2639241 |
| **Net investment income** | 8322492 |
| **Realized and unrealized gain (loss) — net** |  |
| Net realized gain (loss) on: |  |
| Investments — unaffiliated issuers | 3442606 |
| Investments — affiliated issuers | (9162)<br>|
| Foreign currency translations | 627781 |
| Forward foreign currency exchange contracts | (4788286)<br>|
| Futures contracts | 10228715 |
| Option contracts purchased | (1224062)<br>|
| Option contracts written | 562096 |
| Swap contracts | 3679233 |
| Net realized gain | 12518921 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated issuers | 4494535 |
| Investments — affiliated issuers | 8933 |
| Foreign currency translations | (303563)<br>|
| Forward foreign currency exchange contracts | (1997008)<br>|
| Futures contracts | (3825379)<br>|
| Option contracts purchased | 189966 |
| Option contracts written | (203663)<br>|
| Swap contracts | (3861612)<br>|
| Net change in unrealized appreciation (depreciation) | (5497791)<br>|
| Net realized and unrealized gain | 7021130 |
| **Net increase in net assets resulting from operations** | **$15343622** |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Statement of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**November 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**May 31, 2025**<br>|
| **Operations** |  |  |
| Net investment income | $8322492 | &nbsp;&nbsp; $19797313 |
| Net realized gain (loss) | 12518921 | &nbsp;&nbsp; (6009051)<br>|
| Net change in unrealized appreciation (depreciation) | (5497791)<br>| &nbsp;&nbsp; 9169978 |
| Net increase in net assets resulting from operations | 15343622 | &nbsp;&nbsp; 22958240 |
| **Distributions to shareholders** |  |  |
| Net investment income and net realized gains  |  |  |
| Class A |  | &nbsp;&nbsp; (244352)<br>|
| Class C |  | &nbsp;&nbsp; (365164)<br>|
| Institutional Class |  | &nbsp;&nbsp; (39566615)<br>|
| Total distributions to shareholders |  | &nbsp;&nbsp; (40176131)<br>|
| Increase (decrease) in net assets from capital stock activity | 6631529 | &nbsp;&nbsp; (31065258)<br>|
| Total increase (decrease) in net assets | 21975151 | &nbsp;&nbsp; (48283149)<br>|
| Net assets at beginning of period | 491178438 | &nbsp;&nbsp; 539461587 |
| **Net assets at end of period** | **$513153589** | &nbsp;&nbsp; **$491178438** |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Statement of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | **Year Ended** | **Year Ended** |
|  | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **May 31, 2025**  | **May 31, 2025**  |
|  | **Shares** | **Dollars ($)** | **Shares** | **Dollars ($)** |
| **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** | **Capital stock activity** |
| Class A |  |  |  |  |
| Shares sold | 26189 | &nbsp;&nbsp;&nbsp;&nbsp; 769361 | &nbsp;&nbsp;&nbsp;&nbsp; 4328 | &nbsp;&nbsp;&nbsp;&nbsp; 123629 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8872 | &nbsp;&nbsp;&nbsp;&nbsp; 243790 |
| Shares redeemed | (21780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (640666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2952359)<br>|
| Net increase (decrease) | 4409 | &nbsp;&nbsp;&nbsp;&nbsp; 128695 | &nbsp;&nbsp;&nbsp;&nbsp; (87196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2584940)<br>|
| Advisor Class |  |  |  |  |
| Shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3367 | &nbsp;&nbsp;&nbsp;&nbsp; 100509 |
| Shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43597)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1308610)<br>|
| Net decrease |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1208101)<br>|
| Class C |  |  |  |  |
| Shares sold | 7548 | &nbsp;&nbsp;&nbsp;&nbsp; 212608 | &nbsp;&nbsp;&nbsp;&nbsp; 7024 | &nbsp;&nbsp;&nbsp;&nbsp; 195244 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13844 | &nbsp;&nbsp;&nbsp;&nbsp; 364657 |
| Shares redeemed | (104962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2868199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (643830)<br>|
| Net decrease | (97414)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2655591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83929)<br>|
| Institutional Class |  |  |  |  |
| Shares sold | 1715993 | &nbsp;&nbsp;&nbsp;&nbsp; 50782232 | &nbsp;&nbsp;&nbsp;&nbsp; 2605586 | &nbsp;&nbsp;&nbsp;&nbsp; 76136252 |
| Distributions reinvested |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1422541 | &nbsp;&nbsp;&nbsp;&nbsp; 39560879 |
| Shares redeemed | (1409228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41623807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4928688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (142885419)<br>|
| Net increase (decrease) | 306765 | &nbsp;&nbsp;&nbsp;&nbsp; 9158425 | &nbsp;&nbsp;&nbsp;&nbsp; (900561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27188288)<br>|
| **Total net increase (decrease)** | **213760** | &nbsp;&nbsp;&nbsp;&nbsp; **6631529** | &nbsp;&nbsp;&nbsp;&nbsp; **(1031149)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **(31065258)**<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,** <br>**beginning of** <br>**period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Distributions** <br>**from net** <br>**investment** <br>**income**<br>| **Total** <br>**distributions to** <br>**shareholders**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | $28.29<br>| 0.44<br>| 0.41<br>| 0.85<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $29.34<br>| 1.04<br>| 0.16<br>| 1.20<br>| &nbsp;&nbsp; (2.25) <br>| &nbsp;&nbsp; (2.25) <br>|
| Year Ended 5/31/2024 | $27.46<br>| 1.25<br>| 1.45<br>| 2.70<br>| &nbsp;&nbsp; (0.82) <br>| &nbsp;&nbsp; (0.82) <br>|
| Year Ended 5/31/2023 | $28.00<br>| 0.98<br>| &nbsp;&nbsp; (1.36) <br>| &nbsp;&nbsp; (0.38) <br>| &nbsp;&nbsp; (0.16) <br>| &nbsp;&nbsp; (0.16) <br>|
| Year Ended 5/31/2022 | $29.65<br>| 0.47<br>| &nbsp;&nbsp; (1.52) <br>| &nbsp;&nbsp; (1.05) <br>| &nbsp;&nbsp; (0.60) <br>| &nbsp;&nbsp; (0.60) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $27.84<br>| 0.19<br>| 1.62<br>| 1.81<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | $27.03<br>| 0.32<br>| 0.39<br>| 0.71<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $28.11<br>| 0.77<br>| 0.17<br>| 0.94<br>| &nbsp;&nbsp; (2.02) <br>| &nbsp;&nbsp; (2.02) <br>|
| Year Ended 5/31/2024 | $26.42<br>| 0.99<br>| 1.40<br>| 2.39<br>| &nbsp;&nbsp; (0.70) <br>| &nbsp;&nbsp; (0.70) <br>|
| Year Ended 5/31/2023 | $26.99<br>| 0.50<br>| &nbsp;&nbsp; (1.07) <br>| &nbsp;&nbsp; (0.57) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2022 | $28.59<br>| 6.57<br>| &nbsp;&nbsp; (7.80) <br>| &nbsp;&nbsp; (1.23) <br>| &nbsp;&nbsp; (0.37) <br>| &nbsp;&nbsp; (0.37) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $27.05<br>| &nbsp;&nbsp; (0.04) <br>| 1.58<br>| 1.54<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | $28.66<br>| 0.49<br>| 0.42<br>| 0.91<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Year Ended 5/31/2025 | $29.69<br>| 1.11<br>| 0.18<br>| 1.29<br>| &nbsp;&nbsp; (2.32) <br>| &nbsp;&nbsp; (2.32) <br>|
| Year Ended 5/31/2024 | $27.75<br>| 1.34<br>| 1.46<br>| 2.80<br>| &nbsp;&nbsp; (0.86) <br>| &nbsp;&nbsp; (0.86) <br>|
| Year Ended 5/31/2023 | $28.30<br>| 0.93<br>| &nbsp;&nbsp; (1.25) <br>| &nbsp;&nbsp; (0.32) <br>| &nbsp;&nbsp; (0.23) <br>| &nbsp;&nbsp; (0.23) <br>|
| Year Ended 5/31/2022 | $29.97<br>| 0.34<br>| &nbsp;&nbsp; (1.34) <br>| &nbsp;&nbsp; (1.00) <br>| &nbsp;&nbsp; (0.67) <br>| &nbsp;&nbsp; (0.67) <br>|
| Year Ended 5/31/2021<sup>(e)</sup> <br>| $28.07<br>| 0.28<br>| 1.62<br>| 1.90<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|

---

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

---

| | |
|:---|:---|
| **Notes to Consolidated Financial Highlights**  | **Notes to Consolidated Financial Highlights**  |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios. |
| (b) | Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.  |
| (c) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **11/30/2025** | **5/31/2025** | **5/31/2024** | **5/31/2023** | **5/31/2022** | **5/31/2021** |
| Class A | 0.02% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% |
| Class C | 0.02% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% |
| Institutional Class | 0.02% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.07% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.01% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The benefits derived from expense reductions had an impact of less than 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios include line of credit interest expense which is less than 0.01%.

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Consolidated Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Net** <br>**asset** <br>**value,** <br>**end of** <br>**period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**return**<br>| &nbsp;&nbsp;&nbsp; **Net investment** <br>**income (loss)** <br>**ratio to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover**<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**assets,** <br>**end of** <br>**period** <br>**(000's)**<br>|
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $29.14<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.29% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 371%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3379<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $28.29<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.48% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.34% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 715%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3155<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $29.34<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.01%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.49% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.33% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 718%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5829<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $27.46<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.38%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.46% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.32% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 660%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4980<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $28.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.54%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.42% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.30% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2138<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.65<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.40% <br><sup>(c),(f)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.27% <br><sup>(c),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 555%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1739<br>|
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $27.74<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%<br>&nbsp;&nbsp;&nbsp;&nbsp; 2.17% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.04% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 371%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2229<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $27.03<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%<br>&nbsp;&nbsp;&nbsp;&nbsp; 2.22% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 715%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4804<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $28.11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.18%<br>&nbsp;&nbsp;&nbsp;&nbsp; 2.23% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.08% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 718%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $5085<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $26.42<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.11%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 2.19% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.06% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 660%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $6191<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $26.99<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.29%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 2.17% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.06% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12869<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $28.59<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%<br>&nbsp;&nbsp;&nbsp;&nbsp; 2.15% <br><sup>(c),(f)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 2.02% <br><sup>(c),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14%) <br>| &nbsp;&nbsp;&nbsp;&nbsp; 555%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $114<br>|
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| Six Months Ended 11/30/2025 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; $29.57<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.04% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 371%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $507546<br>|
| Year Ended 5/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $28.66<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.22% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 715%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $483220<br>|
| Year Ended 5/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp; $29.69<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.29%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.23% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.08% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 718%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $527349<br>|
| Year Ended 5/31/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $27.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.15%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.20% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.06% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 660%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $725845<br>|
| Year Ended 5/31/2022 | &nbsp;&nbsp;&nbsp;&nbsp; $28.30<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.32%) <br>&nbsp;&nbsp;&nbsp;&nbsp; 1.17% <br><sup>(c)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.05% <br><sup>(c),(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 352%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $790615<br>|
|  Year Ended 5/31/2021 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $29.97<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.73%<br>&nbsp;&nbsp;&nbsp;&nbsp; 1.16% <br><sup>(c),(f)</sup><br>&nbsp;&nbsp;&nbsp;&nbsp; 1.02% <br><sup>(c),(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 555%<br>| &nbsp;&nbsp;&nbsp;&nbsp; $806627<br>|

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements

November 30, 2025 (Unaudited)

Note 1. Organization

Columbia Multi Strategy Alternatives 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.

**Basis for consolidation**

CMSAF1 Offshore Fund, Ltd., CMSAF2 Offshore Fund, Ltd. and CMSAF3 Offshore Fund, Ltd. (each, a Subsidiary) are each a Cayman Islands exempted company and wholly-owned subsidiary of the Fund. Each Subsidiary acts as an investment vehicle in order to effect certain investment strategies consistent with the Fund's investment objective and policies as stated in its current prospectus and statement of additional information. In accordance with the Memorandum and Articles of Association of each Subsidiary (the Articles), the Fund owns the sole issued share of each Subsidiary and retains all rights associated with such share, including the right to receive notice of, attend and vote at general meetings of the Subsidiaries, rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiaries. The consolidated financial statements (financial statements) include the accounts of the consolidated Fund and each respective Subsidiary. Subsequent references to the Fund within the Notes to Consolidated Financial Statements collectively refer to the Fund and each Subsidiary. All intercompany transactions and balances have been eliminated in the consolidation process.

At November 30, 2025, the Subsidiary financial statement information is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **CMSAF1 Offshore Fund, Ltd.**  | **CMSAF2 Offshore Fund, Ltd.**  | **CMSAF3 Offshore Fund, Ltd.**  |
| % of consolidated fund net assets | 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>|
| Net assets | $10525676 | &nbsp;&nbsp;&nbsp;&nbsp; $35483124 | &nbsp;&nbsp;&nbsp;&nbsp; $11478681 |
| Net investment income (loss)  | 131643 | &nbsp;&nbsp;&nbsp;&nbsp; 566856 | &nbsp;&nbsp;&nbsp;&nbsp; 195355 |
| Net realized gain (loss)  | 10067675 | &nbsp;&nbsp;&nbsp;&nbsp; 532378 | &nbsp;&nbsp;&nbsp;&nbsp; 1351784 |
| Net change in unrealized appreciation (depreciation) | (7411310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18576)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1061391)<br>|

---

The financial statements present the portfolio holdings, financial position and results of operations of the Fund and the Subsidiaries on a consolidated basis.

**Fund shares**

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

As described in the Fund's prospectus, Class A 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 shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

**Basis of preparation**

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

**Segment reporting**

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

**Security valuation**

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

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities' cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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

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

Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

**Foreign currency transactions and translations** 

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Consolidated Statement of Operations.

**Derivative instruments**

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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 Consolidated Statement of Assets and Liabilities.

**Forward foreign currency exchange contracts** 

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Consolidated Statement of Assets and Liabilities.

**Futures contracts**

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

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

**Options contracts**

Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to manage exposure to fluctuations in interest rates. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.

Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Consolidated Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.

For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.

**Interest rate swaption contracts** 

Interest rate swaption contracts entered into by the Fund typically represent an option that gives the purchaser the right, but not the obligation, to enter into an interest rate swap contract on a future date. Each interest rate swaption contract will specify if the buyer is entitled to receive the fixed or floating rate if the interest rate is exercised. Changes in the value of purchased interest rate swaption contracts are reported as unrealized appreciation or depreciation on options in the Consolidated Statement of Assets and Liabilities. Gain or loss is recognized in the Consolidated Statement of Operations when the interest rate swaption contract is closed or expires.

When the Fund writes an interest rate swaption contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Consolidated Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the interest rate swaption contract written. Premiums received from writing interest rate swaption contracts that expire unexercised are recorded by the Fund on the expiration date as realized gains from options written in the Consolidated Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also recorded as realized gain, or if the premium is less than the amount paid for the closing purchase, as realized loss. These amounts are reflected as net realized gain (loss) on options written in the Consolidated Statement of Operations.

**Swap contracts**

Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty and the central counterparty becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the central counterparty in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Consolidated Portfolio of Investments and cash deposited is recorded in the Consolidated Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, there is less credit exposure to the FCM than in the case of an over-the-counter derivative, because the central counterparty stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.

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

**Credit default swap contracts**

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Consolidated Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Consolidated Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to other risks including counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

**Interest rate and inflation rate swap contracts**

The Fund entered into interest rate swap transactions or inflation rate swap contracts (together, rate swaps) to manage interest rate and market risk exposure to produce incremental earnings, to gain exposure to or protect itself from market rate changes, to synthetically add or subtract principal exposure to a market and to manage long or short exposure to the total return on a reference index in return for periodic payments based on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. A rate swap is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a notional amount. Certain rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard rate swap is generally the difference between a floating market interest rate or floating rate linked to an inflation index versus a fixed interest rate as applied to the notional amount.

Rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the rate swap is terminated.

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**Total return swap contracts**

The Fund entered into total return swap contracts to manage long or short exposure to the total return on a reference security index in return for periodic payments based on a fixed or variable interest rate. These instruments may be used for other purposes in future periods. Total return swap contracts may be used to obtain exposure to an underlying reference security, instrument, or other asset or index or market without owning, taking physical custody of, or short selling any such security, instrument or asset in a market.

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

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

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at November 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Asset derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 52,400<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,922,263<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 2,193,022<br> \*<br>|
| Foreign exchange risk | Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 15446933 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,773,444<br> \*<br>|
| Interest rate risk | Investments, at value — Option contracts purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1064743 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,924,609<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,717,196<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 33094610 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

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Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Liability derivatives** |  |
| **Risk exposure** <br>**category**<br>| &nbsp;&nbsp; **Consolidated statement** <br>**of assets and liabilities** <br>**location**<br>| **Fair value ($)** |
| Credit risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 203,224<br> \*<br>|
| Credit risk | Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1375410 |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 3,728,389<br> \*<br>|
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 698,605<br> \*<br>|
| Foreign exchange risk | Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; 21529250 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1,797,021<br> \*<br>|
| Interest rate risk | Option contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp; 28719 |
| Interest rate risk | Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp; 4,057,226<br> \*<br>|
| Commodity-related investment risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; 12,774,453<br> \*<br>|
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp; 46192297 |

---

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Consolidated Statement of Operations for the six months ended November 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** | **Amount of realized gain (loss) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11939650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11939650 |
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143359 | &nbsp;&nbsp;&nbsp;&nbsp; 143359 |
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6426461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 690617 | &nbsp;&nbsp;&nbsp;&nbsp; 7117078 |
| Foreign exchange risk | &nbsp;&nbsp; (4788286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4788286)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8137396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1224062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 562096 | &nbsp;&nbsp;&nbsp;&nbsp; 2845257 | &nbsp;&nbsp;&nbsp;&nbsp; (5954105)<br>|
| Total | &nbsp;&nbsp; (4788286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10228715 | &nbsp;&nbsp;&nbsp;&nbsp; (1224062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 562096 | &nbsp;&nbsp;&nbsp;&nbsp; 3679233 | &nbsp;&nbsp;&nbsp;&nbsp; 8457696 |
| **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** | **Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| **Risk exposure category** | **Forward** <br>**foreign** <br>**currency** <br>**exchange** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Futures** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**purchased** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Option** <br>**contracts** <br>**written** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Swap** <br>**contracts** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**($)**<br>|
| Commodity-related investment risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8492193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8492193)<br>|
| Credit risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (128507)<br>|
| Equity risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1260091 | &nbsp;&nbsp;&nbsp;&nbsp; 2739820 |
| Foreign exchange risk | &nbsp;&nbsp; (1997008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1997008)<br>|
| Interest rate risk | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3187085 | &nbsp;&nbsp;&nbsp;&nbsp; 189966 | &nbsp;&nbsp;&nbsp;&nbsp; (203663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4993196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1819808)<br>|
| Total | &nbsp;&nbsp; (1997008)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3825379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 189966 | &nbsp;&nbsp;&nbsp;&nbsp; (203663)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3861612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9697696)<br>|

---

The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended November 30, 2025:

---

| | |
|:---|:---|
| **Derivative instrument** | **Average notional** <br>**amounts ($)**<br>|
| Futures contracts — long | 752373806 |
| Futures contracts — short | 862104755 |
| Credit default swap contracts — sell protection | 8699989 |

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Derivative instrument** | **Average** <br>**value ($)**<br>|
| Option contracts purchased | 1220561 |
| Option contracts written | (49367)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **Derivative instrument** | **Average unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp; **Average unrealized** <br>**depreciation ($)**<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 15103035 | &nbsp;&nbsp;&nbsp;&nbsp; (16973782)<br>|
| Interest rate swap contracts | &nbsp;&nbsp; 3664749 | &nbsp;&nbsp;&nbsp;&nbsp; (2893246)<br>|
| Total return swap contracts | &nbsp;&nbsp; 1327312 | &nbsp;&nbsp;&nbsp;&nbsp; (459715)<br>|

---

**Asset- and mortgage-backed securities** 

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

**Delayed delivery securities**

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

**To be announced securities** 

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

In some cases, Master Securities Forward Transaction Agreements (MSFTAs) may be used to govern transactions of certain forward-settling agency mortgage-backed securities, such as delayed-delivery and TBAs, between the Fund and counterparty. The MSFTA maintains provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral relating to such transactions.

**Mortgage dollar roll transactions**

The Fund may enter into mortgage "dollar rolls" in which the Fund sells securities for delivery in the current month and simultaneously contracts with the same counterparty to repurchase similar but not identical securities (same type, coupon and maturity) on a specified future date. These transactions may increase the Fund's portfolio turnover rate. During the roll period, the Fund loses the right to receive principal and interest paid on the securities sold. However, the Fund may benefit because it receives negotiated amounts in the form of reductions of the purchase price for the future purchase plus the interest earned on the cash proceeds of the securities sold until the settlement date of the forward purchase. The Fund records the incremental difference between the forward purchase and sale of each forward roll as a realized gain or loss. Unless any realized gains exceed the income, capital appreciation, and gain or loss due to mortgage prepayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique may diminish the investment performance of the Fund compared to what the performance would have been without the use of mortgage dollar rolls. Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. All cash proceeds will be invested in instruments that are permissible investments for the Fund. The Fund identifies cash or liquid securities in an amount equal to the forward purchase price. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**Interest only and principal only securities** 

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security's interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income in the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income in the Consolidated Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**Offsetting of assets and liabilities** 

The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of November 30, 2025:

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays** <br>**($)**<br>| **Citi** <br>**($)** <sup>(a)</sup> <br>| **Citi** <br>**($)** <sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**International** <br>**($)** <sup>(a)</sup> <br>| **Goldman** <br>**Sachs** <br>**International** <br>**($)** <sup>(a)</sup> <br>| **HSBC** <br>**($)**<br>| **JPMorgan** <br>**($)** <sup>(a)</sup> <br>| **JPMorgan** <br>**($)** <sup>(a)</sup> <br>| **JPMorgan** <br>**($)** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**($)** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**($)** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**($)** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**International** <br>**($)** <sup>(a)</sup> <br>| **Morgan** <br>**Stanley** <br>**International** <br>**($)** <sup>(a)</sup> <br>| **Standard** <br>**Chartered** <br>**($)**<br>| **State** <br>**Street** <br>**($)**<br>| **UBS** <br>**($)**<br>| **Wells** <br>**Fargo** <br>**($)**<br>| **Total** <br>**($)**<br>|
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Centrally cleared <br> interest rate swap <br> contracts <sup>(b)</sup> <br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 394531<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 394531<br>|
| Forward foreign <br> currency exchange <br> contracts<br>| 41516<br>| 262859<br>| 4936969<br>| -<br>| 114651<br>| 80578<br>| 307325<br>| 4938635<br>| -<br>| 262422<br>| 3768421<br>| -<br>| -<br>| -<br>| 235646<br>| 20594<br>| -<br>| 477317<br>| 15446933<br>|
| Call option contracts <br> purchased<br>| -<br>| 173044<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 395587<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 568631<br>|
| Put option contracts <br> purchased<br>| -<br>| 100868<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 395244<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 496112<br>|
| OTC credit default <br> swap contracts <sup>(c)</sup> <br>| -<br>| -<br>| -<br>| -<br>| 52400<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 52400<br>|
| OTC total return swap <br> contracts <sup>(c)</sup> <br>| -<br>| -<br>| -<br>| 140220<br>| -<br>| -<br>| -<br>| 209080<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 1843722<br>| -<br>| -<br>| -<br>| -<br>| 2193022<br>|
| Total assets | 41516<br>| 536771<br>| 4936969<br>| 140220<br>| 167051<br>| 80578<br>| 307325<br>| 5147715<br>| 394531<br>| 1053253<br>| 3768421<br>| -<br>| -<br>| 1843722<br>| 235646<br>| 20594<br>| -<br>| 477317<br>| 19151629<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Centrally cleared <br> interest rate swap <br> contracts <sup>(b)</sup> <br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 535263<br>| -<br>| -<br>| 345113<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 880376<br>|
| Forward foreign <br> currency exchange <br> contracts<br>| 279897<br>| 178646<br>| 7253900<br>| -<br>| 671699<br>| 189975<br>| -<br>| 7257636<br>| -<br>| 56313<br>| 3567198<br>| -<br>| -<br>| -<br>| 330873<br>| 134<br>| 348002<br>| 1394977<br>| 21529250<br>|
| Call option contracts <br> written<br>| -<br>| 28719<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 28719<br>|
| OTC credit default <br> swap contracts <sup>(c)</sup> <br>| -<br>| -<br>| -<br>| -<br>| 791483<br>| -<br>| -<br>| -<br>| -<br>| 787151<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| -<br>| 1578634<br>|
| OTC total return swap <br> contracts <sup>(c)</sup> <br>| -<br>| -<br>| -<br>| 2116<br>| -<br>| -<br>| -<br>| 129270<br>| -<br>| -<br>| -<br>| -<br>| 488481<br>| 78738<br>| -<br>| -<br>| -<br>| -<br>| 698605<br>|
| Total liabilities | 279897<br>| 207365<br>| 7253900<br>| 2116<br>| 1463182<br>| 189975<br>| -<br>| 7386906<br>| 535263<br>| 843464<br>| 3567198<br>| 345113<br>| 488481<br>| 78738<br>| 330873<br>| 134<br>| 348002<br>| 1394977<br>| 24715584<br>|
| **Total financial and** <br> **derivative net assets**<br>| **(238381)**<br>| **329406**<br>| **(2316931)**<br>| **138104**<br>| **(1296131)**<br>| **(109397)**<br>| **307325**<br>| **(2239191)**<br>| **(140732)**<br>| **209789**<br>| **201223**<br>| **(345113)**<br>| **(488481)**<br>| **1764984**<br>| **(95227)**<br>| **20460**<br>| **(348002)**<br>| **(917660)**<br>| **(5563955)**<br>|
| Total collateral <br> received (pledged) <sup>(d)</sup> <br>| -<br>| 329406<br>| (2316931)<br>| -<br>| (520000)<br>| -<br>| -<br>| (2239191)<br>| (140732)<br>| -<br>| -<br>| (345113)<br>| -<br>| 1764984<br>| -<br>| -<br>| -<br>| -<br>| (3467577)<br>|
| **Net amount** <sup>(e)</sup> <br>| **(238381)**<br>| **-**<br>| **-**<br>| **138104**<br>| **(776131)**<br>| **(109397)**<br>| **307325**<br>| **-**<br>| **-**<br>| **209789**<br>| **201223**<br>| **-**<br>| **(488481)**<br>| **-**<br>| **(95227)**<br>| **20460**<br>| **(348002)**<br>| **(917660)**<br>| **(2096378)**<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Centrally cleared swaps are included within payable/receivable for variation margin on the Consolidated Statement of Assets and Liabilities.

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

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

**Security transactions**

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

**Income recognition**

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted. The Fund classifies gains and losses realized on prepayments received on mortgage-backed securities as adjustments to interest income.

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

Dividend income is recorded on the ex-dividend date.

**Expenses**

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

**Determination of class net asset value**

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

**Federal income tax status**

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

**Distributions to shareholders**

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

**Guarantees and indemnifications**

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

**Recent accounting pronouncements and regulatory updates**

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

Note 3. Fees and other transactions with affiliates

**Management services fees**

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The Investment Manager is responsible for the ultimate oversight of investments made by the Fund. The Fund's subadvisers (see Subadvisory agreements below) have the primary responsibility for the day-to-day portfolio management of their portion of the Fund. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.96% to 0.93% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2025 was 0.96% of the Fund's average daily net assets.

**Subadvisory agreements**

The Investment Manager has entered into Subadvisory Agreements with AQR Capital Management, LLC and PGIM Quantitative Solutions LLC, each of which subadvises a portion of the assets of the Fund. New investments in the Fund, net of any redemptions, are allocated in accordance with the Investment Manager's determination. Each subadviser's proportionate share of investments in the Fund will vary due to market fluctuations. The Investment Manager compensates each subadviser to manage the investment of the Fund's assets.

**Compensation of Board members**

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

**Compensation of Chief Compliance Officer**

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

**Transfer agency fees**

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees.

For the six months ended November 30, 2025, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| Class A | 0.11 |
| Class C | 0.11 |
| Institutional Class | 0.11 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Consolidated Statement of Operations. For the six months ended November 30, 2025, no minimum account balance fees were charged by the Fund.

**Distribution and service fees**

The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 0.25% 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 0.75% of the average daily net assets attributable to Class C shares of the Fund.

**Sales charges** 

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2025, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | **Amount ($)** |
| Class A | 5.75<br> &nbsp;&nbsp;&nbsp;&nbsp; 0.50 - 1.00 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Class C | —<br> &nbsp;&nbsp;&nbsp;&nbsp; 1.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

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

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

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee rate(s) contractual** <br>**through** <br>**September 30, 2026 (%)**<br>|
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At November 30, 2025, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| **Federal** <br>**tax cost ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>**appreciation ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(depreciation) ($)**<br>|
| 570090000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43726000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62491000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18765000)<br>|

---

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

The following capital loss carryforwards, determined at May 31, 2025, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| **No expiration** <br>**short-term ($)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **No expiration** <br>**long-term ($)**<br>| **Total ($)** |
| (41284209)<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; (38483663)<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; (79767872)<br>|

---

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $868,791,062 and $940,546,931, respectively, for the six months ended November 30, 2025, of which $857,862,278 and $914,645,190, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Consolidated Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the six months ended November 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower or lender** | **Average loan** <br>**balance ($)**<br>| &nbsp;&nbsp;&nbsp; **Weighted average** <br>**interest rate (%)**<br>| &nbsp;&nbsp;&nbsp; **Number of days** <br>**with outstanding loans**<br>|
| Lender | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2025.

Note 8. Line of credit

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the six months ended November 30, 2025.

Note 9. Risks and uncertainties

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

Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

**Shareholder concentration risk**

At November 30, 2025, affiliated shareholders of record owned 92.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Notes to Consolidated Financial Statements (continued)

November 30, 2025 (Unaudited)

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

Columbia Multi Strategy Alternatives Fund \| 2025

------

Approval of Management and Subadvisory

Agreements

(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Multi Strategy Alternatives Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund and other funds distributed by Columbia Management Investment Distributors, Inc. (collectively, the Funds). In addition, under the subadvisory agreements (the Subadvisory Agreements) between the Investment Manager and each of AQR Capital Management, LLC (AQR) and PGIM Quantitative Solutions LLC (PGIM) (collectively, the Subadvisers), the Subadvisers provide portfolio management and related services for the Fund.

On an annual basis, the Fund's Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement and the Subadvisory Agreements (together, the Advisory Agreements). The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2025, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Advisory Agreements.

The Board, at its June 26, 2025 Board meeting (the June Meeting), considered the renewal of each of the Advisory Agreements for additional one-year terms. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board's consideration of advisory and subadvisory agreements and the Board's legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of each of the Advisory Agreements. Among other things, the information and factors considered included the following:

• Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;

• Information on the Fund's management fees and total expenses, including information comparing the Fund's expenses to those of a group of comparable mutual funds, as determined by Broadridge;

• The Investment Manager's agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund's net assets;

• Terms of the Advisory Agreements;

• Subadvisory fees payable by the Investment Manager under the Subadvisory Agreements;

• Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

• Descriptions of various services performed by the Investment Manager and the Subadvisers under the Advisory Agreements, including portfolio management and portfolio trading practices;

• Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

Columbia Multi Strategy Alternatives Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

• Information regarding the resources of the Investment Manager and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

• The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

• Report provided by the Board's independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of each of the Advisory Agreements.

Nature, extent and quality of services provided by the Investment Manager and the Subadvisers

The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager and the Subadvisers, as well as their history, expertise, resources and relative capabilities, and the qualifications of their personnel.

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager, including, in particular, detailed information regarding the process employed for selecting and overseeing affiliated and unaffiliated subadvisers. With respect to the Investment Manager, the Board also noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department's processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to each subadvised Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager's ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board's evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. In evaluating the quality of services provided under the Advisory Agreements, the Board also took into account the organization and strength of the Fund's and its service providers' compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity's ability to carry out its responsibilities under the Management Agreement and the Fund's other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by the Investment Manager in addition to monitoring each Subadviser), noting that no changes were proposed from the forms of agreements previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

The Board considered each Subadviser's organizational strength and resources, portfolio management team depth and capabilities and investment process. The Board also considered each Subadviser's capability and wherewithal to carry out its responsibilities under the applicable Subadvisory Agreement. In addition, the Board discussed the acceptability of the terms of the Subadvisory Agreements, including the scope of services required to be performed. The Board noted that the terms of the Subadvisory Agreements are generally consistent with the terms of other subadvisory agreements for subadvisers who manage other funds managed by the Investment Manager. It was observed that no changes were recommended to the Subadvisory Agreements. The Board took into account the Investment Manager's representation that each Subadviser was in a position to provide quality services to the Fund. In this regard, the Board further observed the various services provided by the Investment Manager's subadvisory oversight team.

Columbia Multi Strategy Alternatives Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Advisory Agreements supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Investment performance

The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund's performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund's performance for certain periods ranked above median based on information provided by Broadridge.

Additionally, the Board reviewed the performance of each of the Subadvisers and the Investment Manager's process for monitoring such Subadvisers' performance. The Board considered, in particular, management's rationale for recommending the continued retention of each Subadviser and management's representations that the Investment Manager's profitability is not the key factor driving their recommendation to select, renew or terminate a Subadviser.

The Board also reviewed a description of the third-party data provider's methodology for identifying the Fund's peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager's and Subadvisers' performance and reputation generally and the Investment Manager's evaluation of the contribution of each Subadviser to the Fund's investment mandate. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board reviewed comparative fees and the costs of services provided under each of the Advisory Agreements. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund's expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund's contribution to the Investment Manager's profitability.

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) was below the peer universe's median expense ratio shown in the reports.

Additionally, the Board reviewed the level of subadvisory fees paid to each Subadviser, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. Because the Subadvisory Agreements were negotiated at arm's length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not

Columbia Multi Strategy Alternatives Fund \| 2025

------

Approval of Management and Subadvisory

Agreements (continued)

(Unaudited)

consider the profitability to each Subadviser from its relationship with the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2024 had increased from 2023 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement and each of the Subadvisory Agreements.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund's net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement and each of the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 26, 2025, the Board, including all of the Independent Trustees, determined that fees payable under each of the Advisory Agreements were fair and reasonable in light of the extent and quality of services provided and approved the renewal of each of the Advisory Agreements.

Columbia Multi Strategy Alternatives Fund \| 2025

------

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**Columbia Multi Strategy Alternatives Fund** 

P.O. Box 219104

Kansas City, MO 64121-9104

![](g33631img75697d5c2.jpg)

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

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

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

columbiathreadneedleus.com/investor/

SAR259_05_T01_(01/26)

------

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

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

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

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

------

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

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

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

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

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

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

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

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

#### Item 19. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Not applicable.

------

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT](d33631dex99cert.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT](d33631dex99906cert.htm).

------

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

#### Columbia Funds Series Trust I

---

| | |
|:---|:---|
| By: | <u>/s/ Michael G. Clarke</u>  |

---

Name: Michael G. Clarke

Title: President and Principal Executive Officer

Date: January 22, 2026

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

---

| | |
|:---|:---|
| By: | <u>/s/ Michael G. Clarke</u>  |

---

Name: Michael G. Clarke

Title: President and Principal Executive Officer

Date: January 22, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Charles H. Chiesa</u>  |

---

Name: Charles H. Chiesa

Title: Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer

Date: January 22, 2026

## Ex-99.Cert

**EX-99.CERT SECTION 302 CERTIFICATION** 

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust 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;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| By: | <u>/s/ Michael G. Clarke</u> |
| Name: | Michael G. Clarke |
| Title: | President and Principal Executive Officer |
| Date: | January 22, 2026 |

---

------

I, Charles H. Chiesa, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust 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;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| By: | <u>/s/ Charles H. Chiesa</u>  |

---

Name: Charles H. Chiesa

Title: Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer

Date: January 22, 2026

## Exhibit 99.906

**EX-99.906 CERT SECTION 906 CERTIFICATION** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the "Trust") on Form N-CSR for the period ending November 30, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

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

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

---

| | |
|:---|:---|
| By: | <u>/s/ Michael G. Clarke</u>  |

---

Name: Michael G. Clarke

Title: President and Principal Executive Officer

Date: January 22, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Charles H. Chiesa</u>  |

---

Name: Charles H. Chiesa

Title: Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer

Date: January 22, 2026

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

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