# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001683863-23-000506
**Filing Date:** 2023-1
**Character Count:** 1273886
**Document Hash:** 0a2afabfbdb5970e2a4af25eb1e39a29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000506.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001683863-23-000506

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000773757
- **IRS NUMBER:** 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:** 23565679

**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           |
| C000126463 | Columbia High Yield Municipal Fund Advisor Class         | CHIYX           |
| C000175730 | Columbia High Yield Municipal Fund Institutional 3 Class | CHHYX           |

### 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           |
| C000032904 | Columbia Dividend Income Fund Class V               | GEQAX           |
| C000032905 | Columbia Dividend Income Fund Institutional Class   | GSFTX           |
| C000061836 | Columbia Dividend Income Fund Class R               | CDIRX           |
| C000122669 | Columbia Dividend Income Fund Advisor Class         | CVIRX           |
| C000122670 | Columbia Dividend Income Fund Institutional 2 Class | CDDRX           |
| C000122671 | Columbia Dividend Income Fund Institutional 3 Class | CDDYX           |

### 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           |
| C000114821 | Columbia Adaptive Risk Allocation Fund Class R               | CRKRX           |
| C000114823 | Columbia Adaptive Risk Allocation Fund Institutional 2 Class | CRDRX           |
| C000114825 | Columbia Adaptive Risk Allocation Fund Institutional Class   | CRAZX           |
| C000147083 | Columbia Adaptive Risk Allocation Fund Advisor Class         | CARRX           |
| C000147084 | Columbia Adaptive Risk Allocation Fund Institutional 3 Class | CARYX           |

### 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           |
| C000151804 | Columbia Multi Strategy Alternatives Fund Class R               | CRRLX           |
| C000151805 | Columbia Multi Strategy Alternatives Fund Advisor Class         | CLFUX           |
| C000151806 | Columbia Multi Strategy Alternatives Fund Institutional 2 Class | CLIVX           |
| C000151808 | Columbia Multi Strategy Alternatives Fund Institutional 3 Class | CLAYX           |
| C000151809 | Columbia Multi Strategy Alternatives Fund Institutional Class   | CLAZX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-04367</u>

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

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

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

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

Date of reporting period: <u>November 30, 2022</u>

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

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

#### Item 1. Reports to Stockholders.

------

![](img631688d61.jpg)

Semiannual Report

November 30, 2022 (Unaudited)

![](imga47fc2672.jpg)

Columbia Multi Strategy Alternatives Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_1a76f638-e5a3-4fbd-8f87-7b2712071347_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_e50c0aea-d874-4ffc-8878-7cc07a0439d0_1)<br>| 5 |
| [Consolidated Portfolio of Investments](#xx_471b9a53-db94-4bbd-b764-49105f2963dd_1)<br>| 6 |
| [Consolidated Statement of Assets and Liabilities](#xx_292bb072-ee37-4bd6-9c93-357c29a944d7_1)<br>| 30 |
| [Consolidated Statement of Operations](#xx_292bb072-ee37-4bd6-9c93-357c29a944d7_3)<br>| 32 |
| [Consolidated Statement of Changes in Net Assets](#xx_292bb072-ee37-4bd6-9c93-357c29a944d7_5)<br>| 34 |
| [Consolidated Financial Highlights](#xx_0cb6e740-2a74-475b-93f1-121f99e272ae_1)<br>| 36 |
| [Notes to Consolidated Financial Statements](#xx_ede28d66-a19a-4f1f-9fa6-aece791fceb6_1)<br>| 40 |
| [Approval of Management and Subadvisory Agreements](#xx_a744afd5-af19-4b3c-9123-7a88e643358d_1)<br>| 61 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks to provide shareholders with absolute (positive) returns over a complete market cycle.

Portfolio management

#### Columbia Management Investment Advisers, LLC
Marc Khalamayzer, CFA

Joshua Kutin, CFA

Matthew Ferrelli, CFA

Dan Boncarosky, CFA

Brian Virginia

Corey Lorenzen, CFA

Jason Callan

Tom Heuer, CFA

Ryan Osborn, CFA

#### AQR Capital Management, LLC
Jordan Brooks, Ph.D.

Jonathan Fader

Lars Nielsen

Yao Hua Ooi

#### PGIM Quantitative Solutions LLC
Marco Aiolfi, Ph.D.

Edward Tostanoski III, CFA

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;-5.34 | &nbsp;&nbsp;&nbsp;&nbsp;-3.74 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.28 | &nbsp;&nbsp;&nbsp;&nbsp;-4.03 | &nbsp;&nbsp;&nbsp;&nbsp;-6.46 | &nbsp;&nbsp;&nbsp;&nbsp;-4.46 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;-5.09 | &nbsp;&nbsp;&nbsp;&nbsp;-3.49 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;-6.07 | &nbsp;&nbsp;&nbsp;&nbsp;-4.45 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;-6.07 | &nbsp;&nbsp;&nbsp;&nbsp;-4.45 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;-5.11 | &nbsp;&nbsp;&nbsp;&nbsp;-3.51 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;-5.05 | &nbsp;&nbsp;&nbsp;&nbsp;-3.43 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;-4.99 | &nbsp;&nbsp;&nbsp;&nbsp;-3.37 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;01/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;-5.57 | &nbsp;&nbsp;&nbsp;&nbsp;-3.98 |
| &nbsp;&nbsp;FTSE One-Month U.S. Treasury Bill Index | &nbsp;&nbsp;FTSE One-Month U.S. Treasury Bill Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;HFRX Global Hedge Fund Index | &nbsp;&nbsp;HFRX Global Hedge Fund Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.07 | &nbsp;&nbsp;&nbsp;&nbsp;-3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 |

---

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

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

The Fund's performance prior to October 2019 reflects returns achieved by the Investment Manager according to different principal investment strategies. If the Fund's current management and strategies had been in place for the prior periods, results shown may have been different.

The FTSE One-Month U.S. Treasury Bill Index is an unmanaged index that represents the performance of one-month Treasury bills and reflects reinvestment of all distributions and changes in market prices.

HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe.

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 3

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Money Market Funds<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;36.4 |
| &nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;25.7 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;17.7 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to
Consolidated Financial Statements.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at November 30, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at November 30, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at November 30, 2022)<sup>(a)</sup>** | &nbsp;&nbsp;**Market exposure through derivatives investments (% of notional exposure) (at November 30, 2022)<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net |
| &nbsp;&nbsp;Fixed Income Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;381.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89.9) |
| &nbsp;&nbsp;Commodities Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;11.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.7) |
| &nbsp;&nbsp;Equity Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;99.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.9) |
| &nbsp;&nbsp;Foreign Currency Derivative Contracts | &nbsp;&nbsp;&nbsp;&nbsp;775.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;**Total Notional Market Value of Derivative Contracts** | **1268.6** | &nbsp;&nbsp;&nbsp;&nbsp;**(1368.6)** | &nbsp;&nbsp;&nbsp;&nbsp;**(100.0)** |

---

(a) The Fund has market exposure (long and/or short) to fixed income, commodity and equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund's investments in derivatives, see Investments in derivatives following the Consolidated Portfolio of Investments, and Note 2 of the Notes to Consolidated Financial Statements.

4 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.70 | &nbsp;&nbsp;&nbsp;&nbsp;1019.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.10 | &nbsp;&nbsp;&nbsp;&nbsp;1014.79 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.30 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1006.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.60 | &nbsp;&nbsp;&nbsp;&nbsp;1017.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 |

---

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

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

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 5

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

## Consolidated Portfolio of Investments November 30, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.1%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.1%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.1%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 4.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;ARES XLIV CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR | &nbsp;&nbsp;Series 2017-44A Class DR |
| &nbsp;&nbsp;3-month USD LIBOR + 6.870%<br> Floor 6.870%<br> 04/15/2034 | &nbsp;&nbsp;10.949% | 1500000 | &nbsp;&nbsp;1280107 |
| &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bain Capital Credit CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-4A Class E | &nbsp;&nbsp;Series 2020-4A Class E | &nbsp;&nbsp;Series 2020-4A Class E | &nbsp;&nbsp;Series 2020-4A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 7.950%<br> Floor 7.950%<br> 10/20/2033 | &nbsp;&nbsp;12.193% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;858027 |
| &nbsp;&nbsp;Carlyle Global Market Strategies<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle Global Market Strategies<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E | &nbsp;&nbsp;Series 2021-5A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 6.250%<br> Floor 6.250%<br> 07/20/2034 | &nbsp;&nbsp;10.493% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;876418 |
| &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Carlyle US CLO Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R | &nbsp;&nbsp;Series 2016-4A Class A2R |
| &nbsp;&nbsp;3-month USD LIBOR + 1.450%<br> Floor 1.450%<br> 10/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.693% | 3100000 | &nbsp;&nbsp;3001504 |
| &nbsp;&nbsp;Consumer Loan Underlying Bond Credit Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Consumer Loan Underlying Bond Credit Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Consumer Loan Underlying Bond Credit Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Consumer Loan Underlying Bond Credit Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-P1 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P1 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P1 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P1 Class CERT |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;590000 |
| &nbsp;&nbsp;Subordinated Series 2018-P2 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P2 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P2 Class CERT | &nbsp;&nbsp;Subordinated Series 2018-P2 Class CERT |
| &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;855000 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Exeter Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E | &nbsp;&nbsp;Subordinated Series 2021-2A Class E |
| &nbsp;&nbsp;07/17/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.900% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;782983 |
| &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;Freed ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C | &nbsp;&nbsp;Subordinated Series 2021-1CP Class C |
| &nbsp;&nbsp;03/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.830% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;686451 |
| &nbsp;&nbsp;LendingClub Receivables Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingClub Receivables Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingClub Receivables Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;LendingClub Receivables Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Series 2020-2 Class R | &nbsp;&nbsp;Series 2020-2 Class R | &nbsp;&nbsp;Series 2020-2 Class R | &nbsp;&nbsp;Series 2020-2 Class R |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp;191250 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a),(d),(e)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C | &nbsp;&nbsp;Subordinated Series 2021-1 Class C |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.935% | 1150000 | &nbsp;&nbsp;1112625 |
| &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D | &nbsp;&nbsp;Subordinated Series 2021-1 Class D |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.226% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;907500 |
| &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LendingPoint Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C | &nbsp;&nbsp;Subordinated Series 2021-A Class C |
| &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | 2000000 | &nbsp;&nbsp;1888781 |
| &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.750% | &nbsp;&nbsp;&nbsp;545596 | &nbsp;&nbsp;&nbsp;&nbsp;525794 |
| &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(d),(e)</sup> | &nbsp;&nbsp;LP LMS Asset Securitization Trust<sup>(a),(d),(e)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B | &nbsp;&nbsp;Subordinated Series 2021-2A Class B |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;2.330% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;454062 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XLVII Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-47A Class E | &nbsp;&nbsp;Series 2020-47A Class E | &nbsp;&nbsp;Series 2020-47A Class E | &nbsp;&nbsp;Series 2020-47A Class E |
| &nbsp;&nbsp;3-month USD LIBOR + 7.460%<br> Floor 7.460%<br> 01/19/2034 | &nbsp;&nbsp;10.198% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;478708 |
| &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Madison Park Funding XXIV Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR | &nbsp;&nbsp;Series 2016-24A Class BR |
| &nbsp;&nbsp;3-month USD LIBOR + 1.750%<br> 10/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.975% | 7000000 | &nbsp;&nbsp;6792583 |
| &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Marlette Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D | &nbsp;&nbsp;Series 2021-1A Class D |
| &nbsp;&nbsp;06/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;2.470% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90164 |
| &nbsp;&nbsp;Octagon Investment Partners 47 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 47 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 47 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Octagon Investment Partners 47 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class ER | &nbsp;&nbsp;Series 2020-1A Class ER | &nbsp;&nbsp;Series 2020-1A Class ER | &nbsp;&nbsp;Series 2020-1A Class ER |
| &nbsp;&nbsp;3-month USD LIBOR + 6.250%<br> Floor 6.250%<br> 07/20/2034 | &nbsp;&nbsp;10.493% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;657120 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Series 2020-2 Class NOTE | &nbsp;&nbsp;Series 2020-2 Class NOTE | &nbsp;&nbsp;Series 2020-2 Class NOTE | &nbsp;&nbsp;Series 2020-2 Class NOTE |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | &nbsp;&nbsp;&nbsp;141662 | &nbsp;&nbsp;&nbsp;&nbsp;138829 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Series 2020-3 Class CERT | &nbsp;&nbsp;Series 2020-3 Class CERT | &nbsp;&nbsp;Series 2020-3 Class CERT | &nbsp;&nbsp;Series 2020-3 Class CERT |
| &nbsp;&nbsp;05/17/2027 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;415706 |
| &nbsp;&nbsp;Series 2021-1 Class CERT | &nbsp;&nbsp;Series 2021-1 Class CERT | &nbsp;&nbsp;Series 2021-1 Class CERT | &nbsp;&nbsp;Series 2021-1 Class CERT |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;696200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 |
| &nbsp;&nbsp;Subordinated Series 2021-5 Class | &nbsp;&nbsp;Subordinated Series 2021-5 Class | &nbsp;&nbsp;Subordinated Series 2021-5 Class | &nbsp;&nbsp;Subordinated Series 2021-5 Class |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;224359 |
| &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> | &nbsp;&nbsp;Pagaya AI Debt Selection Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2 Class NOTE | &nbsp;&nbsp;Series 2021-2 Class NOTE | &nbsp;&nbsp;Series 2021-2 Class NOTE | &nbsp;&nbsp;Series 2021-2 Class NOTE |
| &nbsp;&nbsp;01/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;474587 | &nbsp;&nbsp;&nbsp;&nbsp;441067 |
| &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A | &nbsp;&nbsp;Series 2021-5 Class A |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.530% | &nbsp;&nbsp;&nbsp;245427 | &nbsp;&nbsp;&nbsp;&nbsp;235981 |
| &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> | &nbsp;&nbsp;PAGAYA AI Debt Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B | &nbsp;&nbsp;Subordinated Series 2022-3 Class B |
| &nbsp;&nbsp;03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.050% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;777146 |
| &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Palmer Square Loan Funding Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D | &nbsp;&nbsp;Series 2020-4A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 7.050%<br> Floor 7.050%<br> 11/25/2028 | &nbsp;&nbsp;11.807% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;943564 |
| &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(d)</sup> | &nbsp;&nbsp;Prosper Pass-Through Trust<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A | &nbsp;&nbsp;Series 2019-ST2 Class A |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3.750% | &nbsp;&nbsp;&nbsp;112617 | &nbsp;&nbsp;&nbsp;&nbsp;112616 |
| &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> | &nbsp;&nbsp;Research-Driven Pagaya Motor Asset Trust IV<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A | &nbsp;&nbsp;Series 2021-2A Class A |
| &nbsp;&nbsp;03/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;776592 | &nbsp;&nbsp;&nbsp;&nbsp;682275 |

---

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

6 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;RR 16 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 16 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 16 Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;RR 16 Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2021-16A Class D | &nbsp;&nbsp;Series 2021-16A Class D | &nbsp;&nbsp;Series 2021-16A Class D | &nbsp;&nbsp;Series 2021-16A Class D |
| &nbsp;&nbsp;3-month USD LIBOR + 6.250%<br> Floor 6.250%<br> 07/15/2036 | &nbsp;&nbsp;10.329% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881864 |
| &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Theorem Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C | &nbsp;&nbsp;Series 2020-1A Class C |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;6.250% | 2106022 | &nbsp;&nbsp;&nbsp;&nbsp;2102219 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B | &nbsp;&nbsp;Subordinated Series 2021-1A Class B |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;1.840% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925667 |
| &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Pass-Through Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A | &nbsp;&nbsp;Series 2021-ST1 Class A |
| &nbsp;&nbsp;02/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;2.750% | &nbsp;&nbsp;&nbsp;284742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270367 |
| &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A | &nbsp;&nbsp;Series 2021-ST7 Class A |
| &nbsp;&nbsp;09/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;1.850% | &nbsp;&nbsp;&nbsp;229489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213245 |
| &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> | &nbsp;&nbsp;US Auto Funding<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D | &nbsp;&nbsp;Subordinated Series 2021-1A Class D |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;4.360% | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1017432 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $35,675,154) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $35,675,154) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $35,675,154) | &nbsp;&nbsp;**31418302** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Agency 0.1%** |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(f),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(f),(g)</sup> |
| &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB | &nbsp;&nbsp;Series 2019-102 Class IB |
| &nbsp;&nbsp;03/16/2060 | &nbsp;&nbsp;&nbsp;&nbsp;0.834% | 1349713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79476 |
| &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO | &nbsp;&nbsp;Series 2019-109 Class IO |
| &nbsp;&nbsp;04/16/2060 | &nbsp;&nbsp;&nbsp;&nbsp;0.804% | 2451761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141327 |
| &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO | &nbsp;&nbsp;Series 2019-131 Class IO |
| &nbsp;&nbsp;07/16/2061 | &nbsp;&nbsp;&nbsp;&nbsp;0.802% | 2711194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153215 |
| &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO | &nbsp;&nbsp;Series 2020-19 Class IO |
| &nbsp;&nbsp;12/16/2061 | &nbsp;&nbsp;&nbsp;&nbsp;0.699% | 1756527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95426 |
| &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO | &nbsp;&nbsp;Series 2020-3 Class IO |
| &nbsp;&nbsp;02/16/2062 | &nbsp;&nbsp;&nbsp;&nbsp;0.624% | 2000845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97079 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $1,467,464) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $1,467,464) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Agency<br> (Cost $1,467,464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**566523** |
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.3%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.3%** |
| &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated Series 2013-WBRK Class E | &nbsp;&nbsp;Subordinated Series 2013-WBRK Class E | &nbsp;&nbsp;Subordinated Series 2013-WBRK Class E | &nbsp;&nbsp;Subordinated Series 2013-WBRK Class E |
| &nbsp;&nbsp;03/10/2037 | &nbsp;&nbsp;&nbsp;&nbsp;3.652% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415867 |
| &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BAMLL Commercial Mortgage Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D | &nbsp;&nbsp;Subordinated Series 2018-DSNY Class D |
| &nbsp;&nbsp;1-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 09/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.576% | 2065000 | &nbsp;&nbsp;&nbsp;&nbsp;1941060 |
| &nbsp;&nbsp;Subordinated Series 2019-RLJ Class C | &nbsp;&nbsp;Subordinated Series 2019-RLJ Class C | &nbsp;&nbsp;Subordinated Series 2019-RLJ Class C | &nbsp;&nbsp;Subordinated Series 2019-RLJ Class C |
| &nbsp;&nbsp;1-month USD LIBOR + 1.600%<br> Floor 1.600%<br> 04/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;5.475% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1206762 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BBCMS Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-BXH Class A | &nbsp;&nbsp;Series 2018-BXH Class A | &nbsp;&nbsp;Series 2018-BXH Class A | &nbsp;&nbsp;Series 2018-BXH Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.000%<br> Floor 1.000%<br> 10/15/2037 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;207394 | &nbsp;&nbsp;&nbsp;&nbsp;198903 |
| &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BFLD Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F | &nbsp;&nbsp;Series 2019-DPLO Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 2.540%<br> Floor 2.540%<br> 10/15/2034 | &nbsp;&nbsp;6.413% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;280361 |
| &nbsp;&nbsp;Series 2019-DPLO Class G | &nbsp;&nbsp;Series 2019-DPLO Class G | &nbsp;&nbsp;Series 2019-DPLO Class G | &nbsp;&nbsp;Series 2019-DPLO Class G |
| &nbsp;&nbsp;1-month USD LIBOR + 3.190%<br> Floor 3.190%<br> 10/15/2034 | &nbsp;&nbsp;7.063% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;934049 |
| &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BHMS Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A | &nbsp;&nbsp;Series 2018-ATLS Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 1.250%<br> Floor 1.250%<br> 07/15/2035 | &nbsp;&nbsp;5.126% | 3000000 | &nbsp;&nbsp;2887491 |
| &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Braemar Hotels & Resorts Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E | &nbsp;&nbsp;Series 2018-PRME Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.400%<br> Floor 2.400%<br> 06/15/2035 | &nbsp;&nbsp;6.276% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;923755 |
| &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BX Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-MFM1 Class G | &nbsp;&nbsp;Subordinated Series 2021-MFM1 Class G | &nbsp;&nbsp;Subordinated Series 2021-MFM1 Class G | &nbsp;&nbsp;Subordinated Series 2021-MFM1 Class G |
| &nbsp;&nbsp;1-month USD LIBOR + 3.900%<br> Floor 3.900%<br> 01/15/2034 | &nbsp;&nbsp;7.775% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90513 |
| &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> | &nbsp;&nbsp;BX Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A | &nbsp;&nbsp;Series 2019-OC11 Class A |
| &nbsp;&nbsp;12/09/2041 | &nbsp;&nbsp;3.202% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;845175 |
| &nbsp;&nbsp;BXP Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BXP Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BXP Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BXP Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated Series 2021-601L Class E | &nbsp;&nbsp;Subordinated Series 2021-601L Class E | &nbsp;&nbsp;Subordinated Series 2021-601L Class E | &nbsp;&nbsp;Subordinated Series 2021-601L Class E |
| &nbsp;&nbsp;01/15/2044 | &nbsp;&nbsp;2.868% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;913027 |
| &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;CLNY Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class E |
| &nbsp;&nbsp;1-month USD LIBOR + 2.721%<br> Floor 2.721%<br> 11/15/2038 | &nbsp;&nbsp;6.596% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;825653 |
| &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F | &nbsp;&nbsp;Subordinated Series 2019-IKPR Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 3.417%<br> Floor 3.417%<br> 11/15/2038 | &nbsp;&nbsp;7.292% | 1350000 | &nbsp;&nbsp;1223882 |
| &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Cold Storage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F | &nbsp;&nbsp;Subordinated Series 2020-ICE5 Class F |
| &nbsp;&nbsp;1-month USD LIBOR + 3.492%<br> Floor 3.492%<br> 11/15/2037 | &nbsp;&nbsp;7.368% | &nbsp;&nbsp;&nbsp;638944 | &nbsp;&nbsp;&nbsp;&nbsp;606984 |
| &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COMM Mortgage Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F | &nbsp;&nbsp;Subordinated Series 2020-CBM Class F |
| &nbsp;&nbsp;02/10/2037 | &nbsp;&nbsp;3.754% | 2200000 | &nbsp;&nbsp;1893963 |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 7

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Capital Certificates OA LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E | &nbsp;&nbsp;Subordinated Series 2014-USA Class E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;4.373% | 4600000 | &nbsp;&nbsp;&nbsp;&nbsp;3035465 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E | &nbsp;&nbsp;Subordinated Series 2019-UVIL Class E |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;3.393% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437529 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F | &nbsp;&nbsp;Series 2016-HHV Class F |
| &nbsp;&nbsp;11/05/2038 | &nbsp;&nbsp;4.333% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2540043 |
| &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> | &nbsp;&nbsp;Hilton USA Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F | &nbsp;&nbsp;Subordinated Series 2016-SFP Class F |
| &nbsp;&nbsp;11/05/2035 | &nbsp;&nbsp;6.155% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1567693 |
| &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> | &nbsp;&nbsp;Home Partners of America Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-2 Class F | &nbsp;&nbsp;Series 2019-2 Class F | &nbsp;&nbsp;Series 2019-2 Class F | &nbsp;&nbsp;Series 2019-2 Class F |
| &nbsp;&nbsp;10/19/2039 | &nbsp;&nbsp;3.866% | &nbsp;&nbsp;&nbsp;331130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274290 |
| &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Morgan Stanley Capital I Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E | &nbsp;&nbsp;Series 2019-MEAD Class E |
| &nbsp;&nbsp;11/10/2036 | &nbsp;&nbsp;3.283% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514299 |
| &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> | &nbsp;&nbsp;Progress Residential Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F | &nbsp;&nbsp;Series 2020-SFR1 Class F |
| &nbsp;&nbsp;04/17/2037 | &nbsp;&nbsp;3.431% | &nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517397 |
| &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class E | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class E | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class E | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class E |
| &nbsp;&nbsp;09/17/2036 | &nbsp;&nbsp;3.369% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935464 |
| &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F | &nbsp;&nbsp;Subordinated Series 2019-SFR3 Class F |
| &nbsp;&nbsp;09/17/2036 | &nbsp;&nbsp;3.867% | 6700000 | &nbsp;&nbsp;&nbsp;&nbsp;6274290 |
| &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F | &nbsp;&nbsp;Subordinated Series 2020-SFR2 Class F |
| &nbsp;&nbsp;06/17/2037 | &nbsp;&nbsp;6.152% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483418 |
| &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2017-SMP Class A | &nbsp;&nbsp;Series 2017-SMP Class A | &nbsp;&nbsp;Series 2017-SMP Class A | &nbsp;&nbsp;Series 2017-SMP Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 0.875%<br> Floor 0.875%<br> 12/15/2034 | &nbsp;&nbsp;4.750% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970886 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $35,806,742) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $35,806,742) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $35,806,742) | &nbsp;&nbsp;**32738219** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 29.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 29.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 29.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 29.0%** |
| &nbsp;&nbsp;Fannie Mae REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Fannie Mae REMICS<sup>(b),(g)</sup> |
| &nbsp;&nbsp;CMO Series 2017-81 Class SM | &nbsp;&nbsp;CMO Series 2017-81 Class SM | &nbsp;&nbsp;CMO Series 2017-81 Class SM | &nbsp;&nbsp;CMO Series 2017-81 Class SM |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> Cap 6.200%<br> 10/25/2047 | &nbsp;&nbsp;2.184% | 2196933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256278 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;05/01/2052-<br> 08/01/2052 | &nbsp;&nbsp;3.000% | 8233067 | &nbsp;&nbsp;&nbsp;&nbsp;7350043 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b),(g)</sup> |
| &nbsp;&nbsp;CMO Series 2013-101 Class HS | &nbsp;&nbsp;CMO Series 2013-101 Class HS | &nbsp;&nbsp;CMO Series 2013-101 Class HS | &nbsp;&nbsp;CMO Series 2013-101 Class HS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.500%<br> Cap 6.500%<br> 10/25/2043 | &nbsp;&nbsp;2.484% | &nbsp;&nbsp;&nbsp;&nbsp;754835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92318 |
| &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS | &nbsp;&nbsp;CMO Series 4987 Class KS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.080%<br> Cap 6.080%<br> 06/25/2050 | &nbsp;&nbsp;2.064% | &nbsp;&nbsp;1344162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197639 |
| &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS | &nbsp;&nbsp;CMO Series 4993 Class MS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 07/25/2050 | &nbsp;&nbsp;2.034% | &nbsp;&nbsp;1926881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292810 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(b),(g)</sup> |
| &nbsp;&nbsp;CMO Series 4606 Class SL | &nbsp;&nbsp;CMO Series 4606 Class SL | &nbsp;&nbsp;CMO Series 4606 Class SL | &nbsp;&nbsp;CMO Series 4606 Class SL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 12/15/2044 | &nbsp;&nbsp;2.127% | &nbsp;&nbsp;3928192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391197 |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(g)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp. REMICS<sup>(g)</sup> |
| &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID | &nbsp;&nbsp;CMO Series 5105 Class ID |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2848334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542533 |
| &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association | &nbsp;&nbsp;Federal National Mortgage Association |
| &nbsp;&nbsp;04/01/2052 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;5743060 | &nbsp;&nbsp;&nbsp;&nbsp;5265167 |
| &nbsp;&nbsp;05/01/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;4892248 | &nbsp;&nbsp;&nbsp;&nbsp;4343483 |
| &nbsp;&nbsp;08/01/2052 | &nbsp;&nbsp;4.000% | 11830091 | &nbsp;&nbsp;11294083 |
| &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Federal National Mortgage Association<sup>(b),(g)</sup> |
| &nbsp;&nbsp;CMO Series 2016-53 Class AS | &nbsp;&nbsp;CMO Series 2016-53 Class AS | &nbsp;&nbsp;CMO Series 2016-53 Class AS | &nbsp;&nbsp;CMO Series 2016-53 Class AS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.000%<br> Cap 6.000%<br> 08/25/2046 | &nbsp;&nbsp;1.984% | 14541912 | &nbsp;&nbsp;&nbsp;&nbsp;2271724 |
| &nbsp;&nbsp;CMO Series 2020-38 Class WS | &nbsp;&nbsp;CMO Series 2020-38 Class WS | &nbsp;&nbsp;CMO Series 2020-38 Class WS | &nbsp;&nbsp;CMO Series 2020-38 Class WS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 5.000%<br> Cap 5.000%<br> 06/25/2050 | &nbsp;&nbsp;0.984% | &nbsp;&nbsp;3086125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282586 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HQA2 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.450%<br> 12/25/2033 | &nbsp;&nbsp;8.971% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601555 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(b),(g)</sup> |
| &nbsp;&nbsp;CMO Series 2019-103 Class SA | &nbsp;&nbsp;CMO Series 2019-103 Class SA | &nbsp;&nbsp;CMO Series 2019-103 Class SA | &nbsp;&nbsp;CMO Series 2019-103 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.050%<br> Cap 6.050%<br> 08/20/2049 | &nbsp;&nbsp;2.111% | &nbsp;&nbsp;2269850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254391 |

---

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

8 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2019-120 Class CS | &nbsp;&nbsp;CMO Series 2019-120 Class CS | &nbsp;&nbsp;CMO Series 2019-120 Class CS | &nbsp;&nbsp;CMO Series 2019-120 Class CS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 3.400%<br> Cap 3.400%<br> 09/20/2049 | &nbsp;&nbsp;0.000% | 20648824 | &nbsp;&nbsp;472474 |
| &nbsp;&nbsp;CMO Series 2019-120 Class SA | &nbsp;&nbsp;CMO Series 2019-120 Class SA | &nbsp;&nbsp;CMO Series 2019-120 Class SA | &nbsp;&nbsp;CMO Series 2019-120 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 3.400%<br> Cap 3.400%<br> 09/20/2049 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2309294 | &nbsp;&nbsp;&nbsp;&nbsp;61724 |
| &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD | &nbsp;&nbsp;CMO Series 2019-92 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 07/20/2049 | &nbsp;&nbsp;2.161% | &nbsp;&nbsp;2823149 | &nbsp;&nbsp;320692 |
| &nbsp;&nbsp;CMO Series 2019-98 Class SB | &nbsp;&nbsp;CMO Series 2019-98 Class SB | &nbsp;&nbsp;CMO Series 2019-98 Class SB | &nbsp;&nbsp;CMO Series 2019-98 Class SB |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.100%<br> Cap 6.100%<br> 08/20/2049 | &nbsp;&nbsp;2.161% | &nbsp;&nbsp;8262801 | &nbsp;&nbsp;857779 |
| &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA | &nbsp;&nbsp;CMO Series 2020-104 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.200%<br> 07/20/2050 | &nbsp;&nbsp;2.261% | &nbsp;&nbsp;1480788 | &nbsp;&nbsp;173097 |
| &nbsp;&nbsp;CMO Series 2020-133 Class DS | &nbsp;&nbsp;CMO Series 2020-133 Class DS | &nbsp;&nbsp;CMO Series 2020-133 Class DS | &nbsp;&nbsp;CMO Series 2020-133 Class DS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2050 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;5840584 | &nbsp;&nbsp;685663 |
| &nbsp;&nbsp;CMO Series 2020-78 Class SD | &nbsp;&nbsp;CMO Series 2020-78 Class SD | &nbsp;&nbsp;CMO Series 2020-78 Class SD | &nbsp;&nbsp;CMO Series 2020-78 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.150%<br> Cap 6.150%<br> 06/20/2050 | &nbsp;&nbsp;2.211% | &nbsp;&nbsp;2506312 | &nbsp;&nbsp;272963 |
| &nbsp;&nbsp;CMO Series 2021-117 Class HS | &nbsp;&nbsp;CMO Series 2021-117 Class HS | &nbsp;&nbsp;CMO Series 2021-117 Class HS | &nbsp;&nbsp;CMO Series 2021-117 Class HS |
| &nbsp;&nbsp;1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 07/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;2523395 | &nbsp;&nbsp;305599 |
| &nbsp;&nbsp;CMO Series 2021-122 Class SB | &nbsp;&nbsp;CMO Series 2021-122 Class SB | &nbsp;&nbsp;CMO Series 2021-122 Class SB | &nbsp;&nbsp;CMO Series 2021-122 Class SB |
| &nbsp;&nbsp;-1.0 x 30-day Average SOFR + 2.600%<br> Cap 2.600%<br> 07/20/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7920151 | &nbsp;&nbsp;&nbsp;&nbsp;78488 |
| &nbsp;&nbsp;CMO Series 2021-122 Class SG | &nbsp;&nbsp;CMO Series 2021-122 Class SG | &nbsp;&nbsp;CMO Series 2021-122 Class SG | &nbsp;&nbsp;CMO Series 2021-122 Class SG |
| &nbsp;&nbsp;1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 07/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;4051216 | &nbsp;&nbsp;462851 |
| &nbsp;&nbsp;CMO Series 2021-142 Class SL | &nbsp;&nbsp;CMO Series 2021-142 Class SL | &nbsp;&nbsp;CMO Series 2021-142 Class SL | &nbsp;&nbsp;CMO Series 2021-142 Class SL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 08/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;5230831 | &nbsp;&nbsp;669536 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-156 Class SA | &nbsp;&nbsp;CMO Series 2021-156 Class SA | &nbsp;&nbsp;CMO Series 2021-156 Class SA | &nbsp;&nbsp;CMO Series 2021-156 Class SA |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;3927265 | &nbsp;&nbsp;528906 |
| &nbsp;&nbsp;CMO Series 2021-160 Class S | &nbsp;&nbsp;CMO Series 2021-160 Class S | &nbsp;&nbsp;CMO Series 2021-160 Class S | &nbsp;&nbsp;CMO Series 2021-160 Class S |
| &nbsp;&nbsp;-1.0 x 30-day Average SOFR + 2.650%<br> Cap 2.650%<br> 09/20/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6079215 | &nbsp;&nbsp;&nbsp;&nbsp;56604 |
| &nbsp;&nbsp;CMO Series 2021-161 Class SL | &nbsp;&nbsp;CMO Series 2021-161 Class SL | &nbsp;&nbsp;CMO Series 2021-161 Class SL | &nbsp;&nbsp;CMO Series 2021-161 Class SL |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 09/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;3523276 | &nbsp;&nbsp;487822 |
| &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES | &nbsp;&nbsp;CMO Series 2021-193 Class ES |
| &nbsp;&nbsp;30-day Average SOFR + 1.700%<br> 11/20/2051 | &nbsp;&nbsp;0.000% | 21830400 | &nbsp;&nbsp;124202 |
| &nbsp;&nbsp;CMO Series 2021-42 Class SD | &nbsp;&nbsp;CMO Series 2021-42 Class SD | &nbsp;&nbsp;CMO Series 2021-42 Class SD | &nbsp;&nbsp;CMO Series 2021-42 Class SD |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 11/20/2050 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;3777231 | &nbsp;&nbsp;519266 |
| &nbsp;&nbsp;CMO Series 2021-96 Class US | &nbsp;&nbsp;CMO Series 2021-96 Class US | &nbsp;&nbsp;CMO Series 2021-96 Class US | &nbsp;&nbsp;CMO Series 2021-96 Class US |
| &nbsp;&nbsp;-1.0 x 30-day Average SOFR + 3.250%<br> Cap 3.250%<br> 06/20/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3678707 | &nbsp;&nbsp;&nbsp;&nbsp;59727 |
| &nbsp;&nbsp;CMO Series 2021-97 Class CS | &nbsp;&nbsp;CMO Series 2021-97 Class CS | &nbsp;&nbsp;CMO Series 2021-97 Class CS | &nbsp;&nbsp;CMO Series 2021-97 Class CS |
| &nbsp;&nbsp;-1.0 x 1-month USD LIBOR + 6.300%<br> Cap 6.300%<br> 06/20/2051 | &nbsp;&nbsp;2.361% | &nbsp;&nbsp;3629600 | &nbsp;&nbsp;438095 |
| &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> | &nbsp;&nbsp;Government National Mortgage Association<sup>(g)</sup> |
| &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY | &nbsp;&nbsp;CMO Series 2020-104 Class IY |
| &nbsp;&nbsp;07/20/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2635792 | &nbsp;&nbsp;389786 |
| &nbsp;&nbsp;CMO Series 2020-129 Class GI | &nbsp;&nbsp;CMO Series 2020-129 Class GI | &nbsp;&nbsp;CMO Series 2020-129 Class GI | &nbsp;&nbsp;CMO Series 2020-129 Class GI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2623001 | &nbsp;&nbsp;397350 |
| &nbsp;&nbsp;CMO Series 2020-129 Class YI | &nbsp;&nbsp;CMO Series 2020-129 Class YI | &nbsp;&nbsp;CMO Series 2020-129 Class YI | &nbsp;&nbsp;CMO Series 2020-129 Class YI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;3287745 | &nbsp;&nbsp;426946 |
| &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI | &nbsp;&nbsp;CMO Series 2020-138 Class JI |
| &nbsp;&nbsp;09/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;4888910 | &nbsp;&nbsp;648379 |
| &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI | &nbsp;&nbsp;CMO Series 2020-153 Class CI |
| &nbsp;&nbsp;10/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;3199078 | &nbsp;&nbsp;486243 |
| &nbsp;&nbsp;CMO Series 2020-164 Class CI | &nbsp;&nbsp;CMO Series 2020-164 Class CI | &nbsp;&nbsp;CMO Series 2020-164 Class CI | &nbsp;&nbsp;CMO Series 2020-164 Class CI |
| &nbsp;&nbsp;11/20/2050 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;2342044 | &nbsp;&nbsp;353549 |
| &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI | &nbsp;&nbsp;CMO Series 2020-175 Class KI |
| &nbsp;&nbsp;11/20/2050 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;3415135 | &nbsp;&nbsp;477512 |
| &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC | &nbsp;&nbsp;CMO Series 2020-191 Class UC |
| &nbsp;&nbsp;12/20/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2315395 | &nbsp;&nbsp;364126 |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 9

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI | &nbsp;&nbsp;CMO Series 2021-158 Class VI |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;2593985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421438 |
| &nbsp;&nbsp;CMO Series 2021-160 Class CI | &nbsp;&nbsp;CMO Series 2021-160 Class CI | &nbsp;&nbsp;CMO Series 2021-160 Class CI | &nbsp;&nbsp;CMO Series 2021-160 Class CI |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;5183640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694143 |
| &nbsp;&nbsp;CMO Series 2021-24 Class MI | &nbsp;&nbsp;CMO Series 2021-24 Class MI | &nbsp;&nbsp;CMO Series 2021-24 Class MI | &nbsp;&nbsp;CMO Series 2021-24 Class MI |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;2205583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330321 |
| &nbsp;&nbsp;CMO Series 2021-25 Class GI | &nbsp;&nbsp;CMO Series 2021-25 Class GI | &nbsp;&nbsp;CMO Series 2021-25 Class GI | &nbsp;&nbsp;CMO Series 2021-25 Class GI |
| &nbsp;&nbsp;02/20/2051 | &nbsp;&nbsp;&nbsp;&nbsp;2.500% | &nbsp;&nbsp;4518438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697724 |
| &nbsp;&nbsp;CMO Series 2021-7 Class IT | &nbsp;&nbsp;CMO Series 2021-7 Class IT | &nbsp;&nbsp;CMO Series 2021-7 Class IT | &nbsp;&nbsp;CMO Series 2021-7 Class IT |
| &nbsp;&nbsp;01/16/2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;1839451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374211 |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(h)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(h)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(h)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(h)</sup> |
| &nbsp;&nbsp;12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;11453906 |
| &nbsp;&nbsp;12/20/2052 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp;17201620 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(h)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(h)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(h)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(h)</sup> |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 44000000 | &nbsp;&nbsp;&nbsp;&nbsp;41605781 |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 75000000 | &nbsp;&nbsp;&nbsp;&nbsp;72996094 |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 33000000 | &nbsp;&nbsp;&nbsp;&nbsp;32835000 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $225,996,617) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $225,996,617) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $225,996,617) | &nbsp;&nbsp;**222165424** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 13.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 13.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 13.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 13.7%** |
| &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;510 Asset Backed Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL2 Class A1 |
| &nbsp;&nbsp;06/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;2.116% | &nbsp;&nbsp;&nbsp;&nbsp;804395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744838 |
| &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Ajax Mortgage Loan Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-C Class A | &nbsp;&nbsp;CMO Series 2021-C Class A | &nbsp;&nbsp;CMO Series 2021-C Class A | &nbsp;&nbsp;CMO Series 2021-C Class A |
| &nbsp;&nbsp;01/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;&nbsp;315282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295608 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 | &nbsp;&nbsp;CMO Series 2021-5 Class A3 |
| &nbsp;&nbsp;07/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;1.311% | &nbsp;&nbsp;&nbsp;&nbsp;407577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315047 |
| &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Angel Oak Mortgage Trust I LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B2 |
| &nbsp;&nbsp;03/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;6.286% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2601578 |
| &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Bellemeade Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B | &nbsp;&nbsp;CMO Series 2019-1A Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.750%<br> Floor 1.750%<br> 03/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.794% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48186 |
| &nbsp;&nbsp;CMO Series 2019-4A Class M1C | &nbsp;&nbsp;CMO Series 2019-4A Class M1C | &nbsp;&nbsp;CMO Series 2019-4A Class M1C | &nbsp;&nbsp;CMO Series 2019-4A Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 2.500%<br> Floor 2.500%<br> 10/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;6.544% | &nbsp;&nbsp;&nbsp;&nbsp;183483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183037 |
| &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 6.000%<br> Floor 6.000%<br> 08/26/2030 | &nbsp;&nbsp;10.044% | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1715860 |
| &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 | &nbsp;&nbsp;CMO Series 2020-3A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.850%<br> Floor 4.850%<br> 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.894% | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634999 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B | &nbsp;&nbsp;CMO Series 2020-4A Class M2B |
| &nbsp;&nbsp;1-month USD LIBOR + 3.600%<br> Floor 3.600%<br> 06/25/2030 | &nbsp;&nbsp;7.644% | &nbsp;&nbsp;&nbsp;237095 | &nbsp;&nbsp;&nbsp;&nbsp;236807 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-4A Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4A Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4A Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4A Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.850%<br> Floor 3.850%<br> 10/25/2029 | &nbsp;&nbsp;7.894% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;892231 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NQM1 Class B1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B1 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B1 |
| &nbsp;&nbsp;05/25/2060 | &nbsp;&nbsp;5.086% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;267677 |
| &nbsp;&nbsp;CMO Series 2020-NQM1 Class B2 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B2 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B2 | &nbsp;&nbsp;CMO Series 2020-NQM1 Class B2 |
| &nbsp;&nbsp;05/25/2060 | &nbsp;&nbsp;5.667% | &nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;&nbsp;&nbsp;396297 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;3.044% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;158143 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM2 Class B2 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;4.099% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;234639 |
| &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;BRAVO Residential Funding Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-HE2 Class B1 | &nbsp;&nbsp;CMO Series 2021-HE2 Class B1 | &nbsp;&nbsp;CMO Series 2021-HE2 Class B1 | &nbsp;&nbsp;CMO Series 2021-HE2 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 2.400%<br> 11/25/2069 | &nbsp;&nbsp;5.187% | &nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp;&nbsp;&nbsp;330840 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-HE2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HE2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HE2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-HE2 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.400%<br> 11/25/2069 | &nbsp;&nbsp;5.187% | &nbsp;&nbsp;&nbsp;353000 | &nbsp;&nbsp;&nbsp;&nbsp;344845 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 | &nbsp;&nbsp;CMO Series 2021-2F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.500%<br> Floor 2.500%<br> 01/10/2032 | &nbsp;&nbsp;3.761% | &nbsp;&nbsp;&nbsp;250444 | &nbsp;&nbsp;&nbsp;&nbsp;250708 |
| &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 | &nbsp;&nbsp;CMO Series 2021-3F Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> Floor 2.900%<br> 07/12/2033 | &nbsp;&nbsp;4.187% | 3000000 | &nbsp;&nbsp;3000000 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(d),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 | &nbsp;&nbsp;CMO Series 2021-CRT1 Class M4 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.500%<br> Floor 3.500%<br> 07/10/2032 | &nbsp;&nbsp;3.589% | 1875000 | &nbsp;&nbsp;1785328 |
| &nbsp;&nbsp;CIM Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CIM Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NR4 Class A1 |
| &nbsp;&nbsp;10/25/2061 | &nbsp;&nbsp;2.816% | &nbsp;&nbsp;&nbsp;511192 | &nbsp;&nbsp;&nbsp;&nbsp;468012 |
| &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;COLT Mortgage Loan Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2 Class M1 | &nbsp;&nbsp;CMO Series 2020-2 Class M1 | &nbsp;&nbsp;CMO Series 2020-2 Class M1 | &nbsp;&nbsp;CMO Series 2020-2 Class M1 |
| &nbsp;&nbsp;03/25/2065 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;176350 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A3 | &nbsp;&nbsp;CMO Series 2021-3 Class A3 | &nbsp;&nbsp;CMO Series 2021-3 Class A3 | &nbsp;&nbsp;CMO Series 2021-3 Class A3 |
| &nbsp;&nbsp;09/27/2066 | &nbsp;&nbsp;1.419% | &nbsp;&nbsp;&nbsp;603180 | &nbsp;&nbsp;&nbsp;&nbsp;452517 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-4 Class B1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;3.764% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;257635 |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-3 Class B1 |
| &nbsp;&nbsp;09/27/2066 | &nbsp;&nbsp;3.059% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;101160 |

---

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

10 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Connecticut Avenue Securities Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2019-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2019-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2019-HRP1 Class M2 | &nbsp;&nbsp;CMO Series 2019-HRP1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.150%<br> 11/25/2039 | &nbsp;&nbsp;&nbsp;&nbsp;6.166% | &nbsp;&nbsp;&nbsp;343241 | &nbsp;&nbsp;&nbsp;&nbsp;330545 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-R01 Class 2B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.350%<br> 07/25/2031 | &nbsp;&nbsp;&nbsp;&nbsp;8.366% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;923997 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-R03 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R03 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R03 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R03 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.500%<br> Floor 5.500%<br> 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;9.021% | 1200000 | &nbsp;&nbsp;1014696 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R01 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 6.000%<br> 12/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;9.521% | 3500000 | &nbsp;&nbsp;2969426 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R02 Class 2B2 |
| &nbsp;&nbsp;30-day Average SOFR + 7.650%<br> 01/25/2042 | &nbsp;&nbsp;11.171% | 2600000 | &nbsp;&nbsp;2270423 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R03 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R03 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R03 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R03 Class 1B1 |
| &nbsp;&nbsp;30-day Average SOFR + 6.250%<br> 03/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;9.771% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;201901 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B1 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B1 |
| &nbsp;&nbsp;30-day Average SOFR + 5.250%<br> 03/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;8.771% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;874030 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R04 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 9.500%<br> 03/25/2042 | &nbsp;&nbsp;13.021% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;906044 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-R07 Class 1B2 |
| &nbsp;&nbsp;30-day Average SOFR + 12.000%<br> 06/25/2042 | &nbsp;&nbsp;15.521% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;568218 |
| &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Credit Suisse Mortgage Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 | &nbsp;&nbsp;CMO Series 2022-JR1 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;4.267% | 1898915 | &nbsp;&nbsp;1795469 |
| &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;CSMC Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 | &nbsp;&nbsp;CMO Series 2020-RPL2 Class A12 |
| &nbsp;&nbsp;02/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;3.447% | 1435667 | &nbsp;&nbsp;1413989 |
| &nbsp;&nbsp;CMO Series 2021-JR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-JR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-JR2 Class A1 | &nbsp;&nbsp;CMO Series 2021-JR2 Class A1 |
| &nbsp;&nbsp;11/25/2061 | &nbsp;&nbsp;&nbsp;&nbsp;2.215% | &nbsp;&nbsp;&nbsp;429922 | &nbsp;&nbsp;&nbsp;&nbsp;403847 |
| &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Eagle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class M1 | &nbsp;&nbsp;CMO Series 2018-1 Class M1 | &nbsp;&nbsp;CMO Series 2018-1 Class M1 | &nbsp;&nbsp;CMO Series 2018-1 Class M1 |
| &nbsp;&nbsp;1-month USD LIBOR + 1.700%<br> Floor 1.700%<br> 11/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.744% | 1825512 | &nbsp;&nbsp;1811668 |
| &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B | &nbsp;&nbsp;CMO Series 2019-1 Class M1B |
| &nbsp;&nbsp;1-month USD LIBOR + 1.800%<br> 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;5.844% | &nbsp;&nbsp;&nbsp;481252 | &nbsp;&nbsp;&nbsp;&nbsp;463827 |
| &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 | &nbsp;&nbsp;CMO Series 2019-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.300%<br> 04/25/2029 | &nbsp;&nbsp;&nbsp;&nbsp;7.344% | 1500000 | &nbsp;&nbsp;1429410 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> | &nbsp;&nbsp;Fannie Mae Connecticut Avenue Securities<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-R02 Class 2B2 |
| &nbsp;&nbsp;30-day Average SOFR + 6.200%<br> 11/25/2041 | &nbsp;&nbsp;&nbsp;&nbsp;9.721% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;910260 |
| &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA3 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 09/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;7.016% | 1250000 | &nbsp;&nbsp;1179692 |
| &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR REMIC Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.250%<br> 03/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;8.771% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;750606 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA4 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 6.000%<br> 08/25/2050 | &nbsp;&nbsp;10.016% | 1578370 | &nbsp;&nbsp;1667576 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA6 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.650%<br> 12/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;9.171% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;820145 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.350%<br> 01/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;6.366% | 1942000 | &nbsp;&nbsp;1772022 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA3 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.750%<br> 07/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;9.766% | 1000000 | &nbsp;&nbsp;1022889 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA4 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> 09/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;9.266% | 2400000 | &nbsp;&nbsp;2445695 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA1 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 4.750%<br> 01/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;8.271% | 1750000 | &nbsp;&nbsp;1314587 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA5 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 5.500%<br> 01/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;9.021% | 3250000 | &nbsp;&nbsp;2484241 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA6 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA6 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 7.500%<br> 10/25/2041 | &nbsp;&nbsp;11.047% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;756304 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA1 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 7.100%<br> 01/25/2042 | &nbsp;&nbsp;10.621% | 1650000 | &nbsp;&nbsp;1303723 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA6 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.150%<br> 09/25/2042 | &nbsp;&nbsp;&nbsp;&nbsp;5.671% | &nbsp;&nbsp;&nbsp;744842 | &nbsp;&nbsp;&nbsp;&nbsp;742050 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-HQA1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-HQA1 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 11.000%<br> 03/25/2042 | &nbsp;&nbsp;14.521% | 1440000 | &nbsp;&nbsp;1263429 |
| &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac STACR Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-HQA2 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.100%<br> 04/25/2049 | &nbsp;&nbsp;&nbsp;&nbsp;8.116% | 1500000 | &nbsp;&nbsp;1510866 |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 11

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> | &nbsp;&nbsp;Freddie Mac Structured Agency Credit Risk Debt Notes<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-DNA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-DNA3 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.100%<br> 06/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;9.116% | 1614003 | &nbsp;&nbsp;1661418 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-HQA5 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 7.400%<br> 11/25/2050 | &nbsp;&nbsp;10.921% | 1800000 | &nbsp;&nbsp;1694561 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2021-DNA7 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 7.800%<br> 11/25/2041 | &nbsp;&nbsp;10.797% | 2950000 | &nbsp;&nbsp;2466282 |
| &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2022-DNA2 Class B2 |
| &nbsp;&nbsp;30-day Average SOFR + 8.500%<br> 02/25/2042 | &nbsp;&nbsp;12.021% | 1560000 | &nbsp;&nbsp;1305089 |
| &nbsp;&nbsp;GCAT Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;GCAT Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2019-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class M1 | &nbsp;&nbsp;CMO Series 2019-NQM3 Class M1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;482708 |
| &nbsp;&nbsp;Genworth Mortgage Insurance Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Genworth Mortgage Insurance Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Genworth Mortgage Insurance Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Genworth Mortgage Insurance Corp.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3 Class M1B | &nbsp;&nbsp;CMO Series 2021-3 Class M1B | &nbsp;&nbsp;CMO Series 2021-3 Class M1B | &nbsp;&nbsp;CMO Series 2021-3 Class M1B |
| &nbsp;&nbsp;30-day Average SOFR + 2.900%<br> Floor 2.900%<br> 02/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;5.897% | 2000000 | &nbsp;&nbsp;1838568 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-3 Class B1 |
| &nbsp;&nbsp;30-day Average SOFR + 4.950%<br> Floor 4.950%<br> 02/25/2034 | &nbsp;&nbsp;&nbsp;&nbsp;7.947% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;395054 |
| &nbsp;&nbsp;Glebe Funding Trust (The)<sup>(a),(d)</sup> | &nbsp;&nbsp;Glebe Funding Trust (The)<sup>(a),(d)</sup> | &nbsp;&nbsp;Glebe Funding Trust (The)<sup>(a),(d)</sup> | &nbsp;&nbsp;Glebe Funding Trust (The)<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT |
| &nbsp;&nbsp;10/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;694235 | &nbsp;&nbsp;&nbsp;&nbsp;624811 |
| &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Home Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 | &nbsp;&nbsp;CMO Series 2018-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 3.000%<br> 10/25/2028 | &nbsp;&nbsp;&nbsp;&nbsp;7.016% | &nbsp;&nbsp;&nbsp;641687 | &nbsp;&nbsp;&nbsp;&nbsp;639028 |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1C | &nbsp;&nbsp;CMO Series 2020-1 Class M1C | &nbsp;&nbsp;CMO Series 2020-1 Class M1C | &nbsp;&nbsp;CMO Series 2020-1 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 4.150%<br> Floor 4.150%<br> 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;8.194% | &nbsp;&nbsp;&nbsp;110962 | &nbsp;&nbsp;&nbsp;&nbsp;110830 |
| &nbsp;&nbsp;CMO Series 2020-1 Class M2 | &nbsp;&nbsp;CMO Series 2020-1 Class M2 | &nbsp;&nbsp;CMO Series 2020-1 Class M2 | &nbsp;&nbsp;CMO Series 2020-1 Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 5.250%<br> 10/25/2030 | &nbsp;&nbsp;&nbsp;&nbsp;9.294% | 1200000 | &nbsp;&nbsp;1198501 |
| &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund I Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-2 Class B1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;5.450% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;222677 |
| &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Homeward Opportunities Fund Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-BPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-BPL1 Class A2 |
| &nbsp;&nbsp;08/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5.438% | &nbsp;&nbsp;&nbsp;801223 | &nbsp;&nbsp;&nbsp;&nbsp;799005 |
| &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Imperial Fund Mortgage Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2021-NQM3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM3 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-NQM3 Class B1 |
| &nbsp;&nbsp;11/25/2056 | &nbsp;&nbsp;&nbsp;&nbsp;4.184% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;314998 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Legacy Mortgage Asset Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 | &nbsp;&nbsp;CMO Series 2021-GS1 Class A1 |
| &nbsp;&nbsp;10/25/2066 | &nbsp;&nbsp;1.892% | &nbsp;&nbsp;&nbsp;403200 | &nbsp;&nbsp;&nbsp;&nbsp;347981 |
| &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A | &nbsp;&nbsp;CMO Series 2021-SL2 Class A |
| &nbsp;&nbsp;10/25/2068 | &nbsp;&nbsp;1.875% | &nbsp;&nbsp;&nbsp;751082 | &nbsp;&nbsp;&nbsp;&nbsp;647268 |
| &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d),(e)</sup> | &nbsp;&nbsp;Loan Revolving Advance Investment Trust<sup>(a),(b),(d),(e)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X | &nbsp;&nbsp;CMO Series 2021-2 Class A1X |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 06/30/2023 | &nbsp;&nbsp;6.623% | &nbsp;&nbsp;&nbsp;815976 | &nbsp;&nbsp;&nbsp;&nbsp;815976 |
| &nbsp;&nbsp;Mortgage Acquisition Trust I LLC<sup>(a),(d)</sup> | &nbsp;&nbsp;Mortgage Acquisition Trust I LLC<sup>(a),(d)</sup> | &nbsp;&nbsp;Mortgage Acquisition Trust I LLC<sup>(a),(d)</sup> | &nbsp;&nbsp;Mortgage Acquisition Trust I LLC<sup>(a),(d)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT | &nbsp;&nbsp;CMO Series 2021-1 Class PT |
| &nbsp;&nbsp;11/29/2023 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;623299 | &nbsp;&nbsp;&nbsp;&nbsp;532726 |
| &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re II Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 | &nbsp;&nbsp;Subordinated CMO Series 2018-1A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> 07/25/2028 | &nbsp;&nbsp;6.894% | 3017857 | &nbsp;&nbsp;3006649 |
| &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re V Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 | &nbsp;&nbsp;CMO Series 2020-2A Class M2 |
| &nbsp;&nbsp;1-month USD LIBOR + 5.250%<br> Floor 5.250%<br> 10/25/2030 | &nbsp;&nbsp;9.266% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;996170 |
| &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Oaktown Re VI Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1A Class M2 | &nbsp;&nbsp;CMO Series 2021-1A Class M2 | &nbsp;&nbsp;CMO Series 2021-1A Class M2 | &nbsp;&nbsp;CMO Series 2021-1A Class M2 |
| &nbsp;&nbsp;30-day Average SOFR + 3.950%<br> Floor 3.950%<br> 10/25/2033 | &nbsp;&nbsp;7.471% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;451343 |
| &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PMT Credit Risk Transfer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A | &nbsp;&nbsp;Series 2019-2R Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.750%<br> Floor 2.750%<br> 05/27/2023 | &nbsp;&nbsp;6.805% | &nbsp;&nbsp;&nbsp;717449 | &nbsp;&nbsp;&nbsp;&nbsp;678850 |
| &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;PNMAC GMSR Issuer Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2018-FT1 Class A | &nbsp;&nbsp;CMO Series 2018-FT1 Class A | &nbsp;&nbsp;CMO Series 2018-FT1 Class A | &nbsp;&nbsp;CMO Series 2018-FT1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.350%<br> 04/25/2023 | &nbsp;&nbsp;6.366% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;471149 |
| &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A | &nbsp;&nbsp;CMO Series 2018-GT1 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.850%<br> Floor 2.850%<br> 02/25/2023 | &nbsp;&nbsp;6.894% | 2750000 | &nbsp;&nbsp;2667723 |
| &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A | &nbsp;&nbsp;CMO Series 2018-GT2 Class A |
| &nbsp;&nbsp;1-month USD LIBOR + 2.650%<br> 08/25/2025 | &nbsp;&nbsp;6.694% | 4250000 | &nbsp;&nbsp;4056241 |
| &nbsp;&nbsp;Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Point Securitization Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;02/25/2052 | &nbsp;&nbsp;3.228% | &nbsp;&nbsp;&nbsp;988148 | &nbsp;&nbsp;&nbsp;&nbsp;943761 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-2 Class A2 | &nbsp;&nbsp;CMO Series 2021-2 Class A2 | &nbsp;&nbsp;CMO Series 2021-2 Class A2 | &nbsp;&nbsp;CMO Series 2021-2 Class A2 |
| &nbsp;&nbsp;03/25/2026 | &nbsp;&nbsp;3.770% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;822619 |
| &nbsp;&nbsp;CMO Series 2021-4 Class A2 | &nbsp;&nbsp;CMO Series 2021-4 Class A2 | &nbsp;&nbsp;CMO Series 2021-4 Class A2 | &nbsp;&nbsp;CMO Series 2021-4 Class A2 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;3.474% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;334061 |

---

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

12 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-6 Class A2 | &nbsp;&nbsp;CMO Series 2020-6 Class A2 | &nbsp;&nbsp;CMO Series 2020-6 Class A2 | &nbsp;&nbsp;CMO Series 2020-6 Class A2 |
| &nbsp;&nbsp;11/25/2025 | &nbsp;&nbsp;4.703% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;178717 |
| &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Preston Ridge Partners Mortgage Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;2.115% | &nbsp;&nbsp;&nbsp;711263 | &nbsp;&nbsp;&nbsp;&nbsp;648289 |
| &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 | &nbsp;&nbsp;CMO Series 2021-1 Class A2 |
| &nbsp;&nbsp;01/25/2026 | &nbsp;&nbsp;3.720% | 3250000 | &nbsp;&nbsp;2728973 |
| &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 | &nbsp;&nbsp;CMO Series 2021-10 Class A1 |
| &nbsp;&nbsp;10/25/2026 | &nbsp;&nbsp;2.487% | &nbsp;&nbsp;&nbsp;926522 | &nbsp;&nbsp;&nbsp;&nbsp;816132 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;04/25/2026 | &nbsp;&nbsp;1.867% | &nbsp;&nbsp;&nbsp;712086 | &nbsp;&nbsp;&nbsp;&nbsp;625915 |
| &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 | &nbsp;&nbsp;CMO Series 2021-5 Class A2 |
| &nbsp;&nbsp;06/25/2026 | &nbsp;&nbsp;3.721% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;552548 |
| &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 | &nbsp;&nbsp;CMO Series 2021-7 Class A1 |
| &nbsp;&nbsp;08/25/2026 | &nbsp;&nbsp;1.867% | 1298226 | &nbsp;&nbsp;1147881 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2022-NPL1 Class A1 |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.981% | &nbsp;&nbsp;&nbsp;823351 | &nbsp;&nbsp;&nbsp;&nbsp;740994 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A2 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;5.071% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;350299 |
| &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 | &nbsp;&nbsp;CMO Series 2021-RN2 Class A1 |
| &nbsp;&nbsp;07/25/2051 | &nbsp;&nbsp;1.744% | &nbsp;&nbsp;&nbsp;440240 | &nbsp;&nbsp;&nbsp;&nbsp;398027 |
| &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Residential Mortgage Loan Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 | &nbsp;&nbsp;CMO Series 2019-3 Class M1 |
| &nbsp;&nbsp;09/25/2059 | &nbsp;&nbsp;3.257% | &nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;626525 |
| &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;Stanwich Mortgage Loan Co. LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPB1 Class A1 |
| &nbsp;&nbsp;10/16/2026 | &nbsp;&nbsp;2.735% | 1906855 | &nbsp;&nbsp;1649653 |
| &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Starwood Mortgage Residential Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 | &nbsp;&nbsp;CMO Series 2020-3 Class B1 |
| &nbsp;&nbsp;04/25/2065 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;193156 |
| &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 | &nbsp;&nbsp;CMO Series 2021-3 Class A1 |
| &nbsp;&nbsp;06/25/2056 | &nbsp;&nbsp;1.127% | &nbsp;&nbsp;&nbsp;339579 | &nbsp;&nbsp;&nbsp;&nbsp;271656 |
| &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Stonnington Mortgage Trust<sup>(a),(d),(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A | &nbsp;&nbsp;CMO Series 2020-1 Class A |
| &nbsp;&nbsp;07/28/2024 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;242374 | &nbsp;&nbsp;&nbsp;&nbsp;242374 |
| &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(d),(e),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(d),(e),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 | &nbsp;&nbsp;CMO Series 2020-1 Class M1 |
| &nbsp;&nbsp;03/25/2023 | &nbsp;&nbsp;5.000% | 1400000 | &nbsp;&nbsp;1379000 |
| &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(f)</sup> | &nbsp;&nbsp;Toorak Mortgage Corp., Ltd.<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 | &nbsp;&nbsp;CMO Series 2021-1 Class A1 |
| &nbsp;&nbsp;06/25/2024 | &nbsp;&nbsp;2.240% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;762447 |
| &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> | &nbsp;&nbsp;Triangle Re Ltd.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C | &nbsp;&nbsp;CMO Series 2021-1 Class M1C |
| &nbsp;&nbsp;1-month USD LIBOR + 3.400%<br> Floor 3.400%<br> 08/25/2033 | &nbsp;&nbsp;7.444% | &nbsp;&nbsp;&nbsp;&nbsp;94735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94539 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-1 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 4.500%<br> Floor 4.500%<br> 08/25/2033 | &nbsp;&nbsp;&nbsp;&nbsp;8.544% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1409936 |
| &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2021-2 Class B1 |
| &nbsp;&nbsp;1-month USD LIBOR + 7.500%<br> Floor 7.500%<br> 10/25/2033 | &nbsp;&nbsp;11.544% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588267 |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(f)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL3 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A2 | &nbsp;&nbsp;CMO Series 2021-NPL3 Class A2 |
| &nbsp;&nbsp;05/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.967% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243129 |
| &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL6 Class A1 |
| &nbsp;&nbsp;09/25/2051 | &nbsp;&nbsp;&nbsp;&nbsp;1.917% | &nbsp;&nbsp;&nbsp;960106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861980 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL4 Class A1 |
| &nbsp;&nbsp;03/27/2051 | &nbsp;&nbsp;&nbsp;&nbsp;2.240% | &nbsp;&nbsp;&nbsp;717955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664317 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 | &nbsp;&nbsp;CMO Series 2020-INV1 Class M1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508486 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B1 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137029 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-INV1 Class B2 |
| &nbsp;&nbsp;03/25/2060 | &nbsp;&nbsp;&nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138204 |
| &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 | &nbsp;&nbsp;CMO Series 2020-NPL1 Class A2 |
| &nbsp;&nbsp;08/25/2050 | &nbsp;&nbsp;&nbsp;&nbsp;5.682% | 1033683 | &nbsp;&nbsp;&nbsp;&nbsp;1023437 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-4 Class B1 |
| &nbsp;&nbsp;11/25/2059 | &nbsp;&nbsp;&nbsp;&nbsp;3.860% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392356 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B1 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;5.046% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116849 |
| &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B2 | &nbsp;&nbsp;Subordinated CMO Series 2020-4 Class B2 |
| &nbsp;&nbsp;05/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;5.600% | &nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237195 |
| &nbsp;&nbsp;Subordinated Series 2021-5 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B1 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B1 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;3.037% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186330 |
| &nbsp;&nbsp;Subordinated Series 2021-5 Class B2 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B2 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B2 | &nbsp;&nbsp;Subordinated Series 2021-5 Class B2 |
| &nbsp;&nbsp;09/25/2066 | &nbsp;&nbsp;&nbsp;&nbsp;3.941% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153303 |
| &nbsp;&nbsp;Visio Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Visio Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 | &nbsp;&nbsp;CMO Series 2019-2 Class M1 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;3.260% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160822 |
| &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2019-2 Class B1 |
| &nbsp;&nbsp;11/25/2054 | &nbsp;&nbsp;&nbsp;&nbsp;3.910% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80453 |
| &nbsp;&nbsp;Vista Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(a),(f)</sup> | &nbsp;&nbsp;Vista Point Securitization Trust<sup>(a),(f)</sup> |
| &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 | &nbsp;&nbsp;Subordinated CMO Series 2020-1 Class B1 |
| &nbsp;&nbsp;03/25/2065 | &nbsp;&nbsp;&nbsp;&nbsp;5.353% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709068 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $114,098,851) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $114,098,851) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $114,098,851) | &nbsp;&nbsp;**104758250** |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 13

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Treasury Bills 20.1%** | &nbsp;&nbsp;**Treasury Bills 20.1%** | &nbsp;&nbsp;**Treasury Bills 20.1%** | &nbsp;&nbsp;**Treasury Bills 20.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Yield** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 20.1%** | &nbsp;&nbsp;**United States 20.1%** | &nbsp;&nbsp;**United States 20.1%** | &nbsp;&nbsp;**United States 20.1%** |
| &nbsp;&nbsp;U.S. Treasury Bills<sup>(i)</sup> | &nbsp;&nbsp;U.S. Treasury Bills<sup>(i)</sup> | &nbsp;&nbsp;U.S. Treasury Bills<sup>(i)</sup> | &nbsp;&nbsp;U.S. Treasury Bills<sup>(i)</sup> |
| &nbsp;&nbsp;07/13/2023 | &nbsp;&nbsp;4.550% | 89000000 | &nbsp;&nbsp;&nbsp;&nbsp;86572262 |
| &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills | &nbsp;&nbsp;U.S. Treasury Bills |
| &nbsp;&nbsp;11/02/2023 | &nbsp;&nbsp;4.730% | 70000000 | &nbsp;&nbsp;&nbsp;&nbsp;67073458 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153645720** |
| &nbsp;&nbsp;Total Treasury Bills<br> (Cost $154,300,017) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $154,300,017) | &nbsp;&nbsp;Total Treasury Bills<br> (Cost $154,300,017) | &nbsp;&nbsp;**153645720** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Options Purchased Calls 0.7%** | &nbsp;&nbsp;**Options Purchased Calls 0.7%** |
|  | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;(Cost $6,342,020) | &nbsp;&nbsp;**5443966** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 41.2%** | &nbsp;&nbsp;**Money Market Funds 41.2%** | &nbsp;&nbsp;**Money Market Funds 41.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989%<sup>(j),(k)</sup> | &nbsp;&nbsp;315735117 | &nbsp;&nbsp;&nbsp;315608823 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $315,600,197) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $315,600,197) | &nbsp;&nbsp;&nbsp;**315608823** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $889,287,062)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $889,287,062)** | &nbsp;&nbsp;&nbsp;**866345227** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;**(100860874)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;&nbsp;**765484353** |

---

At November 30, 2022, securities and/or cash totaling $104,684,374 were pledged as collateral.

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,760,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,110,742 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4370046) |
| &nbsp;&nbsp;&nbsp;9,320,025,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,972,903 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1569355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,301,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,964,341 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1479751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707,625,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,703,319 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786,658,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,086,736 USD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4851470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,395,249 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,760,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,340,929 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,320,025,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,992,745 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121,301,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7451348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135,842,966 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,494,283,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Barclays | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6504645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,996,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,602,745 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,600,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,745,798 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3796366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801,571 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,380,706 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90,996,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,426,421 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,327,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751,015 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,479,362 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,748,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,590,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,127,666 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110,991,999 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,943,973 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3460735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,936,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,604,410 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117,974,666 BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,141,664 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,851,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,014,488 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,628,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,844,964 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,497,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,748,687 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3235044) |
| &nbsp;&nbsp;&nbsp;1,300,000,000 CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,459,897 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;6,417,628,428 CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,818,728 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,041,000 CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,211,567 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,233,000 CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,687,896 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(641926) |
| &nbsp;&nbsp;&nbsp;9,675,820,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,034,119 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;54,985,334,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,056,503 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477,852,000 CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,002,366 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1405889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,973 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,282,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,984,706 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6741750) |

---

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

14 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,175,999 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,835,163 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,579,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,572,391 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4736042) |
| &nbsp;&nbsp;&nbsp;5,634,309,250 HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,009,320 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1235160) |
| &nbsp;&nbsp;77,419,805,249 IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,920,303 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,742,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,411,966 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,659,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,391,562 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730,000,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,092,234 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503,944,284 INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,148,891 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39856) |
| &nbsp;&nbsp;&nbsp;3,838,474,750 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,259,622 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;9,408,217,250 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,633,626 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3688697) |
| &nbsp;&nbsp;45,701,313,500 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,521,772 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1379681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818,579,500 MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,607,220 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1673287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,768,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,256,731 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675,659,571 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,058,865 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2603656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,810,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,119,032 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5118650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530,000,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,939,050 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154,451,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,725,537 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744,134,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,236,859 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2734130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,031,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,596,167 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425,869,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,091,113 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,245,341 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,364,029 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,917,750 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,920,230 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,971,250 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,780,429 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142,471,749 BRL | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,955,507 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,382,583 BRL | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,605,973 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,725,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,052,087 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,754,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1483391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,862,332 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,974,142 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,973,832 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,274,714 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,085,405 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,380,018,000 CLP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,732,983 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206,414,000 CNH | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,226,309 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,901,000 CNH | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,240,949 USD | &nbsp;&nbsp;&nbsp;&nbsp;30,699,999,999 COP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,902,339 USD | &nbsp;&nbsp;&nbsp;&nbsp;31,353,821,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,627,561 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384,915,428 CZK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184,276,235 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185,095,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,473,662 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,343,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,793,820 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,287,730,000 HUF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,562 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 HUF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892,550 USD | &nbsp;&nbsp;&nbsp;&nbsp;14,000,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,787,017 USD | &nbsp;&nbsp;&nbsp;&nbsp;89,226,407,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,344,933 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,955,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,341,398 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,446,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,720,219 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,000,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,843,241 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,355,870,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,666,132 USD | &nbsp;&nbsp;&nbsp;&nbsp;10,472,262,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,291,315 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583,582,500 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,739,916 USD | &nbsp;&nbsp;&nbsp;&nbsp;42,142,920,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,650,447 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905,336,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,966,010 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595,054,001 NOK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,920,979 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291,252,999 NOK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,452,432 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,012,500 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,795,059 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447,036,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,579,249 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167,456,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,331,950 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671,134,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,999,509 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,467,889 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,031,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,367,069 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389,434,500 TWD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 \| Semiannual Report 2022 15

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,420,403 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202,613,500 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,884,415 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,826,500 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103,075,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,022,139 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163,487,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,151,861 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,766,223 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,892,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,747,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,166,004 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,347,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982,136 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,026,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,512,144 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,018,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,689,265 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,082,714 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,514,746 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,072,142 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,293,349 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186334) |
| &nbsp;&nbsp;&nbsp;1,500,000,000 CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,601,846 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,492,000 CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,950,689 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128794) |
| &nbsp;&nbsp;&nbsp;3,800,000,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776,444 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;7,599,999,999 COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,521,439 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123,915,428 CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,214,005 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,216,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,416,491 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54338) |
| &nbsp;&nbsp;51,000,000,000 IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,233,735 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,449,000 ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,398,314 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45150) |
| &nbsp;&nbsp;&nbsp;2,190,847,500 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,890,503 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198047) |
| &nbsp;&nbsp;&nbsp;6,229,733,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,682,960 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,034,557 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,797,500 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,609,417 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211,484,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,692,946 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,134,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,194,467 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,906,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,386,712 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,434,500 TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,506,004 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,521,916 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,525,999 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,021,030 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,970,666 BRL | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,491,279 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,335,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,738,412 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,633,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,477,336 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,316,519,428 CLP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476,995 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,385,334,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610,405 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,992,667,000 COP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293,123 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,000,000 CZK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,091,639 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,319,500 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,322,323 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,129,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,845,015 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,175,999 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,906,952 USD | &nbsp;&nbsp;&nbsp;&nbsp;77,419,805,249 IDR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,784,361 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393,944,284 INR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,384,312 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,132,109 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,171,339,500 KRW | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,700,765 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112,756,500 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,668,225 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,000,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,664,360 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,659,571 NOK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521,360 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000,000 PHP | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,235,438 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,898,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,738,566 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,946,584 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,051,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,568 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000 TWD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,629,675 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,189,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,065,686 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,189,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,750,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628,332 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,750,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726,298 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744,798 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301,140,250 HUF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,902 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000,000 HUF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 03/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,270,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71,509,327 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3865001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691,797,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,339,698 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

16 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** | &nbsp;&nbsp;**Forward foreign currency exchange contracts (continued)** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,718,417 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,002,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,437,207 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84,309,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(754710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,837,903 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,813,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,097,922 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,818,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,450,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,499,253 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,985,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577,481 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,235,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,843,842 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,100,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,364,084 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,650,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,855,441 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,600,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66,524,640 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1937613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,200,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,188,916 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1421033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,150,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,775,700 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1560548) |
| &nbsp;&nbsp;&nbsp;1,122,595,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,695,998 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,647,859 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184315) |
| &nbsp;&nbsp;32,506,575,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,616,313 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1208504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,020,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,858,145 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122,000,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,710,023 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,600,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,995,271 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1421638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102,510,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,755,028 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1972995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,739,412 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(531829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,340,000 TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,522,171 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,540,598 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,400,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,840,482 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,590,000 BRL | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,201,524 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,900,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,849,493 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,950,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,292,872 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,750,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,539,871 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,600,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,138,531 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,050,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416,626 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,363,351 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607,285,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,415,552 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515,310,000 INR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,599,369 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,565,000,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,166,877 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,367,590,000 KRW | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,783,355 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417,650,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,947,452 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392,250,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,713,146 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,050,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,869,894 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45,765,000 PLN | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,638,612 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,500,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861,409 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,000,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,594,665 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,945,000 TRY | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,969,974 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370,675,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,679,784 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323,065,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370,675,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,261,426 USD | &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 12/21/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152826) |
| &nbsp;&nbsp;&nbsp;1,349,385,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,393,836 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2656641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,101,186 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,008,685,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/07/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7911187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;83340866 | &nbsp;&nbsp;&nbsp;&nbsp;(88382360) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Australian 10-Year Bond | 253 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30526871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Australian 10-Year Bond | 287 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34629297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Bist 30 Index | 3203 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175844700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;CAC40 Index | 228 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15359220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cotton | 22 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28832) |
| &nbsp;&nbsp;Euro STOXX 50 Index | 304 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12053600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bund | 432 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60860160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 \| Semiannual Report 2022 17

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** | &nbsp;&nbsp;**Long futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro-Bund | 274 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38601120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(838446) |
| &nbsp;&nbsp;Euro-Bund | 51 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-OAT | 112 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15293600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-OAT | 272 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37141600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283122) |
| &nbsp;&nbsp;FTSE 100 Index | 192 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14590080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE Taiwan Index | 38 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE/JSE Top 40 Index | 183 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126006480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE/JSE Top 40 Index | 16 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE/MIB Index | 185 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22785525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;FTSE/MIB Index | 57 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7020405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Gold 100 oz. | 6 | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;IBEX 35 Index | 43 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | 26 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | 21 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24896) |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | 117 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;17400240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61915) |
| &nbsp;&nbsp;KLCI Index | 23 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) |
| &nbsp;&nbsp;Lean Hogs | 106 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62203) |
| &nbsp;&nbsp;Long Gilt | 361 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37901390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 17 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;NY Harbor ULSD Heat Oil | 1 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7184) |
| &nbsp;&nbsp;RBOB Gasoline | 64 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;RBOB Gasoline | 2 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12201) |
| &nbsp;&nbsp;S&P/TSX 60 Index | 121 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30015260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SGX CNX Nifty Index | 96 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SGX CNX Nifty Index | 24 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean | 52 | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Oil | 115 | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Soybean Oil | 6 | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4930) |
| &nbsp;&nbsp;SPI 200 Index | 759 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138688275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SPI 200 Index | 120 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Thai SET50 Index | 642 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127732320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | 274 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TOPIX Index | 64 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 209 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23721500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | 89 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12129031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101958) |
| &nbsp;&nbsp;WTI Crude | 54 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WTI Crude | 3 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18465) |
| &nbsp;&nbsp;Zinc | 106 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8078525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;20243712 | &nbsp;&nbsp;&nbsp;&nbsp;(1444373) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Amsterdam Index | (118) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17101740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260005) |
| &nbsp;&nbsp;Australian 3-Year Bond | (227) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24517923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87478) |
| &nbsp;&nbsp;Brent Crude | (12) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1043640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | (129) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16220460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76791) |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | (1634) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205459160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366263) |
| &nbsp;&nbsp;Coffee | (104) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6626100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286994) |
| &nbsp;&nbsp;Copper | (8) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1647950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60196) |
| &nbsp;&nbsp;Copper | (8) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1648050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33221) |
| &nbsp;&nbsp;Copper | (43) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4018350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102716) |
| &nbsp;&nbsp;Corn | (110) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3668500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Corn | (94) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3134900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;DAX Index | (10) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3604500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43703) |
| &nbsp;&nbsp;DAX Index | (72) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25952400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2998001) |
| &nbsp;&nbsp;DJIA Index E-mini | (9) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1556955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125215) |

---

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

18 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Euro STOXX 50 Index | (40) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1586000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120854) |
| &nbsp;&nbsp;Euro STOXX 50 Index | (56) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2220400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282367) |
| &nbsp;&nbsp;Euro-Bobl | (39) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4681170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15245) |
| &nbsp;&nbsp;Euro-Bobl | (2) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-BTP | (21) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2505300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20677) |
| &nbsp;&nbsp;Euro-Bund | (244) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34374720) | &nbsp;&nbsp;&nbsp;&nbsp;339940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Buxl 30-Year | (6) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49569) |
| &nbsp;&nbsp;Euro-OAT | (18) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2457900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68341) |
| &nbsp;&nbsp;Euro-Schatz | (211) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22530580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12840) |
| &nbsp;&nbsp;FTSE 100 Index | (150) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11398500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688941) |
| &nbsp;&nbsp;FTSE 100 Index | (335) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25456650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1957710) |
| &nbsp;&nbsp;FTSE China A50 Index | (100) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1269500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55282) |
| &nbsp;&nbsp;FTSE Taiwan Index | (201) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10456020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34282) |
| &nbsp;&nbsp;Gold 100 oz. | (8) | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1407920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;IBEX 35 Index | (76) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6349496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174062) |
| &nbsp;&nbsp;KOSPI 200 Index | (150) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;KRW | &nbsp;&nbsp;&nbsp;&nbsp;(11986875000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446799) |
| &nbsp;&nbsp;Lead | (1) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834) |
| &nbsp;&nbsp;Live Cattle | (134) | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8344180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Long Gilt | (187) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19633130) | &nbsp;&nbsp;&nbsp;&nbsp;137727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Long Gilt | (93) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9764070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48981) |
| &nbsp;&nbsp;Mexican Bolsa IPC Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;MSCI EAFE Index | (1) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6582) |
| &nbsp;&nbsp;MSCI Emerging Markets Index | (234) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11495250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1149088) |
| &nbsp;&nbsp;MSCI Singapore Index | (213) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6325035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22285) |
| &nbsp;&nbsp;NASDAQ 100 Index E-mini | (15) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3612675) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268252) |
| &nbsp;&nbsp;Natural Gas | (62) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4296600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110744) |
| &nbsp;&nbsp;Natural Gas | (39) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2702700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182495) |
| &nbsp;&nbsp;Nickel | (5) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22725) |
| &nbsp;&nbsp;Nikkei 225 Index | (3) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84120000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23093) |
| &nbsp;&nbsp;OMXS30 Index | (713) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149854775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;OMXS30 Index | (16) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790) |
| &nbsp;&nbsp;Primary Aluminum | (20) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1227500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52151) |
| &nbsp;&nbsp;Primary Aluminum | (19) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120831) |
| &nbsp;&nbsp;Primary Aluminum | (18) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1116000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42001) |
| &nbsp;&nbsp;Russell 2000 Index E-mini | (32) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3020000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299844) |
| &nbsp;&nbsp;S&P 500 Index E-mini | (202) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41220625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2796417) |
| &nbsp;&nbsp;S&P 500 Index E-mini | (440) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89787500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4857390) |
| &nbsp;&nbsp;S&P Mid 400 Index E-mini | (5) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1289900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78406) |
| &nbsp;&nbsp;S&P/TSX 60 Index | (39) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9674340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196004) |
| &nbsp;&nbsp;S&P/TSX 60 Index | (31) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7689860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459831) |
| &nbsp;&nbsp;Silver | (5) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10406) |
| &nbsp;&nbsp;Silver | (42) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4574010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123511) |
| &nbsp;&nbsp;Soybean | (27) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1983825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90778) |
| &nbsp;&nbsp;Soybean Meal | (30) | &nbsp;&nbsp;&nbsp;&nbsp;01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1253400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40474) |
| &nbsp;&nbsp;Sugar #11 | (257) | &nbsp;&nbsp;&nbsp;&nbsp;02/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5650299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485558) |
| &nbsp;&nbsp;TOPIX Index | (89) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1771100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(803999) |
| &nbsp;&nbsp;U.S. Long Bond | (30) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3810000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31874) |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | (1010) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114635000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747955) |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (62) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12732281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31706) |
| &nbsp;&nbsp;U.S. Treasury 5-Year Note | (826) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89679079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534391) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | (20) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2725625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38016) |
| &nbsp;&nbsp;U.S. Treasury Ultra Bond | (110) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14990938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252977) |
| &nbsp;&nbsp;Wheat | (185) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7358375) | &nbsp;&nbsp;&nbsp;&nbsp;203704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Wheat | (77) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3062675) | &nbsp;&nbsp;&nbsp;&nbsp;167453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WIG 20 Index | (912) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31737600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656027) |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 19

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** | &nbsp;&nbsp;**Short futures contracts (continued)** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Zinc | (12) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(914550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21017) |
| &nbsp;&nbsp;Zinc | (20) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1518250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36470) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;909648 | &nbsp;&nbsp;&nbsp;&nbsp;(23012455) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** | &nbsp;&nbsp;**Call option contracts purchased** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Cost ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;7450000 | &nbsp;&nbsp;&nbsp;&nbsp;7450000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;04/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;178800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20856 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;14160000 | &nbsp;&nbsp;14160000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;423384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83728 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;14800000 | &nbsp;&nbsp;14800000 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;06/26/2023 | &nbsp;&nbsp;&nbsp;&nbsp;480630 | &nbsp;&nbsp;&nbsp;&nbsp;189316 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;5600000 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;07/11/2023 | &nbsp;&nbsp;&nbsp;&nbsp;196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76896 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;08/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;421250 | &nbsp;&nbsp;&nbsp;&nbsp;104173 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;20000000 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;10/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;1001526 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;10/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;751144 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;12660000 | &nbsp;&nbsp;12660000 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;11/14/2023 | &nbsp;&nbsp;&nbsp;&nbsp;405120 | &nbsp;&nbsp;&nbsp;&nbsp;525595 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;11/30/2023 | &nbsp;&nbsp;&nbsp;&nbsp;768750 | &nbsp;&nbsp;&nbsp;&nbsp;768750 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;25000000 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;04/27/2023 | &nbsp;&nbsp;&nbsp;&nbsp;596250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69985 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;14160000 | &nbsp;&nbsp;14160000 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;05/12/2023 | &nbsp;&nbsp;&nbsp;&nbsp;436836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83728 |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;30000000 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;11/10/2023 | &nbsp;&nbsp;1155000 | &nbsp;&nbsp;1768269 |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;6342020 | &nbsp;&nbsp;5443966 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** | &nbsp;&nbsp;**Put option contracts written** |
| &nbsp;&nbsp;**Description** | **Counterparty** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;**Number of<br> contracts** | &nbsp;&nbsp;**Exercise<br> price/Rate** | &nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;**Premium<br> received ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Citi to receive exercise rate and pay SOFR | Citi | &nbsp;&nbsp;USD | &nbsp;&nbsp;(28000000) | &nbsp;&nbsp;(28000000) | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;01/05/2023 | &nbsp;&nbsp;(448000) | &nbsp;&nbsp;(178604) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(12420000) | &nbsp;&nbsp;(12420000) | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;12/29/2022 | &nbsp;&nbsp;(186300) | &nbsp;&nbsp;&nbsp;&nbsp;(37297) |
| &nbsp;&nbsp;10-Year OTC interest rate swap with Morgan Stanley to receive exercise rate and pay SOFR | Morgan Stanley | &nbsp;&nbsp;USD | &nbsp;&nbsp;(15000000) | &nbsp;&nbsp;(15000000) | &nbsp;&nbsp;3.90 | &nbsp;&nbsp;01/27/2023 | &nbsp;&nbsp;(281250) | &nbsp;&nbsp;&nbsp;&nbsp;(59235) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;(915550) | &nbsp;&nbsp;(275136) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** | &nbsp;&nbsp;**Cleared interest rate swap contracts** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.500% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 12/11/2024 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36640 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 12/11/2024 | NZD | &nbsp;&nbsp;&nbsp;40500000 | &nbsp;&nbsp;&nbsp;(410782) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(410782) |
| &nbsp;&nbsp;3-Month AUD BBSW | Fixed rate of 3.500% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 12/12/2024 | AUD | &nbsp;&nbsp;&nbsp;45800000 | &nbsp;&nbsp;&nbsp;&nbsp;(74212) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(74212) |

---

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

20 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;3-Month SEK STIBOR | Fixed rate of 2.500% | Receives Quarterly, Pays Annually | JPMorgan | 12/18/2024 | SEK | &nbsp;&nbsp;&nbsp;37100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month SEK STIBOR | Fixed rate of 3.000% | Receives Quarterly, Pays Annually | JPMorgan | 12/18/2024 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| &nbsp;&nbsp;Fixed rate of 3.500% | 6-Month NOK NIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 12/18/2024 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 2.500% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 12/19/2024 | CAD | 111500000 | &nbsp;&nbsp;1454284 |  |  | 1454284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 3.250% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 12/19/2024 | CAD | &nbsp;&nbsp;&nbsp;16200000 | &nbsp;&nbsp;&nbsp;&nbsp;152837 |  |  | &nbsp;&nbsp;&nbsp;152837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 0.750% | 6-Month EURIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 12/21/2024 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;7700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 1.500% | 6-Month EURIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 12/21/2024 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936) |
| &nbsp;&nbsp;Fixed rate of 0.750% | 6-Month EURIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 12/21/2024 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;(11435) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11435) |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.000% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/12/2025 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62384 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;62384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 5.500% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 03/12/2025 | NZD | &nbsp;&nbsp;&nbsp;28600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37842 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;37842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 5.000% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 03/12/2025 | NZD | &nbsp;&nbsp;&nbsp;73200000 | &nbsp;&nbsp;&nbsp;&nbsp;(84422) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(84422) |
| &nbsp;&nbsp;Fixed rate of 4.500% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 03/12/2025 | NZD | &nbsp;&nbsp;&nbsp;24600000 | &nbsp;&nbsp;&nbsp;(192594) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(192594) |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 4.000% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/13/2025 | CAD | &nbsp;&nbsp;&nbsp;67600000 | &nbsp;&nbsp;&nbsp;&nbsp;151276 |  |  | &nbsp;&nbsp;&nbsp;151276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 3.250% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/13/2025 | CAD | &nbsp;&nbsp;&nbsp;15600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47029 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month AUD BBSW | Fixed rate of 3.500% | Receives Quarterly, Pays Quarterly | JPMorgan | 03/13/2025 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1547) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1547) |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 4.000% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/13/2025 | CAD | &nbsp;&nbsp;&nbsp;58200000 | &nbsp;&nbsp;&nbsp;(203421) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(203421) |
| &nbsp;&nbsp;3-Month AUD BBSW | Fixed rate of 4.500% | Receives Quarterly, Pays Quarterly | JPMorgan | 03/13/2025 | AUD | &nbsp;&nbsp;&nbsp;48900000 | &nbsp;&nbsp;&nbsp;(247399) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(247399) |
| &nbsp;&nbsp;3-Month AUD BBSW | Fixed rate of 4.000% | Receives Quarterly, Pays Quarterly | JPMorgan | 03/13/2025 | AUD | 104400000 | &nbsp;&nbsp;&nbsp;(395366) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(395366) |
| &nbsp;&nbsp;Fixed rate of 4.000% | SONIA | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | GBP | &nbsp;&nbsp;&nbsp;86900000 | &nbsp;&nbsp;&nbsp;&nbsp;285694 |  |  | &nbsp;&nbsp;&nbsp;285694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.750% | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | USD | &nbsp;&nbsp;&nbsp;15100000 | &nbsp;&nbsp;&nbsp;&nbsp;213525 |  |  | &nbsp;&nbsp;&nbsp;213525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.500% | SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21516 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SONIA | Fixed rate of 2.500% | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | GBP | &nbsp;&nbsp;&nbsp;11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19403 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | SONIA | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | GBP | &nbsp;&nbsp;&nbsp;11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5683) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5683) |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 21

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.500% | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | USD | &nbsp;&nbsp;&nbsp;20500000 | &nbsp;&nbsp;&nbsp;&nbsp;(61002) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(61002) |
| &nbsp;&nbsp;SONIA | Fixed rate of 2.500% | Receives Annually, Pays Annually | JPMorgan | 03/15/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;(70404) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(70404) |
| &nbsp;&nbsp;6-Month EURIBOR | Fixed rate of 1.500% | Receives SemiAnnually, Pays Annually | JPMorgan | 03/15/2025 | EUR | 111400000 | &nbsp;&nbsp;&nbsp;(122095) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(122095) |
| &nbsp;&nbsp;Fixed rate of 3.000% | 6-Month EURIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 03/15/2025 | EUR | &nbsp;&nbsp;&nbsp;40500000 | &nbsp;&nbsp;&nbsp;(305098) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(305098) |
| &nbsp;&nbsp;6-Month NOK NIBOR | Fixed rate of 3.500% | Receives SemiAnnually, Pays Annually | JPMorgan | 03/19/2025 | NOK | 332600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91841 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;91841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;6-Month NOK NIBOR | Fixed rate of 4.000% | Receives SemiAnnually, Pays Annually | JPMorgan | 03/19/2025 | NOK | 541000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26993 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month SEK STIBOR | Fixed rate of 3.000% | Receives Quarterly, Pays Annually | JPMorgan | 03/19/2025 | SEK | &nbsp;&nbsp;&nbsp;32800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2007) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2007) |
| &nbsp;&nbsp;Fixed rate of 3.500% | 3-Month SEK STIBOR | Receives Annually, Pays Quarterly | JPMorgan | 03/19/2025 | SEK | 200900000 | &nbsp;&nbsp;&nbsp;&nbsp;(32978) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(32978) |
| &nbsp;&nbsp;6-Month NOK NIBOR | Fixed rate of 4.000% | Receives SemiAnnually, Pays Annually | JPMorgan | 03/19/2025 | NOK | 594900000 | &nbsp;&nbsp;&nbsp;(130011) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(130011) |
| &nbsp;&nbsp;Fixed rate of 5.000% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 06/11/2025 | NZD | &nbsp;&nbsp;&nbsp;12400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37271 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;37271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 5.000% | 3-Month NZD LIBOR | Receives SemiAnnually, Pays Quarterly | JPMorgan | 06/11/2025 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |
| &nbsp;&nbsp;3-Month AUD BBSW | Fixed rate of 4.000% | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 06/12/2025 | AUD | &nbsp;&nbsp;&nbsp;60100000 | &nbsp;&nbsp;&nbsp;(100291) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(100291) |
| &nbsp;&nbsp;6-Month NOK NIBOR | Fixed rate of 3.500% | Receives Annually, Pays SemiAnnually | JPMorgan | 06/18/2025 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Fixed rate of 3.750% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 06/19/2025 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;6-Month EURIBOR | Fixed rate of 2.500% | Receives SemiAnnually, Pays Annually | JPMorgan | 06/21/2025 | EUR | &nbsp;&nbsp;&nbsp;38300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42754 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | SONIA | Receives Annually, Pays Annually | JPMorgan | 06/21/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;4600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | SONIA | Receives Annually, Pays Annually | JPMorgan | 06/21/2025 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4714) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4714) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.250% | Receives Annually, Pays Annually | JPMorgan | 06/21/2025 | USD | &nbsp;&nbsp;&nbsp;40000000 | &nbsp;&nbsp;&nbsp;(115630) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(115630) |
| &nbsp;&nbsp;Fixed rate of 4.000% | SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2028 | USD | &nbsp;&nbsp;&nbsp;&nbsp;8100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58536 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;58536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.000% | SOFR | Receives Annually, Pays Annually | JPMorgan | 06/21/2028 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26654 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | 6-Month AUD BBSW | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 12/09/2032 | AUD | &nbsp;&nbsp;&nbsp;10800000 | &nbsp;&nbsp;&nbsp;(132451) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(132451) |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.000% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 12/15/2032 | NZD | &nbsp;&nbsp;&nbsp;12000000 | &nbsp;&nbsp;&nbsp;&nbsp;334542 |  |  | &nbsp;&nbsp;&nbsp;334542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.500% | 3-Month SEK STIBOR | Receives Annually, Pays Quarterly | JPMorgan | 12/15/2032 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.000% | 3-Month SEK STIBOR | Receives Annually, Pays Quarterly | JPMorgan | 12/15/2032 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.250% | 3-Month CAD Canada Bankers' Acceptances | Receives SemiAnnually, Pays Quarterly | JPMorgan | 12/19/2032 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;(44533) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(44533) |

---

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

22 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Fixed rate of 2.500% | 3-Month CAD Canada Bankers' Acceptances | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 12/19/2032 | CAD | &nbsp;&nbsp;&nbsp;30000000 | &nbsp;&nbsp;&nbsp;(601984) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(601984) |
| &nbsp;&nbsp;Fixed rate of 5.000% | 6-Month AUD BBSW | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 03/10/2033 | AUD | &nbsp;&nbsp;&nbsp;10800000 | &nbsp;&nbsp;&nbsp;&nbsp;261156 |  |  | &nbsp;&nbsp;&nbsp;261156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.500% | 6-Month AUD BBSW | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 03/10/2033 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;5200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93862 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;93862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 4.000% | 6-Month AUD BBSW | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 03/10/2033 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66742 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;66742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.500% | 3-Month CAD Canada Bankers' Acceptances | Receives SemiAnnually, Pays Quarterly | JPMorgan | 03/13/2033 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30814 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.000% | 6-Month EURIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 03/15/2033 | EUR | &nbsp;&nbsp;&nbsp;18400000 | &nbsp;&nbsp;&nbsp;&nbsp;620017 |  |  | &nbsp;&nbsp;&nbsp;620017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.000% | SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2033 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26557 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.750% | SOFR | Receives Annually, Pays Annually | JPMorgan | 03/15/2033 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;6-Month EURIBOR | Fixed rate of 3.000% | Receives SemiAnnually, Pays Annually | JPMorgan | 03/15/2033 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;6100000 | &nbsp;&nbsp;&nbsp;&nbsp;(92744) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(92744) |
| &nbsp;&nbsp;SONIA | Fixed rate of 3.000% | Receives Annually, Pays Annually | JPMorgan | 03/15/2033 | GBP | &nbsp;&nbsp;&nbsp;18200000 | &nbsp;&nbsp;&nbsp;(571942) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(571942) |
| &nbsp;&nbsp;Fixed rate of 4.000% | 6-Month NOK NIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 03/16/2033 | NOK | 133000000 | &nbsp;&nbsp;&nbsp;&nbsp;522299 |  |  | &nbsp;&nbsp;&nbsp;522299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.000% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/16/2033 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49647 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;49647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 3.500% | 6-Month NOK NIBOR | Receives Annually, Pays SemiAnnually | JPMorgan | 03/16/2033 | NOK | &nbsp;&nbsp;&nbsp;43400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48944 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;48944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Fixed rate of 2.500% | 3-Month SEK STIBOR | Receives Annually, Pays Quarterly | JPMorgan | 03/16/2033 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.500% | Receives Quarterly, Pays SemiAnnually | JPMorgan | 03/16/2033 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3459) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3459) |
| &nbsp;&nbsp;3-Month SEK STIBOR | Fixed rate of 3.000% | Receives Quarterly, Pays Annually | JPMorgan | 03/16/2033 | SEK | 131700000 | &nbsp;&nbsp;&nbsp;(272462) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(272462) |
| &nbsp;&nbsp;Fixed rate of 4.500% | 6-Month AUD BBSW | Receives SemiAnnually, Pays SemiAnnually | JPMorgan | 06/09/2033 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10911 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.500% | Receives SemiAnnually, Pays Quarterly | JPMorgan | 06/15/2033 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;(25095) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(25095) |
| &nbsp;&nbsp;Fixed rate of 3.000% | SOFR | Receives Annually, Pays Annually | JPMorgan | 06/21/2033 | USD | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43581 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;43581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SONIA | Fixed rate of 3.250% | Receives Annually, Pays Annually | JPMorgan | 06/21/2033 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;SONIA | Fixed rate of 3.250% | Receives Annually, Pays Annually | JPMorgan | 06/21/2033 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8868) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8868) |
| &nbsp;&nbsp;6-Month EURIBOR | Fixed rate of 2.500% | Receives SemiAnnually, Pays Annually | JPMorgan | 06/21/2033 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;8300000 | &nbsp;&nbsp;&nbsp;&nbsp;(88313) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(88313) |
| &nbsp;&nbsp;SOFR | Fixed rate of 3.250% | Receives Annually, Pays Annually | JPMorgan | 03/15/2053 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;(38026) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(38026) |
| &nbsp;&nbsp;SOFR | Fixed rate of 2.750% | Receives Annually, Pays Annually | JPMorgan | 06/21/2053 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2928) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2928) |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.488% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 10/05/2032 | NZD | &nbsp;&nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;(110729) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(110729) |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 23

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** | &nbsp;&nbsp;**Cleared interest rate swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;3-Month SEK STIBOR | Fixed rate of 3.098% | Receives Quarterly, Pays Annually | Morgan Stanley | 10/05/2032 | SEK | 176000000 | &nbsp;&nbsp;&nbsp;(608946) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(608946) |
| &nbsp;&nbsp;3-Month NZD LIBOR | Fixed rate of 4.648% | Receives Quarterly, Pays SemiAnnually | Morgan Stanley | 11/03/2032 | NZD | &nbsp;&nbsp;&nbsp;77987000 | (1139089) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1139089) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | (1422047) |  |  | 4892308 | (6314355) |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - buy protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Pay<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | USD | 11250000 | (721254) |  |  |  | (721254) |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** | &nbsp;&nbsp;**Credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 5000000 | &nbsp;&nbsp;&nbsp;(883594) | &nbsp;&nbsp;&nbsp;2500 |  | &nbsp;&nbsp;&nbsp;(950937) | &nbsp;&nbsp;&nbsp;69843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 1200000 | &nbsp;&nbsp;&nbsp;(212063) | &nbsp;&nbsp;&nbsp;&nbsp;600 |  | &nbsp;&nbsp;&nbsp;(275562) | &nbsp;&nbsp;&nbsp;64099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 2500000 | &nbsp;&nbsp;&nbsp;(441797) | &nbsp;&nbsp;&nbsp;1250 |  | &nbsp;&nbsp;&nbsp;(489955) | &nbsp;&nbsp;&nbsp;49408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 3500000 | &nbsp;&nbsp;&nbsp;(618516) | &nbsp;&nbsp;&nbsp;1750 |  | &nbsp;&nbsp;&nbsp;(649247) | &nbsp;&nbsp;&nbsp;32481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;(132539) | &nbsp;&nbsp;&nbsp;&nbsp;375 |  | &nbsp;&nbsp;&nbsp;(121146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11018) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 2000000 | &nbsp;&nbsp;&nbsp;(353438) | &nbsp;&nbsp;&nbsp;1000 |  | &nbsp;&nbsp;&nbsp;(312182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(40256) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 10 BBB- | Morgan Stanley | 11/17/2059 | 3.000 | Monthly | 8.821 | USD | 5000000 | &nbsp;&nbsp;&nbsp;(883594) | &nbsp;&nbsp;&nbsp;2500 |  | &nbsp;&nbsp;&nbsp;(567294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (313800) |
| &nbsp;&nbsp;Markit CMBX North America Index, Series 12 BBB- | Morgan Stanley | 08/17/2061 | 3.000 | Monthly | 7.200 | USD | 3000000 | &nbsp;&nbsp;&nbsp;(528750) | &nbsp;&nbsp;&nbsp;1500 |  | &nbsp;&nbsp;&nbsp;(427838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(99412) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | (4054291) | 11475 |  | (3794161) | 215831 | (464486) |

---

\* 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.

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

24 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** | &nbsp;&nbsp;**Total return swap contracts** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Total return on MSCI Italy Net Return EUR Index | ESTR minus 0.002% | Monthly | JPMorgan | 12/21/2022 | EUR | 3753081 | &nbsp;&nbsp;40425 | (1906) |  |  | 38519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total return on MSCI Italy Net Return EUR Index | ESTR minus 0.002% | Monthly | JPMorgan | 12/21/2022 | EUR | 1483302 | &nbsp;&nbsp;15977 | &nbsp;&nbsp;&nbsp;(760) |  |  | 15217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total return on MSCI Brazil Net Return BRL Index | Overnight BRL CDI plus 0.005% | Monthly | JPMorgan | 12/21/2022 | BRL | 3469026 | &nbsp;&nbsp;16377 | (2618) |  |  | 13759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total return on MSCI South Africa Net Return ZAR Index | 1-Month ZAR JIBAR plus 0.010% | Monthly | JPMorgan | 12/21/2022 | ZAR | 4137548 | &nbsp;&nbsp;&nbsp;&nbsp;7949 | &nbsp;&nbsp;&nbsp;(368) |  |  | &nbsp;&nbsp;&nbsp;7581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total return on MSCI South Africa Net Return ZAR Index | 1-Month ZAR JIBAR plus 0.010% | Monthly | JPMorgan | 12/21/2022 | ZAR | 3932601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico minus 0.004% | Total return on MSCI Mexico Net Return MXN Index | Monthly | JPMorgan | 12/21/2022 | MXN | 1402657 | &nbsp;&nbsp;&nbsp;&nbsp;(326) | &nbsp;&nbsp;&nbsp;&nbsp;279 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico minus 0.004% | Total return on MSCI Mexico Net Return MXN Index | Monthly | JPMorgan | 12/21/2022 | MXN | 2850092 | &nbsp;&nbsp;&nbsp;&nbsp;(662) | &nbsp;&nbsp;&nbsp;&nbsp;566 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico minus 0.004% | Total return on MSCI Mexico Net Return MXN Index | Monthly | JPMorgan | 12/21/2022 | MXN | 2997740 | &nbsp;&nbsp;&nbsp;&nbsp;(697) | &nbsp;&nbsp;&nbsp;&nbsp;596 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(101) |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico minus 0.004% | Total return on MSCI Mexico Net Return MXN Index | Monthly | JPMorgan | 12/21/2022 | MXN | 3003791 | &nbsp;&nbsp;&nbsp;&nbsp;(699) | &nbsp;&nbsp;&nbsp;&nbsp;597 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(102) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;376261 | &nbsp;&nbsp;&nbsp;&nbsp;(277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(277) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;293558 | &nbsp;&nbsp;&nbsp;&nbsp;(883) | &nbsp;&nbsp;&nbsp;&nbsp;179 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(704) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;184336 | &nbsp;&nbsp;&nbsp;&nbsp;(921) | &nbsp;&nbsp;&nbsp;&nbsp;174 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(747) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;243974 | &nbsp;&nbsp;&nbsp;(1219) | &nbsp;&nbsp;&nbsp;&nbsp;214 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1005) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;433732 | &nbsp;&nbsp;&nbsp;(2167) | &nbsp;&nbsp;&nbsp;&nbsp;416 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1751) |
| &nbsp;&nbsp;SORA minus 0.003% | Total return on MSCI Singapore Net Return SGD Index | Monthly | JPMorgan | 12/21/2022 | SGD | &nbsp;&nbsp;&nbsp;257811 | &nbsp;&nbsp;&nbsp;(3084) | &nbsp;&nbsp;&nbsp;&nbsp;139 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2945) |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 25

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** | &nbsp;&nbsp;**Total return swap contracts (continued)** |
| &nbsp;&nbsp;**Fund receives** | **Fund pays** | **Payment<br> frequency** | **Counterparty** | **Maturity<br> date** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Periodic<br> payments<br> receivable<br> (payable)<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;ESTR minus 0.003% | Total return on MSCI Netherlands Net Return EUR Index | Monthly | JPMorgan | 12/21/2022 | EUR | &nbsp;&nbsp;&nbsp;288214 | &nbsp;&nbsp;&nbsp;(4318) | &nbsp;&nbsp;&nbsp;&nbsp;135 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4183) |
| &nbsp;&nbsp;ESTR minus 0.006% | Total return on MSCI Spain Net Return EUR Index | Monthly | JPMorgan | 12/21/2022 | EUR | 1820683 | (66851) | &nbsp;&nbsp;&nbsp;&nbsp;630 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (66221) |
| &nbsp;&nbsp;Total |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(390) | (1727) |  |  | 76062 | (78179) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** | &nbsp;&nbsp;**Total return swap contracts on futures** |
| &nbsp;&nbsp;**Reference instrument\*** | **Counterparty** | **Expiration<br> date** | &nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;**Notional amount<br> long(short)** | &nbsp;&nbsp;**Upfront<br> payments ($)** | &nbsp;&nbsp;**Upfront<br> receipts ($)** | &nbsp;&nbsp;**Value/Unrealized<br> appreciation<br> ($)** | &nbsp;&nbsp;**Value/Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;DTOP Index Dec 22 | Goldman Sachs International | 12/2022 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392910 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;TAIEX Index Dec 22 | Goldman Sachs International | 12/2022 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32564400 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;WIG 20 Index Dec 22 | Goldman Sachs International | 12/2022 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2122800) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73947) |
| &nbsp;&nbsp;Ibovespa Index Dec 22 | Morgan Stanley | 12/2022 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81633172 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;299204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;KOSPI 200 Index Dec 22 | Morgan Stanley | 12/2022 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;(18859350000) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(1061762) |
| &nbsp;&nbsp;Swiss Market Index Dec 22 | Morgan Stanley | 12/2022 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111620 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Swiss Market Index Dec 22 | Morgan Stanley | 12/2022 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10380660) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(331882) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;343834 | &nbsp;&nbsp;(1467591) |

---

\* If the notional amount of the swap contract is long and the swap contract's value is positive (negative), the Fund will receive (pay) the total return. If the notional amount of the swap contract is short and the swap contract's value is positive (negative), the Fund will pay (receive) the total return. Receipts and payments occur upon termination of the contract.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** | &nbsp;&nbsp;**Reference index and values for swap contracts as of period end** |
| &nbsp;&nbsp;**Reference index** |  | **Reference rate** |
| &nbsp;&nbsp;1-Month ZAR JIBAR | Johannesburg Interbank Average Rate | 7.017% |
| &nbsp;&nbsp;28-Day MXN TIIE-Banxico | Interbank Equilibrium Interest Rate | 10.294% |
| &nbsp;&nbsp;3-Month AUD BBSW | Bank Bill Swap Rate | 3.089% |
| &nbsp;&nbsp;3-Month CAD Canada Bankers' Acceptances | Canada Bankers' Acceptances | 4.477% |
| &nbsp;&nbsp;3-Month NZD LIBOR | London Interbank Offered Rate | 4.410% |
| &nbsp;&nbsp;3-Month SEK STIBOR | Stockholm Interbank Offered Rate | 2.456% |
| &nbsp;&nbsp;6-Month AUD BBSW | Bank Bill Swap Rate | 3.485% |
| &nbsp;&nbsp;6-Month EURIBOR | Euro Interbank Offered Rate | 2.414% |
| &nbsp;&nbsp;6-Month NOK NIBOR | Norwegian Interbank Offered Rate | 3.540% |
| &nbsp;&nbsp;ESTR | Euro Short Term Rate | 1.391% |
| &nbsp;&nbsp;Overnight BRL CDI | Interbank Certificate of Deposit | 0.051% |
| &nbsp;&nbsp;SOFR | Secured Overnight Financing Rate | 3.820% |
| &nbsp;&nbsp;SONIA | Sterling Overnight Index Average | 2.927% |
| &nbsp;&nbsp;SORA | Singapore Overnight Rate Average | 3.912% |

---

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

26 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Notes to Consolidated Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At November 30, 2022, the total value of these securities amounted to $169,516,326, which represents 22.14% of total net assets.

(b) Variable rate security. The interest rate shown was the current rate as of November 30, 2022.

(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, 2022 and is not reflective of the cash flow payments.

(d) Valuation based on significant unobservable inputs.

(e) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At November 30, 2022, the total value of these securities amounted to $6,696,865,
which represents 0.87% of total net assets.

(f) 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, 2022.

(g) Represents interest only securities which have the right to receive the monthly interest payments on an underlying pool of mortgage loans.

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

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

(j) The rate shown is the seven-day current annualized yield at November 30, 2022.

(k) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% |
|  | 325728447 | &nbsp;&nbsp;464231555 | &nbsp;&nbsp;(474400796) | &nbsp;&nbsp;49617 | &nbsp;&nbsp;315608823 | &nbsp;&nbsp;(48009) | &nbsp;&nbsp;4157767 | &nbsp;&nbsp;315735117 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |
| TBA | &nbsp;&nbsp;To Be Announced |

---

#### Currency Legend

---

| | |
|:---|:---|
| AUD | &nbsp;&nbsp;Australian Dollar |
| BRL | &nbsp;&nbsp;Brazilian Real |
| CAD | &nbsp;&nbsp;Canada Dollar |
| CHF | &nbsp;&nbsp;Swiss Franc |
| CLP | &nbsp;&nbsp;Chilean Peso |
| CNH | &nbsp;&nbsp;Yuan Offshore Renminbi |
| COP | &nbsp;&nbsp;Colombian Peso |
| CZK | &nbsp;&nbsp;Czech Koruna |
| EUR | &nbsp;&nbsp;Euro |
| GBP | &nbsp;&nbsp;British Pound |
| HUF | &nbsp;&nbsp;Hungarian Forint |
| IDR | &nbsp;&nbsp;Indonesian Rupiah |
| ILS | &nbsp;&nbsp;Israeli Shekel |
| INR | &nbsp;&nbsp;Indian Rupee |
| JPY | &nbsp;&nbsp;Japanese Yen |
| KRW | &nbsp;&nbsp;South Korean Won |
| MXN | &nbsp;&nbsp;Mexican Peso |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 27

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Currency Legend (continued)

---

| | |
|:---|:---|
| **MYR** | &nbsp;&nbsp;**Malaysian Ringgit** |
| **NOK** | &nbsp;&nbsp;**Norwegian Krone** |
| **NZD** | &nbsp;&nbsp;**New Zealand Dollar** |
| **PHP** | &nbsp;&nbsp;**Philippine Peso** |
| **PLN** | &nbsp;&nbsp;**Polish Zloty** |
| **SEK** | &nbsp;&nbsp;**Swedish Krona** |
| **SGD** | &nbsp;&nbsp;**Singapore Dollar** |
| **THB** | &nbsp;&nbsp;**Thailand Baht** |
| **TRY** | &nbsp;&nbsp;**Turkish Lira** |
| **TWD** | &nbsp;&nbsp;**New Taiwan Dollar** |
| **USD** | &nbsp;&nbsp;**US Dollar** |
| **ZAR** | &nbsp;&nbsp;**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.

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

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

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

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26409467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31418302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32738219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32738219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;222165424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;222165424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96127327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630923 | &nbsp;&nbsp;&nbsp;&nbsp;104758250 |

---

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

28 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Fair value measurements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;153645720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;153645720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options Purchased Calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 315608823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;315608823 |
| &nbsp;&nbsp;Total Investments in Securities | 315608823 | &nbsp;&nbsp;&nbsp;&nbsp;537096646 | &nbsp;&nbsp;&nbsp;&nbsp;13639758 | &nbsp;&nbsp;&nbsp;&nbsp;866345227 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83340866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83340866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;21153360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21153360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88382360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88382360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(24456828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24456828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options Contracts Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9045865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9045865) |
| &nbsp;&nbsp;Total | 312305355 | &nbsp;&nbsp;&nbsp;&nbsp;528262186 | &nbsp;&nbsp;&nbsp;&nbsp;13639758 | &nbsp;&nbsp;&nbsp;&nbsp;854207299 |

---

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 following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of<br> 05/31/2022<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Increase<br> (decrease)<br> in accrued<br> discounts/<br> premiums<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized<br> gain (loss)<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change<br> in unrealized<br> appreciation<br> (depreciation)<sup>(a)</sup><br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> into<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Transfers<br> out of<br> Level 3<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Balance<br> as of<br> 11/30/2022<br> ($)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | 11283627 | &nbsp;&nbsp;&nbsp;&nbsp;(7382929) | &nbsp;&nbsp;&nbsp;&nbsp;95175 | &nbsp;&nbsp;&nbsp;&nbsp;3843891 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2830929) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008835 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities — Non-Agency | 12074645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189778) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3252495) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630923 |
| &nbsp;&nbsp;**Total** | **23358272** | &nbsp;&nbsp;&nbsp;&nbsp;**(7384378)** | &nbsp;&nbsp;&nbsp;&nbsp;**95175** | &nbsp;&nbsp;&nbsp;&nbsp;**3654113** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**(6038424)** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;**13639758** |

---

(a) Change in unrealized appreciation (depreciation) relating to securities held at November 30, 2022 was $2,491,714 which is comprised of Asset-Backed Securities — Non-Agency of $2,681,334 and Residential Mortgage-Backed Securities — Non-Agency of $(189,620).

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain residential and asset-backed securities classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 29

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $567,344,845) | &nbsp;&nbsp;$545292438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $315,600,197) | &nbsp;&nbsp;&nbsp;&nbsp;315608823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased (cost $6,342,020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443966 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 |
| &nbsp;&nbsp;Foreign currency (cost $5,223,271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271395 |
| &nbsp;&nbsp;Cash collateral held at broker for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450000 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;48055562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7482727 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;83340866 |
| &nbsp;&nbsp;Unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635727 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;21289870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;14200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55657 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
| &nbsp;&nbsp;Total assets | 1070992901 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Option contracts written, at value (premiums received $915,550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275136 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;88382360 |
| &nbsp;&nbsp;Unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010256 |
| &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794161 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;192523119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;10201208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on forward sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85886 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55657 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;305508548 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | &nbsp;&nbsp;**$765484353** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;&nbsp;905334586 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;(139850233) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | &nbsp;&nbsp;**$765484353** |

---

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

30 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Assets and Liabilities (continued)

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4831514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.86 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1493041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.54 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$15018230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.02 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$743565121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;26114039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.47 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$562326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.62 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.73 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27.75 |

---

(a) Includes collateral related to forward foreign currency contracts and swap contracts.

(b) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 31

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Operations

Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$333247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;4157767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;10569635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;15060705 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;3898687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15965 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;4837667 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(491244) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;4346403 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;10714302 |

---

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

32 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Operations (continued)

Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(6642469) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;(1844926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;17319658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;14715532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;(467345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;(3752064) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;3833229 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;23113606 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (10322933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward sale commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | (12798903) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(9117710) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;(559424) |
| &nbsp;&nbsp;&nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;3785876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;(1341587) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (28991251) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(5877645) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | &nbsp;&nbsp;**$4836657** |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 33

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$10714302 | &nbsp;&nbsp;&nbsp;&nbsp;$10042916 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;23113606 | &nbsp;&nbsp;&nbsp;&nbsp;(18255016) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(28991251) | &nbsp;&nbsp;&nbsp;&nbsp;(19304538) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836657 | &nbsp;&nbsp;&nbsp;&nbsp;(27516638) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor 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;(7417) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(1331) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19479617) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(16578) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(176) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19542084) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(45971287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44080394 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(41134630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2978328) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;806618983 | &nbsp;&nbsp;&nbsp;&nbsp;809597311 |
| &nbsp;&nbsp;**Net assets at end of period** | **$765484353** | &nbsp;&nbsp;**$806618983** |

---

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

34 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;114653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452919) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500823 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(523259) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116504 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;119499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3235939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13056328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1098995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224277) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12833288 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2768037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78842117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7526146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219144305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19476610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4590690) | &nbsp;&nbsp;&nbsp;&nbsp;(130715009) | &nbsp;&nbsp;&nbsp;&nbsp;(7193911) | &nbsp;&nbsp;&nbsp;&nbsp;(207819869) |
| &nbsp;&nbsp;Net increase (decrease) | (1822653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51872892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30801046 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331877) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171267) |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(1610913)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(45971287)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1514063** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44080394** |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 35

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;(1.52) | &nbsp;&nbsp;(1.05) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $27.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $29.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(2.23) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(5.16) | &nbsp;&nbsp;(4.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(2.01) | &nbsp;&nbsp;(1.97) | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.84) |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(1.01) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $30.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(2.21) | &nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(5.13) | &nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;(2.05) | &nbsp;&nbsp;(1.89) | &nbsp;&nbsp;(0.88) | &nbsp;&nbsp;(0.88) |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $26.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;(7.80) | &nbsp;&nbsp;(1.23) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $27.05 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $29.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;(2.15) | &nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(5.07) | &nbsp;&nbsp;(4.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.10 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(1.99) | &nbsp;&nbsp;(2.23) | &nbsp;&nbsp;(0.72) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;(1.34) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.67) | &nbsp;&nbsp;(0.67) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $29.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(2.21) | &nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(5.17) | &nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;(2.01) | &nbsp;&nbsp;(1.89) | &nbsp;&nbsp;(0.88) | &nbsp;&nbsp;(0.88) |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;(1.33) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.68) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $30.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(2.28) | &nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(5.21) | &nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;(1.86) | &nbsp;&nbsp;(0.88) | &nbsp;&nbsp;(0.88) |

---

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

36 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** | &nbsp;&nbsp;**Class A<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.14 | &nbsp;&nbsp;&nbsp;0.50% 1.43%<sup>(d),(e)</sup> 1.30%<sup>(d),(e),(f)</sup> | &nbsp;&nbsp;2.54%<sup>(d)</sup> | 290% | &nbsp;&nbsp;&nbsp;$4832 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.00 | &nbsp;&nbsp;(3.54%) 1.42%<sup>(e)</sup> 1.30%<sup>(e),(f)</sup> | &nbsp;&nbsp;1.62% | 352% | &nbsp;&nbsp;&nbsp;$2138 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.65 | &nbsp;&nbsp;&nbsp;6.50% 1.40%<sup>(e),(g)</sup> 1.27%<sup>(e),(g)</sup> | &nbsp;&nbsp;0.66% | 555% | &nbsp;&nbsp;&nbsp;$1739 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $27.84 | &nbsp;&nbsp;(6.58%) 1.42%<sup>(e),(g)</sup> 1.25%<sup>(e),(g)</sup> | &nbsp;&nbsp;0.94% | 789% | &nbsp;&nbsp;&nbsp;$2125 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $29.79 | (13.97%) 1.45%<sup>(e)</sup> 1.24%<sup>(e)</sup> | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;$3103 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.63 | &nbsp;&nbsp;(5.49%) 1.49%<sup>(e)</sup> 1.28%<sup>(e)</sup> | &nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;$4343 |
| &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** | &nbsp;&nbsp;**Advisor Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.54 | &nbsp;&nbsp;&nbsp;0.67% 1.20%<sup>(d),(e)</sup> 1.06%<sup>(d),(e),(f)</sup> | &nbsp;&nbsp;2.92%<sup>(d)</sup> | 290% | &nbsp;&nbsp;&nbsp;$1493 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.35 | &nbsp;&nbsp;(3.34%) 1.16%<sup>(e)</sup> 1.05%<sup>(e),(f)</sup> | &nbsp;&nbsp;0.66% | 352% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$318 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.03 | &nbsp;&nbsp;&nbsp;6.79% 1.16%<sup>(e),(g)</sup> 1.02%<sup>(e),(g)</sup> | &nbsp;&nbsp;0.97% | 555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$226 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $28.12 | &nbsp;&nbsp;(6.27%) 1.17%<sup>(e),(g)</sup> 0.99%<sup>(e),(g)</sup> | &nbsp;&nbsp;1.15% | 789% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$133 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $30.01 | (13.79%) 1.20%<sup>(e)</sup> 1.01%<sup>(e)</sup> | &nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$216 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.78 | &nbsp;&nbsp;(5.27%) 1.24%<sup>(e)</sup> 1.03%<sup>(e)</sup> | &nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;$4433 |
| &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** | &nbsp;&nbsp;**Class C<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $27.02 | &nbsp;&nbsp;&nbsp;0.11% 2.17%<sup>(d),(e)</sup> 2.05%<sup>(d),(e),(f)</sup> | &nbsp;&nbsp;1.68%<sup>(d)</sup> | 290% | &nbsp;&nbsp;$15018 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $26.99 | &nbsp;&nbsp;(4.29%) 2.17%<sup>(e)</sup> 2.06%<sup>(e),(f)</sup> | 24.79% | 352% | &nbsp;&nbsp;$12869 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.59 | &nbsp;&nbsp;&nbsp;5.73% 2.15%<sup>(e),(g)</sup> 2.02%<sup>(e),(g)</sup> | (0.14%) | 555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $27.05 | &nbsp;&nbsp;(7.27%) 2.17%<sup>(e),(g)</sup> 1.99%<sup>(e),(g)</sup> | &nbsp;&nbsp;0.21% | 789% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$220 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $29.16 | (14.64%) 2.20%<sup>(e)</sup> 1.99%<sup>(e)</sup> | &nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$493 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.15 | &nbsp;&nbsp;(6.15%) 2.24%<sup>(e)</sup> 2.03%<sup>(e)</sup> | (0.68%) | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$838 |
| &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.47 | &nbsp;&nbsp;&nbsp;0.60% 1.17%<sup>(d),(e)</sup> 1.05%<sup>(d),(e),(f)</sup> | &nbsp;&nbsp;2.65%<sup>(d)</sup> | 290% | $743565 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.30 | &nbsp;&nbsp;(3.32%) 1.17%<sup>(e)</sup> 1.05%<sup>(e),(f)</sup> | &nbsp;&nbsp;1.15% | 352% | $790615 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.97 | &nbsp;&nbsp;&nbsp;6.73% 1.16%<sup>(e),(g)</sup> 1.02%<sup>(e),(g)</sup> | &nbsp;&nbsp;0.95% | 555% | $806627 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $28.07 | &nbsp;&nbsp;(6.28%) 1.17%<sup>(e),(g)</sup> 1.00%<sup>(e),(g)</sup> | &nbsp;&nbsp;1.17% | 789% | $614500 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $29.96 | (13.71%) 1.20%<sup>(e)</sup> 0.99%<sup>(e)</sup> | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;0% | $587203 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.73 | &nbsp;&nbsp;(5.35%) 1.24%<sup>(e)</sup> 1.03%<sup>(e)</sup> | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;0% | $706826 |
| &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 2 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.62 | &nbsp;&nbsp;&nbsp;0.63% 1.12%<sup>(d),(e)</sup> 1.01%<sup>(d),(e)</sup> | &nbsp;&nbsp;2.68%<sup>(d)</sup> | 290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$562 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.44 | &nbsp;&nbsp;(3.29%) 1.12%<sup>(e)</sup> 1.01%<sup>(e)</sup> | &nbsp;&nbsp;1.11% | 352% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$665 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.12 | &nbsp;&nbsp;&nbsp;6.81% 1.11%<sup>(e),(g)</sup> 0.98%<sup>(e),(g)</sup> | &nbsp;&nbsp;1.14% | 555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$876 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $28.19 | &nbsp;&nbsp;(6.25%) 1.10%<sup>(e),(g)</sup> 0.92%<sup>(e),(g)</sup> | &nbsp;&nbsp;1.28% | 789% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $30.07 | (13.66%) 1.11%<sup>(e)</sup> 0.90%<sup>(e)</sup> | &nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$667 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.84 | &nbsp;&nbsp;(5.08%) 1.11%<sup>(e)</sup> 0.90%<sup>(e)</sup> | &nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$825 |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 37

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.37) | &nbsp;&nbsp;(0.98) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $30.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(2.23) | &nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;(5.19) | &nbsp;&nbsp;(4.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.02) | &nbsp;&nbsp;(1.82) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(0.92) |
| &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $27.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(1.33) | &nbsp;&nbsp;(1.12) | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $27.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $29.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;(2.19) | &nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $34.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(5.12) | &nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $37.30 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(1.98) | &nbsp;&nbsp;(2.06) | &nbsp;&nbsp;(0.80) | &nbsp;&nbsp;(0.80) |

---

---

| | |
|:---|:---|
| **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) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
| (d) | Annualized. |
| (e) | Ratios include interest on collateral expense. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **11/30/2022** | &nbsp;&nbsp;**5/31/2022** | &nbsp;&nbsp;**5/31/2021** | &nbsp;&nbsp;**5/31/2020** | &nbsp;&nbsp;**5/31/2019** | &nbsp;&nbsp;**5/31/2018** |
| &nbsp;&nbsp;Class A | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Advisor Class | 0.04% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Class C | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Institutional Class | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Institutional 2 Class | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Institutional 3 Class | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;Class R | 0.03% | &nbsp;&nbsp;0.04% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;0.02% | &nbsp;&nbsp;0.01% |

---

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

(g) 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.

38 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Consolidated Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** | &nbsp;&nbsp;**Institutional 3 Class<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.73 | &nbsp;&nbsp;&nbsp;0.67% 1.07%<sup>(d),(e)</sup> 0.96%<sup>(d),(e)</sup> | 2.75%<sup>(d)</sup> | 290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.54 | &nbsp;&nbsp;(3.21%) 1.07%<sup>(e)</sup> 0.96%<sup>(e)</sup> | 1.32% | 352% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.22 | &nbsp;&nbsp;&nbsp;6.86% 1.03%<sup>(e),(g)</sup> 0.90%<sup>(e),(g)</sup> | 0.79% | 555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $28.27 | &nbsp;&nbsp;(6.11%) 1.05%<sup>(e),(g)</sup> 0.88%<sup>(e),(g)</sup> | 1.30% | 789% | $14960 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $30.14 | (13.65%) 1.06%<sup>(e)</sup> 0.84%<sup>(e)</sup> | 1.38% | &nbsp;&nbsp;&nbsp;0% | $17670 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.89 | &nbsp;&nbsp;(5.16%) 1.05%<sup>(e)</sup> 0.84%<sup>(e)</sup> | 0.50% | &nbsp;&nbsp;&nbsp;0% | $20459 |
| &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** | &nbsp;&nbsp;**Class R<sup>(c)</sup>** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $27.75 | &nbsp;&nbsp;&nbsp;0.36% 1.65%<sup>(d),(e)</sup> 1.55%<sup>(d),(e),(f)</sup> | 2.16%<sup>(d)</sup> | 290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $27.65 | &nbsp;&nbsp;(3.83%) 1.66%<sup>(e)</sup> 1.55%<sup>(e),(f)</sup> | 0.74% | 352% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.30 | &nbsp;&nbsp;&nbsp;6.31% 1.63%<sup>(e),(g)</sup> 1.51%<sup>(e),(g)</sup> | 0.45% | 555% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $27.57 | &nbsp;&nbsp;(6.77%) 1.63%<sup>(e),(g)</sup> 1.47%<sup>(e),(g)</sup> | 0.71% | 789% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $29.56 | (14.17%) 1.69%<sup>(e)</sup> 1.48%<sup>(e)</sup> | 0.75% | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $34.44 | &nbsp;&nbsp;(5.80%) 1.74%<sup>(e)</sup> 1.53%<sup>(e)</sup> | (0.19%) | &nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9 |

---

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 39

------

[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Notes to Consolidated Financial Statements

November 30, 2022 (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, 2022, the Subsidiary financial statement information is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **CMSAF1 Offshore Fund, Ltd.** | &nbsp;&nbsp;&nbsp;&nbsp;**CMSAF2 Offshore Fund, Ltd.** | &nbsp;&nbsp;&nbsp;&nbsp;**CMSAF3 Offshore Fund, Ltd.** |
| &nbsp;&nbsp;% of consolidated fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;Net assets | $10292 | &nbsp;&nbsp;&nbsp;&nbsp;$42393458 | &nbsp;&nbsp;&nbsp;&nbsp;$29479180 |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163472 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4779415 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2448250) |

---

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

Note 2. Summary of significant accounting policies

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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

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

Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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 amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Consolidated Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the 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 and to generate total return through long and short positions versus the U.S. dollar. These instruments may be used for other purposes in future periods.

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

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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 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 a 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.

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

#### Swap contracts
Swap contracts are negotiated in the over-the-counter market and are entered into bilaterally or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the 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, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of 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 CCP, as applicable, may not fulfill its obligation under the contract.

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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 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 and/or inflation rate swap contracts 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 obtain 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. An interest rate swap or inflation rate swap, as applicable, 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 nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest 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 interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest 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 interest rate swap is terminated.

#### 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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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, 2022:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Consolidated statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215,831\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,666,876\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419,896\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83340866 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,615,512\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Investments, at value — Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443966 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,892,308\* |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870,972\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;115466227 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Consolidated statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,185,740\* |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Upfront receipts on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794161 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,805,450\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,545,770\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88382360 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,693,441\* |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Options contracts written, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275136 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,314,355\* |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,957,937\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;125954350 |

---

\* Includes cumulative appreciation (depreciation) as reported in the tables following the Consolidated Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Consolidated Statement of Assets and Liabilities.

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 47

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658423 |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289303) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8629728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(756039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873689 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;&nbsp;17319658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17319658 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427381 | &nbsp;&nbsp;&nbsp;&nbsp;(3752064) | &nbsp;&nbsp;&nbsp;&nbsp;(467345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086543 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;17319658 | &nbsp;&nbsp;&nbsp;&nbsp;14715532 | &nbsp;&nbsp;&nbsp;&nbsp;(3752064) | &nbsp;&nbsp;&nbsp;&nbsp;(467345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31649010 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> written<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Options<br> contracts<br> purchased<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Commodity-related investment risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3615985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3615985) |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1603785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1603785) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7222737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1699315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8922052) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;(12798903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12798903) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785876 | &nbsp;&nbsp;&nbsp;&nbsp;(559424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6908977 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;(12798903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9117710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785876 | &nbsp;&nbsp;&nbsp;&nbsp;(559424) | &nbsp;&nbsp;&nbsp;&nbsp;(1341587) | &nbsp;&nbsp;&nbsp;&nbsp;(20031748) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | &nbsp;&nbsp;&nbsp;&nbsp;814125943 |
| &nbsp;&nbsp;Futures contracts — short | 1045176996 |
| &nbsp;&nbsp;Credit default swap contracts — buy protection | &nbsp;&nbsp;&nbsp;&nbsp;25425000 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;24950000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average<br> value ($)\*** |
| &nbsp;&nbsp;Options contracts — purchased | 4127504 |
| &nbsp;&nbsp;Options contracts — written | &nbsp;&nbsp;&nbsp;(389568) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;66730257 | &nbsp;&nbsp;&nbsp;&nbsp;(65181310) |
| &nbsp;&nbsp;Interest rate swap contracts | &nbsp;&nbsp;12163864 | &nbsp;&nbsp;&nbsp;&nbsp;(13926315) |
| &nbsp;&nbsp;Total return swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1366709) |

---

\* Based on the ending quarterly outstanding amounts for the six months ended November 30, 2022.

48 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

#### 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. 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. 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.

For financial reporting and tax purposes, the Fund treats "to be announced" mortgage dollar rolls as two separate transactions, one involving the purchase of a security and a separate transaction involving a sale. These transactions may increase the Fund's portfolio turnover rate. The Fund does not currently enter into mortgage dollar rolls that are accounted for as financing transactions.

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.

#### 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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 49

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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.

50 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of November 30, 2022:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Barclays<br> ($)** | &nbsp;&nbsp;**Citi<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Citi<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**JPMorgan<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**JPMorgan<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**Morgan<br> Stanley<br> ($)<sup>(a)</sup>** | &nbsp;&nbsp;**UBS<br> ($)** | &nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared interest rate swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;944752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;22460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967212 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | 15536770 | &nbsp;&nbsp;44185129 | &nbsp;&nbsp;3200172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;11874338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;7911187 | &nbsp;&nbsp;&nbsp;&nbsp;83340866 |
| &nbsp;&nbsp;Options purchased calls | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;3521984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1921982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;5443966 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215831 |
| &nbsp;&nbsp;OTC total return swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;76062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76062 |
| &nbsp;&nbsp;OTC total return swap contracts on futures <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;42287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343834 |
| &nbsp;&nbsp;Total assets | 15536770 | &nbsp;&nbsp;44185129 | &nbsp;&nbsp;6722156 | &nbsp;&nbsp;&nbsp;&nbsp;42287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633270 | &nbsp;&nbsp;76062 | &nbsp;&nbsp;&nbsp;&nbsp;944752 | &nbsp;&nbsp;2343 | &nbsp;&nbsp;12173542 | &nbsp;&nbsp;&nbsp;&nbsp;2137813 | &nbsp;&nbsp;&nbsp;&nbsp;22460 | &nbsp;&nbsp;7911187 | &nbsp;&nbsp;&nbsp;&nbsp;90387771 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102929 |
| &nbsp;&nbsp;Centrally cleared interest rate swap contracts <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;1461515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;146234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1607749 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | 12270622 | &nbsp;&nbsp;49141532 | &nbsp;&nbsp;4973625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4622172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;14717768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;2656641 | &nbsp;&nbsp;&nbsp;&nbsp;88382360 |
| &nbsp;&nbsp;Options contracts written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;178604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275136 |
| &nbsp;&nbsp;OTC credit default swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4258647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;4258647 |
| &nbsp;&nbsp;OTC total return swap contracts <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;78179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78179 |
| &nbsp;&nbsp;OTC total return swap contracts on futures <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;73947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1393644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;1467591 |
| &nbsp;&nbsp;Total liabilities | 12270622 | &nbsp;&nbsp;49141532 | &nbsp;&nbsp;5152229 | &nbsp;&nbsp;&nbsp;&nbsp;73947 | &nbsp;&nbsp;&nbsp;&nbsp;4622172 | &nbsp;&nbsp;78179 | &nbsp;&nbsp;1461515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;16111412 | &nbsp;&nbsp;&nbsp;&nbsp;4458108 | &nbsp;&nbsp;&nbsp;&nbsp;146234 | &nbsp;&nbsp;2656641 | &nbsp;&nbsp;&nbsp;&nbsp;96172591 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | &nbsp;&nbsp;&nbsp;**3266148** | &nbsp;&nbsp;&nbsp;**(4956403)** | &nbsp;&nbsp;**1569927** | &nbsp;&nbsp;**(31660)** | &nbsp;&nbsp;**(3988902)** | &nbsp;&nbsp;&nbsp;**(2117)** | &nbsp;&nbsp;&nbsp;&nbsp;**(516763)** | &nbsp;&nbsp;**2343** | &nbsp;&nbsp;&nbsp;**(3937870)** | &nbsp;&nbsp;**(2320295)** | &nbsp;&nbsp;**(123774)** | &nbsp;&nbsp;**5254546** | &nbsp;&nbsp;&nbsp;&nbsp;**(5784820)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(4956403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(31660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(2117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;(3937870) | &nbsp;&nbsp;&nbsp;(2241000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;(11169050) |
| &nbsp;&nbsp;**Net amount <sup>(e)</sup>** | &nbsp;&nbsp;&nbsp;**3266148** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**1569927** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;**(3988902)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;**(516763)** | &nbsp;&nbsp;**2343** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(79295)** | &nbsp;&nbsp;**(123774)** | &nbsp;&nbsp;**5254546** | &nbsp;&nbsp;&nbsp;&nbsp;**5384230** |

---

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

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

(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.

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

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

Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 51

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (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 pronouncement
*Tailored Shareholder Reports*

52 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_66900_38fd6c7c-8d0c-49ad-af7a-5e9f32df6bf5_TOC)

Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The 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, 2022 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.

In addition, the Fund's Board of Trustees has approved a Subadvisory Agreement between the Investment Manager and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager and an indirect wholly-owned subsidiary of Ameriprise Financial. As of November 30, 2022, Threadneedle is not providing services to the Fund pursuant to the Subadvisory Agreement.

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

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

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 53

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (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. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

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

For the six months ended November 30, 2022, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.12 |
| &nbsp;&nbsp;Advisor Class | 0.13 |
| &nbsp;&nbsp;Class C | 0.12 |
| &nbsp;&nbsp;Institutional Class | 0.12 |
| &nbsp;&nbsp;Institutional 2 Class | 0.07 |
| &nbsp;&nbsp;Institutional 3 Class | 0.02 |
| &nbsp;&nbsp;Class R | 0.11 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Consolidated Statement of Operations. For the six months ended November 30, 2022, these minimum account balance fees reduced total expenses of the Fund by $20.

#### Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. 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 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.

54 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (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, 2022, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2400 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5527 |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **October 1, 2022<br> through<br> September 30, 2023** | **Prior to<br> October 1, 2022** |
| &nbsp;&nbsp;Class A | 1.27% | 1.27% |
| &nbsp;&nbsp;Advisor Class | 1.02 | 1.02 |
| &nbsp;&nbsp;Class C | 2.02 | 2.02 |
| &nbsp;&nbsp;Institutional Class | 1.02 | 1.02 |
| &nbsp;&nbsp;Institutional 2 Class | 0.97 | 0.98 |
| &nbsp;&nbsp;Institutional 3 Class | 0.92 | 0.93 |
| &nbsp;&nbsp;Class R | 1.52 | 1.52 |

---

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, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;884577000 | 122871000 | (157035000) | (34164000) |

---

Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022 55

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(39650304) | (14656761) | (54307065) |

---

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 $1,100,078,646 and $970,294,260, respectively, for the six months ended November 30, 2022, of which $1,092,047,760 and $921,393,968, 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. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

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

The Fund's activity in the Interfund Program during the six months ended November 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 7450000 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

Interest income earned by the Fund is recorded as Interfund lending in the Consolidated Statement of Operations. The Fund had an outstanding interfund loan balance at November 30, 2022 as shown in the Consolidated Statement of Assets and Liabilities. The loans are unsecured.

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Consolidated Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended November 30, 2022.

Note 9. Significant risks

#### Alternative strategies investment risk
An investment in alternative investment strategies (Alternative Strategies) involves risks, which may be significant. Alternative Strategies may include strategies, instruments or other assets, such as derivatives, that seek investment returns uncorrelated with the broad equity and fixed income/debt markets, as well as those providing exposure to other markets (such as commodity markets), including but not limited to absolute (positive) return strategies. Alternative Strategies may fail to achieve their desired performance, market or other exposure, or their returns (or lack thereof) may be more correlated with the broad equity and/or fixed income/debt markets than was anticipated, and the Fund may lose money.

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

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

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

November 30, 2022 (Unaudited)

#### Mortgage- and other asset-backed securities risk
The value of any mortgage-backed and other asset-backed securities including collateralized debt obligations, if any, held by the Fund may be affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may cause delinquencies in mortgages (especially sub-prime or non-prime mortgages) underlying mortgage-backed securities and thereby adversely affect the ability of the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed securities, making their prices more volatile and more sensitive to changes in interest rates.

#### Shareholder concentration risk
At November 30, 2022, affiliated shareholders of record owned 93.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

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## Approval of Management and SubadvisoryAgreements
(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), PGIM Quantitative Solutions LLC (PGIM) and Threadneedle International Limited (Threadneedle), an affiliate of the Investment Manager, (collectively, the Subadvisers), the Subadvisers have been retained to perform portfolio management and related services for the Fund. Although Threadneedle is not currently providing such services, the Investment Manager may in the future reallocate Fund assets to be managed by Threadneedle.

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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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 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;

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## Approval of Management and Subadvisory

## Agreements (continued)
(Unaudited)

• 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 and Subadvisers, including information regarding senior management, portfolio managers and other personnel;

• Information regarding the capabilities of the Investment Manager and the Subadvisers 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, as well as planned 2022 initiatives in this regard. 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. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

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 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. 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

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## Approval of Management and Subadvisory

## Agreements (continued)
(Unaudited)

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 and their significant resources added in recent years.

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 the Subadvisory Agreements.

Investment performance

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed the Fund's underperformance for certain periods, noting that the Fund had improved performance over the one-year period ended March 31, 2022.

Additionally, the Board reviewed the performance of each of AQR and PGIM 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 AQR or PGIM.

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 each Subadviser's contribution to the Fund's broader investment mandate and the Investment Manager's willingness to take steps intended to improve performance. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund, the Investment Manager and the Subadvisers, in light of other considerations, supported the continuation of the Management Agreement and 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.

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## Approval of Management and Subadvisory

## Agreements (continued)
(Unaudited)

Additionally, the Board reviewed the level of subadvisory fees paid under each Subadvisory Agreement, noting that the fees are paid by the Investment Manager and do not impact the fees paid by the Fund. The Board also reviewed advisory fee rates charged by other comparable mutual funds employing each Subadviser to provide comparable subadvisory services. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees, subadvisory fees and expenses of the Fund, in light of other considerations, supported the continuation of each of the Management Agreement and 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 with each of AQR and PGIM were negotiated at arms-length by the Investment Manager, which is responsible for payments to the Subadvisers thereunder, the Board did not consider the profitability to each of AQR and PGIM 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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 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 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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 the Subadvisory Agreements. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, 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.

64 Columbia Multi Strategy Alternatives Fund \| Semiannual Report 2022

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#### Columbia Multi Strategy Alternatives Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imga47fc2672.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

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

columbiathreadneedleus.com/investor/

SAR259_05_N01_(01/23)

------

![](img8eb13c351.jpg)

Semiannual Report

November 30, 2022 (Unaudited)

![](imge3f083d32.jpg)

Columbia Dividend Income Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_4e18d576-a9e6-44b1-b00d-5c18dbeeae9f_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_a0250f10-0640-4db6-9ba1-cfa1dfc3260a_1)<br>| 5 |
| [Portfolio of Investments](#xx_5d7f0aff-eefc-461b-8676-c3685598f28a_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_4eca83dd-1743-4035-bd42-22b659f44351_1)<br>| 10 |
| [Statement of Operations](#xx_4eca83dd-1743-4035-bd42-22b659f44351_3)<br>| 12 |
| [Statement of Changes in Net Assets](#xx_4eca83dd-1743-4035-bd42-22b659f44351_4)<br>| 13 |
| [Financial Highlights](#xx_730d066a-266e-4e4c-8e79-cdc87cbeaf3e_2)<br>| 16 |
| [Notes to Financial Statements](#xx_7bb708e5-5c74-4f7c-89b2-1313d9fad339_1)<br>| 20 |
| [Approval of Management Agreement](#xx_0ad8e662-5c14-47b0-bcba-c9b0ad85bb05_1)<br>| 29 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation.

Portfolio management

#### Scott Davis\*
Co-Lead Portfolio Manager

Managed Fund since 2001

#### Michael Barclay, CFA
Co-Lead Portfolio Manager

Managed Fund since 2011

#### Tara Gately, CFA
Portfolio Manager

Managed Fund since 2021

*\* Mr. Davis has announced that he plans to retire from the Investment Manager, effective June 30, 2023.*

Morningstar style box<sup>TM</sup>

![](imge7e3adb63.jpg)

The Morningstar Style Box is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.© 2023 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/25/02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.33 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.62 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/25/02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;11.49 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;03/04/98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.77 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.78 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;03/28/08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.05 |
| &nbsp;&nbsp;Class V | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;03/04/98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;&nbsp;12.32 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | &nbsp;&nbsp;&nbsp;&nbsp;11.66 |
| &nbsp;&nbsp;Russell 1000 Index | &nbsp;&nbsp;Russell 1000 Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.48 | &nbsp;&nbsp;&nbsp;&nbsp;-10.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;13.17 |

---

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

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

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 92% of the U.S. market.

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

Columbia Dividend Income Fund \| Semiannual Report 2022 3

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.5 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at November 30, 2022)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at November 30, 2022)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;16.1 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;17.1 |
| &nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

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

4 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1036.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1033.20 | &nbsp;&nbsp;&nbsp;&nbsp;1016.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.20 | &nbsp;&nbsp;&nbsp;&nbsp;1022.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1038.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1035.50 | &nbsp;&nbsp;&nbsp;&nbsp;1019.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1036.90 | &nbsp;&nbsp;&nbsp;&nbsp;1020.56 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |

---

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

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

Columbia Dividend Income Fund \| Semiannual Report 2022 5

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

## Portfolio of Investments November 30, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 97.4%** | &nbsp;&nbsp;**Common Stocks 97.4%** | &nbsp;&nbsp;**Common Stocks 97.4%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 3.2%** | &nbsp;&nbsp;**Communication Services 3.2%** | &nbsp;&nbsp;**Communication Services 3.2%** |
| &nbsp;&nbsp;**Diversified Telecommunication Services 0.8%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.8%** | &nbsp;&nbsp;**Diversified Telecommunication Services 0.8%** |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7774725 | &nbsp;&nbsp;&nbsp;&nbsp;303058781 |
| &nbsp;&nbsp;**Entertainment 0.5%** | &nbsp;&nbsp;**Entertainment 0.5%** | &nbsp;&nbsp;**Entertainment 0.5%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1424567 | &nbsp;&nbsp;&nbsp;&nbsp;186304872 |
| &nbsp;&nbsp;**Media 1.9%** | &nbsp;&nbsp;**Media 1.9%** | &nbsp;&nbsp;**Media 1.9%** |
| &nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;20504300 | &nbsp;&nbsp;&nbsp;&nbsp;751277552 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**1240641205** |
| &nbsp;&nbsp;**Consumer Discretionary 5.1%** | &nbsp;&nbsp;**Consumer Discretionary 5.1%** | &nbsp;&nbsp;**Consumer Discretionary 5.1%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 1.5%** |
| &nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2116084 | &nbsp;&nbsp;&nbsp;&nbsp;577246554 |
| &nbsp;&nbsp;**Multiline Retail 1.0%** | &nbsp;&nbsp;**Multiline Retail 1.0%** | &nbsp;&nbsp;**Multiline Retail 1.0%** |
| &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2324363 | &nbsp;&nbsp;&nbsp;&nbsp;388331327 |
| &nbsp;&nbsp;**Specialty Retail 2.2%** | &nbsp;&nbsp;**Specialty Retail 2.2%** | &nbsp;&nbsp;**Specialty Retail 2.2%** |
| &nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;2704682 | &nbsp;&nbsp;&nbsp;&nbsp;876289921 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.4%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.4%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 0.4%** |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1337419 | &nbsp;&nbsp;&nbsp;&nbsp;146701490 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**1988569292** |
| &nbsp;&nbsp;**Consumer Staples 8.1%** | &nbsp;&nbsp;**Consumer Staples 8.1%** | &nbsp;&nbsp;**Consumer Staples 8.1%** |
| &nbsp;&nbsp;**Beverages 2.9%** | &nbsp;&nbsp;**Beverages 2.9%** | &nbsp;&nbsp;**Beverages 2.9%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;8672703 | &nbsp;&nbsp;&nbsp;&nbsp;551670638 |
| &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2927693 | &nbsp;&nbsp;&nbsp;&nbsp;543116328 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1094786966 |
| &nbsp;&nbsp;**Food & Staples Retailing 0.7%** | &nbsp;&nbsp;**Food & Staples Retailing 0.7%** | &nbsp;&nbsp;**Food & Staples Retailing 0.7%** |
| &nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1817642 | &nbsp;&nbsp;&nbsp;&nbsp;277044994 |
| &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** | &nbsp;&nbsp;**Food Products 1.1%** |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6351240 | &nbsp;&nbsp;&nbsp;&nbsp;429407336 |
| &nbsp;&nbsp;**Household Products 2.2%** | &nbsp;&nbsp;**Household Products 2.2%** | &nbsp;&nbsp;**Household Products 2.2%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;5702805 | &nbsp;&nbsp;&nbsp;&nbsp;850630394 |
| &nbsp;&nbsp;**Tobacco 1.2%** | &nbsp;&nbsp;**Tobacco 1.2%** | &nbsp;&nbsp;**Tobacco 1.2%** |
| &nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4715986 | &nbsp;&nbsp;&nbsp;&nbsp;470042325 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**3121912015** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Energy 8.5%** | &nbsp;&nbsp;**Energy 8.5%** | &nbsp;&nbsp;**Energy 8.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 8.5%** |
| &nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5479647 | &nbsp;&nbsp;1004474092 |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;2906095 | &nbsp;&nbsp;&nbsp;&nbsp;358931793 |
| &nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4363744 | &nbsp;&nbsp;&nbsp;&nbsp;619346186 |
| &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7990887 | &nbsp;&nbsp;&nbsp;&nbsp;889705359 |
| &nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3062350 | &nbsp;&nbsp;&nbsp;&nbsp;409191207 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;3281648637 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**3281648637** |
| &nbsp;&nbsp;**Financials 15.7%** | &nbsp;&nbsp;**Financials 15.7%** | &nbsp;&nbsp;**Financials 15.7%** |
| &nbsp;&nbsp;**Banks 8.7%** | &nbsp;&nbsp;**Banks 8.7%** | &nbsp;&nbsp;**Banks 8.7%** |
| &nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;23244860 | &nbsp;&nbsp;&nbsp;&nbsp;879817951 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7978735 | &nbsp;&nbsp;1102501602 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;3018843 | &nbsp;&nbsp;&nbsp;&nbsp;507950523 |
| &nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;10507501 | &nbsp;&nbsp;&nbsp;&nbsp;476935471 |
| &nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;8236056 | &nbsp;&nbsp;&nbsp;&nbsp;394918885 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;3362124432 |
| &nbsp;&nbsp;**Capital Markets 3.7%** | &nbsp;&nbsp;**Capital Markets 3.7%** | &nbsp;&nbsp;**Capital Markets 3.7%** |
| &nbsp;&nbsp;BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576265 | &nbsp;&nbsp;&nbsp;&nbsp;412605740 |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2285297 | &nbsp;&nbsp;&nbsp;&nbsp;403354920 |
| &nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;3137288 | &nbsp;&nbsp;&nbsp;&nbsp;291987394 |
| &nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3561896 | &nbsp;&nbsp;&nbsp;&nbsp;331648137 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1439596191 |
| &nbsp;&nbsp;**Insurance 3.3%** | &nbsp;&nbsp;**Insurance 3.3%** | &nbsp;&nbsp;**Insurance 3.3%** |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2622054 | &nbsp;&nbsp;&nbsp;&nbsp;575776838 |
| &nbsp;&nbsp;Marsh & McLennan Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3897962 | &nbsp;&nbsp;&nbsp;&nbsp;675049059 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1250825897 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**6052546520** |
| &nbsp;&nbsp;**Health Care 16.7%** | &nbsp;&nbsp;**Health Care 16.7%** | &nbsp;&nbsp;**Health Care 16.7%** |
| &nbsp;&nbsp;**Biotechnology 2.3%** | &nbsp;&nbsp;**Biotechnology 2.3%** | &nbsp;&nbsp;**Biotechnology 2.3%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5404287 | &nbsp;&nbsp;&nbsp;&nbsp;871062979 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 3.1%** |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;3438743 | &nbsp;&nbsp;&nbsp;&nbsp;369939972 |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;1885617 | &nbsp;&nbsp;&nbsp;&nbsp;470159742 |
| &nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;4617170 | &nbsp;&nbsp;&nbsp;&nbsp;364941117 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1205040831 |

---

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

6 Columbia Dividend Income Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Health Care Providers & Services 4.0%** | &nbsp;&nbsp;**Health Care Providers & Services 4.0%** | &nbsp;&nbsp;**Health Care Providers & Services 4.0%** |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;956662 | &nbsp;&nbsp;&nbsp;&nbsp;314636565 |
| &nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;851870 | &nbsp;&nbsp;&nbsp;&nbsp;453978561 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;1445346 | &nbsp;&nbsp;&nbsp;&nbsp;791702725 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1560317851 |
| &nbsp;&nbsp;**Pharmaceuticals 7.3%** | &nbsp;&nbsp;**Pharmaceuticals 7.3%** | &nbsp;&nbsp;**Pharmaceuticals 7.3%** |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;4045369 | &nbsp;&nbsp;&nbsp;&nbsp;324762223 |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;944631 | &nbsp;&nbsp;&nbsp;&nbsp;350533671 |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;6940079 | &nbsp;&nbsp;1235334062 |
| &nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;8450721 | &nbsp;&nbsp;&nbsp;&nbsp;930593397 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;2841223353 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**6477645014** |
| &nbsp;&nbsp;**Industrials 14.4%** | &nbsp;&nbsp;**Industrials 14.4%** | &nbsp;&nbsp;**Industrials 14.4%** |
| &nbsp;&nbsp;**Aerospace & Defense 3.0%** | &nbsp;&nbsp;**Aerospace & Defense 3.0%** | &nbsp;&nbsp;**Aerospace & Defense 3.0%** |
| &nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;922645 | &nbsp;&nbsp;&nbsp;&nbsp;447658127 |
| &nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;1376096 | &nbsp;&nbsp;&nbsp;&nbsp;733858236 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1181516363 |
| &nbsp;&nbsp;**Air Freight & Logistics 1.8%** | &nbsp;&nbsp;**Air Freight & Logistics 1.8%** | &nbsp;&nbsp;**Air Freight & Logistics 1.8%** |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;3682134 | &nbsp;&nbsp;&nbsp;&nbsp;698611284 |
| &nbsp;&nbsp;**Building Products 1.0%** | &nbsp;&nbsp;**Building Products 1.0%** | &nbsp;&nbsp;**Building Products 1.0%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;2112337 | &nbsp;&nbsp;&nbsp;&nbsp;376883168 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.2%** |
| &nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;2707545 | &nbsp;&nbsp;&nbsp;&nbsp;454109447 |
| &nbsp;&nbsp;**Electrical Equipment 0.9%** | &nbsp;&nbsp;**Electrical Equipment 0.9%** | &nbsp;&nbsp;**Electrical Equipment 0.9%** |
| &nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;2162433 | &nbsp;&nbsp;&nbsp;&nbsp;353449674 |
| &nbsp;&nbsp;**Industrial Conglomerates 1.8%** | &nbsp;&nbsp;**Industrial Conglomerates 1.8%** | &nbsp;&nbsp;**Industrial Conglomerates 1.8%** |
| &nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;3166815 | &nbsp;&nbsp;&nbsp;&nbsp;695274233 |
| &nbsp;&nbsp;**Machinery 2.6%** | &nbsp;&nbsp;**Machinery 2.6%** | &nbsp;&nbsp;**Machinery 2.6%** |
| &nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;1201809 | &nbsp;&nbsp;&nbsp;&nbsp;301846348 |
| &nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;788567 | &nbsp;&nbsp;&nbsp;&nbsp;347758047 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;1203926 | &nbsp;&nbsp;&nbsp;&nbsp;359901639 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1009506034 |
| &nbsp;&nbsp;**Professional Services 0.4%** | &nbsp;&nbsp;**Professional Services 0.4%** | &nbsp;&nbsp;**Professional Services 0.4%** |
| &nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;1468995 | &nbsp;&nbsp;&nbsp;&nbsp;156301068 |
| &nbsp;&nbsp;**Road & Rail 1.7%** | &nbsp;&nbsp;**Road & Rail 1.7%** | &nbsp;&nbsp;**Road & Rail 1.7%** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;3033254 | &nbsp;&nbsp;&nbsp;&nbsp;659520417 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**5585171688** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Information Technology 16.7%** | &nbsp;&nbsp;**Information Technology 16.7%** | &nbsp;&nbsp;**Information Technology 16.7%** |
| &nbsp;&nbsp;**Communications Equipment 2.1%** | &nbsp;&nbsp;**Communications Equipment 2.1%** | &nbsp;&nbsp;**Communications Equipment 2.1%** |
| &nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;15974590 | &nbsp;&nbsp;&nbsp;&nbsp;794256615 |
| &nbsp;&nbsp;**IT Services 3.6%** | &nbsp;&nbsp;**IT Services 3.6%** | &nbsp;&nbsp;**IT Services 3.6%** |
| &nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1553779 | &nbsp;&nbsp;&nbsp;&nbsp;467578714 |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1648121 | &nbsp;&nbsp;&nbsp;&nbsp;435334681 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3420402 | &nbsp;&nbsp;&nbsp;&nbsp;509297858 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;1412211253 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.6%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 8.6%** |
| &nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3008512 | &nbsp;&nbsp;&nbsp;&nbsp;517193298 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1353083 | &nbsp;&nbsp;&nbsp;&nbsp;745589326 |
| &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1473128 | &nbsp;&nbsp;&nbsp;&nbsp;579160273 |
| &nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950995 | &nbsp;&nbsp;&nbsp;&nbsp;449231018 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5696802 | &nbsp;&nbsp;&nbsp;&nbsp;451129750 |
| &nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3253605 | &nbsp;&nbsp;&nbsp;&nbsp;587145558 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;3329449223 |
| &nbsp;&nbsp;**Software 2.4%** | &nbsp;&nbsp;**Software 2.4%** | &nbsp;&nbsp;**Software 2.4%** |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3585714 | &nbsp;&nbsp;&nbsp;&nbsp;914859070 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**6450776161** |
| &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** | &nbsp;&nbsp;**Materials 2.7%** |
| &nbsp;&nbsp;**Chemicals 1.8%** | &nbsp;&nbsp;**Chemicals 1.8%** | &nbsp;&nbsp;**Chemicals 1.8%** |
| &nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;1213333 | &nbsp;&nbsp;&nbsp;&nbsp;408262288 |
| &nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2079701 | &nbsp;&nbsp;&nbsp;&nbsp;281217169 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;689479457 |
| &nbsp;&nbsp;**Containers & Packaging 0.9%** | &nbsp;&nbsp;**Containers & Packaging 0.9%** | &nbsp;&nbsp;**Containers & Packaging 0.9%** |
| &nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1231555 | &nbsp;&nbsp;&nbsp;&nbsp;238096528 |
| &nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873324 | &nbsp;&nbsp;&nbsp;&nbsp;118675999 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;356772527 |
| &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**Total Materials** | &nbsp;&nbsp;**1046251984** |
| &nbsp;&nbsp;**Real Estate 1.0%** | &nbsp;&nbsp;**Real Estate 1.0%** | &nbsp;&nbsp;**Real Estate 1.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.0%** |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1053729 | &nbsp;&nbsp;&nbsp;&nbsp;184297202 |
| &nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1418730 | &nbsp;&nbsp;&nbsp;&nbsp;200650984 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;384948186 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;**384948186** |

---

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

Columbia Dividend Income Fund \| Semiannual Report 2022 7

------

[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Utilities 5.3%** | &nbsp;&nbsp;**Utilities 5.3%** | &nbsp;&nbsp;**Utilities 5.3%** |
| &nbsp;&nbsp;**Electric Utilities 3.2%** | &nbsp;&nbsp;**Electric Utilities 3.2%** | &nbsp;&nbsp;**Electric Utilities 3.2%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;2589439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250657695 |
| &nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;1901671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221107287 |
| &nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;2236194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185291035 |
| &nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;4337772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367409289 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;3316674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232896848 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;1257362154 |
| &nbsp;&nbsp;**Multi-Utilities 2.1%** | &nbsp;&nbsp;**Multi-Utilities 2.1%** | &nbsp;&nbsp;**Multi-Utilities 2.1%** |
| &nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;2528804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225872773 |
| &nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;2778646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169691911 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;1226812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142322460 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;2594725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257241037 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795128181 |
| &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;**Total Utilities** | &nbsp;&nbsp;&nbsp;&nbsp;**2052490335** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $24,703,463,566) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $24,703,463,566) | &nbsp;&nbsp;**37682601037** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.5%** | &nbsp;&nbsp;**Money Market Funds 2.5%** | &nbsp;&nbsp;**Money Market Funds 2.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989%<sup>(a),(b)</sup> | &nbsp;&nbsp;958797740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958414221 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $958,706,388) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $958,706,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**958414221** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $25,662,169,954)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $25,662,169,954)** | &nbsp;&nbsp;**38641015258** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43491766** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**38684507024** |

---

#### Notes to Portfolio of Investments
(a) The rate shown is the seven-day current annualized yield at November 30, 2022.

(b) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a
company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2022 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% |
|  | 862509688 | &nbsp;&nbsp;1129159756 | &nbsp;&nbsp;(1033255390) | &nbsp;&nbsp;167 | &nbsp;&nbsp;958414221 | &nbsp;&nbsp;(826) | &nbsp;&nbsp;11111233 | &nbsp;&nbsp;958797740 |

---

#### 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).

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

8 Columbia Dividend Income Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

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

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

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

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

#### The following table is a summary of the inputs used to value the Fund's investments at November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;1240641205 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240641205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;1988569292 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988569292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;3121912015 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121912015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;3281648637 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281648637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;6052546520 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6052546520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;6477645014 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477645014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;5585171688 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585171688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;6450776161 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450776161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;1046251984 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046251984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;384948186 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384948186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;2052490335 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052490335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 37682601037 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37682601037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;958414221 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958414221 |
| &nbsp;&nbsp;Total Investments in Securities | 38641015258 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;38641015258 |

---

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 \| Semiannual Report 2022 9

------

[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $24,703,463,566) | $37682601037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $958,706,388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958414221 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25435791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88510693 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271676 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731404 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152793 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;38756117615 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19577594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46974794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315987 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731404 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71610591 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$38684507024** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;24655724984 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;14028782040 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$38684507024** |

---

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

10 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Statement of Assets and Liabilities (continued)

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$4436503134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144933545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.48 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$3454663558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110663219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.22 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$1370706634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46387283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29.55 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $18197100825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593742955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.65 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$3097888179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99340461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.18 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$7813374516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250133473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.24 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$224799297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7339464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.63 |
| &nbsp;&nbsp;**Class V** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89470881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class V shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.50 |

---

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

Columbia Dividend Income Fund \| Semiannual Report 2022 11

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Statement of Operations

Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$479635337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11111233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12236 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;490758806 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95107537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235003 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;125156750 |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1860) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;125154890 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;365603916 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;558907606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;558906780 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;460872987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;460873154 |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;1019779934 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$1385383850** |

---

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

12 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$365603916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$604521277 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558906780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452076428 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460873154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405905851 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;1385383850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462503556 |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33836450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124980544) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29328299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101221238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5587645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29165217) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157822763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540399033) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26849170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99465229) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70787654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231722717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1458287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6024068) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2666349) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326359564) | &nbsp;&nbsp;&nbsp;&nbsp;(1135644395) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124564507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311117128 |
| &nbsp;&nbsp;Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934459779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637976289 |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;37750047245 | &nbsp;&nbsp;&nbsp;&nbsp;35112070956 |
| &nbsp;&nbsp;**Net assets at end of period** | **$38684507024** | &nbsp;&nbsp;**$37750047245** |

---

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

Columbia Dividend Income Fund \| Semiannual Report 2022 13

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;11363203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321649100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29845816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900339496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1046469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28622354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105441363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (15031027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422453599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29779035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899331555) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(2621355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72182145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106449304 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;12124294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352168762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38790900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192233253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1045500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29144828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100532706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (12490238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361460584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36553500) | &nbsp;&nbsp;&nbsp;&nbsp;(1127088618) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19853006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165677341 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;3015112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82874188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265699953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25139789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(3794953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103395719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8146924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237516776) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(598162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15717393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53322966 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;60397713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710175318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152870803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612757750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;5069230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138751443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15623440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472403308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (65735626) | &nbsp;&nbsp;&nbsp;&nbsp;(1860043984) | &nbsp;&nbsp;&nbsp;&nbsp;(128602883) | &nbsp;&nbsp;&nbsp;&nbsp;(3888570214) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(268683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11117223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39891360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196590844 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;13694131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393560322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28189723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863966863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26317038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97637694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (13308645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380114859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36383818) | &nbsp;&nbsp;&nbsp;&nbsp;(1124641415) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1330736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39762501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5016110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163036858) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;22765507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655450310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72446071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228533037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1702306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47470819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152421625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (26800820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(774417113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46594347) | &nbsp;&nbsp;&nbsp;&nbsp;(1434309179) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(2333007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71495984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30802199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946645483 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10892644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48845688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(785122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22301410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1499767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45215627) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(349628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9953309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642095 |
| &nbsp;&nbsp;Class V |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(154152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4424340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7003542) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(128315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3713960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4174047) |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;**(4288858)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(124564507)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**76723378** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2311117128** |

---

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

14 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

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Columbia Dividend Income Fund \| Semiannual Report 2022 15

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $29.77 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.50 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.13 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;7.37 | &nbsp;&nbsp;7.75 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.45 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.63 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.45) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.46 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.36 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.06 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.93) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.54 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;7.51 | &nbsp;&nbsp;7.96 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.84 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $22.00 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.80 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;2.20 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $28.73 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.49 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.63) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $21.38 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;7.32 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $20.73 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.49) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $20.95 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.28) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $19.84 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $29.81 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.53 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.93) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.15 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;7.38 | &nbsp;&nbsp;7.82 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.48 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.72) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.66 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.48 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;1.77 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(1.00) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.33 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.03 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.95) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.52 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;7.51 | &nbsp;&nbsp;7.97 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.83 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.74) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.99 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.52) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.78 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(1.02) |

---

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

16 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.61 | &nbsp;&nbsp;3.69% | 0.90%<sup>(c)</sup> | 0.90%<sup>(c),(d)</sup> | 1.83%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$4436503 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.77 | &nbsp;&nbsp;3.80% | 0.90% | 0.90%<sup>(d)</sup> | 1.38% | 16% | &nbsp;&nbsp;$4392792 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.50 | 35.42% | 0.92% | 0.92%<sup>(d)</sup> | 1.49% | 11% | &nbsp;&nbsp;$4247346 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.13 | &nbsp;&nbsp;6.26% | 0.94% | 0.94%<sup>(d)</sup> | 1.80% | 14% | &nbsp;&nbsp;$2689884 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.45 | &nbsp;&nbsp;6.10% | 0.96% | 0.96%<sup>(d)</sup> | 1.77% | 13% | &nbsp;&nbsp;$2094539 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $21.63 | 10.35% | 0.97% | 0.97%<sup>(d)</sup> | 1.66% | 15% | &nbsp;&nbsp;$1834772 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $31.22 | &nbsp;&nbsp;3.82% | 0.65%<sup>(c)</sup> | 0.65%<sup>(c),(d)</sup> | 2.08%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$3454664 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.36 | &nbsp;&nbsp;4.08% | 0.65% | 0.65%<sup>(d)</sup> | 1.63% | 16% | &nbsp;&nbsp;$3338904 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.06 | 35.76% | 0.67% | 0.67%<sup>(d)</sup> | 1.74% | 11% | &nbsp;&nbsp;$3140636 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.54 | &nbsp;&nbsp;6.53% | 0.69% | 0.69%<sup>(d)</sup> | 2.07% | 14% | &nbsp;&nbsp;$1640078 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.84 | &nbsp;&nbsp;6.35% | 0.71% | 0.71%<sup>(d)</sup> | 2.04% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$815017 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $22.00 | 10.60% | 0.72% | 0.72%<sup>(d)</sup> | 1.93% | 15% | &nbsp;&nbsp;&nbsp;&nbsp;$564834 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $29.55 | &nbsp;&nbsp;3.32% | 1.65%<sup>(c)</sup> | 1.65%<sup>(c),(d)</sup> | 1.08%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$1370707 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $28.73 | &nbsp;&nbsp;3.01% | 1.65% | 1.65%<sup>(d)</sup> | 0.63% | 16% | &nbsp;&nbsp;$1350125 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $28.49 | 34.43% | 1.67% | 1.67%<sup>(d)</sup> | 0.75% | 11% | &nbsp;&nbsp;$1286989 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.38 | &nbsp;&nbsp;5.44% | 1.69% | 1.69%<sup>(d)</sup> | 1.05% | 14% | &nbsp;&nbsp;$1037413 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $20.73 | &nbsp;&nbsp;5.29% | 1.71% | 1.71%<sup>(d)</sup> | 1.02% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$856621 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.95 | &nbsp;&nbsp;9.53% | 1.72% | 1.72%<sup>(d)</sup> | 0.91% | 15% | &nbsp;&nbsp;&nbsp;&nbsp;$809269 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.65 | &nbsp;&nbsp;3.82% | 0.65%<sup>(c)</sup> | 0.65%<sup>(c),(d)</sup> | 2.08%<sup>(c)</sup> | &nbsp;&nbsp;9% | $18197101 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.81 | &nbsp;&nbsp;4.09% | 0.65% | 0.65%<sup>(d)</sup> | 1.63% | 16% | $17707133 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.53 | 35.76% | 0.67% | 0.67%<sup>(d)</sup> | 1.74% | 11% | $16364361 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.15 | &nbsp;&nbsp;6.50% | 0.69% | 0.69%<sup>(d)</sup> | 2.06% | 14% | &nbsp;&nbsp;$9604530 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.48 | &nbsp;&nbsp;6.36% | 0.71% | 0.71%<sup>(d)</sup> | 2.02% | 13% | &nbsp;&nbsp;$5966124 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $21.66 | 10.67% | 0.72% | 0.72%<sup>(d)</sup> | 1.89% | 15% | &nbsp;&nbsp;$4781049 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $31.18 | &nbsp;&nbsp;3.82% | 0.60%<sup>(c)</sup> | 0.60%<sup>(c)</sup> | 2.14%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$3097888 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.33 | &nbsp;&nbsp;4.16% | 0.59% | 0.59% | 1.69% | 16% | &nbsp;&nbsp;$2972324 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.03 | 35.84% | 0.61% | 0.61% | 1.79% | 11% | &nbsp;&nbsp;$3093985 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.52 | &nbsp;&nbsp;6.57% | 0.62% | 0.62% | 2.13% | 14% | &nbsp;&nbsp;$1385364 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.83 | &nbsp;&nbsp;6.44% | 0.63% | 0.63% | 2.11% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$772924 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $21.99 | 10.76% | 0.63% | 0.63% | 2.00% | 15% | &nbsp;&nbsp;&nbsp;&nbsp;$605285 |

---

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

Columbia Dividend Income Fund \| Semiannual Report 2022 17

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.38 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.28) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.08 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.97) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.55 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;7.52 | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.86 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.75) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $22.02 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.53) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.80 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(1.02) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $29.79 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.51 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.14 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;7.38 | &nbsp;&nbsp;7.69 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.46 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.64 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.39) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.47 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.89) |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $29.79 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.51 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.86) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $22.14 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;7.37 | &nbsp;&nbsp;7.75 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $21.46 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.64 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(1.07) | &nbsp;&nbsp;(1.45) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $20.47 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;2.11 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.94) |

---

---

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

---

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

18 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $31.24 | &nbsp;&nbsp;3.87% | 0.55%<sup>(c)</sup> | 0.55%<sup>(c)</sup> | 2.18%<sup>(c)</sup> | &nbsp;&nbsp;9% | $7813375 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $30.38 | &nbsp;&nbsp;4.20% | 0.55% | 0.55% | 1.74% | 16% | $7668907 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $30.08 | 35.95% | 0.56% | 0.56% | 1.85% | 11% | $6667177 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.55 | &nbsp;&nbsp;6.62% | 0.57% | 0.57% | 2.17% | 14% | $3986971 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.86 | &nbsp;&nbsp;6.48% | 0.58% | 0.58% | 2.15% | 13% | $2955434 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $22.02 | 10.84% | 0.59% | 0.59% | 2.08% | 15% | $2587372 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.63 | &nbsp;&nbsp;3.55% | 1.15%<sup>(c)</sup> | 1.15%<sup>(c),(d)</sup> | 1.58%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;$224799 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.79 | &nbsp;&nbsp;3.56% | 1.15% | 1.15%<sup>(d)</sup> | 1.13% | 16% | &nbsp;&nbsp;$229025 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.51 | 35.08% | 1.17% | 1.17%<sup>(d)</sup> | 1.24% | 11% | &nbsp;&nbsp;$217516 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.14 | &nbsp;&nbsp;5.97% | 1.19% | 1.19%<sup>(d)</sup> | 1.54% | 14% | &nbsp;&nbsp;$137720 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.46 | &nbsp;&nbsp;5.83% | 1.21% | 1.21%<sup>(d)</sup> | 1.52% | 13% | &nbsp;&nbsp;$113166 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $21.64 | 10.07% | 1.22% | 1.22%<sup>(d)</sup> | 1.41% | 15% | &nbsp;&nbsp;$104036 |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | $30.63 | &nbsp;&nbsp;3.69% | 0.90%<sup>(c)</sup> | 0.90%<sup>(c),(d)</sup> | 1.82%<sup>(c)</sup> | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;$89471 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $29.79 | &nbsp;&nbsp;3.83% | 0.90% | 0.90%<sup>(d)</sup> | 1.38% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$90837 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $29.51 | 35.40% | 0.92% | 0.92%<sup>(d)</sup> | 1.50% | 11% | &nbsp;&nbsp;&nbsp;&nbsp;$94062 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $22.14 | &nbsp;&nbsp;6.26% | 0.94% | 0.94%<sup>(d)</sup> | 1.78% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;$74269 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $21.46 | &nbsp;&nbsp;6.10% | 0.96% | 0.96%<sup>(d)</sup> | 1.76% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$76067 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $21.64 | 10.35% | 0.97% | 0.97%<sup>(d)</sup> | 1.66% | 15% | &nbsp;&nbsp;&nbsp;&nbsp;$81875 |

---

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

Columbia Dividend Income Fund \| Semiannual Report 2022 19

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Notes to Financial Statements

November 30, 2022 (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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

Effective November 1, 2021, the Fund was closed to new investors, other than those who invest in the Fund through certain financial intermediaries selected by Columbia Management Investment Distributors, Inc. (the Distributor) and retirement plans currently invested and those approved by the Distributor to invest in the Fund.

Note 2. Summary of significant accounting policies

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

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

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

Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the

20 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

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

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

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

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

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

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

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

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

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

Columbia Dividend Income Fund \| Semiannual Report 2022 21

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Distributions to shareholders
Distributions from net investment income, if any, are declared 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 pronouncement
*Tailored Shareholder Reports*

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, 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. Prior to July 1, 2022, the management services fee was equal to a percentage of the Fund's daily net assets that declined from 0.72% to 0.505% as the Fund's net assets increased. The annualized effective management services fee rate for the six months ended November 30, 2022 was 0.5293% 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

22 Columbia Dividend Income Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_612_2652e1ad-1ac2-4240-95f7-40ff38d19fc0_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

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

#### Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

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

For the six months ended November 30, 2022, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.12 |
| &nbsp;&nbsp;Advisor Class | 0.12 |
| &nbsp;&nbsp;Class C | 0.12 |
| &nbsp;&nbsp;Institutional Class | 0.12 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |
| &nbsp;&nbsp;Class R | 0.12 |
| &nbsp;&nbsp;Class V | 0.12 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2022, these minimum account balance fees reduced total expenses of the Fund by $1,860.

#### 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

Columbia Dividend Income Fund \| Semiannual Report 2022 23

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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.

#### Shareholder services fees
The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund's average daily net assets attributable to Class V shares.

#### Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended November 30, 2022, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2024478 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55176 |
| &nbsp;&nbsp;Class V | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |

---

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

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

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

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

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> September 30, 2023** |
| &nbsp;&nbsp;Class A | 1.10% |
| &nbsp;&nbsp;Advisor Class | 0.85 |
| &nbsp;&nbsp;Class C | 1.85 |
| &nbsp;&nbsp;Institutional Class | 0.85 |
| &nbsp;&nbsp;Institutional 2 Class | 0.79 |
| &nbsp;&nbsp;Institutional 3 Class | 0.74 |
| &nbsp;&nbsp;Class R | 1.35 |
| &nbsp;&nbsp;Class V | 1.10 |

---

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

Note 4. Federal tax information

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

At November 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;25662170000 | 13299904000 | (321059000) | 12978845000 |

---

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 $3,133,268,661 and $3,283,639,664, respectively, for the six months ended November 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

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Notes to Financial Statements (continued)

November 30, 2022 (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's activity in the Interfund Program during the six months ended November 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 5441176 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;34 |

---

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, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended November 30, 2022.

Note 9. Significant risks

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

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

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

#### Shareholder concentration risk
At November 30, 2022, two unaffiliated shareholders of record owned 29.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 13.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

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## Approval of Management Agreement
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia 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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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 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

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

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## Approval of Management Agreement (continued) (Unaudited) 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, as well as planned 2022 initiatives in this regard. 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. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

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 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. 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

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) 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.

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

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

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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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. In this regard, the Board noted the Proposed Additional Breakpoints.

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.

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Approval of Management Agreement (continued)

(Unaudited)

On June 23, 2022, 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.

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#### Columbia Dividend Income Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](imge3f083d32.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

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

columbiathreadneedleus.com/investor/

SAR139_05_N01_(01/23)

------

![](imgcbe6b32d1.jpg)

Semiannual Report

November 30, 2022 (Unaudited)

![](img4fd0e6dd2.jpg)

Columbia High Yield Municipal Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_364baefe-6565-46c6-927d-2f9eeff4a872_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_243416be-b333-4d01-a2ce-0b97942b0510_1)<br>| 5 |
| [Portfolio of Investments](#xx_9f9f78bf-fa16-47c2-889f-19ff1a969f0e_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_a349c505-fbcc-411a-85e4-ef59e0faab93_1)<br>| 20 |
| [Statement of Operations](#xx_a349c505-fbcc-411a-85e4-ef59e0faab93_3)<br>| 22 |
| [Statement of Changes in Net Assets](#xx_a349c505-fbcc-411a-85e4-ef59e0faab93_4)<br>| 23 |
| [Financial Highlights](#xx_59e4f69a-a50e-4ca5-97cb-5c47b5547bee_2)<br>| 26 |
| [Notes to Financial Statements](#xx_5570b26a-a0da-471d-a3d1-f6e6a16be22a_1)<br>| 30 |
| [Approval of Management Agreement](#xx_fe16f4d8-b301-4eba-8ee5-f081fc372a85_1)<br>| 41 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income exempt from federal income tax and capital appreciation.

Portfolio management

#### Douglas White, CFA
Lead Portfolio Manager

Managed Fund since 2018

#### Catherine Stienstra
Portfolio Manager

Managed Fund since 2016

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;07/31/00 | &nbsp;&nbsp;&nbsp;&nbsp;-6.73 | &nbsp;&nbsp;&nbsp;&nbsp;-16.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-9.52 | &nbsp;&nbsp;&nbsp;&nbsp;-19.00 | &nbsp;&nbsp;&nbsp;&nbsp;-0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;-6.72 | &nbsp;&nbsp;&nbsp;&nbsp;-16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;07/15/02 | &nbsp;&nbsp;&nbsp;&nbsp;-7.01 | &nbsp;&nbsp;&nbsp;&nbsp;-17.02 | &nbsp;&nbsp;&nbsp;&nbsp;-0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-7.92 | &nbsp;&nbsp;&nbsp;&nbsp;-17.82 | &nbsp;&nbsp;&nbsp;&nbsp;-0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;03/05/84 | &nbsp;&nbsp;&nbsp;&nbsp;-6.73 | &nbsp;&nbsp;&nbsp;&nbsp;-16.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;-6.73 | &nbsp;&nbsp;&nbsp;&nbsp;-16.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;-6.68 | &nbsp;&nbsp;&nbsp;&nbsp;-16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 |
| &nbsp;&nbsp;Blended Benchmark | &nbsp;&nbsp;Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-3.88 | &nbsp;&nbsp;&nbsp;&nbsp;-11.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 |
| &nbsp;&nbsp;Bloomberg High Yield Municipal Bond Index | &nbsp;&nbsp;Bloomberg High Yield Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;-4.50 | &nbsp;&nbsp;&nbsp;&nbsp;-12.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.51 |

---

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

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

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

The Blended Benchmark is a weighted custom composite consisting of 80% Bloomberg High Yield Municipal Bond Index and 20% Bloomberg Municipal Bond Index.

The Bloomberg High Yield Municipal Bond Index is comprised of bonds with maturities greater than one-year, having a par value of at least $3 million issued as part of a transaction size greater than $20 million, and rated no higher than "BB+" or equivalent by any of the three principal rating agencies.

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

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 3

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at November 30, 2022)** | &nbsp;&nbsp;**Quality breakdown (%) (at November 30, 2022)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;&nbsp;9.1 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;CCC rating | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;53.8 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at November 30, 2022)** | &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at November 30, 2022)** |
| &nbsp;&nbsp;Illinois | 10.2 |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;8.4 |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;Puerto Rico | &nbsp;&nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;4.7 |
| &nbsp;&nbsp;Wisconsin | &nbsp;&nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;3.8 |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;3.5 |

---

Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

4 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;929.90 | &nbsp;&nbsp;&nbsp;&nbsp;1017.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.86 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;932.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;933.20 | &nbsp;&nbsp;&nbsp;&nbsp;1022.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |

---

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

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

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 5

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

## Portfolio of Investments November 30, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 97.8%** | &nbsp;&nbsp;**Municipal Bonds 97.8%** | &nbsp;&nbsp;**Municipal Bonds 97.8%** | &nbsp;&nbsp;**Municipal Bonds 97.8%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Alabama 0.5%** | &nbsp;&nbsp;**Alabama 0.5%** | &nbsp;&nbsp;**Alabama 0.5%** | &nbsp;&nbsp;**Alabama 0.5%** |
| &nbsp;&nbsp;Sumter County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Sumter County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Sumter County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Sumter County Industrial Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Enviva, Inc. | &nbsp;&nbsp;Green Bonds - Enviva, Inc. | &nbsp;&nbsp;Green Bonds - Enviva, Inc. | &nbsp;&nbsp;Green Bonds - Enviva, Inc. |
| &nbsp;&nbsp;Series 2022 (Mandatory Put 07/15/32) | &nbsp;&nbsp;Series 2022 (Mandatory Put 07/15/32) | &nbsp;&nbsp;Series 2022 (Mandatory Put 07/15/32) | &nbsp;&nbsp;Series 2022 (Mandatory Put 07/15/32) |
| &nbsp;&nbsp;07/15/2052 | &nbsp;&nbsp;6.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2792246 |
| &nbsp;&nbsp;**Alaska 0.1%** | &nbsp;&nbsp;**Alaska 0.1%** | &nbsp;&nbsp;**Alaska 0.1%** | &nbsp;&nbsp;**Alaska 0.1%** |
| &nbsp;&nbsp;Northern Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Northern Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Northern Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Northern Tobacco Securitization Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 |
| &nbsp;&nbsp;06/01/2066 | &nbsp;&nbsp;0.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566441 |
| &nbsp;&nbsp;**Arizona 2.6%** | &nbsp;&nbsp;**Arizona 2.6%** | &nbsp;&nbsp;**Arizona 2.6%** | &nbsp;&nbsp;**Arizona 2.6%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Arizona Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Arizona Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Arizona Industrial Development Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Legacy Cares, Inc. Project | &nbsp;&nbsp;Legacy Cares, Inc. Project | &nbsp;&nbsp;Legacy Cares, Inc. Project | &nbsp;&nbsp;Legacy Cares, Inc. Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;7.750% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2100000 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| &nbsp;&nbsp;Pinecrest Academy of Northern Nevada Project | &nbsp;&nbsp;Pinecrest Academy of Northern Nevada Project | &nbsp;&nbsp;Pinecrest Academy of Northern Nevada Project | &nbsp;&nbsp;Pinecrest Academy of Northern Nevada Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;4.500% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2404267 |
| &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(c)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(c)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(c)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2057 | &nbsp;&nbsp;4.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2752863 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;La Posada at Pusch Ridge Project | &nbsp;&nbsp;La Posada at Pusch Ridge Project | &nbsp;&nbsp;La Posada at Pusch Ridge Project | &nbsp;&nbsp;La Posada at Pusch Ridge Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/15/2057 | &nbsp;&nbsp;7.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1025868 |
| &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority | &nbsp;&nbsp;La Paz County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project | &nbsp;&nbsp;Charter School Solutions - Harmony Public Schools Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1500418 |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227190 |
| &nbsp;&nbsp;Maricopa County Industrial Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Maricopa County Industrial Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Maricopa County Industrial Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Maricopa County Industrial Development Authority<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;Commercial Metals Co. |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/15/2047 | &nbsp;&nbsp;4.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3984095 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14344701** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**California 4.6%** | &nbsp;&nbsp;**California 4.6%** | &nbsp;&nbsp;**California 4.6%** | &nbsp;&nbsp;**California 4.6%** |
| &nbsp;&nbsp;California County Tobacco Securitization Agency | &nbsp;&nbsp;California County Tobacco Securitization Agency | &nbsp;&nbsp;California County Tobacco Securitization Agency | &nbsp;&nbsp;California County Tobacco Securitization Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2020B-1 | &nbsp;&nbsp;Subordinated Series 2020B-1 | &nbsp;&nbsp;Subordinated Series 2020B-1 | &nbsp;&nbsp;Subordinated Series 2020B-1 |
| &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;389771 |
| &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;UTS Renewable Energy-Waste Water Facilities | &nbsp;&nbsp;UTS Renewable Energy-Waste Water Facilities | &nbsp;&nbsp;UTS Renewable Energy-Waste Water Facilities | &nbsp;&nbsp;UTS Renewable Energy-Waste Water Facilities |
| &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 | &nbsp;&nbsp;Series 2011 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36700 |
| &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority | &nbsp;&nbsp;California Statewide Communities Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;899 Charleston Project | &nbsp;&nbsp;899 Charleston Project | &nbsp;&nbsp;899 Charleston Project | &nbsp;&nbsp;899 Charleston Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1263981 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;12/01/2054 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1005329 |
| &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(c)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(c)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(c)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center | &nbsp;&nbsp;Loma Linda University Medical Center |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2058 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;1007747 |
| &nbsp;&nbsp;City of Long Beach Marina System | &nbsp;&nbsp;City of Long Beach Marina System | &nbsp;&nbsp;City of Long Beach Marina System | &nbsp;&nbsp;City of Long Beach Marina System |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;05/15/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;505737 |
| &nbsp;&nbsp;CMFA Special Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;CMFA Special Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;CMFA Special Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;CMFA Special Finance Agency<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Junior Bonds - Latitude33 | &nbsp;&nbsp;Junior Bonds - Latitude33 | &nbsp;&nbsp;Junior Bonds - Latitude33 | &nbsp;&nbsp;Junior Bonds - Latitude33 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1498593 |
| &nbsp;&nbsp;Junior Bonds - Solana at Grand | &nbsp;&nbsp;Junior Bonds - Solana at Grand | &nbsp;&nbsp;Junior Bonds - Solana at Grand | &nbsp;&nbsp;Junior Bonds - Solana at Grand |
| &nbsp;&nbsp;Series 2021A-2 | &nbsp;&nbsp;Series 2021A-2 | &nbsp;&nbsp;Series 2021A-2 | &nbsp;&nbsp;Series 2021A-2 |
| &nbsp;&nbsp;08/01/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;3830912 |
| &nbsp;&nbsp;CSCDA Community Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;CSCDA Community Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;CSCDA Community Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;CSCDA Community Improvement Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | &nbsp;&nbsp;Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | &nbsp;&nbsp;Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena | &nbsp;&nbsp;Social Bonds - Mezzanine Lien - Westgate Phase 1-Pasadena |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2057 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;1329327 |
| &nbsp;&nbsp;Social Bonds - Millennium South Bay-Hawthorne | &nbsp;&nbsp;Social Bonds - Millennium South Bay-Hawthorne | &nbsp;&nbsp;Social Bonds - Millennium South Bay-Hawthorne | &nbsp;&nbsp;Social Bonds - Millennium South Bay-Hawthorne |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;1973427 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(b)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2021B-2 | &nbsp;&nbsp;Subordinated Series 2021B-2 | &nbsp;&nbsp;Subordinated Series 2021B-2 | &nbsp;&nbsp;Subordinated Series 2021B-2 |
| &nbsp;&nbsp;06/01/2066 | &nbsp;&nbsp;0.000% | 40000000 | &nbsp;&nbsp;4288280 |

---

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

6 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority | &nbsp;&nbsp;Hastings Campus Housing Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819795 |
| &nbsp;&nbsp;Hastings Campus Housing Finance Authority<sup>(b),(c)</sup> | &nbsp;&nbsp;Hastings Campus Housing Finance Authority<sup>(b),(c)</sup> | &nbsp;&nbsp;Hastings Campus Housing Finance Authority<sup>(b),(c)</sup> | &nbsp;&nbsp;Hastings Campus Housing Finance Authority<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;0.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1026902 |
| &nbsp;&nbsp;M-S-R Energy Authority | &nbsp;&nbsp;M-S-R Energy Authority | &nbsp;&nbsp;M-S-R Energy Authority | &nbsp;&nbsp;M-S-R Energy Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2009B | &nbsp;&nbsp;Series 2009B | &nbsp;&nbsp;Series 2009B | &nbsp;&nbsp;Series 2009B |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;6.500% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;6059974 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**25036475** |
| &nbsp;&nbsp;**Colorado 9.3%** | &nbsp;&nbsp;**Colorado 9.3%** | &nbsp;&nbsp;**Colorado 9.3%** | &nbsp;&nbsp;**Colorado 9.3%** |
| &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority | &nbsp;&nbsp;Aerotropolis Regional Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.375% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2950880 |
| &nbsp;&nbsp;Aurora Crossroads Metropolitan District No. 2 | &nbsp;&nbsp;Aurora Crossroads Metropolitan District No. 2 | &nbsp;&nbsp;Aurora Crossroads Metropolitan District No. 2 | &nbsp;&nbsp;Aurora Crossroads Metropolitan District No. 2 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Senior Series 2020A | &nbsp;&nbsp;Senior Series 2020A | &nbsp;&nbsp;Senior Series 2020A | &nbsp;&nbsp;Senior Series 2020A |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861172 |
| &nbsp;&nbsp;City & County of Denver Airport System<sup>(a)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(a)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(a)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927869 |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639488 |
| &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(a)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(a)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(a)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/30/2051 | &nbsp;&nbsp;4.000% | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5427404 |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(c)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(c)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(c)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;New Summit Charter Academy Project | &nbsp;&nbsp;New Summit Charter Academy Project | &nbsp;&nbsp;New Summit Charter Academy Project | &nbsp;&nbsp;New Summit Charter Academy Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529994 |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;4.000% | 1225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861115 |
| &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Christian Living Neighborhoods | &nbsp;&nbsp;Christian Living Neighborhoods | &nbsp;&nbsp;Christian Living Neighborhoods | &nbsp;&nbsp;Christian Living Neighborhoods |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744855 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health | &nbsp;&nbsp;CommonSpirit Health |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;4.000% | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;2710982 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare | &nbsp;&nbsp;Intermountain Healthcare |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1064637 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge | &nbsp;&nbsp;Aberdeen Ridge |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;05/15/2058 | &nbsp;&nbsp;5.000% | 3250000 | &nbsp;&nbsp;2473420 |
| &nbsp;&nbsp;NJH-SJH Center for Outpatient Health Project | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health Project | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health Project | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;3.000% | 5000000 | &nbsp;&nbsp;3854274 |
| &nbsp;&nbsp;Eagle Brook Meadows Metropolitan District No. 3 | &nbsp;&nbsp;Eagle Brook Meadows Metropolitan District No. 3 | &nbsp;&nbsp;Eagle Brook Meadows Metropolitan District No. 3 | &nbsp;&nbsp;Eagle Brook Meadows Metropolitan District No. 3 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1251886 |
| &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(c)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(c)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(c)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.550% | 3000000 | &nbsp;&nbsp;2998509 |
| &nbsp;&nbsp;Fitzsimons Village Metropolitan District No. 3 | &nbsp;&nbsp;Fitzsimons Village Metropolitan District No. 3 | &nbsp;&nbsp;Fitzsimons Village Metropolitan District No. 3 | &nbsp;&nbsp;Fitzsimons Village Metropolitan District No. 3 |
| &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 |
| &nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;4.250% | 2000000 | &nbsp;&nbsp;1383457 |
| &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 | &nbsp;&nbsp;Jefferson Center Metropolitan District No. 1 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B | &nbsp;&nbsp;Subordinated Series 2020B |
| &nbsp;&nbsp;12/15/2050 | &nbsp;&nbsp;5.750% | 4000000 | &nbsp;&nbsp;3761187 |
| &nbsp;&nbsp;Lanterns Metropolitan District No. 2 | &nbsp;&nbsp;Lanterns Metropolitan District No. 2 | &nbsp;&nbsp;Lanterns Metropolitan District No. 2 | &nbsp;&nbsp;Lanterns Metropolitan District No. 2 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;4.500% | 2830000 | &nbsp;&nbsp;1986784 |
| &nbsp;&nbsp;Peak Metropolitan District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Peak Metropolitan District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Peak Metropolitan District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Peak Metropolitan District No. 1<sup>(c)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;5.000% | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;978933 |
| &nbsp;&nbsp;Rampart Range Metropolitan District No. 5 | &nbsp;&nbsp;Rampart Range Metropolitan District No. 5 | &nbsp;&nbsp;Rampart Range Metropolitan District No. 5 | &nbsp;&nbsp;Rampart Range Metropolitan District No. 5 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;1680722 |
| &nbsp;&nbsp;RRC Metropolitan District No. 2 | &nbsp;&nbsp;RRC Metropolitan District No. 2 | &nbsp;&nbsp;RRC Metropolitan District No. 2 | &nbsp;&nbsp;RRC Metropolitan District No. 2 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;5.250% | 2500000 | &nbsp;&nbsp;2041460 |
| &nbsp;&nbsp;Sagebrush Farm Metropolitan District No. 1 | &nbsp;&nbsp;Sagebrush Farm Metropolitan District No. 1 | &nbsp;&nbsp;Sagebrush Farm Metropolitan District No. 1 | &nbsp;&nbsp;Sagebrush Farm Metropolitan District No. 1 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;6.750% | 2000000 | &nbsp;&nbsp;1936904 |
| &nbsp;&nbsp;Senac South Metropolitan District No. 1 | &nbsp;&nbsp;Senac South Metropolitan District No. 1 | &nbsp;&nbsp;Senac South Metropolitan District No. 1 | &nbsp;&nbsp;Senac South Metropolitan District No. 1 |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;5.250% | 3000000 | &nbsp;&nbsp;2503455 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 7

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Sky Ranch Community Authority Board | &nbsp;&nbsp;Sky Ranch Community Authority Board | &nbsp;&nbsp;Sky Ranch Community Authority Board | &nbsp;&nbsp;Sky Ranch Community Authority Board |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1140684 |
| &nbsp;&nbsp;Sterling Ranch Community Authority Board | &nbsp;&nbsp;Sterling Ranch Community Authority Board | &nbsp;&nbsp;Sterling Ranch Community Authority Board | &nbsp;&nbsp;Sterling Ranch Community Authority Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;6.750% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2007334 |
| &nbsp;&nbsp;Waterfront at Foster Lake Metropolitan District No. 2 | &nbsp;&nbsp;Waterfront at Foster Lake Metropolitan District No. 2 | &nbsp;&nbsp;Waterfront at Foster Lake Metropolitan District No. 2 | &nbsp;&nbsp;Waterfront at Foster Lake Metropolitan District No. 2 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;4.625% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1810344 |
| &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority | &nbsp;&nbsp;Windler Public Improvement Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 | &nbsp;&nbsp;Series 2021A-1 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;4.125% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2600200 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**51127949** |
| &nbsp;&nbsp;**Connecticut 0.5%** | &nbsp;&nbsp;**Connecticut 0.5%** | &nbsp;&nbsp;**Connecticut 0.5%** | &nbsp;&nbsp;**Connecticut 0.5%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facility Authority<sup>(c)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facility Authority<sup>(c)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facility Authority<sup>(c)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facility Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Church Home of Hartford, Inc. Project | &nbsp;&nbsp;Church Home of Hartford, Inc. Project | &nbsp;&nbsp;Church Home of Hartford, Inc. Project | &nbsp;&nbsp;Church Home of Hartford, Inc. Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1541009 |
| &nbsp;&nbsp;Stamford Housing Authority<sup>(c),(e)</sup> | &nbsp;&nbsp;Stamford Housing Authority<sup>(c),(e)</sup> | &nbsp;&nbsp;Stamford Housing Authority<sup>(c),(e)</sup> | &nbsp;&nbsp;Stamford Housing Authority<sup>(c),(e)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;The Dogwoods Project | &nbsp;&nbsp;The Dogwoods Project | &nbsp;&nbsp;The Dogwoods Project | &nbsp;&nbsp;The Dogwoods Project |
| &nbsp;&nbsp;BAN Series 2022 | &nbsp;&nbsp;BAN Series 2022 | &nbsp;&nbsp;BAN Series 2022 | &nbsp;&nbsp;BAN Series 2022 |
| &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp;11.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1001385 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2542394** |
| &nbsp;&nbsp;**District of Columbia 0.5%** | &nbsp;&nbsp;**District of Columbia 0.5%** | &nbsp;&nbsp;**District of Columbia 0.5%** | &nbsp;&nbsp;**District of Columbia 0.5%** |
| &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project | &nbsp;&nbsp;KIPP DC Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583219 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail |
| &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;1977037 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**2560256** |
| &nbsp;&nbsp;**Florida 8.2%** | &nbsp;&nbsp;**Florida 8.2%** | &nbsp;&nbsp;**Florida 8.2%** | &nbsp;&nbsp;**Florida 8.2%** |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c)</sup> |
| &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3545042 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;WFCS Portfolio Projects | &nbsp;&nbsp;WFCS Portfolio Projects | &nbsp;&nbsp;WFCS Portfolio Projects | &nbsp;&nbsp;WFCS Portfolio Projects |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;222024 |
| &nbsp;&nbsp;01/01/2056 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;771664 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Mortgage - Tapestry Walden Senior Housing Project | &nbsp;&nbsp;1st Mortgage - Tapestry Walden Senior Housing Project | &nbsp;&nbsp;1st Mortgage - Tapestry Walden Senior Housing Project | &nbsp;&nbsp;1st Mortgage - Tapestry Walden Senior Housing Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;782000 |
| &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3550000 | &nbsp;&nbsp;1029500 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(b),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(b),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(b),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated | &nbsp;&nbsp;Subordinated |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;0.000% | 30000000 | &nbsp;&nbsp;1433397 |
| &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach | &nbsp;&nbsp;City of Atlantic Beach |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project | &nbsp;&nbsp;Fleet Landing Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1436264 |
| &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach | &nbsp;&nbsp;City of Pompano Beach |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project | &nbsp;&nbsp;John Knox Village Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;09/01/2056 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1835000 | &nbsp;&nbsp;1369718 |
| &nbsp;&nbsp;City of Tampa<sup>(b)</sup> | &nbsp;&nbsp;City of Tampa<sup>(b)</sup> | &nbsp;&nbsp;City of Tampa<sup>(b)</sup> | &nbsp;&nbsp;City of Tampa<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;09/01/2053 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;405629 |
| &nbsp;&nbsp;County of Miami-Dade<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Subordinated Series 2009B | &nbsp;&nbsp;Subordinated Series 2009B | &nbsp;&nbsp;Subordinated Series 2009B | &nbsp;&nbsp;Subordinated Series 2009B |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;0.000% | 10000000 | &nbsp;&nbsp;4024383 |
| &nbsp;&nbsp;County of Osceola Transportation<sup>(b)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(b)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(b)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Osceola Parkway Toll Facility | &nbsp;&nbsp;Osceola Parkway Toll Facility | &nbsp;&nbsp;Osceola Parkway Toll Facility | &nbsp;&nbsp;Osceola Parkway Toll Facility |
| &nbsp;&nbsp;Series 2019A-2 | &nbsp;&nbsp;Series 2019A-2 | &nbsp;&nbsp;Series 2019A-2 | &nbsp;&nbsp;Series 2019A-2 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;358885 |
| &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 |
| &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3175000 | &nbsp;&nbsp;&nbsp;&nbsp;804149 |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;448464 |
| &nbsp;&nbsp;Florida Development Finance Corp. | &nbsp;&nbsp;Florida Development Finance Corp. | &nbsp;&nbsp;Florida Development Finance Corp. | &nbsp;&nbsp;Florida Development Finance Corp. |
| &nbsp;&nbsp;Prerefunded 06/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/15/23 Revenue Bonds |
| &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School |
| &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A |
| &nbsp;&nbsp;06/15/2044 | &nbsp;&nbsp;8.500% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3088607 |

---

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

8 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Florida Development Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Glenridge on Palmer Ranch Project (The) | &nbsp;&nbsp;Glenridge on Palmer Ranch Project (The) | &nbsp;&nbsp;Glenridge on Palmer Ranch Project (The) | &nbsp;&nbsp;Glenridge on Palmer Ranch Project (The) |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;1615218 |
| &nbsp;&nbsp;Mayflower Retirement Community Project (The) | &nbsp;&nbsp;Mayflower Retirement Community Project (The) | &nbsp;&nbsp;Mayflower Retirement Community Project (The) | &nbsp;&nbsp;Mayflower Retirement Community Project (The) |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;4.000% | 1500000 | &nbsp;&nbsp;1016157 |
| &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/15/2050 | &nbsp;&nbsp;5.000% | 2200000 | &nbsp;&nbsp;1888235 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cornerstone Charter Academy Project | &nbsp;&nbsp;Cornerstone Charter Academy Project | &nbsp;&nbsp;Cornerstone Charter Academy Project | &nbsp;&nbsp;Cornerstone Charter Academy Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;5.125% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;896239 |
| &nbsp;&nbsp;10/01/2056 | &nbsp;&nbsp;5.250% | 1900000 | &nbsp;&nbsp;1696983 |
| &nbsp;&nbsp;Discovery High School Project | &nbsp;&nbsp;Discovery High School Project | &nbsp;&nbsp;Discovery High School Project | &nbsp;&nbsp;Discovery High School Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;1707926 |
| &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School | &nbsp;&nbsp;Renaissance Charter School |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;6.125% | 4900000 | &nbsp;&nbsp;4907234 |
| &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority | &nbsp;&nbsp;Lee County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project | &nbsp;&nbsp;Cypress Cove at HealthPark Florida, Inc. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2057 | &nbsp;&nbsp;5.250% | 3000000 | &nbsp;&nbsp;2579755 |
| &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton | &nbsp;&nbsp;Toby & Leon Cooperman Sinai Residences of Boca Raton |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2056 | &nbsp;&nbsp;4.250% | 4000000 | &nbsp;&nbsp;2953460 |
| &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carpenter's Home Estates, Inc. | &nbsp;&nbsp;Carpenter's Home Estates, Inc. | &nbsp;&nbsp;Carpenter's Home Estates, Inc. | &nbsp;&nbsp;Carpenter's Home Estates, Inc. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | 2615000 | &nbsp;&nbsp;2271019 |
| &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority | &nbsp;&nbsp;Seminole County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project | &nbsp;&nbsp;Legacy Pointe at UCF Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2054 | &nbsp;&nbsp;5.750% | 2525000 | &nbsp;&nbsp;2115699 |
| &nbsp;&nbsp;Seminole County Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Seminole County Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Seminole County Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Seminole County Industrial Development Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Galileo Schools for Gifted Learning Project | &nbsp;&nbsp;Galileo Schools for Gifted Learning Project | &nbsp;&nbsp;Galileo Schools for Gifted Learning Project | &nbsp;&nbsp;Galileo Schools for Gifted Learning Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;615385 |
| &nbsp;&nbsp;06/15/2056 | &nbsp;&nbsp;4.000% | 1410000 | &nbsp;&nbsp;1007829 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Westridge Community Development District | &nbsp;&nbsp;Westridge Community Development District | &nbsp;&nbsp;Westridge Community Development District | &nbsp;&nbsp;Westridge Community Development District |
| &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds |
| &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;5.800% | &nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285026 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**45275891** |
| &nbsp;&nbsp;**Georgia 2.2%** | &nbsp;&nbsp;**Georgia 2.2%** | &nbsp;&nbsp;**Georgia 2.2%** | &nbsp;&nbsp;**Georgia 2.2%** |
| &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority | &nbsp;&nbsp;Floyd County Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project | &nbsp;&nbsp;Spires Berry College Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;6.250% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1408665 |
| &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(c),(f)</sup> |
| &nbsp;&nbsp;Prerefunded 06/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 06/01/24 Revenue Bonds |
| &nbsp;&nbsp;I-75 S Expressway | &nbsp;&nbsp;I-75 S Expressway | &nbsp;&nbsp;I-75 S Expressway | &nbsp;&nbsp;I-75 S Expressway |
| &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S | &nbsp;&nbsp;Series 2014S |
| &nbsp;&nbsp;06/01/2049 | &nbsp;&nbsp;0.000% | 4600000 | &nbsp;&nbsp;&nbsp;&nbsp;4633191 |
| &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority | &nbsp;&nbsp;Oconee County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project | &nbsp;&nbsp;Presbyterian Village Athens Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;6.375% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2421284 |
| &nbsp;&nbsp;Savannah Economic Development Authority | &nbsp;&nbsp;Savannah Economic Development Authority | &nbsp;&nbsp;Savannah Economic Development Authority | &nbsp;&nbsp;Savannah Economic Development Authority |
| &nbsp;&nbsp;Prerefunded 01/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/24 Revenue Bonds |
| &nbsp;&nbsp;Marshes Skidaway Island Project | &nbsp;&nbsp;Marshes Skidaway Island Project | &nbsp;&nbsp;Marshes Skidaway Island Project | &nbsp;&nbsp;Marshes Skidaway Island Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;7.250% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3666418 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12129558** |
| &nbsp;&nbsp;**Idaho 0.9%** | &nbsp;&nbsp;**Idaho 0.9%** | &nbsp;&nbsp;**Idaho 0.9%** | &nbsp;&nbsp;**Idaho 0.9%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2056 | &nbsp;&nbsp;4.550% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2830391 |
| &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Spring Valley Community Infrastructure District No. 1<sup>(c)</sup> |
| &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/01/2051 | &nbsp;&nbsp;3.750% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2159586 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4989977** |
| &nbsp;&nbsp;**Illinois 10.0%** | &nbsp;&nbsp;**Illinois 10.0%** | &nbsp;&nbsp;**Illinois 10.0%** | &nbsp;&nbsp;**Illinois 10.0%** |
| &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;7.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3260854 |
| &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education | &nbsp;&nbsp;Chicago Board of Education |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated |
| &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H | &nbsp;&nbsp;Series 2017H |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | 1665000 | &nbsp;&nbsp;&nbsp;&nbsp;1637094 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 9

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Project | &nbsp;&nbsp;Project | &nbsp;&nbsp;Project | &nbsp;&nbsp;Project |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;12/01/2039 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;2004498 |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;953385 |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;6.500% | 1500000 | &nbsp;&nbsp;1585533 |
| &nbsp;&nbsp;Series 2018D | &nbsp;&nbsp;Series 2018D | &nbsp;&nbsp;Series 2018D | &nbsp;&nbsp;Series 2018D |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;4745614 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;4.000% | 6000000 | &nbsp;&nbsp;4885158 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) | &nbsp;&nbsp;Series 2018A (AGM) |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;511777 |
| &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(a)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(a)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(a)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group | &nbsp;&nbsp;TriPs Obligated Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;800121 |
| &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago | &nbsp;&nbsp;City of Chicago |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;6.000% | 3235000 | &nbsp;&nbsp;3361359 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2007F | &nbsp;&nbsp;Series 2007F | &nbsp;&nbsp;Series 2007F | &nbsp;&nbsp;Series 2007F |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.500% | 1000000 | &nbsp;&nbsp;1006781 |
| &nbsp;&nbsp;Du Page County Special Service Area No. 31 | &nbsp;&nbsp;Du Page County Special Service Area No. 31 | &nbsp;&nbsp;Du Page County Special Service Area No. 31 | &nbsp;&nbsp;Du Page County Special Service Area No. 31 |
| &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds |
| &nbsp;&nbsp;Monarch Landing Project | &nbsp;&nbsp;Monarch Landing Project | &nbsp;&nbsp;Monarch Landing Project | &nbsp;&nbsp;Monarch Landing Project |
| &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 |
| &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp;5.625% | &nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;627919 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;4.000% | 1200000 | &nbsp;&nbsp;1025440 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/15/2057 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;1241831 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(b)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;0.000% | 2700000 | &nbsp;&nbsp;1307225 |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;0.000% | 3000000 | &nbsp;&nbsp;1405516 |
| &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois | &nbsp;&nbsp;State of Illinois |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;5.000% | 3830000 | &nbsp;&nbsp;3851539 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1345000 | &nbsp;&nbsp;&nbsp;&nbsp;1377101 |
| &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3051992 |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2603600 |
| &nbsp;&nbsp;05/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1012356 |
| &nbsp;&nbsp;05/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3910000 | &nbsp;&nbsp;&nbsp;&nbsp;3946728 |
| &nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3019639 |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601314 |
| &nbsp;&nbsp;05/01/2045 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790335 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/01/2047 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2813884 |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1039902 |
| &nbsp;&nbsp;Village of Lincolnshire | &nbsp;&nbsp;Village of Lincolnshire | &nbsp;&nbsp;Village of Lincolnshire | &nbsp;&nbsp;Village of Lincolnshire |
| &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds | &nbsp;&nbsp;Special Tax Bonds |
| &nbsp;&nbsp;Sedgebrook Project | &nbsp;&nbsp;Sedgebrook Project | &nbsp;&nbsp;Sedgebrook Project | &nbsp;&nbsp;Sedgebrook Project |
| &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 |
| &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;557000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514622 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**54983117** |
| &nbsp;&nbsp;**Iowa 3.0%** | &nbsp;&nbsp;**Iowa 3.0%** | &nbsp;&nbsp;**Iowa 3.0%** | &nbsp;&nbsp;**Iowa 3.0%** |
| &nbsp;&nbsp;Iowa Finance Authority<sup>(f)</sup> | &nbsp;&nbsp;Iowa Finance Authority<sup>(f)</sup> | &nbsp;&nbsp;Iowa Finance Authority<sup>(f)</sup> | &nbsp;&nbsp;Iowa Finance Authority<sup>(f)</sup> |
| &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds |
| &nbsp;&nbsp;Deerfield Retirement Community | &nbsp;&nbsp;Deerfield Retirement Community | &nbsp;&nbsp;Deerfield Retirement Community | &nbsp;&nbsp;Deerfield Retirement Community |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;1931669 | &nbsp;&nbsp;&nbsp;&nbsp;2012564 |
| &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority | &nbsp;&nbsp;Iowa Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project | &nbsp;&nbsp;Iowa Fertilizer Co. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2548703 |
| &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2665256 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1740000 | &nbsp;&nbsp;&nbsp;&nbsp;1514315 |
| &nbsp;&nbsp;PHS Council Bluffs, Inc. Project | &nbsp;&nbsp;PHS Council Bluffs, Inc. Project | &nbsp;&nbsp;PHS Council Bluffs, Inc. Project | &nbsp;&nbsp;PHS Council Bluffs, Inc. Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2055 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;2474255 |
| &nbsp;&nbsp;Iowa Tobacco Settlement Authority<sup>(b)</sup> | &nbsp;&nbsp;Iowa Tobacco Settlement Authority<sup>(b)</sup> | &nbsp;&nbsp;Iowa Tobacco Settlement Authority<sup>(b)</sup> | &nbsp;&nbsp;Iowa Tobacco Settlement Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 | &nbsp;&nbsp;Series 2021B-2 |
| &nbsp;&nbsp;06/01/2065 | &nbsp;&nbsp;0.000% | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;5459065 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16674158** |

---

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

10 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** |
| &nbsp;&nbsp;City of Overland Park | &nbsp;&nbsp;City of Overland Park | &nbsp;&nbsp;City of Overland Park | &nbsp;&nbsp;City of Overland Park |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Prairiefire-Lionsgate Project | &nbsp;&nbsp;Prairiefire-Lionsgate Project | &nbsp;&nbsp;Prairiefire-Lionsgate Project | &nbsp;&nbsp;Prairiefire-Lionsgate Project |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp;6.000% | 6000000 | &nbsp;&nbsp;2618487 |
| &nbsp;&nbsp;Wyandotte County-Kansas City Unified Government | &nbsp;&nbsp;Wyandotte County-Kansas City Unified Government | &nbsp;&nbsp;Wyandotte County-Kansas City Unified Government | &nbsp;&nbsp;Wyandotte County-Kansas City Unified Government |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Legends Village West Project | &nbsp;&nbsp;Legends Village West Project | &nbsp;&nbsp;Legends Village West Project | &nbsp;&nbsp;Legends Village West Project |
| &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;4.875% | 3000000 | &nbsp;&nbsp;2782753 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5401240** |
| &nbsp;&nbsp;**Kentucky 0.7%** | &nbsp;&nbsp;**Kentucky 0.7%** | &nbsp;&nbsp;**Kentucky 0.7%** | &nbsp;&nbsp;**Kentucky 0.7%** |
| &nbsp;&nbsp;City of Henderson<sup>(a),(c)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(c)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(c)</sup> | &nbsp;&nbsp;City of Henderson<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;4.700% | 3000000 | &nbsp;&nbsp;2645691 |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Owensboro Health | &nbsp;&nbsp;Owensboro Health | &nbsp;&nbsp;Owensboro Health | &nbsp;&nbsp;Owensboro Health |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1003606 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3649297** |
| &nbsp;&nbsp;**Louisiana 1.4%** | &nbsp;&nbsp;**Louisiana 1.4%** | &nbsp;&nbsp;**Louisiana 1.4%** | &nbsp;&nbsp;**Louisiana 1.4%** |
| &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority |
| &nbsp;&nbsp;Prerefunded 05/15/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 05/15/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 05/15/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 05/15/26 Revenue Bonds |
| &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26724 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Impala Warehousing LLC Project | &nbsp;&nbsp;Impala Warehousing LLC Project | &nbsp;&nbsp;Impala Warehousing LLC Project | &nbsp;&nbsp;Impala Warehousing LLC Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;6.500% | 3420000 | &nbsp;&nbsp;3446277 |
| &nbsp;&nbsp;Parish of St. James<sup>(c)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(c)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(c)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project | &nbsp;&nbsp;NuStar Logistics LP Project |
| &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 | &nbsp;&nbsp;Series 2020-2 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;6.350% | 3750000 | &nbsp;&nbsp;4007736 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7480737** |
| &nbsp;&nbsp;**Maine 0.4%** | &nbsp;&nbsp;**Maine 0.4%** | &nbsp;&nbsp;**Maine 0.4%** | &nbsp;&nbsp;**Maine 0.4%** |
| &nbsp;&nbsp;Finance Authority of Maine<sup>(a),(c)</sup> | &nbsp;&nbsp;Finance Authority of Maine<sup>(a),(c)</sup> | &nbsp;&nbsp;Finance Authority of Maine<sup>(a),(c)</sup> | &nbsp;&nbsp;Finance Authority of Maine<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds Go Lab Madison LLC Project | &nbsp;&nbsp;Green Bonds Go Lab Madison LLC Project | &nbsp;&nbsp;Green Bonds Go Lab Madison LLC Project | &nbsp;&nbsp;Green Bonds Go Lab Madison LLC Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2051 | &nbsp;&nbsp;8.000% | 3000000 | &nbsp;&nbsp;2058157 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Maryland 0.8%** | &nbsp;&nbsp;**Maryland 0.8%** | &nbsp;&nbsp;**Maryland 0.8%** | &nbsp;&nbsp;**Maryland 0.8%** |
| &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/30/2055 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2064422 |
| &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;2130082 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4194504** |
| &nbsp;&nbsp;**Massachusetts 1.0%** | &nbsp;&nbsp;**Massachusetts 1.0%** | &nbsp;&nbsp;**Massachusetts 1.0%** | &nbsp;&nbsp;**Massachusetts 1.0%** |
| &nbsp;&nbsp;Massachusetts Development Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;Massachusetts Development Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;Massachusetts Development Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;Massachusetts Development Finance Agency<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;NewBridge on the Charles, Inc. | &nbsp;&nbsp;NewBridge on the Charles, Inc. | &nbsp;&nbsp;NewBridge on the Charles, Inc. | &nbsp;&nbsp;NewBridge on the Charles, Inc. |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2057 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2024669 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Linden Ponds, Inc. Facility | &nbsp;&nbsp;Linden Ponds, Inc. Facility | &nbsp;&nbsp;Linden Ponds, Inc. Facility | &nbsp;&nbsp;Linden Ponds, Inc. Facility |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;2037620 |
| &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(a)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(a)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(a)</sup> | &nbsp;&nbsp;Massachusetts Educational Financing Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K | &nbsp;&nbsp;Issue K |
| &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1396677 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5458966** |
| &nbsp;&nbsp;**Michigan 0.6%** | &nbsp;&nbsp;**Michigan 0.6%** | &nbsp;&nbsp;**Michigan 0.6%** | &nbsp;&nbsp;**Michigan 0.6%** |
| &nbsp;&nbsp;Michigan Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Michigan Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Michigan Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Michigan Finance Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Series 2020B-2 Class 2 | &nbsp;&nbsp;Senior Series 2020B-2 Class 2 | &nbsp;&nbsp;Senior Series 2020B-2 Class 2 | &nbsp;&nbsp;Senior Series 2020B-2 Class 2 |
| &nbsp;&nbsp;06/01/2065 | &nbsp;&nbsp;0.000% | 37500000 | &nbsp;&nbsp;3168559 |
| &nbsp;&nbsp;**Minnesota 0.7%** | &nbsp;&nbsp;**Minnesota 0.7%** | &nbsp;&nbsp;**Minnesota 0.7%** | &nbsp;&nbsp;**Minnesota 0.7%** |
| &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston | &nbsp;&nbsp;City of Crookston |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project | &nbsp;&nbsp;Riverview Health Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;452466 |
| &nbsp;&nbsp;05/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1315813 |
| &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;1908250 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3676529** |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 11

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Missouri 1.0%** | &nbsp;&nbsp;**Missouri 1.0%** | &nbsp;&nbsp;**Missouri 1.0%** | &nbsp;&nbsp;**Missouri 1.0%** |
| &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Platte Purchase Project | &nbsp;&nbsp;Platte Purchase Project | &nbsp;&nbsp;Platte Purchase Project | &nbsp;&nbsp;Platte Purchase Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;1527832 |
| &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority | &nbsp;&nbsp;Kirkwood Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project | &nbsp;&nbsp;Aberdeen Heights Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2050 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1233326 |
| &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority | &nbsp;&nbsp;St. Louis County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Andrews Residence for Seniors | &nbsp;&nbsp;St. Andrews Residence for Seniors | &nbsp;&nbsp;St. Andrews Residence for Seniors | &nbsp;&nbsp;St. Andrews Residence for Seniors |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;2820670 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5581828** |
| &nbsp;&nbsp;**Montana 0.2%** | &nbsp;&nbsp;**Montana 0.2%** | &nbsp;&nbsp;**Montana 0.2%** | &nbsp;&nbsp;**Montana 0.2%** |
| &nbsp;&nbsp;City of Kalispell | &nbsp;&nbsp;City of Kalispell | &nbsp;&nbsp;City of Kalispell | &nbsp;&nbsp;City of Kalispell |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Immanuel Lutheran Corp. Project | &nbsp;&nbsp;Immanuel Lutheran Corp. Project | &nbsp;&nbsp;Immanuel Lutheran Corp. Project | &nbsp;&nbsp;Immanuel Lutheran Corp. Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1232359 |
| &nbsp;&nbsp;**Nevada 1.0%** | &nbsp;&nbsp;**Nevada 1.0%** | &nbsp;&nbsp;**Nevada 1.0%** | &nbsp;&nbsp;**Nevada 1.0%** |
| &nbsp;&nbsp;City of Reno<sup>(b),(c)</sup> | &nbsp;&nbsp;City of Reno<sup>(b),(c)</sup> | &nbsp;&nbsp;City of Reno<sup>(b),(c)</sup> | &nbsp;&nbsp;City of Reno<sup>(b),(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Retrac-Reno Transportation Rail Access Corridor Project | &nbsp;&nbsp;Retrac-Reno Transportation Rail Access Corridor Project | &nbsp;&nbsp;Retrac-Reno Transportation Rail Access Corridor Project | &nbsp;&nbsp;Retrac-Reno Transportation Rail Access Corridor Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;0.000% | 16000000 | &nbsp;&nbsp;1880115 |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(c)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(c)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(c)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/15/2045 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;2515000 | &nbsp;&nbsp;2373802 |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;1375487 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5629404** |
| &nbsp;&nbsp;**New Hampshire 0.7%** | &nbsp;&nbsp;**New Hampshire 0.7%** | &nbsp;&nbsp;**New Hampshire 0.7%** | &nbsp;&nbsp;**New Hampshire 0.7%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;3444648 |
| &nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act<sup>(d)</sup> | &nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act<sup>(d)</sup> | &nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act<sup>(d)</sup> | &nbsp;&nbsp;New Hampshire Health and Education Facilities Authority Act<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Hillside Village | &nbsp;&nbsp;Hillside Village | &nbsp;&nbsp;Hillside Village | &nbsp;&nbsp;Hillside Village |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2086967 | &nbsp;&nbsp;&nbsp;&nbsp;459133 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3903781** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**New Jersey 2.3%** | &nbsp;&nbsp;**New Jersey 2.3%** | &nbsp;&nbsp;**New Jersey 2.3%** | &nbsp;&nbsp;**New Jersey 2.3%** |
| &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) | &nbsp;&nbsp;Camden County Improvement Authority (The) |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - Cooper Norcross Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2062 | &nbsp;&nbsp;6.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1036994 |
| &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;11/15/2062 | &nbsp;&nbsp;6.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1117081 |
| &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(d)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(d)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(d)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Heldrich Center Hotel | &nbsp;&nbsp;Heldrich Center Hotel | &nbsp;&nbsp;Heldrich Center Hotel | &nbsp;&nbsp;Heldrich Center Hotel |
| &nbsp;&nbsp;Series 2005C | &nbsp;&nbsp;Series 2005C | &nbsp;&nbsp;Series 2005C | &nbsp;&nbsp;Series 2005C |
| &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;0.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Economic Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;UMM Energy Partners LLC | &nbsp;&nbsp;UMM Energy Partners LLC | &nbsp;&nbsp;UMM Energy Partners LLC | &nbsp;&nbsp;UMM Energy Partners LLC |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;5.125% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2000155 |
| &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW | &nbsp;&nbsp;Series 2015WW |
| &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357394 |
| &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Jersey Higher Education Student Assistance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2013-1B | &nbsp;&nbsp;Subordinated Series 2013-1B | &nbsp;&nbsp;Subordinated Series 2013-1B | &nbsp;&nbsp;Subordinated Series 2013-1B |
| &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;4.750% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5000885 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program | &nbsp;&nbsp;Transportation Program |
| &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA | &nbsp;&nbsp;Series 2015AA |
| &nbsp;&nbsp;06/15/2045 | &nbsp;&nbsp;5.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1766143 |
| &nbsp;&nbsp;South Jersey Port Corp.<sup>(a)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(a)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(a)</sup> | &nbsp;&nbsp;South Jersey Port Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal | &nbsp;&nbsp;Marine Terminal |
| &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B | &nbsp;&nbsp;Subordinated Series 2017B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588539 |
| &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;5.000% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990632 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**12857835** |
| &nbsp;&nbsp;**New York 5.2%** | &nbsp;&nbsp;**New York 5.2%** | &nbsp;&nbsp;**New York 5.2%** | &nbsp;&nbsp;**New York 5.2%** |
| &nbsp;&nbsp;Build NYC Resource Corp. | &nbsp;&nbsp;Build NYC Resource Corp. | &nbsp;&nbsp;Build NYC Resource Corp. | &nbsp;&nbsp;Build NYC Resource Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;6.000% | 4330000 | &nbsp;&nbsp;&nbsp;&nbsp;4330472 |

---

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

12 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Build NYC Resource Corp.<sup>(c)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(c)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(c)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School | &nbsp;&nbsp;International Leadership Charter School |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;&nbsp;&nbsp;715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716313 |
| &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Glen Cove Local Economic Assistance Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point | &nbsp;&nbsp;Garvies Point |
| &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS | &nbsp;&nbsp;Series 2016 CABS |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2068273 |
| &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. | &nbsp;&nbsp;Huntington Local Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project | &nbsp;&nbsp;Fountaingate Garden Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1157425 |
| &nbsp;&nbsp;Jefferson County Industrial Development Agency<sup>(a),(c)</sup> | &nbsp;&nbsp;Jefferson County Industrial Development Agency<sup>(a),(c)</sup> | &nbsp;&nbsp;Jefferson County Industrial Development Agency<sup>(a),(c)</sup> | &nbsp;&nbsp;Jefferson County Industrial Development Agency<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;ReEnergy Black River LLC P | &nbsp;&nbsp;ReEnergy Black River LLC P | &nbsp;&nbsp;ReEnergy Black River LLC P | &nbsp;&nbsp;ReEnergy Black River LLC P |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2024 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745200 |
| &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 |
| &nbsp;&nbsp;11/15/2055 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4035119 |
| &nbsp;&nbsp;Nassau County Tobacco Settlement Corp.<sup>(b)</sup> | &nbsp;&nbsp;Nassau County Tobacco Settlement Corp.<sup>(b)</sup> | &nbsp;&nbsp;Nassau County Tobacco Settlement Corp.<sup>(b)</sup> | &nbsp;&nbsp;Nassau County Tobacco Settlement Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Asset-Backed Revenue Bonds | &nbsp;&nbsp;Asset-Backed Revenue Bonds | &nbsp;&nbsp;Asset-Backed Revenue Bonds | &nbsp;&nbsp;Asset-Backed Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Third Series 2006D | &nbsp;&nbsp;Third Series 2006D | &nbsp;&nbsp;Third Series 2006D | &nbsp;&nbsp;Third Series 2006D |
| &nbsp;&nbsp;06/01/2060 | &nbsp;&nbsp;0.000% | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;1298072 |
| &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority | &nbsp;&nbsp;New York State Thruway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group | &nbsp;&nbsp;Personal Income Tax - Bidding Group |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/15/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2781178 |
| &nbsp;&nbsp;New York Transportation Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;John F. Kennedy International Airport Project | &nbsp;&nbsp;John F. Kennedy International Airport Project | &nbsp;&nbsp;John F. Kennedy International Airport Project | &nbsp;&nbsp;John F. Kennedy International Airport Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1263588 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5480342 |
| &nbsp;&nbsp;10/01/2045 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2275863 |
| &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Westchester County Local Development Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community | &nbsp;&nbsp;Purchase Senior Learning Community |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2315410 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28467255** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** |
| &nbsp;&nbsp;Durham Housing Authority | &nbsp;&nbsp;Durham Housing Authority | &nbsp;&nbsp;Durham Housing Authority | &nbsp;&nbsp;Durham Housing Authority |
| &nbsp;&nbsp;Prerefunded 01/31/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/31/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/31/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/31/23 Revenue Bonds |
| &nbsp;&nbsp;Magnolia Pointe Apartments | &nbsp;&nbsp;Magnolia Pointe Apartments | &nbsp;&nbsp;Magnolia Pointe Apartments | &nbsp;&nbsp;Magnolia Pointe Apartments |
| &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 | &nbsp;&nbsp;Series 2005 |
| &nbsp;&nbsp;02/01/2038 | &nbsp;&nbsp;5.650% | &nbsp;&nbsp;2810147 | &nbsp;&nbsp;&nbsp;&nbsp;2823311 |
| &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914917 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lutheran Services for the Aging | &nbsp;&nbsp;Lutheran Services for the Aging | &nbsp;&nbsp;Lutheran Services for the Aging | &nbsp;&nbsp;Lutheran Services for the Aging |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;03/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1057874 |
| &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Triangle Expressway System Appropriation | &nbsp;&nbsp;Triangle Expressway System Appropriation | &nbsp;&nbsp;Triangle Expressway System Appropriation | &nbsp;&nbsp;Triangle Expressway System Appropriation |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731071 |
| &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority | &nbsp;&nbsp;North Carolina Turnpike Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Triangle Expressway System Senior Lien Turnpike | &nbsp;&nbsp;Triangle Expressway System Senior Lien Turnpike | &nbsp;&nbsp;Triangle Expressway System Senior Lien Turnpike | &nbsp;&nbsp;Triangle Expressway System Senior Lien Turnpike |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1166573 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6693746** |
| &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** |
| &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority | &nbsp;&nbsp;Buckeye Tobacco Settlement Financing Authority |
| &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds | &nbsp;&nbsp;Refunding Senior Revenue Bonds |
| &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 | &nbsp;&nbsp;Series 2020B-2 |
| &nbsp;&nbsp;06/01/2055 | &nbsp;&nbsp;5.000% | 16370000 | &nbsp;&nbsp;14998631 |
| &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion | &nbsp;&nbsp;County of Marion |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. | &nbsp;&nbsp;United Church Homes, Inc. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;&nbsp;&nbsp;1643473 |
| &nbsp;&nbsp;Hickory Chase Community Authority<sup>(c)</sup> | &nbsp;&nbsp;Hickory Chase Community Authority<sup>(c)</sup> | &nbsp;&nbsp;Hickory Chase Community Authority<sup>(c)</sup> | &nbsp;&nbsp;Hickory Chase Community Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Hickory Chase Project | &nbsp;&nbsp;Hickory Chase Project | &nbsp;&nbsp;Hickory Chase Project | &nbsp;&nbsp;Hickory Chase Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;1244698 |
| &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC | &nbsp;&nbsp;1st Mortgage - Tapestry Wickliffe LLC |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5600000 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 |
| &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. | &nbsp;&nbsp;Ohio Valley Electric Crop. |
| &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2019 (Mandatory Put 10/01/29) |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;2.600% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445210 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 13

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;01/15/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440367 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20172379** |
| &nbsp;&nbsp;**Oregon 0.8%** | &nbsp;&nbsp;**Oregon 0.8%** | &nbsp;&nbsp;**Oregon 0.8%** | &nbsp;&nbsp;**Oregon 0.8%** |
| &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823377 |
| &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.500% | 3115000 | &nbsp;&nbsp;&nbsp;&nbsp;3037983 |
| &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program | &nbsp;&nbsp;Single Family Mortgage Program |
| &nbsp;&nbsp;Series 2018C | &nbsp;&nbsp;Series 2018C | &nbsp;&nbsp;Series 2018C | &nbsp;&nbsp;Series 2018C |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725659 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4587019** |
| &nbsp;&nbsp;**Pennsylvania 3.4%** | &nbsp;&nbsp;**Pennsylvania 3.4%** | &nbsp;&nbsp;**Pennsylvania 3.4%** | &nbsp;&nbsp;**Pennsylvania 3.4%** |
| &nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority<sup>(c)</sup> | &nbsp;&nbsp;Allentown Neighborhood Improvement Zone Development Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;City Center Project | &nbsp;&nbsp;City Center Project | &nbsp;&nbsp;City Center Project | &nbsp;&nbsp;City Center Project |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;05/01/2042 | &nbsp;&nbsp;5.250% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2777196 |
| &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority | &nbsp;&nbsp;Commonwealth Financing Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment | &nbsp;&nbsp;Tobacco Master Settlement Payment |
| &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) |
| &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;4.000% | 1365000 | &nbsp;&nbsp;&nbsp;&nbsp;1368176 |
| &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania | &nbsp;&nbsp;Commonwealth of Pennsylvania |
| &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2391211 |
| &nbsp;&nbsp;Dauphin County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Dauphin County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Dauphin County Industrial Development Authority<sup>(a)</sup> | &nbsp;&nbsp;Dauphin County Industrial Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Dauphin Consolidated Water Supply | &nbsp;&nbsp;Dauphin Consolidated Water Supply | &nbsp;&nbsp;Dauphin Consolidated Water Supply | &nbsp;&nbsp;Dauphin Consolidated Water Supply |
| &nbsp;&nbsp;Series 1992A | &nbsp;&nbsp;Series 1992A | &nbsp;&nbsp;Series 1992A | &nbsp;&nbsp;Series 1992A |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;6.900% | 3200000 | &nbsp;&nbsp;&nbsp;&nbsp;3379561 |
| &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority | &nbsp;&nbsp;Franklin County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project | &nbsp;&nbsp;Menno-Haven, Inc. Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;5.000% | 1900000 | &nbsp;&nbsp;&nbsp;&nbsp;1519787 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority | &nbsp;&nbsp;Montgomery County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project | &nbsp;&nbsp;Meadowood Senior Living Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975839 |
| &nbsp;&nbsp;Northampton County Industrial Development Authority | &nbsp;&nbsp;Northampton County Industrial Development Authority | &nbsp;&nbsp;Northampton County Industrial Development Authority | &nbsp;&nbsp;Northampton County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Morningstar Senior Living, Inc. Project | &nbsp;&nbsp;Morningstar Senior Living, Inc. Project | &nbsp;&nbsp;Morningstar Senior Living, Inc. Project | &nbsp;&nbsp;Morningstar Senior Living, Inc. Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2049 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1381853 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(c),(d)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(c),(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;0.000% | 2750000 | &nbsp;&nbsp;&nbsp;&nbsp;1045000 |
| &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development | &nbsp;&nbsp;Philadelphia Authority for Industrial Development |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Philadelphia Preparatory Charter School | &nbsp;&nbsp;1st Philadelphia Preparatory Charter School | &nbsp;&nbsp;1st Philadelphia Preparatory Charter School | &nbsp;&nbsp;1st Philadelphia Preparatory Charter School |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;7.000% | 1870000 | &nbsp;&nbsp;&nbsp;&nbsp;1953876 |
| &nbsp;&nbsp;Scranton School District | &nbsp;&nbsp;Scranton School District | &nbsp;&nbsp;Scranton School District | &nbsp;&nbsp;Scranton School District |
| &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds | &nbsp;&nbsp;Limited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2017D (NPFGC) | &nbsp;&nbsp;Series 2017D (NPFGC) | &nbsp;&nbsp;Series 2017D (NPFGC) | &nbsp;&nbsp;Series 2017D (NPFGC) |
| &nbsp;&nbsp;06/01/2037 | &nbsp;&nbsp;4.250% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1762125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18554624** |
| &nbsp;&nbsp;**Puerto Rico 6.5%** | &nbsp;&nbsp;**Puerto Rico 6.5%** | &nbsp;&nbsp;**Puerto Rico 6.5%** | &nbsp;&nbsp;**Puerto Rico 6.5%** |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(b),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(b),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(b),(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(b),(g)</sup> |
| &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;0.000% | 3001691 | &nbsp;&nbsp;&nbsp;&nbsp;1339505 |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;0.000% | 2384607 | &nbsp;&nbsp;&nbsp;&nbsp;1084996 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;168169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154467 |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(g)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 | &nbsp;&nbsp;Series 2021-A1 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;5.750% | 1631118 | &nbsp;&nbsp;&nbsp;&nbsp;1672078 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;503640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437746 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;452705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384975 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;388540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323709 |
| &nbsp;&nbsp;07/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;528266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423028 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;4.000% | 1719389 | &nbsp;&nbsp;&nbsp;&nbsp;1322468 |
| &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(g)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2868473 |

---

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

14 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(d),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT | &nbsp;&nbsp;Series 2007TT |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1475000 |
| &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;6290000 |
| &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(d),(g)</sup> | &nbsp;&nbsp;Puerto Rico Highway & Transportation Authority<sup>(d),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2005K | &nbsp;&nbsp;Series 2005K | &nbsp;&nbsp;Series 2005K | &nbsp;&nbsp;Series 2005K |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Series 2007M | &nbsp;&nbsp;Series 2007M | &nbsp;&nbsp;Series 2007M | &nbsp;&nbsp;Series 2007M |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611000 |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Series 2003G | &nbsp;&nbsp;Series 2003G | &nbsp;&nbsp;Series 2003G | &nbsp;&nbsp;Series 2003G |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(b),(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(b),(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | 44000000 | &nbsp;&nbsp;11034104 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(g)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5677864 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**35499413** |
| &nbsp;&nbsp;**South Carolina 2.1%** | &nbsp;&nbsp;**South Carolina 2.1%** | &nbsp;&nbsp;**South Carolina 2.1%** | &nbsp;&nbsp;**South Carolina 2.1%** |
| &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority | &nbsp;&nbsp;South Carolina Jobs-Economic Development Authority |
| &nbsp;&nbsp;Prerefunded 11/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/01/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/01/24 Revenue Bonds |
| &nbsp;&nbsp;York Preparatory Academy Project | &nbsp;&nbsp;York Preparatory Academy Project | &nbsp;&nbsp;York Preparatory Academy Project | &nbsp;&nbsp;York Preparatory Academy Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4334389 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lutheran Homes of South Carolina, Inc. Obligation Group | &nbsp;&nbsp;Lutheran Homes of South Carolina, Inc. Obligation Group | &nbsp;&nbsp;Lutheran Homes of South Carolina, Inc. Obligation Group | &nbsp;&nbsp;Lutheran Homes of South Carolina, Inc. Obligation Group |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628238 |
| &nbsp;&nbsp;05/01/2048 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1235412 |
| &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5139362 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11337401** |
| &nbsp;&nbsp;**Tennessee 0.6%** | &nbsp;&nbsp;**Tennessee 0.6%** | &nbsp;&nbsp;**Tennessee 0.6%** | &nbsp;&nbsp;**Tennessee 0.6%** |
| &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) | &nbsp;&nbsp;Farms at Bailey Station Project (The) |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2059 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3211019 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Texas 7.9%** | &nbsp;&nbsp;**Texas 7.9%** | &nbsp;&nbsp;**Texas 7.9%** | &nbsp;&nbsp;**Texas 7.9%** |
| &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Angelina & Neches River Authority<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project | &nbsp;&nbsp;Jefferson Enterprise Energy LLC Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;7.500% | 3000000 | &nbsp;&nbsp;2286457 |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Legacy Traditional Schools | &nbsp;&nbsp;Legacy Traditional Schools | &nbsp;&nbsp;Legacy Traditional Schools | &nbsp;&nbsp;Legacy Traditional Schools |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;02/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp;4.500% | 2330000 | &nbsp;&nbsp;1667082 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas | &nbsp;&nbsp;Brooks Academies of Texas |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2625000 | &nbsp;&nbsp;2137066 |
| &nbsp;&nbsp;Brazoria County Industrial Development Corp.<sup>(a),(c),(f)</sup> | &nbsp;&nbsp;Brazoria County Industrial Development Corp.<sup>(a),(c),(f)</sup> | &nbsp;&nbsp;Brazoria County Industrial Development Corp.<sup>(a),(c),(f)</sup> | &nbsp;&nbsp;Brazoria County Industrial Development Corp.<sup>(a),(c),(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Aleon Renewable Metals LLC Project | &nbsp;&nbsp;Aleon Renewable Metals LLC Project | &nbsp;&nbsp;Aleon Renewable Metals LLC Project | &nbsp;&nbsp;Aleon Renewable Metals LLC Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;10.000% | 2000000 | &nbsp;&nbsp;1953148 |
| &nbsp;&nbsp;City of Houston Airport System<sup>(a)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(a)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(a)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;United Airlines, Inc. Airport Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Airport Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Airport Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Airport Improvement Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;5.000% | 2350000 | &nbsp;&nbsp;2381767 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;United Airlines, Inc. Terminal Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Terminal Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Terminal Improvement Projects | &nbsp;&nbsp;United Airlines, Inc. Terminal Improvement Projects |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 2850000 | &nbsp;&nbsp;2386322 |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;International Leadership of Texas | &nbsp;&nbsp;International Leadership of Texas | &nbsp;&nbsp;International Leadership of Texas | &nbsp;&nbsp;International Leadership of Texas |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;5.750% | 3500000 | &nbsp;&nbsp;3521371 |
| &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4.000% | 1200000 | &nbsp;&nbsp;1174515 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | 3500000 | &nbsp;&nbsp;3150000 |
| &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | 1630000 | &nbsp;&nbsp;&nbsp;&nbsp;896500 |
| &nbsp;&nbsp;Series 2016A-1 | &nbsp;&nbsp;Series 2016A-1 | &nbsp;&nbsp;Series 2016A-1 | &nbsp;&nbsp;Series 2016A-1 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;665000 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 15

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp.<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cumberland Academy Project | &nbsp;&nbsp;Cumberland Academy Project | &nbsp;&nbsp;Cumberland Academy Project | &nbsp;&nbsp;Cumberland Academy Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;892803 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;NCCD-College Station Properties LLC | &nbsp;&nbsp;NCCD-College Station Properties LLC | &nbsp;&nbsp;NCCD-College Station Properties LLC | &nbsp;&nbsp;NCCD-College Station Properties LLC |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;850000 |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;850000 |
| &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project | &nbsp;&nbsp;Westminster Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2055 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;369022 |
| &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(c)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(c)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(c)</sup> | &nbsp;&nbsp;Port Beaumont Navigation District<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;01/01/2050 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;1467725 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project | &nbsp;&nbsp;Jefferson Gulf Coast Energy Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;01/01/2050 | &nbsp;&nbsp;3.000% | 1750000 | &nbsp;&nbsp;1051441 |
| &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/15/2046 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;901120 |
| &nbsp;&nbsp;Red River Health Facilities Development Corp. | &nbsp;&nbsp;Red River Health Facilities Development Corp. | &nbsp;&nbsp;Red River Health Facilities Development Corp. | &nbsp;&nbsp;Red River Health Facilities Development Corp. |
| &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds | &nbsp;&nbsp;Prerefunded 11/15/24 Revenue Bonds |
| &nbsp;&nbsp;MRC Crossings Project | &nbsp;&nbsp;MRC Crossings Project | &nbsp;&nbsp;MRC Crossings Project | &nbsp;&nbsp;MRC Crossings Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;8.000% | 2000000 | &nbsp;&nbsp;2192845 |
| &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(c),(d)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(c),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Texas Pellets Project | &nbsp;&nbsp;Texas Pellets Project | &nbsp;&nbsp;Texas Pellets Project | &nbsp;&nbsp;Texas Pellets Project |
| &nbsp;&nbsp;Series 2012B | &nbsp;&nbsp;Series 2012B | &nbsp;&nbsp;Series 2012B | &nbsp;&nbsp;Series 2012B |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;0.000% | 4950000 | &nbsp;&nbsp;1237500 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(d)</sup> | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;CC Young Memorial Home | &nbsp;&nbsp;CC Young Memorial Home | &nbsp;&nbsp;CC Young Memorial Home | &nbsp;&nbsp;CC Young Memorial Home |
| &nbsp;&nbsp;Series 2009A | &nbsp;&nbsp;Series 2009A | &nbsp;&nbsp;Series 2009A | &nbsp;&nbsp;Series 2009A |
| &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;0.000% | 3000000 | &nbsp;&nbsp;1950000 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(a)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(a)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(a)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/30/2058 | &nbsp;&nbsp;5.000% | 4300000 | &nbsp;&nbsp;4250453 |
| &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/31/2040 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;1267019 |
| &nbsp;&nbsp;12/31/2055 | &nbsp;&nbsp;5.000% | 3515000 | &nbsp;&nbsp;3524247 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Texas Transportation Commission | &nbsp;&nbsp;Texas Transportation Commission | &nbsp;&nbsp;Texas Transportation Commission | &nbsp;&nbsp;Texas Transportation Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;State Highway 249 System Toll | &nbsp;&nbsp;State Highway 249 System Toll | &nbsp;&nbsp;State Highway 249 System Toll | &nbsp;&nbsp;State Highway 249 System Toll |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2057 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501663 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**43525066** |
| &nbsp;&nbsp;**Utah 2.5%** | &nbsp;&nbsp;**Utah 2.5%** | &nbsp;&nbsp;**Utah 2.5%** | &nbsp;&nbsp;**Utah 2.5%** |
| &nbsp;&nbsp;Black Desert Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Black Desert Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Black Desert Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Black Desert Public Infrastructure District<sup>(c)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Senior Bonds | &nbsp;&nbsp;Senior Bonds | &nbsp;&nbsp;Senior Bonds | &nbsp;&nbsp;Senior Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;03/01/2051 | &nbsp;&nbsp;4.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2257457 |
| &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Downtown East Streetcar Sewer Public Infrastructure District<sup>(c)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;03/01/2053 | &nbsp;&nbsp;6.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1981381 |
| &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;Mida Golf and Equestrian Center Public Infrastructure District<sup>(c)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2057 | &nbsp;&nbsp;4.625% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2213752 |
| &nbsp;&nbsp;Red Bridge Public Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Red Bridge Public Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Red Bridge Public Infrastructure District No. 1<sup>(c)</sup> | &nbsp;&nbsp;Red Bridge Public Infrastructure District No. 1<sup>(c)</sup> |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A |
| &nbsp;&nbsp;02/01/2041 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392895 |
| &nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;4.375% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829404 |
| &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B |
| &nbsp;&nbsp;08/15/2051 | &nbsp;&nbsp;7.375% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482102 |
| &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(c)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(c)</sup> |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.375% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3262003 |
| &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Utah Charter School Finance Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools | &nbsp;&nbsp;Ascent Academies Charter Schools |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2057 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2366649 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13785643** |
| &nbsp;&nbsp;**Virginia 2.4%** | &nbsp;&nbsp;**Virginia 2.4%** | &nbsp;&nbsp;**Virginia 2.4%** | &nbsp;&nbsp;**Virginia 2.4%** |
| &nbsp;&nbsp;City of Chesapeake Expressway Toll Road<sup>(f)</sup> | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road<sup>(f)</sup> | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road<sup>(f)</sup> | &nbsp;&nbsp;City of Chesapeake Expressway Toll Road<sup>(f)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;0.000% | 7530000 | &nbsp;&nbsp;&nbsp;&nbsp;7582639 |
| &nbsp;&nbsp;Hanover County Economic Development Authority | &nbsp;&nbsp;Hanover County Economic Development Authority | &nbsp;&nbsp;Hanover County Economic Development Authority | &nbsp;&nbsp;Hanover County Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Covenant Woods | &nbsp;&nbsp;Covenant Woods | &nbsp;&nbsp;Covenant Woods | &nbsp;&nbsp;Covenant Woods |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;5.000% | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1101086 |

---

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

16 Columbia High Yield Municipal Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. | &nbsp;&nbsp;Tobacco Settlement Financing Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Series 2007B-1 | &nbsp;&nbsp;Senior Series 2007B-1 | &nbsp;&nbsp;Senior Series 2007B-1 | &nbsp;&nbsp;Senior Series 2007B-1 |
| &nbsp;&nbsp;06/01/2047 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4659413 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**13343138** |
| &nbsp;&nbsp;**Washington 2.8%** | &nbsp;&nbsp;**Washington 2.8%** | &nbsp;&nbsp;**Washington 2.8%** | &nbsp;&nbsp;**Washington 2.8%** |
| &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;3.750% | 3295000 | &nbsp;&nbsp;&nbsp;&nbsp;3077953 |
| &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;6.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1278576 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;6.250% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2562268 |
| &nbsp;&nbsp;Tacoma Consolidated Local Improvement Districts | &nbsp;&nbsp;Tacoma Consolidated Local Improvement Districts | &nbsp;&nbsp;Tacoma Consolidated Local Improvement Districts | &nbsp;&nbsp;Tacoma Consolidated Local Improvement Districts |
| &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds |
| &nbsp;&nbsp;No. 65 | &nbsp;&nbsp;No. 65 | &nbsp;&nbsp;No. 65 | &nbsp;&nbsp;No. 65 |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;5.750% | 1220000 | &nbsp;&nbsp;&nbsp;&nbsp;1147390 |
| &nbsp;&nbsp;Washington State Convention Center Public Facilities District | &nbsp;&nbsp;Washington State Convention Center Public Facilities District | &nbsp;&nbsp;Washington State Convention Center Public Facilities District | &nbsp;&nbsp;Washington State Convention Center Public Facilities District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Junior Lodging Tax Green Notes | &nbsp;&nbsp;Junior Lodging Tax Green Notes | &nbsp;&nbsp;Junior Lodging Tax Green Notes | &nbsp;&nbsp;Junior Lodging Tax Green Notes |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;4.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2705404 |
| &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(c)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(c)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(c)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(c)</sup> |
| &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds |
| &nbsp;&nbsp;Heron's Key | &nbsp;&nbsp;Heron's Key | &nbsp;&nbsp;Heron's Key | &nbsp;&nbsp;Heron's Key |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;07/01/2050 | &nbsp;&nbsp;7.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3274420 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transforming Age Projects | &nbsp;&nbsp;Transforming Age Projects | &nbsp;&nbsp;Transforming Age Projects | &nbsp;&nbsp;Transforming Age Projects |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1396391 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**15442402** |
| &nbsp;&nbsp;**Wisconsin 4.5%** | &nbsp;&nbsp;**Wisconsin 4.5%** | &nbsp;&nbsp;**Wisconsin 4.5%** | &nbsp;&nbsp;**Wisconsin 4.5%** |
| &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority | &nbsp;&nbsp;Public Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes | &nbsp;&nbsp;Friends Homes |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;09/01/2054 | &nbsp;&nbsp;5.000% | 2665000 | &nbsp;&nbsp;&nbsp;&nbsp;2339618 |
| &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital | &nbsp;&nbsp;WakeMed Hospital |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | 4310000 | &nbsp;&nbsp;&nbsp;&nbsp;3795049 |
| &nbsp;&nbsp;Public Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(c)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. | &nbsp;&nbsp;Mary's Woods at Marylhurst, Inc. |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.250% | 2300000 | &nbsp;&nbsp;&nbsp;&nbsp;1956623 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects | &nbsp;&nbsp;Wonderful Foundations Charter School Portfolio Projects |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1936755 |
| &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sky Harbour Capital LLC Aviation Facilities Project | &nbsp;&nbsp;Sky Harbour Capital LLC Aviation Facilities Project | &nbsp;&nbsp;Sky Harbour Capital LLC Aviation Facilities Project | &nbsp;&nbsp;Sky Harbour Capital LLC Aviation Facilities Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;07/01/2054 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;3604614 |
| &nbsp;&nbsp;Wisconsin Center District<sup>(b)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(b)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(b)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated | &nbsp;&nbsp;Junior Dedicated |
| &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) | &nbsp;&nbsp;Series 2020D (AGM) |
| &nbsp;&nbsp;12/15/2060 | &nbsp;&nbsp;0.000% | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;2765808 |
| &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority | &nbsp;&nbsp;Wisconsin Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project | &nbsp;&nbsp;Cedar Crest, Inc. Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;04/01/2057 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2341642 |
| &nbsp;&nbsp;St. Camillus Health System, Inc. | &nbsp;&nbsp;St. Camillus Health System, Inc. | &nbsp;&nbsp;St. Camillus Health System, Inc. | &nbsp;&nbsp;St. Camillus Health System, Inc. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2054 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2438372 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652277 |
| &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project | &nbsp;&nbsp;PHW Muskego, Inc. Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2061 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;2773866 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**24604624** |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $636,040,263) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $636,040,263) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $636,040,263) | &nbsp;&nbsp;**536540088** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.7%** | &nbsp;&nbsp;**Money Market Funds 0.7%** | &nbsp;&nbsp;**Money Market Funds 0.7%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 1.776%<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;106038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106038 |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.656%<sup>(h)</sup> | &nbsp;&nbsp;3492880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492880 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,598,918) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $3,598,918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3598918** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $639,639,181)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $639,639,181)** | &nbsp;&nbsp;&nbsp;&nbsp;**540139006** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8353586** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$548492592** |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 17

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Notes to Portfolio of Investments
(a) Income from this security may be subject to alternative minimum tax.

(b) Zero coupon bond.

(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, 2022, the total value of these securities amounted to $129,718,957, which represents 23.65% of
total net assets.

(d) Represents a security in default.

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

(f) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of November 30, 2022.

(g) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At
November 30, 2022, the total value of these securities amounted to $35,499,413, which represents 6.47% of total net assets.

(h) The rate shown is the seven-day current annualized yield at November 30, 2022.

#### Abbreviation Legend
AGM Assured Guaranty Municipal Corporation <br> BAN Bond Anticipation Note <br> NPFGC National Public Finance Guarantee Corporation

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

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

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

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

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

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

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

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

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

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

18 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Fair value measurements (continued) The following table is a summary of the inputs used to value the Fund's investments at November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;536540088 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;536540088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 3598918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3598918 |
| &nbsp;&nbsp;Total Investments in Securities | 3598918 | &nbsp;&nbsp;&nbsp;&nbsp;536540088 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;540139006 |

---

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

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

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 19

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Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $639,639,181) | $540139006 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19243 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136877 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;554605131 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37211 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136877 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112539 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$548492592** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;660294805 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;(111802213) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$548492592** |

---

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

20 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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Statement of Assets and Liabilities (continued)

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $147153747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;16588146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7158233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.88 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$25200413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.87 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $217743108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;24544806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.87 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$13476259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.86 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $137760832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;15489511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.89 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 21

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Statement of Operations

Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;15143448 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;15162650 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236171 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86265) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149526 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;13013124 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(7509876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147748 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(6362128) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(52232280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109862) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(52342142) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(58704270) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(45691146)** |

---

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

22 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;$13013124 | &nbsp;&nbsp;&nbsp;&nbsp;$26631909 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6362128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829869 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(52342142) | &nbsp;&nbsp;&nbsp;&nbsp;(95286627) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(45691146) | &nbsp;&nbsp;&nbsp;&nbsp;(65824849) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;(3397884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6545320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419048) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1074895) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(6838193) | &nbsp;&nbsp;&nbsp;&nbsp;(18387335) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1078421) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;(2010851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116993) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(13260518) | &nbsp;&nbsp;&nbsp;&nbsp;(27622012) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(55397907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5620316) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;(114349571) | &nbsp;&nbsp;&nbsp;&nbsp;(99067177) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;662842163 | &nbsp;&nbsp;&nbsp;&nbsp;761909340 |
| &nbsp;&nbsp;**Net assets at end of period** | **$548492592** | &nbsp;&nbsp;**$662842163** |

---

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

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;3258365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29757296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65029652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5630466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(4549834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40947968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5688814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58747218) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(960417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8210387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11912900 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9787737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(166391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1413842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15196417) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4989664) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(696415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6298031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(961237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10125881) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(380608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3411048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(284265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2933869) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;7339989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67871083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11383196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119964905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (28069906) | &nbsp;&nbsp;&nbsp;&nbsp;(262190670) | &nbsp;&nbsp;&nbsp;&nbsp;(12574266) | &nbsp;&nbsp;&nbsp;&nbsp;(131029954) |
| &nbsp;&nbsp;Net decrease | (20225201) | &nbsp;&nbsp;&nbsp;&nbsp;(189770130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1708000) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5767471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23347547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(749636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6716897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3171988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33446833) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9021425) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;18007669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171020732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(2893392) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25950535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1192631) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;15123083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145149634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119742 |
| &nbsp;&nbsp;**Total net decrease** | &nbsp;&nbsp;&nbsp;**(6371061)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(55397907)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(818077)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5620316)** |

---

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

24 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.84) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.04 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.74 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.77) | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.56 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.64 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.05 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;(1.29) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.97 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.76 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.57 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.65 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.68) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.04 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;(1.00) | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.74 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.77) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.56 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.64 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.73 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.05 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(0.92) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.40) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.96 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.75 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.56 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.64 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.72 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.85) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.04 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.95 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.38) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.74 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.77) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.55 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.63 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.49) |

---

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

26 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.87 | (6.73%) | 0.86%<sup>(c),(d)</sup> | 0.84%<sup>(c),(d),(e)</sup> | 4.22%<sup>(c)</sup> | &nbsp;&nbsp;6% | $147154 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.72 | (8.75%) | 0.86%<sup>(d)</sup> | 0.85%<sup>(d),(e)</sup> | 3.39% | 30% | $170634 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.04 | 14.64% | 0.87%<sup>(f)</sup> | 0.85%<sup>(e),(f)</sup> | 3.41% | 22% | $182125 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.96 | (3.41%) | 0.88%<sup>(d),(f)</sup> | 0.87%<sup>(d),(e),(f)</sup> | 3.98% | 46% | $164388 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.74 | &nbsp;&nbsp;6.42% | 0.88% | 0.85%<sup>(e)</sup> | 4.16% | 35% | $172655 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.56 | &nbsp;&nbsp;3.68% | 0.88% | 0.85%<sup>(e)</sup> | 4.04% | 16% | $132807 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.88 | (6.72%) | 0.67%<sup>(c),(d)</sup> | 0.64%<sup>(c),(d),(e)</sup> | 4.43%<sup>(c)</sup> | &nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;$7158 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.74 | (8.47%) | 0.66%<sup>(d)</sup> | 0.65%<sup>(d),(e)</sup> | 3.46% | 30% | &nbsp;&nbsp;&nbsp;$6318 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.05 | 14.86% | 0.68%<sup>(f)</sup> | 0.65%<sup>(e),(f)</sup> | 3.61% | 22% | &nbsp;&nbsp;$12442 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.97 | (3.30%) | 0.68%<sup>(d),(f)</sup> | 0.67%<sup>(d),(e),(f)</sup> | 4.17% | 46% | &nbsp;&nbsp;&nbsp;$5549 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.76 | &nbsp;&nbsp;6.73% | 0.68% | 0.65%<sup>(e)</sup> | 4.35% | 35% | &nbsp;&nbsp;&nbsp;$5318 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.57 | &nbsp;&nbsp;3.89% | 0.68% | 0.65%<sup>(e)</sup> | 4.24% | 16% | &nbsp;&nbsp;&nbsp;$4752 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.87 | (7.01%) | 1.46%<sup>(c),(d)</sup> | 1.44%<sup>(c),(d),(e)</sup> | 3.61%<sup>(c)</sup> | &nbsp;&nbsp;6% | &nbsp;&nbsp;$25200 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.72 | (9.30%) | 1.52%<sup>(d)</sup> | 1.45%<sup>(d),(e)</sup> | 2.77% | 30% | &nbsp;&nbsp;$31324 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.04 | 13.94% | 1.62%<sup>(f)</sup> | 1.47%<sup>(e),(f),(g)</sup> | 2.80% | 22% | &nbsp;&nbsp;$38720 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.96 | (4.04%) | 1.63%<sup>(d),(f)</sup> | 1.52%<sup>(d),(e),(f),(g)</sup> | 3.34% | 46% | &nbsp;&nbsp;$42578 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.74 | &nbsp;&nbsp;5.73% | 1.63% | 1.50%<sup>(e),(g)</sup> | 3.50% | 35% | &nbsp;&nbsp;$51214 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.56 | &nbsp;&nbsp;3.01% | 1.63% | 1.50%<sup>(e),(g)</sup> | 3.39% | 16% | &nbsp;&nbsp;$49519 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.87 | (6.73%) | 0.66%<sup>(c),(d)</sup> | 0.64%<sup>(c),(d),(e)</sup> | 4.35%<sup>(c)</sup> | &nbsp;&nbsp;6% | $217743 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.73 | (8.56%) | 0.66%<sup>(d)</sup> | 0.65%<sup>(d),(e)</sup> | 3.58% | 30% | $435400 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.05 | 14.97% | 0.67%<sup>(f)</sup> | 0.66%<sup>(e),(f)</sup> | 3.61% | 22% | $497969 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.96 | (3.31%) | 0.68%<sup>(d),(f)</sup> | 0.67%<sup>(d),(e),(f)</sup> | 4.19% | 46% | $481793 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.75 | &nbsp;&nbsp;6.73% | 0.68% | 0.65%<sup>(e)</sup> | 4.35% | 35% | $548850 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.56 | &nbsp;&nbsp;3.88% | 0.68% | 0.65%<sup>(e)</sup> | 4.24% | 16% | $562972 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.86 | (6.73%) | 0.64%<sup>(c),(d)</sup> | 0.61%<sup>(c),(d)</sup> | 4.44%<sup>(c)</sup> | &nbsp;&nbsp;6% | &nbsp;&nbsp;$13476 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.72 | (8.54%) | 0.63%<sup>(d)</sup> | 0.61%<sup>(d)</sup> | 3.54% | 30% | &nbsp;&nbsp;$15596 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.04 | 15.03% | 0.64%<sup>(f)</sup> | 0.62%<sup>(f)</sup> | 3.64% | 22% | &nbsp;&nbsp;$27815 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.95 | (3.28%) | 0.64%<sup>(d),(f)</sup> | 0.63%<sup>(d),(f)</sup> | 4.13% | 46% | &nbsp;&nbsp;$15702 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.74 | &nbsp;&nbsp;6.78% | 0.63% | 0.60% | 4.40% | 35% | &nbsp;&nbsp;$10868 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.55 | &nbsp;&nbsp;3.92% | 0.63% | 0.59% | 4.30% | 16% | &nbsp;&nbsp;&nbsp;$7767 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 27

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Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.75 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(0.65) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.07 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(0.91) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.98 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.77 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.33) | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.58 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;(0.51) | &nbsp;&nbsp;(0.51) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.66 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;(0.50) | &nbsp;&nbsp;(0.50) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **5/31/2021** | &nbsp;&nbsp;**5/31/2020** | &nbsp;&nbsp;**5/31/2019** | &nbsp;&nbsp;**5/31/2018** |
| &nbsp;&nbsp;Class C | 0.03% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.10% |

---

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

28 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.89 | (6.68%) | 0.60%<sup>(c),(d)</sup> | 0.56%<sup>(c),(d)</sup> | 4.70%<sup>(c)</sup> | &nbsp;&nbsp;6% | $137761 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.75 | (8.46%) | 0.58%<sup>(d)</sup> | 0.57%<sup>(d)</sup> | 3.69% | 30% | &nbsp;&nbsp;&nbsp;$3572 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.07 | 15.05% | 0.59%<sup>(f)</sup> | 0.57%<sup>(f)</sup> | 3.69% | 22% | &nbsp;&nbsp;&nbsp;$2838 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.98 | (3.21%) | 0.59%<sup>(d),(f)</sup> | 0.58%<sup>(d),(f)</sup> | 4.26% | 46% | &nbsp;&nbsp;&nbsp;$2170 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.77 | &nbsp;&nbsp;6.83% | 0.59% | 0.56% | 4.45% | 35% | &nbsp;&nbsp;&nbsp;$1933 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.58 | &nbsp;&nbsp;3.99% | 0.59% | 0.55% | 4.41% | 16% | &nbsp;&nbsp;&nbsp;$1533 |

---

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 29

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Notes to Financial Statements

November 30, 2022 (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. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

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

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

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

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

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

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

30 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_616_e10c9457-5553-4f8a-8a0a-72fb6a7f6768_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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

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

At November 30, 2022, the Fund had no outstanding derivatives.

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Notes to Financial Statements (continued)

November 30, 2022 (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, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;1147748 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;(109862) |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 14140484 |

---

\* Based on the ending daily outstanding amounts for the six months ended November 30, 2022.

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

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

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

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

Dividend income is recorded on the ex-dividend date.

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

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

Columbia High Yield Municipal Fund \| Semiannual Report 2022 33

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.54% to 0.34% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended November 30, 2022 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 "Compensation of board members" in the Statement of Operations.

34 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

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

For the six months ended November 30, 2022, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.08 |
| &nbsp;&nbsp;Advisor Class | 0.08 |
| &nbsp;&nbsp;Class C | 0.08 |
| &nbsp;&nbsp;Institutional Class | 0.08 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended November 30, 2022, these minimum account balance fees reduced total expenses of the Fund by $380.

#### 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.

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Sales charges
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, 2022, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42603 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 |

---

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

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

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

#### 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:

---

| | | |
|:---|:---|:---|
|  | **October 1, 2022<br> through<br> September 30, 2023** | **Prior to<br> October 1, 2022** |
| &nbsp;&nbsp;Class A | 0.83% | 0.85% |
| &nbsp;&nbsp;Advisor Class | 0.63 | 0.65 |
| &nbsp;&nbsp;Class C | 1.43 | 1.45 |
| &nbsp;&nbsp;Institutional Class | 0.63 | 0.65 |
| &nbsp;&nbsp;Institutional 2 Class | 0.60 | 0.62 |
| &nbsp;&nbsp;Institutional 3 Class | 0.55 | 0.57 |

---

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.

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

At November 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;639639000 | 8608000 | (108108000) | (99500000) |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;(2409939) | (4983517) | (7393456) |

---

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 $37,573,568 and $95,877,426, respectively, for the six months ended November 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

The Fund's activity in the Interfund Program during the six months ended November 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 1521053 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;19 |

---

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at November 30, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

The Fund had no borrowings during the six months ended November 30, 2022.

Note 8. Significant risks

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

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

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

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

#### Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund's ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

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

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

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

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

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

#### Shareholder concentration risk
At November 30, 2022, one unaffiliated shareholder of record owned 29.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 21.8% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

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

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

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## Approval of Management Agreement
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia 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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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 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

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

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## Approval of Management Agreement (continued) (Unaudited) 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, as well as planned 2022 initiatives in this regard. 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. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

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 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. 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

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) 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.

42 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) 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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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 \| Semiannual Report 2022 43

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Approval of Management Agreement (continued)

(Unaudited)

On June 23, 2022, 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.

44 Columbia High Yield Municipal Fund \| Semiannual Report 2022

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#### Columbia High Yield Municipal Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img4fd0e6dd2.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

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

columbiathreadneedleus.com/investor/

SAR161_05_N01_(01/23)

------

![](img3798c9fd1.jpg)

Semiannual Report

November 30, 2022 (Unaudited)

![](img5ae0f2d42.jpg)

Columbia Adaptive Risk Allocation Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_eb66c9a5-7b44-4ab7-b0a3-1bd43755158a_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_72f54c13-1936-486c-ad3a-fbe50b80b923_1)<br>| 5 |
| [Portfolio of Investments](#xx_186c55a7-e551-4260-a4d6-90bd4bdd9f9a_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_1ac2134b-9fac-4273-8a87-bb1a2a93eb19_1)<br>| 14 |
| [Statement of Operations](#xx_1ac2134b-9fac-4273-8a87-bb1a2a93eb19_3)<br>| 16 |
| [Statement of Changes in Net Assets](#xx_1ac2134b-9fac-4273-8a87-bb1a2a93eb19_4)<br>| 17 |
| [Financial Highlights](#xx_953a75a7-4b4d-4e3d-af74-ef2a08e635a9_2)<br>| 20 |
| [Notes to Financial Statements](#xx_c8b31df9-c94a-49ac-8279-ea8e57c3e261_1)<br>| 24 |
| [Approval of Management Agreement](#xx_a5afa271-b1be-4385-b8b4-b6fea7666ab2_1)<br>| 42 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

You may obtain the current net asset value (NAV) of Fund shares at no cost by calling 800.345.6611 or by sending an e-mail to serviceinquiries@columbiathreadneedle.com.

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund pursues consistent total returns by seeking to allocate risks across multiple asset classes.

Portfolio management

#### Joshua Kutin, CFA
Lead Portfolio Manager

Managed Fund since 2015

#### Alexander Wilkinson, CFA, CAIA
Portfolio Manager

Managed Fund since 2018

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended November 30, 2022)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-4.33 | &nbsp;&nbsp;&nbsp;&nbsp;-10.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-9.82 | &nbsp;&nbsp;&nbsp;&nbsp;-15.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;10/01/14 | &nbsp;&nbsp;&nbsp;&nbsp;-4.22 | &nbsp;&nbsp;&nbsp;&nbsp;-10.54 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;06/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-4.58 | &nbsp;&nbsp;&nbsp;&nbsp;-11.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-5.53 | &nbsp;&nbsp;&nbsp;&nbsp;-12.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;06/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-4.23 | &nbsp;&nbsp;&nbsp;&nbsp;-10.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;06/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-4.21 | &nbsp;&nbsp;&nbsp;&nbsp;-10.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;10/01/14 | &nbsp;&nbsp;&nbsp;&nbsp;-4.21 | &nbsp;&nbsp;&nbsp;&nbsp;-10.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;06/19/12 | &nbsp;&nbsp;&nbsp;&nbsp;-4.39 | &nbsp;&nbsp;&nbsp;&nbsp;-10.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 |
| &nbsp;&nbsp;Modified Blended Benchmark | &nbsp;&nbsp;Modified Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-3.91 | &nbsp;&nbsp;&nbsp;&nbsp;-13.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| &nbsp;&nbsp;New Blended Benchmark | &nbsp;&nbsp;New Blended Benchmark |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-9.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 |
| &nbsp;&nbsp;FTSE Three-Month U.S. Treasury Bill Index | &nbsp;&nbsp;FTSE Three-Month U.S. Treasury Bill Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |

---

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

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

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

The Modified Blended Benchmark consists of 60% MSCI ACWI (Net) and 40% Bloomberg Global Aggregate Bond Index.

The New Blended Benchmark consists of 60% MSCI ACWI (Net) Hedged to DM Currencies and 40% Bloomberg Global Aggregate Bond Hedged Index.

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

The Bloomberg Global Aggregate Bond Hedged Index is an unmanaged index that is comprised of several other Bloomberg indexes that measure fixed income performance of regions around the world while hedging the currency back to the US dollar.

The MSCI ACWI (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The MSCI ACWI (Net) captures large, mid, small and micro cap representation across 23 developed markets countries and large, mid and small cap representation across 23 emerging markets countries.

The MSCI ACWI (Net) Hedged to DM Currencies Index represents a close estimation of the performance that can be achieved by hedging the currency exposures of all developed market exposures of its parent index, the MSCI ACWI, to the USD, the "home" currency for the hedged index. The index is 100% hedged to the USD of developed market currencies by selling each foreign currency forward at the one-month Forward weight. The parent index is composed of large and mid cap stocks across 23 Developed Markets (DM) countries and 24 Emerging Markets (EM) countries.

The FTSE Three-Month U.S. Treasury Bill Index is an unmanaged index that represents the performance of three-month Treasury bills and reflects reinvestment of all distributions and changes in market prices.

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 3

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Fund at a Glance (continued)

(Unaudited)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at November 30, 2022)** |
| &nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;11.7 |
| &nbsp;&nbsp;Money Market Funds<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;39.6 |
| &nbsp;&nbsp;Multi-Asset/Tactical Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;18.6 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Includes investments in Money Market Funds which have been segregated to cover obligations relating to the Fund's investment in derivatives as part of its principal investment strategies. For a
description of the Fund's investments in derivatives, see Investments in derivatives following the Portfolio of Investments and the derivative instruments discussion in Note 2 to the Notes to Financial
Statements.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Market exposure by asset class categories (%)<sup>(a)</sup> (at November 30, 2022)** | &nbsp;&nbsp;**Market exposure by asset class categories (%)<sup>(a)</sup> (at November 30, 2022)** |
| &nbsp;&nbsp;Equity Assets | 12.4 |
| &nbsp;&nbsp;Inflation-Hedging Assets | 14.4 |
| &nbsp;&nbsp;Spread Assets | 16.1 |
| &nbsp;&nbsp;Interest Rate Assets | 61.1 |

---

(a) Percentages are based upon net assets. The percentages do not equal 100% due to the effects of leverage within the Fund's portfolio. Leverage exists when the Fund purchases or sells an instrument or enters into a transaction without investing cash in an amount equal to the full economic exposure of the instrument or transaction. The Fund's portfolio composition and its market exposure are subject to change. Inflation-Hedging Assets may include, but are not limited to, direct or indirect investments in commodity-related investments, including certain types of commodities-linked derivatives and notes, and U.S. and non-U.S. inflation-linked bonds. Interest Rate Assets generally include fixed-income securities issued by U.S. and non-U.S. governments. Spread Assets generally include any other fixed-income securities.

4 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** | &nbsp;&nbsp;**June 1, 2022 — November 30, 2022** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;956.70 | &nbsp;&nbsp;&nbsp;&nbsp;1019.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.80 | &nbsp;&nbsp;&nbsp;&nbsp;1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;954.20 | &nbsp;&nbsp;&nbsp;&nbsp;1016.14 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;957.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;956.10 | &nbsp;&nbsp;&nbsp;&nbsp;1018.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |

---

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

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 5

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

## Portfolio of Investments November 30, 2022 (Unaudited)
(Percentages represent value of investments compared to net assets)

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Strategies Funds 2.1%** | &nbsp;&nbsp;**Alternative Strategies Funds 2.1%** | &nbsp;&nbsp;**Alternative Strategies Funds 2.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class<sup>(a)</sup> | &nbsp;&nbsp;3850084 | &nbsp;&nbsp;80312767 |
| &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $72,792,806) | &nbsp;&nbsp;Total Alternative Strategies Funds<br> (Cost $72,792,806) | &nbsp;&nbsp;**80312767** |
| &nbsp;&nbsp;**Common Stocks 2.0%** | &nbsp;&nbsp;**Common Stocks 2.0%** | &nbsp;&nbsp;**Common Stocks 2.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** | &nbsp;&nbsp;**Consumer Discretionary 0.0%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 0.0%** |
| &nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp;1377531 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;&nbsp;&nbsp;**1377531** |
| &nbsp;&nbsp;**Real Estate 2.0%** | &nbsp;&nbsp;**Real Estate 2.0%** | &nbsp;&nbsp;**Real Estate 2.0%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 2.0%** |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23168 | &nbsp;&nbsp;&nbsp;&nbsp;3605172 |
| &nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73075 | &nbsp;&nbsp;&nbsp;&nbsp;2416590 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp;2570040 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20265 | &nbsp;&nbsp;&nbsp;&nbsp;3544348 |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116132 | &nbsp;&nbsp;&nbsp;&nbsp;2691940 |
| &nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14386 | &nbsp;&nbsp;&nbsp;&nbsp;1731067 |
| &nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22177 | &nbsp;&nbsp;&nbsp;&nbsp;1430417 |
| &nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6415 | &nbsp;&nbsp;&nbsp;&nbsp;4430520 |
| &nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55737 | &nbsp;&nbsp;&nbsp;&nbsp;3702052 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17273 | &nbsp;&nbsp;&nbsp;&nbsp;2775598 |
| &nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22866 | &nbsp;&nbsp;&nbsp;&nbsp;2540413 |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48992 | &nbsp;&nbsp;&nbsp;&nbsp;2476546 |
| &nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53499 | &nbsp;&nbsp;&nbsp;&nbsp;2814582 |
| &nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44938 | &nbsp;&nbsp;&nbsp;&nbsp;1180072 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143308 | &nbsp;&nbsp;&nbsp;&nbsp;2714254 |
| &nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102975 | &nbsp;&nbsp;&nbsp;&nbsp;3360074 |
| &nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14964 | &nbsp;&nbsp;&nbsp;&nbsp;1498495 |
| &nbsp;&nbsp;Life Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33007 | &nbsp;&nbsp;&nbsp;&nbsp;3547922 |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96013 | &nbsp;&nbsp;11309371 |
| &nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43224 | &nbsp;&nbsp;&nbsp;&nbsp;2726138 |
| &nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891016 |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31199 | &nbsp;&nbsp;&nbsp;&nbsp;3726409 |
| &nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872763 |
| &nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16358 | &nbsp;&nbsp;&nbsp;&nbsp;2402990 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | &nbsp;&nbsp;88522 | &nbsp;&nbsp;&nbsp;&nbsp;1721753 |
| &nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;59925 | &nbsp;&nbsp;&nbsp;&nbsp;4256473 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;76937015 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**76937015** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $85,315,365) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $85,315,365) | &nbsp;&nbsp;**78314546** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 19.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 19.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 19.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 19.2%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> 19.2%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Austria 2.3%** | &nbsp;&nbsp;**Austria 2.3%** | &nbsp;&nbsp;**Austria 2.3%** | &nbsp;&nbsp;**Austria 2.3%** | &nbsp;&nbsp;**Austria 2.3%** |
| &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d)</sup> |
| &nbsp;&nbsp;10/20/2026 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;50021000 | &nbsp;&nbsp;49443702 |
| &nbsp;&nbsp;05/23/2034 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;13773000 | &nbsp;&nbsp;14123983 |
| &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Republic of Austria Government Bond<sup>(d),(e)</sup> |
| &nbsp;&nbsp;02/20/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;26752000 | &nbsp;&nbsp;23441076 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**87008761** |
| &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** | &nbsp;&nbsp;**Belgium 1.7%** |
| &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Kingdom of Belgium Government Bond<sup>(d)</sup> |
| &nbsp;&nbsp;06/22/2031 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;27296000 | &nbsp;&nbsp;25497200 |
| &nbsp;&nbsp;04/22/2033 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;16075000 | &nbsp;&nbsp;14902939 |
| &nbsp;&nbsp;03/28/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;20098000 | &nbsp;&nbsp;26016031 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**66416170** |
| &nbsp;&nbsp;**China 1.1%** | &nbsp;&nbsp;**China 1.1%** | &nbsp;&nbsp;**China 1.1%** | &nbsp;&nbsp;**China 1.1%** | &nbsp;&nbsp;**China 1.1%** |
| &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank | &nbsp;&nbsp;China Development Bank |
| &nbsp;&nbsp;07/18/2032 | &nbsp;&nbsp;2.960% | &nbsp;&nbsp;CNY | 110000000 | &nbsp;&nbsp;15289633 |
| &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond | &nbsp;&nbsp;China Government Bond |
| &nbsp;&nbsp;11/21/2029 | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;38350000 | &nbsp;&nbsp;&nbsp;&nbsp;5481360 |
| &nbsp;&nbsp;05/21/2030 | &nbsp;&nbsp;2.680% | &nbsp;&nbsp;CNY | &nbsp;&nbsp;52200000 | &nbsp;&nbsp;&nbsp;&nbsp;7198804 |
| &nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp;2.760% | &nbsp;&nbsp;CNY | 110000000 | &nbsp;&nbsp;15188959 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**43158756** |
| &nbsp;&nbsp;**France 2.0%** | &nbsp;&nbsp;**France 2.0%** | &nbsp;&nbsp;**France 2.0%** | &nbsp;&nbsp;**France 2.0%** | &nbsp;&nbsp;**France 2.0%** |
| &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d),(e)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d),(e)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d),(e)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d),(e)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d),(e)</sup> |
| &nbsp;&nbsp;11/25/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;41936000 | &nbsp;&nbsp;36501424 |
| &nbsp;&nbsp;11/25/2031 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;9799000 | &nbsp;&nbsp;&nbsp;&nbsp;8310650 |
| &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> |
| &nbsp;&nbsp;05/25/2036 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;25317000 | &nbsp;&nbsp;22289419 |
| &nbsp;&nbsp;05/25/2045 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;9583464 | &nbsp;&nbsp;10974641 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**78076134** |

---

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

6 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** | &nbsp;&nbsp;**Italy 1.9%** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;39808000 | &nbsp;&nbsp;&nbsp;&nbsp;48715802 |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;24378000 | &nbsp;&nbsp;&nbsp;&nbsp;25669371 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**74385173** |
| &nbsp;&nbsp;**Japan 4.7%** | &nbsp;&nbsp;**Japan 4.7%** | &nbsp;&nbsp;**Japan 4.7%** | &nbsp;&nbsp;**Japan 4.7%** | &nbsp;&nbsp;**Japan 4.7%** |
| &nbsp;&nbsp;Japan Government 10-Year Bond | &nbsp;&nbsp;Japan Government 10-Year Bond | &nbsp;&nbsp;Japan Government 10-Year Bond | &nbsp;&nbsp;Japan Government 10-Year Bond | &nbsp;&nbsp;Japan Government 10-Year Bond |
| &nbsp;&nbsp;06/20/2031 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 4438000000 | &nbsp;&nbsp;&nbsp;&nbsp;31621617 |
| &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond | &nbsp;&nbsp;Japan Government 20-Year Bond |
| &nbsp;&nbsp;06/20/2041 | &nbsp;&nbsp;0.400% | &nbsp;&nbsp;JPY | 3894000000 | &nbsp;&nbsp;&nbsp;&nbsp;25003556 |
| &nbsp;&nbsp;09/20/2041 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;JPY | 2072200000 | &nbsp;&nbsp;&nbsp;&nbsp;13517722 |
| &nbsp;&nbsp;03/20/2042 | &nbsp;&nbsp;0.800% | &nbsp;&nbsp;JPY | 3417450000 | &nbsp;&nbsp;&nbsp;&nbsp;23453704 |
| &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond | &nbsp;&nbsp;Japan Government 30-Year Bond |
| &nbsp;&nbsp;06/20/2050 | &nbsp;&nbsp;0.600% | &nbsp;&nbsp;JPY | 2118000000 | &nbsp;&nbsp;&nbsp;&nbsp;12378070 |
| &nbsp;&nbsp;06/20/2051 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;JPY | 2267000000 | &nbsp;&nbsp;&nbsp;&nbsp;13446801 |
| &nbsp;&nbsp;09/20/2051 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;JPY | 1454400000 | &nbsp;&nbsp;&nbsp;&nbsp;8610623 |
| &nbsp;&nbsp;12/20/2051 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;JPY | 1796000000 | &nbsp;&nbsp;&nbsp;&nbsp;10599523 |
| &nbsp;&nbsp;03/20/2052 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;JPY | 2450650000 | &nbsp;&nbsp;&nbsp;&nbsp;15684623 |
| &nbsp;&nbsp;Japan Government Twenty-Year Bond | &nbsp;&nbsp;Japan Government Twenty-Year Bond | &nbsp;&nbsp;Japan Government Twenty-Year Bond | &nbsp;&nbsp;Japan Government Twenty-Year Bond | &nbsp;&nbsp;Japan Government Twenty-Year Bond |
| &nbsp;&nbsp;06/20/2042 | &nbsp;&nbsp;0.900% | &nbsp;&nbsp;JPY | 3847000000 | &nbsp;&nbsp;&nbsp;&nbsp;26863796 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**181180035** |
| &nbsp;&nbsp;**Netherlands 2.2%** | &nbsp;&nbsp;**Netherlands 2.2%** | &nbsp;&nbsp;**Netherlands 2.2%** | &nbsp;&nbsp;**Netherlands 2.2%** | &nbsp;&nbsp;**Netherlands 2.2%** |
| &nbsp;&nbsp;Netherlands Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d)</sup> |
| &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;46228000 | &nbsp;&nbsp;&nbsp;&nbsp;45541352 |
| &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;17575000 | &nbsp;&nbsp;&nbsp;&nbsp;15608159 |
| &nbsp;&nbsp;Netherlands Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d),(e)</sup> | &nbsp;&nbsp;Netherlands Government Bond<sup>(d),(e)</sup> |
| &nbsp;&nbsp;07/15/2031 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;27200000 | &nbsp;&nbsp;&nbsp;&nbsp;23627640 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**84777151** |
| &nbsp;&nbsp;**Spain 2.9%** | &nbsp;&nbsp;**Spain 2.9%** | &nbsp;&nbsp;**Spain 2.9%** | &nbsp;&nbsp;**Spain 2.9%** | &nbsp;&nbsp;**Spain 2.9%** |
| &nbsp;&nbsp;Spain Government Bond<sup>(e)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(e)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(e)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(e)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(e)</sup> |
| &nbsp;&nbsp;01/31/2028 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;27072000 | &nbsp;&nbsp;&nbsp;&nbsp;24710429 |
| &nbsp;&nbsp;Spain Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Bond<sup>(d)</sup> |
| &nbsp;&nbsp;04/30/2030 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;35595000 | &nbsp;&nbsp;&nbsp;&nbsp;31696746 |
| &nbsp;&nbsp;10/31/2030 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979000 | &nbsp;&nbsp;&nbsp;&nbsp;9309979 |
| &nbsp;&nbsp;07/30/2035 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;18340000 | &nbsp;&nbsp;&nbsp;&nbsp;16681049 |
| &nbsp;&nbsp;07/30/2041 | &nbsp;&nbsp;4.700% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234000 | &nbsp;&nbsp;&nbsp;&nbsp;9149704 |
| &nbsp;&nbsp;Spain Government Bond | &nbsp;&nbsp;Spain Government Bond | &nbsp;&nbsp;Spain Government Bond | &nbsp;&nbsp;Spain Government Bond | &nbsp;&nbsp;Spain Government Bond |
| &nbsp;&nbsp;07/30/2032 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;16377000 | &nbsp;&nbsp;&nbsp;&nbsp;21321591 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**112869498** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(b),(c)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** | &nbsp;&nbsp;**United Kingdom 0.4%** |
| &nbsp;&nbsp;United Kingdom Gilt<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt<sup>(d)</sup> |
| &nbsp;&nbsp;10/22/2028 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;10885000 | &nbsp;&nbsp;&nbsp;&nbsp;12018112 |
| &nbsp;&nbsp;01/22/2045 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257133 | &nbsp;&nbsp;&nbsp;&nbsp;3901508 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15919620** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $951,763,435) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $951,763,435) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $951,763,435) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $951,763,435) | &nbsp;&nbsp;**743791298** |
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 12.3%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 12.3%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 12.3%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 12.3%** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> 12.3%** |
| &nbsp;&nbsp;**Australia 0.4%** | &nbsp;&nbsp;**Australia 0.4%** | &nbsp;&nbsp;**Australia 0.4%** | &nbsp;&nbsp;**Australia 0.4%** | &nbsp;&nbsp;**Australia 0.4%** |
| &nbsp;&nbsp;Australia Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Bond<sup>(d)</sup> |
| &nbsp;&nbsp;11/21/2027 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541914 | &nbsp;&nbsp;&nbsp;&nbsp;3090202 |
| &nbsp;&nbsp;08/21/2035 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658030 | &nbsp;&nbsp;&nbsp;&nbsp;2676993 |
| &nbsp;&nbsp;08/21/2040 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243192 | &nbsp;&nbsp;&nbsp;&nbsp;1477093 |
| &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Australia Government Index-Linked Bond<sup>(d)</sup> |
| &nbsp;&nbsp;09/20/2025 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;10770177 | &nbsp;&nbsp;&nbsp;&nbsp;7930088 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**15174376** |
| &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** | &nbsp;&nbsp;**Canada 0.1%** |
| &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond | &nbsp;&nbsp;Canadian Government Real Return Bond |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122170 | &nbsp;&nbsp;&nbsp;&nbsp;1969801 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441136 | &nbsp;&nbsp;&nbsp;&nbsp;1313616 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976237 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**4259654** |
| &nbsp;&nbsp;**France 1.7%** | &nbsp;&nbsp;**France 1.7%** | &nbsp;&nbsp;**France 1.7%** | &nbsp;&nbsp;**France 1.7%** | &nbsp;&nbsp;**France 1.7%** |
| &nbsp;&nbsp;France Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;France Government Bond OAT<sup>(d)</sup> |
| &nbsp;&nbsp;07/25/2030 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;23282486 | &nbsp;&nbsp;&nbsp;&nbsp;26017880 |
| &nbsp;&nbsp;07/25/2032 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;14254451 | &nbsp;&nbsp;&nbsp;&nbsp;19594475 |
| &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> | &nbsp;&nbsp;French Republic Government Bond OAT<sup>(d)</sup> |
| &nbsp;&nbsp;07/25/2024 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8704320 | &nbsp;&nbsp;&nbsp;&nbsp;9339576 |
| &nbsp;&nbsp;07/25/2040 | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8345758 | &nbsp;&nbsp;&nbsp;&nbsp;11105471 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**66057402** |
| &nbsp;&nbsp;**Germany 0.4%** | &nbsp;&nbsp;**Germany 0.4%** | &nbsp;&nbsp;**Germany 0.4%** | &nbsp;&nbsp;**Germany 0.4%** | &nbsp;&nbsp;**Germany 0.4%** |
| &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Bundesrepublik Deutschland Bundesobligation Inflation-Linked Bond<sup>(d)</sup> |
| &nbsp;&nbsp;04/15/2030 | &nbsp;&nbsp;0.500% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;14115953 | &nbsp;&nbsp;&nbsp;&nbsp;15722308 |
| &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** | &nbsp;&nbsp;**Italy 1.6%** |
| &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> | &nbsp;&nbsp;Italy Buoni Poliennali Del Tesoro<sup>(d)</sup> |
| &nbsp;&nbsp;09/15/2026 | &nbsp;&nbsp;3.100% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;18796181 | &nbsp;&nbsp;&nbsp;&nbsp;21481992 |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;15073255 | &nbsp;&nbsp;&nbsp;&nbsp;15856688 |
| &nbsp;&nbsp;09/15/2035 | &nbsp;&nbsp;2.350% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;10721726 | &nbsp;&nbsp;&nbsp;&nbsp;12139996 |
| &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125145 | &nbsp;&nbsp;&nbsp;&nbsp;9717963 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**59196639** |
| &nbsp;&nbsp;**Japan 0.3%** | &nbsp;&nbsp;**Japan 0.3%** | &nbsp;&nbsp;**Japan 0.3%** | &nbsp;&nbsp;**Japan 0.3%** | &nbsp;&nbsp;**Japan 0.3%** |
| &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond | &nbsp;&nbsp;Japanese Government CPI-Linked Bond |
| &nbsp;&nbsp;03/10/2029 | &nbsp;&nbsp;0.100% | &nbsp;&nbsp;JPY | 1681249470 | &nbsp;&nbsp;&nbsp;&nbsp;12832778 |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 7

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** | &nbsp;&nbsp;**Inflation-Indexed Bonds<sup>(b)</sup> (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** |  | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** | &nbsp;&nbsp;**Spain 0.5%** |
| &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;Spain Government Inflation-Linked Bond<sup>(d)</sup> |
| &nbsp;&nbsp;11/30/2030 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;EUR | &nbsp;&nbsp;6866650 | &nbsp;&nbsp;&nbsp;&nbsp;7508819 |
| &nbsp;&nbsp;11/30/2033 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;EUR | 11037674 | &nbsp;&nbsp;&nbsp;&nbsp;11593031 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**19101850** |
| &nbsp;&nbsp;**United Kingdom 3.0%** | &nbsp;&nbsp;**United Kingdom 3.0%** | &nbsp;&nbsp;**United Kingdom 3.0%** | &nbsp;&nbsp;**United Kingdom 3.0%** | &nbsp;&nbsp;**United Kingdom 3.0%** |
| &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup> | &nbsp;&nbsp;United Kingdom Gilt Inflation-Linked Bond<sup>(d)</sup> |
| &nbsp;&nbsp;03/22/2029 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | 14443051 | &nbsp;&nbsp;&nbsp;&nbsp;18191210 |
| &nbsp;&nbsp;03/22/2034 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;GBP | 14135779 | &nbsp;&nbsp;&nbsp;&nbsp;19222801 |
| &nbsp;&nbsp;11/22/2037 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;GBP | 11573928 | &nbsp;&nbsp;&nbsp;&nbsp;16692107 |
| &nbsp;&nbsp;03/22/2044 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | 10320924 | &nbsp;&nbsp;&nbsp;&nbsp;12542203 |
| &nbsp;&nbsp;11/22/2047 | &nbsp;&nbsp;0.750% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;8699756 | &nbsp;&nbsp;&nbsp;&nbsp;12029507 |
| &nbsp;&nbsp;03/22/2052 | &nbsp;&nbsp;0.250% | &nbsp;&nbsp;GBP | 12195106 | &nbsp;&nbsp;&nbsp;&nbsp;15376126 |
| &nbsp;&nbsp;11/22/2056 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;8266052 | &nbsp;&nbsp;&nbsp;&nbsp;10213332 |
| &nbsp;&nbsp;11/22/2065 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;4217738 | &nbsp;&nbsp;&nbsp;&nbsp;5401724 |
| &nbsp;&nbsp;03/22/2068 | &nbsp;&nbsp;0.125% | &nbsp;&nbsp;GBP | &nbsp;&nbsp;3599893 | &nbsp;&nbsp;&nbsp;&nbsp;4679107 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**114348117** |
| &nbsp;&nbsp;**United States 4.3%** | &nbsp;&nbsp;**United States 4.3%** | &nbsp;&nbsp;**United States 4.3%** | &nbsp;&nbsp;**United States 4.3%** | &nbsp;&nbsp;**United States 4.3%** |
| &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond | &nbsp;&nbsp;U.S. Treasury Inflation-Indexed Bond |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;0.375% |  | 26232627 | &nbsp;&nbsp;&nbsp;&nbsp;25065236 |
| &nbsp;&nbsp;01/15/2028 | &nbsp;&nbsp;0.500% |  | 24555335 | &nbsp;&nbsp;&nbsp;&nbsp;23424035 |
| &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp;0.750% |  | 14055427 | &nbsp;&nbsp;&nbsp;&nbsp;13584583 |
| &nbsp;&nbsp;01/15/2029 | &nbsp;&nbsp;0.875% |  | 24824751 | &nbsp;&nbsp;&nbsp;&nbsp;23991092 |
| &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp;0.250% |  | 22177578 | &nbsp;&nbsp;&nbsp;&nbsp;20605589 |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;0.125% |  | 18434259 | &nbsp;&nbsp;&nbsp;&nbsp;16807267 |
| &nbsp;&nbsp;04/15/2032 | &nbsp;&nbsp;3.375% |  | 13357214 | &nbsp;&nbsp;&nbsp;&nbsp;15642774 |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;0.750% |  | &nbsp;&nbsp;8700889 | &nbsp;&nbsp;&nbsp;&nbsp;7458711 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;0.625% |  | &nbsp;&nbsp;8880583 | &nbsp;&nbsp;&nbsp;&nbsp;7330506 |
| &nbsp;&nbsp;02/15/2045 | &nbsp;&nbsp;0.750% |  | &nbsp;&nbsp;7982303 | &nbsp;&nbsp;&nbsp;&nbsp;6659097 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;1.000% |  | &nbsp;&nbsp;7582806 | &nbsp;&nbsp;&nbsp;&nbsp;6610411 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167179301** |
| &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $583,151,058) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $583,151,058) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $583,151,058) | &nbsp;&nbsp;Total Inflation-Indexed Bonds<br> (Cost $583,151,058) | &nbsp;&nbsp;**473872425** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Multi-Asset/Tactical Strategies Funds 0.2%** | &nbsp;&nbsp;**Multi-Asset/Tactical Strategies Funds 0.2%** | &nbsp;&nbsp;**Multi-Asset/Tactical Strategies Funds 0.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio<sup>(a)</sup> | &nbsp;&nbsp;129439 | &nbsp;&nbsp;1109290 |
| &nbsp;&nbsp;Columbia Solutions Conservative Portfolio<sup>(a)</sup> | &nbsp;&nbsp;670954 | &nbsp;&nbsp;6159358 |
| &nbsp;&nbsp;Total Multi-Asset/Tactical Strategies Funds<br> (Cost $8,574,734) | &nbsp;&nbsp;Total Multi-Asset/Tactical Strategies Funds<br> (Cost $8,574,734) | &nbsp;&nbsp;**7268648** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 8.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 8.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 8.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 8.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> | &nbsp;&nbsp;Government National Mortgage Association TBA<sup>(f)</sup> |
| &nbsp;&nbsp;12/20/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;36350000 | &nbsp;&nbsp;&nbsp;&nbsp;32826771 |
| &nbsp;&nbsp;12/20/2052 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;43550000 | &nbsp;&nbsp;&nbsp;&nbsp;40426648 |
| &nbsp;&nbsp;12/20/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;26220000 | &nbsp;&nbsp;&nbsp;&nbsp;25026785 |
| &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> | &nbsp;&nbsp;Uniform Mortgage-Backed Security TBA<sup>(f)</sup> |
| &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;17248328 | &nbsp;&nbsp;&nbsp;&nbsp;15935764 |
| &nbsp;&nbsp;12/15/2037-<br> 12/13/2052 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;80100000 | &nbsp;&nbsp;&nbsp;&nbsp;71894279 |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;45200000 | &nbsp;&nbsp;&nbsp;&nbsp;41372125 |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;41440000 | &nbsp;&nbsp;&nbsp;&nbsp;39185081 |
| &nbsp;&nbsp;12/13/2052 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;43000000 | &nbsp;&nbsp;&nbsp;&nbsp;41851094 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $299,378,652) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $299,378,652) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $299,378,652) | &nbsp;&nbsp;**308518547** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 19.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 19.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 19.6%** | &nbsp;&nbsp;**U.S. Treasury Obligations 19.6%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;10/31/2026 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;43400000 | &nbsp;&nbsp;&nbsp;&nbsp;38978625 |
| &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;1.250% | &nbsp;&nbsp;33248000 | &nbsp;&nbsp;&nbsp;&nbsp;28982905 |
| &nbsp;&nbsp;09/30/2028 | &nbsp;&nbsp;1.250% | 198285000 | &nbsp;&nbsp;171934783 |
| &nbsp;&nbsp;10/31/2028 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;64524532 |
| &nbsp;&nbsp;11/30/2028 | &nbsp;&nbsp;1.500% | 140310000 | &nbsp;&nbsp;123067217 |
| &nbsp;&nbsp;04/30/2029 | &nbsp;&nbsp;2.875% | &nbsp;&nbsp;97447000 | &nbsp;&nbsp;&nbsp;&nbsp;92384324 |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;2.375% | &nbsp;&nbsp;28507000 | &nbsp;&nbsp;&nbsp;&nbsp;26237576 |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;1.625% | &nbsp;&nbsp;28483500 | &nbsp;&nbsp;&nbsp;&nbsp;25020975 |
| &nbsp;&nbsp;08/15/2030 | &nbsp;&nbsp;0.625% | &nbsp;&nbsp;26810000 | &nbsp;&nbsp;&nbsp;&nbsp;21422866 |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;1.125% | &nbsp;&nbsp;24922000 | &nbsp;&nbsp;&nbsp;&nbsp;20654107 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;1.250% | 146295000 | &nbsp;&nbsp;120510506 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;1.375% | &nbsp;&nbsp;26522000 | &nbsp;&nbsp;&nbsp;&nbsp;21951099 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $865,246,109) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $865,246,109) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $865,246,109) | &nbsp;&nbsp;**755669515** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 41.5%** | &nbsp;&nbsp;**Money Market Funds 41.5%** | &nbsp;&nbsp;**Money Market Funds 41.5%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989%<sup>(a),(g)</sup> | &nbsp;&nbsp;1603547930 | &nbsp;&nbsp;1602906510 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,602,857,761) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $1,602,857,761) | &nbsp;&nbsp;**1602906510** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,469,079,920)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $4,469,079,920)** | &nbsp;&nbsp;**4050654256** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;**(189818462)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3860835794** |

---

At November 30, 2022, securities and/or cash totaling $80,344,315 were pledged as collateral.

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

8 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Investments in derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** | &nbsp;&nbsp;**Forward foreign currency exchange contracts** |
| &nbsp;&nbsp;**Currency to<br> be sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Currency to<br> be purchased** | &nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | **Settlement<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,052,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,245,230 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,622,000 CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,718,041 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654,413,296 EUR | &nbsp;&nbsp;&nbsp;&nbsp;681,371,075 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(898414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,526,000 HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,007,478 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,447,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424,724 USD | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,063,628 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,942,000 CHF | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,164,945 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,921,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128,039 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,489,000 MXN | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,529 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550,000 SEK | &nbsp;&nbsp;&nbsp;&nbsp;Citi | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,396,000 NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,039,828 USD | &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,589,000 EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,778,964 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5374) |
| &nbsp;&nbsp;27,418,851,000 JPY | &nbsp;&nbsp;&nbsp;&nbsp;197,414,859 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1729737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204,000 NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,429 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,000 SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,032 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,308,315 USD | &nbsp;&nbsp;&nbsp;&nbsp;598,379,720 JPY | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,870,000 ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801,711 USD | &nbsp;&nbsp;&nbsp;&nbsp;HSBC | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,029,000 CNY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,377,290 USD | &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,387,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,445,349 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,512,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,635,743 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,864,265 GBP | &nbsp;&nbsp;&nbsp;&nbsp;128,582,294 USD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1530414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,538,864 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,282,000 AUD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,457,802 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,272,000 CAD | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534,353 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,816,000 DKK | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,117,576 USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,464,000 GBP | &nbsp;&nbsp;&nbsp;&nbsp;UBS | 12/22/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;220659 | &nbsp;&nbsp;&nbsp;&nbsp;(4541657) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** | &nbsp;&nbsp;**Long futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Australian 10-Year Bond | 278 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33543360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bobl | 90 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10802700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245510) |
| &nbsp;&nbsp;Euro-BTP | 562 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67046600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-Bund | 257 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36206160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1131750) |
| &nbsp;&nbsp;Euro-Buxl 30-Year | 43 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6806900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Euro-OAT | 525 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71688750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1018047) |
| &nbsp;&nbsp;Japanese 10-Year Government Bond | 68 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;10112960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24517) |
| &nbsp;&nbsp;Long Gilt | 700 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73493000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;MSCI Emerging Markets Index | 2088 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102573000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Russell 2000 Index E-mini | 618 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58323750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P 500 Index E-mini | 1196 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244058750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;S&P/TSX 60 Index | 70 | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17364200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury 10-Year Note | 901 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102263500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;U.S. Treasury Ultra 10-Year Note | 3418 | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408985063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16095471 | &nbsp;&nbsp;&nbsp;&nbsp;(2419824) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;Canadian Government 10-Year Bond | (401) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;(50421740) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244699) |
| &nbsp;&nbsp;MSCI EAFE Index | (239) | &nbsp;&nbsp;&nbsp;&nbsp;12/2022 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(23658610) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2644355) |
| &nbsp;&nbsp;Total |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2889054) |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 9

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** | &nbsp;&nbsp;**Cleared credit default swap contracts - sell protection** |
| &nbsp;&nbsp;**Reference<br> entity** | **Counterparty** | **Maturity<br> date** | **Receive<br> fixed<br> rate<br> (%)** | **Payment<br> frequency** | **Implied<br> credit<br> spread<br> (%)\*** | **Notional<br> currency** | **Notional<br> amount** | **Value<br> ($)** | **Upfront<br> payments<br> ($)** | **Upfront<br> receipts<br> ($)** | **Unrealized<br> appreciation<br> ($)** | **Unrealized<br> depreciation<br> ($)** |
| &nbsp;&nbsp;Markit CDX Emerging Markets Index, Series 38 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 2.283 | USD | &nbsp;&nbsp;&nbsp;83672000 | &nbsp;&nbsp;&nbsp;2266695 |  |  | &nbsp;&nbsp;&nbsp;2266695 |  |
| &nbsp;&nbsp;Markit CDX North America High Yield Index, Series 39 | Morgan Stanley | 12/20/2027 | 5.000 | Quarterly | 4.548 | USD | 152156000 | 10921503 |  |  | 10921503 |  |
| &nbsp;&nbsp;Markit CDX North America Investment Grade Index, Series 39 | Morgan Stanley | 12/20/2027 | 1.000 | Quarterly | 0.764 | USD | &nbsp;&nbsp;&nbsp;75618000 | &nbsp;&nbsp;&nbsp;&nbsp;847269 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;847269 |  |
| &nbsp;&nbsp;Total |  |  |  |  |  |  |  | 14035467 |  |  | 14035467 |  |

---

\* 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.

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

10 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Notes to Portfolio of Investments
(a) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is
under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended November 30, 2022 are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Capital gain<br> distributions($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends —<br> affiliated<br> issuers ($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class | &nbsp;&nbsp;Columbia Commodity Strategy Fund, Institutional 3 Class |
|  | &nbsp;&nbsp;&nbsp;&nbsp;164977710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19688513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78592816) | &nbsp;&nbsp;(25760640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80312767 | &nbsp;&nbsp;— | &nbsp;&nbsp;6446544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3850084 |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 3.989% |
|  | 1466080213 | &nbsp;&nbsp;1577161235 | &nbsp;&nbsp;(1440527127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192189 | &nbsp;&nbsp;1602906510 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(173580) | &nbsp;&nbsp;18711331 | &nbsp;&nbsp;1603547930 |
| &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio | &nbsp;&nbsp;Columbia Solutions Aggressive Portfolio |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109290 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129439 |
| &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio | &nbsp;&nbsp;Columbia Solutions Conservative Portfolio |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6313677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154319) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6159358 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670954 |
| &nbsp;&nbsp;Total | 1638533960 |  |  | &nbsp;&nbsp;(25775840) | &nbsp;&nbsp;1690487925 | &nbsp;&nbsp;— | &nbsp;&nbsp;6272964 | &nbsp;&nbsp;18711331 |  |

---

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

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

(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, 2022, the total value of these securities amounted to $763,021,179, which represents 19.76% of
total net assets.

(e) Zero coupon bond.

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

(g) The rate shown is the seven-day current annualized yield at November 30, 2022.

#### Abbreviation Legend
TBA To Be Announced

#### Currency Legend

---

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

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 11

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### 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.

Certain investments that have been measured at fair value using the net asset value (NAV) per share (or its equivalent) are not categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to reconcile the fair value hierarchy to the amounts presented in the Portfolio of Investments. The Columbia Solutions Portfolios serve as investment vehicles for the Columbia Adaptive Retirement Funds and each pursues consistent total returns by seeking to allocate risks across multiple asset classes. Investments in the Columbia Solutions Portfolios may be redeemed on a daily basis without restriction.

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

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

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

The following table is a summary of the inputs used to value the Fund's investments at November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;80312767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80312767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;76937015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76937015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;78314546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78314546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743791298 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743791298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inflation-Indexed Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473872425 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473872425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset/Tactical Strategies Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7268648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308518547 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308518547 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755669515 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755669515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1602906510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1602906510 |
| &nbsp;&nbsp;Total Investments in Securities | 1761533823 | &nbsp;&nbsp;&nbsp;&nbsp;2281851785 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7268648 | &nbsp;&nbsp;&nbsp;&nbsp;4050654256 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220659 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;16095471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16095471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035467 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035467 |

---

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

12 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Portfolio of Investments (continued)

November 30, 2022 (Unaudited)

#### Fair value measurements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Assets at NAV ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4541657) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4541657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5308878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5308878) |
| &nbsp;&nbsp;Total | 1772320416 | &nbsp;&nbsp;&nbsp;&nbsp;2291566254 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7268648 | &nbsp;&nbsp;&nbsp;&nbsp;4071155318 |

---

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 13

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Statement of Assets and Liabilities

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,784,854,619) | $2360166331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $1,684,225,301) | &nbsp;&nbsp;&nbsp;1690487925 |
| &nbsp;&nbsp;Foreign currency (cost $6,684,056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703350 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52447040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27897274 |
| &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220659 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13799513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840253 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37690 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117817 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49159 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;4175552992 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377216 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541657 |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;299842761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7418314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111833 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117817 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;314717198 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3860835794** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;4438549857 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(577714063) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3860835794** |

---

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

14 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Statement of Assets and Liabilities (continued)

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$168345485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18160739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.84 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$72493289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7792880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.30 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78464329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.76 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $3464859654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;372790952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.29 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56757153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.33 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$19074602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.33 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$841282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 15

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Statement of Operations

Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1223736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29344128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25202) |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49264038 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13877399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28741 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16065540 |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16065500 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33198538 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(58323594) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1257418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80859962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;(114261404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9754077) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(96463567) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(151091771) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(25775840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5966053) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50505338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472284 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(113654880) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(210118447) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(176919909)** |

---

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

16 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$33198538 | &nbsp;&nbsp;&nbsp;&nbsp;$134600213 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96463567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301875906 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(113654880) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(586554467) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(176919909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150078348) |
| &nbsp;&nbsp;**Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32135555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor 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;(15402896) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(19874747) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(688785814) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(10298112) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;(3879770) |
| &nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143242) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(770520136) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(106023369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796520568 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(282943278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124077916) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;4143779072 | &nbsp;&nbsp;&nbsp;&nbsp;4267856988 |
| &nbsp;&nbsp;**Net assets at end of period** | **$3860835794** | &nbsp;&nbsp;**$4143779072** |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 17

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**May 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1455790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13561441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60975090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30402371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(2402132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22034941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3845595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41535809) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(946342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8473500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49841652 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4316404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50176542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15401823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1891658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17548818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21388286) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(1122242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10288128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44190079 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14422781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19369165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1550067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13593942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2798883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28824303) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(1279854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11229886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967643 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;34767004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322935991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81121176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911145226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63639272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668848747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (42720096) | &nbsp;&nbsp;&nbsp;&nbsp;(395349078) | &nbsp;&nbsp;&nbsp;&nbsp;(80310337) | &nbsp;&nbsp;&nbsp;&nbsp;(897830976) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;(7953092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72413087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64450111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682162997 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;1202086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11307759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4439815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49138569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10298112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(1662564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15200019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4172968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47429487) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3892260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12007194 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2731456) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778297 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146990) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572706 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(11731532)** | &nbsp;&nbsp;&nbsp;&nbsp;**(106023369)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74916961** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**796520568** |

---

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

18 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $12.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(1.72) | &nbsp;&nbsp;(2.14) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.25 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.58) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $12.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;(0.62) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(2.17) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.00)<sup>(f)</sup> | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.57) | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.37) | &nbsp;&nbsp;(1.68) | &nbsp;&nbsp;(2.05) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | &nbsp;&nbsp;&nbsp;$9.85 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.70) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.55 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $12.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(2.17) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.00)<sup>(f)</sup> | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $12.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(2.17) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.00)<sup>(f)</sup> | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |

---

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

20 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.27 | (4.33%) | 1.03%<sup>(c),(d)</sup> | 1.03%<sup>(c),(d),(e)</sup> | 1.46%<sup>(c)</sup> | &nbsp;&nbsp;71% | &nbsp;&nbsp;$168345 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.69 | (3.62%) | 1.00%<sup>(d)</sup> | 1.00%<sup>(d)</sup> | 2.82% | 260% | &nbsp;&nbsp;$185112 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $12.10 | 19.17% | 1.00%<sup>(d)</sup> | 1.00%<sup>(d)</sup> | (0.06%) | 227% | &nbsp;&nbsp;$175015 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.25 | &nbsp;&nbsp;5.41% | 1.01%<sup>(d)</sup> | 1.01%<sup>(d),(e)</sup> | 0.74% | 314% | &nbsp;&nbsp;$141074 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.44 | &nbsp;&nbsp;2.33% | 1.00% | 1.00%<sup>(e)</sup> | 1.87% | 203% | &nbsp;&nbsp;$120147 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.81 | &nbsp;&nbsp;7.07% | 0.99% | 0.99%<sup>(e)</sup> | 0.33% | 210% | &nbsp;&nbsp;$132920 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.30 | (4.22%) | 0.78%<sup>(c),(d)</sup> | 0.78%<sup>(c),(d),(e)</sup> | 1.71%<sup>(c)</sup> | &nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;$72493 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.71 | (3.36%) | 0.75%<sup>(d)</sup> | 0.75%<sup>(d)</sup> | 3.39% | 260% | &nbsp;&nbsp;&nbsp;&nbsp;$86570 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $12.12 | 19.38% | 0.75%<sup>(d)</sup> | 0.75%<sup>(d)</sup> | 0.20% | 227% | &nbsp;&nbsp;&nbsp;&nbsp;$61716 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.37 | &nbsp;&nbsp;5.71% | 0.76%<sup>(d)</sup> | 0.76%<sup>(d),(e)</sup> | 0.98% | 314% | &nbsp;&nbsp;&nbsp;&nbsp;$41312 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.55 | &nbsp;&nbsp;2.58% | 0.75% | 0.75%<sup>(e)</sup> | 2.14% | 203% | &nbsp;&nbsp;&nbsp;&nbsp;$30420 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.92 | &nbsp;&nbsp;7.26% | 0.74% | 0.74%<sup>(e)</sup> | 0.59% | 210% | &nbsp;&nbsp;&nbsp;&nbsp;$19764 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$8.76 | (4.58%) | 1.78%<sup>(c),(d)</sup> | 1.78%<sup>(c),(d),(e)</sup> | 0.71%<sup>(c)</sup> | &nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;$78464 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.18 | (4.39%) | 1.75%<sup>(d)</sup> | 1.75%<sup>(d)</sup> | 2.11% | 260% | &nbsp;&nbsp;&nbsp;&nbsp;$94069 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.57 | 18.14% | 1.75%<sup>(d)</sup> | 1.75%<sup>(d)</sup> | (0.80%) | 227% | &nbsp;&nbsp;$113245 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | &nbsp;&nbsp;$9.85 | &nbsp;&nbsp;4.73% | 1.76%<sup>(d)</sup> | 1.76%<sup>(d),(e)</sup> | 0.00% | 314% | &nbsp;&nbsp;&nbsp;&nbsp;$95090 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.05 | &nbsp;&nbsp;1.56% | 1.75% | 1.75%<sup>(e)</sup> | 1.10% | 203% | &nbsp;&nbsp;&nbsp;&nbsp;$94648 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.42 | &nbsp;&nbsp;6.19% | 1.74% | 1.74%<sup>(e)</sup> | (0.43%) | 210% | &nbsp;&nbsp;$109335 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.29 | (4.23%) | 0.78%<sup>(c),(d)</sup> | 0.78%<sup>(c),(d),(e)</sup> | 1.71%<sup>(c)</sup> | &nbsp;&nbsp;71% | $3464860 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.70 | (3.37%) | 0.75%<sup>(d)</sup> | 0.75%<sup>(d)</sup> | 3.08% | 260% | $3693809 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $12.11 | 19.40% | 0.75%<sup>(d)</sup> | 0.75%<sup>(d)</sup> | 0.19% | 227% | $3831565 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.36 | &nbsp;&nbsp;5.62% | 0.76%<sup>(d)</sup> | 0.76%<sup>(d),(e)</sup> | 1.00% | 314% | $2845593 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.55 | &nbsp;&nbsp;2.67% | 0.75% | 0.75%<sup>(e)</sup> | 2.11% | 203% | $2618924 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.91 | &nbsp;&nbsp;7.26% | 0.74% | 0.74%<sup>(e)</sup> | 0.59% | 210% | $2782662 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.33 | (4.21%) | 0.78%<sup>(c),(d)</sup> | 0.78%<sup>(c),(d)</sup> | 1.70%<sup>(c)</sup> | &nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;$56757 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.74 | (3.36%) | 0.76%<sup>(d)</sup> | 0.76%<sup>(d)</sup> | 2.78% | 260% | &nbsp;&nbsp;&nbsp;&nbsp;$63729 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $12.15 | 19.38% | 0.76%<sup>(d)</sup> | 0.76%<sup>(d)</sup> | 0.17% | 227% | &nbsp;&nbsp;&nbsp;&nbsp;$64418 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.39 | &nbsp;&nbsp;5.69% | 0.77%<sup>(d)</sup> | 0.77%<sup>(d)</sup> | 0.95% | 314% | &nbsp;&nbsp;&nbsp;&nbsp;$38829 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.57 | &nbsp;&nbsp;2.65% | 0.76% | 0.76% | 2.10% | 203% | &nbsp;&nbsp;&nbsp;&nbsp;$22397 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.93 | &nbsp;&nbsp;7.24% | 0.75% | 0.75% | 0.57% | 210% | &nbsp;&nbsp;&nbsp;&nbsp;$16033 |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 21

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.49) | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $12.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;(0.61) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;(1.73) | &nbsp;&nbsp;(2.17) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.81) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.07)<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.79) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.48) | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 5/31/2022 | $11.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;(0.60) | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(1.71) | &nbsp;&nbsp;(2.11) |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $10.13 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;(0.52) | &nbsp;&nbsp;(0.76) |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.75 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.78) | &nbsp;&nbsp;(0.78) |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | **11/30/2022** | &nbsp;&nbsp;**5/31/2022** | &nbsp;&nbsp;**5/31/2021** | &nbsp;&nbsp;**5/31/2020** |
| &nbsp;&nbsp;Class A | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Advisor Class | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class C | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional Class | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional 2 Class | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Institutional 3 Class | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |
| &nbsp;&nbsp;Class R | less than 0.01% | &nbsp;&nbsp;0.01% | &nbsp;&nbsp;less than 0.01% | &nbsp;&nbsp;less than 0.01% |

---

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

(f) Rounds to zero.

(g) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of
Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

22 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

------

[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.33 | (4.21%) | 0.75%<sup>(c),(d)</sup> | 0.75%<sup>(c),(d)</sup> | 1.75%<sup>(c)</sup> | &nbsp;&nbsp;71% | $19075 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.74 | (3.40%) | 0.72%<sup>(d)</sup> | 0.72%<sup>(d)</sup> | 3.13% | 260% | $19579 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $12.16 | 19.53% | 0.71%<sup>(d)</sup> | 0.71%<sup>(d)</sup> | 0.23% | 227% | $21369 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.41 | &nbsp;&nbsp;5.73% | 0.72%<sup>(d)</sup> | 0.72%<sup>(d)</sup> | 1.04% | 314% | $14168 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.59 | &nbsp;&nbsp;2.67% | 0.71% | 0.71% | 3.02% | 203% | $13063 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.95 | &nbsp;&nbsp;7.29% | 0.69% | 0.69% | 0.65% | 210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 11/30/2022 (Unaudited) | &nbsp;&nbsp;$9.14 | (4.39%) | 1.28%<sup>(c),(d)</sup> | 1.28%<sup>(c),(d),(e)</sup> | 1.21%<sup>(c)</sup> | &nbsp;&nbsp;71% | &nbsp;&nbsp;&nbsp;&nbsp;$841 |
| &nbsp;&nbsp;Year Ended 5/31/2022 | &nbsp;&nbsp;$9.56 | (3.91%) | 1.25%<sup>(d)</sup> | 1.25%<sup>(d)</sup> | 2.69% | 260% | &nbsp;&nbsp;&nbsp;&nbsp;$911 |
| &nbsp;&nbsp;Year Ended 5/31/2021 | $11.97 | 18.82% | 1.25%<sup>(d)</sup> | 1.25%<sup>(d)</sup> | (0.31%) | 227% | &nbsp;&nbsp;&nbsp;&nbsp;$528 |
| &nbsp;&nbsp;Year Ended 5/31/2020 | $10.13 | &nbsp;&nbsp;5.22% | 1.26%<sup>(d)</sup> | 1.26%<sup>(d),(e)</sup> | 0.51% | 314% | &nbsp;&nbsp;&nbsp;&nbsp;$363 |
| &nbsp;&nbsp;Year Ended 5/31/2019 | $10.32 | &nbsp;&nbsp;2.07% | 1.25% | 1.25%<sup>(e)</sup> | 1.54% | 203% | &nbsp;&nbsp;&nbsp;&nbsp;$424 |
| &nbsp;&nbsp;Year Ended 5/31/2018 | $10.69 | &nbsp;&nbsp;6.75% | 1.25% | 1.25%<sup>(e)</sup> | (0.08%) | 210% | &nbsp;&nbsp;&nbsp;&nbsp;$325 |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 23

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Notes to Financial Statements

November 30, 2022 (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. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund's prospectus.

Note 2. Summary of significant accounting policies

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

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

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

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

24 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

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

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

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

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 25

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

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.

26 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

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

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

#### Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to 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 (the CCP) and the CCP becomes the Fund's counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 27

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Credit default swap contracts
The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index and to manage credit risk exposure. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

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

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

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

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

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

28 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (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, 2022:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;14,035,467\* |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,304,739\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220659 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,790,732\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;30351597 |

---

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,644,355\* |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;4541657 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;2,664,523\* |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;&nbsp;&nbsp;9850535 |

---

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 29

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9754077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9754077) |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36359165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(36359165) |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;80859962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80859962 |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77902239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(77902239) |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;80859962 | &nbsp;&nbsp;&nbsp;&nbsp;(114261404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9754077) | &nbsp;&nbsp;&nbsp;&nbsp;(43155519) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Forward<br> foreign<br> currency<br> exchange<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap<br> contracts<br> ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total<br> ($)** |
| &nbsp;&nbsp;Credit risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18472284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472284 |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17036705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17036705 |
| &nbsp;&nbsp;Foreign exchange risk | &nbsp;&nbsp;&nbsp;(5966053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5966053) |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33468633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33468633 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;(5966053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50505338 | &nbsp;&nbsp;&nbsp;&nbsp;18472284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63011569 |

---

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended November 30, 2022:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 1277514212 |
| &nbsp;&nbsp;Futures contracts — short | &nbsp;&nbsp;&nbsp;&nbsp;35551731 |
| &nbsp;&nbsp;Credit default swap contracts — sell protection | &nbsp;&nbsp;&nbsp;&nbsp;322848620 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | &nbsp;&nbsp;**Average unrealized<br> appreciation ($)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Average unrealized<br> depreciation ($)\*** |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;4181721 | &nbsp;&nbsp;&nbsp;&nbsp;(4748301) |

---

\* Based on the ending quarterly outstanding amounts for the six months ended November 30, 2022.

#### 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.

30 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (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.

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

#### Offsetting of assets and liabilities
The following table presents the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of November 30, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Citi ($)** | &nbsp;&nbsp;**Goldman<br> Sachs<br> International ($)** | &nbsp;&nbsp;**HSBC ($)** | &nbsp;&nbsp;**Morgan<br> Stanley ($)** | &nbsp;&nbsp;**Standard<br> Chartered ($)** | &nbsp;&nbsp;**UBS ($)** | &nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Centrally cleared credit default swap contracts <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1840253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1840253 |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;60321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220659 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;60321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38257 | &nbsp;&nbsp;1840253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122081 | &nbsp;&nbsp;&nbsp;&nbsp;2060912 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts | &nbsp;&nbsp;911197 | &nbsp;&nbsp;&nbsp;&nbsp;16687 | &nbsp;&nbsp;&nbsp;&nbsp;1739485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45174 | &nbsp;&nbsp;&nbsp;&nbsp;1829114 | &nbsp;&nbsp;&nbsp;&nbsp;4541657 |
| &nbsp;&nbsp;**Total financial and derivative net assets** | **(850876)** | &nbsp;&nbsp;**(16687)** | &nbsp;&nbsp;**(1701228)** | &nbsp;&nbsp;**1840253** | &nbsp;&nbsp;**(45174)** | &nbsp;&nbsp;**(1707033)** | &nbsp;&nbsp;**(2480745)** |
| &nbsp;&nbsp;&nbsp;Total collateral received (pledged) <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Net amount <sup>(c)</sup>** | **(850876)** | &nbsp;&nbsp;**(16687)** | &nbsp;&nbsp;**(1701228)** | &nbsp;&nbsp;**1840253** | &nbsp;&nbsp;**(45174)** | &nbsp;&nbsp;**(1707033)** | &nbsp;&nbsp;**(2480745)** |

---

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

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

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

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

#### Income recognition
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.

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 31

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

Corporate actions and dividend income are recorded on the ex-dividend date.

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.

32 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Recent accounting pronouncement
*Tailored Shareholder Reports*

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is a blend of (i) 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, 2022 was 0.70% 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.

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

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 33

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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

#### Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).

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

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

For the six months ended November 30, 2022, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.05 |
| &nbsp;&nbsp;Advisor Class | 0.05 |
| &nbsp;&nbsp;Class C | 0.05 |
| &nbsp;&nbsp;Institutional Class | 0.05 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.02 |
| &nbsp;&nbsp;Class R | 0.05 |

---

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, 2022, 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.

34 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

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, 2022, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62025 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6119 |

---

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

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

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

#### Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund's net operating expenses, 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:

---

| | | |
|:---|:---|:---|
|  | **October 1, 2022<br> through<br> September 30, 2023** | **Prior to<br> October 1, 2022** |
| &nbsp;&nbsp;Class A | 1.25% | 1.25% |
| &nbsp;&nbsp;Advisor Class | 1.00 | 1.00 |
| &nbsp;&nbsp;Class C | 2.00 | 2.00 |
| &nbsp;&nbsp;Institutional Class | 1.00 | 1.00 |
| &nbsp;&nbsp;Institutional 2 Class | 1.01 | 1.01 |
| &nbsp;&nbsp;Institutional 3 Class | 0.97 | 0.96 |
| &nbsp;&nbsp;Class R | 1.50 | 1.50 |

---

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.

Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022 35

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

Note 4. Federal tax information

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

At November 30, 2022, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;4469080000 | 49007000 | (446932000) | (397925000) |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;— | 195817778 |

---

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 $1,810,104,991 and $1,983,120,790, respectively, for the six months ended November 30, 2022, of which $1,671,760,758 and $1,855,512,111, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

The Fund invests significantly in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.

Note 7. Interfund lending

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

36 Columbia Adaptive Risk Allocation Fund \| Semiannual Report 2022

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[**Table of Contents**](#JOB_16800_2eee8089-828f-4446-bf42-22807e330c35_TOC)

Notes to Financial Statements (continued)

November 30, 2022 (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's activity in the Interfund Program during the six months ended November 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 25150000 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

The Fund had no outstanding interfund loans at November 30, 2022.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the six months ended November 30, 2022.

Note 9. Significant risks

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

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

#### Foreign currency risk
The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Currency rates in foreign countries may fluctuate significantly

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

#### Foreign securities and emerging market countries risk
Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer's country of organization and places of business operations, including risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

#### Geographic focus risk
The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund.

*Europe. The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. In addition, whether in the public or private sector, significant debt problems of a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, the Fund's net asset value may be more volatile than the net asset value of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The departure of the United Kingdom (UK) from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.*

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

#### Leverage risk
Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may produce volatility and may exaggerate changes in the Fund's NAV and in the return on the Fund's portfolio, which may increase the risk that the Fund will lose more than it has invested.

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

Because short sales involve borrowing securities and then selling them, the Fund's short sales effectively leverage the Fund's assets. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but may also exaggerate the Fund's volatility and risk of loss. There can be no guarantee that a leveraging strategy will be successful.

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

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

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

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

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

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

#### Shareholder concentration risk
At November 30, 2022, affiliated shareholders of record owned 84.3% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

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Notes to Financial Statements (continued)

November 30, 2022 (Unaudited)

result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.

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## Approval of Management Agreement
(Unaudited)

Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia 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 November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, 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, 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 23, 2022 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 all information that 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 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

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

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## Approval of Management Agreement (continued) (Unaudited) 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, as well as planned 2022 initiatives in this regard. 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. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial's acquisition of BMO Financial Group's Europe, Middle East, and Africa (EMEA) asset management business.

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 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. 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

In this connection, 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 performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund's performance relative to peers and benchmarks and (v) 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.

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

The Board considered the reports of JDL, which assisted in the Board's analysis of the Funds' performance and expenses and the reasonableness of the Funds' fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund's total expense ratio (after considering proposed expense caps/waivers) 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 in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 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, to groups of related funds and to the Investment Manager as a whole, 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 provided 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.

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Approval of Management Agreement (continued)

(Unaudited)

On June 23, 2022, 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**.**

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#### Columbia Adaptive Risk Allocation Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img5ae0f2d42.jpg)

**Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.**

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

columbiathreadneedleus.com/investor/

SAR214_05_N01_(01/23)

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#### Item 2. Code of Ethics.
Not applicable for semiannual reports.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.

#### Item 4. Principal Accountant Fees and Services .
Not applicable for semiannual reports.

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

#### Item 6. Investments
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

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

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](f24200d2.htm)

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](f24200d3.htm)

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#### 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.

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| | |
|:---|:---|
| (registrant)  | <u>Columbia Funds Series Trust I</u>  |
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>January 20, 2023</u>  |

---

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

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| | |
|:---|:---|
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>January 20, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |
| Date  | <u>January 20, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |
| Date  | <u>January 20, 2023</u>  |

---

------

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: January 20, 2023 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: January 20, 2023 |  | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Joseph Beranek, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)designed such internal control over financial reporting, or caused such internal control

---

| | |
|:---|:---|
|  | over financial reporting to be designed under our supervision, to provide reasonable |
|  | assurance regarding the reliability of financial reporting and the preparation of financial |
|  | statements for external purposes in accordance with generally accepted accounting |
|  | principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and |
|  | presented in this report our conclusions about the effectiveness of the disclosure controls |
|  | and procedures, as of a date within 90 days prior to the filing date of this report based on |
|  | such evaluation; and |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: January 20, 2023 |  | /s/ Joseph Beranek |
|  | Joseph Beranek, Treasurer, Chief Accounting | Joseph Beranek, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the "Trust") on Form N-CSR for the period ending November 30, 2022 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

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

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

---

| | |
|:---|:---|
| Date: January 20, 2023  | <u>/s/ Daniel J. Beckman&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: January 20, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: January 20, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

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

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