# EDGAR Filing Document

**Accession Number:** 0000773757
**File Stem:** 0001683863-23-002912
**Filing Date:** 2023-3
**Character Count:** 1247355
**Document Hash:** 6d2837a069c4c5d3652f1318c6117619
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-002912.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001683863-23-002912

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLUMBIA FUNDS SERIES TRUST 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:** 23777447

**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 Tax-Exempt Fund (Series ID: S000010620)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000029373 | Columbia Tax-Exempt Fund Class A               | COLTX           |
| C000029375 | Columbia Tax-Exempt Fund Class C               | COLCX           |
| C000029376 | Columbia Tax-Exempt Fund Institutional Class   | CTEZX           |
| C000126464 | Columbia Tax-Exempt Fund Advisor Class         | CTERX           |
| C000136874 | Columbia Tax-Exempt Fund Institutional 2 Class | CADMX           |
| C000177149 | Columbia Tax-Exempt Fund Institutional 3 Class | CTEYX           |

### Columbia Oregon Intermediate Municipal Bond Fund (Series ID: S000012071)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000032858 | Columbia Oregon Intermediate Municipal Bond Fund Class A               | COEAX           |
| C000032860 | Columbia Oregon Intermediate Municipal Bond Fund Class C               | CORCX           |
| C000032862 | Columbia Oregon Intermediate Municipal Bond Fund Institutional Class   | CMBFX           |
| C000122662 | Columbia Oregon Intermediate Municipal Bond Fund Institutional 2 Class | CODRX           |
| C000126468 | Columbia Oregon Intermediate Municipal Bond Fund Advisor Class         | CORMX           |
| C000177150 | Columbia Oregon Intermediate Municipal Bond Fund Institutional 3 Class | CORYX           |

### Columbia Large Cap Growth Fund (Series ID: S000012081)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000032910 | Columbia Large Cap Growth Fund Class A               | LEGAX           |
| C000032912 | Columbia Large Cap Growth Fund Class C               | LEGCX           |
| C000032914 | Columbia Large Cap Growth Fund Class V               | GAEGX           |
| C000032915 | Columbia Large Cap Growth Fund Institutional Class   | GEGTX           |
| C000034322 | Columbia Large Cap Growth Fund Class E               | CLGEX           |
| C000078989 | Columbia Large Cap Growth Fund Institutional 3 Class | CGFYX           |
| C000094688 | Columbia Large Cap Growth Fund Class R               | CGWRX           |
| C000094690 | Columbia Large Cap Growth Fund Institutional 2 Class | CLWFX           |
| C000122672 | Columbia Large Cap Growth Fund Advisor Class         | CCGRX           |

### Columbia Ultra Short Term Bond Fund (Series ID: S000027194)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000082083 | Columbia Ultra Short Term Bond Fund Institutional 3 Class | CMGUX           |
| C000206531 | Columbia Ultra Short Term Bond Fund Advisor Class         | CUSHX           |
| C000206532 | Columbia Ultra Short Term Bond Fund Institutional Class   | CUSBX           |
| C000210388 | Columbia Ultra Short Term Bond Fund Class A               | CUSOX           |

### Columbia U.S. Social Bond Fund (Series ID: S000048610)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000153243 | Columbia U.S. Social Bond Fund Class A               | CONAX           |
| C000153244 | Columbia U.S. Social Bond Fund Class C               | CONCX           |
| C000153245 | Columbia U.S. Social Bond Fund Advisor Class         | CONFX           |
| C000153246 | Columbia U.S. Social Bond Fund Institutional 2 Class | COVNX           |
| C000153247 | Columbia U.S. Social Bond Fund Institutional Class   | CONZX           |
| C000177151 | Columbia U.S. Social Bond Fund Institutional 3 Class | CONYX           |

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>July 31</u>

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

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

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

#### Item 1. Reports to Stockholders.

------

![](img36db84821.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img1b1507db2.jpg)

Columbia Large Cap Growth Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_e9a01042-4a21-4f5b-b28d-8de305029154_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_321ec7d4-23ca-47ce-82ff-fda5d2b165aa_1)<br>| 5 |
| [Portfolio of Investments](#xx_f24df3d8-0d86-413b-9954-fc040aa92fa1_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_80843cad-c5e4-4000-88ca-cbe484c097db_1)<br>| 9 |
| [Statement of Operations](#xx_80843cad-c5e4-4000-88ca-cbe484c097db_3)<br>| 11 |
| [Statement of Changes in Net Assets](#xx_80843cad-c5e4-4000-88ca-cbe484c097db_4)<br>| 12 |
| [Financial Highlights](#xx_6e298fb8-7934-40c5-9a1f-81c9bc4c2ddd_1)<br>| 14 |
| [Notes to Financial Statements](#xx_f8ad362a-3ba2-4de7-9b98-fa84a8b48e87_1)<br>| 18 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Portfolio management

#### Melda Mergen, CFA, CAIA
Co-Portfolio Manager

Managed Fund since 2019

#### Tiffany Wade
Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box<sup>TM</sup>

![](imgdd282fd83.jpg)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/01/98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.84 | &nbsp;&nbsp;&nbsp;&nbsp;-20.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp;12.52 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.25 | &nbsp;&nbsp;&nbsp;&nbsp;-24.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;11.85 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.73 | &nbsp;&nbsp;&nbsp;&nbsp;-20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/18/02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.23 | &nbsp;&nbsp;&nbsp;&nbsp;-20.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.16 | &nbsp;&nbsp;&nbsp;&nbsp;-21.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;&nbsp;11.67 |
| &nbsp;&nbsp;Class E | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;09/22/06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-6.02 | &nbsp;&nbsp;&nbsp;&nbsp;-20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;12.35 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-10.26 | &nbsp;&nbsp;&nbsp;&nbsp;-24.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;12/14/90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.73 | &nbsp;&nbsp;&nbsp;&nbsp;-20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;03/07/11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.71 | &nbsp;&nbsp;&nbsp;&nbsp;-19.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;07/15/09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.69 | &nbsp;&nbsp;&nbsp;&nbsp;-19.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;12.94 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;09/27/10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.96 | &nbsp;&nbsp;&nbsp;&nbsp;-20.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.24 |
| &nbsp;&nbsp;Class V | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;12/14/90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-5.83 | &nbsp;&nbsp;&nbsp;&nbsp;-20.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp;12.50 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-11.25 | &nbsp;&nbsp;&nbsp;&nbsp;-24.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;11.84 |
| &nbsp;&nbsp;Russell 1000 Growth Index | &nbsp;&nbsp;Russell 1000 Growth Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.71 | &nbsp;&nbsp;&nbsp;&nbsp;-16.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.22 | &nbsp;&nbsp;&nbsp;&nbsp;14.53 |

---

**Returns for Class A 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. Returns for Class E shares are shown with and without the maximum sales charge of 4.50%. 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 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 3

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;97.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sector breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;41.9 |
| &nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Equity sub-industry breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;**Information Technology** |  |
| &nbsp;&nbsp;Application Software | &nbsp;&nbsp;&nbsp;2.3 |
| &nbsp;&nbsp;Data Processing & Outsourced Services | &nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;Electronic Equipment & Instruments | &nbsp;&nbsp;&nbsp;1.5 |
| &nbsp;&nbsp;Electronic Manufacturing Services | &nbsp;&nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;Systems Software | 12.8 |
| &nbsp;&nbsp;Technology Hardware, Storage & Peripherals | 10.5 |
| &nbsp;&nbsp;**Total** | **41.9** |

---

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

4 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.60 | &nbsp;&nbsp;&nbsp;&nbsp;1020.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;942.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;937.70 | &nbsp;&nbsp;&nbsp;&nbsp;1016.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| &nbsp;&nbsp;Class E | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;939.80 | &nbsp;&nbsp;&nbsp;&nbsp;1018.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;942.70 | &nbsp;&nbsp;&nbsp;&nbsp;1021.61 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;942.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.81 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;943.10 | &nbsp;&nbsp;&nbsp;&nbsp;1022.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;940.40 | &nbsp;&nbsp;&nbsp;&nbsp;1019.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;941.70 | &nbsp;&nbsp;&nbsp;&nbsp;1020.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |

---

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 Large Cap Growth Fund \| Semiannual Report 2023 5

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

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

Investments in securities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** | &nbsp;&nbsp;**Common Stocks 98.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Communication Services 8.6%** | &nbsp;&nbsp;**Communication Services 8.6%** | &nbsp;&nbsp;**Communication Services 8.6%** |
| &nbsp;&nbsp;**Entertainment 1.3%** | &nbsp;&nbsp;**Entertainment 1.3%** | &nbsp;&nbsp;**Entertainment 1.3%** |
| &nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397802 | &nbsp;&nbsp;&nbsp;&nbsp;51189161 |
| &nbsp;&nbsp;**Interactive Media & Services 7.3%** | &nbsp;&nbsp;**Interactive Media & Services 7.3%** | &nbsp;&nbsp;**Interactive Media & Services 7.3%** |
| &nbsp;&nbsp;Alphabet, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;1165845 | &nbsp;&nbsp;115232120 |
| &nbsp;&nbsp;Alphabet, Inc., Class C<sup>(a)</sup> | &nbsp;&nbsp;1432793 | &nbsp;&nbsp;143093037 |
| &nbsp;&nbsp;ZoomInfo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;990123 | &nbsp;&nbsp;&nbsp;&nbsp;27951172 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;286276329 |
| &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**Total Communication Services** | &nbsp;&nbsp;**337465490** |
| &nbsp;&nbsp;**Consumer Discretionary 14.5%** | &nbsp;&nbsp;**Consumer Discretionary 14.5%** | &nbsp;&nbsp;**Consumer Discretionary 14.5%** |
| &nbsp;&nbsp;**Automobiles 1.1%** | &nbsp;&nbsp;**Automobiles 1.1%** | &nbsp;&nbsp;**Automobiles 1.1%** |
| &nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;246832 | &nbsp;&nbsp;&nbsp;&nbsp;42756239 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.0%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure 3.0%** |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423392 | &nbsp;&nbsp;&nbsp;&nbsp;61429945 |
| &nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;525488 | &nbsp;&nbsp;&nbsp;&nbsp;57351761 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;118781706 |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail 5.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 5.9%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail 5.9%** |
| &nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;2252674 | &nbsp;&nbsp;232318270 |
| &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;272197 | &nbsp;&nbsp;&nbsp;&nbsp;88238101 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods 2.3%** |
| &nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;712708 | &nbsp;&nbsp;&nbsp;&nbsp;90749110 |
| &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**Total Consumer Discretionary** | &nbsp;&nbsp;**572843426** |
| &nbsp;&nbsp;**Consumer Staples 6.4%** | &nbsp;&nbsp;**Consumer Staples 6.4%** | &nbsp;&nbsp;**Consumer Staples 6.4%** |
| &nbsp;&nbsp;**Beverages 2.2%** | &nbsp;&nbsp;**Beverages 2.2%** | &nbsp;&nbsp;**Beverages 2.2%** |
| &nbsp;&nbsp;Coca-Cola Co. (The) | &nbsp;&nbsp;1408362 | &nbsp;&nbsp;&nbsp;&nbsp;86360758 |
| &nbsp;&nbsp;**Food & Staples Retailing 2.5%** | &nbsp;&nbsp;**Food & Staples Retailing 2.5%** | &nbsp;&nbsp;**Food & Staples Retailing 2.5%** |
| &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189998 | &nbsp;&nbsp;&nbsp;&nbsp;97115578 |
| &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** | &nbsp;&nbsp;**Household Products 1.7%** |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;482120 | &nbsp;&nbsp;&nbsp;&nbsp;68644245 |
| &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**Total Consumer Staples** | &nbsp;&nbsp;**252120581** |
| &nbsp;&nbsp;**Energy 1.5%** | &nbsp;&nbsp;**Energy 1.5%** | &nbsp;&nbsp;**Energy 1.5%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels 1.5%** |
| &nbsp;&nbsp;ConocoPhillips Co. | &nbsp;&nbsp;&nbsp;&nbsp;472495 | &nbsp;&nbsp;&nbsp;&nbsp;57582966 |
| &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;**Total Energy** | &nbsp;&nbsp;&nbsp;&nbsp;**57582966** |

---

---

| | | |
|:---|:---|:---|
| &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;**Financials 1.9%** | &nbsp;&nbsp;**Financials 1.9%** | &nbsp;&nbsp;**Financials 1.9%** |
| &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** | &nbsp;&nbsp;**Capital Markets 1.9%** |
| &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192921 | &nbsp;&nbsp;&nbsp;&nbsp;72333800 |
| &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;**Total Financials** | &nbsp;&nbsp;&nbsp;&nbsp;**72333800** |
| &nbsp;&nbsp;**Health Care 15.0%** | &nbsp;&nbsp;**Health Care 15.0%** | &nbsp;&nbsp;**Health Care 15.0%** |
| &nbsp;&nbsp;**Biotechnology 2.9%** | &nbsp;&nbsp;**Biotechnology 2.9%** | &nbsp;&nbsp;**Biotechnology 2.9%** |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240123 | &nbsp;&nbsp;&nbsp;&nbsp;27698188 |
| &nbsp;&nbsp;Exact Sciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;445401 | &nbsp;&nbsp;&nbsp;&nbsp;30073476 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;177110 | &nbsp;&nbsp;&nbsp;&nbsp;57224241 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;114995905 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** | &nbsp;&nbsp;**Health Care Equipment & Supplies 4.3%** |
| &nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;1133072 | &nbsp;&nbsp;&nbsp;&nbsp;52404580 |
| &nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;497365 | &nbsp;&nbsp;&nbsp;&nbsp;53262818 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;263974 | &nbsp;&nbsp;&nbsp;&nbsp;64855772 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;170523170 |
| &nbsp;&nbsp;**Health Care Providers & Services 3.2%** | &nbsp;&nbsp;**Health Care Providers & Services 3.2%** | &nbsp;&nbsp;**Health Care Providers & Services 3.2%** |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253536 | &nbsp;&nbsp;126562636 |
| &nbsp;&nbsp;**Life Sciences Tools & Services 0.7%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.7%** | &nbsp;&nbsp;**Life Sciences Tools & Services 0.7%** |
| &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;325566 | &nbsp;&nbsp;&nbsp;&nbsp;25934587 |
| &nbsp;&nbsp;**Pharmaceuticals 3.9%** | &nbsp;&nbsp;**Pharmaceuticals 3.9%** | &nbsp;&nbsp;**Pharmaceuticals 3.9%** |
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;272799 | &nbsp;&nbsp;&nbsp;&nbsp;93883776 |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;366977 | &nbsp;&nbsp;&nbsp;&nbsp;60731024 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;154614800 |
| &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**Total Health Care** | &nbsp;&nbsp;**592631098** |
| &nbsp;&nbsp;**Industrials 7.8%** | &nbsp;&nbsp;**Industrials 7.8%** | &nbsp;&nbsp;**Industrials 7.8%** |
| &nbsp;&nbsp;**Building Products 1.6%** | &nbsp;&nbsp;**Building Products 1.6%** | &nbsp;&nbsp;**Building Products 1.6%** |
| &nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;349437 | &nbsp;&nbsp;&nbsp;&nbsp;62591155 |
| &nbsp;&nbsp;**Commercial Services & Supplies 1.4%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.4%** | &nbsp;&nbsp;**Commercial Services & Supplies 1.4%** |
| &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125845 | &nbsp;&nbsp;&nbsp;&nbsp;55842460 |
| &nbsp;&nbsp;**Construction & Engineering 1.4%** | &nbsp;&nbsp;**Construction & Engineering 1.4%** | &nbsp;&nbsp;**Construction & Engineering 1.4%** |
| &nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;557399 | &nbsp;&nbsp;&nbsp;&nbsp;54753304 |
| &nbsp;&nbsp;**Electrical Equipment 1.4%** | &nbsp;&nbsp;**Electrical Equipment 1.4%** | &nbsp;&nbsp;**Electrical Equipment 1.4%** |
| &nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381068 | &nbsp;&nbsp;&nbsp;&nbsp;55224375 |
| &nbsp;&nbsp;**Road & Rail 2.0%** | &nbsp;&nbsp;**Road & Rail 2.0%** | &nbsp;&nbsp;**Road & Rail 2.0%** |

---

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

6 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** | &nbsp;&nbsp;**Common Stocks (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;385549 | &nbsp;&nbsp;&nbsp;&nbsp;78725250 |
| &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**Total Industrials** | &nbsp;&nbsp;**307136544** |
| &nbsp;&nbsp;**Information Technology 41.0%** | &nbsp;&nbsp;**Information Technology 41.0%** | &nbsp;&nbsp;**Information Technology 41.0%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.8%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components 2.8%** |
| &nbsp;&nbsp;TE Connectivity Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;408110 | &nbsp;&nbsp;&nbsp;&nbsp;51891187 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;187523 | &nbsp;&nbsp;&nbsp;&nbsp;59291022 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;111182209 |
| &nbsp;&nbsp;**IT Services 4.1%** | &nbsp;&nbsp;**IT Services 4.1%** | &nbsp;&nbsp;**IT Services 4.1%** |
| &nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;695823 | &nbsp;&nbsp;160185413 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 9.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 9.1%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment 9.1%** |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;787815 | &nbsp;&nbsp;&nbsp;&nbsp;59204297 |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152983 | &nbsp;&nbsp;&nbsp;&nbsp;89496585 |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;707228 | &nbsp;&nbsp;138171134 |
| &nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;551267 | &nbsp;&nbsp;&nbsp;&nbsp;73434277 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;360306293 |
| &nbsp;&nbsp;**Software 14.8%** | &nbsp;&nbsp;**Software 14.8%** | &nbsp;&nbsp;**Software 14.8%** |
| &nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;240672 | &nbsp;&nbsp;&nbsp;&nbsp;89130468 |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;1437990 | &nbsp;&nbsp;356348302 |
| &nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;395740 | &nbsp;&nbsp;&nbsp;&nbsp;62780194 |
| &nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162347 | &nbsp;&nbsp;&nbsp;&nbsp;73888990 |
| &nbsp;&nbsp;Total |  | &nbsp;&nbsp;582147954 |

---

---

| | | |
|:---|:---|:---|
| &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;**Technology Hardware, Storage & Peripherals 10.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 10.2%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals 10.2%** |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2797039 | &nbsp;&nbsp;&nbsp;&nbsp;403584757 |
| &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**Total Information Technology** | &nbsp;&nbsp;**1617406626** |
| &nbsp;&nbsp;**Real Estate 1.3%** | &nbsp;&nbsp;**Real Estate 1.3%** | &nbsp;&nbsp;**Real Estate 1.3%** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.3%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITS) 1.3%** |
| &nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52608815 |
| &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;**Total Real Estate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52608815** |
| &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,109,758,590) | &nbsp;&nbsp;Total Common Stocks<br> (Cost $2,109,758,590) | &nbsp;&nbsp;**3862129346** |
| &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** | &nbsp;&nbsp;**Money Market Funds 2.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(b),(c)</sup> | &nbsp;&nbsp;117014676 | &nbsp;&nbsp;&nbsp;&nbsp;116967870 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $116,979,126) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $116,979,126) | &nbsp;&nbsp;&nbsp;&nbsp;**116967870** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,226,737,716)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,226,737,716)** | &nbsp;&nbsp;**3979097216** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(36940028)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**3942157188** |

---

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

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 142242537 | &nbsp;&nbsp;225459076 | &nbsp;&nbsp;(250719008) | &nbsp;&nbsp;(14735) | &nbsp;&nbsp;116967870 | &nbsp;&nbsp;14114 | &nbsp;&nbsp;1045616 | &nbsp;&nbsp;117014676 |

---

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

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

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;337465490 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337465490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;572843426 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572843426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;252120581 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252120581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;57582966 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57582966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;72333800 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72333800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;592631098 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592631098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;307136544 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307136544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 1617406626 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1617406626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;52608815 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52608815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks | 3862129346 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3862129346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;116967870 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116967870 |
| &nbsp;&nbsp;Total Investments in Securities | 3979097216 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3979097216 |

---

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

8 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,109,758,590) | $3862129346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $116,979,126) | &nbsp;&nbsp;&nbsp;&nbsp;116967870 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15024 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;167582513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701772 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38623 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387854 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41777 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;4148299738 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;201763062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52192 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387854 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;206142550 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$3942157188** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;2173228479 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;1768928709 |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$3942157188** |

---

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Statement of Assets and Liabilities (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1990818413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44426250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.81 |
| &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;$47.54 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$16647546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49.21 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$35715052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33.13 |
| &nbsp;&nbsp;**Class E** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13009419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| &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 E shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.26 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$960137987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20110891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.74 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20348691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47.85 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$680601615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14146525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48.11 |
| &nbsp;&nbsp;**Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7009225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43.84 |
| &nbsp;&nbsp;**Class V** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$217869240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4925112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44.24 |
| &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 V shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46.94 |

---

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

10 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$19395031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20440977 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13123866 |
| &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;2530306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276346 |
| &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;905547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| &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;384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37296 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18010516 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13051) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17996820 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444157 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80666025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4124735) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76555404 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(341335914) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14735) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477343) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(341827992) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(265272588) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(262828431)** |

---

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2444157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6466756) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76555404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107715703 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(341827992) | &nbsp;&nbsp;&nbsp;(1032070931) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;(262828431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930821984) |
| &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;(244133175) |
| &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;(2720087) |
| &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;(7868155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1646962) |
| &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;(112671169) |
| &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;(8905905) |
| &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;(69227245) |
| &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;(875965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class V | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26358603) |
| &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;(474407266) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(178400064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99431405 |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(441228495) | &nbsp;&nbsp;&nbsp;(1305797845) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;4383385683 | &nbsp;&nbsp;&nbsp;&nbsp;5689183528 |
| &nbsp;&nbsp;**Net assets at end of period** | **$3942157188** | &nbsp;&nbsp;**$4383385683** |

---

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

12 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;548584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24013410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71064106 |
| &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;3855701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235930336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2414724) | &nbsp;&nbsp;&nbsp;&nbsp;(104988795) | &nbsp;&nbsp;&nbsp;&nbsp;(5133783) | &nbsp;&nbsp;&nbsp;&nbsp;(283380156) |
| &nbsp;&nbsp;Net increase (decrease) | (1866140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80975385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23614286 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18054519 |
| &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;37295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1650753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16225069) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4328215 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860947 |
| &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;168255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(272048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8578521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(805442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33037725) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(176370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5649083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(453552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17499302) |
| &nbsp;&nbsp;Class E |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138782 |
| &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;27191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1098539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2152800) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367056) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;522112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24512184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84807393 |
| &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;1613140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104854093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1479502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68343483) | &nbsp;&nbsp;&nbsp;&nbsp;(2479529) | &nbsp;&nbsp;&nbsp;&nbsp;(144313236) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(957390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43831299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45348250 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;114850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15191996 |
| &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;136672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8901412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (1341587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60037513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21334730) |
| &nbsp;&nbsp;Net increase (decrease) | (1226737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54714560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758678 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1313301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63849509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99804051 |
| &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;754572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49379219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(975665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47477294) | &nbsp;&nbsp;&nbsp;&nbsp;(1880381) | &nbsp;&nbsp;&nbsp;&nbsp;(116684279) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;337636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16372215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32498991 |
| &nbsp;&nbsp;Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024734 |
| &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;13640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2446653) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396888 |
| &nbsp;&nbsp;Class V |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547297 |
| &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;325429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19655902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(199058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8572927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17850744) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(186713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8052097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352455 |
| &nbsp;&nbsp;**Total net increase (decrease)** | **(4112421)** | &nbsp;&nbsp;&nbsp;&nbsp;**(178400064)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**947479** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**99431405** |

---

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income<br> (loss)** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $47.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.78) | &nbsp;&nbsp;&nbsp;&nbsp;(2.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $62.66 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(9.54) | &nbsp;&nbsp;&nbsp;&nbsp;(9.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.40) | &nbsp;&nbsp;(5.40) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $50.90 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.65) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $43.43 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;11.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.86 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $39.81 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.52) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $52.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(3.05) | &nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $68.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(10.50) | &nbsp;&nbsp;(10.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.55) | &nbsp;&nbsp;(5.55) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $54.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;20.10 | &nbsp;&nbsp;&nbsp;&nbsp;20.12 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.77) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $46.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $46.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $42.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.58) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $35.33 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $47.73 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;(7.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4.94) | &nbsp;&nbsp;(4.94) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $40.39 | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;14.31 | &nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.58) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $35.43 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $36.70 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $33.95 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.52) |
| &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $47.01 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $61.99 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;(9.46) | &nbsp;&nbsp;&nbsp;&nbsp;(9.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.23) | &nbsp;&nbsp;(5.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $50.50 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;18.09 | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.60) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $43.15 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.65 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $39.67 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.52) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $50.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $66.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(10.16) | &nbsp;&nbsp;(10.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.55) | &nbsp;&nbsp;(5.55) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $53.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;19.59 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.77) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $45.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $41.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.59) |

---

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

14 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income (loss)<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $44.81 | &nbsp;&nbsp;(5.84%) | 1.01%<sup>(d),(e)</sup> | 1.01%<sup>(d),(e),(f)</sup> | 0.01%<sup>(d)</sup> | 21% | $1990818 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $47.59 | (17.35%) | 0.98%<sup>(e)</sup> | 0.98%<sup>(e)</sup> | (0.23%) | 46% | $2203137 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $62.66 | 39.24% | 0.99%<sup>(e)</sup> | 0.99%<sup>(e),(f)</sup> | (0.21%) | 52% | $2900684 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $50.90 | 27.48% | 1.02% | 1.02%<sup>(f)</sup> | (0.03%) | 46% | $2249478 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.43 | &nbsp;&nbsp;&nbsp;7.84% | 1.04% | 1.04% | (0.10%) | 35% | $1932367 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $43.86 | 17.26% | 1.05% | 1.05%<sup>(f)</sup> | (0.13%) | 32% | $1976097 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $49.21 | &nbsp;&nbsp;(5.73%) | 0.76%<sup>(d),(e)</sup> | 0.76%<sup>(d),(e),(f)</sup> | 0.25%<sup>(d)</sup> | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$16648 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $52.20 | (17.15%) | 0.73%<sup>(e)</sup> | 0.73%<sup>(e)</sup> | 0.05% | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$17603 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $68.22 | 39.60% | 0.74%<sup>(e)</sup> | 0.74%<sup>(e),(f)</sup> | 0.03% | 52% | &nbsp;&nbsp;&nbsp;&nbsp;$20760 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $54.87 | 27.81% | 0.77% | 0.77%<sup>(f)</sup> | 0.21% | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$11934 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $46.43 | &nbsp;&nbsp;&nbsp;8.11% | 0.79% | 0.79% | 0.15% | 35% | &nbsp;&nbsp;&nbsp;&nbsp;$12088 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $46.53 | 17.52% | 0.80% | 0.80%<sup>(f)</sup> | 0.12% | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$14629 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $33.13 | &nbsp;&nbsp;(6.23%) | 1.76%<sup>(d),(e)</sup> | 1.76%<sup>(d),(e),(f)</sup> | (0.73%)<sup>(d)</sup> | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$35715 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $35.33 | (17.96%) | 1.73%<sup>(e)</sup> | 1.73%<sup>(e)</sup> | (0.96%) | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$44314 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $47.73 | 38.22% | 1.74%<sup>(e)</sup> | 1.74%<sup>(e),(f)</sup> | (0.93%) | 52% | &nbsp;&nbsp;&nbsp;&nbsp;$81519 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $40.39 | 26.54% | 1.77% | 1.77%<sup>(f)</sup> | (0.78%) | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$86411 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $35.43 | &nbsp;&nbsp;&nbsp;7.03% | 1.79% | 1.79% | (0.86%) | 35% | &nbsp;&nbsp;&nbsp;&nbsp;$78293 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $36.70 | 16.37% | 1.80% | 1.80%<sup>(f)</sup> | (0.87%) | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$75872 |
| &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** | &nbsp;&nbsp;**Class E** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $44.18 | &nbsp;&nbsp;(6.02%) | 1.38%<sup>(d),(e)</sup> | 1.37%<sup>(d),(e),(f)</sup> | (0.35%)<sup>(d)</sup> | 21% | &nbsp;&nbsp;&nbsp;&nbsp;$13009 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $47.01 | (17.61%) | 1.28%<sup>(e)</sup> | 1.28%<sup>(e)</sup> | (0.53%) | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$15022 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $61.99 | 38.87% | 1.27%<sup>(e)</sup> | 1.26%<sup>(e),(f)</sup> | (0.48%) | 52% | &nbsp;&nbsp;&nbsp;&nbsp;$20376 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $50.50 | 27.37% | 1.12% | 1.12%<sup>(f)</sup> | (0.13%) | 46% | &nbsp;&nbsp;&nbsp;&nbsp;$17216 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.15 | &nbsp;&nbsp;&nbsp;7.71% | 1.14% | 1.14% | (0.20%) | 35% | &nbsp;&nbsp;&nbsp;&nbsp;$15875 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $43.65 | 17.14% | 1.15% | 1.15%<sup>(f)</sup> | (0.23%) | 32% | &nbsp;&nbsp;&nbsp;&nbsp;$16877 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $47.74 | &nbsp;&nbsp;(5.73%) | 0.76%<sup>(d),(e)</sup> | 0.76%<sup>(d),(e),(f)</sup> | 0.26%<sup>(d)</sup> | 21% | &nbsp;&nbsp;$960138 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $50.64 | (17.15%) | 0.73%<sup>(e)</sup> | 0.73%<sup>(e)</sup> | 0.02% | 46% | $1066894 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $66.34 | 39.61% | 0.74%<sup>(e)</sup> | 0.74%<sup>(e),(f)</sup> | 0.04% | 52% | $1360640 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $53.52 | 27.79% | 0.77% | 0.77%<sup>(f)</sup> | 0.22% | 46% | $1062936 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.38 | &nbsp;&nbsp;&nbsp;8.11% | 0.79% | 0.79% | 0.15% | 35% | &nbsp;&nbsp;$975664 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $45.56 | 17.54% | 0.80% | 0.80%<sup>(f)</sup> | 0.13% | 32% | &nbsp;&nbsp;$996845 |

---

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_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 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $50.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;(3.01) | &nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $66.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(10.18) | &nbsp;&nbsp;(10.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.56) | &nbsp;&nbsp;(5.56) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $53.62 | &nbsp;&nbsp;(0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.79) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $45.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $41.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.61) |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $51.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $66.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(10.23) | &nbsp;&nbsp;(10.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.59) | &nbsp;&nbsp;(5.59) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $53.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.81) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $45.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;11.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $41.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.62) |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $46.62 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;(2.73) | &nbsp;&nbsp;&nbsp;&nbsp;(2.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $61.49 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(9.36) | &nbsp;&nbsp;&nbsp;&nbsp;(9.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.25) | &nbsp;&nbsp;(5.25) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $50.11 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.58) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $42.92 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.49 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $39.59 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.52) |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $46.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;(2.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $61.93 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;(9.42) | &nbsp;&nbsp;&nbsp;&nbsp;(9.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(5.40) | &nbsp;&nbsp;(5.40) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $50.37 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(6.58) | &nbsp;&nbsp;(6.65) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $43.01 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.67) | &nbsp;&nbsp;(3.67) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.47 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(3.37) | &nbsp;&nbsp;(3.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $39.48 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(2.52) | &nbsp;&nbsp;(2.52) |

---

---

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

---

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

16 Columbia Large Cap Growth Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_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 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $47.85 | &nbsp;&nbsp;(5.71%) | 0.72%<sup>(d),(e)</sup> | 0.72%<sup>(d),(e)</sup> | 0.44%<sup>(d)</sup> | 21% | &nbsp;&nbsp;$20349 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $50.75 | (17.13%) | 0.71%<sup>(e)</sup> | 0.71%<sup>(e)</sup> | 0.04% | 46% | &nbsp;&nbsp;$83838 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $66.47 | 39.63% | 0.72%<sup>(e)</sup> | 0.72%<sup>(e)</sup> | (0.00%)<sup>(c)</sup> | 52% | $108093 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $53.62 | 27.84% | 0.73% | 0.73% | 0.26% | 46% | &nbsp;&nbsp;$17929 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.44 | &nbsp;&nbsp;&nbsp;8.17% | 0.74% | 0.74% | 0.20% | 35% | &nbsp;&nbsp;$13783 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $45.59 | 17.63% | 0.73% | 0.73% | 0.19% | 32% | &nbsp;&nbsp;$12715 |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $48.11 | &nbsp;&nbsp;(5.69%) | 0.68%<sup>(d),(e)</sup> | 0.68%<sup>(d),(e)</sup> | 0.34%<sup>(d)</sup> | 21% | $680602 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $51.01 | (17.09%) | 0.66%<sup>(e)</sup> | 0.66%<sup>(e)</sup> | 0.09% | 46% | $704377 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $66.78 | 39.70% | 0.66%<sup>(e)</sup> | 0.66%<sup>(e)</sup> | 0.09% | 52% | $877535 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $53.84 | 27.91% | 0.68% | 0.68% | 0.31% | 46% | $526471 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $45.59 | &nbsp;&nbsp;&nbsp;8.24% | 0.69% | 0.69% | 0.26% | 35% | $394049 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $45.70 | 17.65% | 0.69% | 0.69% | 0.20% | 32% | $428819 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $43.84 | &nbsp;&nbsp;(5.96%) | 1.26%<sup>(d),(e)</sup> | 1.26%<sup>(d),(e),(f)</sup> | (0.23%)<sup>(d)</sup> | 21% | &nbsp;&nbsp;&nbsp;$7009 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $46.62 | (17.56%) | 1.23%<sup>(e)</sup> | 1.23%<sup>(e)</sup> | (0.48%) | 46% | &nbsp;&nbsp;&nbsp;$8043 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $61.49 | 38.92% | 1.24%<sup>(e)</sup> | 1.24%<sup>(e),(f)</sup> | (0.44%) | 52% | &nbsp;&nbsp;$10247 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $50.11 | 27.14% | 1.27% | 1.27%<sup>(f)</sup> | (0.28%) | 46% | &nbsp;&nbsp;$11856 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $42.92 | &nbsp;&nbsp;&nbsp;7.57% | 1.29% | 1.29% | (0.35%) | 35% | &nbsp;&nbsp;$13233 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $43.49 | 16.96% | 1.30% | 1.30%<sup>(f)</sup> | (0.35%) | 32% | &nbsp;&nbsp;$15911 |
| &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** | &nbsp;&nbsp;**Class V** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $44.24 | &nbsp;&nbsp;(5.83%) | 1.01%<sup>(d),(e)</sup> | 1.01%<sup>(d),(e),(f)</sup> | 0.01%<sup>(d)</sup> | 21% | $217869 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $46.98 | (17.36%) | 0.98%<sup>(e)</sup> | 0.98%<sup>(e)</sup> | (0.23%) | 46% | $240158 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $61.93 | 39.26% | 0.99%<sup>(e)</sup> | 0.99%<sup>(e),(f)</sup> | (0.21%) | 52% | $309330 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $50.37 | 27.49% | 1.02% | 1.02%<sup>(f)</sup> | (0.03%) | 46% | $241606 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $43.01 | &nbsp;&nbsp;&nbsp;7.84% | 1.04% | 1.04% | (0.11%) | 35% | $205528 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $43.47 | 17.25% | 1.05% | 1.05%<sup>(f)</sup> | (0.13%) | 32% | $208329 |

---

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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Large Cap Growth 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 E shares are trust shares which are held in an irrevocable trust until the specified trust termination date and are closed to new investors and new accounts. Class V shares are available only to investors who received (and who continuously held) Class V shares in connection with previous fund reorganizations.

Note 2. Summary of significant accounting policies

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

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

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

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

18 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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.

#### 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'

Columbia Large Cap Growth Fund \| Semiannual Report 2023 19

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

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

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

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

20 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;(4124735) |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Equity risk | &nbsp;&nbsp;&nbsp;&nbsp;(477343) |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — long | 24927926 |

---

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

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

#### Income recognition
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.

Columbia Large Cap Growth Fund \| Semiannual Report 2023 21

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting 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 0.77% to 0.57% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.65% of the Fund's average daily net assets.

#### 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

22 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

For the six months ended January 31, 2023, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.09 |
| &nbsp;&nbsp;Advisor Class | 0.09 |
| &nbsp;&nbsp;Class C | 0.09 |
| &nbsp;&nbsp;Class E | 0.36 |
| &nbsp;&nbsp;Institutional Class | 0.09 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |
| &nbsp;&nbsp;Class R | 0.09 |
| &nbsp;&nbsp;Class V | 0.09 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $13,051.

Columbia Large Cap Growth Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_622_520bb34d-3251-4234-a585-3453d3b4957a_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A, Class C and Class E 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%, 0.10% and 0.50% of the average daily net assets attributable to Class A, Class C, Class E 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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 5.75 &nbsp;&nbsp;&nbsp;&nbsp;0.50 - 1.00<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;193318 |
| &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;1481 |
| &nbsp;&nbsp;Class E | 4.50 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| &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;441 |

---

(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.

24 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 1.09% | 1.10% |
| &nbsp;&nbsp;Advisor Class | 0.84 | 0.85 |
| &nbsp;&nbsp;Class C | 1.84 | 1.85 |
| &nbsp;&nbsp;Class E | 1.44 | 1.36 |
| &nbsp;&nbsp;Institutional Class | 0.84 | 0.85 |
| &nbsp;&nbsp;Institutional 2 Class | 0.81 | 0.83 |
| &nbsp;&nbsp;Institutional 3 Class | 0.76 | 0.79 |
| &nbsp;&nbsp;Class R | 1.34 | 1.35 |
| &nbsp;&nbsp;Class V | 1.09 | 1.10 |

---

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

Note 4. Federal tax information

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

At January 31, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> appreciation ($)** |
| &nbsp;&nbsp;2226738000 | 1816663000 | (64304000) | 1752359000 |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;6548768 | 50324805 |

---

Columbia Large Cap Growth Fund \| Semiannual Report 2023 25

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $813,682,819 and $932,285,817, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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

Note 8. Line of credit

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

26 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

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

Note 9. Significant risks

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

#### 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

Columbia Large Cap Growth Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

#### Shareholder concentration risk
At January 31, 2023, affiliated shareholders of record owned 46.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

28 Columbia Large Cap Growth Fund \| Semiannual Report 2023

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#### Columbia Large Cap Growth Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img1b1507db2.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/

SAR174_07_N01_(03/23)

------

![](imga352dc531.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img4b81f6cb2.jpg)

Columbia Oregon Intermediate Municipal Bond Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_082a28a6-e639-4939-a075-cce22044e25b_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_92de3d96-c678-41db-825a-9df4a08a5e83_1)<br>| 5 |
| [Portfolio of Investments](#xx_c1404c54-0afd-4f63-a960-6e59be004c98_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_1ae372f2-d47d-452c-a932-7d7c2042a14c_1)<br>| 14 |
| [Statement of Operations](#xx_1ae372f2-d47d-452c-a932-7d7c2042a14c_2)<br>| 15 |
| [Statement of Changes in Net Assets](#xx_1ae372f2-d47d-452c-a932-7d7c2042a14c_3)<br>| 16 |
| [Financial Highlights](#xx_6f79dfe0-4f5c-430c-84fc-06e2cbfa622b_1)<br>| 18 |
| [Notes to Financial Statements](#xx_d17c72ae-ce8e-4cb9-9f21-786764e16d8e_1)<br>| 22 |

---

If you elect to receive the shareholder report for Columbia Oregon Intermediate Municipal Bond 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 Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks a high level of income exempt from federal and Oregon income tax by investing at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities issued by the State of Oregon (and its political subdivisions, agencies, authorities and instrumentalities).

Portfolio management

#### Paul Fuchs, CFA
Lead Portfolio Manager

Managed Fund since 2016

#### Douglas Rangel, CFA
Portfolio Manager

Managed Fund since June 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/01/02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-2.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.27 | &nbsp;&nbsp;&nbsp;&nbsp;-5.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;-2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;10/13/03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;-2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-0.50 | &nbsp;&nbsp;&nbsp;&nbsp;-3.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;07/02/84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;-2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;11/08/12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;-2.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;-2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| &nbsp;&nbsp;Bloomberg 3-15 Year Blend Municipal Bond Index | &nbsp;&nbsp;Bloomberg 3-15 Year Blend Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;-1.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 |

---

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

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

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

The Bloomberg 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.

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 Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 3

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;69.6 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;4.9 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

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

4 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.30 | &nbsp;&nbsp;&nbsp;&nbsp;1021.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1007.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1005.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.06 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.50 | &nbsp;&nbsp;&nbsp;&nbsp;1022.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.70 | &nbsp;&nbsp;&nbsp;&nbsp;1022.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1008.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

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

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

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 5

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

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 98.2%** | &nbsp;&nbsp;**Municipal Bonds 98.2%** | &nbsp;&nbsp;**Municipal Bonds 98.2%** | &nbsp;&nbsp;**Municipal Bonds 98.2%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Airport 5.3%** | &nbsp;&nbsp;**Airport 5.3%** | &nbsp;&nbsp;**Airport 5.3%** | &nbsp;&nbsp;**Airport 5.3%** |
| &nbsp;&nbsp;Port of Portland | &nbsp;&nbsp;Port of Portland | &nbsp;&nbsp;Port of Portland | &nbsp;&nbsp;Port of Portland |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport |
| &nbsp;&nbsp;Series 2015-23 | &nbsp;&nbsp;Series 2015-23 | &nbsp;&nbsp;Series 2015-23 | &nbsp;&nbsp;Series 2015-23 |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | 1240000 | &nbsp;&nbsp;&nbsp;&nbsp;1318592 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;5.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1855510 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2118673 |
| &nbsp;&nbsp;Port of Portland<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;4.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4935752 |
| &nbsp;&nbsp;Port of Portland Airport<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(a)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport | &nbsp;&nbsp;Portland International Airport |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;5.000% | 1680000 | &nbsp;&nbsp;&nbsp;&nbsp;1825378 |
| &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700879 |
| &nbsp;&nbsp;Series 2020A-27 | &nbsp;&nbsp;Series 2020A-27 | &nbsp;&nbsp;Series 2020A-27 | &nbsp;&nbsp;Series 2020A-27 |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3389460 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16144244** |
| &nbsp;&nbsp;**Charter Schools 0.2%** | &nbsp;&nbsp;**Charter Schools 0.2%** | &nbsp;&nbsp;**Charter Schools 0.2%** | &nbsp;&nbsp;**Charter Schools 0.2%** |
| &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Redmond Proficiency Academy Project | &nbsp;&nbsp;Redmond Proficiency Academy Project | &nbsp;&nbsp;Redmond Proficiency Academy Project | &nbsp;&nbsp;Redmond Proficiency Academy Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;4.750% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200693 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543890 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**744583** |
| &nbsp;&nbsp;**Higher Education 1.6%** | &nbsp;&nbsp;**Higher Education 1.6%** | &nbsp;&nbsp;**Higher Education 1.6%** | &nbsp;&nbsp;**Higher Education 1.6%** |
| &nbsp;&nbsp;City of Forest Grove | &nbsp;&nbsp;City of Forest Grove | &nbsp;&nbsp;City of Forest Grove | &nbsp;&nbsp;City of Forest Grove |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Campus Improvement Pacific University Project | &nbsp;&nbsp;Campus Improvement Pacific University Project | &nbsp;&nbsp;Campus Improvement Pacific University Project | &nbsp;&nbsp;Campus Improvement Pacific University Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570299 |
| &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1538141 |
| &nbsp;&nbsp;Oak Tree Foundation Project | &nbsp;&nbsp;Oak Tree Foundation Project | &nbsp;&nbsp;Oak Tree Foundation Project | &nbsp;&nbsp;Oak Tree Foundation Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253563 |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205074 |
| &nbsp;&nbsp;Pacific University | &nbsp;&nbsp;Pacific University | &nbsp;&nbsp;Pacific University | &nbsp;&nbsp;Pacific University |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618201 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;County of Yamhill | &nbsp;&nbsp;County of Yamhill | &nbsp;&nbsp;County of Yamhill | &nbsp;&nbsp;County of Yamhill |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;George Fox University Project | &nbsp;&nbsp;George Fox University Project | &nbsp;&nbsp;George Fox University Project | &nbsp;&nbsp;George Fox University Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;507488 |
| &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;University of Portland | &nbsp;&nbsp;University of Portland | &nbsp;&nbsp;University of Portland | &nbsp;&nbsp;University of Portland |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;523887 |
| &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;554895 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4771548** |
| &nbsp;&nbsp;**Hospital 12.9%** | &nbsp;&nbsp;**Hospital 12.9%** | &nbsp;&nbsp;**Hospital 12.9%** | &nbsp;&nbsp;**Hospital 12.9%** |
| &nbsp;&nbsp;Klamath Falls Intercommunity Hospital Authority | &nbsp;&nbsp;Klamath Falls Intercommunity Hospital Authority | &nbsp;&nbsp;Klamath Falls Intercommunity Hospital Authority | &nbsp;&nbsp;Klamath Falls Intercommunity Hospital Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sky Lakes Medical Center Project | &nbsp;&nbsp;Sky Lakes Medical Center Project | &nbsp;&nbsp;Sky Lakes Medical Center Project | &nbsp;&nbsp;Sky Lakes Medical Center Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;281317 |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;&nbsp;878932 |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;529224 |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;285476 |
| &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;5.000% | 1200000 | &nbsp;&nbsp;1358412 |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;5.000% | 2900000 | &nbsp;&nbsp;3178408 |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;4.000% | 1100000 | &nbsp;&nbsp;1115140 |
| &nbsp;&nbsp;Oregon Health & Science University | &nbsp;&nbsp;Oregon Health & Science University | &nbsp;&nbsp;Oregon Health & Science University | &nbsp;&nbsp;Oregon Health & Science University |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;5.000% | 7500000 | &nbsp;&nbsp;8029726 |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;5.000% | 5175000 | &nbsp;&nbsp;6026507 |
| &nbsp;&nbsp;Series 2021B-2 (Mandatory Put 02/01/32) | &nbsp;&nbsp;Series 2021B-2 (Mandatory Put 02/01/32) | &nbsp;&nbsp;Series 2021B-2 (Mandatory Put 02/01/32) | &nbsp;&nbsp;Series 2021B-2 (Mandatory Put 02/01/32) |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | 1235000 | &nbsp;&nbsp;1457026 |
| &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 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1143918 |
| &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Legacy Health Project | &nbsp;&nbsp;Legacy Health Project | &nbsp;&nbsp;Legacy Health Project | &nbsp;&nbsp;Legacy Health Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;1699316 |
| &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;5.000% | 3185000 | &nbsp;&nbsp;3373957 |
| &nbsp;&nbsp;PeaceHealth Project | &nbsp;&nbsp;PeaceHealth Project | &nbsp;&nbsp;PeaceHealth Project | &nbsp;&nbsp;PeaceHealth Project |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/15/2029 | &nbsp;&nbsp;5.000% | 1600000 | &nbsp;&nbsp;1640304 |

---

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

6 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Salem Health Project | &nbsp;&nbsp;Salem Health Project | &nbsp;&nbsp;Salem Health Project | &nbsp;&nbsp;Salem Health Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1065801 |
| &nbsp;&nbsp;05/15/2030 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1065305 |
| &nbsp;&nbsp;05/15/2031 | &nbsp;&nbsp;5.000% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;1091624 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;05/15/2037 | &nbsp;&nbsp;5.000% | 2305000 | &nbsp;&nbsp;&nbsp;&nbsp;2486115 |
| &nbsp;&nbsp;Salem Health Projects | &nbsp;&nbsp;Salem Health Projects | &nbsp;&nbsp;Salem Health Projects | &nbsp;&nbsp;Salem Health Projects |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2504654 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**39211162** |
| &nbsp;&nbsp;**Local General Obligation 32.3%** | &nbsp;&nbsp;**Local General Obligation 32.3%** | &nbsp;&nbsp;**Local General Obligation 32.3%** | &nbsp;&nbsp;**Local General Obligation 32.3%** |
| &nbsp;&nbsp;Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis<sup>(c)</sup> | &nbsp;&nbsp;Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis<sup>(c)</sup> | &nbsp;&nbsp;Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis<sup>(c)</sup> | &nbsp;&nbsp;Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis<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;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550372 |
| &nbsp;&nbsp;Blue Mountain Community College District | &nbsp;&nbsp;Blue Mountain Community College District | &nbsp;&nbsp;Blue Mountain Community College District | &nbsp;&nbsp;Blue Mountain Community College District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1042564 |
| &nbsp;&nbsp;Boardman Park & Recreation District | &nbsp;&nbsp;Boardman Park & Recreation District | &nbsp;&nbsp;Boardman Park & Recreation District | &nbsp;&nbsp;Boardman Park & Recreation 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 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.250% | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3498484 |
| &nbsp;&nbsp;Canyonville South Umpqua Rural Fire Protection District | &nbsp;&nbsp;Canyonville South Umpqua Rural Fire Protection District | &nbsp;&nbsp;Canyonville South Umpqua Rural Fire Protection District | &nbsp;&nbsp;Canyonville South Umpqua Rural Fire Protection 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 2001 | &nbsp;&nbsp;Series 2001 | &nbsp;&nbsp;Series 2001 | &nbsp;&nbsp;Series 2001 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561308 |
| &nbsp;&nbsp;Central Oregon Community College | &nbsp;&nbsp;Central Oregon Community College | &nbsp;&nbsp;Central Oregon Community College | &nbsp;&nbsp;Central Oregon Community College |
| &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 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570516 |
| &nbsp;&nbsp;Chemeketa Community College District | &nbsp;&nbsp;Chemeketa Community College District | &nbsp;&nbsp;Chemeketa Community College District | &nbsp;&nbsp;Chemeketa Community College District |
| &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 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;5.000% | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;1138600 |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;4.000% | 1745000 | &nbsp;&nbsp;&nbsp;&nbsp;1818512 |
| &nbsp;&nbsp;City of Albany | &nbsp;&nbsp;City of Albany | &nbsp;&nbsp;City of Albany | &nbsp;&nbsp;City of Albany |
| &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 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;08/01/2023 | &nbsp;&nbsp;4.000% | 1290000 | &nbsp;&nbsp;&nbsp;&nbsp;1300247 |
| &nbsp;&nbsp;City of Lebanon | &nbsp;&nbsp;City of Lebanon | &nbsp;&nbsp;City of Lebanon | &nbsp;&nbsp;City of Lebanon |
| &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 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;5.000% | 1675000 | &nbsp;&nbsp;&nbsp;&nbsp;1773283 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.000% | 1715000 | &nbsp;&nbsp;&nbsp;&nbsp;1812428 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Portland | &nbsp;&nbsp;City of Portland | &nbsp;&nbsp;City of Portland | &nbsp;&nbsp;City of Portland |
| &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;Limited Tax Sellwood Bridge Project | &nbsp;&nbsp;Limited Tax Sellwood Bridge Project | &nbsp;&nbsp;Limited Tax Sellwood Bridge Project | &nbsp;&nbsp;Limited Tax Sellwood Bridge Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;5.000% | 1985000 | &nbsp;&nbsp;2054992 |
| &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 | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2336108 |
| &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;Public Safety Projects and Emergency Facilities | &nbsp;&nbsp;Public Safety Projects and Emergency Facilities | &nbsp;&nbsp;Public Safety Projects and Emergency Facilities | &nbsp;&nbsp;Public Safety Projects and Emergency Facilities |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;5.000% | 1885000 | &nbsp;&nbsp;1953478 |
| &nbsp;&nbsp;City of Redmond | &nbsp;&nbsp;City of Redmond | &nbsp;&nbsp;City of Redmond | &nbsp;&nbsp;City of Redmond |
| &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 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;&nbsp;708330 |
| &nbsp;&nbsp;City of Salem | &nbsp;&nbsp;City of Salem | &nbsp;&nbsp;City of Salem | &nbsp;&nbsp;City of Salem |
| &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 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;2140105 |
| &nbsp;&nbsp;City of Sisters | &nbsp;&nbsp;City of Sisters | &nbsp;&nbsp;City of Sisters | &nbsp;&nbsp;City of Sisters |
| &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 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp;&nbsp;&nbsp;629687 |
| &nbsp;&nbsp;Clackamas & Washington Counties School District No. 3 | &nbsp;&nbsp;Clackamas & Washington Counties School District No. 3 | &nbsp;&nbsp;Clackamas & Washington Counties School District No. 3 | &nbsp;&nbsp;Clackamas & Washington Counties School District No. 3 |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;314011 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;507093 |
| &nbsp;&nbsp;Clackamas Community College District<sup>(c)</sup> | &nbsp;&nbsp;Clackamas Community College District<sup>(c)</sup> | &nbsp;&nbsp;Clackamas Community College District<sup>(c)</sup> | &nbsp;&nbsp;Clackamas Community College District<sup>(c)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Convertible Deferred Interest | &nbsp;&nbsp;Convertible Deferred Interest | &nbsp;&nbsp;Convertible Deferred Interest | &nbsp;&nbsp;Convertible Deferred Interest |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;827965 |
| &nbsp;&nbsp;Clackamas County School District No. 108 Estacada | &nbsp;&nbsp;Clackamas County School District No. 108 Estacada | &nbsp;&nbsp;Clackamas County School District No. 108 Estacada | &nbsp;&nbsp;Clackamas County School District No. 108 Estacada |
| &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 2005 (AGM) | &nbsp;&nbsp;Series 2005 (AGM) | &nbsp;&nbsp;Series 2005 (AGM) | &nbsp;&nbsp;Series 2005 (AGM) |
| &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp;5.500% | 2485000 | &nbsp;&nbsp;2670880 |
| &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas |
| &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 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;5.000% | 3500000 | &nbsp;&nbsp;3875254 |
| &nbsp;&nbsp;Clatsop County School District No. 1-C | &nbsp;&nbsp;Clatsop County School District No. 1-C | &nbsp;&nbsp;Clatsop County School District No. 1-C | &nbsp;&nbsp;Clatsop County School District No. 1-C |
| &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;Astoria | &nbsp;&nbsp;Astoria | &nbsp;&nbsp;Astoria | &nbsp;&nbsp;Astoria |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1137805 |
| &nbsp;&nbsp;Clatsop County School District No. 30 Warrenton-Hammond<sup>(d)</sup> | &nbsp;&nbsp;Clatsop County School District No. 30 Warrenton-Hammond<sup>(d)</sup> | &nbsp;&nbsp;Clatsop County School District No. 30 Warrenton-Hammond<sup>(d)</sup> | &nbsp;&nbsp;Clatsop County School District No. 30 Warrenton-Hammond<sup>(d)</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;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;0.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;623161 |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia County School District No. 502<sup>(d)</sup> | &nbsp;&nbsp;Columbia County School District No. 502<sup>(d)</sup> | &nbsp;&nbsp;Columbia County School District No. 502<sup>(d)</sup> | &nbsp;&nbsp;Columbia County School District No. 502<sup>(d)</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;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;208541 |
| &nbsp;&nbsp;Coos County School District No. 9 Coos Bay | &nbsp;&nbsp;Coos County School District No. 9 Coos Bay | &nbsp;&nbsp;Coos County School District No. 9 Coos Bay | &nbsp;&nbsp;Coos County School District No. 9 Coos Bay |
| &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 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;565508 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1122982 |
| &nbsp;&nbsp;Deschutes & Jefferson Counties School District No. 2J Redmond | &nbsp;&nbsp;Deschutes & Jefferson Counties School District No. 2J Redmond | &nbsp;&nbsp;Deschutes & Jefferson Counties School District No. 2J Redmond | &nbsp;&nbsp;Deschutes & Jefferson Counties School District No. 2J Redmond |
| &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 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp;&nbsp;680286 |
| &nbsp;&nbsp;Deschutes County School District No. 6 Sisters | &nbsp;&nbsp;Deschutes County School District No. 6 Sisters | &nbsp;&nbsp;Deschutes County School District No. 6 Sisters | &nbsp;&nbsp;Deschutes County School District No. 6 Sisters |
| &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 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;381611 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;419838 |
| &nbsp;&nbsp;Hillsboro School District No. 1J | &nbsp;&nbsp;Hillsboro School District No. 1J | &nbsp;&nbsp;Hillsboro School District No. 1J | &nbsp;&nbsp;Hillsboro School District No. 1J |
| &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;Washington, Yamhill and Multnomah Counties | &nbsp;&nbsp;Washington, Yamhill and Multnomah Counties | &nbsp;&nbsp;Washington, Yamhill and Multnomah Counties | &nbsp;&nbsp;Washington, Yamhill and Multnomah Counties |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;2750584 |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;637960 |
| &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;2584380 |
| &nbsp;&nbsp;Jackson County School District No. 4<sup>(d)</sup> | &nbsp;&nbsp;Jackson County School District No. 4<sup>(d)</sup> | &nbsp;&nbsp;Jackson County School District No. 4<sup>(d)</sup> | &nbsp;&nbsp;Jackson County School District No. 4<sup>(d)</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 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;0.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;680029 |
| &nbsp;&nbsp;Jackson County School District No. 5 Ashland | &nbsp;&nbsp;Jackson County School District No. 5 Ashland | &nbsp;&nbsp;Jackson County School District No. 5 Ashland | &nbsp;&nbsp;Jackson County School District No. 5 Ashland |
| &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 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;3377431 |
| &nbsp;&nbsp;Jackson County School District No. 549C Medford | &nbsp;&nbsp;Jackson County School District No. 549C Medford | &nbsp;&nbsp;Jackson County School District No. 549C Medford | &nbsp;&nbsp;Jackson County School District No. 549C Medford |
| &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 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/15/2023 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1022435 |
| &nbsp;&nbsp;Jackson County School District No. 6 Central Point | &nbsp;&nbsp;Jackson County School District No. 6 Central Point | &nbsp;&nbsp;Jackson County School District No. 6 Central Point | &nbsp;&nbsp;Jackson County School District No. 6 Central Point |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;06/15/2036 | &nbsp;&nbsp;4.000% | 1145000 | &nbsp;&nbsp;1203037 |
| &nbsp;&nbsp;Lane Community College | &nbsp;&nbsp;Lane Community College | &nbsp;&nbsp;Lane Community College | &nbsp;&nbsp;Lane Community College |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;1096984 |
| &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;2083295 |
| &nbsp;&nbsp;Lane County School District No. 1 Pleasant Hill<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 1 Pleasant Hill<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 1 Pleasant Hill<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 1 Pleasant Hill<sup>(d)</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 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;0.000% | 1775000 | &nbsp;&nbsp;1453951 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Lane County School District No. 19 Springfield<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 19 Springfield<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 19 Springfield<sup>(d)</sup> | &nbsp;&nbsp;Lane County School District No. 19 Springfield<sup>(d)</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 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;0.000% | 3770000 | &nbsp;&nbsp;2713120 |
| &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 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;06/15/2024 | &nbsp;&nbsp;0.000% | 2305000 | &nbsp;&nbsp;2223132 |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;0.000% | 1480000 | &nbsp;&nbsp;1284558 |
| &nbsp;&nbsp;Lane County School District No. 52 Bethel | &nbsp;&nbsp;Lane County School District No. 52 Bethel | &nbsp;&nbsp;Lane County School District No. 52 Bethel | &nbsp;&nbsp;Lane County School District No. 52 Bethel |
| &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 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;4.000% | 1590000 | &nbsp;&nbsp;1707465 |
| &nbsp;&nbsp;Linn & Benton Counties School District No. 8J Greater Albany | &nbsp;&nbsp;Linn & Benton Counties School District No. 8J Greater Albany | &nbsp;&nbsp;Linn & Benton Counties School District No. 8J Greater Albany | &nbsp;&nbsp;Linn & Benton Counties School District No. 8J Greater Albany |
| &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 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1113809 |
| &nbsp;&nbsp;Marion County School District No. 15 North Marion | &nbsp;&nbsp;Marion County School District No. 15 North Marion | &nbsp;&nbsp;Marion County School District No. 15 North Marion | &nbsp;&nbsp;Marion County School District No. 15 North Marion |
| &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 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1143732 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;273880 |
| &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow<sup>(d)</sup> | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow<sup>(d)</sup> | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow<sup>(d)</sup> | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow<sup>(d)</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 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;0.000% | 4000000 | &nbsp;&nbsp;2662206 |
| &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow | &nbsp;&nbsp;Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow |
| &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 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;3328224 |
| &nbsp;&nbsp;Multnomah County School District No. 1 Portland | &nbsp;&nbsp;Multnomah County School District No. 1 Portland | &nbsp;&nbsp;Multnomah County School District No. 1 Portland | &nbsp;&nbsp;Multnomah County School District No. 1 Portland |
| &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 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.000% | 2680000 | &nbsp;&nbsp;3124157 |
| &nbsp;&nbsp;Multnomah County School District No. 7 Reynolds<sup>(d)</sup> | &nbsp;&nbsp;Multnomah County School District No. 7 Reynolds<sup>(d)</sup> | &nbsp;&nbsp;Multnomah County School District No. 7 Reynolds<sup>(d)</sup> | &nbsp;&nbsp;Multnomah County School District No. 7 Reynolds<sup>(d)</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;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;0.000% | 4000000 | &nbsp;&nbsp;3011528 |
| &nbsp;&nbsp;Polk Marion & Benton Counties School District No. 13J Central | &nbsp;&nbsp;Polk Marion & Benton Counties School District No. 13J Central | &nbsp;&nbsp;Polk Marion & Benton Counties School District No. 13J Central | &nbsp;&nbsp;Polk Marion & Benton Counties School District No. 13J Central |
| &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 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;776170 |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;1035332 |
| &nbsp;&nbsp;Portland Community College District | &nbsp;&nbsp;Portland Community College District | &nbsp;&nbsp;Portland Community College District | &nbsp;&nbsp;Portland Community College District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1089899 |
| &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 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/15/2027 | &nbsp;&nbsp;5.000% | 2100000 | &nbsp;&nbsp;2290931 |

---

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

8 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Salem-Keizer School District No. 24J | &nbsp;&nbsp;Salem-Keizer School District No. 24J | &nbsp;&nbsp;Salem-Keizer School District No. 24J | &nbsp;&nbsp;Salem-Keizer School District No. 24J |
| &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 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1054181 |
| &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B | &nbsp;&nbsp;Series 2020B |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;5.000% | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1698107 |
| &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2336713 |
| &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J<sup>(d)</sup> | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J<sup>(d)</sup> | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J<sup>(d)</sup> | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J<sup>(d)</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;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest | &nbsp;&nbsp;Deferred Interest |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;0.000% | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;1948767 |
| &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J | &nbsp;&nbsp;Washington Clackamas & Yamhill Counties School District No. 88J |
| &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;Sherwood College | &nbsp;&nbsp;Sherwood College | &nbsp;&nbsp;Sherwood College | &nbsp;&nbsp;Sherwood College |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4990361 |
| &nbsp;&nbsp;Yamhill Clackamas & Washington Counties School District No. 29J Newberg | &nbsp;&nbsp;Yamhill Clackamas & Washington Counties School District No. 29J Newberg | &nbsp;&nbsp;Yamhill Clackamas & Washington Counties School District No. 29J Newberg | &nbsp;&nbsp;Yamhill Clackamas & Washington Counties School District No. 29J Newberg |
| &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 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B | &nbsp;&nbsp;Series 2021B |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2177621 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2200701 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**98298629** |
| &nbsp;&nbsp;**Multi-Family 1.7%** | &nbsp;&nbsp;**Multi-Family 1.7%** | &nbsp;&nbsp;**Multi-Family 1.7%** | &nbsp;&nbsp;**Multi-Family 1.7%** |
| &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Oregon State Facilities Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;College Housing Northwest Project | &nbsp;&nbsp;College Housing Northwest Project | &nbsp;&nbsp;College Housing Northwest Project | &nbsp;&nbsp;College Housing Northwest Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293485 |
| &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959752 |
| &nbsp;&nbsp;State of Oregon Housing & Community Services Department<sup>(c)</sup> | &nbsp;&nbsp;State of Oregon Housing & Community Services Department<sup>(c)</sup> | &nbsp;&nbsp;State of Oregon Housing & Community Services Department<sup>(c)</sup> | &nbsp;&nbsp;State of Oregon Housing & Community Services Department<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Plaza Los Amigos Apartments Project | &nbsp;&nbsp;Plaza Los Amigos Apartments Project | &nbsp;&nbsp;Plaza Los Amigos Apartments Project | &nbsp;&nbsp;Plaza Los Amigos Apartments Project |
| &nbsp;&nbsp;Series 2022 (Mandatory Put 02/01/25) | &nbsp;&nbsp;Series 2022 (Mandatory Put 02/01/25) | &nbsp;&nbsp;Series 2022 (Mandatory Put 02/01/25) | &nbsp;&nbsp;Series 2022 (Mandatory Put 02/01/25) |
| &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp;3.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1975371 |
| &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;Susan Emmons Apartment Project (The) | &nbsp;&nbsp;Susan Emmons Apartment Project (The) | &nbsp;&nbsp;Susan Emmons Apartment Project (The) | &nbsp;&nbsp;Susan Emmons Apartment Project (The) |
| &nbsp;&nbsp;Series 2021 (HUD) (Mandatory Put 12/01/23) | &nbsp;&nbsp;Series 2021 (HUD) (Mandatory Put 12/01/23) | &nbsp;&nbsp;Series 2021 (HUD) (Mandatory Put 12/01/23) | &nbsp;&nbsp;Series 2021 (HUD) (Mandatory Put 12/01/23) |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;0.380% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1941807 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5170415** |
| &nbsp;&nbsp;**Municipal Power 2.2%** | &nbsp;&nbsp;**Municipal Power 2.2%** | &nbsp;&nbsp;**Municipal Power 2.2%** | &nbsp;&nbsp;**Municipal Power 2.2%** |
| &nbsp;&nbsp;Central Lincoln People's Utility District JATC, Inc. | &nbsp;&nbsp;Central Lincoln People's Utility District JATC, Inc. | &nbsp;&nbsp;Central Lincoln People's Utility District JATC, Inc. | &nbsp;&nbsp;Central Lincoln People's Utility District JATC, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371953 |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425090 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435486 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467104 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Eugene Electric Utility System | &nbsp;&nbsp;City of Eugene Electric Utility System | &nbsp;&nbsp;City of Eugene Electric Utility System | &nbsp;&nbsp;City of Eugene Electric Utility System |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp;&nbsp;589646 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;466319 |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;496999 |
| &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;275439 |
| &nbsp;&nbsp;Northern Wasco County Peoples Utility District | &nbsp;&nbsp;Northern Wasco County Peoples Utility District | &nbsp;&nbsp;Northern Wasco County Peoples Utility District | &nbsp;&nbsp;Northern Wasco County Peoples Utility District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;5.000% | 1455000 | &nbsp;&nbsp;1584401 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | 1545000 | &nbsp;&nbsp;1673001 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6785438** |
| &nbsp;&nbsp;**Other Bond Issue 0.9%** | &nbsp;&nbsp;**Other Bond Issue 0.9%** | &nbsp;&nbsp;**Other Bond Issue 0.9%** | &nbsp;&nbsp;**Other Bond Issue 0.9%** |
| &nbsp;&nbsp;Oregon State Business Development Commission | &nbsp;&nbsp;Oregon State Business Development Commission | &nbsp;&nbsp;Oregon State Business Development Commission | &nbsp;&nbsp;Oregon State Business Development Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Intel Corp. Project | &nbsp;&nbsp;Intel Corp. Project | &nbsp;&nbsp;Intel Corp. Project | &nbsp;&nbsp;Intel Corp. Project |
| &nbsp;&nbsp;Series 2018-232 (Mandatory Put 08/14/23) | &nbsp;&nbsp;Series 2018-232 (Mandatory Put 08/14/23) | &nbsp;&nbsp;Series 2018-232 (Mandatory Put 08/14/23) | &nbsp;&nbsp;Series 2018-232 (Mandatory Put 08/14/23) |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;2.400% | 2000000 | &nbsp;&nbsp;1991880 |
| &nbsp;&nbsp;Warm Springs Reservation Confederated Tribe<sup>(b),(e)</sup> | &nbsp;&nbsp;Warm Springs Reservation Confederated Tribe<sup>(b),(e)</sup> | &nbsp;&nbsp;Warm Springs Reservation Confederated Tribe<sup>(b),(e)</sup> | &nbsp;&nbsp;Warm Springs Reservation Confederated Tribe<sup>(b),(e)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Pelton-Round Butte Project | &nbsp;&nbsp;Green Bonds - Pelton-Round Butte Project | &nbsp;&nbsp;Green Bonds - Pelton-Round Butte Project | &nbsp;&nbsp;Green Bonds - Pelton-Round Butte Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;653523 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2645403** |
| &nbsp;&nbsp;**Pool / Bond Bank 0.7%** | &nbsp;&nbsp;**Pool / Bond Bank 0.7%** | &nbsp;&nbsp;**Pool / Bond Bank 0.7%** | &nbsp;&nbsp;**Pool / Bond Bank 0.7%** |
| &nbsp;&nbsp;Oregon State Bond Bank | &nbsp;&nbsp;Oregon State Bond Bank | &nbsp;&nbsp;Oregon State Bond Bank | &nbsp;&nbsp;Oregon State Bond Bank |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;01/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;915498 |
| &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;5.000% | 1120000 | &nbsp;&nbsp;1205645 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2121143** |
| &nbsp;&nbsp;**Ports 0.8%** | &nbsp;&nbsp;**Ports 0.8%** | &nbsp;&nbsp;**Ports 0.8%** | &nbsp;&nbsp;**Ports 0.8%** |
| &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow |
| &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;Subordinated Series 2021D | &nbsp;&nbsp;Subordinated Series 2021D | &nbsp;&nbsp;Subordinated Series 2021D | &nbsp;&nbsp;Subordinated Series 2021D |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;4.000% | 1250000 | &nbsp;&nbsp;1299617 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;4.000% | 1290000 | &nbsp;&nbsp;1327451 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2627068** |
| &nbsp;&nbsp;**Refunded / Escrowed 8.6%** | &nbsp;&nbsp;**Refunded / Escrowed 8.6%** | &nbsp;&nbsp;**Refunded / Escrowed 8.6%** | &nbsp;&nbsp;**Refunded / Escrowed 8.6%** |
| &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas | &nbsp;&nbsp;Clackamas County School District No. 12 North Clackamas |
| &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1553596 |
| &nbsp;&nbsp;Klamath Falls City Schools | &nbsp;&nbsp;Klamath Falls City Schools | &nbsp;&nbsp;Klamath Falls City Schools | &nbsp;&nbsp;Klamath Falls City Schools |
| &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;519659 |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Lane County School District No. 19 Springfield | &nbsp;&nbsp;Lane County School District No. 19 Springfield | &nbsp;&nbsp;Lane County School District No. 19 Springfield | &nbsp;&nbsp;Lane County School District No. 19 Springfield |
| &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2126885 |
| &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority | &nbsp;&nbsp;Oregon State Facilities Authority |
| &nbsp;&nbsp;Prerefunded 07/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/27 Revenue Bonds |
| &nbsp;&nbsp;Reed College Project | &nbsp;&nbsp;Reed College Project | &nbsp;&nbsp;Reed College Project | &nbsp;&nbsp;Reed College Project |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269597 |
| &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow | &nbsp;&nbsp;Port of Morrow |
| &nbsp;&nbsp;Prerefunded 06/01/23 Limited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/01/23 Limited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/01/23 Limited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/01/23 Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | 1160000 | &nbsp;&nbsp;&nbsp;&nbsp;1169745 |
| &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation |
| &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity |
| &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;6.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5585504 |
| &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon |
| &nbsp;&nbsp;Prerefunded 09/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/26 Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1063702 |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;4.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1329628 |
| &nbsp;&nbsp;Senior Lien Payroll Tax | &nbsp;&nbsp;Senior Lien Payroll Tax | &nbsp;&nbsp;Senior Lien Payroll Tax | &nbsp;&nbsp;Senior Lien Payroll Tax |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp;5.000% | 1595000 | &nbsp;&nbsp;&nbsp;&nbsp;1751293 |
| &nbsp;&nbsp;Prerefunded 09/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/27 Revenue Bonds | &nbsp;&nbsp;Prerefunded 09/01/27 Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618597 |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899778 |
| &nbsp;&nbsp;Umatilla County School District No. 16R Pendleton | &nbsp;&nbsp;Umatilla County School District No. 16R Pendleton | &nbsp;&nbsp;Umatilla County School District No. 16R Pendleton | &nbsp;&nbsp;Umatilla County School District No. 16R Pendleton |
| &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.000% | 1110000 | &nbsp;&nbsp;&nbsp;&nbsp;1149661 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | 2890000 | &nbsp;&nbsp;&nbsp;&nbsp;2993262 |
| &nbsp;&nbsp;Union County School District No. 1 La Grande | &nbsp;&nbsp;Union County School District No. 1 La Grande | &nbsp;&nbsp;Union County School District No. 1 La Grande | &nbsp;&nbsp;Union County School District No. 1 La Grande |
| &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/25 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1040495 |
| &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton |
| &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds | &nbsp;&nbsp;Prerefunded 06/15/24 Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;5.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4142922 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26214324** |
| &nbsp;&nbsp;**Retirement Communities 2.7%** | &nbsp;&nbsp;**Retirement Communities 2.7%** | &nbsp;&nbsp;**Retirement Communities 2.7%** | &nbsp;&nbsp;**Retirement Communities 2.7%** |
| &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;05/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205258 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;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;10/01/2034 | &nbsp;&nbsp;5.125% | 4000000 | &nbsp;&nbsp;4006345 |
| &nbsp;&nbsp;Terwilliger Plaza, Inc. | &nbsp;&nbsp;Terwilliger Plaza, Inc. | &nbsp;&nbsp;Terwilliger Plaza, Inc. | &nbsp;&nbsp;Terwilliger Plaza, Inc. |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;325988 |
| &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;880603 |
| &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Rogue Valley Manor | &nbsp;&nbsp;Rogue Valley Manor | &nbsp;&nbsp;Rogue Valley Manor | &nbsp;&nbsp;Rogue Valley Manor |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;10/01/2023 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;652447 |
| &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;460636 |
| &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority | &nbsp;&nbsp;Salem Hospital Facility Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;672714 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project | &nbsp;&nbsp;Capital Manor Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/15/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;554276 |
| &nbsp;&nbsp;05/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500652 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**8258919** |
| &nbsp;&nbsp;**Single Family 2.4%** | &nbsp;&nbsp;**Single Family 2.4%** | &nbsp;&nbsp;**Single Family 2.4%** | &nbsp;&nbsp;**Single Family 2.4%** |
| &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;3.150% | 1485000 | &nbsp;&nbsp;1478449 |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;1.700% | 1040000 | &nbsp;&nbsp;&nbsp;&nbsp;961268 |
| &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;1.750% | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;929642 |
| &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;2.000% | 2000000 | &nbsp;&nbsp;1706462 |
| &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 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp;0.800% | &nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;818242 |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;0.950% | 1015000 | &nbsp;&nbsp;&nbsp;&nbsp;924061 |
| &nbsp;&nbsp;01/01/2029 | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;221515 |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;1.450% | &nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;330111 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**7369750** |

---

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

10 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Special Non Property Tax 9.1%** | &nbsp;&nbsp;**Special Non Property Tax 9.1%** | &nbsp;&nbsp;**Special Non Property Tax 9.1%** | &nbsp;&nbsp;**Special Non Property Tax 9.1%** |
| &nbsp;&nbsp;Metro | &nbsp;&nbsp;Metro | &nbsp;&nbsp;Metro | &nbsp;&nbsp;Metro |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Convention Center Hotel | &nbsp;&nbsp;Convention Center Hotel | &nbsp;&nbsp;Convention Center Hotel | &nbsp;&nbsp;Convention Center Hotel |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/15/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479928 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797354 |
| &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855475 |
| &nbsp;&nbsp;Oregon State Lottery | &nbsp;&nbsp;Oregon State Lottery | &nbsp;&nbsp;Oregon State Lottery | &nbsp;&nbsp;Oregon State Lottery |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;5.000% | 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1802155 |
| &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;5.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2640767 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1126223 |
| &nbsp;&nbsp;State of Oregon Department of Transportation | &nbsp;&nbsp;State of Oregon Department of Transportation | &nbsp;&nbsp;State of Oregon Department of Transportation | &nbsp;&nbsp;State of Oregon Department of Transportation |
| &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 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;5.000% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4411009 |
| &nbsp;&nbsp;Senior Lien User Tax | &nbsp;&nbsp;Senior Lien User Tax | &nbsp;&nbsp;Senior Lien User Tax | &nbsp;&nbsp;Senior Lien User Tax |
| &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C |
| &nbsp;&nbsp;11/15/2026 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1102752 |
| &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2269545 |
| &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;5.000% | 1020000 | &nbsp;&nbsp;&nbsp;&nbsp;1143945 |
| &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;11/15/2040 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2313654 |
| &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A |
| &nbsp;&nbsp;11/15/2037 | &nbsp;&nbsp;5.000% | 4850000 | &nbsp;&nbsp;&nbsp;&nbsp;5561170 |
| &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1690304 |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;4.000% | 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;1510521 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27704802** |
| &nbsp;&nbsp;**Special Property Tax 0.6%** | &nbsp;&nbsp;**Special Property Tax 0.6%** | &nbsp;&nbsp;**Special Property Tax 0.6%** | &nbsp;&nbsp;**Special Property Tax 0.6%** |
| &nbsp;&nbsp;City of Keizer | &nbsp;&nbsp;City of Keizer | &nbsp;&nbsp;City of Keizer | &nbsp;&nbsp;City of Keizer |
| &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds | &nbsp;&nbsp;Special Assessment Bonds |
| &nbsp;&nbsp;Keizer Station Area | &nbsp;&nbsp;Keizer Station Area | &nbsp;&nbsp;Keizer Station Area | &nbsp;&nbsp;Keizer Station Area |
| &nbsp;&nbsp;Series 2008A | &nbsp;&nbsp;Series 2008A | &nbsp;&nbsp;Series 2008A | &nbsp;&nbsp;Series 2008A |
| &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp;5.200% | 1745000 | &nbsp;&nbsp;&nbsp;&nbsp;1779611 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;**State General Obligation 6.0%** | &nbsp;&nbsp;**State General Obligation 6.0%** | &nbsp;&nbsp;**State General Obligation 6.0%** | &nbsp;&nbsp;**State General Obligation 6.0%** |
| &nbsp;&nbsp;State of Oregon | &nbsp;&nbsp;State of Oregon | &nbsp;&nbsp;State of Oregon | &nbsp;&nbsp;State of Oregon |
| &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;Veterans Welfare Bonds | &nbsp;&nbsp;Veterans Welfare Bonds | &nbsp;&nbsp;Veterans Welfare Bonds | &nbsp;&nbsp;Veterans Welfare Bonds |
| &nbsp;&nbsp;Series 2020I | &nbsp;&nbsp;Series 2020I | &nbsp;&nbsp;Series 2020I | &nbsp;&nbsp;Series 2020I |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;1.950% | &nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499605 |
| &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402857 |
| &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;Article XI - Q State Project | &nbsp;&nbsp;Article XI - Q State Project | &nbsp;&nbsp;Article XI - Q State Project | &nbsp;&nbsp;Article XI - Q State Project |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1362854 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp;5.000% | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1873146 |
| &nbsp;&nbsp;Series 2021K | &nbsp;&nbsp;Series 2021K | &nbsp;&nbsp;Series 2021K | &nbsp;&nbsp;Series 2021K |
| &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp;5.000% | 1275000 | &nbsp;&nbsp;&nbsp;&nbsp;1501653 |
| &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F |
| &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp;5.000% | 5565000 | &nbsp;&nbsp;&nbsp;&nbsp;5896423 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3362520 |
| &nbsp;&nbsp;Series 2019G | &nbsp;&nbsp;Series 2019G | &nbsp;&nbsp;Series 2019G | &nbsp;&nbsp;Series 2019G |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;5.000% | 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;1533504 |
| &nbsp;&nbsp;Unlimited General Obligation Notes | &nbsp;&nbsp;Unlimited General Obligation Notes | &nbsp;&nbsp;Unlimited General Obligation Notes | &nbsp;&nbsp;Unlimited General Obligation Notes |
| &nbsp;&nbsp;Higher Education | &nbsp;&nbsp;Higher Education | &nbsp;&nbsp;Higher Education | &nbsp;&nbsp;Higher Education |
| &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C | &nbsp;&nbsp;Series 2016C |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816266 |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519628 |
| &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517395 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18285851** |
| &nbsp;&nbsp;**Transportation 3.5%** | &nbsp;&nbsp;**Transportation 3.5%** | &nbsp;&nbsp;**Transportation 3.5%** | &nbsp;&nbsp;**Transportation 3.5%** |
| &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon | &nbsp;&nbsp;Tri-County Metropolitan Transportation District of Oregon |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp;5.000% | 1235000 | &nbsp;&nbsp;&nbsp;&nbsp;1350558 |
| &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp;5.000% | 1485000 | &nbsp;&nbsp;&nbsp;&nbsp;1655295 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;5.000% | 6800000 | &nbsp;&nbsp;&nbsp;&nbsp;7544589 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10550442** |
| &nbsp;&nbsp;**Water & Sewer 6.7%** | &nbsp;&nbsp;**Water & Sewer 6.7%** | &nbsp;&nbsp;**Water & Sewer 6.7%** | &nbsp;&nbsp;**Water & Sewer 6.7%** |
| &nbsp;&nbsp;City of Beaverton Water | &nbsp;&nbsp;City of Beaverton Water | &nbsp;&nbsp;City of Beaverton Water | &nbsp;&nbsp;City of Beaverton Water |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp;5.000% | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1268725 |
| &nbsp;&nbsp;City of Bend Sewer | &nbsp;&nbsp;City of Bend Sewer | &nbsp;&nbsp;City of Bend Sewer | &nbsp;&nbsp;City of Bend Sewer |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;5.000% | 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;1559400 |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Eugene Water Utility System | &nbsp;&nbsp;City of Eugene Water Utility System | &nbsp;&nbsp;City of Eugene Water Utility System | &nbsp;&nbsp;City of Eugene Water Utility System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Utility System | &nbsp;&nbsp;Utility System | &nbsp;&nbsp;Utility System | &nbsp;&nbsp;Utility System |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;528192 |
| &nbsp;&nbsp;City of Portland Water System | &nbsp;&nbsp;City of Portland Water System | &nbsp;&nbsp;City of Portland Water System | &nbsp;&nbsp;City of Portland Water System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;1st Lien | &nbsp;&nbsp;1st Lien | &nbsp;&nbsp;1st Lien | &nbsp;&nbsp;1st Lien |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;04/01/2030 | &nbsp;&nbsp;4.000% | 7375000 | &nbsp;&nbsp;7778366 |
| &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B | &nbsp;&nbsp;Subordinated Series 2021B |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1138848 |
| &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1161644 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Second Lien | &nbsp;&nbsp;Second Lien | &nbsp;&nbsp;Second Lien | &nbsp;&nbsp;Second Lien |
| &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A | &nbsp;&nbsp;Subordinated Series 2019A |
| &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;5.000% | 1500000 | &nbsp;&nbsp;1704911 |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp;4.000% | 3390000 | &nbsp;&nbsp;3461024 |
| &nbsp;&nbsp;City of Springfield Sewer System | &nbsp;&nbsp;City of Springfield Sewer System | &nbsp;&nbsp;City of Springfield Sewer System | &nbsp;&nbsp;City of Springfield Sewer System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;04/01/2025 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;207018 |
| &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;263218 |
| &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;288425 |
| &nbsp;&nbsp;Clackamas River Water | &nbsp;&nbsp;Clackamas River Water | &nbsp;&nbsp;Clackamas River Water | &nbsp;&nbsp;Clackamas River Water |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;209620 |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp;&nbsp;277393 |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;261691 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;235372 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;11/01/2036 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209086 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**20552933** |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $304,070,481) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $304,070,481) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $304,070,481) | &nbsp;&nbsp;**299236265** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** | &nbsp;&nbsp;**Money Market Funds 0.9%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 1.662%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51435 |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.588%<sup>(f)</sup> | &nbsp;&nbsp;2666623 | &nbsp;&nbsp;&nbsp;&nbsp;2666623 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,718,058) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $2,718,058) | &nbsp;&nbsp;&nbsp;&nbsp;**2718058** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $306,788,539)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $306,788,539)** | &nbsp;&nbsp;**301954323** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2625958** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**304580281** |

---

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

(b) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section
4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $2,651,343, which represents 0.87% of total
net assets.

(c) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2023.

(d) Zero coupon bond.

(e) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At
January 31, 2023, the total value of these securities amounted to $6,239,027, which represents 2.05% of total net assets.

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

#### Abbreviation Legend
AGM Assured Guaranty Municipal Corporation <br> HUD U.S. Department of Housing and Urban Development

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

12 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Portfolio of Investments (continued)

January 31, 2023 (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.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;299236265 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;299236265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2718058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2718058 |
| &nbsp;&nbsp;Total Investments in Securities | 2718058 | &nbsp;&nbsp;&nbsp;&nbsp;299236265 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;301954323 |

---

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 Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 13

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $306,788,539) | $301954323 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640162 |
| &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;281 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103854 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;305423654 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14983 |
| &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;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14742 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103854 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843373 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$304580281** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;309725860 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5145579) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$304580281** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$30677509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;$12.08 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3752335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.72 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2804667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.72 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $201623286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;17208644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.72 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$42608912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.70 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$23113572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.73 |

---

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

14 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$26378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;4380590 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;4406968 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;752901 |
| &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;42776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;985927 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53476) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;932131 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;3474837 |
| &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;(459867) |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;(459867) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;(1425526) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;(1425526) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;(1885393) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$1589444** |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 15

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$3474837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6927136 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200083) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(1425526) | &nbsp;&nbsp;&nbsp;&nbsp;(27176242) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589444 | &nbsp;&nbsp;&nbsp;&nbsp;(20449189) |
| &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;(326874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(734921) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53550) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(2342561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5138933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698707) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252762) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(3426037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6944763) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(28522172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290003) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(30358765) | &nbsp;&nbsp;&nbsp;&nbsp;(27683955) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;334939046 | &nbsp;&nbsp;&nbsp;&nbsp;362623001 |
| &nbsp;&nbsp;**Net assets at end of period** | **$304580281** | &nbsp;&nbsp;**$334939046** |

---

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

16 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;222634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8328148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(748611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8557243) | &nbsp;&nbsp;&nbsp;&nbsp;(1138898) | &nbsp;&nbsp;&nbsp;&nbsp;(13602558) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(498639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5671729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4574606) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(360078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1599013) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175628 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1751482) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1298519) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;762838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26856497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;169067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (4254525) | &nbsp;&nbsp;&nbsp;&nbsp;(48682596) | &nbsp;&nbsp;&nbsp;&nbsp;(2969253) | &nbsp;&nbsp;&nbsp;&nbsp;(35759051) |
| &nbsp;&nbsp;Net decrease | (3322620) | &nbsp;&nbsp;&nbsp;&nbsp;(37988140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4952233) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;823672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19937658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(617988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7044465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(983721) | &nbsp;&nbsp;&nbsp;&nbsp;(11744059) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;244326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892292 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;2040435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23387452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(988595) | &nbsp;&nbsp;&nbsp;&nbsp;(11316360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(496051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5877465) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;1059126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12154312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467435 |
| &nbsp;&nbsp;**Total net decrease** | **(2502630)** | &nbsp;&nbsp;&nbsp;&nbsp;**(28522172)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(56197)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(290003)** |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.70 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.79 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.52 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.14 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.45 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(f)</sup> | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.76 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.70 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.94) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.79 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.52 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.14 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.45 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.75 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.70 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.79) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.79 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.18) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.52 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.14 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.45 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.75 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.70 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.71) | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.79 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.52 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.14 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.45 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.73 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.68 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.77 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.51 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.32) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.12 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.43 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.34) |

---

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

18 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.72 | 0.73% | 0.84%<sup>(c),(d)</sup> | 0.81%<sup>(c),(d),(e)</sup> | 1.94%<sup>(c)</sup> | &nbsp;&nbsp;2% | &nbsp;&nbsp;$30678 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.75 | (5.83%) | 0.84% | 0.81%<sup>(e)</sup> | 1.76% | 11% | &nbsp;&nbsp;$36636 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.70 | 1.38% | 0.84% | 0.81%<sup>(e)</sup> | 1.81% | &nbsp;&nbsp;5% | &nbsp;&nbsp;$44606 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.79 | 4.52% | 0.84% | 0.81%<sup>(e)</sup> | 2.16% | &nbsp;&nbsp;9% | &nbsp;&nbsp;$45868 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.52 | 5.94% | 0.84% | 0.83% | 2.49% | &nbsp;&nbsp;8% | &nbsp;&nbsp;$44185 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.14 | 0.01% | 0.84% | 0.84%<sup>(e)</sup> | 2.53% | 10% | &nbsp;&nbsp;$39896 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.72 | 0.77% | 0.59%<sup>(c),(d)</sup> | 0.56%<sup>(c),(d),(e)</sup> | 2.19%<sup>(c)</sup> | &nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;$3752 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.76 | (5.52%) | 0.59% | 0.56%<sup>(e)</sup> | 2.01% | 11% | &nbsp;&nbsp;&nbsp;$3156 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56%<sup>(e)</sup> | 2.06% | &nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;$3238 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56%<sup>(e)</sup> | 2.40% | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;$2415 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.52 | 6.21% | 0.59% | 0.57% | 2.73% | &nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;$1919 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.14 | 0.25% | 0.59% | 0.59%<sup>(e)</sup> | 2.78% | 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$660 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.72 | 0.50% | 1.29%<sup>(c),(d)</sup> | 1.26%<sup>(c),(d),(e)</sup> | 1.49%<sup>(c)</sup> | &nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;$2805 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.75 | (6.26%) | 1.40% | 1.26%<sup>(e)</sup> | 1.30% | 11% | &nbsp;&nbsp;&nbsp;$3243 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.70 | 0.92% | 1.59% | 1.26%<sup>(e),(g)</sup> | 1.36% | &nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;$4873 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.79 | 4.05% | 1.59% | 1.26%<sup>(e),(g)</sup> | 1.72% | &nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;$6740 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.52 | 5.46% | 1.59% | 1.28%<sup>(g)</sup> | 2.05% | &nbsp;&nbsp;8% | &nbsp;&nbsp;&nbsp;$8434 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.14 | (0.44%) | 1.59% | 1.29%<sup>(e)</sup> | 2.07% | 10% | &nbsp;&nbsp;$14530 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.72 | 0.85% | 0.59%<sup>(c),(d)</sup> | 0.56%<sup>(c),(d),(e)</sup> | 2.19%<sup>(c)</sup> | &nbsp;&nbsp;2% | $201623 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.75 | (5.60%) | 0.59% | 0.56%<sup>(e)</sup> | 2.01% | 11% | $241308 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.70 | 1.63% | 0.59% | 0.56%<sup>(e)</sup> | 2.06% | &nbsp;&nbsp;5% | $266298 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.79 | 4.78% | 0.59% | 0.56%<sup>(e)</sup> | 2.41% | &nbsp;&nbsp;9% | $267135 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.52 | 6.20% | 0.59% | 0.58% | 2.74% | &nbsp;&nbsp;8% | $270831 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.14 | 0.25% | 0.59% | 0.59%<sup>(e)</sup> | 2.77% | 10% | $293485 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.70 | 0.87% | 0.56%<sup>(c),(d)</sup> | 0.53%<sup>(c),(d)</sup> | 2.22%<sup>(c)</sup> | &nbsp;&nbsp;2% | &nbsp;&nbsp;$42609 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.73 | (5.58%) | 0.55% | 0.52% | 2.05% | 11% | &nbsp;&nbsp;$39878 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.68 | 1.67% | 0.56% | 0.53% | 2.10% | &nbsp;&nbsp;5% | &nbsp;&nbsp;$33366 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.77 | 4.73% | 0.56% | 0.53% | 2.45% | &nbsp;&nbsp;9% | &nbsp;&nbsp;$23286 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.51 | 6.33% | 0.56% | 0.54% | 2.77% | &nbsp;&nbsp;8% | &nbsp;&nbsp;$25397 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.12 | 0.28% | 0.56% | 0.56% | 2.80% | 10% | &nbsp;&nbsp;$31451 |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.77 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.72 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.95) | &nbsp;&nbsp;(0.70) | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.81 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.54 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;(0.31) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.15 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.47 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.35) |

---

---

| | |
|:---|:---|
| **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) | Rounds to zero. |
| (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: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7/31/2021** | &nbsp;&nbsp;**7/31/2020** | &nbsp;&nbsp;**7/31/2019** |
| &nbsp;&nbsp;Class C | 0.06% | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;0.30% |

---

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

20 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.73 | 0.81% | 0.51%<sup>(c),(d)</sup> | 0.48%<sup>(c),(d)</sup> | 2.29%<sup>(c)</sup> | &nbsp;&nbsp;2% | $23114 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $11.77 | (5.51%) | 0.50% | 0.48% | 2.09% | 11% | $10718 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $12.72 | 1.72% | 0.51% | 0.48% | 2.14% | &nbsp;&nbsp;5% | $10242 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $12.81 | 4.86% | 0.51% | 0.48% | 2.49% | &nbsp;&nbsp;9% | &nbsp;&nbsp;$7945 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $12.54 | 6.37% | 0.51% | 0.49% | 2.82% | &nbsp;&nbsp;8% | &nbsp;&nbsp;$6909 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $12.15 | 0.26% | 0.51% | 0.51% | 2.90% | 10% | &nbsp;&nbsp;$3871 |

---

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Oregon Intermediate Municipal Bond 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.

22 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

Dividend income is recorded on the ex-dividend date.

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

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

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

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

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

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Note 3. Fees and other transactions with affiliates

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

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

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

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

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

24 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

For the six months ended January 31, 2023, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.09 |
| &nbsp;&nbsp;Advisor Class | 0.09 |
| &nbsp;&nbsp;Class C | 0.09 |
| &nbsp;&nbsp;Institutional Class | 0.09 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $320.

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rates of 0.10% and 0.45% of the average daily net assets attributable to Class A and Class C shares of the Fund, respectively.

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

#### Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9255 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 25

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> November 30, 2023** |
| &nbsp;&nbsp;Class A | 0.81% |
| &nbsp;&nbsp;Advisor Class | 0.56 |
| &nbsp;&nbsp;Class C | 1.26 |
| &nbsp;&nbsp;Institutional Class | 0.56 |
| &nbsp;&nbsp;Institutional 2 Class | 0.53 |
| &nbsp;&nbsp;Institutional 3 Class | 0.48 |

---

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

Note 4. Federal tax information

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

At January 31, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;306789000 | 2653000 | (7488000) | (4835000) |

---

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

The following capital loss carryforwards, determined at July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| |
|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** |
| &nbsp;&nbsp;(199556) – (199556) |

---

26 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $5,263,860 and $24,383,310, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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

Note 7. Line of credit

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

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

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 8. Significant risks

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

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

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

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

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such 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

28 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (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.

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

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

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

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 15.0% 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. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise

Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_640_4c58e4c1-fbd4-4160-a39f-807b8a8f8ee3_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

30 Columbia Oregon Intermediate Municipal Bond Fund \| Semiannual Report 2023

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#### Columbia Oregon Intermediate Municipal Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img4b81f6cb2.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/

SAR207_07_N01_(03/23)

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![](img8960026e1.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](imgb6a153f52.jpg)

Columbia Tax-Exempt Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_6e5d98ce-5fc3-49fb-bc63-aa0c66a951c7_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_2ea94c6b-0e54-4e9a-bd02-5f94cfb2f78d_1)<br>| 5 |
| [Portfolio of Investments](#xx_fa1a4ff7-f2ee-4411-af5f-97e7e1aa44bb_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_c45e07df-1db9-4302-bd41-f3cce2a496d1_1)<br>| 27 |
| [Statement of Operations](#xx_c45e07df-1db9-4302-bd41-f3cce2a496d1_2)<br>| 28 |
| [Statement of Changes in Net Assets](#xx_c45e07df-1db9-4302-bd41-f3cce2a496d1_3)<br>| 29 |
| [Financial Highlights](#xx_16b6784c-5efa-43a4-8220-2e0339205fb1_2)<br>| 32 |
| [Notes to Financial Statements](#xx_26d4a96d-b4b9-4b49-9523-19943cb9ed85_1)<br>| 36 |

---

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

Proxy voting policies and procedures

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

Quarterly schedule of investments

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

Additional Fund information

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

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

290 Congress Street

Boston, MA 02210

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

290 Congress Street

Boston, MA 02210

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

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income exempt from federal income tax and of capital appreciation, consistent with moderate fluctuation of principal.

Portfolio management

#### Catherine Stienstra
Co-Portfolio Manager

Managed Fund since 2018

#### Douglas J. White, CFA
Co-Portfolio Manager

Managed Fund since February 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;11/21/78 | &nbsp;&nbsp;&nbsp;&nbsp;-0.41 | &nbsp;&nbsp;&nbsp;&nbsp;-6.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-3.43 | &nbsp;&nbsp;&nbsp;&nbsp;-9.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/19/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.31 | &nbsp;&nbsp;&nbsp;&nbsp;-6.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;08/01/97 | &nbsp;&nbsp;&nbsp;&nbsp;-0.71 | &nbsp;&nbsp;&nbsp;&nbsp;-7.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.69 | &nbsp;&nbsp;&nbsp;&nbsp;-7.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;09/16/05 | &nbsp;&nbsp;&nbsp;&nbsp;-0.31 | &nbsp;&nbsp;&nbsp;&nbsp;-6.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 |
| &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;Institutional 2 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;12/11/13 | &nbsp;&nbsp;&nbsp;&nbsp;-0.30 | &nbsp;&nbsp;&nbsp;&nbsp;-6.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;-0.19 | &nbsp;&nbsp;&nbsp;&nbsp;-6.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;Bloomberg Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 |

---

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

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

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

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 3

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Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;20.8 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;39.8 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;20.3 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** | &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** |
| &nbsp;&nbsp;Illinois | 11.2 |
| &nbsp;&nbsp;Texas | 10.1 |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;&nbsp;9.4 |
| &nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;7.5 |
| &nbsp;&nbsp;California | &nbsp;&nbsp;&nbsp;5.7 |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;&nbsp;5.6 |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;Michigan | &nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;&nbsp;2.5 |

---

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 Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;995.90 | &nbsp;&nbsp;&nbsp;&nbsp;1021.71 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.90 | &nbsp;&nbsp;&nbsp;&nbsp;1022.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;992.90 | &nbsp;&nbsp;&nbsp;&nbsp;1018.65 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;996.90 | &nbsp;&nbsp;&nbsp;&nbsp;1022.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;997.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;998.10 | &nbsp;&nbsp;&nbsp;&nbsp;1023.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

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

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 5

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

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

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 99.7%** | &nbsp;&nbsp;**Municipal Bonds 99.7%** | &nbsp;&nbsp;**Municipal Bonds 99.7%** | &nbsp;&nbsp;**Municipal Bonds 99.7%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &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. | &nbsp;&nbsp;Northern Tobacco Securitization Corp. | &nbsp;&nbsp;Northern Tobacco Securitization Corp. | &nbsp;&nbsp;Northern Tobacco Securitization Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021A Class 1 | &nbsp;&nbsp;Series 2021A Class 1 | &nbsp;&nbsp;Series 2021A Class 1 | &nbsp;&nbsp;Series 2021A Class 1 |
| &nbsp;&nbsp;06/01/2050 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2278749 |
| &nbsp;&nbsp;**Arizona 0.9%** | &nbsp;&nbsp;**Arizona 0.9%** | &nbsp;&nbsp;**Arizona 0.9%** | &nbsp;&nbsp;**Arizona 0.9%** |
| &nbsp;&nbsp;Arizona Health Facilities Authority | &nbsp;&nbsp;Arizona Health Facilities Authority | &nbsp;&nbsp;Arizona Health Facilities Authority | &nbsp;&nbsp;Arizona 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;Scottsdale Lincoln Hospital Project | &nbsp;&nbsp;Scottsdale Lincoln Hospital Project | &nbsp;&nbsp;Scottsdale Lincoln Hospital Project | &nbsp;&nbsp;Scottsdale Lincoln Hospital Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5082352 |
| &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722520 |
| &nbsp;&nbsp;Social Bonds - Macombs Facility Project | &nbsp;&nbsp;Social Bonds - Macombs Facility Project | &nbsp;&nbsp;Social Bonds - Macombs Facility Project | &nbsp;&nbsp;Social Bonds - Macombs Facility Project |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2061 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2038848 |
| &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) | &nbsp;&nbsp;Industrial Development Authority of the City of Phoenix (The) |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project | &nbsp;&nbsp;Downtown Phoenix Student Housing II LLC - Arizona State University Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1010887 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.000% | 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1130465 |
| &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> | &nbsp;&nbsp;Industrial Development Authority of the County of Pima (The)<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy | &nbsp;&nbsp;American Leadership Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2051 | &nbsp;&nbsp;4.000% | 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1002974 |
| &nbsp;&nbsp;Industrial Development Authority of the County of Yavapai (The) | &nbsp;&nbsp;Industrial Development Authority of the County of Yavapai (The) | &nbsp;&nbsp;Industrial Development Authority of the County of Yavapai (The) | &nbsp;&nbsp;Industrial Development Authority of the County of Yavapai (The) |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Yavapai Regional Medical Center | &nbsp;&nbsp;Yavapai Regional Medical Center | &nbsp;&nbsp;Yavapai Regional Medical Center | &nbsp;&nbsp;Yavapai Regional Medical Center |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1005326 |
| &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 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843525 |
| &nbsp;&nbsp;Salt Verde Financial Corp. | &nbsp;&nbsp;Salt Verde Financial Corp. | &nbsp;&nbsp;Salt Verde Financial Corp. | &nbsp;&nbsp;Salt Verde Financial Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2007 | &nbsp;&nbsp;Series 2007 | &nbsp;&nbsp;Series 2007 | &nbsp;&nbsp;Series 2007 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;5.000% | 7170000 | &nbsp;&nbsp;&nbsp;&nbsp;7821284 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20658181** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 5.7%** | &nbsp;&nbsp;**California 5.7%** | &nbsp;&nbsp;**California 5.7%** | &nbsp;&nbsp;**California 5.7%** |
| &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority | &nbsp;&nbsp;California Community Choice Financing Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project | &nbsp;&nbsp;Green Bonds - Clean Energy Project |
| &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) | &nbsp;&nbsp;Series 2023 (Mandatory Put 08/01/29) |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;6102006 |
| &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sutter Health | &nbsp;&nbsp;Sutter Health | &nbsp;&nbsp;Sutter Health | &nbsp;&nbsp;Sutter Health |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9963521 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente | &nbsp;&nbsp;Kaiser Permanente |
| &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 | &nbsp;&nbsp;Subordinated Series 2017A-2 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;10055301 |
| &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;02/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1583049 |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1050811 |
| &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;California Municipal Finance Authority<sup>(a),(b),(c)</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;1830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36600 |
| &nbsp;&nbsp;California Public Finance Authority | &nbsp;&nbsp;California Public Finance Authority | &nbsp;&nbsp;California Public Finance Authority | &nbsp;&nbsp;California 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;Sharp Healthcare | &nbsp;&nbsp;Sharp Healthcare | &nbsp;&nbsp;Sharp Healthcare | &nbsp;&nbsp;Sharp Healthcare |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;10010797 |
| &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/25 Revenue Bonds |
| &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project | &nbsp;&nbsp;River Springs Charter School Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162459 |
| &nbsp;&nbsp;California State Public Works Board | &nbsp;&nbsp;California State Public Works Board | &nbsp;&nbsp;California State Public Works Board | &nbsp;&nbsp;California State Public Works Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Various Correctional Facilities | &nbsp;&nbsp;Various Correctional Facilities | &nbsp;&nbsp;Various Correctional Facilities | &nbsp;&nbsp;Various Correctional Facilities |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;09/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7243911 |
| &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> | &nbsp;&nbsp;California Statewide Communities Development Authority<sup>(a)</sup> |
| &nbsp;&nbsp;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;11/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1571699 |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;&nbsp;3344524 |

---

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

6 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University | &nbsp;&nbsp;California Baptist University |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp;6.125% | &nbsp;&nbsp;1560000 | &nbsp;&nbsp;1585320 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;6.375% | &nbsp;&nbsp;1035000 | &nbsp;&nbsp;1049776 |
| &nbsp;&nbsp;Lancer Plaza Project | &nbsp;&nbsp;Lancer Plaza Project | &nbsp;&nbsp;Lancer Plaza Project | &nbsp;&nbsp;Lancer Plaza Project |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;5.875% | &nbsp;&nbsp;1875000 | &nbsp;&nbsp;1885760 |
| &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;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;12/01/2044 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;3513644 |
| &nbsp;&nbsp;Castaic Lake Water Agency<sup>(d)</sup> | &nbsp;&nbsp;Castaic Lake Water Agency<sup>(d)</sup> | &nbsp;&nbsp;Castaic Lake Water Agency<sup>(d)</sup> | &nbsp;&nbsp;Castaic Lake Water Agency<sup>(d)</sup> |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Capital Appreciation - Water System Improvement Project | &nbsp;&nbsp;Capital Appreciation - Water System Improvement Project | &nbsp;&nbsp;Capital Appreciation - Water System Improvement Project | &nbsp;&nbsp;Capital Appreciation - Water System Improvement Project |
| &nbsp;&nbsp;Series 1999 (AMBAC) | &nbsp;&nbsp;Series 1999 (AMBAC) | &nbsp;&nbsp;Series 1999 (AMBAC) | &nbsp;&nbsp;Series 1999 (AMBAC) |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9445000 | &nbsp;&nbsp;9077840 |
| &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> | &nbsp;&nbsp;City of Los Angeles Department of Airports<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4375000 | &nbsp;&nbsp;4553516 |
| &nbsp;&nbsp;City of Pomona | &nbsp;&nbsp;City of Pomona | &nbsp;&nbsp;City of Pomona | &nbsp;&nbsp;City of Pomona |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;Mortgage-Backed Securities |
| &nbsp;&nbsp;Series 1990A Escrowed to Maturity (GNMA / FNMA) | &nbsp;&nbsp;Series 1990A Escrowed to Maturity (GNMA / FNMA) | &nbsp;&nbsp;Series 1990A Escrowed to Maturity (GNMA / FNMA) | &nbsp;&nbsp;Series 1990A Escrowed to Maturity (GNMA / FNMA) |
| &nbsp;&nbsp;05/01/2023 | &nbsp;&nbsp;7.600% | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp;&nbsp;511266 |
| &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency | &nbsp;&nbsp;Foothill-Eastern Transportation Corridor Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/15/2046 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;9738205 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(d)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(d)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(d)</sup> | &nbsp;&nbsp;Golden State Tobacco Securitization Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;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% | 10000000 | &nbsp;&nbsp;1259053 |
| &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;Golden State Tobacco Securitization Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;Tobacco Settlement |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;3189037 |
| &nbsp;&nbsp;Los Angeles Department of Water & Power Water System | &nbsp;&nbsp;Los Angeles Department of Water & Power Water System | &nbsp;&nbsp;Los Angeles Department of Water & Power Water System | &nbsp;&nbsp;Los Angeles Department of Water & Power Water System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;3944448 |
| &nbsp;&nbsp;Norwalk-La Mirada Unified School District<sup>(d)</sup> | &nbsp;&nbsp;Norwalk-La Mirada Unified School District<sup>(d)</sup> | &nbsp;&nbsp;Norwalk-La Mirada Unified School District<sup>(d)</sup> | &nbsp;&nbsp;Norwalk-La Mirada Unified School District<sup>(d)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 2005B (NPFGC) | &nbsp;&nbsp;Series 2005B (NPFGC) | &nbsp;&nbsp;Series 2005B (NPFGC) | &nbsp;&nbsp;Series 2005B (NPFGC) |
| &nbsp;&nbsp;08/01/2023 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;9790000 | &nbsp;&nbsp;9658149 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Palomar Health | &nbsp;&nbsp;Palomar Health | &nbsp;&nbsp;Palomar Health | &nbsp;&nbsp;Palomar Health |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4605000 | &nbsp;&nbsp;&nbsp;&nbsp;4750431 |
| &nbsp;&nbsp;San Francisco City & County Airport Commission - San Francisco International Airport<sup>(b)</sup> | &nbsp;&nbsp;San Francisco City & County Airport Commission - San Francisco International Airport<sup>(b)</sup> | &nbsp;&nbsp;San Francisco City & County Airport Commission - San Francisco International Airport<sup>(b)</sup> | &nbsp;&nbsp;San Francisco City & County Airport Commission - San Francisco International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;05/01/2044 | &nbsp;&nbsp;5.000% | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp;24249703 |
| &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California | &nbsp;&nbsp;State of California |
| &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;09/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3412958 |
| &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds | &nbsp;&nbsp;Unrefunded Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 | &nbsp;&nbsp;Series 2004 |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6014 |
| &nbsp;&nbsp;West Contra Costa Unified School District | &nbsp;&nbsp;West Contra Costa Unified School District | &nbsp;&nbsp;West Contra Costa Unified School District | &nbsp;&nbsp;West Contra Costa Unified School District |
| &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 2001B (NPFGC) | &nbsp;&nbsp;Series 2001B (NPFGC) | &nbsp;&nbsp;Series 2001B (NPFGC) | &nbsp;&nbsp;Series 2001B (NPFGC) |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;755000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768868 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**134278666** |
| &nbsp;&nbsp;**Colorado 4.8%** | &nbsp;&nbsp;**Colorado 4.8%** | &nbsp;&nbsp;**Colorado 4.8%** | &nbsp;&nbsp;**Colorado 4.8%** |
| &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> | &nbsp;&nbsp;City & County of Denver Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D | &nbsp;&nbsp;Series 2022D |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3178586 |
| &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A | &nbsp;&nbsp;Subordinated Series 2018A |
| &nbsp;&nbsp;12/01/2048 | &nbsp;&nbsp;4.000% | 11500000 | &nbsp;&nbsp;&nbsp;&nbsp;10933569 |
| &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;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;4005259 |
| &nbsp;&nbsp;11/15/2053 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2682966 |
| &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> | &nbsp;&nbsp;Colorado Bridge Enterprise<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project | &nbsp;&nbsp;Central 70 Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;06/30/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9240000 | &nbsp;&nbsp;&nbsp;&nbsp;8885614 |
| &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Colorado Educational & Cultural Facilities Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School | &nbsp;&nbsp;Skyview Charter School |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;1525000 | &nbsp;&nbsp;&nbsp;&nbsp;1531839 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;&nbsp;&nbsp;2104845 |
| &nbsp;&nbsp;07/01/2049 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928065 |
| &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority | &nbsp;&nbsp;Colorado Health Facilities Authority |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project | &nbsp;&nbsp;Bethesda Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;09/15/2048 | &nbsp;&nbsp;5.000% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14433321 |
| &nbsp;&nbsp;09/15/2053 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9518412 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated | &nbsp;&nbsp;AdventHealth Obligated |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5872307 |
| &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% | &nbsp;&nbsp;8640000 | &nbsp;&nbsp;&nbsp;&nbsp;8124047 |
| &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities | &nbsp;&nbsp;Covenant Retirement Communities |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3800000 | &nbsp;&nbsp;&nbsp;&nbsp;3846830 |
| &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% | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;15052383 |
| &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;05/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;1895556 |
| &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group | &nbsp;&nbsp;CommonSpirit Health Obligation Group |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4227479 |
| &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health | &nbsp;&nbsp;NJH-SJH Center for Outpatient Health |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2050 | &nbsp;&nbsp;4.000% | 15105000 | &nbsp;&nbsp;&nbsp;&nbsp;14937127 |
| &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> | &nbsp;&nbsp;Fiddlers Business Improvement District<sup>(a)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.550% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813467 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**112971672** |
| &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** | &nbsp;&nbsp;**Connecticut 0.1%** |
| &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority<sup>(a)</sup> | &nbsp;&nbsp;Connecticut State Health & Educational Facilities Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Church Home of Hartford, Inc. | &nbsp;&nbsp;Church Home of Hartford, Inc. | &nbsp;&nbsp;Church Home of Hartford, Inc. | &nbsp;&nbsp;Church Home of Hartford, Inc. |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1153963 |
| &nbsp;&nbsp;State of Connecticut | &nbsp;&nbsp;State of Connecticut | &nbsp;&nbsp;State of Connecticut | &nbsp;&nbsp;State of Connecticut |
| &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 2018E | &nbsp;&nbsp;Series 2018E | &nbsp;&nbsp;Series 2018E | &nbsp;&nbsp;Series 2018E |
| &nbsp;&nbsp;09/15/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548017 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**1701980** |
| &nbsp;&nbsp;**District of Columbia 0.9%** | &nbsp;&nbsp;**District of Columbia 0.9%** | &nbsp;&nbsp;**District of Columbia 0.9%** | &nbsp;&nbsp;**District of Columbia 0.9%** |
| &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia |
| &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/23 Revenue Bonds |
| &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School | &nbsp;&nbsp;KIPP Charter School |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253533 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1166250 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital | &nbsp;&nbsp;Children's Hospital |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9090000 | &nbsp;&nbsp;&nbsp;&nbsp;9307471 |
| &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1385000 | &nbsp;&nbsp;&nbsp;&nbsp;1399354 |
| &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;07/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1240000 | &nbsp;&nbsp;&nbsp;&nbsp;1094442 |
| &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road | &nbsp;&nbsp;Metropolitan Washington Airports Authority Dulles Toll Road |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail | &nbsp;&nbsp;Dulles Metrorail |
| &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7950000 | &nbsp;&nbsp;&nbsp;&nbsp;7545252 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20766302** |
| &nbsp;&nbsp;**Florida 5.6%** | &nbsp;&nbsp;**Florida 5.6%** | &nbsp;&nbsp;**Florida 5.6%** | &nbsp;&nbsp;**Florida 5.6%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua County Health Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4714257 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 | &nbsp;&nbsp;04/27/2021 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2125000 | &nbsp;&nbsp;&nbsp;&nbsp;1972397 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project | &nbsp;&nbsp;1st Mortgage Tallahassee Tapestry Senior Housing Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp;1015200 |
| &nbsp;&nbsp;12/01/2050 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 |
| &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> | &nbsp;&nbsp;Capital Trust Agency, Inc.<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project |
| &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 |
| &nbsp;&nbsp;01/01/2061 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315591 |
| &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority | &nbsp;&nbsp;Central Florida Expressway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;4.000% | 10500000 | &nbsp;&nbsp;10575663 |
| &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 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2425787 |

---

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

8 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;City of Lakeland | &nbsp;&nbsp;City of Lakeland | &nbsp;&nbsp;City of Lakeland | &nbsp;&nbsp;City of Lakeland |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lakeland Regional Health | &nbsp;&nbsp;Lakeland Regional Health | &nbsp;&nbsp;Lakeland Regional Health | &nbsp;&nbsp;Lakeland Regional Health |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;5.000% | 12000000 | &nbsp;&nbsp;12191983 |
| &nbsp;&nbsp;County of Broward Airport System<sup>(b)</sup> | &nbsp;&nbsp;County of Broward Airport System<sup>(b)</sup> | &nbsp;&nbsp;County of Broward Airport System<sup>(b)</sup> | &nbsp;&nbsp;County of Broward Airport System<sup>(b)</sup> |
| &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;10/01/2045 | &nbsp;&nbsp;5.000% | 14000000 | &nbsp;&nbsp;14307483 |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1041115 |
| &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> | &nbsp;&nbsp;County of Miami-Dade Aviation<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5135080 |
| &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp;5.000% | 11400000 | &nbsp;&nbsp;11608148 |
| &nbsp;&nbsp;County of Osceola Transportation<sup>(d)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(d)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(d)</sup> | &nbsp;&nbsp;County of Osceola Transportation<sup>(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 | &nbsp;&nbsp;Series 2020A-2 |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4650000 | &nbsp;&nbsp;&nbsp;&nbsp;1823413 |
| &nbsp;&nbsp;10/01/2041 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918088 |
| &nbsp;&nbsp;10/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;1121725 |
| &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892709 |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912498 |
| &nbsp;&nbsp;10/01/2046 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801223 |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940748 |
| &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;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;9185956 |
| &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Florida Development Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects | &nbsp;&nbsp;Renaissance Charter School, Inc. Projects |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4065730 |
| &nbsp;&nbsp;Florida Housing Finance Corp. | &nbsp;&nbsp;Florida Housing Finance Corp. | &nbsp;&nbsp;Florida Housing Finance Corp. | &nbsp;&nbsp;Florida Housing Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018 (GNMA) | &nbsp;&nbsp;Series 2018 (GNMA) | &nbsp;&nbsp;Series 2018 (GNMA) | &nbsp;&nbsp;Series 2018 (GNMA) |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;3.800% | &nbsp;&nbsp;1395000 | &nbsp;&nbsp;&nbsp;&nbsp;1380836 |
| &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Greater Orlando Aviation Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Priority | &nbsp;&nbsp;Priority | &nbsp;&nbsp;Priority | &nbsp;&nbsp;Priority |
| &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2665000 | &nbsp;&nbsp;&nbsp;&nbsp;2749068 |
| &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> | &nbsp;&nbsp;Hillsborough County Aviation Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport | &nbsp;&nbsp;Tampa International Airport |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2645000 | &nbsp;&nbsp;&nbsp;&nbsp;2533470 |
| &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 | &nbsp;&nbsp;Subordinated Series 2018 |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5550000 | &nbsp;&nbsp;&nbsp;&nbsp;5752192 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Miami-Dade County Expressway Authority | &nbsp;&nbsp;Miami-Dade County Expressway Authority | &nbsp;&nbsp;Miami-Dade County Expressway Authority | &nbsp;&nbsp;Miami-Dade County Expressway Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5078581 |
| &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority | &nbsp;&nbsp;Mid-Bay Bridge Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;5.000% | 3765000 | &nbsp;&nbsp;&nbsp;&nbsp;3883471 |
| &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority | &nbsp;&nbsp;Palm Beach County Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai | &nbsp;&nbsp;Toby & Leon Cooperman Sinai |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825057 |
| &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority | &nbsp;&nbsp;Polk County Industrial Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates | &nbsp;&nbsp;Carpenter's Home Estates |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;5.000% | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1620945 |
| &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority | &nbsp;&nbsp;Putnam County Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project | &nbsp;&nbsp;Seminole Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;03/15/2042 | &nbsp;&nbsp;5.000% | 6665000 | &nbsp;&nbsp;&nbsp;&nbsp;7238554 |
| &nbsp;&nbsp;Sarasota County Public Hospital District | &nbsp;&nbsp;Sarasota County Public Hospital District | &nbsp;&nbsp;Sarasota County Public Hospital District | &nbsp;&nbsp;Sarasota County Public Hospital District |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sarasota Memorial Hospital | &nbsp;&nbsp;Sarasota Memorial Hospital | &nbsp;&nbsp;Sarasota Memorial Hospital | &nbsp;&nbsp;Sarasota Memorial Hospital |
| &nbsp;&nbsp;Series 1998B (NPFGC) | &nbsp;&nbsp;Series 1998B (NPFGC) | &nbsp;&nbsp;Series 1998B (NPFGC) | &nbsp;&nbsp;Series 1998B (NPFGC) |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.500% | 1980000 | &nbsp;&nbsp;&nbsp;&nbsp;2164106 |
| &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;11/15/2049 | &nbsp;&nbsp;5.500% | 4200000 | &nbsp;&nbsp;&nbsp;&nbsp;3580639 |
| &nbsp;&nbsp;Tampa Sports Authority | &nbsp;&nbsp;Tampa Sports Authority | &nbsp;&nbsp;Tampa Sports Authority | &nbsp;&nbsp;Tampa Sports Authority |
| &nbsp;&nbsp;Sales Tax Revenue Bonds | &nbsp;&nbsp;Sales Tax Revenue Bonds | &nbsp;&nbsp;Sales Tax Revenue Bonds | &nbsp;&nbsp;Sales Tax Revenue Bonds |
| &nbsp;&nbsp;Tampa Bay Arena Project | &nbsp;&nbsp;Tampa Bay Arena Project | &nbsp;&nbsp;Tampa Bay Arena Project | &nbsp;&nbsp;Tampa Bay Arena Project |
| &nbsp;&nbsp;Series 1995 (NPFGC) | &nbsp;&nbsp;Series 1995 (NPFGC) | &nbsp;&nbsp;Series 1995 (NPFGC) | &nbsp;&nbsp;Series 1995 (NPFGC) |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;5.750% | 1590000 | &nbsp;&nbsp;&nbsp;&nbsp;1666813 |
| &nbsp;&nbsp;Tampa-Hillsborough County Expressway Authority | &nbsp;&nbsp;Tampa-Hillsborough County Expressway Authority | &nbsp;&nbsp;Tampa-Hillsborough County Expressway Authority | &nbsp;&nbsp;Tampa-Hillsborough County Expressway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;4.000% | 7785000 | &nbsp;&nbsp;&nbsp;&nbsp;7817491 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**132526017** |
| &nbsp;&nbsp;**Georgia 2.3%** | &nbsp;&nbsp;**Georgia 2.3%** | &nbsp;&nbsp;**Georgia 2.3%** | &nbsp;&nbsp;**Georgia 2.3%** |
| &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> | &nbsp;&nbsp;City of Atlanta Department of Aviation<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport | &nbsp;&nbsp;Airport |
| &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 | &nbsp;&nbsp;Subordinated Series 2019 |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;4.000% | 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5201103 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority | &nbsp;&nbsp;Fulton County Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 | &nbsp;&nbsp;RAC Series 2017 |
| &nbsp;&nbsp;04/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3105020 |
| &nbsp;&nbsp;Fulton County Residential Care Facilities for the Elderly Authority | &nbsp;&nbsp;Fulton County Residential Care Facilities for the Elderly Authority | &nbsp;&nbsp;Fulton County Residential Care Facilities for the Elderly Authority | &nbsp;&nbsp;Fulton County Residential Care Facilities for the Elderly Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;Lenbrook Square Foundation, Inc. | &nbsp;&nbsp;Lenbrook Square Foundation, Inc. |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3493072 |
| &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Georgia State Road & Tollway Authority<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;I-75 S Express Lanes Project | &nbsp;&nbsp;I-75 S Express Lanes Project | &nbsp;&nbsp;I-75 S Express Lanes Project | &nbsp;&nbsp;I-75 S Express Lanes Project |
| &nbsp;&nbsp;Series 2014 Escrowed to Maturity | &nbsp;&nbsp;Series 2014 Escrowed to Maturity | &nbsp;&nbsp;Series 2014 Escrowed to Maturity | &nbsp;&nbsp;Series 2014 Escrowed to Maturity |
| &nbsp;&nbsp;06/01/2024 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247460 |
| &nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority | &nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority | &nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority | &nbsp;&nbsp;Glynn-Brunswick Memorial Hospital Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;SE Georgia Health System Anticipation Certificates | &nbsp;&nbsp;SE Georgia Health System Anticipation Certificates | &nbsp;&nbsp;SE Georgia Health System Anticipation Certificates | &nbsp;&nbsp;SE Georgia Health System Anticipation Certificates |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2145000 | &nbsp;&nbsp;&nbsp;&nbsp;2183338 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. | &nbsp;&nbsp;Main Street Natural Gas, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) | &nbsp;&nbsp;Series 2022B (Mandatory Put 06/01/29) |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10569129 |
| &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> | &nbsp;&nbsp;Main Street Natural Gas, Inc.<sup>(e)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) | &nbsp;&nbsp;Series 2023A (Mandatory Put 06/01/30) |
| &nbsp;&nbsp;06/01/2053 | &nbsp;&nbsp;5.000% | 13300000 | &nbsp;&nbsp;14116152 |
| &nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority | &nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority | &nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority | &nbsp;&nbsp;Metropolitan Atlanta Rapid Transit Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2007A (AMBAC) | &nbsp;&nbsp;Series 2007A (AMBAC) | &nbsp;&nbsp;Series 2007A (AMBAC) | &nbsp;&nbsp;Series 2007A (AMBAC) |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1101675 |
| &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia | &nbsp;&nbsp;Municipal Electric Authority of Georgia |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project | &nbsp;&nbsp;Plant Vogtle Units 3&4 Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2063 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5549771 |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;5538102 |
| &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;12/01/2048 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;2945000 | &nbsp;&nbsp;&nbsp;&nbsp;2612313 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**53717135** |
| &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;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project | &nbsp;&nbsp;St. Luke's Health System Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3650000 | &nbsp;&nbsp;&nbsp;&nbsp;3622792 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;03/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798452 |
| &nbsp;&nbsp;03/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736005 |
| &nbsp;&nbsp;03/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1892261 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Taxable - Terraces of Boise Project | &nbsp;&nbsp;Taxable - Terraces of Boise Project | &nbsp;&nbsp;Taxable - Terraces of Boise Project | &nbsp;&nbsp;Taxable - Terraces of Boise Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;9135000 | &nbsp;&nbsp;&nbsp;&nbsp;7180196 |
| &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project | &nbsp;&nbsp;Terraces of Boise Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2056 | &nbsp;&nbsp;4.550% | &nbsp;&nbsp;4365000 | &nbsp;&nbsp;&nbsp;&nbsp;3139143 |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2050 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;5635000 | &nbsp;&nbsp;&nbsp;&nbsp;4139815 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21508664** |
| &nbsp;&nbsp;**Illinois 11.1%** | &nbsp;&nbsp;**Illinois 11.1%** | &nbsp;&nbsp;**Illinois 11.1%** | &nbsp;&nbsp;**Illinois 11.1%** |
| &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> | &nbsp;&nbsp;Chicago Board of Education<sup>(a)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated | &nbsp;&nbsp;Dedicated |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;7.000% | 10765000 | &nbsp;&nbsp;11802797 |
| &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;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4980611 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2114894 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6875000 | &nbsp;&nbsp;&nbsp;&nbsp;6914313 |
| &nbsp;&nbsp;Chicago Midway International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago Midway International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago Midway International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago Midway International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;01/01/2041 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10066387 |
| &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7455000 | &nbsp;&nbsp;&nbsp;&nbsp;7737320 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien | &nbsp;&nbsp;General Senior Lien |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7620000 | &nbsp;&nbsp;&nbsp;&nbsp;7801389 |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3020174 |
| &nbsp;&nbsp;01/01/2055 | &nbsp;&nbsp;5.000% | 11250000 | &nbsp;&nbsp;11760325 |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | 12525000 | &nbsp;&nbsp;12707351 |

---

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

10 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;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% | 2400000 | &nbsp;&nbsp;2405767 |
| &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport | &nbsp;&nbsp;Chicago O'Hare International Airport |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;01/01/2046 | &nbsp;&nbsp;5.000% | 7310000 | &nbsp;&nbsp;7450127 |
| &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;01/01/2033 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1048748 |
| &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1047129 |
| &nbsp;&nbsp;01/01/2036 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1038670 |
| &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp;5.000% | 1250000 | &nbsp;&nbsp;1279265 |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;5.000% | 2970000 | &nbsp;&nbsp;3002355 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp;5.000% | 4000000 | &nbsp;&nbsp;4021181 |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;5.000% | 4000000 | &nbsp;&nbsp;4015056 |
| &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1022663 |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;5.000% | 2000000 | &nbsp;&nbsp;2027628 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | 2850000 | &nbsp;&nbsp;2877297 |
| &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 |
| &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;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges |
| &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.000% | 9400000 | &nbsp;&nbsp;9873595 |
| &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp;&nbsp;395832 |
| &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System | &nbsp;&nbsp;Northshore University Health System |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;4.000% | 1750000 | &nbsp;&nbsp;1753728 |
| &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers | &nbsp;&nbsp;Silver Cross Hospital & Medical Centers |
| &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C | &nbsp;&nbsp;Series 2015C |
| &nbsp;&nbsp;08/15/2044 | &nbsp;&nbsp;5.000% | 9400000 | &nbsp;&nbsp;9439699 |
| &nbsp;&nbsp;Illinois Housing Development Authority | &nbsp;&nbsp;Illinois Housing Development Authority | &nbsp;&nbsp;Illinois Housing Development Authority | &nbsp;&nbsp;Illinois Housing Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019D (GNMA) | &nbsp;&nbsp;Series 2019D (GNMA) | &nbsp;&nbsp;Series 2019D (GNMA) | &nbsp;&nbsp;Series 2019D (GNMA) |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;2.950% | &nbsp;&nbsp;&nbsp;515000 | &nbsp;&nbsp;&nbsp;&nbsp;510659 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4952757 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(d)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(d)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(d)</sup> | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;1354849 |
| &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3050000 | &nbsp;&nbsp;&nbsp;&nbsp;1293854 |
| &nbsp;&nbsp;12/15/2041 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873202 |
| &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 2012 (BAM) | &nbsp;&nbsp;Series 2012 (BAM) | &nbsp;&nbsp;Series 2012 (BAM) | &nbsp;&nbsp;Series 2012 (BAM) |
| &nbsp;&nbsp;12/15/2051 | &nbsp;&nbsp;0.000% | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;4881322 |
| &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority | &nbsp;&nbsp;Metropolitan Pier & Exposition Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion | &nbsp;&nbsp;McCormick Place Expansion |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2648102 |
| &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project | &nbsp;&nbsp;McCormick Place Expansion Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;06/15/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2139061 |
| &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago |
| &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 2007C | &nbsp;&nbsp;Series 2007C | &nbsp;&nbsp;Series 2007C | &nbsp;&nbsp;Series 2007C |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;5.250% | 13210000 | &nbsp;&nbsp;16774741 |
| &nbsp;&nbsp;Regional Transportation Authority | &nbsp;&nbsp;Regional Transportation Authority | &nbsp;&nbsp;Regional Transportation Authority | &nbsp;&nbsp;Regional Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2002A (NPFGC) | &nbsp;&nbsp;Series 2002A (NPFGC) | &nbsp;&nbsp;Series 2002A (NPFGC) | &nbsp;&nbsp;Series 2002A (NPFGC) |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;6909495 |
| &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;1st Series 2001 (NPFGC) | &nbsp;&nbsp;1st Series 2001 (NPFGC) | &nbsp;&nbsp;1st Series 2001 (NPFGC) | &nbsp;&nbsp;1st Series 2001 (NPFGC) |
| &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3188449 |
| &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program | &nbsp;&nbsp;Rebuild Illinois Program |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7580000 | &nbsp;&nbsp;&nbsp;&nbsp;7273075 |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9925000 | &nbsp;&nbsp;&nbsp;&nbsp;9223317 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2768289 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1830291 |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;4125000 | &nbsp;&nbsp;&nbsp;&nbsp;4150616 |
| &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A |
| &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8012442 |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;02/01/2039 | &nbsp;&nbsp;5.000% | 15000000 | &nbsp;&nbsp;15116412 |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5975000 | &nbsp;&nbsp;&nbsp;&nbsp;6282896 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;05/01/2039 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2705000 | &nbsp;&nbsp;&nbsp;&nbsp;2936856 |
| &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C | &nbsp;&nbsp;Series 2020C |
| &nbsp;&nbsp;05/01/2024 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1032223 |
| &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% | 19000000 | &nbsp;&nbsp;&nbsp;&nbsp;20394659 |
| &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 2018-A | &nbsp;&nbsp;Series 2018-A | &nbsp;&nbsp;Series 2018-A | &nbsp;&nbsp;Series 2018-A |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6392501 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**262544369** |
| &nbsp;&nbsp;**Indiana 0.0%** | &nbsp;&nbsp;**Indiana 0.0%** | &nbsp;&nbsp;**Indiana 0.0%** | &nbsp;&nbsp;**Indiana 0.0%** |
| &nbsp;&nbsp;Indiana Housing & Community Development Authority | &nbsp;&nbsp;Indiana Housing & Community Development Authority | &nbsp;&nbsp;Indiana Housing & Community Development Authority | &nbsp;&nbsp;Indiana Housing & Community Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020B-1 (GNMA) | &nbsp;&nbsp;Series 2020B-1 (GNMA) | &nbsp;&nbsp;Series 2020B-1 (GNMA) | &nbsp;&nbsp;Series 2020B-1 (GNMA) |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;2.050% | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106791 |
| &nbsp;&nbsp;**Iowa 2.0%** | &nbsp;&nbsp;**Iowa 2.0%** | &nbsp;&nbsp;**Iowa 2.0%** | &nbsp;&nbsp;**Iowa 2.0%** |
| &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;6900000 | &nbsp;&nbsp;&nbsp;&nbsp;6931463 |
| &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. | &nbsp;&nbsp;Lifespace Communities, Inc. |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;05/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6890000 | &nbsp;&nbsp;&nbsp;&nbsp;5034529 |
| &nbsp;&nbsp;05/15/2053 | &nbsp;&nbsp;4.000% | 12790000 | &nbsp;&nbsp;&nbsp;&nbsp;8820167 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project | &nbsp;&nbsp;Council Bluffs, Inc. Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457094 |
| &nbsp;&nbsp;08/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426561 |
| &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;05/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9275000 | &nbsp;&nbsp;&nbsp;&nbsp;7925257 |
| &nbsp;&nbsp;PEFA, Inc. | &nbsp;&nbsp;PEFA, Inc. | &nbsp;&nbsp;PEFA, Inc. | &nbsp;&nbsp;PEFA, Inc. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019 (Mandatory Put 09/01/26) | &nbsp;&nbsp;Series 2019 (Mandatory Put 09/01/26) | &nbsp;&nbsp;Series 2019 (Mandatory Put 09/01/26) | &nbsp;&nbsp;Series 2019 (Mandatory Put 09/01/26) |
| &nbsp;&nbsp;09/01/2049 | &nbsp;&nbsp;5.000% | 17500000 | &nbsp;&nbsp;&nbsp;&nbsp;18164676 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**47759747** |
| &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** | &nbsp;&nbsp;**Kansas 1.0%** |
| &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority | &nbsp;&nbsp;University of Kansas Hospital Authority |
| &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds | &nbsp;&nbsp;Improvement Refunding Revenue Bonds |
| &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System | &nbsp;&nbsp;Kansas University Health System |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;09/01/2045 | &nbsp;&nbsp;5.000% | 24000000 | &nbsp;&nbsp;&nbsp;&nbsp;24725398 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Kentucky 0.5%** | &nbsp;&nbsp;**Kentucky 0.5%** | &nbsp;&nbsp;**Kentucky 0.5%** | &nbsp;&nbsp;**Kentucky 0.5%** |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1783457 |
| &nbsp;&nbsp;Kentucky Municipal Power Agency | &nbsp;&nbsp;Kentucky Municipal Power Agency | &nbsp;&nbsp;Kentucky Municipal Power Agency | &nbsp;&nbsp;Kentucky Municipal Power Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Forward Delivery Prairie State Project | &nbsp;&nbsp;Forward Delivery Prairie State Project | &nbsp;&nbsp;Forward Delivery Prairie State Project | &nbsp;&nbsp;Forward Delivery Prairie State Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1080000 | &nbsp;&nbsp;&nbsp;&nbsp;1181672 |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6600000 | &nbsp;&nbsp;&nbsp;&nbsp;6739980 |
| &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission | &nbsp;&nbsp;Kentucky State Property & Building Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 | &nbsp;&nbsp;Project #119 |
| &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) |
| &nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2219596 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11924705** |
| &nbsp;&nbsp;**Louisiana 2.2%** | &nbsp;&nbsp;**Louisiana 2.2%** | &nbsp;&nbsp;**Louisiana 2.2%** | &nbsp;&nbsp;**Louisiana 2.2%** |
| &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;05/15/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26258 |
| &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26258 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16226 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp;1217187 |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1852864 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties | &nbsp;&nbsp;Provident Group - Flagship Properties |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1444878 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;1641222 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(b)</sup> | &nbsp;&nbsp;Louisiana Public Facilities Authority<sup>(b)</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% | 16695000 | &nbsp;&nbsp;16802189 |
| &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> | &nbsp;&nbsp;New Orleans Aviation Board<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal | &nbsp;&nbsp;General Airport-North Terminal |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;3818151 |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;01/01/2045 | &nbsp;&nbsp;5.000% | 21150000 | &nbsp;&nbsp;21372426 |

---

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

12 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> | &nbsp;&nbsp;Parish of St. James<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Nustar Logistics LP Project | &nbsp;&nbsp;Nustar Logistics LP Project | &nbsp;&nbsp;Nustar Logistics LP Project | &nbsp;&nbsp;Nustar Logistics LP Project |
| &nbsp;&nbsp;Series 2011 (Mandatory Put 06/01/25) | &nbsp;&nbsp;Series 2011 (Mandatory Put 06/01/25) | &nbsp;&nbsp;Series 2011 (Mandatory Put 06/01/25) | &nbsp;&nbsp;Series 2011 (Mandatory Put 06/01/25) |
| &nbsp;&nbsp;08/01/2041 | &nbsp;&nbsp;5.850% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2576495 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**50794154** |
| &nbsp;&nbsp;**Maryland 1.3%** | &nbsp;&nbsp;**Maryland 1.3%** | &nbsp;&nbsp;**Maryland 1.3%** | &nbsp;&nbsp;**Maryland 1.3%** |
| &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration | &nbsp;&nbsp;Maryland Community Development Administration |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;3.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2857176 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp;2.700% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3674547 |
| &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project | &nbsp;&nbsp;Green Bonds - Purple Line Light Rail Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/30/2055 | &nbsp;&nbsp;5.250% | 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;9733951 |
| &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. | &nbsp;&nbsp;Maryland Economic Development Corp. |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project | &nbsp;&nbsp;Port Covington Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782876 |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mercy Medical Center | &nbsp;&nbsp;Mercy Medical Center | &nbsp;&nbsp;Mercy Medical Center | &nbsp;&nbsp;Mercy Medical Center |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;4.000% | 5250000 | &nbsp;&nbsp;&nbsp;&nbsp;4872960 |
| &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;5.000% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3029816 |
| &nbsp;&nbsp;State of Maryland | &nbsp;&nbsp;State of Maryland | &nbsp;&nbsp;State of Maryland | &nbsp;&nbsp;State of Maryland |
| &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;State & Local Facilities | &nbsp;&nbsp;State & Local Facilities | &nbsp;&nbsp;State & Local Facilities | &nbsp;&nbsp;State & Local Facilities |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;06/01/2036 | &nbsp;&nbsp;5.000% | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5945748 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**30897074** |
| &nbsp;&nbsp;**Massachusetts 1.3%** | &nbsp;&nbsp;**Massachusetts 1.3%** | &nbsp;&nbsp;**Massachusetts 1.3%** | &nbsp;&nbsp;**Massachusetts 1.3%** |
| &nbsp;&nbsp;Commonwealth of Massachusetts | &nbsp;&nbsp;Commonwealth of Massachusetts | &nbsp;&nbsp;Commonwealth of Massachusetts | &nbsp;&nbsp;Commonwealth of Massachusetts |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2005 (NPFGC) | &nbsp;&nbsp;Series 2005 (NPFGC) | &nbsp;&nbsp;Series 2005 (NPFGC) | &nbsp;&nbsp;Series 2005 (NPFGC) |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;5.500% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2965092 |
| &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2008B | &nbsp;&nbsp;Series 2008B | &nbsp;&nbsp;Series 2008B | &nbsp;&nbsp;Series 2008B |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804134 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Massachusetts Clean Water Trust (The) | &nbsp;&nbsp;Massachusetts Clean Water Trust (The) | &nbsp;&nbsp;Massachusetts Clean Water Trust (The) | &nbsp;&nbsp;Massachusetts Clean Water Trust (The) |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pool Program | &nbsp;&nbsp;Pool Program | &nbsp;&nbsp;Pool Program | &nbsp;&nbsp;Pool Program |
| &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 | &nbsp;&nbsp;Series 2006 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1216558 |
| &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;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Adventcare Project | &nbsp;&nbsp;Adventcare Project | &nbsp;&nbsp;Adventcare Project | &nbsp;&nbsp;Adventcare Project |
| &nbsp;&nbsp;Series 2007A | &nbsp;&nbsp;Series 2007A | &nbsp;&nbsp;Series 2007A | &nbsp;&nbsp;Series 2007A |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4150132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415013 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V | &nbsp;&nbsp;Series 2021V |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3617105 |
| &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project | &nbsp;&nbsp;UMass Boston Student Housing Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6360000 | &nbsp;&nbsp;&nbsp;&nbsp;6260150 |
| &nbsp;&nbsp;WGBH Educational Foundation | &nbsp;&nbsp;WGBH Educational Foundation | &nbsp;&nbsp;WGBH Educational Foundation | &nbsp;&nbsp;WGBH Educational Foundation |
| &nbsp;&nbsp;Series 2002A (AMBAC) | &nbsp;&nbsp;Series 2002A (AMBAC) | &nbsp;&nbsp;Series 2002A (AMBAC) | &nbsp;&nbsp;Series 2002A (AMBAC) |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2573331 |
| &nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority | &nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority | &nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority | &nbsp;&nbsp;Massachusetts Health & Educational Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Tufts University | &nbsp;&nbsp;Tufts University | &nbsp;&nbsp;Tufts University | &nbsp;&nbsp;Tufts University |
| &nbsp;&nbsp;Series 2009M | &nbsp;&nbsp;Series 2009M | &nbsp;&nbsp;Series 2009M | &nbsp;&nbsp;Series 2009M |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1144546 |
| &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;3.850% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9250764 |
| &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> | &nbsp;&nbsp;Massachusetts Port Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project | &nbsp;&nbsp;BosFuel Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1447524 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**29694217** |
| &nbsp;&nbsp;**Michigan 4.0%** | &nbsp;&nbsp;**Michigan 4.0%** | &nbsp;&nbsp;**Michigan 4.0%** | &nbsp;&nbsp;**Michigan 4.0%** |
| &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System | &nbsp;&nbsp;Great Lakes Water Authority Water Supply System |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B | &nbsp;&nbsp;Series 2016B |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | 15385000 | &nbsp;&nbsp;16001220 |
| &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority |
| &nbsp;&nbsp;Prerefunded 12/01/29 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/29 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/29 Revenue Bonds | &nbsp;&nbsp;Prerefunded 12/01/29 Revenue Bonds |
| &nbsp;&nbsp;Trinity Health Group | &nbsp;&nbsp;Trinity Health Group | &nbsp;&nbsp;Trinity Health Group | &nbsp;&nbsp;Trinity Health Group |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421721 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;9420000 | &nbsp;&nbsp;&nbsp;&nbsp;9098838 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority | &nbsp;&nbsp;Senior Lien - Great Lakes Water Authority |
| &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 | &nbsp;&nbsp;Series 2014C-6 |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;1099908 |
| &nbsp;&nbsp;Trinity Health Credit Group | &nbsp;&nbsp;Trinity Health Credit Group | &nbsp;&nbsp;Trinity Health Credit Group | &nbsp;&nbsp;Trinity Health Credit Group |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3279605 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group | &nbsp;&nbsp;Beaumont Health Credit Group |
| &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S | &nbsp;&nbsp;Series 2016S |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;5.000% | 16760000 | &nbsp;&nbsp;17190821 |
| &nbsp;&nbsp;CHE Trinity Health | &nbsp;&nbsp;CHE Trinity Health | &nbsp;&nbsp;CHE Trinity Health | &nbsp;&nbsp;CHE Trinity Health |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5620000 | &nbsp;&nbsp;&nbsp;&nbsp;5607797 |
| &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System | &nbsp;&nbsp;Henry Ford Health System |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;4188190 |
| &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;2184627 |
| &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority | &nbsp;&nbsp;Michigan State Hospital Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group | &nbsp;&nbsp;Ascension Health Senior Care Group |
| &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 | &nbsp;&nbsp;Series 2010F-4 |
| &nbsp;&nbsp;11/15/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1306070 |
| &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;10/01/2048 | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4830821 |
| &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> | &nbsp;&nbsp;Michigan Strategic Fund<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project | &nbsp;&nbsp;I-75 Improvement Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/31/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8166428 |
| &nbsp;&nbsp;06/30/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3040014 |
| &nbsp;&nbsp;Paw Paw Public Schools | &nbsp;&nbsp;Paw Paw Public Schools | &nbsp;&nbsp;Paw Paw Public Schools | &nbsp;&nbsp;Paw Paw Public Schools |
| &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 1998 (NPFGC) (Qualified School Board Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Board Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Board Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Board Loan Fund) |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783533 |
| &nbsp;&nbsp;St. John's Public Schools | &nbsp;&nbsp;St. John's Public Schools | &nbsp;&nbsp;St. John's Public Schools | &nbsp;&nbsp;St. John's Public Schools |
| &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 1998 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1998 (NPFGC) (Qualified School Bond Loan Fund) |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;5.100% | &nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;1384462 |
| &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> | &nbsp;&nbsp;Wayne County Airport Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F | &nbsp;&nbsp;Series 2015F |
| &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;5.000% | 11495000 | &nbsp;&nbsp;12026476 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1029482 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority | &nbsp;&nbsp;Wayne County Airport Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D | &nbsp;&nbsp;Series 2015D |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;2013915 |
| &nbsp;&nbsp;Williamston Community School District | &nbsp;&nbsp;Williamston Community School District | &nbsp;&nbsp;Williamston Community School District | &nbsp;&nbsp;Williamston Community 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 1996 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1996 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1996 (NPFGC) (Qualified School Bond Loan Fund) | &nbsp;&nbsp;Series 1996 (NPFGC) (Qualified School Bond Loan Fund) |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316619 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**93970547** |
| &nbsp;&nbsp;**Minnesota 1.2%** | &nbsp;&nbsp;**Minnesota 1.2%** | &nbsp;&nbsp;**Minnesota 1.2%** | &nbsp;&nbsp;**Minnesota 1.2%** |
| &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis | &nbsp;&nbsp;City of Minneapolis |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services | &nbsp;&nbsp;Fairview Health Services |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;11/15/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4746472 |
| &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata | &nbsp;&nbsp;City of Wayzata |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. | &nbsp;&nbsp;Folkstone Senior Living Co. |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957549 |
| &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(d)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(d)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(d)</sup> | &nbsp;&nbsp;Southern Minnesota Municipal Power Agency<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) | &nbsp;&nbsp;Series 1994A (NPFGC) |
| &nbsp;&nbsp;01/01/2025 | &nbsp;&nbsp;0.000% | 17500000 | &nbsp;&nbsp;16563837 |
| &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> | &nbsp;&nbsp;St. Cloud Housing & Redevelopment Authority<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project | &nbsp;&nbsp;Sanctuary St. Cloud Project |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7125000 | &nbsp;&nbsp;&nbsp;&nbsp;6056250 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28324108** |
| &nbsp;&nbsp;**Mississippi 0.0%** | &nbsp;&nbsp;**Mississippi 0.0%** | &nbsp;&nbsp;**Mississippi 0.0%** | &nbsp;&nbsp;**Mississippi 0.0%** |
| &nbsp;&nbsp;Medical Center Educational Building Corp. | &nbsp;&nbsp;Medical Center Educational Building Corp. | &nbsp;&nbsp;Medical Center Educational Building Corp. | &nbsp;&nbsp;Medical Center Educational Building Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;University of Mississippi Medical Center | &nbsp;&nbsp;University of Mississippi Medical Center | &nbsp;&nbsp;University of Mississippi Medical Center | &nbsp;&nbsp;University of Mississippi Medical Center |
| &nbsp;&nbsp;Series 1998B (AMBAC) | &nbsp;&nbsp;Series 1998B (AMBAC) | &nbsp;&nbsp;Series 1998B (AMBAC) | &nbsp;&nbsp;Series 1998B (AMBAC) |
| &nbsp;&nbsp;12/01/2023 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911588 |
| &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** | &nbsp;&nbsp;**Missouri 2.0%** |
| &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority | &nbsp;&nbsp;Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System | &nbsp;&nbsp;Mosaic Health System |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;02/15/2049 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;3162564 |
| &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri | &nbsp;&nbsp;Health & Educational Facilities Authority of the State of Missouri |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services | &nbsp;&nbsp;Lutheran Senior Services |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7350000 | &nbsp;&nbsp;&nbsp;&nbsp;7356350 |
| &nbsp;&nbsp;02/01/2044 | &nbsp;&nbsp;5.000% | 12725000 | &nbsp;&nbsp;12291739 |

---

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

14 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> | &nbsp;&nbsp;Kansas City Industrial Development Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport | &nbsp;&nbsp;Kansas City International Airport |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;03/01/2045 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5737604 |
| &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;05/15/2037 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2205000 | &nbsp;&nbsp;&nbsp;&nbsp;2039641 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;2049339 |
| &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program |
| &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) | &nbsp;&nbsp;Series 2020A (GNMA) |
| &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;2.550% | &nbsp;&nbsp;1280000 | &nbsp;&nbsp;&nbsp;&nbsp;1049909 |
| &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;2.700% | &nbsp;&nbsp;1045000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830047 |
| &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission | &nbsp;&nbsp;Missouri Joint Municipal Electric Utility Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;10055371 |
| &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;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills | &nbsp;&nbsp;Friendship Village Sunset Hills |
| &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A |
| &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2764844 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**47337408** |
| &nbsp;&nbsp;**Nebraska 2.1%** | &nbsp;&nbsp;**Nebraska 2.1%** | &nbsp;&nbsp;**Nebraska 2.1%** | &nbsp;&nbsp;**Nebraska 2.1%** |
| &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project | &nbsp;&nbsp;Central Plains Energy Project |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series | &nbsp;&nbsp;Gas Project No. 5 Series |
| &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) | &nbsp;&nbsp;Series 2022-1 (Mandatory Put 10/01/29) |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5400000 | &nbsp;&nbsp;&nbsp;&nbsp;5705773 |
| &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 | &nbsp;&nbsp;Douglas County Hospital Authority No. 2 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital | &nbsp;&nbsp;Madonna Rehabilitation Hospital |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;05/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1006491 |
| &nbsp;&nbsp;05/15/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6400000 | &nbsp;&nbsp;&nbsp;&nbsp;6405021 |
| &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 | &nbsp;&nbsp;Douglas County Hospital Authority No. 3 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System | &nbsp;&nbsp;Health Facilities - Nebraska Methodist Health System |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7632473 |
| &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority | &nbsp;&nbsp;Nebraska Educational Health Cultural & Social Services Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group | &nbsp;&nbsp;Immanuel Obligated Group |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7531095 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;4.000% | 20595000 | &nbsp;&nbsp;20583768 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority | &nbsp;&nbsp;Nebraska Investment Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D | &nbsp;&nbsp;Series 2019D |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249018 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**49113639** |
| &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** | &nbsp;&nbsp;**Nevada 0.2%** |
| &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City | &nbsp;&nbsp;City of Carson City |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2042 | &nbsp;&nbsp;5.000% | 1120000 | &nbsp;&nbsp;&nbsp;&nbsp;1154866 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center | &nbsp;&nbsp;Carson Tahoe Regional Medical Center |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2047 | &nbsp;&nbsp;5.000% | 2320000 | &nbsp;&nbsp;&nbsp;&nbsp;2389128 |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp;5.000% | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp;1033655 |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838491 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5416140** |
| &nbsp;&nbsp;**New Hampshire 0.6%** | &nbsp;&nbsp;**New Hampshire 0.6%** | &nbsp;&nbsp;**New Hampshire 0.6%** | &nbsp;&nbsp;**New Hampshire 0.6%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates |
| &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 |
| &nbsp;&nbsp;01/20/2034 | &nbsp;&nbsp;4.125% | 9374085 | &nbsp;&nbsp;&nbsp;&nbsp;9470432 |
| &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project | &nbsp;&nbsp;The Vista Project |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;5.250% | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;1463572 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital | &nbsp;&nbsp;Elliot Hospital |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;5.000% | 3150000 | &nbsp;&nbsp;&nbsp;&nbsp;3230663 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act<sup>(c)</sup> | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act<sup>(c)</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;07/01/2037 | &nbsp;&nbsp;0.000% | 1460876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321393 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;834787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183653 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14669713** |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 15

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**New Jersey 3.6%** | &nbsp;&nbsp;**New Jersey 3.6%** | &nbsp;&nbsp;**New Jersey 3.6%** | &nbsp;&nbsp;**New Jersey 3.6%** |
| &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City | &nbsp;&nbsp;City of Atlantic City |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal | &nbsp;&nbsp;Tax Appeal |
| &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970793 |
| &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax | &nbsp;&nbsp;City of Newark Mass Transit Access Tax |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project | &nbsp;&nbsp;Mulberry Pedestrian Bridge Redevelopment Project |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;11/15/2062 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2277804 |
| &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(c)</sup> | &nbsp;&nbsp;Middlesex County Improvement Authority<sup>(c)</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% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority | &nbsp;&nbsp;New Jersey Economic Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction | &nbsp;&nbsp;School Facilities Construction |
| &nbsp;&nbsp;Series 2005N-1 (AGM) | &nbsp;&nbsp;Series 2005N-1 (AGM) | &nbsp;&nbsp;Series 2005N-1 (AGM) | &nbsp;&nbsp;Series 2005N-1 (AGM) |
| &nbsp;&nbsp;09/01/2025 | &nbsp;&nbsp;5.500% | 14500000 | &nbsp;&nbsp;15552493 |
| &nbsp;&nbsp;Series 2005N-1 (NPFGC) | &nbsp;&nbsp;Series 2005N-1 (NPFGC) | &nbsp;&nbsp;Series 2005N-1 (NPFGC) | &nbsp;&nbsp;Series 2005N-1 (NPFGC) |
| &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5599875 |
| &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A | &nbsp;&nbsp;Subordinated Series 2017A |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1778936 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project | &nbsp;&nbsp;Portal North Bridge Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;5.000% | 16250000 | &nbsp;&nbsp;17211737 |
| &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD | &nbsp;&nbsp;Series 2017DDD |
| &nbsp;&nbsp;06/15/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1293306 |
| &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;2600000 | &nbsp;&nbsp;&nbsp;&nbsp;2662194 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020E (HUD) | &nbsp;&nbsp;Series 2020E (HUD) | &nbsp;&nbsp;Series 2020E (HUD) | &nbsp;&nbsp;Series 2020E (HUD) |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;4345000 | &nbsp;&nbsp;&nbsp;&nbsp;3389826 |
| &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority | &nbsp;&nbsp;New Jersey Transportation Trust Fund Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System | &nbsp;&nbsp;Transportation System |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6559190 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/15/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1490383 |
| &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 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/15/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3646302 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;5.000% | 3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3990811 |
| &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority | &nbsp;&nbsp;New Jersey Turnpike Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2005A (AGM) | &nbsp;&nbsp;Series 2005A (AGM) | &nbsp;&nbsp;Series 2005A (AGM) | &nbsp;&nbsp;Series 2005A (AGM) |
| &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2374009 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B | &nbsp;&nbsp;Series 2022B |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.500% | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3125595 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.250% | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;6997427 |
| &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;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;06/01/2046 | &nbsp;&nbsp;5.250% | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2089532 |
| &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% | 3845000 | &nbsp;&nbsp;&nbsp;&nbsp;3882284 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**84892512** |
| &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** | &nbsp;&nbsp;**New Mexico 0.2%** |
| &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority | &nbsp;&nbsp;New Mexico Mortgage Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;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 2019C Class I (GNMA) | &nbsp;&nbsp;Series 2019C Class I (GNMA) | &nbsp;&nbsp;Series 2019C Class I (GNMA) | &nbsp;&nbsp;Series 2019C Class I (GNMA) |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;3.050% | 1530000 | &nbsp;&nbsp;&nbsp;&nbsp;1414896 |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;3.350% | 1285000 | &nbsp;&nbsp;&nbsp;&nbsp;1226731 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;3.600% | 2675000 | &nbsp;&nbsp;&nbsp;&nbsp;2569640 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**5211267** |
| &nbsp;&nbsp;**New York 7.5%** | &nbsp;&nbsp;**New York 7.5%** | &nbsp;&nbsp;**New York 7.5%** | &nbsp;&nbsp;**New York 7.5%** |
| &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a),(b)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pratt Paper, Inc. Project | &nbsp;&nbsp;Pratt Paper, Inc. Project | &nbsp;&nbsp;Pratt Paper, Inc. Project | &nbsp;&nbsp;Pratt Paper, Inc. Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;01/01/2025 | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101487 |
| &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York | &nbsp;&nbsp;City of New York |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 |
| &nbsp;&nbsp;09/01/2046 | &nbsp;&nbsp;4.000% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2462270 |
| &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 | &nbsp;&nbsp;Subordinated Series 2022B-1 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.250% | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2828388 |
| &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G | &nbsp;&nbsp;Series 2017G |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;3.600% | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3647591 |
| &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority | &nbsp;&nbsp;Metropolitan Transportation Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;5.000% | 4915000 | &nbsp;&nbsp;&nbsp;&nbsp;5035207 |

---

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

16 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2044 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;6628446 |
| &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority | &nbsp;&nbsp;New York City Municipal Water Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 | &nbsp;&nbsp;Series 2022CC-1 |
| &nbsp;&nbsp;06/15/2052 | &nbsp;&nbsp;4.000% | 19575000 | &nbsp;&nbsp;19205076 |
| &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority | &nbsp;&nbsp;New York City Transitional Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured | &nbsp;&nbsp;Future Tax Secured |
| &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D | &nbsp;&nbsp;Subordinated Series 2020D |
| &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;10094625 |
| &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 | &nbsp;&nbsp;Subordinated Series 2022A-1 |
| &nbsp;&nbsp;08/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;2133456 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2400000 | &nbsp;&nbsp;&nbsp;&nbsp;2344450 |
| &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 | &nbsp;&nbsp;Subordinated Series 2022F-1 |
| &nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1946294 |
| &nbsp;&nbsp;02/01/2051 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;1514795 |
| &nbsp;&nbsp;New York Counties Tobacco Trust VI | &nbsp;&nbsp;New York Counties Tobacco Trust VI | &nbsp;&nbsp;New York Counties Tobacco Trust VI | &nbsp;&nbsp;New York Counties Tobacco Trust VI |
| &nbsp;&nbsp;Tobacco Settlement Pass-Through Bonds | &nbsp;&nbsp;Tobacco Settlement Pass-Through Bonds | &nbsp;&nbsp;Tobacco Settlement Pass-Through Bonds | &nbsp;&nbsp;Tobacco Settlement Pass-Through Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1860000 | &nbsp;&nbsp;&nbsp;&nbsp;1818271 |
| &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. | &nbsp;&nbsp;New York Liberty Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC | &nbsp;&nbsp;Series 2021-1WTC |
| &nbsp;&nbsp;02/15/2042 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1210000 | &nbsp;&nbsp;&nbsp;&nbsp;1011561 |
| &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority | &nbsp;&nbsp;New York State Dormitory Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2019A-3 | &nbsp;&nbsp;Series 2019A-3 | &nbsp;&nbsp;Series 2019A-3 | &nbsp;&nbsp;Series 2019A-3 |
| &nbsp;&nbsp;03/15/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2180282 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Independent School District-Educational Housing Services | &nbsp;&nbsp;Independent School District-Educational Housing Services | &nbsp;&nbsp;Independent School District-Educational Housing Services | &nbsp;&nbsp;Independent School District-Educational Housing Services |
| &nbsp;&nbsp;Series 2005 (AMBAC) | &nbsp;&nbsp;Series 2005 (AMBAC) | &nbsp;&nbsp;Series 2005 (AMBAC) | &nbsp;&nbsp;Series 2005 (AMBAC) |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3246182 |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3850354 |
| &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% | 14000000 | &nbsp;&nbsp;13753264 |
| &nbsp;&nbsp;New York Transportation Development Corp. | &nbsp;&nbsp;New York Transportation Development Corp. | &nbsp;&nbsp;New York Transportation Development Corp. | &nbsp;&nbsp;New York Transportation Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;1742562 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> | &nbsp;&nbsp;New York Transportation Development Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia | &nbsp;&nbsp;Delta Air Lines, Inc. LaGuardia |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8348962 |
| &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project | &nbsp;&nbsp;New York State Thruway Service Areas Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/31/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;1321641 |
| &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project | &nbsp;&nbsp;Terminal 4 John F. Kennedy International Airport Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;5940234 |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4355000 | &nbsp;&nbsp;&nbsp;&nbsp;4015031 |
| &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> | &nbsp;&nbsp;Port Authority of New York & New Jersey<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Consolidated 218th | &nbsp;&nbsp;Consolidated 218th | &nbsp;&nbsp;Consolidated 218th | &nbsp;&nbsp;Consolidated 218th |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985990 |
| &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds | &nbsp;&nbsp;Consolidated Bonds |
| &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 | &nbsp;&nbsp;Series 221 |
| &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6493551 |
| &nbsp;&nbsp;07/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5964978 |
| &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency | &nbsp;&nbsp;State of New York Mortgage Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2018-211 | &nbsp;&nbsp;Series 2018-211 | &nbsp;&nbsp;Series 2018-211 | &nbsp;&nbsp;Series 2018-211 |
| &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;3.750% | 11620000 | &nbsp;&nbsp;&nbsp;&nbsp;10850799 |
| &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority | &nbsp;&nbsp;Triborough Bridge & Tunnel Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels | &nbsp;&nbsp;MTA Bridges and Tunnels |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;7074284 |
| &nbsp;&nbsp;05/15/2057 | &nbsp;&nbsp;5.000% | 10500000 | &nbsp;&nbsp;&nbsp;&nbsp;11460965 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds | &nbsp;&nbsp;Senior Lien Green Bonds |
| &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 | &nbsp;&nbsp;Series 2022D-2 |
| &nbsp;&nbsp;05/15/2052 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3501190 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;11/15/2052 | &nbsp;&nbsp;4.000% | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;12240875 |
| &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Ulster County Capital Resource Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz | &nbsp;&nbsp;Woodland Pond at New Paltz |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;2013742 |
| &nbsp;&nbsp;09/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;3025000 | &nbsp;&nbsp;&nbsp;&nbsp;2357694 |
| &nbsp;&nbsp;09/15/2053 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;6240000 | &nbsp;&nbsp;&nbsp;&nbsp;4694302 |
| &nbsp;&nbsp;Westchester County Local Development Corp. | &nbsp;&nbsp;Westchester County Local Development Corp. | &nbsp;&nbsp;Westchester County Local Development Corp. | &nbsp;&nbsp;Westchester County Local Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Westchester Medical Center | &nbsp;&nbsp;Westchester Medical Center | &nbsp;&nbsp;Westchester Medical Center | &nbsp;&nbsp;Westchester Medical Center |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3876266 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**176685065** |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 17

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** | &nbsp;&nbsp;**North Carolina 1.2%** |
| &nbsp;&nbsp;North Carolina Department of Transportation<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Department of Transportation<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Department of Transportation<sup>(b)</sup> | &nbsp;&nbsp;North Carolina Department of Transportation<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;I-77 Hot Lanes Project | &nbsp;&nbsp;I-77 Hot Lanes Project | &nbsp;&nbsp;I-77 Hot Lanes Project | &nbsp;&nbsp;I-77 Hot Lanes Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/30/2054 | &nbsp;&nbsp;5.000% | 12500000 | &nbsp;&nbsp;12539011 |
| &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission | &nbsp;&nbsp;North Carolina Medical Care Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C | &nbsp;&nbsp;Series 2021C |
| &nbsp;&nbsp;03/01/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;1989579 |
| &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers | &nbsp;&nbsp;Sharon Towers |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;1613789 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2260000 | &nbsp;&nbsp;&nbsp;&nbsp;2159776 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Novant Health Obligated Group | &nbsp;&nbsp;Novant Health Obligated Group | &nbsp;&nbsp;Novant Health Obligated Group | &nbsp;&nbsp;Novant Health Obligated Group |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2815000 | &nbsp;&nbsp;&nbsp;&nbsp;2728494 |
| &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(d)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(d)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(d)</sup> | &nbsp;&nbsp;North Carolina Turnpike Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C | &nbsp;&nbsp;Series 2017C |
| &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326524 |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674892 |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2044 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;1659832 |
| &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System | &nbsp;&nbsp;Triangle Expressway System |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6550000 | &nbsp;&nbsp;&nbsp;&nbsp;2992897 |
| &nbsp;&nbsp;01/01/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;1525631 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**28210425** |
| &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** | &nbsp;&nbsp;**North Dakota 0.2%** |
| &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency | &nbsp;&nbsp;North Dakota Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Home Mortgage Program | &nbsp;&nbsp;Home Mortgage Program | &nbsp;&nbsp;Home Mortgage Program | &nbsp;&nbsp;Home Mortgage Program |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;3.050% | &nbsp;&nbsp;1405000 | &nbsp;&nbsp;&nbsp;&nbsp;1179199 |
| &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program | &nbsp;&nbsp;Housing Finance Program |
| &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) | &nbsp;&nbsp;Series 2017 (FHA) |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690502 |
| &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance | &nbsp;&nbsp;Housing Finance Program-Home Mortgage Finance |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;1845000 | &nbsp;&nbsp;&nbsp;&nbsp;1807471 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**3677172** |
| &nbsp;&nbsp;**Ohio 2.5%** | &nbsp;&nbsp;**Ohio 2.5%** | &nbsp;&nbsp;**Ohio 2.5%** | &nbsp;&nbsp;**Ohio 2.5%** |
| &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 Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A-2 Class 1 | &nbsp;&nbsp;Series 2020A-2 Class 1 | &nbsp;&nbsp;Series 2020A-2 Class 1 | &nbsp;&nbsp;Series 2020A-2 Class 1 |
| &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1936744 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;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% | 25090000 | &nbsp;&nbsp;23923751 |
| &nbsp;&nbsp;County of Hamilton | &nbsp;&nbsp;County of Hamilton | &nbsp;&nbsp;County of Hamilton | &nbsp;&nbsp;County of Hamilton |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Cincinnati Children's Hospital Project | &nbsp;&nbsp;Cincinnati Children's Hospital Project | &nbsp;&nbsp;Cincinnati Children's Hospital Project | &nbsp;&nbsp;Cincinnati Children's Hospital Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;11/15/2049 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;11135022 |
| &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;&nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559345 |
| &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Lake County Port & Economic Development Authority<sup>(a),(c)</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;12/01/2037 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;1740000 |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 |
| &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(b)</sup> | &nbsp;&nbsp;Ohio Air Quality Development Authority<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project | &nbsp;&nbsp;Pratt Paper LLC Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;01/15/2038 | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969805 |
| &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission | &nbsp;&nbsp;Ohio Turnpike & Infrastructure Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 1998A (NPFGC) | &nbsp;&nbsp;Series 1998A (NPFGC) | &nbsp;&nbsp;Series 1998A (NPFGC) | &nbsp;&nbsp;Series 1998A (NPFGC) |
| &nbsp;&nbsp;02/15/2026 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3247155 |
| &nbsp;&nbsp;State of Ohio<sup>(b)</sup> | &nbsp;&nbsp;State of Ohio<sup>(b)</sup> | &nbsp;&nbsp;State of Ohio<sup>(b)</sup> | &nbsp;&nbsp;State of Ohio<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Portsmouth Bypass Project | &nbsp;&nbsp;Portsmouth Bypass Project | &nbsp;&nbsp;Portsmouth Bypass Project | &nbsp;&nbsp;Portsmouth Bypass Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/30/2053 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9835000 | &nbsp;&nbsp;&nbsp;&nbsp;9882307 |
| &nbsp;&nbsp;Toledo-Lucas County Port Authority | &nbsp;&nbsp;Toledo-Lucas County Port Authority | &nbsp;&nbsp;Toledo-Lucas County Port Authority | &nbsp;&nbsp;Toledo-Lucas County Port Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;University of Toledo Project | &nbsp;&nbsp;University of Toledo Project | &nbsp;&nbsp;University of Toledo Project | &nbsp;&nbsp;University of Toledo Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4832435 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**58661564** |
| &nbsp;&nbsp;**Oklahoma 0.1%** | &nbsp;&nbsp;**Oklahoma 0.1%** | &nbsp;&nbsp;**Oklahoma 0.1%** | &nbsp;&nbsp;**Oklahoma 0.1%** |
| &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority | &nbsp;&nbsp;Tulsa County Industrial Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project | &nbsp;&nbsp;Montereau, Inc. Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/15/2045 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;2720000 | &nbsp;&nbsp;&nbsp;&nbsp;2731187 |
| &nbsp;&nbsp;**Oregon 0.7%** | &nbsp;&nbsp;**Oregon 0.7%** | &nbsp;&nbsp;**Oregon 0.7%** | &nbsp;&nbsp;**Oregon 0.7%** |
| &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority | &nbsp;&nbsp;Clackamas County Hospital Facility Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project | &nbsp;&nbsp;Rose Villa Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924444 |

---

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

18 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County | &nbsp;&nbsp;Hospital Facilities Authority of Multnomah County |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront | &nbsp;&nbsp;Mirabella at South Waterfront |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.400% | &nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp;3208442 |
| &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> | &nbsp;&nbsp;Port of Portland Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B | &nbsp;&nbsp;Series 2017-24B |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1355000 | &nbsp;&nbsp;&nbsp;&nbsp;1439354 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2071422 |
| &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department | &nbsp;&nbsp;State of Oregon Housing & Community Services Department |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;3.450% | &nbsp;&nbsp;2820000 | &nbsp;&nbsp;&nbsp;&nbsp;2804916 |
| &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton<sup>(d)</sup> | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton<sup>(d)</sup> | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton<sup>(d)</sup> | &nbsp;&nbsp;Washington & Multnomah Counties School District No. 48J Beaverton<sup>(d)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;06/15/2048 | &nbsp;&nbsp;0.000% | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;5970976 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**16419554** |
| &nbsp;&nbsp;**Pennsylvania 9.4%** | &nbsp;&nbsp;**Pennsylvania 9.4%** | &nbsp;&nbsp;**Pennsylvania 9.4%** | &nbsp;&nbsp;**Pennsylvania 9.4%** |
| &nbsp;&nbsp;Bucks County Industrial Development Authority | &nbsp;&nbsp;Bucks County Industrial Development Authority | &nbsp;&nbsp;Bucks County Industrial Development Authority | &nbsp;&nbsp;Bucks County Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3699000 |
| &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 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1101431 |
| &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;07/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2660626 |
| &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority | &nbsp;&nbsp;Cumberland County Municipal Authority |
| &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 01/01/25 Revenue Bonds |
| &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries | &nbsp;&nbsp;Diakon Lutheran Social Ministries |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907083 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran | &nbsp;&nbsp;Diakon Lutheran |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4385000 | &nbsp;&nbsp;&nbsp;&nbsp;4429413 |
| &nbsp;&nbsp;Delaware Valley Regional Finance Authority | &nbsp;&nbsp;Delaware Valley Regional Finance Authority | &nbsp;&nbsp;Delaware Valley Regional Finance Authority | &nbsp;&nbsp;Delaware Valley Regional Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 1997C (AMBAC) | &nbsp;&nbsp;Series 1997C (AMBAC) | &nbsp;&nbsp;Series 1997C (AMBAC) | &nbsp;&nbsp;Series 1997C (AMBAC) |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;7.750% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1216237 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;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;12/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1090015 |
| &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority | &nbsp;&nbsp;Geisinger Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System | &nbsp;&nbsp;Geisinger Health System |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;02/15/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6020315 |
| &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% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1999846 |
| &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority | &nbsp;&nbsp;Northampton County General Purpose Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network | &nbsp;&nbsp;St. Luke's University Health Network |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;4.000% | 20000000 | &nbsp;&nbsp;18932844 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;11/15/2042 | &nbsp;&nbsp;4.000% | 30000000 | &nbsp;&nbsp;29498034 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<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;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project | &nbsp;&nbsp;Tapestry Moon Senior Housing Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;5625000 | &nbsp;&nbsp;&nbsp;&nbsp;2144531 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP | &nbsp;&nbsp;PA Bridges Finco LP |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;12/31/2038 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;1641847 |
| &nbsp;&nbsp;06/30/2042 | &nbsp;&nbsp;5.000% | 24375000 | &nbsp;&nbsp;24454075 |
| &nbsp;&nbsp;Proctor & Gamble Paper Project | &nbsp;&nbsp;Proctor & Gamble Paper Project | &nbsp;&nbsp;Proctor & Gamble Paper Project | &nbsp;&nbsp;Proctor & Gamble Paper Project |
| &nbsp;&nbsp;Series 2001 | &nbsp;&nbsp;Series 2001 | &nbsp;&nbsp;Series 2001 | &nbsp;&nbsp;Series 2001 |
| &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1175893 |
| &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project | &nbsp;&nbsp;The PennDOT Major Bridges Package One Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/30/2061 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3326181 |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;12/31/2057 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5226481 |
| &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency | &nbsp;&nbsp;Pennsylvania Housing Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B | &nbsp;&nbsp;Series 2017-124B |
| &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;3.500% | 16000000 | &nbsp;&nbsp;15160307 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019-129 | &nbsp;&nbsp;Series 2019-129 | &nbsp;&nbsp;Series 2019-129 | &nbsp;&nbsp;Series 2019-129 |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;7730000 | &nbsp;&nbsp;&nbsp;&nbsp;6885520 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 19

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2015A-1 | &nbsp;&nbsp;Subordinated Series 2015A-1 | &nbsp;&nbsp;Subordinated Series 2015A-1 | &nbsp;&nbsp;Subordinated Series 2015A-1 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.250% | 25295000 | &nbsp;&nbsp;&nbsp;&nbsp;26408220 |
| &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5152772 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B | &nbsp;&nbsp;Series 2014B |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;5.250% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10235684 |
| &nbsp;&nbsp;Subordinated Series 2014A-1 | &nbsp;&nbsp;Subordinated Series 2014A-1 | &nbsp;&nbsp;Subordinated Series 2014A-1 | &nbsp;&nbsp;Subordinated Series 2014A-1 |
| &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;5.000% | 16940000 | &nbsp;&nbsp;&nbsp;&nbsp;17276212 |
| &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 | &nbsp;&nbsp;Subordinated Series 2017B-1 |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;5.000% | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;15690905 |
| &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B | &nbsp;&nbsp;Subordinated Series 2018B |
| &nbsp;&nbsp;12/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7449343 |
| &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;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School | &nbsp;&nbsp;First Philadelphia Preparatory Charter School |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2043 | &nbsp;&nbsp;7.250% | &nbsp;&nbsp;5475000 | &nbsp;&nbsp;&nbsp;&nbsp;5700537 |
| &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1084377 |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;09/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;1052408 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**221620137** |
| &nbsp;&nbsp;**Puerto Rico 2.2%** | &nbsp;&nbsp;**Puerto Rico 2.2%** | &nbsp;&nbsp;**Puerto Rico 2.2%** | &nbsp;&nbsp;**Puerto Rico 2.2%** |
| &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(d),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(d),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(d),(f)</sup> | &nbsp;&nbsp;Commonwealth of Puerto Rico<sup>(d),(f)</sup> |
| &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes | &nbsp;&nbsp;Revenue Notes |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2051 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;3508841 | &nbsp;&nbsp;&nbsp;&nbsp;1543890 |
| &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 | &nbsp;&nbsp;Subordinated Series 2022 |
| &nbsp;&nbsp;11/01/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2805420 | &nbsp;&nbsp;&nbsp;&nbsp;1237892 |
| &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Commonwealth Aqueduct & Sewer Authority<sup>(f)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;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% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1972163 |
| &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> | &nbsp;&nbsp;Puerto Rico Electric Power Authority<sup>(c),(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX | &nbsp;&nbsp;Series 2010XX |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4900000 |
| &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A | &nbsp;&nbsp;Series 2012A |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;4882500 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 Public Finance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Public Finance Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation |
| &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508550 |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation | &nbsp;&nbsp;Commonwealth Appropriation |
| &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity | &nbsp;&nbsp;Series 2002E Escrowed to Maturity |
| &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;2470000 | &nbsp;&nbsp;&nbsp;&nbsp;2759239 |
| &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) | &nbsp;&nbsp;Series 2002E Escrowed to Maturity (AMBAC) |
| &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp;5.500% | &nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp;&nbsp;1186617 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(d),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(d),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(d),(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(d),(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 | &nbsp;&nbsp;Series 2018A-1 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | 93959000 | &nbsp;&nbsp;25801799 |
| &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> | &nbsp;&nbsp;Puerto Rico Sales Tax Financing Corp.<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 | &nbsp;&nbsp;Series 2019A1 |
| &nbsp;&nbsp;07/01/2058 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6896741 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**51689391** |
| &nbsp;&nbsp;**South Carolina 1.7%** | &nbsp;&nbsp;**South Carolina 1.7%** | &nbsp;&nbsp;**South Carolina 1.7%** | &nbsp;&nbsp;**South Carolina 1.7%** |
| &nbsp;&nbsp;Piedmont Municipal Power Agency | &nbsp;&nbsp;Piedmont Municipal Power Agency | &nbsp;&nbsp;Piedmont Municipal Power Agency | &nbsp;&nbsp;Piedmont Municipal Power Agency |
| &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds | &nbsp;&nbsp;Unrefunded Revenue Bonds |
| &nbsp;&nbsp;Series 1993 (NPFGC) | &nbsp;&nbsp;Series 1993 (NPFGC) | &nbsp;&nbsp;Series 1993 (NPFGC) | &nbsp;&nbsp;Series 1993 (NPFGC) |
| &nbsp;&nbsp;01/01/2025 | &nbsp;&nbsp;5.375% | 10660000 | &nbsp;&nbsp;11185725 |
| &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;11/01/2033 | &nbsp;&nbsp;7.000% | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976337 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. | &nbsp;&nbsp;Bon Secours Mercy Health, Inc. |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;4489577 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;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 Escrowed to Maturity | &nbsp;&nbsp;Series 2014A Escrowed to Maturity | &nbsp;&nbsp;Series 2014A Escrowed to Maturity | &nbsp;&nbsp;Series 2014A Escrowed to Maturity |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189195 |
| &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> | &nbsp;&nbsp;South Carolina Ports Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4260000 | &nbsp;&nbsp;&nbsp;&nbsp;4417516 |
| &nbsp;&nbsp;07/01/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1380000 | &nbsp;&nbsp;&nbsp;&nbsp;1427558 |
| &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority | &nbsp;&nbsp;South Carolina Public Service Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2052 | &nbsp;&nbsp;4.000% | 18000000 | &nbsp;&nbsp;16834502 |

---

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

20 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority | &nbsp;&nbsp;South Carolina State Housing Finance & Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;2.650% | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815328 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777681 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**41113419** |
| &nbsp;&nbsp;**South Dakota 0.3%** | &nbsp;&nbsp;**South Dakota 0.3%** | &nbsp;&nbsp;**South Dakota 0.3%** | &nbsp;&nbsp;**South Dakota 0.3%** |
| &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority | &nbsp;&nbsp;South Dakota Health & Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sanford Obligated Group | &nbsp;&nbsp;Sanford Obligated Group | &nbsp;&nbsp;Sanford Obligated Group | &nbsp;&nbsp;Sanford Obligated Group |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4573652 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Regional Health | &nbsp;&nbsp;Regional Health | &nbsp;&nbsp;Regional Health | &nbsp;&nbsp;Regional Health |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1538365 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**6112017** |
| &nbsp;&nbsp;**Tennessee 2.5%** | &nbsp;&nbsp;**Tennessee 2.5%** | &nbsp;&nbsp;**Tennessee 2.5%** | &nbsp;&nbsp;**Tennessee 2.5%** |
| &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board | &nbsp;&nbsp;Chattanooga Health Educational & Housing Facility Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I | &nbsp;&nbsp;Student Housing - CDFI Phase I |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1317697 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651520 |
| &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1076824 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;7200000 | &nbsp;&nbsp;&nbsp;&nbsp;7060848 |
| &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board | &nbsp;&nbsp;Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center | &nbsp;&nbsp;Vanderbilt University Medical Center |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6800000 | &nbsp;&nbsp;&nbsp;&nbsp;6964936 |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1665000 | &nbsp;&nbsp;&nbsp;&nbsp;1701407 |
| &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(d)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(d)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(d)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2041 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674677 |
| &nbsp;&nbsp;04/01/2043 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603884 |
| &nbsp;&nbsp;04/01/2045 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542849 |
| &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257528 |
| &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board | &nbsp;&nbsp;Shelby County Health Educational & Housing Facilities Board |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) | &nbsp;&nbsp;Farms at Bailey Station (The) |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2054 | &nbsp;&nbsp;5.750% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;8562220 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> | &nbsp;&nbsp;Tennessee Energy Acquisition Corp.<sup>(e)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project | &nbsp;&nbsp;Gas Project |
| &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) | &nbsp;&nbsp;Series 2023A-1 (Mandatory Put 05/01/28) |
| &nbsp;&nbsp;05/01/2053 | &nbsp;&nbsp;5.000% | 18500000 | &nbsp;&nbsp;19347650 |
| &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency | &nbsp;&nbsp;Tennessee Housing Development Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue | &nbsp;&nbsp;3rd Issue |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;3.400% | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673125 |
| &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp;3.600% | &nbsp;&nbsp;&nbsp;&nbsp;460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450832 |
| &nbsp;&nbsp;Issue 3 | &nbsp;&nbsp;Issue 3 | &nbsp;&nbsp;Issue 3 | &nbsp;&nbsp;Issue 3 |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;01/01/2049 | &nbsp;&nbsp;3.950% | &nbsp;&nbsp;4855000 | &nbsp;&nbsp;&nbsp;&nbsp;4791099 |
| &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond | &nbsp;&nbsp;Social Bond |
| &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 | &nbsp;&nbsp;Series 2022-2 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3520011 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**58197107** |
| &nbsp;&nbsp;**Texas 10.1%** | &nbsp;&nbsp;**Texas 10.1%** | &nbsp;&nbsp;**Texas 10.1%** | &nbsp;&nbsp;**Texas 10.1%** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> | &nbsp;&nbsp;Arlington Higher Education Finance Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project | &nbsp;&nbsp;Legacy Traditional Schools - Texas Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2062 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5024768 |
| &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Austin Independent School District<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;08/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;4411447 |
| &nbsp;&nbsp;Central Texas Regional Mobility Authority<sup>(d)</sup> | &nbsp;&nbsp;Central Texas Regional Mobility Authority<sup>(d)</sup> | &nbsp;&nbsp;Central Texas Regional Mobility Authority<sup>(d)</sup> | &nbsp;&nbsp;Central Texas Regional Mobility Authority<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation | &nbsp;&nbsp;Capital Appreciation |
| &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 | &nbsp;&nbsp;Series 2010 |
| &nbsp;&nbsp;01/01/2025 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1870678 |
| &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System | &nbsp;&nbsp;Central Texas Turnpike System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C | &nbsp;&nbsp;Subordinated Series 2015C |
| &nbsp;&nbsp;08/15/2037 | &nbsp;&nbsp;5.000% | 10000000 | &nbsp;&nbsp;10209155 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;5.000% | 14730000 | &nbsp;&nbsp;14963777 |
| &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Austin Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1036976 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3083191 |
| &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> | &nbsp;&nbsp;City of Houston Airport System<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A | &nbsp;&nbsp;Subordinated Series 2020A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762061 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 21

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. | &nbsp;&nbsp;Clifton Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools | &nbsp;&nbsp;Idea Public Schools |
| &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 | &nbsp;&nbsp;Series 2012 |
| &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2165000 | &nbsp;&nbsp;&nbsp;&nbsp;2168799 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2350000 | &nbsp;&nbsp;&nbsp;&nbsp;2352356 |
| &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 | &nbsp;&nbsp;Series 2013 |
| &nbsp;&nbsp;08/15/2033 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp;&nbsp;1006581 |
| &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership | &nbsp;&nbsp;International Leadership |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3055761 |
| &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;5.750% | 10500000 | &nbsp;&nbsp;10642771 |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;2249121 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;1111275 |
| &nbsp;&nbsp;Collin County Community College District | &nbsp;&nbsp;Collin County Community College District | &nbsp;&nbsp;Collin County Community College District | &nbsp;&nbsp;Collin County Community College District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1297925 |
| &nbsp;&nbsp;Conroe Independent School District | &nbsp;&nbsp;Conroe Independent School District | &nbsp;&nbsp;Conroe Independent School District | &nbsp;&nbsp;Conroe 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 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4310000 | &nbsp;&nbsp;&nbsp;&nbsp;4347105 |
| &nbsp;&nbsp;Dallas Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Dallas Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Dallas Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Dallas Independent School District<sup>(e)</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 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5584669 |
| &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> | &nbsp;&nbsp;Dallas Love Field<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793581 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1050751 |
| &nbsp;&nbsp;Dallas/Fort Worth International Airport<sup>(b)</sup> | &nbsp;&nbsp;Dallas/Fort Worth International Airport<sup>(b)</sup> | &nbsp;&nbsp;Dallas/Fort Worth International Airport<sup>(b)</sup> | &nbsp;&nbsp;Dallas/Fort Worth International Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A | &nbsp;&nbsp;Series 2014A |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3400000 | &nbsp;&nbsp;&nbsp;&nbsp;3443006 |
| &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital 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 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1057337 |
| &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678568 |
| &nbsp;&nbsp;Harris County Toll Road Authority (The) | &nbsp;&nbsp;Harris County Toll Road Authority (The) | &nbsp;&nbsp;Harris County Toll Road Authority (The) | &nbsp;&nbsp;Harris County Toll Road Authority (The) |
| &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 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;08/15/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3963309 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District | &nbsp;&nbsp;Humble Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;4.000% | 2000000 | &nbsp;&nbsp;2005823 |
| &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District | &nbsp;&nbsp;Katy Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;4.000% | 3300000 | &nbsp;&nbsp;3306446 |
| &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;New Hope Cultural Education Facilities Finance Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System | &nbsp;&nbsp;Texas Children's Health System |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;08/15/2040 | &nbsp;&nbsp;4.000% | 7015000 | &nbsp;&nbsp;7047638 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Collegiate Housing College Station | &nbsp;&nbsp;Collegiate Housing College Station | &nbsp;&nbsp;Collegiate Housing College Station | &nbsp;&nbsp;Collegiate Housing College Station |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;04/01/2046 | &nbsp;&nbsp;5.000% | 7250000 | &nbsp;&nbsp;6804985 |
| &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;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project | &nbsp;&nbsp;Bridgemoor Plano Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2053 | &nbsp;&nbsp;0.000% | 9000000 | &nbsp;&nbsp;8100000 |
| &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp;0.000% | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;500000 |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;0.000% | 6745000 | &nbsp;&nbsp;3372500 |
| &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project | &nbsp;&nbsp;Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;0.000% | 3335000 | &nbsp;&nbsp;1667500 |
| &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority | &nbsp;&nbsp;North Texas Tollway Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier | &nbsp;&nbsp;2nd Tier |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp;5.000% | 9230000 | &nbsp;&nbsp;9532961 |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;01/01/2037 | &nbsp;&nbsp;4.000% | 5000000 | &nbsp;&nbsp;5100620 |
| &nbsp;&nbsp;Plano Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Plano Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Plano Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Plano Independent School District<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;5.000% | 5990000 | &nbsp;&nbsp;6796925 |
| &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. | &nbsp;&nbsp;Pottsboro Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;08/15/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;382479 |
| &nbsp;&nbsp;Prosper Independent School District | &nbsp;&nbsp;Prosper Independent School District | &nbsp;&nbsp;Prosper Independent School District | &nbsp;&nbsp;Prosper Independent School District |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;02/15/2052 | &nbsp;&nbsp;4.000% | 4800000 | &nbsp;&nbsp;4811494 |

---

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

22 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;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;11/15/2034 | &nbsp;&nbsp;7.500% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2171778 |
| &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(b),(c)</sup> | &nbsp;&nbsp;Sanger Industrial Development Corp.<sup>(a),(b),(c)</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% | 34645000 | &nbsp;&nbsp;&nbsp;&nbsp;8661250 |
| &nbsp;&nbsp;Tarrant County College District | &nbsp;&nbsp;Tarrant County College District | &nbsp;&nbsp;Tarrant County College District | &nbsp;&nbsp;Tarrant County College District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;4.000% | 15600000 | &nbsp;&nbsp;16119895 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project | &nbsp;&nbsp;Trinity Terrace Project |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2480146 |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;1818023 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas | &nbsp;&nbsp;Methodist Hospitals of Dallas |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;2573087 |
| &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Tarrant County 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;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% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;1925000 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/31/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386691 |
| &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express | &nbsp;&nbsp;Senior Lien - North Tarrant Express |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/31/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3330721 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project | &nbsp;&nbsp;Segment 3C Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/30/2058 | &nbsp;&nbsp;5.000% | 22445000 | &nbsp;&nbsp;22713828 |
| &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC | &nbsp;&nbsp;Senior Lien - Blueridge Transportation Group LLC |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/31/2040 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2022221 |
| &nbsp;&nbsp;12/31/2055 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6250000 | &nbsp;&nbsp;&nbsp;&nbsp;6261584 |
| &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;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2031110 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tomball Independent School District | &nbsp;&nbsp;Tomball Independent School District | &nbsp;&nbsp;Tomball Independent School District | &nbsp;&nbsp;Tomball 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;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building | &nbsp;&nbsp;School Building |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1762090 |
| &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1736403 |
| &nbsp;&nbsp;02/15/2036 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1435000 | &nbsp;&nbsp;&nbsp;&nbsp;1397501 |
| &nbsp;&nbsp;02/15/2038 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516843 |
| &nbsp;&nbsp;02/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1025481 |
| &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> | &nbsp;&nbsp;Tomball Independent School District<sup>(e)</sup> |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 | &nbsp;&nbsp;Series 2023 |
| &nbsp;&nbsp;02/15/2048 | &nbsp;&nbsp;5.000% | 11750000 | &nbsp;&nbsp;&nbsp;&nbsp;13434138 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**237962129** |
| &nbsp;&nbsp;**Utah 0.4%** | &nbsp;&nbsp;**Utah 0.4%** | &nbsp;&nbsp;**Utah 0.4%** | &nbsp;&nbsp;**Utah 0.4%** |
| &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> | &nbsp;&nbsp;Salt Lake City Corp. Airport<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;07/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6687250 |
| &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> | &nbsp;&nbsp;UIPA Crossroads Public Infrastructure District<sup>(a)</sup> |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;4.375% | &nbsp;&nbsp;2740000 | &nbsp;&nbsp;&nbsp;&nbsp;2384351 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**9071601** |
| &nbsp;&nbsp;**Virginia 1.4%** | &nbsp;&nbsp;**Virginia 1.4%** | &nbsp;&nbsp;**Virginia 1.4%** | &nbsp;&nbsp;**Virginia 1.4%** |
| &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District | &nbsp;&nbsp;Chesapeake Bay Bridge & Tunnel District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution | &nbsp;&nbsp;1st Tier General Resolution |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3574848 |
| &nbsp;&nbsp;Fredericksburg Economic Development Authority | &nbsp;&nbsp;Fredericksburg Economic Development Authority | &nbsp;&nbsp;Fredericksburg Economic Development Authority | &nbsp;&nbsp;Fredericksburg 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;Mary Washington Healthcare Obligation | &nbsp;&nbsp;Mary Washington Healthcare Obligation | &nbsp;&nbsp;Mary Washington Healthcare Obligation | &nbsp;&nbsp;Mary Washington Healthcare Obligation |
| &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 | &nbsp;&nbsp;Series 2014 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819850 |
| &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511623 |
| &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> | &nbsp;&nbsp;Virginia Small Business Financing Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project | &nbsp;&nbsp;Senior Lien - 95 Express Lanes LLC Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3393515 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project | &nbsp;&nbsp;Transform 66 P3 Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/31/2052 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;&nbsp;3751270 |
| &nbsp;&nbsp;12/31/2056 | &nbsp;&nbsp;5.000% | 21800000 | &nbsp;&nbsp;&nbsp;&nbsp;21658708 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**33709814** |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 23

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Washington 1.4%** | &nbsp;&nbsp;**Washington 1.4%** | &nbsp;&nbsp;**Washington 1.4%** | &nbsp;&nbsp;**Washington 1.4%** |
| &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority | &nbsp;&nbsp;King County Housing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;05/01/2038 | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;2915000 | &nbsp;&nbsp;&nbsp;&nbsp;2833457 |
| &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 | &nbsp;&nbsp;King County Public Hospital District No. 4 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;6.000% | &nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1344735 |
| &nbsp;&nbsp;12/01/2045 | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2582734 |
| &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> | &nbsp;&nbsp;Port of Seattle<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;05/01/2043 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8299193 |
| &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Multicare Health System | &nbsp;&nbsp;Multicare Health System | &nbsp;&nbsp;Multicare Health System | &nbsp;&nbsp;Multicare Health System |
| &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B | &nbsp;&nbsp;Series 2017B |
| &nbsp;&nbsp;08/15/2041 | &nbsp;&nbsp;4.000% | 10500000 | &nbsp;&nbsp;10142580 |
| &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center | &nbsp;&nbsp;Virginia Mason Medical Center |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;3335000 | &nbsp;&nbsp;&nbsp;&nbsp;3085284 |
| &nbsp;&nbsp;Washington State Housing Finance Commission | &nbsp;&nbsp;Washington State Housing Finance Commission | &nbsp;&nbsp;Washington State Housing Finance Commission | &nbsp;&nbsp;Washington State Housing Finance Commission |
| &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;07/01/2030 | &nbsp;&nbsp;6.500% | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788964 |
| &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp;6.750% | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597603 |
| &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> | &nbsp;&nbsp;Washington State Housing Finance Commission<sup>(a)</sup> |
| &nbsp;&nbsp;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% | &nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1364494 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project | &nbsp;&nbsp;Skyline 1st Hill Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;01/01/2025 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327496 |
| &nbsp;&nbsp;01/01/2035 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;&nbsp;575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561421 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**31927961** |
| &nbsp;&nbsp;**West Virginia 0.9%** | &nbsp;&nbsp;**West Virginia 0.9%** | &nbsp;&nbsp;**West Virginia 0.9%** | &nbsp;&nbsp;**West Virginia 0.9%** |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Cabell Huntington Hospital Obligation | &nbsp;&nbsp;Cabell Huntington Hospital Obligation | &nbsp;&nbsp;Cabell Huntington Hospital Obligation | &nbsp;&nbsp;Cabell Huntington Hospital Obligation |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;01/01/2047 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4458660 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;5.000% | 16500000 | &nbsp;&nbsp;16767920 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**21226580** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;**Wisconsin 2.3%** | &nbsp;&nbsp;**Wisconsin 2.3%** | &nbsp;&nbsp;**Wisconsin 2.3%** | &nbsp;&nbsp;**Wisconsin 2.3%** |
| &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;09/01/2049 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4250000 | &nbsp;&nbsp;3888395 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities | &nbsp;&nbsp;ACTS Retirement - Life Communities |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;4017626 |
| &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst | &nbsp;&nbsp;Mary's Woods at Marylhurst |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;&nbsp;&nbsp;820000 | &nbsp;&nbsp;&nbsp;&nbsp;767980 |
| &nbsp;&nbsp;05/15/2047 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;1105000 | &nbsp;&nbsp;1008836 |
| &nbsp;&nbsp;Public Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(b)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(b)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp;Green Bonds - Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp;Green Bonds - Fargo-Moorhead Metropolitan Area Flood Risk Management Project | &nbsp;&nbsp;Green Bonds - Fargo-Moorhead Metropolitan Area Flood Risk Management Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;09/30/2051 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;3344275 |
| &nbsp;&nbsp;Public Finance Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a),(d)</sup> | &nbsp;&nbsp;Public Finance Authority<sup>(a),(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project | &nbsp;&nbsp;WFCS Portfolio Project |
| &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 |
| &nbsp;&nbsp;01/01/2061 | &nbsp;&nbsp;0.000% | 21200000 | &nbsp;&nbsp;1173776 |
| &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2051 | &nbsp;&nbsp;4.000% | 10000000 | &nbsp;&nbsp;9730181 |
| &nbsp;&nbsp;Wisconsin Center District<sup>(d)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(d)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(d)</sup> | &nbsp;&nbsp;Wisconsin Center District<sup>(d)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Dedicated | &nbsp;&nbsp;Senior Dedicated | &nbsp;&nbsp;Senior Dedicated | &nbsp;&nbsp;Senior Dedicated |
| &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) | &nbsp;&nbsp;Series 2020 (AGM) |
| &nbsp;&nbsp;12/15/2060 | &nbsp;&nbsp;0.000% | 18625000 | &nbsp;&nbsp;2902719 |
| &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;Prerefunded 08/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/15/23 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/15/23 Revenue Bonds |
| &nbsp;&nbsp;Beaver Dam Community Hospitals | &nbsp;&nbsp;Beaver Dam Community Hospitals | &nbsp;&nbsp;Beaver Dam Community Hospitals | &nbsp;&nbsp;Beaver Dam Community Hospitals |
| &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A | &nbsp;&nbsp;Series 2013A |
| &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;5.125% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;5070397 |
| &nbsp;&nbsp;08/15/2034 | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;8117926 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &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;11/01/2046 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;2100000 | &nbsp;&nbsp;1765799 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project | &nbsp;&nbsp;Covenant Communities, Inc. Project |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;2335000 | &nbsp;&nbsp;1891365 |
| &nbsp;&nbsp;07/01/2053 | &nbsp;&nbsp;4.125% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;4008546 |

---

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

24 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;4.375% | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960205 |
| &nbsp;&nbsp;07/01/2043 | &nbsp;&nbsp;4.500% | 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003212 |
| &nbsp;&nbsp;07/01/2048 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376249 |
| &nbsp;&nbsp;Unrefunded Refunding Revenue Bond | &nbsp;&nbsp;Unrefunded Refunding Revenue Bond | &nbsp;&nbsp;Unrefunded Refunding Revenue Bond | &nbsp;&nbsp;Unrefunded Refunding Revenue Bond |
| &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health | &nbsp;&nbsp;Ascension Health |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;4.000% | 3610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556199 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**53583686** |
| &nbsp;&nbsp;**Wyoming 0.3%** | &nbsp;&nbsp;**Wyoming 0.3%** | &nbsp;&nbsp;**Wyoming 0.3%** | &nbsp;&nbsp;**Wyoming 0.3%** |
| &nbsp;&nbsp;County of Campbell | &nbsp;&nbsp;County of Campbell | &nbsp;&nbsp;County of Campbell | &nbsp;&nbsp;County of Campbell |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Basin Electric Power Cooperative | &nbsp;&nbsp;Basin Electric Power Cooperative | &nbsp;&nbsp;Basin Electric Power Cooperative | &nbsp;&nbsp;Basin Electric Power Cooperative |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;07/15/2039 | &nbsp;&nbsp;3.625% | 7600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6919359 |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $2,499,790,990) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $2,499,790,990) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $2,499,790,990) | &nbsp;&nbsp;**2348218911** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.1%** | &nbsp;&nbsp;**Money Market Funds 2.1%** | &nbsp;&nbsp;**Money Market Funds 2.1%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 1.662%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204290 |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.588%<sup>(g)</sup> | &nbsp;&nbsp;49049924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49049924 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $49,254,208) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $49,254,208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49254214** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $2,549,045,198)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $2,549,045,198)** | &nbsp;&nbsp;&nbsp;&nbsp;**2397473125** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(42591582)** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$2354881543** |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $78,503,612, which represents 3.33% of total net assets.

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

(c) Represents a security in default.

(d) Zero coupon bond.

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

(f) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At
January 31, 2023, the total value of these securities amounted to $51,689,391, which represents 2.19% of total net assets.

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

#### Abbreviation Legend

---

| | |
|:---|:---|
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corporation |
| AMBAC | &nbsp;&nbsp;Ambac Assurance Corporation |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Co. |
| FHA | &nbsp;&nbsp;Federal Housing Authority |
| FNMA | &nbsp;&nbsp;Federal National Mortgage Association |
| GNMA | &nbsp;&nbsp;Government National Mortgage Association |
| HUD | &nbsp;&nbsp;U.S. Department of Housing and Urban Development |
| NPFGC | &nbsp;&nbsp;National Public Finance Guarantee Corporation |

---

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

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 25

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2348218911 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2348218911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 49254214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49254214 |
| &nbsp;&nbsp;Total Investments in Securities | 49254214 | &nbsp;&nbsp;&nbsp;&nbsp;2348218911 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2397473125 |

---

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.

26 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,549,045,198) | $2397473125 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37089 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7167671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23274573 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25805 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538576 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44759 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2430282330 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased on a delayed delivery basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63151847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7166966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71984 |
| &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;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44538 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538576 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75400787 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2354881543** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;2571126709 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(216245166) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2354881543** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1835380366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;154222571 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.27 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13285195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$28860619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$346706405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29124462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13665480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.90 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$116983478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9799005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11.94 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;51135001 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;51179048 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538927 |
| &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;1881115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118810 |
| &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;624578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24617 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8543750 |
| &nbsp;&nbsp;Fees waived by transfer agent |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2077) |
| &nbsp;&nbsp;Expense reduction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2795) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8538878 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;42640170 |
| &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;(34529474) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116546 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;(31412928) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;(36051914) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;(36051914) |
| &nbsp;&nbsp;Net realized and unrealized loss | &nbsp;&nbsp;&nbsp;(67464842) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | **$(24824672)** |

---

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

28 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$42640170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85470212 |
| &nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31412928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24066591) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36051914) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351639379) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24824672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290235758) |
| &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;(32014007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77176902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(950141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1060210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6971200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21249393) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1956702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923446) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41918065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102021233) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(238616620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245080848) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(305359357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(637337839) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;2660240900 | &nbsp;&nbsp;&nbsp;&nbsp;3297578739 |
| &nbsp;&nbsp;**Net assets at end of period** | **$2354881543** | &nbsp;&nbsp;**$2660240900** |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;11190969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130084623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123022678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;2620104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30143907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73011313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (27158273) | &nbsp;&nbsp;&nbsp;&nbsp;(312565752) | &nbsp;&nbsp;&nbsp;&nbsp;(31061870) | &nbsp;&nbsp;&nbsp;&nbsp;(395297040) |
| &nbsp;&nbsp;Net decrease | (13347200) | &nbsp;&nbsp;&nbsp;&nbsp;(152337222) | &nbsp;&nbsp;&nbsp;&nbsp;(15735926) | &nbsp;&nbsp;&nbsp;&nbsp;(199263049) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(783104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8847769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9969995) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(673063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7559086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4496574) |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7949501) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189578) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15212863) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1979806) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8180367) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;6390892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74440373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10379714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131939975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5436582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12417286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (21514451) | &nbsp;&nbsp;&nbsp;&nbsp;(249246941) | &nbsp;&nbsp;&nbsp;&nbsp;(13637930) | &nbsp;&nbsp;&nbsp;&nbsp;(171217167) |
| &nbsp;&nbsp;Net decrease | (14651058) | &nbsp;&nbsp;&nbsp;&nbsp;(169369986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2301003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26859906) |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3232402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(747053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9699446) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1233826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4335655) |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;12670081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147428669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9507614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(4693335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53938326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(984102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12327486) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;8009050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93863306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1945297) |
| &nbsp;&nbsp;**Total net decrease** | **(20937853)** | &nbsp;&nbsp;&nbsp;&nbsp;**(238616620)** | &nbsp;&nbsp;&nbsp;&nbsp;**(19546768)** | &nbsp;&nbsp;&nbsp;&nbsp;**(245080848)** |

---

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

30 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

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Columbia Tax-Exempt Fund \| Semiannual Report 2023 31

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.16 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.84 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(1.25) | &nbsp;&nbsp;(0.36) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.43) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.50 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.38) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.42) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.63 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.43) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.50) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.35 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;(0.55) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.60 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.16 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.83 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.21) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.50 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.63 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.35 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.60 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.16 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.83 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;(1.60) | &nbsp;&nbsp;(1.31) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.36) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.50 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;(0.30) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.34) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.63 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.34) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.41) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.35 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;(0.47) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.60 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.44) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.16 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.84 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.50 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.64 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.35 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.60 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.16 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.84 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.39) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.50 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;(0.41) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.64 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.35 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.58) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.59) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.60 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) |

---

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

32 Columbia Tax-Exempt Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | (0.41%) | 0.74%<sup>(c),(d)</sup> | 0.74%<sup>(c),(d),(e)</sup> | 3.46%<sup>(c)</sup> | 10% | $1835380 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.16 | (9.15%) | 0.73%<sup>(d)</sup> | 0.72%<sup>(d),(e)</sup> | 2.80% | 16% | $2037502 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.84 | 5.74% | 0.72%<sup>(f)</sup> | 0.72%<sup>(e),(f)</sup> | 2.78% | 13% | $2536239 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.50 | 2.76% | 0.73%<sup>(f)</sup> | 0.73%<sup>(e),(f)</sup> | 3.16% | 29% | $2550497 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.63 | 6.51% | 0.73% | 0.73% | 3.74% | 20% | $2548777 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.35 | 2.08% | 0.72% | 0.72%<sup>(e)</sup> | 3.93% | 17% | $2642009 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | (0.31%) | 0.54%<sup>(c),(d)</sup> | 0.54%<sup>(c),(d),(e)</sup> | 3.63%<sup>(c)</sup> | 10% | &nbsp;&nbsp;&nbsp;&nbsp;$13285 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.16 | (8.91%) | 0.52%<sup>(d)</sup> | 0.52%<sup>(d),(e)</sup> | 2.99% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$21757 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.83 | 5.88% | 0.52%<sup>(f)</sup> | 0.52%<sup>(e),(f)</sup> | 2.97% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$29770 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.50 | 2.96% | 0.53%<sup>(f)</sup> | 0.53%<sup>(e),(f)</sup> | 3.36% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$26679 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.63 | 6.72% | 0.53% | 0.53% | 3.93% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;$21407 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.35 | 2.29% | 0.52% | 0.52%<sup>(e)</sup> | 4.16% | 17% | &nbsp;&nbsp;&nbsp;&nbsp;$13745 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | (0.71%) | 1.34%<sup>(c),(d)</sup> | 1.34%<sup>(c),(d),(e)</sup> | 2.86%<sup>(c)</sup> | 10% | &nbsp;&nbsp;&nbsp;&nbsp;$28861 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.16 | (9.63%) | 1.38%<sup>(d)</sup> | 1.32%<sup>(d),(e)</sup> | 2.20% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$31541 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.83 | 5.03% | 1.47%<sup>(f)</sup> | 1.33%<sup>(e),(f),(g)</sup> | 2.17% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$44740 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.50 | 2.09% | 1.48%<sup>(f)</sup> | 1.38%<sup>(e),(f),(g)</sup> | 2.51% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$56855 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.63 | 5.82% | 1.48% | 1.38%<sup>(g)</sup> | 3.09% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;$59114 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.35 | 1.42% | 1.47% | 1.37%<sup>(e)</sup> | 3.27% | 17% | &nbsp;&nbsp;&nbsp;&nbsp;$72134 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | (0.31%) | 0.54%<sup>(c),(d)</sup> | 0.54%<sup>(c),(d),(e)</sup> | 3.63%<sup>(c)</sup> | 10% | &nbsp;&nbsp;$346706 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.16 | (8.97%) | 0.53%<sup>(d)</sup> | 0.53%<sup>(d),(e)</sup> | 3.01% | 16% | &nbsp;&nbsp;$532342 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.84 | 5.95% | 0.52%<sup>(f)</sup> | 0.52%<sup>(e),(f)</sup> | 2.97% | 13% | &nbsp;&nbsp;$637596 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.50 | 2.89% | 0.53%<sup>(f)</sup> | 0.53%<sup>(e),(f)</sup> | 3.37% | 29% | &nbsp;&nbsp;$613307 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.64 | 6.80% | 0.53% | 0.53% | 3.94% | 20% | &nbsp;&nbsp;$781834 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.35 | 2.29% | 0.52% | 0.52%<sup>(e)</sup> | 4.13% | 17% | &nbsp;&nbsp;$775309 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.90 | (0.30%) | 0.53%<sup>(c),(d)</sup> | 0.53%<sup>(c),(d)</sup> | 3.67%<sup>(c)</sup> | 10% | &nbsp;&nbsp;&nbsp;&nbsp;$13665 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.16 | (8.96%) | 0.51%<sup>(d)</sup> | 0.51%<sup>(d)</sup> | 3.00% | 16% | &nbsp;&nbsp;&nbsp;&nbsp;$15272 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.84 | 5.97% | 0.51%<sup>(f)</sup> | 0.51%<sup>(f)</sup> | 3.00% | 13% | &nbsp;&nbsp;&nbsp;&nbsp;$22033 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.50 | 2.90% | 0.52%<sup>(f)</sup> | 0.52%<sup>(f)</sup> | 3.36% | 29% | &nbsp;&nbsp;&nbsp;&nbsp;$50150 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.64 | 6.81% | 0.52% | 0.52% | 3.94% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8978 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.35 | 2.29% | 0.51% | 0.51% | 4.16% | 17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6239 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 33

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $12.19 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $13.88 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.22) | &nbsp;&nbsp;(0.40) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.47) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.54 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;(0.42) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.46) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.67 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;(0.46) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.39 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;(0.59) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.60) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.64 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.56) |

---

---

| | |
|:---|:---|
| **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 less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund's net assets, net asset value per share, total return or net investment income. |
| (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: |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **7/31/2021** | &nbsp;&nbsp;**7/31/2020** | &nbsp;&nbsp;**7/31/2019** |
| &nbsp;&nbsp;Class C | 0.01% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.10% |

---

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

34 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $11.94 | (0.19%) | 0.48%<sup>(c),(d)</sup> | 0.48%<sup>(c),(d)</sup> | 3.82%<sup>(c)</sup> | 10% | $116983 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $12.19 | (8.96%) | 0.47%<sup>(d)</sup> | 0.46%<sup>(d)</sup> | 3.07% | 16% | &nbsp;&nbsp;$21828 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $13.88 | 6.01% | 0.47%<sup>(f)</sup> | 0.47%<sup>(f)</sup> | 3.03% | 13% | &nbsp;&nbsp;$27202 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $13.54 | 3.03% | 0.47%<sup>(f)</sup> | 0.47%<sup>(f)</sup> | 3.42% | 29% | &nbsp;&nbsp;$20467 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $13.67 | 6.78% | 0.47% | 0.47% | 3.97% | 20% | &nbsp;&nbsp;$17056 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $13.39 | 2.35% | 0.47% | 0.47% | 4.25% | 17% | &nbsp;&nbsp;&nbsp;$7731 |

---

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 35

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Tax-Exempt 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.

36 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 37

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;3116546 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 56072931 |

---

38 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

Dividend income is recorded on the ex-dividend date.

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

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

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 39

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.48% to 0.29% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.45% of the Fund's average daily net assets.

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

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

#### Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with SS&C GIDS, Inc. (SS&C GIDS) to

40 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, prior to December 1, 2022, Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to that share class.

For the six months ended January 31, 2023, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.07 |
| &nbsp;&nbsp;Advisor Class | 0.07 |
| &nbsp;&nbsp;Class C | 0.07 |
| &nbsp;&nbsp;Institutional Class | 0.07 |
| &nbsp;&nbsp;Institutional 2 Class | 0.05 |
| &nbsp;&nbsp;Institutional 3 Class | 0.00 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended January 31, 2023, these minimum account balance fees reduced total expenses of the Fund by $2,795.

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

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

#### Sales charges
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 January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;118417 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 |

---

Columbia Tax-Exempt Fund \| Semiannual Report 2023 41

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

(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:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.76% | 0.77% |
| &nbsp;&nbsp;Advisor Class | 0.56 | 0.57 |
| &nbsp;&nbsp;Class C | 1.36 | 1.37 |
| &nbsp;&nbsp;Institutional Class | 0.56 | 0.57 |
| &nbsp;&nbsp;Institutional 2 Class | 0.55 | 0.55 |
| &nbsp;&nbsp;Institutional 3 Class | 0.50 | 0.51 |

---

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitment, prior to December 1, 2022, is the Transfer Agent's contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to that share class. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At January 31, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;2549045000 | 25776000 | (177348000) | (151572000) |

---

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

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

42 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Late year<br> ordinary losses ($)** | **Post-October<br> capital losses ($)** |
| &nbsp;&nbsp;— | 33845056 |

---

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 $236,345,088 and $461,130,879, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 2265625 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;32 |

---

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

Note 7. Line of credit

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

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 43

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 8. Significant risks

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

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

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

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

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

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such

44 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 12.5% 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 39.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Columbia Tax-Exempt Fund \| Semiannual Report 2023 45

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[**Table of Contents**](#JOB_654_29a3688a-2bdb-4e8d-9380-40586cd2693c_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Note 10. Information regarding pending and settled legal proceedings

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

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

46 Columbia Tax-Exempt Fund \| Semiannual Report 2023

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

Kansas City, MO 64121-9104

![](imgb6a153f52.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/

SAR233_07_N01_(03/23)

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![](img2d8b95df1.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img57d775a92.jpg)

Columbia Ultra Short Term Bond Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_fdcfa223-09f4-4a49-8037-2011084d7d3c_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_1a1a2aaa-a4e6-4d95-8812-863a893f9dbd_1)<br>| 5 |
| [Portfolio of Investments](#xx_671e485a-bdf5-4c0d-b88d-90b462b4bef7_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_ea3c21cb-83d2-4f27-9bfa-efed14094585_1)<br>| 16 |
| [Statement of Operations](#xx_ea3c21cb-83d2-4f27-9bfa-efed14094585_2)<br>| 17 |
| [Statement of Changes in Net Assets](#xx_ea3c21cb-83d2-4f27-9bfa-efed14094585_3)<br>| 18 |
| [Financial Highlights](#xx_5d6a99a0-fec4-4865-8f15-c9da96449061_2)<br>| 20 |
| [Notes to Financial Statements](#xx_7f385a01-ebd9-4a4e-97f9-ce4e93f4bf69_1)<br>| 22 |

---

If you elect to receive the shareholder report for Columbia Ultra Short Term Bond 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 Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks a high level of current income consistent with the maintenance of liquidity and the preservation of capital.

Portfolio management

#### Gregory Liechty
Co-Portfolio Manager

Managed Fund since 2016

#### Ronald Stahl, CFA
Co-Portfolio Manager

Managed Fund since 2015

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;02/20/19 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;Advisor Class\* | &nbsp;&nbsp;&nbsp;&nbsp;12/03/18 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Institutional Class\* | &nbsp;&nbsp;&nbsp;&nbsp;12/03/18 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;03/08/04 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;Bloomberg U.S. Short-Term Government/Corporate Index |  | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |

---

**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. All results shown assume reinvestment of distributions. The table does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemption of shares.**

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

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

The Bloomberg U.S. Short-Term Government/Corporate Index tracks the performance of U.S. Government and corporate bonds rated investment grade or better, with maturities of less than 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 Ultra Short Term Bond Fund \| Semiannual Report 2023 3

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Asset-Backed Securities — Non-Agency | &nbsp;&nbsp;&nbsp;32.2 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;49.8 |
| &nbsp;&nbsp;Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Agency | &nbsp;&nbsp;&nbsp;&nbsp;0.0<sup>(a)</sup> |
| &nbsp;&nbsp;Residential Mortgage-Backed Securities - Non-Agency | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

(a) Rounds to zero.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;30.1 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;12.3 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;28.4 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;24.9 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

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

4 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.20 | &nbsp;&nbsp;&nbsp;&nbsp;1023.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;&nbsp;&nbsp;1024.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;&nbsp;&nbsp;1024.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.10 | &nbsp;&nbsp;&nbsp;&nbsp;1024.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |

---

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 Ultra Short Term Bond Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

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

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 32.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 32.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 32.0%** | &nbsp;&nbsp;**Asset-Backed Securities — Non-Agency 32.0%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;04/15/2027 | &nbsp;&nbsp;1.080% | &nbsp;&nbsp;2431712 | &nbsp;&nbsp;&nbsp;&nbsp;2405747 |
| &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> | &nbsp;&nbsp;ACC Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;09/20/2024 | &nbsp;&nbsp;1.190% | &nbsp;&nbsp;2987839 | &nbsp;&nbsp;&nbsp;&nbsp;2973411 |
| &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;ACM Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;04/20/2029 | &nbsp;&nbsp;3.230% | &nbsp;&nbsp;1130161 | &nbsp;&nbsp;&nbsp;&nbsp;1128294 |
| &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;American Credit Acceptance Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A |
| &nbsp;&nbsp;02/13/2026 | &nbsp;&nbsp;4.120% | &nbsp;&nbsp;2844263 | &nbsp;&nbsp;&nbsp;&nbsp;2825248 |
| &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C | &nbsp;&nbsp;Subordinated Series 2020-3 Class C |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;1692026 | &nbsp;&nbsp;&nbsp;&nbsp;1678886 |
| &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;03/15/2027 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;1189356 | &nbsp;&nbsp;&nbsp;&nbsp;1167521 |
| &nbsp;&nbsp;Subordinated Series 2021-3 Class C | &nbsp;&nbsp;Subordinated Series 2021-3 Class C | &nbsp;&nbsp;Subordinated Series 2021-3 Class C | &nbsp;&nbsp;Subordinated Series 2021-3 Class C |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;0.980% | 14195000 | &nbsp;&nbsp;13845235 |
| &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Arivo Acceptance Auto Loan Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;1.190% | &nbsp;&nbsp;4396727 | &nbsp;&nbsp;&nbsp;&nbsp;4219691 |
| &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> | &nbsp;&nbsp;Atalaya Equipment Leasing Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 | &nbsp;&nbsp;Series 2021-1A Class A2 |
| &nbsp;&nbsp;05/15/2026 | &nbsp;&nbsp;1.230% | &nbsp;&nbsp;4177748 | &nbsp;&nbsp;&nbsp;&nbsp;4058988 |
| &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> | &nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A | &nbsp;&nbsp;Series 2017-2A Class A |
| &nbsp;&nbsp;03/20/2024 | &nbsp;&nbsp;2.970% | 11447667 | &nbsp;&nbsp;11421812 |
| &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust | &nbsp;&nbsp;BMW Vehicle Lease Trust |
| &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 | &nbsp;&nbsp;Series 2021-1 Class A4 |
| &nbsp;&nbsp;07/25/2024 | &nbsp;&nbsp;0.370% | &nbsp;&nbsp;6360000 | &nbsp;&nbsp;&nbsp;&nbsp;6231718 |
| &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust | &nbsp;&nbsp;Carmax Auto Owner Trust |
| &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 | &nbsp;&nbsp;Series 2019-2 Class A4 |
| &nbsp;&nbsp;12/16/2024 | &nbsp;&nbsp;2.770% | &nbsp;&nbsp;1244732 | &nbsp;&nbsp;&nbsp;&nbsp;1236765 |
| &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust | &nbsp;&nbsp;CarMax Auto Owner Trust |
| &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 |
| &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;0.910% | 13198357 | &nbsp;&nbsp;13047119 |
| &nbsp;&nbsp;Carvana Auto Receivables Trust | &nbsp;&nbsp;Carvana Auto Receivables Trust | &nbsp;&nbsp;Carvana Auto Receivables Trust | &nbsp;&nbsp;Carvana Auto Receivables Trust |
| &nbsp;&nbsp;Series 2021-N1 Class A | &nbsp;&nbsp;Series 2021-N1 Class A | &nbsp;&nbsp;Series 2021-N1 Class A | &nbsp;&nbsp;Series 2021-N1 Class A |
| &nbsp;&nbsp;01/10/2028 | &nbsp;&nbsp;0.700% | &nbsp;&nbsp;6437652 | &nbsp;&nbsp;&nbsp;&nbsp;6013610 |
| &nbsp;&nbsp;Series 2021-N2 Class A1 | &nbsp;&nbsp;Series 2021-N2 Class A1 | &nbsp;&nbsp;Series 2021-N2 Class A1 | &nbsp;&nbsp;Series 2021-N2 Class A1 |
| &nbsp;&nbsp;03/10/2028 | &nbsp;&nbsp;0.320% | &nbsp;&nbsp;1459199 | &nbsp;&nbsp;&nbsp;&nbsp;1435101 |
| &nbsp;&nbsp;Series 2021-N3 Class A1 | &nbsp;&nbsp;Series 2021-N3 Class A1 | &nbsp;&nbsp;Series 2021-N3 Class A1 | &nbsp;&nbsp;Series 2021-N3 Class A1 |
| &nbsp;&nbsp;06/12/2028 | &nbsp;&nbsp;0.350% | &nbsp;&nbsp;3183155 | &nbsp;&nbsp;&nbsp;&nbsp;3090311 |
| &nbsp;&nbsp;CCG Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CCG Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CCG Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CCG Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-2 Class A2 | &nbsp;&nbsp;Series 2019-2 Class A2 | &nbsp;&nbsp;Series 2019-2 Class A2 | &nbsp;&nbsp;Series 2019-2 Class A2 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;2.110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49262 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Series 2020-1 Class A2 | &nbsp;&nbsp;Series 2020-1 Class A2 | &nbsp;&nbsp;Series 2020-1 Class A2 | &nbsp;&nbsp;Series 2020-1 Class A2 |
| &nbsp;&nbsp;12/14/2027 | &nbsp;&nbsp;0.540% | &nbsp;&nbsp;6343183 | &nbsp;&nbsp;&nbsp;&nbsp;6205710 |
| &nbsp;&nbsp;Series 2021-1 Class A2 | &nbsp;&nbsp;Series 2021-1 Class A2 | &nbsp;&nbsp;Series 2021-1 Class A2 | &nbsp;&nbsp;Series 2021-1 Class A2 |
| &nbsp;&nbsp;06/14/2027 | &nbsp;&nbsp;0.300% | &nbsp;&nbsp;3239252 | &nbsp;&nbsp;&nbsp;&nbsp;3143620 |
| &nbsp;&nbsp;Chase Auto Credit Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit Linked Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class B | &nbsp;&nbsp;Subordinated Series 2020-2 Class B | &nbsp;&nbsp;Subordinated Series 2020-2 Class B | &nbsp;&nbsp;Subordinated Series 2020-2 Class B |
| &nbsp;&nbsp;02/25/2028 | &nbsp;&nbsp;0.840% | &nbsp;&nbsp;4463415 | &nbsp;&nbsp;&nbsp;&nbsp;4358327 |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C |
| &nbsp;&nbsp;02/25/2028 | &nbsp;&nbsp;1.139% | &nbsp;&nbsp;&nbsp;&nbsp;690767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674132 |
| &nbsp;&nbsp;Chase Auto Credit-Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit-Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit-Linked Notes<sup>(a)</sup> | &nbsp;&nbsp;Chase Auto Credit-Linked Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1 Class B | &nbsp;&nbsp;Subordinated Series 2020-1 Class B | &nbsp;&nbsp;Subordinated Series 2020-1 Class B | &nbsp;&nbsp;Subordinated Series 2020-1 Class B |
| &nbsp;&nbsp;01/25/2028 | &nbsp;&nbsp;0.991% | &nbsp;&nbsp;&nbsp;&nbsp;833459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820939 |
| &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;Commercial Equipment Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A | &nbsp;&nbsp;Series 2021-A Class A |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;2.050% | 11186482 | &nbsp;&nbsp;10788325 |
| &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;CPS Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A |
| &nbsp;&nbsp;04/16/2029 | &nbsp;&nbsp;0.980% | &nbsp;&nbsp;3006716 | &nbsp;&nbsp;&nbsp;&nbsp;2972659 |
| &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> | &nbsp;&nbsp;Credit Acceptance Auto Loan Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A | &nbsp;&nbsp;Series 2020-2A Class A |
| &nbsp;&nbsp;07/16/2029 | &nbsp;&nbsp;1.370% | &nbsp;&nbsp;1210349 | &nbsp;&nbsp;&nbsp;&nbsp;1200182 |
| &nbsp;&nbsp;Credito Real USA Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Credito Real USA Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Credito Real USA Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Credito Real USA Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;1.350% | &nbsp;&nbsp;2152411 | &nbsp;&nbsp;&nbsp;&nbsp;2105039 |
| &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> | &nbsp;&nbsp;Crossroads Asset Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 |
| &nbsp;&nbsp;03/20/2024 | &nbsp;&nbsp;0.820% | &nbsp;&nbsp;&nbsp;&nbsp;353351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351200 |
| &nbsp;&nbsp;Dext ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext ABS LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1 Class A | &nbsp;&nbsp;Series 2020-1 Class A | &nbsp;&nbsp;Series 2020-1 Class A | &nbsp;&nbsp;Series 2020-1 Class A |
| &nbsp;&nbsp;02/16/2027 | &nbsp;&nbsp;1.460% | &nbsp;&nbsp;3397958 | &nbsp;&nbsp;&nbsp;&nbsp;3350312 |
| &nbsp;&nbsp;Dext Asset-Backed Security LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext Asset-Backed Security LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext Asset-Backed Security LLC<sup>(a)</sup> | &nbsp;&nbsp;Dext Asset-Backed Security LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;1.120% | 13626332 | &nbsp;&nbsp;13071082 |
| &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust | &nbsp;&nbsp;Drive Auto Receivables Trust |
| &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C | &nbsp;&nbsp;Subordinated Series 2020-2 Class C |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;2.280% | &nbsp;&nbsp;4115245 | &nbsp;&nbsp;&nbsp;&nbsp;4081432 |
| &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;DT Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C |
| &nbsp;&nbsp;03/16/2026 | &nbsp;&nbsp;3.280% | &nbsp;&nbsp;2223830 | &nbsp;&nbsp;&nbsp;&nbsp;2198341 |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;04/15/2026 | &nbsp;&nbsp;1.580% | 22544462 | &nbsp;&nbsp;22202936 |
| &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A | &nbsp;&nbsp;Series 2022-3A Class A |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;6.050% | 24068530 | &nbsp;&nbsp;24149137 |
| &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E | &nbsp;&nbsp;Subordinated Series 2019-3A Class E |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;3.850% | 19375000 | &nbsp;&nbsp;19070251 |

---

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

6 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (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;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;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C | &nbsp;&nbsp;Series 2020-2A Class C |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;3.280% | &nbsp;&nbsp;5735125 | &nbsp;&nbsp;&nbsp;&nbsp;5712334 |
| &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust | &nbsp;&nbsp;Exeter Automobile Receivables Trust |
| &nbsp;&nbsp;Series 2022-4A Class A2 | &nbsp;&nbsp;Series 2022-4A Class A2 | &nbsp;&nbsp;Series 2022-4A Class A2 | &nbsp;&nbsp;Series 2022-4A Class A2 |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;3.990% | &nbsp;&nbsp;4287484 | &nbsp;&nbsp;&nbsp;&nbsp;4280643 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;0.740% | 10819094 | &nbsp;&nbsp;10617984 |
| &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> | &nbsp;&nbsp;FHF Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;1.270% | &nbsp;&nbsp;4012113 | &nbsp;&nbsp;&nbsp;&nbsp;3855988 |
| &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;12/15/2026 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;9125985 | &nbsp;&nbsp;&nbsp;&nbsp;8763094 |
| &nbsp;&nbsp;First Investors Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;First Investors Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;First Investors Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;First Investors Auto Owner 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;03/15/2027 | &nbsp;&nbsp;0.480% | 10570984 | &nbsp;&nbsp;10235677 |
| &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> | &nbsp;&nbsp;Flagship Credit Auto Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;0.310% | &nbsp;&nbsp;&nbsp;&nbsp;594505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592597 |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;0.360% | 12560961 | &nbsp;&nbsp;12220110 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;Ford Credit Auto Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A | &nbsp;&nbsp;Series 2019-1 Class A |
| &nbsp;&nbsp;07/15/2030 | &nbsp;&nbsp;3.520% | 18625000 | &nbsp;&nbsp;18334871 |
| &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust | &nbsp;&nbsp;Ford Credit Auto Owner Trust |
| &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B | &nbsp;&nbsp;Subordinated Series 2019-A Class B |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;3.020% | 14100000 | &nbsp;&nbsp;14087946 |
| &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Foursight Capital Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 | &nbsp;&nbsp;Series 2022-1 Class A2 |
| &nbsp;&nbsp;09/15/2025 | &nbsp;&nbsp;1.150% | &nbsp;&nbsp;1760066 | &nbsp;&nbsp;&nbsp;&nbsp;1734343 |
| &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;Series 2021-2 Class B | &nbsp;&nbsp;Series 2021-2 Class B | &nbsp;&nbsp;Series 2021-2 Class B | &nbsp;&nbsp;Series 2021-2 Class B |
| &nbsp;&nbsp;06/19/2028 | &nbsp;&nbsp;1.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92203 |
| &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A | &nbsp;&nbsp;Series 2022-4FP Class A |
| &nbsp;&nbsp;12/18/2029 | &nbsp;&nbsp;6.490% | &nbsp;&nbsp;6831392 | &nbsp;&nbsp;&nbsp;&nbsp;6849989 |
| &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B | &nbsp;&nbsp;Subordinated Series 2021-3FP Class B |
| &nbsp;&nbsp;11/20/2028 | &nbsp;&nbsp;1.010% | &nbsp;&nbsp;3655423 | &nbsp;&nbsp;&nbsp;&nbsp;3628621 |
| &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Issuer Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-4A Class C | &nbsp;&nbsp;Subordinated Series 2020-4A Class C | &nbsp;&nbsp;Subordinated Series 2020-4A Class C | &nbsp;&nbsp;Subordinated Series 2020-4A Class C |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;1.140% | &nbsp;&nbsp;3125552 | &nbsp;&nbsp;&nbsp;&nbsp;3075119 |
| &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C | &nbsp;&nbsp;Subordinated Series 2021-1A Class C |
| &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp;1.200% | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;&nbsp;&nbsp;1102868 |
| &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;GLS Auto Receivables Trust<sup>(a)</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;09/15/2025 | &nbsp;&nbsp;0.770% | &nbsp;&nbsp;6323079 | &nbsp;&nbsp;&nbsp;&nbsp;6253428 |
| &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust | &nbsp;&nbsp;GM Financial Automobile Leasing Trust |
| &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 | &nbsp;&nbsp;Series 2020-3 Class A4 |
| &nbsp;&nbsp;10/21/2024 | &nbsp;&nbsp;0.510% | &nbsp;&nbsp;2034191 | &nbsp;&nbsp;&nbsp;&nbsp;2029346 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA<sup>(a)</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;09/25/2028 | &nbsp;&nbsp;1.024% | &nbsp;&nbsp;4995173 | &nbsp;&nbsp;&nbsp;&nbsp;4811213 |
| &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C | &nbsp;&nbsp;Subordinated Series 2021-2 Class C |
| &nbsp;&nbsp;12/26/2028 | &nbsp;&nbsp;0.969% | &nbsp;&nbsp;1772021 | &nbsp;&nbsp;&nbsp;&nbsp;1698354 |
| &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> | &nbsp;&nbsp;JPMorgan Chase Bank NA - CACLN<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B | &nbsp;&nbsp;Series 2021-3 Class B |
| &nbsp;&nbsp;02/26/2029 | &nbsp;&nbsp;0.760% | &nbsp;&nbsp;6251806 | &nbsp;&nbsp;&nbsp;&nbsp;5950131 |
| &nbsp;&nbsp;Series 2021-3 Class C | &nbsp;&nbsp;Series 2021-3 Class C | &nbsp;&nbsp;Series 2021-3 Class C | &nbsp;&nbsp;Series 2021-3 Class C |
| &nbsp;&nbsp;02/26/2029 | &nbsp;&nbsp;0.860% | &nbsp;&nbsp;2550547 | &nbsp;&nbsp;&nbsp;&nbsp;2417359 |
| &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;LAD Auto Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;08/17/2026 | &nbsp;&nbsp;1.300% | &nbsp;&nbsp;2604045 | &nbsp;&nbsp;&nbsp;&nbsp;2533631 |
| &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Lendbuzz Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;06/15/2026 | &nbsp;&nbsp;1.460% | 12554573 | &nbsp;&nbsp;11994045 |
| &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;Series 2020-REV1 Class A | &nbsp;&nbsp;Series 2020-REV1 Class A | &nbsp;&nbsp;Series 2020-REV1 Class A | &nbsp;&nbsp;Series 2020-REV1 Class A |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;2.731% | &nbsp;&nbsp;3296666 | &nbsp;&nbsp;&nbsp;&nbsp;3255371 |
| &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A | &nbsp;&nbsp;Series 2021-B Class A |
| &nbsp;&nbsp;02/15/2029 | &nbsp;&nbsp;1.110% | &nbsp;&nbsp;3521364 | &nbsp;&nbsp;&nbsp;&nbsp;3499813 |
| &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A | &nbsp;&nbsp;Series 2022-A Class A |
| &nbsp;&nbsp;06/15/2029 | &nbsp;&nbsp;1.680% | &nbsp;&nbsp;8571903 | &nbsp;&nbsp;&nbsp;&nbsp;8527061 |
| &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> | &nbsp;&nbsp;LL ABS Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.070% | &nbsp;&nbsp;2897593 | &nbsp;&nbsp;&nbsp;&nbsp;2799938 |
| &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Marlin Receivables LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 | &nbsp;&nbsp;Series 2022-1A Class A1 |
| &nbsp;&nbsp;07/20/2023 | &nbsp;&nbsp;3.372% | &nbsp;&nbsp;8704623 | &nbsp;&nbsp;&nbsp;&nbsp;8679321 |
| &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust | &nbsp;&nbsp;Mercedes-Benz Auto Receivables Trust |
| &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;0.770% | &nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;5100760 |
| &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;MMAF Equipment Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 | &nbsp;&nbsp;Series 2020-A Class A2 |
| &nbsp;&nbsp;04/09/2024 | &nbsp;&nbsp;0.740% | &nbsp;&nbsp;&nbsp;&nbsp;258236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256266 |
| &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;MVW Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A | &nbsp;&nbsp;Series 2017-1A Class A |
| &nbsp;&nbsp;12/20/2034 | &nbsp;&nbsp;2.420% | &nbsp;&nbsp;2340059 | &nbsp;&nbsp;&nbsp;&nbsp;2293914 |
| &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A1 | &nbsp;&nbsp;Series 2020-1A Class A1 | &nbsp;&nbsp;Series 2020-1A Class A1 | &nbsp;&nbsp;Series 2020-1A Class A1 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.800%<br> 02/15/2025 | &nbsp;&nbsp;5.254% | 10440000 | &nbsp;&nbsp;10438780 |
| &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a)</sup> | &nbsp;&nbsp;NextGear Floorplan Master Owner Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2020-1A Class A2 | &nbsp;&nbsp;Subordinated Series 2020-1A Class A2 | &nbsp;&nbsp;Subordinated Series 2020-1A Class A2 | &nbsp;&nbsp;Subordinated Series 2020-1A Class A2 |
| &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;1.550% | &nbsp;&nbsp;7984000 | &nbsp;&nbsp;&nbsp;&nbsp;7972564 |
| &nbsp;&nbsp;NMEF Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding LLC<sup>(a)</sup> | &nbsp;&nbsp;NMEF Funding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 | &nbsp;&nbsp;Series 2021-A Class A2 |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;0.810% | &nbsp;&nbsp;8804167 | &nbsp;&nbsp;&nbsp;&nbsp;8700122 |

---

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (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;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Octane Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A | &nbsp;&nbsp;Series 2020-1A Class A |
| &nbsp;&nbsp;02/20/2025 | &nbsp;&nbsp;1.710% | &nbsp;&nbsp;9057013 | &nbsp;&nbsp;&nbsp;&nbsp;8963350 |
| &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;09/20/2028 | &nbsp;&nbsp;1.210% | 17270576 | &nbsp;&nbsp;16500011 |
| &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> | &nbsp;&nbsp;Oportun Issuance Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A | &nbsp;&nbsp;Series 2022-3 Class A |
| &nbsp;&nbsp;01/08/2030 | &nbsp;&nbsp;7.451% | 11651329 | &nbsp;&nbsp;11639363 |
| &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> | &nbsp;&nbsp;Oscar US Funding XIII LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 | &nbsp;&nbsp;Series 2021-2A Class A2 |
| &nbsp;&nbsp;08/12/2024 | &nbsp;&nbsp;0.390% | &nbsp;&nbsp;3140212 | &nbsp;&nbsp;&nbsp;&nbsp;3108666 |
| &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 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;11/15/2027 | &nbsp;&nbsp;1.180% | &nbsp;&nbsp;7486151 | &nbsp;&nbsp;&nbsp;&nbsp;7388147 |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;05/15/2029 | &nbsp;&nbsp;1.150% | 14889653 | &nbsp;&nbsp;14558031 |
| &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;1.530% | &nbsp;&nbsp;8039070 | &nbsp;&nbsp;&nbsp;&nbsp;7850772 |
| &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;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;10/15/2029 | &nbsp;&nbsp;2.030% | 26063595 | &nbsp;&nbsp;25189680 |
| &nbsp;&nbsp;Pawnee Equipment Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Pawnee Equipment Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Pawnee Equipment Receivables LLC<sup>(a)</sup> | &nbsp;&nbsp;Pawnee Equipment Receivables LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 | &nbsp;&nbsp;Series 2022-1 Class A1 |
| &nbsp;&nbsp;08/15/2023 | &nbsp;&nbsp;3.809% | &nbsp;&nbsp;&nbsp;&nbsp;810673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810301 |
| &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust | &nbsp;&nbsp;Santander Drive Auto Receivables Trust |
| &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 | &nbsp;&nbsp;Series 2022-1 Class A3 |
| &nbsp;&nbsp;11/17/2025 | &nbsp;&nbsp;1.940% | &nbsp;&nbsp;2050000 | &nbsp;&nbsp;&nbsp;&nbsp;2023982 |
| &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 | &nbsp;&nbsp;Series 2022-2 Class A2 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.120% | &nbsp;&nbsp;5101216 | &nbsp;&nbsp;&nbsp;&nbsp;5092231 |
| &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 | &nbsp;&nbsp;Series 2022-2 Class A3 |
| &nbsp;&nbsp;10/15/2026 | &nbsp;&nbsp;2.980% | &nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;1328861 |
| &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 | &nbsp;&nbsp;Series 2022-4 Class A2 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;4.050% | &nbsp;&nbsp;4731637 | &nbsp;&nbsp;&nbsp;&nbsp;4718846 |
| &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C | &nbsp;&nbsp;Subordinated Series 2020-4 Class C |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;1.010% | &nbsp;&nbsp;7807557 | &nbsp;&nbsp;&nbsp;&nbsp;7720547 |
| &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> | &nbsp;&nbsp;Santander Retail Auto Lease Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;07/22/2024 | &nbsp;&nbsp;0.510% | &nbsp;&nbsp;6720132 | &nbsp;&nbsp;&nbsp;&nbsp;6571329 |
| &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 | &nbsp;&nbsp;Series 2021-B Class A2 |
| &nbsp;&nbsp;01/22/2024 | &nbsp;&nbsp;0.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31559 |
| &nbsp;&nbsp;SoFi Consumer Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Consumer Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Consumer Loan Program Trust<sup>(a)</sup> | &nbsp;&nbsp;SoFi Consumer Loan Program Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1S Class A | &nbsp;&nbsp;Series 2022-1S Class A | &nbsp;&nbsp;Series 2022-1S Class A | &nbsp;&nbsp;Series 2022-1S Class A |
| &nbsp;&nbsp;04/15/2031 | &nbsp;&nbsp;6.210% | 10720489 | &nbsp;&nbsp;10710236 |
| &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 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp;1.210% | &nbsp;&nbsp;3343693 | &nbsp;&nbsp;&nbsp;&nbsp;3293014 |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;1.850% | 16522658 | &nbsp;&nbsp;16159997 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Tricolor Auto Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricolor Auto Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricolor Auto Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Tricolor Auto Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;2349571 | &nbsp;&nbsp;&nbsp;&nbsp;2329365 |
| &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;06/17/2024 | &nbsp;&nbsp;1.000% | &nbsp;&nbsp;1254515 | &nbsp;&nbsp;&nbsp;&nbsp;1252408 |
| &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;United Auto Credit Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A | &nbsp;&nbsp;Series 2022-1 Class A |
| &nbsp;&nbsp;07/10/2024 | &nbsp;&nbsp;1.110% | &nbsp;&nbsp;1643595 | &nbsp;&nbsp;&nbsp;&nbsp;1641251 |
| &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 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A | &nbsp;&nbsp;Series 2020-ST6 Class A |
| &nbsp;&nbsp;01/20/2027 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;1563132 | &nbsp;&nbsp;&nbsp;&nbsp;1489949 |
| &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A | &nbsp;&nbsp;Series 2021-ST2 Class A |
| &nbsp;&nbsp;04/20/2027 | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;1079235 | &nbsp;&nbsp;&nbsp;&nbsp;1013389 |
| &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A | &nbsp;&nbsp;Series 2021-ST6 Class A |
| &nbsp;&nbsp;08/20/2027 | &nbsp;&nbsp;1.850% | &nbsp;&nbsp;3229036 | &nbsp;&nbsp;&nbsp;&nbsp;3025334 |
| &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> | &nbsp;&nbsp;Upstart Securitization Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A | &nbsp;&nbsp;Series 2021-1 Class A |
| &nbsp;&nbsp;03/20/2031 | &nbsp;&nbsp;0.870% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25653 |
| &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A | &nbsp;&nbsp;Series 2021-3 Class A |
| &nbsp;&nbsp;07/20/2031 | &nbsp;&nbsp;0.830% | &nbsp;&nbsp;9941280 | &nbsp;&nbsp;&nbsp;&nbsp;9738746 |
| &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;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A | &nbsp;&nbsp;Series 2021-1A Class A |
| &nbsp;&nbsp;07/15/2024 | &nbsp;&nbsp;0.790% | &nbsp;&nbsp;&nbsp;&nbsp;116755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116581 |
| &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> | &nbsp;&nbsp;VFI ABS LLC<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A | &nbsp;&nbsp;Series 2022-1A Class A |
| &nbsp;&nbsp;03/24/2028 | &nbsp;&nbsp;2.230% | &nbsp;&nbsp;8620381 | &nbsp;&nbsp;&nbsp;&nbsp;8403253 |
| &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust | &nbsp;&nbsp;Volkswagen Auto Lease Trust |
| &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 |
| &nbsp;&nbsp;01/22/2024 | &nbsp;&nbsp;0.390% | &nbsp;&nbsp;2965628 | &nbsp;&nbsp;&nbsp;&nbsp;2953939 |
| &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust | &nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust |
| &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 | &nbsp;&nbsp;Series 2020-1 Class A4 |
| &nbsp;&nbsp;08/20/2026 | &nbsp;&nbsp;1.260% | &nbsp;&nbsp;7425000 | &nbsp;&nbsp;&nbsp;&nbsp;7187002 |
| &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> | &nbsp;&nbsp;Westlake Automobile Receivables Trust<sup>(a)</sup> |
| &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D | &nbsp;&nbsp;Subordinated Series 2019-3A Class D |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;2.720% | &nbsp;&nbsp;5556823 | &nbsp;&nbsp;&nbsp;&nbsp;5516011 |
| &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;07/15/2026 | &nbsp;&nbsp;0.620% | 30224000 | &nbsp;&nbsp;&nbsp;&nbsp;29192080 |
| &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust | &nbsp;&nbsp;World Omni Auto Receivables Trust |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp;0.300% | &nbsp;&nbsp;&nbsp;&nbsp;852625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823101 |
| &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust | &nbsp;&nbsp;World Omni Select Auto Trust |
| &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 | &nbsp;&nbsp;Series 2020-A Class A3 |
| &nbsp;&nbsp;07/15/2025 | &nbsp;&nbsp;0.550% | &nbsp;&nbsp;1656350 | &nbsp;&nbsp;&nbsp;&nbsp;1644046 |
| &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 | &nbsp;&nbsp;Series 2021-A Class A3 |
| &nbsp;&nbsp;03/15/2027 | &nbsp;&nbsp;0.530% | 22621000 | &nbsp;&nbsp;&nbsp;&nbsp;21875070 |
| &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $663,204,161) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $663,204,161) | &nbsp;&nbsp;Total Asset-Backed Securities — Non-Agency<br> (Cost $663,204,161) | &nbsp;&nbsp;**653854248** |

---

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

8 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.1%** | &nbsp;&nbsp;**Commercial Mortgage-Backed Securities - Non-Agency 4.1%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> | &nbsp;&nbsp;GS Mortgage Securities Corp. Trust<sup>(a),(b)</sup> |
| &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A | &nbsp;&nbsp;Series 2022-SHIP Class A |
| &nbsp;&nbsp;1-month Term SOFR + 0.731%<br> Floor 0.731%<br> 08/15/2036 | &nbsp;&nbsp;4.525% | 13725000 | &nbsp;&nbsp;13629202 |
| &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> | &nbsp;&nbsp;GS Mortgage Securities Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 | &nbsp;&nbsp;Series 2013-GC13 Class A5 |
| &nbsp;&nbsp;07/10/2046 | &nbsp;&nbsp;4.046% | 25000000 | &nbsp;&nbsp;24634130 |
| &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust | &nbsp;&nbsp;GS Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 | &nbsp;&nbsp;Series 2013-GC14 Class A5 |
| &nbsp;&nbsp;08/10/2046 | &nbsp;&nbsp;4.243% | 13010369 | &nbsp;&nbsp;12922254 |
| &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMBB Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2014-C18 Class A5 | &nbsp;&nbsp;Series 2014-C18 Class A5 | &nbsp;&nbsp;Series 2014-C18 Class A5 | &nbsp;&nbsp;Series 2014-C18 Class A5 |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;4.079% | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3416841 |
| &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust | &nbsp;&nbsp;JPMDB Commercial Mortgage Securities Trust |
| &nbsp;&nbsp;Series 2016-C2 Class A2 | &nbsp;&nbsp;Series 2016-C2 Class A2 | &nbsp;&nbsp;Series 2016-C2 Class A2 | &nbsp;&nbsp;Series 2016-C2 Class A2 |
| &nbsp;&nbsp;06/15/2049 | &nbsp;&nbsp;2.662% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16914 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust |
| &nbsp;&nbsp;Series 2013-C13 Class A4 | &nbsp;&nbsp;Series 2013-C13 Class A4 | &nbsp;&nbsp;Series 2013-C13 Class A4 | &nbsp;&nbsp;Series 2013-C13 Class A4 |
| &nbsp;&nbsp;11/15/2046 | &nbsp;&nbsp;4.039% | &nbsp;&nbsp;4885000 | &nbsp;&nbsp;&nbsp;&nbsp;4807308 |
| &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c)</sup> | &nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust<sup>(c)</sup> |
| &nbsp;&nbsp;Subordinated Series 2014-C14 Class AS | &nbsp;&nbsp;Subordinated Series 2014-C14 Class AS | &nbsp;&nbsp;Subordinated Series 2014-C14 Class AS | &nbsp;&nbsp;Subordinated Series 2014-C14 Class AS |
| &nbsp;&nbsp;02/15/2047 | &nbsp;&nbsp;4.384% | 14198500 | &nbsp;&nbsp;13938785 |
| &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;5.334% | 11000000 | &nbsp;&nbsp;10249473 |
| &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $84,502,759) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $84,502,759) | &nbsp;&nbsp;Total Commercial Mortgage-Backed Securities - Non-Agency<br> (Cost $84,502,759) | &nbsp;&nbsp;**83614907** |
| &nbsp;&nbsp;**Corporate Bonds & Notes 49.6%** | &nbsp;&nbsp;**Corporate Bonds & Notes 49.6%** | &nbsp;&nbsp;**Corporate Bonds & Notes 49.6%** | &nbsp;&nbsp;**Corporate Bonds & Notes 49.6%** |
| &nbsp;&nbsp;**Aerospace & Defense 1.7%** | &nbsp;&nbsp;**Aerospace & Defense 1.7%** | &nbsp;&nbsp;**Aerospace & Defense 1.7%** | &nbsp;&nbsp;**Aerospace & Defense 1.7%** |
| &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;BAE Systems Holdings, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;4660000 | &nbsp;&nbsp;&nbsp;&nbsp;4546642 |
| &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;Boeing Co. (The) |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;4.875% | 10075000 | &nbsp;&nbsp;10076609 |
| &nbsp;&nbsp;L3Harris Technologies, Inc.<sup>(b)</sup> | &nbsp;&nbsp;L3Harris Technologies, Inc.<sup>(b)</sup> | &nbsp;&nbsp;L3Harris Technologies, Inc.<sup>(b)</sup> | &nbsp;&nbsp;L3Harris Technologies, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.750%<br> 03/10/2023 | &nbsp;&nbsp;5.485% | &nbsp;&nbsp;5219000 | &nbsp;&nbsp;&nbsp;&nbsp;5220379 |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;L3Harris Technologies, Inc. |
| &nbsp;&nbsp;06/15/2023 | &nbsp;&nbsp;3.850% | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4971892 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. | &nbsp;&nbsp;Raytheon Technologies Corp. |
| &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp;3.200% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9831506 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**34647028** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** | &nbsp;&nbsp;**Automotive 1.2%** |
| &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> | &nbsp;&nbsp;Daimler Trucks Finance North America LLC<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.000%<br> 04/05/2024 | &nbsp;&nbsp;5.300% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9998209 |
| &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;Toyota Motor Credit Corp. |
| &nbsp;&nbsp;06/14/2024 | &nbsp;&nbsp;0.500% | 15040000 | &nbsp;&nbsp;14163872 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**24162081** |
| &nbsp;&nbsp;**Banking 16.6%** | &nbsp;&nbsp;**Banking 16.6%** | &nbsp;&nbsp;**Banking 16.6%** | &nbsp;&nbsp;**Banking 16.6%** |
| &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> | &nbsp;&nbsp;American Express Co.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.750%<br> 08/03/2023 | &nbsp;&nbsp;5.210% | 12081000 | &nbsp;&nbsp;12093339 |
| &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> | &nbsp;&nbsp;Bank of America Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.430%<br> 05/28/2024 | &nbsp;&nbsp;4.963% | 20577000 | &nbsp;&nbsp;20457242 |
| &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;Bank of Montreal |
| &nbsp;&nbsp;12/12/2024 | &nbsp;&nbsp;5.200% | 11850000 | &nbsp;&nbsp;11937445 |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of New York Mellon Corp. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.260%<br> 04/26/2024 | &nbsp;&nbsp;4.560% | &nbsp;&nbsp;1047000 | &nbsp;&nbsp;&nbsp;&nbsp;1042444 |
| &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> | &nbsp;&nbsp;Bank of Nova Scotia (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.380%<br> 07/31/2024 | &nbsp;&nbsp;4.680% | 12562000 | &nbsp;&nbsp;12498977 |
| &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA | &nbsp;&nbsp;BBVA USA |
| &nbsp;&nbsp;08/27/2024 | &nbsp;&nbsp;2.500% | 10500000 | &nbsp;&nbsp;10163722 |
| &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> | &nbsp;&nbsp;Canadian Imperial Bank of Commerce<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.660%<br> 09/13/2023 | &nbsp;&nbsp;5.393% | 11370000 | &nbsp;&nbsp;11384289 |
| &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Citigroup, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.100%<br> 05/17/2024 | &nbsp;&nbsp;5.750% | 20000000 | &nbsp;&nbsp;20011920 |
| &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> | &nbsp;&nbsp;Commonwealth Bank of Australia<sup>(a),(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.820%<br> 06/04/2024 | &nbsp;&nbsp;5.585% | 10383000 | &nbsp;&nbsp;10416436 |
| &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(b)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(b)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(b)</sup> | &nbsp;&nbsp;Cooperatieve Rabobank UA<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.300%<br> 01/12/2024 | &nbsp;&nbsp;4.600% | &nbsp;&nbsp;8375000 | &nbsp;&nbsp;&nbsp;&nbsp;8338739 |
| &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG | &nbsp;&nbsp;Credit Suisse AG |
| &nbsp;&nbsp;08/09/2024 | &nbsp;&nbsp;4.750% | 12750000 | &nbsp;&nbsp;12375467 |
| &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;Discover Bank |
| &nbsp;&nbsp;09/12/2024 | &nbsp;&nbsp;2.450% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9571373 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | &nbsp;&nbsp;Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.600%<br> 11/29/2023 | &nbsp;&nbsp;6.334% | 20000000 | &nbsp;&nbsp;20205052 |
| &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> | &nbsp;&nbsp;HSBC Holdings PLC<sup>(d)</sup> |
| &nbsp;&nbsp;08/17/2024 | &nbsp;&nbsp;0.732% | 11887000 | &nbsp;&nbsp;11572759 |
| &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> | &nbsp;&nbsp;JPMorgan Chase & Co.<sup>(d)</sup> |
| &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp;5.546% | 20000000 | &nbsp;&nbsp;20161584 |

---

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.220%<br> 05/08/2024 | &nbsp;&nbsp;5.770% | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;20042296 |
| &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. | &nbsp;&nbsp;National Australia Bank Ltd. |
| &nbsp;&nbsp;11/22/2024 | &nbsp;&nbsp;5.132% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10099272 |
| &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> | &nbsp;&nbsp;Royal Bank of Canada<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.660%<br> 10/05/2023 | &nbsp;&nbsp;5.442% | 10889000 | &nbsp;&nbsp;&nbsp;&nbsp;10907935 |
| &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB<sup>(a),(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.320%<br> 09/01/2023 | &nbsp;&nbsp;5.081% | 10203000 | &nbsp;&nbsp;&nbsp;&nbsp;10194654 |
| &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> | &nbsp;&nbsp;State Street Corp.<sup>(d)</sup> |
| &nbsp;&nbsp;12/03/2024 | &nbsp;&nbsp;3.776% | 10629000 | &nbsp;&nbsp;&nbsp;&nbsp;10528403 |
| &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> | &nbsp;&nbsp;Svenska Handelsbanken AB<sup>(a)</sup> |
| &nbsp;&nbsp;06/30/2023 | &nbsp;&nbsp;0.625% | 10555000 | &nbsp;&nbsp;&nbsp;&nbsp;10370191 |
| &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> | &nbsp;&nbsp;Toronto-Dominion Bank (The)<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.910%<br> 03/08/2024 | &nbsp;&nbsp;5.210% | 12075000 | &nbsp;&nbsp;&nbsp;&nbsp;12121378 |
| &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> | &nbsp;&nbsp;Truist Bank<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.200%<br> 01/17/2024 | &nbsp;&nbsp;4.500% | 12100000 | &nbsp;&nbsp;&nbsp;&nbsp;12064483 |
| &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> | &nbsp;&nbsp;UBS Group AG<sup>(a),(d)</sup> |
| &nbsp;&nbsp;08/05/2025 | &nbsp;&nbsp;4.490% | 10600000 | &nbsp;&nbsp;&nbsp;&nbsp;10493539 |
| &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;US Bancorp |
| &nbsp;&nbsp;07/30/2024 | &nbsp;&nbsp;2.400% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;11620886 |
| &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> | &nbsp;&nbsp;Wells Fargo & Co.<sup>(d)</sup> |
| &nbsp;&nbsp;05/19/2025 | &nbsp;&nbsp;0.805% | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;17035412 |
| &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> | &nbsp;&nbsp;Westpac Banking Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.770%<br> 02/26/2024 | &nbsp;&nbsp;5.506% | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;11044822 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**338754059** |
| &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** | &nbsp;&nbsp;**Cable and Satellite 0.9%** |
| &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> | &nbsp;&nbsp;Charter Communications Operating LLC/Capital<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.650%<br> 02/01/2024 | &nbsp;&nbsp;6.464% | &nbsp;&nbsp;9852000 | &nbsp;&nbsp;&nbsp;&nbsp;9907468 |
| &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> | &nbsp;&nbsp;Comcast Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.630%<br> 04/15/2024 | &nbsp;&nbsp;5.422% | &nbsp;&nbsp;8823000 | &nbsp;&nbsp;&nbsp;&nbsp;8860966 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**18768434** |
| &nbsp;&nbsp;**Chemicals 0.5%** | &nbsp;&nbsp;**Chemicals 0.5%** | &nbsp;&nbsp;**Chemicals 0.5%** | &nbsp;&nbsp;**Chemicals 0.5%** |
| &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> | &nbsp;&nbsp;DuPont de Nemours, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.110%<br> 11/15/2023 | &nbsp;&nbsp;5.716% | &nbsp;&nbsp;9889000 | &nbsp;&nbsp;&nbsp;&nbsp;9930811 |
| &nbsp;&nbsp;**Construction Machinery 1.0%** | &nbsp;&nbsp;**Construction Machinery 1.0%** | &nbsp;&nbsp;**Construction Machinery 1.0%** | &nbsp;&nbsp;**Construction Machinery 1.0%** |
| &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. | &nbsp;&nbsp;Caterpillar Financial Services Corp. |
| &nbsp;&nbsp;01/17/2025 | &nbsp;&nbsp;4.900% | 10115000 | &nbsp;&nbsp;&nbsp;&nbsp;10219607 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> | &nbsp;&nbsp;John Deere Capital Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.200%<br> 10/11/2024 | &nbsp;&nbsp;4.500% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9942031 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20161638** |
| &nbsp;&nbsp;**Diversified Manufacturing 0.5%** | &nbsp;&nbsp;**Diversified Manufacturing 0.5%** | &nbsp;&nbsp;**Diversified Manufacturing 0.5%** | &nbsp;&nbsp;**Diversified Manufacturing 0.5%** |
| &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> | &nbsp;&nbsp;Siemens Financieringsmaatschappij NV<sup>(a)</sup> |
| &nbsp;&nbsp;05/27/2025 | &nbsp;&nbsp;3.250% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9722177 |
| &nbsp;&nbsp;**Electric 4.6%** | &nbsp;&nbsp;**Electric 4.6%** | &nbsp;&nbsp;**Electric 4.6%** | &nbsp;&nbsp;**Electric 4.6%** |
| &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;American Electric Power Co., Inc. |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;0.750% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9695863 |
| &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;CenterPoint Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.650%<br> 05/13/2024 | &nbsp;&nbsp;4.950% | &nbsp;&nbsp;7422000 | &nbsp;&nbsp;&nbsp;&nbsp;7341978 |
| &nbsp;&nbsp;Dominion Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Dominion Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Dominion Energy, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Dominion Energy, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.530%<br> 09/15/2023 | &nbsp;&nbsp;5.299% | 10000000 | &nbsp;&nbsp;10002401 |
| &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;DTE Energy Co. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;4.220% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9884729 |
| &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> | &nbsp;&nbsp;Duke Energy Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.250%<br> 06/10/2023 | &nbsp;&nbsp;4.550% | 10148000 | &nbsp;&nbsp;10121559 |
| &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> | &nbsp;&nbsp;Eversource Energy<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.250%<br> 08/15/2023 | &nbsp;&nbsp;4.550% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9962644 |
| &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> | &nbsp;&nbsp;Mississippi Power Co.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.300%<br> 06/28/2024 | &nbsp;&nbsp;4.600% | 10286000 | &nbsp;&nbsp;10118851 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.020%<br> 03/21/2024 | &nbsp;&nbsp;5.320% | 10006000 | &nbsp;&nbsp;&nbsp;&nbsp;9994936 |
| &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> | &nbsp;&nbsp;PPL Electric Utilities Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.330%<br> 06/24/2024 | &nbsp;&nbsp;4.630% | 10752000 | &nbsp;&nbsp;10654475 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;Public Service Enterprise Group, Inc. |
| &nbsp;&nbsp;11/08/2023 | &nbsp;&nbsp;0.841% | &nbsp;&nbsp;4262000 | &nbsp;&nbsp;&nbsp;&nbsp;4124533 |
| &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;Xcel Energy, Inc. |
| &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;3.300% | &nbsp;&nbsp;1184000 | &nbsp;&nbsp;&nbsp;&nbsp;1144712 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**93046681** |
| &nbsp;&nbsp;**Food and Beverage 1.5%** | &nbsp;&nbsp;**Food and Beverage 1.5%** | &nbsp;&nbsp;**Food and Beverage 1.5%** | &nbsp;&nbsp;**Food and Beverage 1.5%** |
| &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Bacardi Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;4.450% | 10175000 | &nbsp;&nbsp;&nbsp;&nbsp;9919225 |
| &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;Campbell Soup Co. |
| &nbsp;&nbsp;03/15/2023 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;3818000 | &nbsp;&nbsp;&nbsp;&nbsp;3813015 |
| &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. | &nbsp;&nbsp;Mondelez International, Inc. |
| &nbsp;&nbsp;03/17/2024 | &nbsp;&nbsp;2.125% | &nbsp;&nbsp;7829000 | &nbsp;&nbsp;&nbsp;&nbsp;7604016 |

---

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

10 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. | &nbsp;&nbsp;Tyson Foods, Inc. |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;3.950% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9875359 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**31211615** |
| &nbsp;&nbsp;**Health Care 3.0%** | &nbsp;&nbsp;**Health Care 3.0%** | &nbsp;&nbsp;**Health Care 3.0%** | &nbsp;&nbsp;**Health Care 3.0%** |
| &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. | &nbsp;&nbsp;Becton Dickinson and Co. |
| &nbsp;&nbsp;06/06/2024 | &nbsp;&nbsp;3.363% | 10708000 | &nbsp;&nbsp;10499300 |
| &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> | &nbsp;&nbsp;Cigna Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.890%<br> 07/15/2023 | &nbsp;&nbsp;5.682% | 10362000 | &nbsp;&nbsp;10382419 |
| &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;CVS Health Corp. |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;2.625% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9690128 |
| &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> | &nbsp;&nbsp;GE Healthcare Holding LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;5.550% | 10741000 | &nbsp;&nbsp;10839518 |
| &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. | &nbsp;&nbsp;HCA, Inc. |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;5.375% | &nbsp;&nbsp;9200000 | &nbsp;&nbsp;&nbsp;&nbsp;9235575 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Thermo Fisher Scientific, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.350%<br> 04/18/2023 | &nbsp;&nbsp;4.650% | 10000000 | &nbsp;&nbsp;10001155 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**60648095** |
| &nbsp;&nbsp;**Healthcare Insurance 0.9%** | &nbsp;&nbsp;**Healthcare Insurance 0.9%** | &nbsp;&nbsp;**Healthcare Insurance 0.9%** | &nbsp;&nbsp;**Healthcare Insurance 0.9%** |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;UnitedHealth Group, Inc. |
| &nbsp;&nbsp;10/15/2024 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;9286000 | &nbsp;&nbsp;&nbsp;&nbsp;9378682 |
| &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. | &nbsp;&nbsp;Wellpoint, Inc. |
| &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp;3.500% | 10003000 | &nbsp;&nbsp;&nbsp;&nbsp;9789820 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**19168502** |
| &nbsp;&nbsp;**Independent Energy 0.6%** | &nbsp;&nbsp;**Independent Energy 0.6%** | &nbsp;&nbsp;**Independent Energy 0.6%** | &nbsp;&nbsp;**Independent Energy 0.6%** |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. | &nbsp;&nbsp;Pioneer Natural Resources Co. |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;0.550% | &nbsp;&nbsp;8848000 | &nbsp;&nbsp;&nbsp;&nbsp;8734527 |
| &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> | &nbsp;&nbsp;Woodside Finance Ltd.<sup>(a)</sup> |
| &nbsp;&nbsp;03/05/2025 | &nbsp;&nbsp;3.650% | &nbsp;&nbsp;2812000 | &nbsp;&nbsp;&nbsp;&nbsp;2727064 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11461591** |
| &nbsp;&nbsp;**Integrated Energy 1.1%** | &nbsp;&nbsp;**Integrated Energy 1.1%** | &nbsp;&nbsp;**Integrated Energy 1.1%** | &nbsp;&nbsp;**Integrated Energy 1.1%** |
| &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Chevron USA, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.200%<br> 08/11/2023 | &nbsp;&nbsp;4.850% | 11020000 | &nbsp;&nbsp;11014726 |
| &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> | &nbsp;&nbsp;Shell International Finance BV<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 0.400%<br> 11/13/2023 | &nbsp;&nbsp;5.050% | 11529000 | &nbsp;&nbsp;11547662 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**22562388** |
| &nbsp;&nbsp;**Life Insurance 2.5%** | &nbsp;&nbsp;**Life Insurance 2.5%** | &nbsp;&nbsp;**Life Insurance 2.5%** | &nbsp;&nbsp;**Life Insurance 2.5%** |
| &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> | &nbsp;&nbsp;CoreBridge Financial, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;3.500% | 11000000 | &nbsp;&nbsp;10634654 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% | 10605000 | &nbsp;&nbsp;10519962 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> | &nbsp;&nbsp;Metropolitan Life Global Funding I<sup>(a)</sup> |
| &nbsp;&nbsp;09/27/2024 | &nbsp;&nbsp;0.700% | 11639000 | &nbsp;&nbsp;10850214 |
| &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> | &nbsp;&nbsp;New York Life Global Funding<sup>(a)</sup> |
| &nbsp;&nbsp;04/10/2024 | &nbsp;&nbsp;2.875% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9781655 |
| &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> | &nbsp;&nbsp;Principal Life Global Funding II<sup>(a)</sup> |
| &nbsp;&nbsp;01/08/2024 | &nbsp;&nbsp;0.500% | 10500000 | &nbsp;&nbsp;10078144 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**51864629** |
| &nbsp;&nbsp;**Media and Entertainment 0.9%** | &nbsp;&nbsp;**Media and Entertainment 0.9%** | &nbsp;&nbsp;**Media and Entertainment 0.9%** | &nbsp;&nbsp;**Media and Entertainment 0.9%** |
| &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Magallanes, Inc.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 1.780%<br> 03/15/2024 | &nbsp;&nbsp;6.080% | 10500000 | &nbsp;&nbsp;10515443 |
| &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;Walt Disney Co. (The) |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;3.700% | &nbsp;&nbsp;8149000 | &nbsp;&nbsp;&nbsp;&nbsp;8013254 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**18528697** |
| &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** | &nbsp;&nbsp;**Midstream 2.7%** |
| &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP | &nbsp;&nbsp;Enable Midstream Partners LP |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.900% | &nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;6193103 |
| &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;Enbridge, Inc. |
| &nbsp;&nbsp;02/16/2024 | &nbsp;&nbsp;2.150% | &nbsp;&nbsp;8708000 | &nbsp;&nbsp;&nbsp;&nbsp;8454490 |
| &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;Enterprise Products Operating LLC |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;3.900% | 10169000 | &nbsp;&nbsp;10061899 |
| &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP | &nbsp;&nbsp;Kinder Morgan Energy Partners LP |
| &nbsp;&nbsp;02/01/2024 | &nbsp;&nbsp;4.150% | &nbsp;&nbsp;8583000 | &nbsp;&nbsp;&nbsp;&nbsp;8508308 |
| &nbsp;&nbsp;05/01/2024 | &nbsp;&nbsp;4.300% | &nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;1698405 |
| &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. | &nbsp;&nbsp;Plains All American Pipeline LP/Finance Corp. |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;3.600% | 10175000 | &nbsp;&nbsp;&nbsp;&nbsp;9932238 |
| &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) | &nbsp;&nbsp;Williams Companies, Inc. (The) |
| &nbsp;&nbsp;06/24/2024 | &nbsp;&nbsp;4.550% | 10390000 | &nbsp;&nbsp;10335290 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**55183733** |
| &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** | &nbsp;&nbsp;**Natural Gas 0.3%** |
| &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;NiSource, Inc. |
| &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp;0.950% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6385488 |
| &nbsp;&nbsp;**Pharmaceuticals 2.6%** | &nbsp;&nbsp;**Pharmaceuticals 2.6%** | &nbsp;&nbsp;**Pharmaceuticals 2.6%** | &nbsp;&nbsp;**Pharmaceuticals 2.6%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;03/15/2025 | &nbsp;&nbsp;3.800% | 10475000 | &nbsp;&nbsp;10279366 |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;Amgen, Inc. |
| &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp;3.125% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9664400 |
| &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC | &nbsp;&nbsp;Astrazeneca Finance LLC |
| &nbsp;&nbsp;05/28/2024 | &nbsp;&nbsp;0.700% | 10570000 | &nbsp;&nbsp;10036804 |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;Bristol-Myers Squibb Co. |
| &nbsp;&nbsp;11/13/2023 | &nbsp;&nbsp;0.537% | 11000000 | &nbsp;&nbsp;10637728 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;Gilead Sciences, Inc. |
| &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;4100000 | &nbsp;&nbsp;&nbsp;&nbsp;4012085 |

---

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;Roche Holdings, Inc.<sup>(a),(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.330%<br> 09/11/2023 | &nbsp;&nbsp;4.630% | &nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;&nbsp;9490626 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**54121009** |
| &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** | &nbsp;&nbsp;**Property & Casualty 1.0%** |
| &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. | &nbsp;&nbsp;Chubb INA Holdings, Inc. |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.350% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9838932 |
| &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;Loews Corp. |
| &nbsp;&nbsp;05/15/2023 | &nbsp;&nbsp;2.625% | 10750000 | &nbsp;&nbsp;10673527 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20512459** |
| &nbsp;&nbsp;**Railroads 0.9%** | &nbsp;&nbsp;**Railroads 0.9%** | &nbsp;&nbsp;**Railroads 0.9%** | &nbsp;&nbsp;**Railroads 0.9%** |
| &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;CSX Corp. |
| &nbsp;&nbsp;08/01/2024 | &nbsp;&nbsp;3.400% | 10394000 | &nbsp;&nbsp;10193079 |
| &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;Union Pacific Corp. |
| &nbsp;&nbsp;01/15/2025 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7331874 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**17524953** |
| &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** | &nbsp;&nbsp;**Retailers 0.1%** |
| &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;Lowe's Companies, Inc. |
| &nbsp;&nbsp;09/15/2024 | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2824082 |
| &nbsp;&nbsp;**Technology 1.8%** | &nbsp;&nbsp;**Technology 1.8%** | &nbsp;&nbsp;**Technology 1.8%** | &nbsp;&nbsp;**Technology 1.8%** |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;Broadcom, Inc. |
| &nbsp;&nbsp;11/15/2025 | &nbsp;&nbsp;3.150% | &nbsp;&nbsp;3403000 | &nbsp;&nbsp;&nbsp;&nbsp;3256477 |
| &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;International Business Machines Corp. |
| &nbsp;&nbsp;02/12/2024 | &nbsp;&nbsp;3.625% | &nbsp;&nbsp;3525000 | &nbsp;&nbsp;&nbsp;&nbsp;3478952 |
| &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;Microchip Technology, Inc. |
| &nbsp;&nbsp;02/15/2024 | &nbsp;&nbsp;0.972% | 10629000 | &nbsp;&nbsp;10175565 |
| &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC | &nbsp;&nbsp;NXP BV/Funding LLC |
| &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp;4.875% | 10308000 | &nbsp;&nbsp;10285138 |
| &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;Oracle Corp. |
| &nbsp;&nbsp;09/15/2023 | &nbsp;&nbsp;2.400% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9832021 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**37028153** |
| &nbsp;&nbsp;**Transportation Services 0.5%** | &nbsp;&nbsp;**Transportation Services 0.5%** | &nbsp;&nbsp;**Transportation Services 0.5%** | &nbsp;&nbsp;**Transportation Services 0.5%** |
| &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> | &nbsp;&nbsp;ERAC USA Finance LLC<sup>(a)</sup> |
| &nbsp;&nbsp;11/01/2023 | &nbsp;&nbsp;2.700% | 11035000 | &nbsp;&nbsp;10809466 |
| &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** | &nbsp;&nbsp;**Wireless 1.0%** |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;05/15/2024 | &nbsp;&nbsp;3.375% | 10110000 | &nbsp;&nbsp;&nbsp;&nbsp;9892431 |
| &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. | &nbsp;&nbsp;T-Mobile USA, Inc. |
| &nbsp;&nbsp;04/15/2025 | &nbsp;&nbsp;3.500% | 10550000 | &nbsp;&nbsp;10246529 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**20138960** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** | &nbsp;&nbsp;**Corporate Bonds & Notes (continued)** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Wirelines 1.2%** | &nbsp;&nbsp;**Wirelines 1.2%** | &nbsp;&nbsp;**Wirelines 1.2%** | &nbsp;&nbsp;**Wirelines 1.2%** |
| &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> | &nbsp;&nbsp;AT&T, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;3-month USD LIBOR + 1.180%<br> 06/12/2024 | &nbsp;&nbsp;5.915% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12126882 |
| &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> | &nbsp;&nbsp;Verizon Communications, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.500%<br> 03/22/2024 | &nbsp;&nbsp;4.800% | 12000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11955072 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24081954** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,022,188,345) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,022,188,345) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $1,022,188,345) | &nbsp;&nbsp;**1013248683** |
| &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 1.0%** | &nbsp;&nbsp;**Foreign Government Obligations<sup>(e)</sup> 1.0%** |
| &nbsp;&nbsp;**Canada 1.0%** | &nbsp;&nbsp;**Canada 1.0%** | &nbsp;&nbsp;**Canada 1.0%** | &nbsp;&nbsp;**Canada 1.0%** |
| &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario | &nbsp;&nbsp;Province of Ontario |
| &nbsp;&nbsp;01/29/2024 | &nbsp;&nbsp;3.050% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9832194 |
| &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec | &nbsp;&nbsp;Province of Quebec |
| &nbsp;&nbsp;10/16/2024 | &nbsp;&nbsp;2.875% | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729885 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19562079** |
| &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $19,592,343) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $19,592,343) | &nbsp;&nbsp;Total Foreign Government Obligations<br> (Cost $19,592,343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19562079** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.0%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Agency 0.0%** |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;1-year CMT + 2.255%<br> Cap 11.180%<br> 02/01/2036 | &nbsp;&nbsp;3.918% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24708 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $24,718) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $24,718) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Agency<br> (Cost $24,718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24708** |
| &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.7%** | &nbsp;&nbsp;**Residential Mortgage-Backed Securities - Non-Agency 8.7%** |
| &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 2021-1A Class M1A | &nbsp;&nbsp;CMO Series 2021-1A Class M1A | &nbsp;&nbsp;CMO Series 2021-1A Class M1A | &nbsp;&nbsp;CMO Series 2021-1A Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.750%<br> Floor 1.750%<br> 03/25/2031 | &nbsp;&nbsp;5.297% | &nbsp;&nbsp;6486566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6498952 |
| &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A | &nbsp;&nbsp;CMO Series 2021-3A Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 1.000%<br> Floor 1.000%<br> 09/25/2031 | &nbsp;&nbsp;5.310% | &nbsp;&nbsp;6134374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6012767 |
| &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> | &nbsp;&nbsp;BVRT Financing Trust<sup>(a),(b),(f)</sup> |
| &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 | &nbsp;&nbsp;CMO Series 2021-3F Class M1 |
| &nbsp;&nbsp;30-day Average SOFR + 1.750%<br> Floor 1.750%<br> 07/12/2033 | &nbsp;&nbsp;3.608% | &nbsp;&nbsp;6247349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6247349 |
| &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;CFMT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A | &nbsp;&nbsp;CMO Series 2021-EBO1 Class A |
| &nbsp;&nbsp;11/25/2050 | &nbsp;&nbsp;0.985% | &nbsp;&nbsp;8553869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8066140 |

---

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

12 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (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 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 | &nbsp;&nbsp;CMO Series 2022-R05 Class 2M1 |
| &nbsp;&nbsp;30-day Average SOFR + 1.900%<br> 04/25/2042 | &nbsp;&nbsp;6.210% | 11257855 | &nbsp;&nbsp;11248125 |
| &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 M1A | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M1A | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M1A | &nbsp;&nbsp;CMO Series 2022-HQA1 Class M1A |
| &nbsp;&nbsp;30-day Average SOFR + 2.100%<br> 03/25/2042 | &nbsp;&nbsp;6.410% | &nbsp;&nbsp;7976097 | &nbsp;&nbsp;&nbsp;&nbsp;7986564 |
| &nbsp;&nbsp;Lakeview Trust<sup>(a)</sup> | &nbsp;&nbsp;Lakeview Trust<sup>(a)</sup> | &nbsp;&nbsp;Lakeview Trust<sup>(a)</sup> | &nbsp;&nbsp;Lakeview Trust<sup>(a)</sup> |
| &nbsp;&nbsp;CMO Series 2022-1 Class A | &nbsp;&nbsp;CMO Series 2022-1 Class A | &nbsp;&nbsp;CMO Series 2022-1 Class A | &nbsp;&nbsp;CMO Series 2022-1 Class A |
| &nbsp;&nbsp;04/25/2052 | &nbsp;&nbsp;2.389% | 14440168 | &nbsp;&nbsp;14113666 |
| &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;MFA Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class A3 | &nbsp;&nbsp;CMO Series 2020-NQM3 Class A3 |
| &nbsp;&nbsp;01/26/2065 | &nbsp;&nbsp;1.632% | &nbsp;&nbsp;1262640 | &nbsp;&nbsp;&nbsp;&nbsp;1121148 |
| &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> | &nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes<sup>(a)</sup> |
| &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A | &nbsp;&nbsp;Series 2020-PLS1 Class A |
| &nbsp;&nbsp;12/25/2025 | &nbsp;&nbsp;3.844% | &nbsp;&nbsp;3489397 | &nbsp;&nbsp;&nbsp;&nbsp;3188966 |
| &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Oceanview Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A | &nbsp;&nbsp;CMO Series 2021-1 Class A |
| &nbsp;&nbsp;12/29/2051 | &nbsp;&nbsp;1.219% | &nbsp;&nbsp;5640035 | &nbsp;&nbsp;&nbsp;&nbsp;5412689 |
| &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Pretium Mortgage Credit Partners LLC<sup>(a),(c)</sup> |
| &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;9384085 | &nbsp;&nbsp;&nbsp;&nbsp;8585068 |
| &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Towd Point Mortgage Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 | &nbsp;&nbsp;CMO Series 2021-SJ1 Class A1 |
| &nbsp;&nbsp;07/25/2068 | &nbsp;&nbsp;2.250% | 11185587 | &nbsp;&nbsp;10450422 |
| &nbsp;&nbsp;CMO Series 2022-EBO1 Class A | &nbsp;&nbsp;CMO Series 2022-EBO1 Class A | &nbsp;&nbsp;CMO Series 2022-EBO1 Class A | &nbsp;&nbsp;CMO Series 2022-EBO1 Class A |
| &nbsp;&nbsp;01/25/2052 | &nbsp;&nbsp;2.161% | &nbsp;&nbsp;6957515 | &nbsp;&nbsp;&nbsp;&nbsp;6805498 |
| &nbsp;&nbsp;CMO Series 2022-SJ1 Class A1B | &nbsp;&nbsp;CMO Series 2022-SJ1 Class A1B | &nbsp;&nbsp;CMO Series 2022-SJ1 Class A1B | &nbsp;&nbsp;CMO Series 2022-SJ1 Class A1B |
| &nbsp;&nbsp;03/25/2062 | &nbsp;&nbsp;3.612% | 20055737 | &nbsp;&nbsp;19233996 |
| &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT Asset Securitization LLC<sup>(a),(c)</sup> |
| &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;1.917% | 15507728 | &nbsp;&nbsp;14418834 |
| &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;VCAT LLC<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL1 Class A1 |
| &nbsp;&nbsp;12/26/2050 | &nbsp;&nbsp;2.289% | &nbsp;&nbsp;1284285 | &nbsp;&nbsp;&nbsp;&nbsp;1217812 |
| &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;08/25/2051 | &nbsp;&nbsp;1.868% | 27120129 | &nbsp;&nbsp;24394852 |
| &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 | &nbsp;&nbsp;CMO Series 2021-NPL5 Class A1 |
| &nbsp;&nbsp;08/25/2051 | &nbsp;&nbsp;1.868% | 12543746 | &nbsp;&nbsp;11654679 |
| &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</sup> | &nbsp;&nbsp;Vericrest Opportunity Loan Transferee XCIII LLC<sup>(a),(c)</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;02/27/2051 | &nbsp;&nbsp;1.893% | 11236868 | &nbsp;&nbsp;&nbsp;&nbsp;9985692 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> | &nbsp;&nbsp;Verus Securitization Trust<sup>(a),(c)</sup> |
| &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 | &nbsp;&nbsp;CMO Series 2020-1 Class A1 |
| &nbsp;&nbsp;01/25/2060 | &nbsp;&nbsp;2.417% | &nbsp;&nbsp;&nbsp;&nbsp;403804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381998 |
| &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $187,160,904) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $187,160,904) | &nbsp;&nbsp;Total Residential Mortgage-Backed Securities - Non-Agency<br> (Cost $187,160,904) | &nbsp;&nbsp;**177025217** |
| &nbsp;&nbsp;**U.S. Government & Agency Obligations 1.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 1.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 1.0%** | &nbsp;&nbsp;**U.S. Government & Agency Obligations 1.0%** |
| &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> | &nbsp;&nbsp;Federal Farm Credit Banks Funding Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.050%<br> 08/22/2023 | &nbsp;&nbsp;4.350% | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349825 |
| &nbsp;&nbsp;1-month USD LIBOR + 0.400%<br> 12/08/2023 | &nbsp;&nbsp;4.795% | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2006510 |
| &nbsp;&nbsp;SOFR + 0.060%<br> 12/27/2023 | &nbsp;&nbsp;4.360% | &nbsp;&nbsp;2575000 | &nbsp;&nbsp;&nbsp;&nbsp;2573528 |
| &nbsp;&nbsp;SOFR + 0.040%<br> 02/09/2024 | &nbsp;&nbsp;4.340% | &nbsp;&nbsp;2900000 | &nbsp;&nbsp;&nbsp;&nbsp;2897194 |
| &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> | &nbsp;&nbsp;Federal Home Loan Banks<sup>(b)</sup> |
| &nbsp;&nbsp;SOFR + 0.020%<br> 04/21/2023 | &nbsp;&nbsp;4.320% | &nbsp;&nbsp;6050000 | &nbsp;&nbsp;&nbsp;&nbsp;6046851 |
| &nbsp;&nbsp;SOFR + 0.070%<br> 12/14/2023 | &nbsp;&nbsp;4.370% | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;6996204 |
| &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $20,881,225) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $20,881,225) | &nbsp;&nbsp;Total U.S. Government & Agency Obligations<br> (Cost $20,881,225) | &nbsp;&nbsp;&nbsp;&nbsp;**20870112** |
| &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations 1.0%** |
| &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury | &nbsp;&nbsp;U.S. Treasury |
| &nbsp;&nbsp;04/30/2023 | &nbsp;&nbsp;0.125% | 21075000 | &nbsp;&nbsp;&nbsp;&nbsp;20842022 |
| &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $20,848,901) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $20,848,901) | &nbsp;&nbsp;Total U.S. Treasury Obligations<br> (Cost $20,848,901) | &nbsp;&nbsp;&nbsp;&nbsp;**20842022** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 2.2%** | &nbsp;&nbsp;**Money Market Funds 2.2%** | &nbsp;&nbsp;**Money Market Funds 2.2%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559%<sup>(g),(h)</sup> | &nbsp;&nbsp;44281331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44263618 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $44,260,467) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $44,260,467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44263618** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,062,663,823)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost: $2,062,663,823)** | &nbsp;&nbsp;**2033305594** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8780227** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**2042085821** |

---

At January 31, 2023, securities and/or cash totaling $1,711,250 were pledged as collateral.

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

#### Investments in derivatives

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** | &nbsp;&nbsp;**Short futures contracts** |
| &nbsp;&nbsp;**Description** | **Number of<br> contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> date** | &nbsp;&nbsp;&nbsp;&nbsp;**Trading<br> currency** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> appreciation ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> depreciation ($)** |
| &nbsp;&nbsp;U.S. Treasury 2-Year Note | (1650) | &nbsp;&nbsp;&nbsp;&nbsp;03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;(339319923) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1021683) |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $900,045,599, which represents 44.07% of total net assets.

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

(c) 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 January 31, 2023.

(d) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2023.

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

(f) Valuation based on significant unobservable inputs.

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Affiliated issuers** | **Beginning<br> of period($)** | &nbsp;&nbsp;**Purchases($)** | &nbsp;&nbsp;**Sales($)** | &nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)($)** | &nbsp;&nbsp;**End of<br> period($)** | &nbsp;&nbsp;**Realized gain<br> (loss)($)** | &nbsp;&nbsp;**Dividends($)** | &nbsp;&nbsp;**End of<br> period shares** |
| &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% | &nbsp;&nbsp;Columbia Short-Term Cash Fund, 4.559% |
|  | 94045164 | &nbsp;&nbsp;792424141 | &nbsp;&nbsp;(842198987) | &nbsp;&nbsp;(6700) | &nbsp;&nbsp;44263618 | &nbsp;&nbsp;4656 | &nbsp;&nbsp;963641 | &nbsp;&nbsp;44281331 |

---

#### Abbreviation Legend

---

| | |
|:---|:---|
| CMO | &nbsp;&nbsp;Collateralized Mortgage Obligation |
| CMT | &nbsp;&nbsp;Constant Maturity Treasury |
| LIBOR | &nbsp;&nbsp;London Interbank Offered Rate |
| SOFR | &nbsp;&nbsp;Secured Overnight Financing Rate |

---

#### Currency Legend
USD US Dollar

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

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

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

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

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

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

14 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Portfolio of Investments (continued)

January 31, 2023 (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 January 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed 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;653854248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653854248 |
| &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;83614907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83614907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1013248683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1013248683 |
| &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;19562079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562079 |
| &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;&nbsp;&nbsp;24708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24708 |
| &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;170777868 | &nbsp;&nbsp;&nbsp;&nbsp;6247349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177025217 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20870112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20870112 |
| &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;20842022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20842022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 44263618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44263618 |
| &nbsp;&nbsp;Total Investments in Securities | 44263618 | &nbsp;&nbsp;&nbsp;&nbsp;1982794627 | &nbsp;&nbsp;&nbsp;&nbsp;6247349 | &nbsp;&nbsp;&nbsp;&nbsp;2033305594 |
| &nbsp;&nbsp;**Investments in Derivatives** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;(1021683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1021683) |
| &nbsp;&nbsp;Total | 43241935 | &nbsp;&nbsp;&nbsp;&nbsp;1982794627 | &nbsp;&nbsp;&nbsp;&nbsp;6247349 | &nbsp;&nbsp;&nbsp;&nbsp;2032283911 |

---

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

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

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $2,018,403,356) | $1989041976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers (cost $44,260,467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44263618 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96316 |
| &nbsp;&nbsp;Margin deposits on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711250 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9641956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaims | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174583 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25949 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158868 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;2069940880 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16820473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5169798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variation margin for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41012 |
| &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;248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25288 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158868 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27855059 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$2042085821** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;2076740042 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34654221) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$2042085821** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$478689804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53206947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.00 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$65818572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7306846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.01 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$464002285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51523121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.01 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $1033575160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;114707010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.01 |

---

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

16 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$963641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;29605450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;30578481 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;2557577 |
| &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;444921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25780 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;3599086 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24972) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;3574114 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;27004367 |
| &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;(9982646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;11290933 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;1312945 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;17519833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;(2343276) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;15169857 |
| &nbsp;&nbsp;Net realized and unrealized gain | &nbsp;&nbsp;&nbsp;16482802 |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **$43487169** |

---

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$27004367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19350402 |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070945 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15169857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47781055) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43487169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24359708) |
| &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;(6402824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3424548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5346328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2283532) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15524384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13885936) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27982373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19846738) |
| &nbsp;&nbsp;Decrease in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(781725284) | &nbsp;&nbsp;&nbsp;(1122950875) |
| &nbsp;&nbsp;Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;(766220488) | &nbsp;&nbsp;&nbsp;(1167157321) |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;2808306309 | &nbsp;&nbsp;&nbsp;&nbsp;3975463630 |
| &nbsp;&nbsp;**Net assets at end of period** | **$2042085821** | &nbsp;&nbsp;**$2808306309** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;11062676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98958947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35534103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320107044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (34172140) | &nbsp;&nbsp;&nbsp;&nbsp;(305682790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68576118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(616728239) |
| &nbsp;&nbsp;Net decrease | (22395804) | &nbsp;&nbsp;&nbsp;&nbsp;(200333279) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32660984) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293200672) |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;4025210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36034173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9179795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82733447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;(2940810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26340813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5271360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47488719) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;1163394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35497381 |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;25433494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227662216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42987099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386589900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (21740880) | &nbsp;&nbsp;&nbsp;&nbsp;(194734604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40880635) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368018292) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;4284116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38230832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20831601 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;7904501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70778906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114442793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033394227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4412347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (78754001) | &nbsp;&nbsp;&nbsp;&nbsp;(705215980) | &nbsp;&nbsp;&nbsp;&nbsp;(213614865) | &nbsp;&nbsp;&nbsp;&nbsp;(1921823689) |
| &nbsp;&nbsp;Net decrease | (70357379) | &nbsp;&nbsp;&nbsp;&nbsp;(630024727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98910555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886079185) |
| &nbsp;&nbsp;**Total net decrease** | **(87305673)** | &nbsp;&nbsp;&nbsp;&nbsp;**(781725284)** | &nbsp;&nbsp;&nbsp;&nbsp;**(125276978)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1122950875)** |

---

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

18 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_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 1/31/2023 (Unaudited) | $8.93 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $9.04 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.05 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.03 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(e)</sup> | $9.01 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.94 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $9.05 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.06 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.04 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(f)</sup> | $8.99 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.94 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $9.05 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.05) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.06 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.04 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(g)</sup> | $8.99 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $8.95 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $9.05 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.09) | &nbsp;&nbsp;(0.04) | &nbsp;&nbsp;(0.06) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.06 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.04 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.00 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.02 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.15) | &nbsp;&nbsp;(0.15) |

---

---

| | |
|:---|:---|
| **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) | Rounds to zero. |
| (e) | Class A shares commenced operations on February 20, 2019. Per share data and total return reflect activity from that date. |
| (f) | Advisor Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |
| (g) | Institutional Class shares commenced operations on December 3, 2018. Per share data and total return reflect activity from that date. |

---

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

20 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $9.00 | 1.92% | 0.44%<sup>(c)</sup> | 0.43%<sup>(c)</sup> | 2.07%<sup>(c)</sup> | &nbsp;&nbsp;36% | &nbsp;&nbsp;$478690 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.93 | (0.80%) | 0.42% | 0.42% | 0.38% | &nbsp;&nbsp;76% | &nbsp;&nbsp;$675383 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.04 | 0.56% | 0.43% | 0.43% | 0.55% | &nbsp;&nbsp;87% | &nbsp;&nbsp;$978846 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.05 | 2.17% | 0.43% | 0.43% | 1.79% | 100% | &nbsp;&nbsp;$446211 |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(e)</sup> | $9.03 | 1.27% | 0.42%<sup>(c)</sup> | 0.42%<sup>(c)</sup> | 2.43%<sup>(c)</sup> | &nbsp;&nbsp;95% | &nbsp;&nbsp;$118625 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $9.01 | 2.00% | 0.29%<sup>(c)</sup> | 0.28%<sup>(c)</sup> | 2.35%<sup>(c)</sup> | &nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;$65819 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.94 | (0.65%) | 0.27% | 0.27% | 0.61% | &nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;$54946 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.63% | &nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;$19969 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.06 | 2.32% | 0.27% | 0.27% | 1.81% | 100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2522 |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(f)</sup> | $9.04 | 2.16% | 0.27%<sup>(c)</sup> | 0.27%<sup>(c)</sup> | 2.52%<sup>(c)</sup> | &nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $9.01 | 2.00% | 0.29%<sup>(c)</sup> | 0.28%<sup>(c)</sup> | 2.31%<sup>(c)</sup> | &nbsp;&nbsp;36% | &nbsp;&nbsp;$464002 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.94 | (0.65%) | 0.27% | 0.27% | 0.56% | &nbsp;&nbsp;76% | &nbsp;&nbsp;$422413 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.05 | 0.71% | 0.28% | 0.28% | 0.71% | &nbsp;&nbsp;87% | &nbsp;&nbsp;$406157 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.06 | 2.32% | 0.28% | 0.28% | 1.94% | 100% | &nbsp;&nbsp;$221636 |
| &nbsp;&nbsp;Year Ended 7/31/2019<sup>(g)</sup> | $9.04 | 2.18% | 0.30%<sup>(c)</sup> | 0.30%<sup>(c)</sup> | 2.63%<sup>(c)</sup> | &nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;$61044 |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | $9.01 | 1.91% | 0.24%<sup>(c)</sup> | 0.24%<sup>(c)</sup> | 2.24%<sup>(c)</sup> | &nbsp;&nbsp;36% | $1033575 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $8.95 | (0.50%) | 0.23% | 0.23% | 0.57% | &nbsp;&nbsp;76% | $1655564 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $9.05 | 0.75% | 0.24% | 0.24% | 0.75% | &nbsp;&nbsp;87% | $2570491 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $9.06 | 2.35% | 0.25% | 0.25% | 2.00% | 100% | $1568020 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $9.04 | 2.91% | 0.25% | 0.25% | 2.40% | &nbsp;&nbsp;95% | &nbsp;&nbsp;$780430 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $9.00 | 1.40% | 0.26% | 0.25% | 1.56% | &nbsp;&nbsp;66% | $1128076 |

---

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia Ultra Short Term Bond 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.

Columbia Ultra Short Term Bond Fund must be purchased through financial intermediaries that, by written agreement with Columbia Management Investment Distributors, Inc., are specifically authorized to sell the Fund's shares.

#### 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 shares are offered to the general public for investment. Advisor Class, Institutional 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.

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.

22 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

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

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

#### Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional 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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 23

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

#### 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 and 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

24 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at January 31, 2023:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability derivatives** |  |
| &nbsp;&nbsp;**Risk exposure<br> category** | &nbsp;&nbsp;**Statement<br> of assets and liabilities<br> location** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair value ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;1,021,683\* |

---

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended January 31, 2023:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** | &nbsp;&nbsp;**Amount of realized gain (loss) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;11290933 |
| &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** | &nbsp;&nbsp;**Change in unrealized appreciation (depreciation) on derivatives recognized in income** |
| &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Futures<br> contracts<br> ($)** |
| &nbsp;&nbsp;Interest rate risk | &nbsp;&nbsp;&nbsp;(2343276) |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Derivative instrument** | **Average notional<br> amounts ($)\*** |
| &nbsp;&nbsp;Futures contracts — short | 375064688 |

---

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

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_659_eca18a09-9a2d-4a44-ac6c-8f29cba77564_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (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 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 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.

26 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.21% of the Fund's daily net assets.

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

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

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 27

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

For the six months ended January 31, 2023, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.05 |
| &nbsp;&nbsp;Advisor Class | 0.05 |
| &nbsp;&nbsp;Institutional Class | 0.05 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

#### 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 combined distribution and service fee to the Distributor at the maximum annual rate of 0.15% of the average daily net assets attributable to Class A shares of the Fund.

#### 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 for Class A, Advisor Class and Institutional Class and permanently for as long as the Investment Manager manages the Fund for Institutional 3 Class, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund's custodian, do not exceed the following annual rate(s) as a percentage of the classes' average daily net assets:

---

| | | |
|:---|:---|:---|
|  | **December 1, 2022<br> through<br> November 30, 2023** | **Prior to<br> December 1, 2022** |
| &nbsp;&nbsp;Class A | 0.49% | 0.43% |
| &nbsp;&nbsp;Advisor Class | 0.34 | 0.28 |
| &nbsp;&nbsp;Institutional Class | 0.34 | 0.28 |
| &nbsp;&nbsp;Institutional 3 Class | 0.25 | 0.25 |

---

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

28 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

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

At January 31, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;2062664000 | 2280000 | (32660000) | (30380000) |

---

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

The following capital loss carryforwards, determined at July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;— | (3150762) | (3150762) |

---

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 $827,970,709 and $1,559,722,197, respectively, for the six months ended January 31, 2023, of which $37,866,778 and $54,430,795, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 29

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Notes to Financial Statements (continued)

January 31, 2023 (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 January 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Lender | 23475000 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

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

Note 8. Line of credit

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

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

Note 9. Significant risks

#### 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.

30 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 31

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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.

#### 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 January 31, 2023, one unaffiliated shareholder of record owned 33.2% 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 53.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

32 Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Columbia Ultra Short Term Bond Fund \| Semiannual Report 2023 33

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#### Columbia Ultra Short Term Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img57d775a92.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/
SAR103_07_N01_(03/23)

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![](imgb248d0411.jpg)

Semiannual Report

January 31, 2023 (Unaudited)

![](img52d284d32.jpg)

Columbia U.S. Social Bond Fund

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

------

**Table of Contents**

---

| | |
|:---|:---|
| [Fund at a Glance](#xx_0b85249e-79d9-4a2e-8697-2329e2129e5a_1)<br>| 3 |
| [Understanding Your Fund's Expenses](#xx_c9d539ee-2569-4ac4-905a-e1cb965d6a5b_1)<br>| 5 |
| [Portfolio of Investments](#xx_5fb333d9-c365-4960-b451-92a07dc74507_1)<br>| 6 |
| [Statement of Assets and Liabilities](#xx_7c8b06bb-64b6-4ed1-9efc-a25dcf0f783e_1)<br>| 17 |
| [Statement of Operations](#xx_7c8b06bb-64b6-4ed1-9efc-a25dcf0f783e_2)<br>| 18 |
| [Statement of Changes in Net Assets](#xx_7c8b06bb-64b6-4ed1-9efc-a25dcf0f783e_3)<br>| 19 |
| [Financial Highlights](#xx_b44aac04-e44e-4101-b612-7697dfc263c8_2)<br>| 22 |
| [Notes to Financial Statements](#xx_a9a2406d-e83c-4313-a6e6-048019275005_1)<br>| 26 |

---

If you elect to receive the shareholder report for Columbia U.S. Social Bond 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 U.S. Social Bond Fund \| Semiannual Report 2023

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Fund at a Glance

(Unaudited)

Investment objective

The Fund seeks total return, consisting of current income and capital appreciation, through investments that seek to support and fund socially beneficial activities and developments, primarily in the U.S.

Portfolio management

#### Catherine Stienstra
Lead Portfolio Manager

Managed Fund since February 2022

#### Tom Murphy, CFA
Portfolio Manager

Managed Fund since 2015

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** | &nbsp;&nbsp;**Average annual total returns (%) (for the period ended January 31, 2023)** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Inception** | &nbsp;&nbsp;&nbsp;&nbsp;**6 Months<br> cumulative** | &nbsp;&nbsp;&nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;&nbsp;&nbsp;**Life** |
| &nbsp;&nbsp;Class A | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;03/26/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;-5.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-2.86 | &nbsp;&nbsp;&nbsp;&nbsp;-7.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;03/26/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;-4.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| &nbsp;&nbsp;Class C | Excluding sales charges | &nbsp;&nbsp;&nbsp;&nbsp;03/26/15 | &nbsp;&nbsp;&nbsp;&nbsp;-0.26 | &nbsp;&nbsp;&nbsp;&nbsp;-5.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
|  | Including sales charges |  | &nbsp;&nbsp;&nbsp;&nbsp;-1.25 | &nbsp;&nbsp;&nbsp;&nbsp;-6.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;03/26/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;-4.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;03/26/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;-4.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;Institutional 3 Class\* | &nbsp;&nbsp;&nbsp;&nbsp;03/01/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;-4.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| &nbsp;&nbsp;Bloomberg Municipal Bond Index | &nbsp;&nbsp;Bloomberg Municipal Bond Index |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;-3.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 |

---

**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 applicable contingent deferred sales charge of 1.00% in the first year. 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. Since the Fund launched more than one share class at its inception, Class A shares were used. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

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

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 U.S. Social Bond Fund \| Semiannual Report 2023 3

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Fund at a Glance (continued)

(Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Portfolio breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| &nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;91.3 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** | &nbsp;&nbsp;**Quality breakdown (%) (at January 31, 2023)** |
| &nbsp;&nbsp;AAA rating | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;AA rating | &nbsp;&nbsp;&nbsp;36.2 |
| &nbsp;&nbsp;A rating | &nbsp;&nbsp;&nbsp;31.9 |
| &nbsp;&nbsp;BBB rating | &nbsp;&nbsp;&nbsp;20.0 |
| &nbsp;&nbsp;BB rating | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;B rating | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;Not rated | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;**Total** | **100.0** |

---

Percentages indicated are based upon total fixed income investments.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** | &nbsp;&nbsp;**Top Ten States/Territories (%)<br> (at January 31, 2023)** |
| &nbsp;&nbsp;New York | 8.9 |
| &nbsp;&nbsp;Illinois | 6.9 |
| &nbsp;&nbsp;California | 6.7 |
| &nbsp;&nbsp;Pennsylvania | 6.3 |
| &nbsp;&nbsp;Michigan | 4.7 |
| &nbsp;&nbsp;Florida | 4.0 |
| &nbsp;&nbsp;Texas | 3.9 |
| &nbsp;&nbsp;Louisiana | 3.8 |
| &nbsp;&nbsp;Ohio | 3.8 |
| &nbsp;&nbsp;Massachusetts | 3.4 |

---

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 U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Understanding Your Fund's Expenses

(Unaudited)

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

Analyzing your Fund's expenses

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

Compare with other funds

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** | &nbsp;&nbsp;**August 1, 2022 — January 31, 2023** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> beginning of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Account value at the<br> end of the<br> period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses paid during<br> the period ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund's annualized<br> expense ratio (%)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** | &nbsp;&nbsp;&nbsp;&nbsp;**Hypothetical** | &nbsp;&nbsp;&nbsp;&nbsp;**Actual** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1001.20 | &nbsp;&nbsp;&nbsp;&nbsp;1021.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1003.50 | &nbsp;&nbsp;&nbsp;&nbsp;1023.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997.40 | &nbsp;&nbsp;&nbsp;&nbsp;1018.09 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.40 | &nbsp;&nbsp;&nbsp;&nbsp;1023.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.60 | &nbsp;&nbsp;&nbsp;&nbsp;1023.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1002.90 | &nbsp;&nbsp;&nbsp;&nbsp;1023.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |

---

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 U.S. Social Bond Fund \| Semiannual Report 2023 5

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

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

Investments in securities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds & Notes 7.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.9%** | &nbsp;&nbsp;**Corporate Bonds & Notes 7.9%** |
| &nbsp;&nbsp;**Issuer** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**United States 7.9%** | &nbsp;&nbsp;**United States 7.9%** | &nbsp;&nbsp;**United States 7.9%** | &nbsp;&nbsp;**United States 7.9%** |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;AbbVie, Inc. |
| &nbsp;&nbsp;05/14/2025 | &nbsp;&nbsp;3.600% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;487626 |
| &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;American Tower Corp. |
| &nbsp;&nbsp;08/15/2029 | &nbsp;&nbsp;3.800% | 650000 | &nbsp;&nbsp;&nbsp;&nbsp;607504 |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;Apple, Inc. |
| &nbsp;&nbsp;Green Bond | &nbsp;&nbsp;Green Bond | &nbsp;&nbsp;Green Bond | &nbsp;&nbsp;Green Bond |
| &nbsp;&nbsp;02/23/2023 | &nbsp;&nbsp;2.850% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;249729 |
| &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;AT&T, Inc. |
| &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;1.650% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;219329 |
| &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;Broadcom, Inc.<sup>(a)</sup> |
| &nbsp;&nbsp;04/15/2034 | &nbsp;&nbsp;3.469% | 263000 | &nbsp;&nbsp;&nbsp;&nbsp;217982 |
| &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp;3.137% | 237000 | &nbsp;&nbsp;&nbsp;&nbsp;183984 |
| &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;Carrier Global Corp. |
| &nbsp;&nbsp;02/15/2027 | &nbsp;&nbsp;2.493% | &nbsp;&nbsp;67000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61947 |
| &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. | &nbsp;&nbsp;Cigna Corp. |
| &nbsp;&nbsp;10/15/2027 | &nbsp;&nbsp;3.050% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;234525 |
| &nbsp;&nbsp;10/15/2028 | &nbsp;&nbsp;4.375% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;247916 |
| &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. | &nbsp;&nbsp;Crown Castle International Corp. |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;3.800% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;286339 |
| &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> | &nbsp;&nbsp;Five Corners Funding Trust<sup>(a)</sup> |
| &nbsp;&nbsp;11/15/2023 | &nbsp;&nbsp;4.419% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;495991 |
| &nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;Kellogg Co. | &nbsp;&nbsp;Kellogg Co. |
| &nbsp;&nbsp;12/01/2023 | &nbsp;&nbsp;2.650% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;294503 |
| &nbsp;&nbsp;Local Initiatives Support Corp. | &nbsp;&nbsp;Local Initiatives Support Corp. | &nbsp;&nbsp;Local Initiatives Support Corp. | &nbsp;&nbsp;Local Initiatives Support Corp. |
| &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp;4.649% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;393540 |
| &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> | &nbsp;&nbsp;Morgan Stanley<sup>(b)</sup> |
| &nbsp;&nbsp;10/20/2032 | &nbsp;&nbsp;2.511% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;206564 |
| &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp;2.250% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;423970 |
| &nbsp;&nbsp;St. Joseph's Hospital & Medical Center | &nbsp;&nbsp;St. Joseph's Hospital & Medical Center | &nbsp;&nbsp;St. Joseph's Hospital & Medical Center | &nbsp;&nbsp;St. Joseph's Hospital & Medical Center |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;4.584% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;286196 |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;Verizon Communications, Inc. |
| &nbsp;&nbsp;09/21/2028 | &nbsp;&nbsp;4.329% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;246494 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5144139** |
| &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $5,691,621) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $5,691,621) | &nbsp;&nbsp;Total Corporate Bonds & Notes<br> (Cost $5,691,621) | &nbsp;&nbsp;**5144139** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds 89.1%** | &nbsp;&nbsp;**Municipal Bonds 89.1%** | &nbsp;&nbsp;**Municipal Bonds 89.1%** | &nbsp;&nbsp;**Municipal Bonds 89.1%** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Alabama 2.0%** | &nbsp;&nbsp;**Alabama 2.0%** | &nbsp;&nbsp;**Alabama 2.0%** | &nbsp;&nbsp;**Alabama 2.0%** |
| &nbsp;&nbsp;Alabama Public School and College Authority | &nbsp;&nbsp;Alabama Public School and College Authority | &nbsp;&nbsp;Alabama Public School and College Authority | &nbsp;&nbsp;Alabama Public School and College Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp;4.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;526506 |
| &nbsp;&nbsp;Alabama Special Care Facilities Financing Authority | &nbsp;&nbsp;Alabama Special Care Facilities Financing Authority | &nbsp;&nbsp;Alabama Special Care Facilities Financing Authority | &nbsp;&nbsp;Alabama Special Care Facilities Financing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Children's Hospital of Alabama | &nbsp;&nbsp;Children's Hospital of Alabama | &nbsp;&nbsp;Children's Hospital of Alabama | &nbsp;&nbsp;Children's Hospital of Alabama |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;264520 |
| &nbsp;&nbsp;Butler County Board of Education | &nbsp;&nbsp;Butler County Board of Education | &nbsp;&nbsp;Butler County Board of Education | &nbsp;&nbsp;Butler County Board of Education |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;262060 |
| &nbsp;&nbsp;Tuscaloosa City Board of Education | &nbsp;&nbsp;Tuscaloosa City Board of Education | &nbsp;&nbsp;Tuscaloosa City Board of Education | &nbsp;&nbsp;Tuscaloosa City Board of Education |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;216912 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1269998** |
| &nbsp;&nbsp;**Arizona 2.8%** | &nbsp;&nbsp;**Arizona 2.8%** | &nbsp;&nbsp;**Arizona 2.8%** | &nbsp;&nbsp;**Arizona 2.8%** |
| &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority | &nbsp;&nbsp;Arizona Industrial Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund | &nbsp;&nbsp;Equitable School Revolving Fund |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/01/2047 | &nbsp;&nbsp;5.000% | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;786148 |
| &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds | &nbsp;&nbsp;Macombs Facility Project Social Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;07/01/2051 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;255007 |
| &nbsp;&nbsp;Glendale Union High School District No. 205 | &nbsp;&nbsp;Glendale Union High School District No. 205 | &nbsp;&nbsp;Glendale Union High School District No. 205 | &nbsp;&nbsp;Glendale Union High School District No. 205 |
| &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 (AGM) | &nbsp;&nbsp;Series 2021A (AGM) | &nbsp;&nbsp;Series 2021A (AGM) | &nbsp;&nbsp;Series 2021A (AGM) |
| &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp;4.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;217563 |
| &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;02/15/2036 | &nbsp;&nbsp;5.000% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;102121 |
| &nbsp;&nbsp;02/15/2046 | &nbsp;&nbsp;5.000% | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;211356 |
| &nbsp;&nbsp;Pinal County Union High School District No. 82 Casa Grande | &nbsp;&nbsp;Pinal County Union High School District No. 82 Casa Grande | &nbsp;&nbsp;Pinal County Union High School District No. 82 Casa Grande | &nbsp;&nbsp;Pinal County Union High School District No. 82 Casa Grande |
| &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 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) | &nbsp;&nbsp;Series 2015 (AGM) |
| &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;265608 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1837803** |

---

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

6 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**California 6.5%** | &nbsp;&nbsp;**California 6.5%** | &nbsp;&nbsp;**California 6.5%** | &nbsp;&nbsp;**California 6.5%** |
| &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority | &nbsp;&nbsp;California Health Facilities Financing Authority |
| &nbsp;&nbsp;Taxable Senior Revenue Bonds | &nbsp;&nbsp;Taxable Senior Revenue Bonds | &nbsp;&nbsp;Taxable Senior Revenue Bonds | &nbsp;&nbsp;Taxable Senior Revenue Bonds |
| &nbsp;&nbsp;No Place Like Home Program | &nbsp;&nbsp;No Place Like Home Program | &nbsp;&nbsp;No Place Like Home Program | &nbsp;&nbsp;No Place Like Home Program |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp;2.984% | 600000 | &nbsp;&nbsp;514679 |
| &nbsp;&nbsp;California Housing Finance Agency | &nbsp;&nbsp;California Housing Finance Agency | &nbsp;&nbsp;California Housing Finance Agency | &nbsp;&nbsp;California Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A | &nbsp;&nbsp;Series 2021-1A |
| &nbsp;&nbsp;11/20/2035 | &nbsp;&nbsp;3.500% | 291941 | &nbsp;&nbsp;282861 |
| &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority | &nbsp;&nbsp;California Municipal Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers | &nbsp;&nbsp;Community Medical Centers |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;315243 |
| &nbsp;&nbsp;Harbor Regional Center Project | &nbsp;&nbsp;Harbor Regional Center Project | &nbsp;&nbsp;Harbor Regional Center Project | &nbsp;&nbsp;Harbor Regional Center Project |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;261192 |
| &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> | &nbsp;&nbsp;California School Finance Authority<sup>(a)</sup> |
| &nbsp;&nbsp;Prerefunded 08/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/25 Revenue Bonds | &nbsp;&nbsp;Prerefunded 08/01/25 Revenue Bonds |
| &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;53266 |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School | &nbsp;&nbsp;Aspire Public School |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;5.000% | 450000 | &nbsp;&nbsp;459431 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Dot Public School Project | &nbsp;&nbsp;Green Dot Public School Project | &nbsp;&nbsp;Green Dot Public School Project | &nbsp;&nbsp;Green Dot Public School Project |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;252508 |
| &nbsp;&nbsp;Hawking Steam Charter School Project | &nbsp;&nbsp;Hawking Steam Charter School Project | &nbsp;&nbsp;Hawking Steam Charter School Project | &nbsp;&nbsp;Hawking Steam Charter School Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.250% | 500000 | &nbsp;&nbsp;497009 |
| &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;Adventist Health System West | &nbsp;&nbsp;Adventist Health System West | &nbsp;&nbsp;Adventist Health System West | &nbsp;&nbsp;Adventist Health System West |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;260901 |
| &nbsp;&nbsp;City & County of San Francisco Infrastructure & Revitalization Financing District No. 1<sup>(a)</sup> | &nbsp;&nbsp;City & County of San Francisco Infrastructure & Revitalization Financing District No. 1<sup>(a)</sup> | &nbsp;&nbsp;City & County of San Francisco Infrastructure & Revitalization Financing District No. 1<sup>(a)</sup> | &nbsp;&nbsp;City & County of San Francisco Infrastructure & Revitalization Financing District No. 1<sup>(a)</sup> |
| &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds | &nbsp;&nbsp;Tax Allocation Bonds |
| &nbsp;&nbsp;Housing Increment - Treasure Island | &nbsp;&nbsp;Housing Increment - Treasure Island | &nbsp;&nbsp;Housing Increment - Treasure Island | &nbsp;&nbsp;Housing Increment - Treasure Island |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;09/01/2052 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;497593 |
| &nbsp;&nbsp;Lammersville Joint Unified School District | &nbsp;&nbsp;Lammersville Joint Unified School District | &nbsp;&nbsp;Lammersville Joint Unified School District | &nbsp;&nbsp;Lammersville Joint Unified School District |
| &nbsp;&nbsp;Refunding Special Tax Bonds | &nbsp;&nbsp;Refunding Special Tax Bonds | &nbsp;&nbsp;Refunding Special Tax Bonds | &nbsp;&nbsp;Refunding Special Tax Bonds |
| &nbsp;&nbsp;Community Facilities District #2002 | &nbsp;&nbsp;Community Facilities District #2002 | &nbsp;&nbsp;Community Facilities District #2002 | &nbsp;&nbsp;Community Facilities District #2002 |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;427975 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;Placer County Public Financing Authority | &nbsp;&nbsp;Placer County Public Financing Authority | &nbsp;&nbsp;Placer County Public Financing Authority | &nbsp;&nbsp;Placer County Public Financing Authority |
| &nbsp;&nbsp;Refunding Taxable Revenue Bonds | &nbsp;&nbsp;Refunding Taxable Revenue Bonds | &nbsp;&nbsp;Refunding Taxable Revenue Bonds | &nbsp;&nbsp;Refunding Taxable Revenue Bonds |
| &nbsp;&nbsp;mPOWER Program | &nbsp;&nbsp;mPOWER Program | &nbsp;&nbsp;mPOWER Program | &nbsp;&nbsp;mPOWER Program |
| &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) | &nbsp;&nbsp;Series 2018 (BAM) |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;113878 |
| &nbsp;&nbsp;San Francisco City & County Redevelopment Agency | &nbsp;&nbsp;San Francisco City & County Redevelopment Agency | &nbsp;&nbsp;San Francisco City & County Redevelopment Agency | &nbsp;&nbsp;San Francisco City & County Redevelopment Agency |
| &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds |
| &nbsp;&nbsp;Mission Bay Housing Project | &nbsp;&nbsp;Mission Bay Housing Project | &nbsp;&nbsp;Mission Bay Housing Project | &nbsp;&nbsp;Mission Bay Housing Project |
| &nbsp;&nbsp;Subordinated Series 2017 (AGM) | &nbsp;&nbsp;Subordinated Series 2017 (AGM) | &nbsp;&nbsp;Subordinated Series 2017 (AGM) | &nbsp;&nbsp;Subordinated Series 2017 (AGM) |
| &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;291189 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4227725** |
| &nbsp;&nbsp;**Colorado 3.1%** | &nbsp;&nbsp;**Colorado 3.1%** | &nbsp;&nbsp;**Colorado 3.1%** | &nbsp;&nbsp;**Colorado 3.1%** |
| &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;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Parkview Medical Center | &nbsp;&nbsp;Parkview Medical Center | &nbsp;&nbsp;Parkview Medical Center | &nbsp;&nbsp;Parkview Medical Center |
| &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B | &nbsp;&nbsp;Series 2015B |
| &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;262500 |
| &nbsp;&nbsp;Denver City & County School District No. 1 | &nbsp;&nbsp;Denver City & County School District No. 1 | &nbsp;&nbsp;Denver City & County School District No. 1 | &nbsp;&nbsp;Denver City & County School District No. 1 |
| &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 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;12/01/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;615945 |
| &nbsp;&nbsp;Regional Transportation District | &nbsp;&nbsp;Regional Transportation District | &nbsp;&nbsp;Regional Transportation District | &nbsp;&nbsp;Regional Transportation District |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Denver Transit Partners | &nbsp;&nbsp;Denver Transit Partners | &nbsp;&nbsp;Denver Transit Partners | &nbsp;&nbsp;Denver Transit Partners |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;252213 |
| &nbsp;&nbsp;Regional Transportation District Sales Tax | &nbsp;&nbsp;Regional Transportation District Sales Tax | &nbsp;&nbsp;Regional Transportation District Sales Tax | &nbsp;&nbsp;Regional Transportation District Sales Tax |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;FasTracks Project Green Bonds | &nbsp;&nbsp;FasTracks Project Green Bonds | &nbsp;&nbsp;FasTracks Project Green Bonds | &nbsp;&nbsp;FasTracks Project Green Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;416903 |
| &nbsp;&nbsp;State of Colorado | &nbsp;&nbsp;State of Colorado | &nbsp;&nbsp;State of Colorado | &nbsp;&nbsp;State of Colorado |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;133164 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;12/15/2040 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;305081 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1985806** |
| &nbsp;&nbsp;**Delaware 1.5%** | &nbsp;&nbsp;**Delaware 1.5%** | &nbsp;&nbsp;**Delaware 1.5%** | &nbsp;&nbsp;**Delaware 1.5%** |
| &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority | &nbsp;&nbsp;Delaware State Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project | &nbsp;&nbsp;Bayhealth Medical Center Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;4.000% | 1000000 | &nbsp;&nbsp;1002912 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 7

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**District of Columbia 1.2%** | &nbsp;&nbsp;**District of Columbia 1.2%** | &nbsp;&nbsp;**District of Columbia 1.2%** | &nbsp;&nbsp;**District of Columbia 1.2%** |
| &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia | &nbsp;&nbsp;District of Columbia |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School | &nbsp;&nbsp;Friendship Public Charter School |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;06/01/2041 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;253753 |
| &nbsp;&nbsp;Washington Metropolitan Area Transit Authority | &nbsp;&nbsp;Washington Metropolitan Area Transit Authority | &nbsp;&nbsp;Washington Metropolitan Area Transit Authority | &nbsp;&nbsp;Washington Metropolitan Area Transit Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;07/15/2045 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;550238 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**803991** |
| &nbsp;&nbsp;**Florida 3.9%** | &nbsp;&nbsp;**Florida 3.9%** | &nbsp;&nbsp;**Florida 3.9%** | &nbsp;&nbsp;**Florida 3.9%** |
| &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua County Health Facilities Authority | &nbsp;&nbsp;Alachua 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;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics | &nbsp;&nbsp;Shands Teaching Hospital & Clinics |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;424024 |
| &nbsp;&nbsp;City of Tallahassee | &nbsp;&nbsp;City of Tallahassee | &nbsp;&nbsp;City of Tallahassee | &nbsp;&nbsp;City of Tallahassee |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Tallahassee Memorial Healthcare, Inc. Project | &nbsp;&nbsp;Tallahassee Memorial Healthcare, Inc. Project | &nbsp;&nbsp;Tallahassee Memorial Healthcare, Inc. Project | &nbsp;&nbsp;Tallahassee Memorial Healthcare, Inc. Project |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2055 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;253277 |
| &nbsp;&nbsp;County of Miami-Dade Water & Sewer System | &nbsp;&nbsp;County of Miami-Dade Water & Sewer System | &nbsp;&nbsp;County of Miami-Dade Water & Sewer System | &nbsp;&nbsp;County of Miami-Dade Water & Sewer System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C | &nbsp;&nbsp;Series 2019C |
| &nbsp;&nbsp;10/01/2049 | &nbsp;&nbsp;4.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;486792 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 | &nbsp;&nbsp;Subordinated Series 2021 |
| &nbsp;&nbsp;10/01/2038 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;257043 |
| &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority | &nbsp;&nbsp;Miami-Dade County Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital | &nbsp;&nbsp;Nicklaus Childrens Hospital |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;526177 |
| &nbsp;&nbsp;Palm Beach County School District | &nbsp;&nbsp;Palm Beach County School District | &nbsp;&nbsp;Palm Beach County School District | &nbsp;&nbsp;Palm Beach County School District |
| &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation | &nbsp;&nbsp;Certificate of Participation |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;289117 |
| &nbsp;&nbsp;School District of Broward County | &nbsp;&nbsp;School District of Broward County | &nbsp;&nbsp;School District of Broward County | &nbsp;&nbsp;School District of Broward County |
| &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation | &nbsp;&nbsp;Refunding Certificate of Participation |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;269009 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2505439** |
| &nbsp;&nbsp;**Georgia 0.4%** | &nbsp;&nbsp;**Georgia 0.4%** | &nbsp;&nbsp;**Georgia 0.4%** | &nbsp;&nbsp;**Georgia 0.4%** |
| &nbsp;&nbsp;Cedartown Polk County Hospital Authority | &nbsp;&nbsp;Cedartown Polk County Hospital Authority | &nbsp;&nbsp;Cedartown Polk County Hospital Authority | &nbsp;&nbsp;Cedartown Polk County Hospital Authority |
| &nbsp;&nbsp;Prerefunded 07/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/26 Revenue Bonds | &nbsp;&nbsp;Prerefunded 07/01/26 Revenue Bonds |
| &nbsp;&nbsp;RAC Series 2016 | &nbsp;&nbsp;RAC Series 2016 | &nbsp;&nbsp;RAC Series 2016 | &nbsp;&nbsp;RAC Series 2016 |
| &nbsp;&nbsp;07/01/2039 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;272510 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;**Idaho 0.6%** | &nbsp;&nbsp;**Idaho 0.6%** | &nbsp;&nbsp;**Idaho 0.6%** | &nbsp;&nbsp;**Idaho 0.6%** |
| &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority | &nbsp;&nbsp;Idaho Health Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Madison Memorial Hospital | &nbsp;&nbsp;Madison Memorial Hospital | &nbsp;&nbsp;Madison Memorial Hospital | &nbsp;&nbsp;Madison Memorial Hospital |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;259806 |
| &nbsp;&nbsp;Idaho Housing & Finance Association | &nbsp;&nbsp;Idaho Housing & Finance Association | &nbsp;&nbsp;Idaho Housing & Finance Association | &nbsp;&nbsp;Idaho Housing & Finance Association |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2015A-1 | &nbsp;&nbsp;Series 2015A-1 | &nbsp;&nbsp;Series 2015A-1 | &nbsp;&nbsp;Series 2015A-1 |
| &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;3.200% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;150339 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**410145** |
| &nbsp;&nbsp;**Illinois 6.7%** | &nbsp;&nbsp;**Illinois 6.7%** | &nbsp;&nbsp;**Illinois 6.7%** | &nbsp;&nbsp;**Illinois 6.7%** |
| &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% | &nbsp;&nbsp;&nbsp;335000 | &nbsp;&nbsp;&nbsp;&nbsp;341690 |
| &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A | &nbsp;&nbsp;Series 2022A |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;125715 |
| &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(c)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(c)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(c)</sup> | &nbsp;&nbsp;Chicago O'Hare International Airport<sup>(c)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien | &nbsp;&nbsp;Senior Lien |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2048 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1053770 |
| &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District | &nbsp;&nbsp;Chicago Park District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;314954 |
| &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission | &nbsp;&nbsp;City of Chicago Wastewater Transmission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;315494 |
| &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks | &nbsp;&nbsp;City of Chicago Waterworks |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien | &nbsp;&nbsp;2nd Lien |
| &nbsp;&nbsp;Series 2001 (AMBAC) | &nbsp;&nbsp;Series 2001 (AMBAC) | &nbsp;&nbsp;Series 2001 (AMBAC) | &nbsp;&nbsp;Series 2001 (AMBAC) |
| &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp;5.750% | &nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp;&nbsp;&nbsp;620644 |
| &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 | &nbsp;&nbsp;Cook County Community College District No. 508 |
| &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;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges | &nbsp;&nbsp;Chicago City Colleges |
| &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;105038 |
| &nbsp;&nbsp;Cook County Community High School District No. 212 Leyden | &nbsp;&nbsp;Cook County Community High School District No. 212 Leyden | &nbsp;&nbsp;Cook County Community High School District No. 212 Leyden | &nbsp;&nbsp;Cook County Community High School District No. 212 Leyden |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016C (BAM) | &nbsp;&nbsp;Series 2016C (BAM) | &nbsp;&nbsp;Series 2016C (BAM) | &nbsp;&nbsp;Series 2016C (BAM) |
| &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;258966 |

---

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

8 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority | &nbsp;&nbsp;Illinois Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds | &nbsp;&nbsp;LEARN Charter School Project Social Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;11/01/2041 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;279411 |
| &nbsp;&nbsp;Southern Illinois Healthcare, Inc. | &nbsp;&nbsp;Southern Illinois Healthcare, Inc. | &nbsp;&nbsp;Southern Illinois Healthcare, Inc. | &nbsp;&nbsp;Southern Illinois Healthcare, Inc. |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;5.000% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;159681 |
| &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority | &nbsp;&nbsp;Illinois State Toll Highway Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;01/01/2042 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;250734 |
| &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago | &nbsp;&nbsp;Metropolitan Water Reclamation District of Greater 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;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2016E | &nbsp;&nbsp;Series 2016E | &nbsp;&nbsp;Series 2016E | &nbsp;&nbsp;Series 2016E |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;538213 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**4364310** |
| &nbsp;&nbsp;**Indiana 2.6%** | &nbsp;&nbsp;**Indiana 2.6%** | &nbsp;&nbsp;**Indiana 2.6%** | &nbsp;&nbsp;**Indiana 2.6%** |
| &nbsp;&nbsp;Ball State University | &nbsp;&nbsp;Ball State University | &nbsp;&nbsp;Ball State University | &nbsp;&nbsp;Ball State University |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Housing and Dining | &nbsp;&nbsp;Housing and Dining | &nbsp;&nbsp;Housing and Dining | &nbsp;&nbsp;Housing and Dining |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;541391 |
| &nbsp;&nbsp;Indiana Finance Authority | &nbsp;&nbsp;Indiana Finance Authority | &nbsp;&nbsp;Indiana Finance Authority | &nbsp;&nbsp;Indiana Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;First Lien - CWA Authority Project | &nbsp;&nbsp;First Lien - CWA Authority Project | &nbsp;&nbsp;First Lien - CWA Authority Project | &nbsp;&nbsp;First Lien - CWA Authority Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;264172 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - CWA Authority Project | &nbsp;&nbsp;Green Bonds - CWA Authority Project | &nbsp;&nbsp;Green Bonds - CWA Authority Project | &nbsp;&nbsp;Green Bonds - CWA Authority Project |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2044 | &nbsp;&nbsp;5.000% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;380726 |
| &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp;2.816% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;233973 |
| &nbsp;&nbsp;Northern Indiana Commuter Transportation District | &nbsp;&nbsp;Northern Indiana Commuter Transportation District | &nbsp;&nbsp;Northern Indiana Commuter Transportation District | &nbsp;&nbsp;Northern Indiana Commuter Transportation District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;268417 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1688679** |
| &nbsp;&nbsp;**Kentucky 0.6%** | &nbsp;&nbsp;**Kentucky 0.6%** | &nbsp;&nbsp;**Kentucky 0.6%** | &nbsp;&nbsp;**Kentucky 0.6%** |
| &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority | &nbsp;&nbsp;Kentucky Economic Development Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System | &nbsp;&nbsp;Owensboro Health System |
| &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A | &nbsp;&nbsp;Series 2017A |
| &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp;5.000% | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;373203 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;**Louisiana 3.7%** | &nbsp;&nbsp;**Louisiana 3.7%** | &nbsp;&nbsp;**Louisiana 3.7%** | &nbsp;&nbsp;**Louisiana 3.7%** |
| &nbsp;&nbsp;City of New Orleans Sewerage Service | &nbsp;&nbsp;City of New Orleans Sewerage Service | &nbsp;&nbsp;City of New Orleans Sewerage Service | &nbsp;&nbsp;City of New Orleans Sewerage Service |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020B (AGM) | &nbsp;&nbsp;Series 2020B (AGM) | &nbsp;&nbsp;Series 2020B (AGM) | &nbsp;&nbsp;Series 2020B (AGM) |
| &nbsp;&nbsp;06/01/2035 | &nbsp;&nbsp;4.000% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;159053 |
| &nbsp;&nbsp;City of Shreveport Water & Sewer | &nbsp;&nbsp;City of Shreveport Water & Sewer | &nbsp;&nbsp;City of Shreveport Water & Sewer | &nbsp;&nbsp;City of Shreveport Water & Sewer |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Junior Lien | &nbsp;&nbsp;Junior Lien | &nbsp;&nbsp;Junior Lien | &nbsp;&nbsp;Junior Lien |
| &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) | &nbsp;&nbsp;Series 2017B (AGM) |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;432576 |
| &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority | &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority | &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority | &nbsp;&nbsp;Louisiana Local Government Environmental Facilities & Community Development Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Act 391 Project | &nbsp;&nbsp;Act 391 Project | &nbsp;&nbsp;Act 391 Project | &nbsp;&nbsp;Act 391 Project |
| &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;337561 |
| &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing |
| &nbsp;&nbsp;Series 2017 (AGM) | &nbsp;&nbsp;Series 2017 (AGM) | &nbsp;&nbsp;Series 2017 (AGM) | &nbsp;&nbsp;Series 2017 (AGM) |
| &nbsp;&nbsp;10/01/2039 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;315001 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing | &nbsp;&nbsp;Ragin' Cajun Facilities, Inc. - Student Housing |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;10/01/2043 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;207358 |
| &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority | &nbsp;&nbsp;Louisiana Public Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project | &nbsp;&nbsp;Ochsner Clinic Foundation Project |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;429370 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;LA Children's Medical Center Project | &nbsp;&nbsp;LA Children's Medical Center Project | &nbsp;&nbsp;LA Children's Medical Center Project | &nbsp;&nbsp;LA Children's Medical Center Project |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/01/2039 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;521612 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2402531** |
| &nbsp;&nbsp;**Maine 0.6%** | &nbsp;&nbsp;**Maine 0.6%** | &nbsp;&nbsp;**Maine 0.6%** | &nbsp;&nbsp;**Maine 0.6%** |
| &nbsp;&nbsp;Maine State Housing Authority | &nbsp;&nbsp;Maine State Housing Authority | &nbsp;&nbsp;Maine State Housing Authority | &nbsp;&nbsp;Maine State Housing Authority |
| &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;11/15/2035 | &nbsp;&nbsp;3.300% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;247224 |
| &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B | &nbsp;&nbsp;Series 2018B |
| &nbsp;&nbsp;11/15/2038 | &nbsp;&nbsp;3.750% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;146185 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**393409** |
| &nbsp;&nbsp;**Maryland 3.2%** | &nbsp;&nbsp;**Maryland 3.2%** | &nbsp;&nbsp;**Maryland 3.2%** | &nbsp;&nbsp;**Maryland 3.2%** |
| &nbsp;&nbsp;City of Baltimore | &nbsp;&nbsp;City of Baltimore | &nbsp;&nbsp;City of Baltimore | &nbsp;&nbsp;City of Baltimore |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;East Baltimore Research Park | &nbsp;&nbsp;East Baltimore Research Park | &nbsp;&nbsp;East Baltimore Research Park | &nbsp;&nbsp;East Baltimore Research Park |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;09/01/2038 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;303891 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 9

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Enterprise Community Loan Fund, Inc. | &nbsp;&nbsp;Enterprise Community Loan Fund, Inc. | &nbsp;&nbsp;Enterprise Community Loan Fund, Inc. | &nbsp;&nbsp;Enterprise Community Loan Fund, Inc. |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;4.152% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;447336 |
| &nbsp;&nbsp;Howard County Housing Commission | &nbsp;&nbsp;Howard County Housing Commission | &nbsp;&nbsp;Howard County Housing Commission | &nbsp;&nbsp;Howard County Housing Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Woodfield Oxford Square Apartments | &nbsp;&nbsp;Woodfield Oxford Square Apartments | &nbsp;&nbsp;Woodfield Oxford Square Apartments | &nbsp;&nbsp;Woodfield Oxford Square Apartments |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;319881 |
| &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(c)</sup> | &nbsp;&nbsp;Maryland Economic Development Corp.<sup>(c)</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;12/31/2037 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;262209 |
| &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority | &nbsp;&nbsp;Maryland Health & Higher Educational Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue | &nbsp;&nbsp;Meritus Medical Center Issue |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2023 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;251838 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;MedStar Health | &nbsp;&nbsp;MedStar Health | &nbsp;&nbsp;MedStar Health | &nbsp;&nbsp;MedStar Health |
| &nbsp;&nbsp;Series 1998A (AGM) | &nbsp;&nbsp;Series 1998A (AGM) | &nbsp;&nbsp;Series 1998A (AGM) | &nbsp;&nbsp;Series 1998A (AGM) |
| &nbsp;&nbsp;08/15/2038 | &nbsp;&nbsp;5.250% | 425000 | &nbsp;&nbsp;&nbsp;&nbsp;494964 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2080119** |
| &nbsp;&nbsp;**Massachusetts 3.3%** | &nbsp;&nbsp;**Massachusetts 3.3%** | &nbsp;&nbsp;**Massachusetts 3.3%** | &nbsp;&nbsp;**Massachusetts 3.3%** |
| &nbsp;&nbsp;Martha's Vineyard Land Bank | &nbsp;&nbsp;Martha's Vineyard Land Bank | &nbsp;&nbsp;Martha's Vineyard Land Bank | &nbsp;&nbsp;Martha's Vineyard Land Bank |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) | &nbsp;&nbsp;Series 2017 (BAM) |
| &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;324170 |
| &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority | &nbsp;&nbsp;Massachusetts Bay Transportation Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 | &nbsp;&nbsp;Series 2022A-1 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;5.000% | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;886410 |
| &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency | &nbsp;&nbsp;Massachusetts Development Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Boston Medical Center | &nbsp;&nbsp;Green Bonds - Boston Medical Center | &nbsp;&nbsp;Green Bonds - Boston Medical Center | &nbsp;&nbsp;Green Bonds - Boston Medical Center |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2044 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;253904 |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;213384 |
| &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency | &nbsp;&nbsp;Massachusetts Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations | &nbsp;&nbsp;Special Obligations |
| &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;12/01/2042 | &nbsp;&nbsp;3.750% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;478733 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2156601** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Michigan 4.6%** | &nbsp;&nbsp;**Michigan 4.6%** | &nbsp;&nbsp;**Michigan 4.6%** | &nbsp;&nbsp;**Michigan 4.6%** |
| &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit | &nbsp;&nbsp;City of Detroit |
| &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds | &nbsp;&nbsp;Unlimited General Obligation Bonds |
| &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds | &nbsp;&nbsp;Social Bonds |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;156433 |
| &nbsp;&nbsp;Karegnondi Water Authority | &nbsp;&nbsp;Karegnondi Water Authority | &nbsp;&nbsp;Karegnondi Water Authority | &nbsp;&nbsp;Karegnondi Water 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;11/01/2045 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;417313 |
| &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority | &nbsp;&nbsp;Michigan Finance Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Beaumont-Spectrum Hospital | &nbsp;&nbsp;Beaumont-Spectrum Hospital | &nbsp;&nbsp;Beaumont-Spectrum Hospital | &nbsp;&nbsp;Beaumont-Spectrum Hospital |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;292874 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority | &nbsp;&nbsp;Local Government Loan Program - Great Lakes Water Authority |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;262121 |
| &nbsp;&nbsp;Series 2015 (BAM) | &nbsp;&nbsp;Series 2015 (BAM) | &nbsp;&nbsp;Series 2015 (BAM) | &nbsp;&nbsp;Series 2015 (BAM) |
| &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;262420 |
| &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;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Bronson Healthcare Group | &nbsp;&nbsp;Bronson Healthcare Group | &nbsp;&nbsp;Bronson Healthcare Group | &nbsp;&nbsp;Bronson Healthcare Group |
| &nbsp;&nbsp;Series 2022 (Mandatory Put 11/16/26) | &nbsp;&nbsp;Series 2022 (Mandatory Put 11/16/26) | &nbsp;&nbsp;Series 2022 (Mandatory Put 11/16/26) | &nbsp;&nbsp;Series 2022 (Mandatory Put 11/16/26) |
| &nbsp;&nbsp;11/15/2044 | &nbsp;&nbsp;5.000% | 1000000 | &nbsp;&nbsp;1077847 |
| &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority | &nbsp;&nbsp;Michigan State Housing Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp;3.550% | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;506105 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2975113** |
| &nbsp;&nbsp;**Minnesota 0.6%** | &nbsp;&nbsp;**Minnesota 0.6%** | &nbsp;&nbsp;**Minnesota 0.6%** | &nbsp;&nbsp;**Minnesota 0.6%** |
| &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority | &nbsp;&nbsp;Northwest Multi-County Housing & Redevelopment Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program | &nbsp;&nbsp;Pooled Housing Program |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2024 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;169164 |
| &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;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable Revenue Bonds | &nbsp;&nbsp;Taxable 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 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;0.000% | &nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;204000 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**373164** |
| &nbsp;&nbsp;**Mississippi 0.9%** | &nbsp;&nbsp;**Mississippi 0.9%** | &nbsp;&nbsp;**Mississippi 0.9%** | &nbsp;&nbsp;**Mississippi 0.9%** |
| &nbsp;&nbsp;Biloxi Public School District | &nbsp;&nbsp;Biloxi Public School District | &nbsp;&nbsp;Biloxi Public School District | &nbsp;&nbsp;Biloxi Public School District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Trust Certificates | &nbsp;&nbsp;Trust Certificates | &nbsp;&nbsp;Trust Certificates | &nbsp;&nbsp;Trust Certificates |
| &nbsp;&nbsp;Series 2016 (BAM) | &nbsp;&nbsp;Series 2016 (BAM) | &nbsp;&nbsp;Series 2016 (BAM) | &nbsp;&nbsp;Series 2016 (BAM) |
| &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;270135 |

---

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

10 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Mississippi Development Bank | &nbsp;&nbsp;Mississippi Development Bank | &nbsp;&nbsp;Mississippi Development Bank | &nbsp;&nbsp;Mississippi Development Bank |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Mississippi Gulf Coast Community College District | &nbsp;&nbsp;Mississippi Gulf Coast Community College District | &nbsp;&nbsp;Mississippi Gulf Coast Community College District | &nbsp;&nbsp;Mississippi Gulf Coast Community College District |
| &nbsp;&nbsp;Series 2016F | &nbsp;&nbsp;Series 2016F | &nbsp;&nbsp;Series 2016F | &nbsp;&nbsp;Series 2016F |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;316391 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**586526** |
| &nbsp;&nbsp;**Missouri 0.0%** | &nbsp;&nbsp;**Missouri 0.0%** | &nbsp;&nbsp;**Missouri 0.0%** | &nbsp;&nbsp;**Missouri 0.0%** |
| &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission | &nbsp;&nbsp;Missouri Housing Development Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program | &nbsp;&nbsp;First Place Homeownership Loan Program |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;11/01/2027 | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;24913 |
| &nbsp;&nbsp;**Nevada 1.4%** | &nbsp;&nbsp;**Nevada 1.4%** | &nbsp;&nbsp;**Nevada 1.4%** | &nbsp;&nbsp;**Nevada 1.4%** |
| &nbsp;&nbsp;City of Reno | &nbsp;&nbsp;City of Reno | &nbsp;&nbsp;City of Reno | &nbsp;&nbsp;City of Reno |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Reno Transportation 2nd Lien | &nbsp;&nbsp;Reno Transportation 2nd Lien | &nbsp;&nbsp;Reno Transportation 2nd Lien | &nbsp;&nbsp;Reno Transportation 2nd Lien |
| &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) | &nbsp;&nbsp;Series 2018 (AGM) |
| &nbsp;&nbsp;06/01/2038 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;270209 |
| &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District | &nbsp;&nbsp;Clark County School District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2020B (BAM) | &nbsp;&nbsp;Series 2020B (BAM) | &nbsp;&nbsp;Series 2020B (BAM) | &nbsp;&nbsp;Series 2020B (BAM) |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;5.000% | 335000 | &nbsp;&nbsp;390499 |
| &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> | &nbsp;&nbsp;State of Nevada Department of Business & Industry<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy | &nbsp;&nbsp;Somerset Academy |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;12/15/2038 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;251046 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**911754** |
| &nbsp;&nbsp;**New Hampshire 1.1%** | &nbsp;&nbsp;**New Hampshire 1.1%** | &nbsp;&nbsp;**New Hampshire 1.1%** | &nbsp;&nbsp;**New Hampshire 1.1%** |
| &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<sup>(a),(c)</sup> | &nbsp;&nbsp;New Hampshire Business Finance Authority<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;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds | &nbsp;&nbsp;Green Bonds |
| &nbsp;&nbsp;Series 2020B (Mandatory Put 07/02/40) | &nbsp;&nbsp;Series 2020B (Mandatory Put 07/02/40) | &nbsp;&nbsp;Series 2020B (Mandatory Put 07/02/40) | &nbsp;&nbsp;Series 2020B (Mandatory Put 07/02/40) |
| &nbsp;&nbsp;07/01/2045 | &nbsp;&nbsp;3.750% | 145000 | &nbsp;&nbsp;116791 |
| &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority | &nbsp;&nbsp;New Hampshire Business Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates | &nbsp;&nbsp;Municipal Certificates |
| &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 | &nbsp;&nbsp;Series 2020A-1 |
| &nbsp;&nbsp;01/20/2034 | &nbsp;&nbsp;4.125% | 191308 | &nbsp;&nbsp;193274 |
| &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act | &nbsp;&nbsp;New Hampshire Health & Education Facilities Authority Act |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Dartmouth-Hitchcock Obligation | &nbsp;&nbsp;Dartmouth-Hitchcock Obligation | &nbsp;&nbsp;Dartmouth-Hitchcock Obligation | &nbsp;&nbsp;Dartmouth-Hitchcock Obligation |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;427510 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**737575** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 2.0%** | &nbsp;&nbsp;**New Jersey 2.0%** | &nbsp;&nbsp;**New Jersey 2.0%** | &nbsp;&nbsp;**New Jersey 2.0%** |
| &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 - KIPP: Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - KIPP: Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - KIPP: Cooper Norcross Academy | &nbsp;&nbsp;Social Bonds - KIPP: Cooper Norcross Academy |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/15/2047 | &nbsp;&nbsp;6.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;269013 |
| &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;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project | &nbsp;&nbsp;Transportation Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/01/2040 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;529682 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency<sup>(c)</sup> | &nbsp;&nbsp;New Jersey Housing & Mortgage 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;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D | &nbsp;&nbsp;Series 2017D |
| &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp;3.900% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;302302 |
| &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency | &nbsp;&nbsp;New Jersey Housing & Mortgage Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2020A (HUD) | &nbsp;&nbsp;Series 2020A (HUD) | &nbsp;&nbsp;Series 2020A (HUD) | &nbsp;&nbsp;Series 2020A (HUD) |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;2.100% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;164991 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1265988** |
| &nbsp;&nbsp;**New York 8.6%** | &nbsp;&nbsp;**New York 8.6%** | &nbsp;&nbsp;**New York 8.6%** | &nbsp;&nbsp;**New York 8.6%** |
| &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;Academic Leadership Charter School Project | &nbsp;&nbsp;Academic Leadership Charter School Project | &nbsp;&nbsp;Academic Leadership Charter School Project | &nbsp;&nbsp;Academic Leadership Charter School Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;06/15/2031 | &nbsp;&nbsp;4.000% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;100563 |
| &nbsp;&nbsp;Grand Concourse Academy Charter School Project | &nbsp;&nbsp;Grand Concourse Academy Charter School Project | &nbsp;&nbsp;Grand Concourse Academy Charter School Project | &nbsp;&nbsp;Grand Concourse Academy Charter School Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;254464 |
| &nbsp;&nbsp;07/01/2056 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;302774 |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;261640 |
| &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> | &nbsp;&nbsp;Build NYC Resource Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Richmond Preparatory School Project Social Bonds | &nbsp;&nbsp;Richmond Preparatory School Project Social Bonds | &nbsp;&nbsp;Richmond Preparatory School Project Social Bonds | &nbsp;&nbsp;Richmond Preparatory School Project Social Bonds |
| &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% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;184901 |
| &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project | &nbsp;&nbsp;Social Bonds - East Harlem Scholars Academy Charter School Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;06/01/2042 | &nbsp;&nbsp;5.750% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;260903 |
| &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. | &nbsp;&nbsp;Housing Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2015S | &nbsp;&nbsp;Series 2015S | &nbsp;&nbsp;Series 2015S | &nbsp;&nbsp;Series 2015S |
| &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp;3.400% | 495000 | &nbsp;&nbsp;&nbsp;&nbsp;499768 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood | &nbsp;&nbsp;Sustainable Neighborhood |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;3.600% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;304067 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 11

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;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 2016A-1 | &nbsp;&nbsp;Series 2016A-1 | &nbsp;&nbsp;Series 2016A-1 | &nbsp;&nbsp;Series 2016A-1 |
| &nbsp;&nbsp;11/15/2033 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;258762 |
| &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 | &nbsp;&nbsp;Series 2020C-1 |
| &nbsp;&nbsp;11/15/2050 | &nbsp;&nbsp;5.000% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;153669 |
| &nbsp;&nbsp;Series 2020A-1 (AGM) | &nbsp;&nbsp;Series 2020A-1 (AGM) | &nbsp;&nbsp;Series 2020A-1 (AGM) | &nbsp;&nbsp;Series 2020A-1 (AGM) |
| &nbsp;&nbsp;11/15/2041 | &nbsp;&nbsp;4.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;496709 |
| &nbsp;&nbsp;Monroe County Industrial Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Monroe County Industrial Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Monroe County Industrial Development Corp.<sup>(a)</sup> | &nbsp;&nbsp;Monroe County Industrial Development Corp.<sup>(a)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Social Bonds - Academy of Health Sciences Charter School Project | &nbsp;&nbsp;Social Bonds - Academy of Health Sciences Charter School Project | &nbsp;&nbsp;Social Bonds - Academy of Health Sciences Charter School Project | &nbsp;&nbsp;Social Bonds - Academy of Health Sciences Charter School Project |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.875% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;300627 |
| &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. | &nbsp;&nbsp;New York City Housing Development Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Sustainability Bonds | &nbsp;&nbsp;Sustainability Bonds | &nbsp;&nbsp;Sustainability Bonds | &nbsp;&nbsp;Sustainability Bonds |
| &nbsp;&nbsp;Series 2020I-1 | &nbsp;&nbsp;Series 2020I-1 | &nbsp;&nbsp;Series 2020I-1 | &nbsp;&nbsp;Series 2020I-1 |
| &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp;2.100% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;321169 |
| &nbsp;&nbsp;New York City Water & Sewer System | &nbsp;&nbsp;New York City Water & Sewer System | &nbsp;&nbsp;New York City Water & Sewer System | &nbsp;&nbsp;New York City Water & Sewer System |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2017EE | &nbsp;&nbsp;Series 2017EE | &nbsp;&nbsp;Series 2017EE | &nbsp;&nbsp;Series 2017EE |
| &nbsp;&nbsp;06/15/2037 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;323791 |
| &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency | &nbsp;&nbsp;New York State Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - Affordable Housing | &nbsp;&nbsp;Green Bonds - Affordable Housing | &nbsp;&nbsp;Green Bonds - Affordable Housing | &nbsp;&nbsp;Green Bonds - Affordable Housing |
| &nbsp;&nbsp;Series 2017 (GNMA) | &nbsp;&nbsp;Series 2017 (GNMA) | &nbsp;&nbsp;Series 2017 (GNMA) | &nbsp;&nbsp;Series 2017 (GNMA) |
| &nbsp;&nbsp;11/01/2042 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;296184 |
| &nbsp;&nbsp;Series 2022E1 (FHA) | &nbsp;&nbsp;Series 2022E1 (FHA) | &nbsp;&nbsp;Series 2022E1 (FHA) | &nbsp;&nbsp;Series 2022E1 (FHA) |
| &nbsp;&nbsp;11/01/2052 | &nbsp;&nbsp;4.200% | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;715489 |
| &nbsp;&nbsp;Niagara Falls Public Water Authority | &nbsp;&nbsp;Niagara Falls Public Water Authority | &nbsp;&nbsp;Niagara Falls Public Water Authority | &nbsp;&nbsp;Niagara Falls Public Water Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;326588 |
| &nbsp;&nbsp;Onondaga Civic Development Corp. | &nbsp;&nbsp;Onondaga Civic Development Corp. | &nbsp;&nbsp;Onondaga Civic Development Corp. | &nbsp;&nbsp;Onondaga Civic Development Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Community College Housing Bonds | &nbsp;&nbsp;Community College Housing Bonds | &nbsp;&nbsp;Community College Housing Bonds | &nbsp;&nbsp;Community College Housing Bonds |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;10/01/2023 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;251396 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**5613464** |
| &nbsp;&nbsp;**North Carolina 1.5%** | &nbsp;&nbsp;**North Carolina 1.5%** | &nbsp;&nbsp;**North Carolina 1.5%** | &nbsp;&nbsp;**North Carolina 1.5%** |
| &nbsp;&nbsp;County of Scotland | &nbsp;&nbsp;County of Scotland | &nbsp;&nbsp;County of Scotland | &nbsp;&nbsp;County of Scotland |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;School Facilities | &nbsp;&nbsp;School Facilities | &nbsp;&nbsp;School Facilities | &nbsp;&nbsp;School Facilities |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;277506 |
| &nbsp;&nbsp;North Carolina Capital Facilities Finance Agency | &nbsp;&nbsp;North Carolina Capital Facilities Finance Agency | &nbsp;&nbsp;North Carolina Capital Facilities Finance Agency | &nbsp;&nbsp;North Carolina Capital Facilities Finance Agency |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;The Arc of North Carolina | &nbsp;&nbsp;The Arc of North Carolina | &nbsp;&nbsp;The Arc of North Carolina | &nbsp;&nbsp;The Arc of North Carolina |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;313152 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency | &nbsp;&nbsp;North Carolina Housing Finance Agency |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 44 | &nbsp;&nbsp;Series 44 | &nbsp;&nbsp;Series 44 | &nbsp;&nbsp;Series 44 |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;2.850% | 460000 | &nbsp;&nbsp;&nbsp;&nbsp;389085 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**979743** |
| &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** | &nbsp;&nbsp;**Ohio 3.7%** |
| &nbsp;&nbsp;Akron Bath Copley Joint Township Hospital District | &nbsp;&nbsp;Akron Bath Copley Joint Township Hospital District | &nbsp;&nbsp;Akron Bath Copley Joint Township Hospital District | &nbsp;&nbsp;Akron Bath Copley Joint Township Hospital District |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Children's Hospital Medical Center | &nbsp;&nbsp;Children's Hospital Medical Center | &nbsp;&nbsp;Children's Hospital Medical Center | &nbsp;&nbsp;Children's Hospital Medical Center |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;293393 |
| &nbsp;&nbsp;Summa Health Obligated Group-Hospital | &nbsp;&nbsp;Summa Health Obligated Group-Hospital | &nbsp;&nbsp;Summa Health Obligated Group-Hospital | &nbsp;&nbsp;Summa Health Obligated Group-Hospital |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;11/15/2036 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;242387 |
| &nbsp;&nbsp;Columbus City School District | &nbsp;&nbsp;Columbus City School District | &nbsp;&nbsp;Columbus City School District | &nbsp;&nbsp;Columbus City School District |
| &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds | &nbsp;&nbsp;Unlimited General Obligation Refunding Bonds |
| &nbsp;&nbsp;School Facilities Construction & Improvement | &nbsp;&nbsp;School Facilities Construction & Improvement | &nbsp;&nbsp;School Facilities Construction & Improvement | &nbsp;&nbsp;School Facilities Construction & Improvement |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;269710 |
| &nbsp;&nbsp;Miami Valley Career Technology Center | &nbsp;&nbsp;Miami Valley Career Technology Center | &nbsp;&nbsp;Miami Valley Career Technology Center | &nbsp;&nbsp;Miami Valley Career Technology Center |
| &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 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;431546 |
| &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission | &nbsp;&nbsp;Ohio Higher Educational Facility Commission |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group | &nbsp;&nbsp;Ashtabula County Medical Center Obligated Group |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;01/01/2052 | &nbsp;&nbsp;5.250% | 750000 | &nbsp;&nbsp;&nbsp;&nbsp;793657 |
| &nbsp;&nbsp;State of Ohio | &nbsp;&nbsp;State of Ohio | &nbsp;&nbsp;State of Ohio | &nbsp;&nbsp;State of Ohio |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;University Hospital Health System, Inc. | &nbsp;&nbsp;University Hospital Health System, Inc. | &nbsp;&nbsp;University Hospital Health System, Inc. | &nbsp;&nbsp;University Hospital Health System, Inc. |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;01/15/2050 | &nbsp;&nbsp;4.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;369639 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2400332** |
| &nbsp;&nbsp;**Oregon 1.2%** | &nbsp;&nbsp;**Oregon 1.2%** | &nbsp;&nbsp;**Oregon 1.2%** | &nbsp;&nbsp;**Oregon 1.2%** |
| &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority | &nbsp;&nbsp;Medford Hospital Facilities Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project | &nbsp;&nbsp;Asante Project |
| &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;08/15/2050 | &nbsp;&nbsp;5.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;423712 |
| &nbsp;&nbsp;Union County Hospital Facility Authority | &nbsp;&nbsp;Union County Hospital Facility Authority | &nbsp;&nbsp;Union County Hospital Facility Authority | &nbsp;&nbsp;Union County Hospital Facility Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Grande Ronde Hospital | &nbsp;&nbsp;Grande Ronde Hospital | &nbsp;&nbsp;Grande Ronde Hospital | &nbsp;&nbsp;Grande Ronde Hospital |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp;5.000% | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;382857 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**806569** |

---

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

12 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;**Pennsylvania 6.1%** | &nbsp;&nbsp;**Pennsylvania 6.1%** | &nbsp;&nbsp;**Pennsylvania 6.1%** | &nbsp;&nbsp;**Pennsylvania 6.1%** |
| &nbsp;&nbsp;City of Philadelphia Water & Wastewater | &nbsp;&nbsp;City of Philadelphia Water & Wastewater | &nbsp;&nbsp;City of Philadelphia Water & Wastewater | &nbsp;&nbsp;City of Philadelphia Water & Wastewater |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 | &nbsp;&nbsp;Series 2016 |
| &nbsp;&nbsp;10/01/2028 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;341627 |
| &nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (The) | &nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (The) | &nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (The) | &nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia (The) |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Temple University Health Systems | &nbsp;&nbsp;Temple University Health Systems | &nbsp;&nbsp;Temple University Health Systems | &nbsp;&nbsp;Temple University Health Systems |
| &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) | &nbsp;&nbsp;Series 2022 (AGM) |
| &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp;4.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;497346 |
| &nbsp;&nbsp;Mifflinburg Area School District | &nbsp;&nbsp;Mifflinburg Area School District | &nbsp;&nbsp;Mifflinburg Area School District | &nbsp;&nbsp;Mifflinburg Area 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 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A | &nbsp;&nbsp;Series 2020A |
| &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp;4.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;203423 |
| &nbsp;&nbsp;06/15/2040 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;252675 |
| &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority | &nbsp;&nbsp;Pennsylvania Economic Development Financing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Philadelphia Biosolids Facility Project | &nbsp;&nbsp;Philadelphia Biosolids Facility Project | &nbsp;&nbsp;Philadelphia Biosolids Facility Project | &nbsp;&nbsp;Philadelphia Biosolids Facility Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;307833 |
| &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission | &nbsp;&nbsp;Pennsylvania Turnpike Commission |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects | &nbsp;&nbsp;Mass Transit Projects |
| &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 | &nbsp;&nbsp;Subordinated Series 2016A-1 |
| &nbsp;&nbsp;12/01/2041 | &nbsp;&nbsp;5.000% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;206984 |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A | &nbsp;&nbsp;Series 2019A |
| &nbsp;&nbsp;12/01/2044 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;541079 |
| &nbsp;&nbsp;Redevelopment Authority of the City of Philadelphia | &nbsp;&nbsp;Redevelopment Authority of the City of Philadelphia | &nbsp;&nbsp;Redevelopment Authority of the City of Philadelphia | &nbsp;&nbsp;Redevelopment Authority of the City of Philadelphia |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A | &nbsp;&nbsp;Series 2015A |
| &nbsp;&nbsp;04/15/2028 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;263303 |
| &nbsp;&nbsp;Reinvestment Fund, Inc. (The) | &nbsp;&nbsp;Reinvestment Fund, Inc. (The) | &nbsp;&nbsp;Reinvestment Fund, Inc. (The) | &nbsp;&nbsp;Reinvestment Fund, Inc. (The) |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2028 | &nbsp;&nbsp;3.930% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;468232 |
| &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) | &nbsp;&nbsp;School District of Philadelphia (The) |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;5.000% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;108939 |
| &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A | &nbsp;&nbsp;Series 2021A |
| &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;342374 |
| &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% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;253915 |
| &nbsp;&nbsp;Series 2017E (BAM) | &nbsp;&nbsp;Series 2017E (BAM) | &nbsp;&nbsp;Series 2017E (BAM) | &nbsp;&nbsp;Series 2017E (BAM) |
| &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp;5.000% | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;164205 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**3951935** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 1.2%** | &nbsp;&nbsp;**Puerto Rico 1.2%** | &nbsp;&nbsp;**Puerto Rico 1.2%** | &nbsp;&nbsp;**Puerto Rico 1.2%** |
| &nbsp;&nbsp;Puerto Rico Housing Finance Authority<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Housing Finance Authority<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Housing Finance Authority<sup>(e)</sup> | &nbsp;&nbsp;Puerto Rico Housing Finance Authority<sup>(e)</sup> |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Public Housing Project | &nbsp;&nbsp;Public Housing Project | &nbsp;&nbsp;Public Housing Project | &nbsp;&nbsp;Public Housing Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp;5.000% | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;755610 |
| &nbsp;&nbsp;**Rhode Island 2.0%** | &nbsp;&nbsp;**Rhode Island 2.0%** | &nbsp;&nbsp;**Rhode Island 2.0%** | &nbsp;&nbsp;**Rhode Island 2.0%** |
| &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health & Educational Building Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Woonsocket Schools | &nbsp;&nbsp;Woonsocket Schools | &nbsp;&nbsp;Woonsocket Schools | &nbsp;&nbsp;Woonsocket Schools |
| &nbsp;&nbsp;Series 2017A (AGM) | &nbsp;&nbsp;Series 2017A (AGM) | &nbsp;&nbsp;Series 2017A (AGM) | &nbsp;&nbsp;Series 2017A (AGM) |
| &nbsp;&nbsp;05/15/2028 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;332295 |
| &nbsp;&nbsp;Rhode Island Health and Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health and Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health and Educational Building Corp. | &nbsp;&nbsp;Rhode Island Health and Educational Building Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Public Schools Financing Program | &nbsp;&nbsp;Public Schools Financing Program | &nbsp;&nbsp;Public Schools Financing Program | &nbsp;&nbsp;Public Schools Financing Program |
| &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 | &nbsp;&nbsp;Series 2022 |
| &nbsp;&nbsp;05/15/2042 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;252615 |
| &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp.<sup>(c)</sup> | &nbsp;&nbsp;Rhode Island Housing & Mortgage 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;Homeownership Opportunity | &nbsp;&nbsp;Homeownership Opportunity | &nbsp;&nbsp;Homeownership Opportunity | &nbsp;&nbsp;Homeownership Opportunity |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;10/01/2025 | &nbsp;&nbsp;3.550% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;251545 |
| &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. | &nbsp;&nbsp;Rhode Island Housing & Mortgage Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Multi-Family Development and Sustainability | &nbsp;&nbsp;Multi-Family Development and Sustainability | &nbsp;&nbsp;Multi-Family Development and Sustainability | &nbsp;&nbsp;Multi-Family Development and Sustainability |
| &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 | &nbsp;&nbsp;Series 2019 |
| &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp;2.750% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;458684 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1295139** |
| &nbsp;&nbsp;**Tennessee 1.2%** | &nbsp;&nbsp;**Tennessee 1.2%** | &nbsp;&nbsp;**Tennessee 1.2%** | &nbsp;&nbsp;**Tennessee 1.2%** |
| &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board | &nbsp;&nbsp;Greeneville Health & Educational Facilities Board |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group | &nbsp;&nbsp;Ballad Health Obligation Group |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;531370 |
| &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(f)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(f)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(f)</sup> | &nbsp;&nbsp;New Memphis Arena Public Building Authority<sup>(f)</sup> |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project | &nbsp;&nbsp;City of Memphis Project |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;0.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;221012 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**752382** |
| &nbsp;&nbsp;**Texas 3.8%** | &nbsp;&nbsp;**Texas 3.8%** | &nbsp;&nbsp;**Texas 3.8%** | &nbsp;&nbsp;**Texas 3.8%** |
| &nbsp;&nbsp;Alamo Community College District | &nbsp;&nbsp;Alamo Community College District | &nbsp;&nbsp;Alamo Community College District | &nbsp;&nbsp;Alamo Community College District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;08/15/2039 | &nbsp;&nbsp;4.000% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;410523 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 13

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. | &nbsp;&nbsp;Arlington Higher Education Finance Corp. |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Harmony Public Schools | &nbsp;&nbsp;Harmony Public Schools | &nbsp;&nbsp;Harmony Public Schools | &nbsp;&nbsp;Harmony Public Schools |
| &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A | &nbsp;&nbsp;Series 2016A |
| &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;5.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;266715 |
| &nbsp;&nbsp;Bexar County Hospital District | &nbsp;&nbsp;Bexar County Hospital District | &nbsp;&nbsp;Bexar County Hospital District | &nbsp;&nbsp;Bexar County Hospital District |
| &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds | &nbsp;&nbsp;Limited General Obligation Bonds |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;02/15/2043 | &nbsp;&nbsp;4.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;301624 |
| &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, Inc. | &nbsp;&nbsp;International Leadership of Texas, Inc. | &nbsp;&nbsp;International Leadership of Texas, Inc. | &nbsp;&nbsp;International Leadership of Texas, Inc. |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;08/15/2031 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;355412 |
| &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital District | &nbsp;&nbsp;Deaf Smith County Hospital 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 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;526022 |
| &nbsp;&nbsp;Old Spanish Trail-Almeda Corridors Redevelopment Authority | &nbsp;&nbsp;Old Spanish Trail-Almeda Corridors Redevelopment Authority | &nbsp;&nbsp;Old Spanish Trail-Almeda Corridors Redevelopment Authority | &nbsp;&nbsp;Old Spanish Trail-Almeda Corridors Redevelopment Authority |
| &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds | &nbsp;&nbsp;Refunding Tax Allocation Bonds |
| &nbsp;&nbsp;Series 2019 (BAM) | &nbsp;&nbsp;Series 2019 (BAM) | &nbsp;&nbsp;Series 2019 (BAM) | &nbsp;&nbsp;Series 2019 (BAM) |
| &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;262032 |
| &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. | &nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp. |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project | &nbsp;&nbsp;LBJ Infrastructure Group LLC I-635 Managed Lanes Project |
| &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 | &nbsp;&nbsp;Series 2020 |
| &nbsp;&nbsp;12/31/2039 | &nbsp;&nbsp;4.000% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96673 |
| &nbsp;&nbsp;Texas State Technical College | &nbsp;&nbsp;Texas State Technical College | &nbsp;&nbsp;Texas State Technical College | &nbsp;&nbsp;Texas State Technical College |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Improvements | &nbsp;&nbsp;Improvements | &nbsp;&nbsp;Improvements | &nbsp;&nbsp;Improvements |
| &nbsp;&nbsp;Series 2016 (AGM) | &nbsp;&nbsp;Series 2016 (AGM) | &nbsp;&nbsp;Series 2016 (AGM) | &nbsp;&nbsp;Series 2016 (AGM) |
| &nbsp;&nbsp;10/15/2030 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;263504 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**2482505** |
| &nbsp;&nbsp;**Utah 0.7%** | &nbsp;&nbsp;**Utah 0.7%** | &nbsp;&nbsp;**Utah 0.7%** | &nbsp;&nbsp;**Utah 0.7%** |
| &nbsp;&nbsp;Central Utah Water Conservancy District | &nbsp;&nbsp;Central Utah Water Conservancy District | &nbsp;&nbsp;Central Utah Water Conservancy District | &nbsp;&nbsp;Central Utah Water Conservancy District |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D | &nbsp;&nbsp;Series 2020D |
| &nbsp;&nbsp;10/01/2040 | &nbsp;&nbsp;4.000% | 420000 | &nbsp;&nbsp;&nbsp;&nbsp;430389 |
| &nbsp;&nbsp;**Virginia 1.3%** | &nbsp;&nbsp;**Virginia 1.3%** | &nbsp;&nbsp;**Virginia 1.3%** | &nbsp;&nbsp;**Virginia 1.3%** |
| &nbsp;&nbsp;Virginia Housing Development Authority | &nbsp;&nbsp;Virginia Housing Development Authority | &nbsp;&nbsp;Virginia Housing Development Authority | &nbsp;&nbsp;Virginia Housing Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A | &nbsp;&nbsp;Series 2018A |
| &nbsp;&nbsp;03/01/2043 | &nbsp;&nbsp;3.650% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;368629 |
| &nbsp;&nbsp;Series 2020E | &nbsp;&nbsp;Series 2020E | &nbsp;&nbsp;Series 2020E | &nbsp;&nbsp;Series 2020E |
| &nbsp;&nbsp;07/01/2040 | &nbsp;&nbsp;2.300% | 585000 | &nbsp;&nbsp;&nbsp;&nbsp;442796 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**811425** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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;**Washington 2.2%** | &nbsp;&nbsp;**Washington 2.2%** | &nbsp;&nbsp;**Washington 2.2%** | &nbsp;&nbsp;**Washington 2.2%** |
| &nbsp;&nbsp;Energy Northwest | &nbsp;&nbsp;Energy Northwest | &nbsp;&nbsp;Energy Northwest | &nbsp;&nbsp;Energy Northwest |
| &nbsp;&nbsp;Wind Project Refunding Revenue Bonds | &nbsp;&nbsp;Wind Project Refunding Revenue Bonds | &nbsp;&nbsp;Wind Project Refunding Revenue Bonds | &nbsp;&nbsp;Wind Project Refunding Revenue Bonds |
| &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 | &nbsp;&nbsp;Series 2015 |
| &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;257265 |
| &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% | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;388811 |
| &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% | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;206882 |
| &nbsp;&nbsp;Seattle Housing Authority | &nbsp;&nbsp;Seattle Housing Authority | &nbsp;&nbsp;Seattle Housing Authority | &nbsp;&nbsp;Seattle Housing Authority |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Pooled Housing | &nbsp;&nbsp;Pooled Housing | &nbsp;&nbsp;Pooled Housing | &nbsp;&nbsp;Pooled Housing |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;12/01/2047 | &nbsp;&nbsp;3.750% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;277291 |
| &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority | &nbsp;&nbsp;Washington Health Care Facilities Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Seattle Childrens Hospital | &nbsp;&nbsp;Seattle Childrens Hospital | &nbsp;&nbsp;Seattle Childrens Hospital | &nbsp;&nbsp;Seattle Childrens Hospital |
| &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 | &nbsp;&nbsp;Series 2017 |
| &nbsp;&nbsp;10/01/2047 | &nbsp;&nbsp;5.000% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;311005 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**1441254** |
| &nbsp;&nbsp;**West Virginia 1.4%** | &nbsp;&nbsp;**West Virginia 1.4%** | &nbsp;&nbsp;**West Virginia 1.4%** | &nbsp;&nbsp;**West Virginia 1.4%** |
| &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority | &nbsp;&nbsp;West Virginia Hospital Finance Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation | &nbsp;&nbsp;West Virginia University Health System Obligation |
| &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 | &nbsp;&nbsp;Series 2018 |
| &nbsp;&nbsp;06/01/2052 | &nbsp;&nbsp;5.000% | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;508119 |
| &nbsp;&nbsp;West Virginia Housing Development Fund | &nbsp;&nbsp;West Virginia Housing Development Fund | &nbsp;&nbsp;West Virginia Housing Development Fund | &nbsp;&nbsp;West Virginia Housing Development Fund |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B | &nbsp;&nbsp;Series 2019B |
| &nbsp;&nbsp;11/01/2039 | &nbsp;&nbsp;2.850% | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;402651 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;**910770** |
| &nbsp;&nbsp;**Wisconsin 0.9%** | &nbsp;&nbsp;**Wisconsin 0.9%** | &nbsp;&nbsp;**Wisconsin 0.9%** | &nbsp;&nbsp;**Wisconsin 0.9%** |
| &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics | &nbsp;&nbsp;University of Wisconsin Hospitals & Clinics |
| &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds | &nbsp;&nbsp;Refunding Revenue Bonds |
| &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital | &nbsp;&nbsp;Green Bonds - University of Wisconsin Hospital |
| &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 | &nbsp;&nbsp;Series 2021 |
| &nbsp;&nbsp;04/01/2051 | &nbsp;&nbsp;4.000% | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;243254 |
| &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;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% | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72897 |

---

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

14 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** | &nbsp;&nbsp;**Municipal Bonds (continued)** |
| &nbsp;&nbsp;**Issue Description** | &nbsp;&nbsp;**Coupon<br> Rate** | **Principal<br> Amount ($)** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority | &nbsp;&nbsp;Wisconsin Housing & Economic Development Authority |
| &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds | &nbsp;&nbsp;Revenue Bonds |
| &nbsp;&nbsp;Series 2019C (FNMA) | &nbsp;&nbsp;Series 2019C (FNMA) | &nbsp;&nbsp;Series 2019C (FNMA) | &nbsp;&nbsp;Series 2019C (FNMA) |
| &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp;2.100% | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270151 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**586302** |
| &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $60,355,675) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $60,355,675) | &nbsp;&nbsp;Total Municipal Bonds<br> (Cost $60,355,675) | &nbsp;&nbsp;**57868033** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** | &nbsp;&nbsp;**Money Market Funds 0.6%** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value ($)** |
| &nbsp;&nbsp;JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.588%<sup>(g)</sup> | &nbsp;&nbsp;401247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401247 |
| &nbsp;&nbsp;Total Money Market Funds<br> (Cost $401,247) | &nbsp;&nbsp;Total Money Market Funds<br> (Cost $401,247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**401247** |
| &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $66,448,543)** | &nbsp;&nbsp;**Total Investments in Securities<br> (Cost $66,448,543)** | &nbsp;&nbsp;&nbsp;&nbsp;**63413419** |
| &nbsp;&nbsp;**Other Assets & Liabilities, Net** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1529414** |
| &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**$64942833** |

---

#### Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A
eligible securities, which are often sold only to qualified institutional buyers. At January 31, 2023, the total value of these securities amounted to $3,772,032, which represents 5.81% of total net assets.

(b) Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then
increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of January 31, 2023.

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

(d) Represents a security in default.

(e) Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At
January 31, 2023, the total value of these securities amounted to $755,610, which represents 1.16% of total net assets.

(f) Zero coupon bond.

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

#### Abbreviation Legend

---

| | |
|:---|:---|
| AGM | &nbsp;&nbsp;Assured Guaranty Municipal Corporation |
| AMBAC | &nbsp;&nbsp;Ambac Assurance Corporation |
| BAM | &nbsp;&nbsp;Build America Mutual Assurance Co. |
| FHA | &nbsp;&nbsp;Federal Housing Authority |
| FNMA | &nbsp;&nbsp;Federal National Mortgage Association |
| GNMA | &nbsp;&nbsp;Government National Mortgage Association |
| HUD | &nbsp;&nbsp;U.S. Department of Housing and Urban Development |
| NPFGC | &nbsp;&nbsp;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

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 15

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Portfolio of Investments (continued)

January 31, 2023 (Unaudited)

**Fair value measurements (continued) pricing an investment. An investment's level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset's or liability's fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.**

#### Fair value inputs are summarized in the three broad levels listed below:
**■** **Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.** 

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3 ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Total ($)** |
| &nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144139 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57868033 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57868033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 401247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401247 |
| &nbsp;&nbsp;Total Investments in Securities | 401247 | &nbsp;&nbsp;&nbsp;&nbsp;63012172 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;63413419 |

---

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

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

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

16 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Statement of Assets and Liabilities

January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Assets** |  |
| &nbsp;&nbsp;Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers (cost $66,448,543) | $63413419 |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973839 |
| &nbsp;&nbsp;Receivable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursement due from Investment Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 |
| &nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33029 |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;65244924 |
| &nbsp;&nbsp;**Liabilities** |  |
| &nbsp;&nbsp;Payable for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital shares purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and/or service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12626 |
| &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;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753 |
| &nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33029 |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302091 |
| &nbsp;&nbsp;**Net assets applicable to outstanding capital stock** | **$64942833** |
| &nbsp;&nbsp;**Represented by** |  |
| &nbsp;&nbsp;Paid in capital | &nbsp;&nbsp;&nbsp;69498946 |
| &nbsp;&nbsp;Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(4556113) |
| &nbsp;&nbsp;**Total - representing net assets applicable to outstanding capital stock** | **$64942833** |
| &nbsp;&nbsp;**Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $13575387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1404004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum sales charge | &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;$9.97 |
| &nbsp;&nbsp;**Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$5507777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| &nbsp;&nbsp;**Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;&nbsp;$888987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| &nbsp;&nbsp;**Institutional Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | $35423026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;3663350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.67 |
| &nbsp;&nbsp;**Institutional 2 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$2465958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.68 |
| &nbsp;&nbsp;**Institutional 3 Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;&nbsp;$7081698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.70 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 17

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Statement of Operations

Six Months Ended January 31, 2023 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Net investment income** |  |
| &nbsp;&nbsp;Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;$16329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;1078850 |
| &nbsp;&nbsp;Total income | &nbsp;&nbsp;1095179 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management services fees | &nbsp;&nbsp;&nbsp;&nbsp;166242 |
| &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;17143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 |
| &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;6504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of board members | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Printing and postage fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Line of credit interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on interfund lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation of chief compliance officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5234 |
| &nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;306115 |
| &nbsp;&nbsp;Fees waived or expenses reimbursed by Investment Manager and its affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(131183) |
| &nbsp;&nbsp;Total net expenses | &nbsp;&nbsp;&nbsp;&nbsp;174932 |
| &nbsp;&nbsp;**Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;920247 |
| &nbsp;&nbsp;**Realized and unrealized gain (loss) — net** |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | (1168937) |
| &nbsp;&nbsp;Net realized loss | (1168937) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;(39257) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(39257) |
| &nbsp;&nbsp;Net realized and unrealized loss | (1208194) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from operations** | &nbsp;&nbsp;**$(287947)** |

---

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

18 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> January 31, 2023<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> July 31, 2022** |
| &nbsp;&nbsp;**Operations** |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$920247 | &nbsp;&nbsp;&nbsp;&nbsp;$1496987 |
| &nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1168937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67119 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39257) | &nbsp;&nbsp;&nbsp;&nbsp;(7687105) |
| &nbsp;&nbsp;Net decrease in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287947) | &nbsp;&nbsp;&nbsp;&nbsp;(6122999) |
| &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;(166646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270527) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(904206) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 2 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional 3 Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162197) |
| &nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907405) | &nbsp;&nbsp;&nbsp;&nbsp;(1497353) |
| &nbsp;&nbsp;Increase (decrease) in net assets from capital stock activity | &nbsp;&nbsp;&nbsp;&nbsp;(8877918) | &nbsp;&nbsp;&nbsp;&nbsp;11353597 |
| &nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;(10073270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733245 |
| &nbsp;&nbsp;Net assets at beginning of period | &nbsp;&nbsp;&nbsp;75016103 | &nbsp;&nbsp;&nbsp;&nbsp;71282858 |
| &nbsp;&nbsp;**Net assets at end of period** | **$64942833** | &nbsp;&nbsp;**$75016103** |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 19

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended** |
|  | **January 31, 2023 (Unaudited)** | **January 31, 2023 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**July 31, 2022** |
|  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dollars ($)** |
| &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** | &nbsp;&nbsp;**Capital stock activity** |
| &nbsp;&nbsp;Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;426463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(427354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4023652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2386161) |
| &nbsp;&nbsp;Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287422 |
| &nbsp;&nbsp;Advisor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63333 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(101228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(934029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1154640) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(19866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444905 |
| &nbsp;&nbsp;Class C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(15007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536467) |
| &nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(11711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297867) |
| &nbsp;&nbsp;Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;1505294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14163407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20719858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (2224418) | &nbsp;&nbsp;&nbsp;&nbsp;(20898588) | &nbsp;&nbsp;&nbsp;&nbsp;(1608917) | &nbsp;&nbsp;&nbsp;&nbsp;(16173421) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(681558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6383692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219280 |
| &nbsp;&nbsp;Institutional 2 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(262303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2481432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(959281) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(193507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1839165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314380 |
| &nbsp;&nbsp;Institutional 3 Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(104437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1364643) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(60423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385477 |
| &nbsp;&nbsp;**Total net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(955780)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8877918)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1110825** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11353597** |

---

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

20 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

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Columbia U.S. Social Bond Fund \| Semiannual Report 2023 21

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Financial Highlights

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.86 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(0.89) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.75 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.51 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.05 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.18 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.77 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.86 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(0.87) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.75 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.51 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.05 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.18 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;(0.03) | &nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.86 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(0.96) | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.74 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.51 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.18) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.05 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.19) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.17 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.78 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.86 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.75 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.51 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.05 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.18 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.79 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.87 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;(1.08) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.76 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.52 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.28) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.06 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.18 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |

---

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

22 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.67 | 0.12% | 1.08%<sup>(c),(d),(e)</sup> | 0.70%<sup>(c),(d),(e)</sup> | 2.46%<sup>(c)</sup> | 10% | $13575 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.78 | (8.22%) | 1.05% | 0.70% | 1.90% | &nbsp;&nbsp;7% | $13616 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.86 | 3.03% | 1.08% | 0.70% | 1.98% | 13% | $14841 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.75 | 4.87% | 1.12% | 0.70% | 2.39% | 14% | $14709 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.51 | 7.33% | 1.14% | 0.70% | 2.63% | 11% | $11797 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.05 | 1.10% | 1.20% | 0.70% | 2.40% | 21% | &nbsp;&nbsp;$7030 |
| &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** | &nbsp;&nbsp;**Advisor Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.67 | 0.35% | 0.83%<sup>(c),(d),(e)</sup> | 0.45%<sup>(c),(d),(e)</sup> | 2.72%<sup>(c)</sup> | 10% | &nbsp;&nbsp;$5508 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.77 | (8.08%) | 0.80% | 0.45% | 2.19% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$5764 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.86 | 3.29% | 0.83% | 0.45% | 2.23% | 13% | &nbsp;&nbsp;$2554 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.75 | 5.13% | 0.87% | 0.45% | 2.64% | 14% | &nbsp;&nbsp;$2010 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.51 | 7.60% | 0.89% | 0.45% | 2.86% | 11% | &nbsp;&nbsp;&nbsp;&nbsp;$629 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.05 | 1.36% | 0.94% | 0.45% | 2.76% | 21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.67 | (0.26%) | 1.83%<sup>(c),(d),(e)</sup> | 1.45%<sup>(c),(d),(e)</sup> | 1.73%<sup>(c)</sup> | 10% | &nbsp;&nbsp;&nbsp;&nbsp;$889 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.78 | (8.91%) | 1.80% | 1.45% | 1.14% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$1013 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.86 | 2.36% | 1.83% | 1.45% | 1.23% | 13% | &nbsp;&nbsp;$1456 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.74 | 3.99% | 1.87% | 1.45% | 1.64% | 14% | &nbsp;&nbsp;$1763 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.51 | 6.53% | 1.89% | 1.45% | 1.88% | 11% | &nbsp;&nbsp;$1803 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.05 | 0.45% | 1.95% | 1.45% | 1.65% | 21% | &nbsp;&nbsp;$1470 |
| &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.67 | 0.24% | 0.83%<sup>(c),(d),(e)</sup> | 0.45%<sup>(c),(d),(e)</sup> | 2.71%<sup>(c)</sup> | 10% | $35423 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.78 | (7.99%) | 0.80% | 0.45% | 2.15% | &nbsp;&nbsp;7% | $42482 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.86 | 3.29% | 0.83% | 0.45% | 2.23% | 13% | $41856 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.75 | 5.13% | 0.86% | 0.45% | 2.64% | 14% | $36426 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.51 | 7.60% | 0.90% | 0.45% | 2.88% | 11% | $31708 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.05 | 1.36% | 0.95% | 0.45% | 2.65% | 21% | $36887 |
| &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** | &nbsp;&nbsp;**Institutional 2 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.68 | 0.26% | 0.79%<sup>(c),(d),(e)</sup> | 0.42%<sup>(c),(d),(e)</sup> | 2.71%<sup>(c)</sup> | 10% | &nbsp;&nbsp;$2466 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.79 | (7.95%) | 0.77% | 0.42% | 2.19% | &nbsp;&nbsp;7% | &nbsp;&nbsp;$4387 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.87 | 3.31% | 0.80% | 0.43% | 2.25% | 13% | &nbsp;&nbsp;$3461 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.76 | 5.14% | 0.84% | 0.44% | 2.66% | 14% | &nbsp;&nbsp;$2920 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.52 | 7.60% | 0.87% | 0.44% | 2.89% | 11% | &nbsp;&nbsp;$3018 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.06 | 1.46% | 0.93% | 0.44% | 2.67% | 21% | &nbsp;&nbsp;$1581 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 23

------

[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset value,<br> beginning of<br> period** | &nbsp;&nbsp;**Net<br> investment<br> income** | &nbsp;&nbsp;**Net<br> realized<br> and<br> unrealized<br> gain (loss)** | &nbsp;&nbsp;**Total from<br> investment<br> operations** | &nbsp;&nbsp;**Distributions<br> from net<br> investment<br> income** | &nbsp;&nbsp;**Distributions<br> from net<br> realized<br> gains** | &nbsp;&nbsp;**Total<br> distributions to<br> shareholders** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;&nbsp;$9.81 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.13) |
| &nbsp;&nbsp;Year Ended 7/31/2022 | $10.90 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;(1.09) | &nbsp;&nbsp;(0.86) | &nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.23) |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.78 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.55 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;(0.01) | &nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.09 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.21 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(0.27) |

---

---

| | |
|:---|:---|
| **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) | Ratios include line of credit interest expense which is less than 0.01%. |

---

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

24 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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Financial Highlights (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br> asset<br> value,<br> end of<br> period** | **Total<br> return** | **Total gross<br> expense<br> ratio to<br> average<br> net assets<sup>(a)</sup>** | **Total net<br> expense<br> ratio to<br> average<br> net assets<sup>(a),(b)</sup>** | **Net investment<br> income<br> ratio to<br> average<br> net assets** | **Portfolio<br> turnover** | **Net<br> assets,<br> end of<br> period<br> (000's)** |
| &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** | &nbsp;&nbsp;**Institutional 3 Class** |
| &nbsp;&nbsp;Six Months Ended 1/31/2023 (Unaudited) | &nbsp;&nbsp;$9.70 | 0.29% | 0.75%<sup>(c),(d),(e)</sup> | 0.37%<sup>(c),(d),(e)</sup> | 2.80%<sup>(c)</sup> | 10% | $7082 |
| &nbsp;&nbsp;Year Ended 7/31/2022 | &nbsp;&nbsp;$9.81 | (7.97%) | 0.72% | 0.37% | 2.23% | &nbsp;&nbsp;7% | $7754 |
| &nbsp;&nbsp;Year Ended 7/31/2021 | $10.90 | 3.46% | 0.75% | 0.38% | 2.30% | 13% | $7115 |
| &nbsp;&nbsp;Year Ended 7/31/2020 | $10.78 | 5.08% | 0.79% | 0.40% | 2.69% | 14% | $5202 |
| &nbsp;&nbsp;Year Ended 7/31/2019 | $10.55 | 7.61% | 0.84% | 0.42% | 2.91% | 11% | $3515 |
| &nbsp;&nbsp;Year Ended 7/31/2018 | $10.09 | 1.49% | 0.90% | 0.43% | 2.72% | 21% | $2420 |

---

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 25

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Notes to Financial Statements

January 31, 2023 (Unaudited)

Note 1. Organization

Columbia U.S. Social Bond 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.

26 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

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

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

Dividend income is recorded on the ex-dividend date.

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

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

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

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

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

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 27

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Note 3. Fees and other transactions with affiliates

#### Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund's daily net assets that declines from 0.48% to 0.29% as the Fund's net assets increase. The annualized effective management services fee rate for the six months ended January 31, 2023 was 0.48% of the Fund's average daily net assets.

#### Subadvisory agreement
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 January 31, 2023, 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 Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees' fees deferred during the current period as well as any gains or losses on the Trustees' deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" in the Statement of Operations.

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

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

28 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

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

For the six months ended January 31, 2023, the Fund's annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

---

| | |
|:---|:---|
|  | **Effective rate (%)** |
| &nbsp;&nbsp;Class A | 0.09 |
| &nbsp;&nbsp;Advisor Class | 0.09 |
| &nbsp;&nbsp;Class C | 0.09 |
| &nbsp;&nbsp;Institutional Class | 0.09 |
| &nbsp;&nbsp;Institutional 2 Class | 0.06 |
| &nbsp;&nbsp;Institutional 3 Class | 0.01 |

---

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended January 31, 2023, no minimum account balance fees were charged by the Fund.

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

Under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A and Class C shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.

#### Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended January 31, 2023, if any, are listed below:

---

| | | |
|:---|:---|:---|
|  | **Front End (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Class A | 3.00 &nbsp;&nbsp;&nbsp;&nbsp;0.75<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;689 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;— &nbsp;&nbsp;&nbsp;&nbsp;1.00<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |

---

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

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

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 29

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

---

| | |
|:---|:---|
|  | **Fee rate(s) contractual<br> through<br> November 30, 2023** |
| &nbsp;&nbsp;Class A | 0.70% |
| &nbsp;&nbsp;Advisor Class | 0.45 |
| &nbsp;&nbsp;Class C | 1.45 |
| &nbsp;&nbsp;Institutional Class | 0.45 |
| &nbsp;&nbsp;Institutional 2 Class | 0.42 |
| &nbsp;&nbsp;Institutional 3 Class | 0.37 |

---

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

Note 4. Federal tax information

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

At January 31, 2023, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Federal<br> tax cost ($)** | **Gross unrealized<br> appreciation ($)** | **Gross unrealized<br> (depreciation) ($)** | **Net unrealized<br> (depreciation) ($)** |
| &nbsp;&nbsp;66449000 | 330000 | (3366000) | (3036000) |

---

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

The following capital loss carryforwards, determined at July 31, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No expiration<br> short-term ($)** | **No expiration<br> long-term ($)** | **Total ($)** |
| &nbsp;&nbsp;— | (205003) | (205003) |

---

30 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $6,795,923 and $9,939,116, respectively, for the six months ended January 31, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Borrower or lender** | **Average loan<br> balance ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted average<br> interest rate (%)** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of days<br> with outstanding loans** |
| &nbsp;&nbsp;Borrower | 687500 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;8 |

---

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

Note 7. Line of credit

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

For the six months ended January 31, 2023, the Fund's borrowing activity was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Average loan<br> balance ($)** | **Weighted average<br> interest rate (%)** | **Days<br> outstanding** |
| &nbsp;&nbsp;1000000 | 4.15 | 1 |

---

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 31

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Interest expense incurred by the Fund is recorded as a line of credit interest expense in the Statement of Operations. The Fund had no outstanding borrowings at January 31, 2023.

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.

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

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

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

The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such 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

32 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund's ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

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

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

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

#### Shareholder concentration risk
At January 31, 2023, one unaffiliated shareholder of record owned 24.2% 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 26.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

#### Social impact risk
The Investment Manager's consideration of social impact may limit the Fund's investment opportunities and, as a result, the Fund may underperform funds that do not consider social impact or consider it but make different investment decisions based thereon.

Note 9. Subsequent events

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

Columbia U.S. Social Bond Fund \| Semiannual Report 2023 33

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

The Board of Trustees of the Fund has approved a Plan of Liquidation and Termination pursuant to which the Fund will be liquidated and terminated. Effective at the open of business on April 14, 2023, the Fund will no longer be open to new investors, and any applicable contingent deferred sales charges will be waived on redemptions and exchanges out of the Fund. It is currently anticipated that the Fund will be liquidated on or about August 4, 2023, at which time the Fund's shareholders will receive a liquidating distribution in an amount equal to the net asset value of their Fund shares.

Note 10. Information regarding pending and settled legal proceedings

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

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

34 Columbia U.S. Social Bond Fund \| Semiannual Report 2023

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[**Table of Contents**](#JOB_70700_3643dcdb-6165-410a-a0a0-984aa83320d6_TOC)

#### Columbia U.S. Social Bond Fund
P.O. Box 219104

Kansas City, MO 64121-9104

![](img52d284d32.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/

SAR262_07_N01_(03/23)

------

#### Item 2. Code of Ethics.
Not applicable for semiannual reports.

#### Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.

#### Item 4. Principal Accountant Fees and Services .
Not applicable for semiannual reports.

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

#### Item 6. Investments
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 11. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

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

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](f24978d2.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.](f24978d3.htm)

------

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

---

| | |
|:---|:---|
| (registrant)  | <u>Columbia Funds Series Trust I</u>  |
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>March 24, 2023</u>  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)  | <u>/s/ Daniel J. Beckman</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |
| Date  | <u>March 24, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |
| Date  | <u>March 24, 2023</u>  |

---

---

| | |
|:---|:---|
| By (Signature and Title)  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |
| Date  | <u>March 24, 2023</u>  |

---

------

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust 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: March 24, 2023 | &nbsp;&nbsp;/s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust 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: March 24, 2023 |  | /s/ Michael G. Clarke |
|  |  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice | Principal Financial Officer and Senior Vice |
|  | President | President |

---

I, Joseph Beranek, certify that:

1. I have reviewed this report on Form N-CSR of Columbia Funds Series Trust 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: March 24, 2023 |  | /s/ Joseph Beranek |
|  | Joseph Beranek, Treasurer, Chief Accounting | Joseph Beranek, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust I (the "Trust") on Form N-CSR for the period ending January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

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

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

---

| | |
|:---|:---|
| Date: March 24, 2023  | <u>/s/ Daniel J. Beckman&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Daniel J. Beckman, President and Principal Executive Officer  |

---

---

| | |
|:---|:---|
| Date: March 24, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Michael G. Clarke</u>  |
|  | Michael G. Clarke, Chief Financial Officer,  |
|  | Principal Financial Officer and Senior Vice President  |

---

---

| | |
|:---|:---|
| Date: March 24, 2023  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Joseph Beranek</u>  |
|  | Joseph Beranek, Treasurer, Chief Accounting  |
|  | Officer and Principal Financial Officer  |

---

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

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