Columbia Funds Series Trust

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.

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	28
Statement of Operations	30
Statement of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	51
Federal Income Tax Information	52
Trustees and Officers	52
Liquidity Risk Management Program	58

If you elect to receive the shareholder report for Columbia Short Term 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, 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 Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.

Portfolio management

Douglas Rangel, CFA

Lead Portfolio Manager

Managed the Fund since June 2022

Catherine Stienstra

Portfolio Manager

Managed Fund since 2012

Anders Myhran, CFA*

Portfolio Manager

Managed Fund since 2015

* Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Portfolio Manager of the Fund.

Average annual total returns (%) (for the period ended April 30, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/02/93	-3.68	0.47	0.49
	Including sales charges		-4.69	0.28	0.39
Advisor Class*		03/19/13	-3.53	0.74	0.75
Class C	Excluding sales charges	05/19/94	-4.48	-0.28	-0.26
	Including sales charges		-5.43	-0.28	-0.26
Institutional Class		10/07/93	-3.44	0.72	0.74
Institutional 2 Class*		11/08/12	-3.40	0.79	0.81
Institutional 3 Class*		03/01/17	-3.36	0.81	0.79
Bloomberg 1-3 Year Municipal Bond Index			-2.91	0.82	0.85

Returns for Class A shares are shown with and without the maximum initial sales charge of 1.00%. 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 1-3 Year Municipal Bond Index is an unmanaged index which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to three years. Effective August 24, 2021, the Bloomberg Barclays 1-3 Year Municipal Bond Index was re-branded as the Bloomberg 1-3 Year Municipal Bond Index

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 Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Short Term Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at April 30, 2022)
AAA rating	5.6
AA rating	18.6
A rating	35.4
BBB rating	19.7
BB rating	1.5
B rating	0.4
Not rated	18.8
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.

Top Ten States/Territories (%) (at April 30, 2022)
New York	18.8
Illinois	9.3
Massachusetts	7.2
New Jersey	6.1
Pennsylvania	6.0
California	3.7
Kentucky	3.3
Texas	2.8
Georgia	2.8
Florida	2.7

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 Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2022, Class A shares of Columbia Short Term Municipal Bond Fund returned -3.68% excluding sales charges. Institutional shares of the Fund returned -3.44%. The Fund underperformed its benchmark, the Bloomberg 1-3 Year Municipal Bond Index, which returned -2.91% for the same period.

Market overview

As the annual period began in May 2021, municipal bonds were one of the few bright spots for U.S. fixed income. Upward pressure on U.S. Treasury yields, driven by fears of inflation, pressured most other sectors. However, municipal bond performance was supported by record inflows, improving credit fundamentals and substantial fiscal stimulus from the federal government. Notably, tax revenue performance was rather strong, with projected deficits turning into actual surpluses for many state and local governments. Interest rate volatility led most fixed-income sectors to negative returns for the third quarter of 2021, but municipal bond performance remained one of the few positive corners of the U.S. fixed-income market.

The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, the Omicron variant appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter of 2021. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending, though movement toward higher individual tax rates, which could have boosted demand, was left out of the final bill. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds could no longer remain immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

The first quarter of 2022 closed with the benchmark down in the worst drawdown since the COVID-19 sell-off and the worst first quarter return since 1980. As is often the case with municipal bonds, negative returns precipitated outflows, which, in turn, led to more negative returns. Long and intermediate national funds, as well as high-yield funds, experienced the heaviest pressure. A silver lining to the sell-off was that credit fundamentals were not a concern, as evidenced by the modest differential between below-investment-grade and investment-grade returns. A lack of high-yield supply helped to keep those returns relatively tight, and lower new issue supply avoided exacerbating the returns. Conditions persisted into the last month of the annual period, with the Bloomberg Municipal Bond Index posting a return of -2.77% in April 2022, and municipal bonds underperforming U.S. Treasuries for the month. However, rising interest rates coupled with outflows had a positive side effect for the municipal bond market. Excluding the brief COVID-19 sell-off, tax-exempt yields had not seen the levels of the first months of 2022 since early 2019. Indeed, versus other fixed-income sectors, taxable equivalent yields were attractive enough to begin enticing even bank and insurance buyers back into the municipal market. Buyers of municipal credit were also drawn in by the solid fundamentals underpinning state and local governments, which on the back of record tax collections, substantial federal aid and a growing economy, remained rather healthy. Credit upgrades outpaced downgrades, and defaults remained exceptionally low.

For the annual period as a whole, the short-term municipal bond market significantly outperformed the broader municipal bond market. The short-term municipal bond market also outperformed U.S. Treasuries and the broad U.S. fixed-income market for the annual period. While absolute returns were disappointing, the benchmark returned -2.91% as compared to a -7.88% return for the Bloomberg Municipal Bond Index, a -7.35% return for the Bloomberg Treasury Index and a -8.51% return for the Bloomberg U.S. Aggregate Bond Index for the annual period.

The Fund’s notable detractors during the period

•	The Fund’s duration positioning detracted most from its relative results. The Fund had a longer duration profile than that of the benchmark, which hurt as municipal yields rose significantly during the annual period.
•	The Fund’s exposure to securities with greater than three-year maturities, which are not components of the benchmark and which underperformed the benchmark during the annual period, further dampened the Fund’s relative results.
•	Having an overweight to the prepaid gas sector, which underperformed the benchmark during the annual period, hurt.
•	Security selection among A-rated and BBB-rated bonds detracted, as did security selection within the transportation sector.

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable contributors during the period

•	Exposure to municipal bonds with maturities of less than one year, which are not components of the benchmark, proved beneficial, as shorter maturity municipal bonds outperformed those with longer maturities during the annual period.
•	Security selection among AA-rated bonds boosted the Fund’s results. Higher quality bonds overall outperformed those with lower credit ratings during the annual period, as it was generally a “risk off” time in the market.
•	From a sector perspective, security selection among hospital bonds added value.
•	From a states perspective, exposure to New York and Massachusetts local general obligation notes, which generally outperformed the benchmark during the annual period, contributed positively.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state, local or alternative minimum taxes. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

6	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

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.

November 1, 2021 — April 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	963.80	1,021.64	3.23	3.33	0.66
Advisor Class	1,000.00	1,000.00	965.10	1,022.89	2.01	2.07	0.41
Class C	1,000.00	1,000.00	960.60	1,017.90	6.89	7.09	1.41
Institutional Class	1,000.00	1,000.00	965.00	1,022.89	2.01	2.07	0.41
Institutional 2 Class	1,000.00	1,000.00	966.10	1,023.14	1.76	1.82	0.36
Institutional 3 Class	1,000.00	1,000.00	966.40	1,023.39	1.52	1.56	0.31

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 Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
April 30, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Fixed Income Funds 0.6%
	Shares	Value ($)
Municipal 0.6%
Nuveen AMT-Free Quality Municipal Income Fund, Preferred Shares	5,000,000	5,000,000
Total Fixed Income Funds (Cost $5,000,000)		5,000,000

Floating Rate Notes 1.5%
Issue Description	Yield	Principal Amount ($)	Value ($)
Florida 0.2%
County of Martin^(a)
Revenue Bonds
Series 2000
07/15/2022	0.400%	700,000	700,000
JEA Electric System^(a),(b)
Revenue Bonds
Series 2011 (US Bank NA)
10/01/2038	0.370%	700,000	700,000
Total			1,400,000
New York 1.3%
City of New York^(a),(b)
Unlimited General Obligation Bonds
Fiscal 2015
Subordinated Series 2015 (JPMorgan Chase Bank)
06/01/2044	0.330%	3,600,000	3,600,000
Series 2015 (Barclays Bank PLC)
06/01/2044	0.350%	800,000	800,000
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2015 (JPMorgan Chase Bank)
02/01/2045	0.330%	5,700,000	5,700,000
Total			10,100,000
Total Floating Rate Notes (Cost $11,500,000)			11,500,000

Municipal Bonds 86.7%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 2.6%
Black Belt Energy Gas District
Revenue Bonds
Project No. 4
Series 2019A-1
06/01/2023	4.000%	1,000,000	1,011,550

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Project No. 7
Series 2021
12/01/2024	4.000%	2,570,000	2,612,868
Series 2017-A (Mandatory Put 07/01/22)
08/01/2047	4.000%	2,500,000	2,510,042
Series 2018A (Mandatory Put 12/01/23)
12/01/2048	4.000%	4,970,000	5,030,006
Black Belt Energy Gas District^(c)
Revenue Bonds
Series 2018B-1 (Mandatory Put 12/01/23)
0.7 x 1-month USD LIBOR + 0.900% 12/01/2048	1.204%	1,000,000	994,466
Series 2018B-2 (Mandatory Put 12/01/23)
Muni Swap Index Yield + 0.620% 12/01/2048	1.060%	5,000,000	4,973,746
Industrial Development Board of the City of Mobile
Senior Revenue Bonds
Alabama Power Co. - Barry Plant Project
Series 2020 (Mandatory Put 06/26/25)
06/01/2034	1.000%	1,150,000	1,082,882
Lower Alabama Gas District (The)
Revenue Bonds
Gas Project
Series 2020 (Mandatory Put 12/01/25)
12/01/2050	4.000%	600,000	611,496
Southeast Energy Authority A Cooperative District
Revenue Bonds
Project #2
Series 2021B
06/01/2026	4.000%	1,265,000	1,305,059
Total			20,132,115
Alaska 0.6%
Alaska Industrial Development & Export Authority
Refunding Revenue Bonds
Greater Fairbanks Community Hospital Foundation Project
Series 2019
04/01/2023	5.000%	1,870,000	1,917,990
04/01/2024	5.000%	1,800,000	1,877,203
Alaska Municipal Bond Bank Authority
Refunding Revenue Bonds
Series 2020-1
12/01/2022	5.000%	700,000	712,524
Total			4,507,717

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

8	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Arizona 1.1%
Arizona Industrial Development Authority
Revenue Bonds
Lincoln South Beltway Project
Series 2020
02/01/2023	5.000%	1,250,000	1,275,567
05/01/2023	5.000%	1,000,000	1,026,808
Chandler Industrial Development Authority^(d)
Revenue Bonds
Intel Corp.
Series 2019 (Mandatory Put 06/03/24)
06/01/2049	5.000%	1,450,000	1,514,905
City of Phoenix Civic Improvement Corp.^(d)
Revenue Bonds
Junior Lien - Airport
Series 2019B
07/01/2026	5.000%	990,000	1,060,859
Coconino County Pollution Control Corp.^(d)
Refunding Revenue Bonds
Nevada Power Co.
Series 2020 (Mandatory Put 03/31/23)
09/01/2032	1.875%	1,500,000	1,494,963
Maricopa County Industrial Development Authority^(c)
Refunding Revenue Bonds
Banner Health Obligation
Series 2019 (Mandatory Put 10/18/24)
Muni Swap Index Yield + 0.570% 01/01/2035	1.010%	1,375,000	1,380,529
Maricopa County Pollution Control Corp.
Refunding Revenue Bonds
Palo Verde Project
Series 2021 (Mandatory Put 10/01/26)
06/01/2043	0.875%	1,000,000	898,373
Total			8,652,004
California 3.0%
Bay Area Toll Authority^(c)
Revenue Bonds
San Francisco Bay Area Toll Bridge
Series 2012 (Mandatory Put 04/01/24)
Muni Swap Index Yield + 1.100% 04/01/2045	1.540%	500,000	502,386
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2021 (Mandatory Put 12/01/27)
10/01/2052	4.000%	1,000,000	1,025,108
California County Tobacco Securitization Agency
Refunding Revenue Bonds
Series 2020A
06/01/2022	4.000%	300,000	300,555
06/01/2023	4.000%	400,000	404,843

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Hospital
Series 2017
10/15/2022	5.000%	300,000	304,198
Series 2021
10/15/2024	4.000%	380,000	390,908
10/15/2025	4.000%	400,000	415,034
10/15/2026	4.000%	415,000	433,995
California Public Finance Authority^(e)
Revenue Bonds
Enso Village Project - TEMPS 50
Series 2021
11/15/2027	2.125%	3,000,000	2,843,485
City of Los Angeles Department of Airports^(d)
Refunding Revenue Bonds
Los Angeles International Airport
Subordinated Series 2022
05/15/2025	5.000%	1,930,000	2,039,345
City of Vernon Electric System^(f)
Refunding Revenue Bonds
Series 2022A
08/01/2025	5.000%	500,000	524,010
08/01/2026	5.000%	600,000	634,540
Corona-Norco Unified School District^(g)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2002D (AGM)
09/01/2027	0.000%	2,000,000	1,692,956
County of Sacramento Airport System^(d)
Refunding Revenue Bonds
Series 2018C
07/01/2029	5.000%	1,585,000	1,721,277
Golden State Tobacco Securitization Corp.
Refunding Revenue Bonds
Series 2017A-1 Escrowed to Maturity
06/01/2022	5.000%	1,000,000	1,003,442
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2022	5.000%	375,000	380,411
Pittsburg Successor Agency Redevelopment Agency^(g)
Tax Allocation Bonds
Los Medanos Community Development Project
Series 1999 (AMBAC)
08/01/2024	0.000%	2,000,000	1,880,484
Port of Oakland^(d)
Refunding Revenue Bonds
Intermediate Lien
Junior Subordinated Series 2021
05/01/2026	5.000%	4,125,000	4,436,440

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sacramento Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Subordinated Series 2015A (BAM)
12/01/2022	5.000%	385,000	392,000
San Francisco City & County Airport Commission - San Francisco International Airport^(d)
Refunding Revenue Bonds
Series 2019
01/01/2026	5.000%	1,500,000	1,596,421
Total			22,921,838
Colorado 1.5%
City & County of Denver Airport System^(d)
Refunding Revenue Bonds
Series 2017A
11/15/2030	5.000%	1,925,000	2,062,800
System
Subordinated Series 2018A
12/01/2026	5.000%	1,500,000	1,613,236
Colorado Health Facilities Authority
Refunding Revenue Bonds
CommonSpirit Health
Series 2019B (Mandatory Put 08/01/26)
08/01/2049	5.000%	2,000,000	2,141,286
CommonSpirit Health Services
Series 2019B (Mandatory Put 08/01/25)
08/01/2049	5.000%	1,000,000	1,054,680
Evangelical Lutheran Good Samaritan Society Project (The)
Series 2017 Escrowed to Maturity
06/01/2022	5.000%	250,000	250,839
Revenue Bonds
Aberdeen Ridge
Series 2021B
05/15/2028	2.125%	1,750,000	1,631,936
E-470 Public Highway Authority^(c)
Refunding Revenue Bonds
Series 2021B (Mandatory Put 09/01/24)
0.7 x SOFR + 0.350% 09/01/2039	0.538%	1,000,000	979,885
University of Colorado
Refunding Revenue Bonds
University Enterprise
Series 2021 (Mandatory Put 10/15/25)
06/01/2051	2.000%	1,750,000	1,691,468
Total			11,426,130
Connecticut 0.8%
City of New Haven
Unlimited General Obligation Bonds
Series 2019A (AGM)
08/01/2024	5.000%	1,000,000	1,053,429

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Connecticut Housing Finance Authority^(d)
Refunding Revenue Bonds
Housing Mortgage Finance Program
Series 2021
05/15/2023	0.350%	350,000	343,495
11/15/2023	0.400%	300,000	291,131
Subordinated Series 2018A-2
05/15/2022	2.375%	1,460,000	1,460,699
South Central Connecticut Regional Water Authority^(f)
Refunding Revenue Bonds
Thirty Sixth Series 2022B-1
08/01/2024	4.000%	2,325,000	2,399,854
State of Connecticut
Revenue Bonds
Special Tax Obligation Bonds
Series 2020A
05/01/2022	5.000%	400,000	400,095
Total			5,948,703
District of Columbia 0.4%
District of Columbia
Revenue Bonds
Federal Highway Grant Anticipation
Series 2011
12/01/2023	5.250%	1,750,000	1,754,163
Metropolitan Washington Airports Authority Aviation^(d)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2024	5.000%	1,000,000	1,049,577
Total			2,803,740
Florida 2.5%
City of Jacksonville^(f)
Refunding Revenue Bonds
Series 2022A
10/01/2025	5.000%	700,000	742,883
City of Pompano Beach
Revenue Bonds
John Knox Village Project
Series 2021
01/01/2027	1.450%	2,000,000	1,804,905
City of Port St. Lucie
Special Assessment Refunding Revenue Bonds
Series 2016
07/01/2026	2.250%	1,750,000	1,704,332
County of Lee Airport^(d)
Refunding Revenue Bonds
Series 2021A
10/01/2025	5.000%	2,130,000	2,258,824

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

10	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Lee Solid Waste System^(d)
Refunding Revenue Bonds
Series 2016 (NPFGC)
10/01/2022	5.000%	3,100,000	3,135,103
Florida Development Finance Corp.^(e)
Revenue Bonds
Mayflower Retirement Community Center - TEMPS 50
Series 2021
06/01/2026	1.750%	1,020,000	949,015
Greater Orlando Aviation Authority^(d)
Refunding Revenue Bonds
Subordinated Series 2016A
10/01/2027	5.000%	1,000,000	1,082,054
Hillsborough County Aviation Authority^(d)
Prerefunded 10/01/24 Revenue Bonds
Tampa International Airport
Subordinated Series 2015B
10/01/2040	5.000%	3,000,000	3,148,729
Jacksonville Port Authority^(d)
Prerefunded 11/01/22 Revenue Bonds
Series 2012
11/01/2038	5.000%	1,545,000	1,567,370
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2025	3.750%	2,000,000	1,895,713
St. Johns County Industrial Development Authority
Refunding Revenue Bonds
Vicar’s Landing Project
Series 2021
12/15/2024	4.000%	145,000	146,287
12/15/2025	4.000%	180,000	180,958
12/15/2026	4.000%	185,000	185,148
Village Community Development District No. 13
Special Assessment Bonds
Series 2021
05/01/2026	1.800%	500,000	465,434
Total			19,266,755
Georgia 2.8%
Bartow County Development Authority^(a)
Revenue Bonds
Georgia Power Co. Plant
Series 2019 (Mandatory Put 08/19/22)
08/01/2043	1.550%	500,000	498,844
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032	2.250%	1,000,000	994,208

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Development Authority of Burke County (The)
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 03/12/24)
11/01/2048	2.925%	1,250,000	1,245,704
Georgia State Road & Tollway Authority^(e),(g)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014 Escrowed to Maturity
06/01/2024	0.000%	735,000	677,112
Main Street Natural Gas, Inc.^(e)
Revenue Bonds
Gas Supply
Series 2022C (Mandatory Put 11/01/27)
08/01/2052	4.000%	3,000,000	2,991,190
Main Street Natural Gas, Inc.^(c)
Revenue Bonds
Series 2018B (Mandatory Put 09/01/23)
0.7 x 1-month USD LIBOR + 0.750% 04/01/2048	1.054%	1,500,000	1,491,607
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019A
05/15/2024	5.000%	1,250,000	1,288,735
Series 2019B (Mandatory Put 12/02/24)
08/01/2049	4.000%	3,925,000	4,021,853
Series 2019C
09/01/2024	5.000%	1,500,000	1,560,710
Series 2019C (Mandatory Put 09/01/26)
03/01/2050	4.000%	4,500,000	4,586,602
Series 2021C
12/01/2027	4.000%	1,225,000	1,255,559
Municipal Electric Authority of Georgia
Refunding Revenue Bonds
Power
Series 2018HH
01/01/2023	5.000%	875,000	893,072
Total			21,505,196
Guam 0.4%
Guam Power Authority^(f),(h)
Refunding Revenue Bonds
Series 2022A
10/01/2025	5.000%	2,375,000	2,492,801
Territory of Guam^(h)
Refunding Revenue Bonds
Section 30
Series 2016A
12/01/2022	5.000%	500,000	508,364
Total			3,001,165

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Idaho 0.6%
Idaho Health Facilities Authority
Prerefunded 10/01/24 Revenue Bonds
Terraces of Boise Project
Series 2014A
10/01/2044	8.000%	3,700,000	4,158,672
Idaho Housing & Finance Association
Revenue Bonds
Sunset Landing Apartment Project
Series 2021
07/01/2024	0.700%	820,000	786,322
Total			4,944,994
Illinois 9.3%
Chicago Board of Education
Unlimited General Obligation Refunding Bonds
Series 2021B
12/01/2022	5.000%	400,000	406,643
Chicago Housing Authority
Revenue Bonds
Series 2018A (HUD)
01/01/2023	5.000%	1,000,000	1,016,398
Chicago Midway International Airport^(d)
Refunding Revenue Bonds
Junior 2nd Lien
Series 2014A
01/01/2027	5.000%	2,885,000	2,974,033
Series 2016A
01/01/2024	5.000%	2,000,000	2,071,067
Chicago O’Hare International Airport^(d)
Refunding Revenue Bonds
Series 2015A
01/01/2028	5.000%	2,515,000	2,623,608
City of Chicago
Unlimited General Obligation Refunding Bonds
Series 2020A
01/01/2024	5.000%	340,000	351,298
Series 2021A
01/01/2029	5.000%	2,000,000	2,138,007
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2008
01/01/2024	5.000%	2,200,000	2,286,915
City of Chicago Waterworks
Refunding Revenue Bonds
Series 2016
11/01/2022	5.000%	3,220,000	3,270,466

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Cook County Community College District No. 535 Oakton
Prerefunded 12/01/24 Limited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027	4.000%	200,000	207,601
Cook County School District No. 99 Cicero
Unlimited General Obligation Refunding Bonds
Series 2019
12/01/2023	5.000%	575,000	595,393
County of Cook Sales Tax
Revenue Bonds
Series 2012
11/15/2024	5.000%	810,000	823,384
Illinois Development Finance Authority^(g)
Revenue Bonds
Regency Park
Series 1991 Escrowed to Maturity
07/15/2025	0.000%	2,010,000	1,847,265
Zero Regency Park
Series 1991 Escrowed to Maturity
07/15/2023	0.000%	2,395,000	2,331,056
Illinois Finance Authority
Improvement Refunding Bonds
Chicago International
Series 2017
12/01/2022	5.000%	290,000	293,743
Refunding Revenue Bonds
American Water Capital Corp. Project
Series 2020 (Mandatory Put 09/01/23)
05/01/2040	0.700%	2,000,000	1,951,224
Lifespace Communities
Series 2015
05/15/2023	5.000%	250,000	254,842
05/15/2024	5.000%	450,000	465,548
OSF Healthcare System
Series 2015A
11/15/2022	5.000%	555,000	564,737
Illinois Finance Authority^(c)
Refunding Revenue Bonds
Presbyterian Homes
Series 2021 (Mandatory Put 05/01/26)
Muni Swap Index Yield + 0.700% 05/01/2042	1.140%	1,250,000	1,252,607
Illinois Housing Development Authority
Revenue Bonds
Senior
Series 2016A
10/01/2031	3.125%	1,325,000	1,312,653
Series 2021C (FHA)
07/01/2026	0.800%	1,000,000	921,947

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

12	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kane Cook & DuPage Counties School District No. U-46 Elgin^(g)
Unrefunded Unlimited General Obligation Bonds
Series 2003B (AMBAC)
01/01/2023	0.000%	2,000,000	1,972,068
Kendall Kane & Will Counties Community Unit School District No. 308
Unlimited General Obligation Refunding Bonds
Series 2011A
02/01/2023	5.500%	2,000,000	2,051,522
Metropolitan Pier & Exposition Authority
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
06/15/2024	3.000%	2,250,000	2,249,039
06/15/2025	3.000%	2,000,000	1,988,768
Northern Illinois University
Refunding Revenue Bonds
Northern University of Illinois
Series 2020B (BAM)
04/01/2025	5.000%	400,000	423,359
Revenue Bonds
Board of Trustees
Series 2021 (BAM)
10/01/2025	5.000%	310,000	330,820
10/01/2026	5.000%	250,000	270,360
Railsplitter Tobacco Settlement Authority
Revenue Bonds
Series 2017
06/01/2023	5.000%	2,415,000	2,477,407
06/01/2024	5.000%	3,000,000	3,126,565
Sales Tax Securitization Corp.
Refunding Revenue Bonds
Series 2018C
01/01/2023	5.000%	1,000,000	1,021,254
State of Illinois
Unlimited General Obligation Bonds
Senior
Series 2014
05/01/2026	5.000%	2,000,000	2,073,394
05/01/2027	5.000%	1,500,000	1,553,394
Series 2017D
11/01/2022	5.000%	2,000,000	2,028,375
11/01/2028	5.000%	4,775,000	5,127,722
Series 2020B
10/01/2026	5.000%	1,000,000	1,070,924
Series 2020C
05/01/2022	5.125%	500,000	500,114
05/01/2023	5.375%	250,000	256,849
Series 2020D
10/01/2022	5.000%	500,000	506,057
10/01/2024	5.000%	2,000,000	2,093,079

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2021A
03/01/2024	5.000%	1,250,000	1,297,639
03/01/2025	5.000%	500,000	525,926
03/01/2028	5.000%	2,500,000	2,701,505
Series 2021B
03/01/2023	5.000%	2,500,000	2,552,446
Unlimited General Obligation Refunding Bonds
Series 2018A
10/01/2023	5.000%	2,300,000	2,372,867
Series 2021C
03/01/2024	4.000%	1,000,000	1,020,430
Village of Bolingbrook
Refunding Special Tax Bonds
Series 2018 (AGM)
03/01/2023	4.000%	510,000	518,225
Total			72,070,543
Indiana 2.6%
City of Whiting^(d)
Refunding Revenue Bonds
BP Products North America
Series 2019 (Mandatory Put 06/05/26)
12/01/2044	5.000%	1,000,000	1,065,288
Indiana Finance Authority^(d)
Prerefunded 07/01/23 Revenue Bonds
Ohio River Bridges East End Crossing Project
Series 2013
07/01/2044	5.000%	3,000,000	3,083,186
Private Activity - Ohio River Bridges East End Crossing Project
Series 2013
01/01/2051	5.250%	11,500,000	11,851,548
Indiana Finance Authority
Refunding Revenue Bonds
Indianapolis Power & Light Co. Project
Series 2021
08/01/2025	0.650%	1,500,000	1,356,206
Indianapolis Local Public Improvement Bond Bank^(d)
Refunding Revenue Bonds
Series 2021
01/01/2026	5.000%	2,750,000	2,837,148
Total			20,193,376
Iowa 1.1%
City of Waverly
Revenue Bonds
Waverly Health Center Project
BAN Series 2019
12/31/2022	2.500%	500,000	497,495

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Iowa Finance Authority
Prerefunded 07/01/23 Revenue Bonds
Genesis Health System
Series 2013
07/01/2025	5.000%	2,500,000	2,579,510
Iowa Student Loan Liquidity Corp.^(d)
Refunding Revenue Bonds
Series 2019B
12/01/2022	5.000%	400,000	407,249
12/01/2023	5.000%	1,880,000	1,953,786
Revenue Bonds
Series 2015A
12/01/2022	5.000%	2,000,000	2,036,248
PEFA, Inc.
Revenue Bonds
Series 2019 (Mandatory Put 09/01/26)
09/01/2049	5.000%	1,045,000	1,102,780
Total			8,577,068
Kansas 0.3%
City of Eudora
Unlimited General Obligation Bonds
Temporary Notes
Series 2021A
09/01/2023	3.000%	2,485,000	2,512,791
Kentucky 2.9%
City of Henderson^(d),(e)
Revenue Bonds
Pratt Paper LLC Project
Series 2022
01/01/2032	3.700%	1,000,000	976,899
County of Owen
Refunding Revenue Bonds
Kentucky-American Water Co. Project
Series 2020 (Mandatory Put 09/01/23)
06/01/2040	0.700%	1,250,000	1,219,515
Kenton County School District Finance Corp.
Refunding Revenue Bonds
Series 2015B
10/01/2025	3.000%	1,995,000	2,010,704
Kentucky Asset Liability Commission
Revenue Bonds
Project Notes - Federal Highway Trust Fund
Series 2015
09/01/2023	5.000%	500,000	518,408
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2022	5.000%	1,000,000	1,003,081

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kentucky Interlocal School Transportation Association
Refunding Certificate of Participation
Series 2021
03/01/2025	1.250%	1,485,000	1,388,477
03/01/2026	1.250%	1,210,000	1,103,600
Kentucky Public Energy Authority
Revenue Bonds
Series 2018A (Mandatory Put 04/01/24)
04/01/2048	4.000%	2,780,000	2,819,416
Series 2018B
07/01/2023	4.000%	750,000	761,412
Series 2019A-1 (Mandatory Put 06/01/25)
12/01/2049	4.000%	5,000,000	5,071,161
Series 2020A (Mandatory Put 06/01/26)
12/01/2050	4.000%	1,355,000	1,387,462
Kentucky Public Energy Authority^(c)
Revenue Bonds
Series 2019A-2 (Mandatory Put 06/01/25)
0.7 x 1-month USD LIBOR + 1.120% 12/01/2049	1.424%	1,000,000	992,392
Louisville Regional Airport Authority^(d)
Refunding Revenue Bonds
Series 2014-A
07/01/2022	5.000%	1,625,000	1,633,592
Louisville/Jefferson County Metropolitan Government
Unrefunded Revenue Bonds
Norton Healthcare, Inc.
Series 2020 (Mandatory Put 10/01/23)
10/01/2047	5.000%	1,125,000	1,163,324
Total			22,049,443
Louisiana 1.1%
Lake Charles Harbor & Terminal District^(a),(d)
Revenue Bonds
Big Lake Fuels LLC Project
Series 2021 (Mandatory Put 12/01/24)
12/01/2051	1.000%	5,000,000	4,662,428
Louisiana Housing Corp.
Refunding Revenue Bonds
Section 8 Assisted - 202 Elderly Projects
Series 2013
12/01/2031	2.500%	5,000	5,000
Louisiana Local Government Environmental Facilities & Community Development Authority
Refunding Revenue Bonds
Entergy Louisiana LLC Project
Series 2021
06/01/2030	2.000%	1,250,000	1,089,968

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

14	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Louisiana Offshore Terminal Authority
Refunding Revenue Bonds
Loop LLC Project
Series 2019 (Mandatory Put 12/01/23)
09/01/2027	1.650%	1,000,000	986,959
Parish of St. Charles
Revenue Bonds
Valero Energy Corp.
Series 2010 (Mandatory Put 06/01/22)
12/01/2040	4.000%	2,015,000	2,018,126
Total			8,762,481
Maryland 1.5%
City of Rockville
Refunding Revenue Bonds
Ingelside at King Farm Project
Series 2017
11/01/2022	5.000%	500,000	503,178
Maryland Community Development Administration
Refunding Revenue Bonds
Social Bonds
Series 2021C
03/01/2029	1.550%	3,240,000	2,910,567
Revenue Bonds
Series 2021B
03/01/2027	0.900%	860,000	774,443
Maryland Economic Development Corp.^(d)
Revenue Bonds
Green Bonds - Purple Line Light Rail Project
Series 2022
11/12/2028	5.000%	2,000,000	2,098,810
Maryland Health & Higher Educational Facilities Authority
Prerefunded 07/01/24 Revenue Bonds
Western Maryland Health System
Series 2014
07/01/2025	5.250%	2,500,000	2,647,024
Refunding Revenue Bonds
University of Maryland Medical System
Series 2020 (Mandatory Put 07/01/25)
07/01/2045	5.000%	1,500,000	1,590,950
State of Maryland Department of Transportation^(f)
Refunding Revenue Bonds
Series 2022B
12/01/2027	5.000%	1,205,000	1,319,287
Total			11,844,259

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts 2.4%
Boston Housing Authority
Refunding Revenue Bonds
Series 2020A
10/01/2022	0.600%	535,000	531,463
04/01/2023	0.650%	590,000	578,358
10/01/2023	0.700%	470,000	453,723
City of Lynn
Limited General Obligation Notes
BAN Series 2021
09/01/2022	1.250%	5,000,000	4,994,682
Massachusetts Development Finance Agency^(e)
Prerefunded 11/15/23 Revenue Bonds
North Hill Communities
Series 2013A
11/15/2033	6.250%	2,245,000	2,381,971
11/15/2043	6.500%	5,000,000	5,319,893
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Boston Medical Center
Series 2016E
07/01/2022	5.000%	315,000	316,645
Series 2019A
07/01/2024	5.000%	260,000	271,636
Massachusetts Educational Financing Authority^(d)
Revenue Bonds
Education Loan
Series 2021
07/01/2025	5.000%	750,000	795,914
07/01/2026	5.000%	1,120,000	1,206,964
Senior Revenue Bonds
Series 2019B
07/01/2023	5.000%	500,000	515,552
Massachusetts Housing Finance Agency
Revenue Bonds
Series 2021A-2 (HUD)
06/01/2024	0.400%	500,000	474,174
Massachusetts Port Authority^(d)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2026	5.000%	885,000	948,344
Total			18,789,319
Michigan 2.2%
Great Lakes Water Authority Water Supply System
Refunding Revenue Bonds
Senior Lien
Subordinated Series 2018A
07/01/2023	5.000%	800,000	825,350

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan Finance Authority
Refunding Revenue Bonds
McLaren Health Care
Series 2021D-1
10/15/2026	0.900%	2,495,000	2,306,280
10/15/2027	1.100%	1,650,000	1,442,219
Revenue Bonds
Variable Bronson Health Care Group
Series 2019 (Mandatory Put 11/15/22)
11/15/2044	3.500%	1,000,000	1,009,029
Michigan Finance Authority^(d)
Refunding Revenue Bonds
Student Loan
Series 2014-25A
11/01/2023	3.500%	3,165,000	3,186,810
Michigan State Housing Development Authority
Revenue Bonds
Series 2021A
04/01/2025	0.550%	1,000,000	943,068
Michigan Strategic Fund^(d)
Revenue Bonds
Consumers Energy Co. Project
Series 2021 (Mandatory Put 10/08/26)
04/01/2035	0.875%	1,335,000	1,204,885
Green Bonds
Series 2021 (Mandatory Put 10/01/26)
10/01/2061	4.000%	2,000,000	2,042,139
Wayne County Airport Authority^(d)
Refunding Revenue Bonds
Junior Lien
Series 2017B
12/01/2022	5.000%	1,100,000	1,118,336
Series 2015F
12/01/2027	5.000%	2,810,000	2,982,248
Total			17,060,364
Minnesota 0.7%
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2022	4.000%	500,000	500,086
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2022	3.000%	100,000	99,904
08/01/2023	3.000%	200,000	198,930
08/01/2024	3.000%	100,000	98,884
08/01/2025	3.000%	200,000	196,169
08/01/2026	3.000%	250,000	242,601

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Hastings Independent School District No. 200^(g)
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2023	0.000%	800,000	789,213
Minnesota Housing Finance Agency^(d)
Refunding Revenue Bonds
Series 2021C (GNMA)
07/01/2023	0.450%	240,000	234,489
01/01/2024	0.600%	380,000	367,279
Revenue Bonds
Series 2020A
07/01/2022	1.300%	155,000	154,923
07/01/2023	1.350%	200,000	197,297
Series 2020A (GNMA)
07/01/2024	1.450%	125,000	121,335
Series 2020D (GNMA)
07/01/2026	1.650%	380,000	354,392
Series 2020H
01/01/2023	0.550%	190,000	188,287
07/01/2023	0.600%	215,000	210,816
01/01/2024	0.650%	180,000	174,604
07/01/2024	0.700%	190,000	182,196
01/01/2025	0.800%	345,000	327,382
07/01/2025	0.850%	365,000	343,017
Total			4,981,804
Mississippi 0.4%
County of Warren^(d)
Refunding Revenue Bonds
International Paper Co. Project
Series 2020 (Mandatory Put 06/16/25)
08/01/2027	1.600%	1,000,000	955,537
Mississippi Business Finance Corp.^(d)
Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 06/03/24)
03/01/2027	2.200%	1,250,000	1,222,519
State of Mississippi Gaming Tax
Revenue Bonds
Series 2019A
10/15/2024	5.000%	750,000	790,448
Total			2,968,504
Missouri 0.1%
Missouri Development Finance Board
Refunding Revenue Bonds
Crackerneck Creek Project
Series 2021
03/01/2025	5.000%	425,000	441,225
03/01/2026	5.000%	300,000	313,633
Total			754,858

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

16	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Nebraska 0.8%
Central Plains Energy Project
Refunding Revenue Bonds
Project #3
Series 2017A
09/01/2026	5.000%	680,000	729,378
Revenue Bonds
Project No. 4
Series 2018 (Mandatory Put 01/01/24)
03/01/2050	5.000%	1,000,000	1,026,143
Nebraska Investment Finance Authority
Refunding Revenue Bonds
Social Bonds
Series 2021C (FNMA)
03/01/2024	5.000%	1,520,000	1,585,333
Revenue Bonds
Series 2018C
09/01/2023	2.250%	1,920,000	1,914,241
Nebraska Public Power District
Refunding Revenue Bonds
Series 2021A
01/01/2023	5.000%	1,135,000	1,158,745
Total			6,413,840
Nevada 1.3%
City of Carson City
Refunding Revenue Bonds
Tahoe Regional Medical Center
Series 2017
09/01/2022	5.000%	500,000	505,610
City of North Las Vegas
Limited General Obligation Refunding Bonds
Building
Series 2018 (AGM)
06/01/2023	5.000%	1,000,000	1,028,648
City of Sparks^(e)
Refunding Revenue Bonds
Sales Tax
Series 2019A
06/15/2024	2.500%	345,000	338,842
County of Clark Department of Aviation^(d)
Refunding Revenue Bonds
Junior Subordinated Series 2021B
07/01/2025	5.000%	2,590,000	2,736,517
Las Vegas McCarran International Airport
Series 2017
07/01/2022	5.000%	2,240,000	2,252,028
Subordinated Series 2017A-1
07/01/2022	5.000%	3,000,000	3,016,108
Total			9,877,753

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Hampshire 0.5%
New Hampshire Business Finance Authority
Refunding Revenue Bonds
Springpoint Senior Living
Series 2021
01/01/2025	4.000%	290,000	295,640
01/01/2026	4.000%	265,000	270,879
New Hampshire Business Finance Authority^(c),(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 (Mandatory Put 07/01/24)
Muni Swap Index Yield + 0.375% 10/01/2033	0.815%	2,000,000	1,989,969
New Hampshire Business Finance Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 07/01/24)
07/01/2027	2.150%	1,000,000	976,183
Total			3,532,671
New Jersey 6.1%
City of Newark
Unlimited General Obligation Refunding Bonds
School Bond Reserve Fund
Series 2020B
10/01/2022	5.000%	400,000	405,010
Garden State Preservation Trust^(g)
Revenue Bonds
Capital Appreciation
Series 2003B (AGM)
11/01/2022	0.000%	5,000,000	4,947,611
New Jersey Economic Development Authority^(d)
Refunding Revenue Bonds
American Water Co.
Series 2020B (Mandatory Put 06/01/23)
11/01/2034	1.200%	3,000,000	2,960,589
New Jersey-American Water Company, Inc. Project
Series 2020
12/01/2025	0.850%	2,750,000	2,501,245
New Jersey Economic Development Authority
Refunding Revenue Bonds
School Facilities Construction
Series 2013
03/01/2023	5.000%	2,520,000	2,582,262
Series 2015XX
06/15/2026	4.250%	2,355,000	2,443,503
Series 2017B
11/01/2022	5.000%	2,285,000	2,322,520

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Self-Designated Social Bonds
Series 2021
06/15/2022	5.000%	200,000	200,917
06/15/2023	5.000%	220,000	226,741
06/15/2024	5.000%	600,000	626,693
New Jersey Health Care Facilities Financing Authority
Refunding Revenue Bonds
Hackensack Meridian Health
Series 2017
07/01/2022	5.000%	790,000	794,735
Hospital Asset Transformation Program
Series 2017
10/01/2031	5.000%	2,000,000	2,149,929
Hospital Asset Transformation Project
Series 2017
10/01/2026	5.000%	650,000	701,208
New Jersey Higher Education Student Assistance Authority
Refunding Revenue Bonds
Series 2019A
12/01/2029	2.375%	140,000	138,176
New Jersey Higher Education Student Assistance Authority^(d)
Refunding Revenue Bonds
Series 2020A
12/01/2022	5.000%	1,000,000	1,018,124
Revenue Bonds
Senior Series 2016-1A
12/01/2025	5.000%	1,000,000	1,073,554
12/01/2026	5.000%	1,000,000	1,069,332
Series 2015-1A
12/01/2027	4.000%	2,040,000	2,058,678
Series 2017-1A
12/01/2023	5.000%	4,125,000	4,283,641
Series 2020B
12/01/2022	5.000%	1,150,000	1,170,843
New Jersey Higher Education Student Assistance Authority^(d),(f)
Senior Revenue Bonds
Series 2022B
12/01/2024	5.000%	885,000	928,514
New Jersey Housing & Mortgage Finance Agency^(d)
Refunding Revenue Bonds
Series 2020F (HUD)
04/01/2026	1.500%	3,220,000	3,002,462
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Series 2021A
06/15/2026	5.000%	250,000	268,613
Series 2022AA
06/15/2027	5.000%	3,185,000	3,453,998

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Transportation System
Series 2018A
12/15/2023	5.000%	250,000	259,229
Revenue Bonds
Transportation System
Series 2010D
12/15/2023	5.000%	2,375,000	2,462,679
State of New Jersey
Unlimited General Obligation Bonds
COVID-19 Emergency Bonds
Series 2020
06/01/2023	4.000%	1,000,000	1,017,529
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2022	5.000%	2,000,000	2,005,390
Total			47,073,725
New Mexico 0.6%
City of Farmington^(d)
Refunding Revenue Bonds
Public Service Co. of New Mexico San Juan Project
Series 2020 (Mandatory Put 06/01/22)
06/01/2040	1.200%	1,500,000	1,498,495
City of Farmington
Refunding Revenue Bonds
Public Service Co. of New Mexico San Juan Project
Series 2020 (Mandatory Put 06/01/24)
06/01/2040	1.150%	2,000,000	1,916,565
New Mexico Hospital Equipment Loan Council
Revenue Bonds
La Vida Expansion Project
Series 2019
07/01/2024	2.375%	1,000,000	978,794
Total			4,393,854
New York 12.8%
Chautauqua County Capital Resource Corp.
Refunding Revenue Bonds
NRG Energy Project
Series 2020 (Mandatory Put 04/03/23)
04/01/2042	1.300%	5,000,000	4,917,632
City of Schenectady^(f)
Limited General Obligation Notes
BAN Series 2022
05/05/2023	3.500%	4,985,778	5,034,040
County of Madison
Limited General Obligation Notes
BAN Series 2021
11/23/2022	1.500%	2,680,000	2,674,867

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

18	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Montgomery
Limited General Obligation Notes
BAN Series 2021
08/04/2022	1.000%	5,050,000	5,044,012
East Ramapo Central School District
Unlimited General Obligation Notes
Series 2021
05/05/2022	1.250%	600,000	600,057
Huntington Local Development Corp.
Revenue Bonds
Fountaingate Garden Project
Series 2021
07/01/2025	3.000%	1,725,000	1,638,259
Series 2021B
07/01/2027	4.000%	1,000,000	963,757
Keene Central School District
Unlimited General Obligation Notes
BAN Series 2021
11/18/2022	1.500%	7,600,000	7,587,296
Long Island Power Authority^(c)
Refunding Revenue Bonds
Series 2018C (Mandatory Put 10/01/23)
0.7 x 1-month USD LIBOR + 0.750% 05/01/2033	1.068%	1,000,000	995,120
Metropolitan Transportation Authority
Refunding Revenue Bonds
Transportation
Subordinated Series 2021 (AGM) (Mandatory Put 04/01/24)
11/01/2032	0.737%	500,000	499,628
Revenue Bonds
BAN Series 2019D-1
09/01/2022	5.000%	1,500,000	1,515,431
Green Bonds
Subordinated Series 2019A (Mandatory Put 11/15/24)
11/15/2048	5.000%	1,000,000	1,048,279
Series 2020A-1
02/01/2023	5.000%	5,750,000	5,851,678
New York City Housing Development Corp.
Revenue Bonds
Sustainability Bonds
Series 2020 (FHA) (Mandatory Put 05/01/25)
11/01/2060	0.700%	4,680,000	4,348,575
Sustainable Development
Series 2021 (FHA) (Mandatory Put 07/01/25)
05/01/2061	0.600%	4,000,000	3,688,988
New York Liberty Development Corp.
Refunding Revenue Bonds
Green Bonds - 4 World Trade Center Project
Series 2021
11/15/2031	1.900%	950,000	769,160

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York State Dormitory Authority^(e)
Refunding Revenue Bonds
Garnet Health Medical Center
Series 2017
12/01/2022	5.000%	600,000	610,979
New York Transportation Development Corp.^(d)
Refunding Revenue Bonds
American Airlines, Inc. Project
Series 2021
08/01/2026	2.250%	2,500,000	2,335,799
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2023	5.000%	3,450,000	3,543,774
12/01/2025	5.000%	1,400,000	1,465,522
Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2026	5.000%	2,500,000	2,631,022
New York Transportation Development Corp.
Refunding Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2024	5.000%	2,025,000	2,119,125
Port Authority of New York & New Jersey^(d)
Refunding Revenue Bonds
Series 2021-226
10/15/2026	5.000%	2,670,000	2,878,625
10/15/2027	5.000%	1,625,000	1,770,790
10/15/2028	5.000%	1,750,000	1,923,578
State of New York Mortgage Agency^(d)
Refunding Revenue Bonds
Series 2019-221
04/01/2024	1.800%	2,000,000	1,955,675
Social Bonds
Series 2021-232
10/01/2023	5.000%	460,000	474,892
04/01/2024	5.000%	355,000	369,080
10/01/2024	5.000%	370,000	387,462
Series 2021-235
04/01/2026	1.050%	1,275,000	1,171,092
10/01/2026	1.150%	1,335,000	1,217,348
04/01/2027	1.300%	2,705,000	2,490,458
Revenue Bonds
Social Bonds
Series 2021-240
04/01/2024	0.750%	1,595,000	1,528,778
10/01/2024	0.850%	1,970,000	1,867,492
04/01/2025	0.950%	2,485,000	2,329,230
10/01/2025	1.050%	1,000,000	929,610
04/01/2026	1.200%	1,220,000	1,127,238

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Triborough Bridge & Tunnel Authority^(c)
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2021 (Mandatory Put 02/01/24)
0.7 x SOFR + 0.380% 01/01/2032	0.568%	1,958,988	1,954,771
Village of Fishkill
Limited General Obligation Notes
BAN Series 2021
10/21/2022	0.750%	6,000,000	5,972,293
Watervliet City School District
Unlimited General Obligation Notes
BAN Series 2022
04/26/2023	3.250%	5,000,000	5,048,163
Windsor Central School District
Unlimited General Obligation Notes
BAN Series 2021
11/01/2022	1.500%	3,950,000	3,944,535
Total			99,224,110
North Carolina 1.2%
North Carolina Eastern Municipal Power Agency⁽ⁱ⁾
Revenue Bonds
Series 1993 (FGIC)
01/01/2025	3.100%	600,000	592,687
North Carolina Housing Finance Agency
Revenue Bonds
Home Ownership
Series 2021-47 (GNMA)
01/01/2028	1.050%	1,580,000	1,416,819
North Carolina Medical Care Commission
Prerefunded 09/01/23 Revenue Bonds
United Church Homes and Services
Series 2017
09/01/2041	5.000%	2,120,000	2,257,231
Refunding Revenue Bonds
United Methodist Retirement Homes (The)
Series 2017 Escrowed to Maturity
10/01/2022	5.000%	350,000	354,762
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2025	5.000%	1,500,000	1,572,015
Series 2018
01/01/2025	5.000%	1,110,000	1,163,291
Revenue Bonds
BAN Series 2020
02/01/2024	5.000%	1,500,000	1,557,051

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina Turnpike Authority^(g)
Refunding Revenue Bonds
Series 2016C
07/01/2026	0.000%	780,000	665,818
Total			9,579,674
North Dakota 0.6%
North Dakota Housing Finance Agency^(d)
Refunding Revenue Bonds
Social Bonds
Series 2021C
01/01/2024	0.700%	1,800,000	1,744,354
07/01/2024	0.800%	1,685,000	1,615,541
01/01/2025	0.950%	975,000	926,525
Total			4,286,420
Ohio 1.5%
City of Cleveland Airport System^(d)
Refunding Revenue Bonds
Series 2019B
01/01/2024	5.000%	1,200,000	1,240,068
Hillsdale Local School District
Certificate of Participation
Ohio School Facilities Project
Series 2020 (BAM)
12/01/2022	4.000%	600,000	607,722
12/01/2023	4.000%	670,000	687,039
Ohio Air Quality Development Authority^(d)
Refunding Revenue Bonds
American Electric Power Co. Project
Series 2019 (Mandatory Put 10/01/24)
07/01/2028	2.100%	6,000,000	5,818,591
Ohio Turnpike & Infrastructure Commission^(f)
Refunding Revenue Bonds
Junior Lien - Infrastructure Projects
Series 2022
02/15/2026	5.000%	1,250,000	1,332,576
02/15/2027	5.000%	1,000,000	1,082,239
Port of Greater Cincinnati Development Authority
Revenue Bonds
Convention Center Hotel Acquisition and Demolition Project
Series 2020A
05/01/2023	3.000%	1,000,000	994,323
Total			11,762,558
Oklahoma 0.9%
Oklahoma Development Finance Authority^(d)
Revenue Bonds
Gilcrease Expressway West Project
Series 2020
07/06/2023	1.625%	4,600,000	4,522,602

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

20	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tulsa Airports Improvement Trust^(d)
Prerefunded 06/01/24 Revenue Bonds
Series 2015A (BAM)
06/01/2035	5.000%	1,000,000	1,046,518
06/01/2045	5.000%	1,280,000	1,339,544
Total			6,908,664
Pennsylvania 6.0%
Allegheny County Airport Authority^(d)
Revenue Bonds
Series 2021A
01/01/2027	5.000%	1,155,000	1,240,303
City of Philadelphia Airport^(d)
Refunding Revenue Bonds
Private Activity
Series 2021
07/01/2027	5.000%	4,000,000	4,318,253
Series 2017B
07/01/2022	5.000%	500,000	502,562
07/01/2026	5.000%	3,360,000	3,595,075
Series 2020C
07/01/2023	5.000%	4,460,000	4,578,502
07/01/2025	5.000%	2,450,000	2,588,597
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2022	5.000%	1,000,000	1,003,115
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Meadowood Senior Living Project
Series 2018
12/01/2022	4.000%	250,000	251,703
12/01/2023	5.000%	320,000	330,484
Northampton County General Purpose Authority^(c)
Revenue Bonds
St. Luke’s University Health Network
Series 2018 (Mandatory Put 08/15/24)
0.7 x 1-month USD LIBOR + 1.040% 08/15/2048	1.358%	1,000,000	1,002,354
Pennsylvania Economic Development Financing Authority^(d)
Revenue Bonds
PA Bridges Finco
Series 2015
12/31/2029	5.000%	5,000,000	5,274,433
PA Bridges Finco LP
Series 2015
06/30/2022	5.000%	5,000,000	5,027,676
Pennsylvania Bridges Finco LP - P3 Project
Series 2015
12/31/2024	5.000%	2,450,000	2,561,238

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania Housing Finance Agency^(d)
Refunding Revenue Bonds
Social Bonds
Series 2021-134B
04/01/2023	5.000%	1,000,000	1,023,833
04/01/2025	5.000%	435,000	459,903
10/01/2025	5.000%	300,000	319,746
Pennsylvania Housing Finance Agency
Refunding Revenue Bonds
Social Bonds
Series 2021-136
04/01/2026	5.000%	250,000	271,807
04/01/2027	5.000%	750,000	827,333
10/01/2027	5.000%	175,000	194,391
Revenue Bonds
Series 2019-129
10/01/2034	2.950%	1,500,000	1,357,341
Series 2020-132A
04/01/2026	1.450%	1,400,000	1,326,067
10/01/2026	1.500%	1,500,000	1,412,799
Pennsylvania Turnpike Commission^(c)
Refunding Revenue Bonds
Series 2018A-1
Muni Swap Index Yield + 0.600% 12/01/2023	1.040%	5,000,000	5,000,806
Pennsylvania Turnpike Commission
Revenue Bonds
Subordinated Series 2021B
12/01/2027	5.000%	700,000	775,063
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2022	5.000%	560,000	566,376
09/01/2023	5.000%	450,000	465,606
Total			46,275,366
Puerto Rico 1.2%
Commonwealth of Puerto Rico^(h)
Unlimited General Obligation Bonds
Series 2021-A1
07/01/2025	5.375%	4,000,000	4,132,036
Puerto Rico Housing Finance Authority^(h)
Refunding Revenue Bonds
Public Housing Project
Series 2020
12/01/2022	5.000%	2,500,000	2,543,854
12/01/2023	5.000%	2,500,000	2,596,146
Total			9,272,036

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Rhode Island 0.9%
Rhode Island Housing & Mortgage Finance Corp.^(d)
Refunding Revenue Bonds
Homeownership Opportunity
Series 2016
04/01/2026	2.600%	1,235,000	1,211,177
10/01/2026	2.650%	1,575,000	1,542,539
Rhode Island Student Loan Authority^(d)
Refunding Revenue Bonds
Series 2018A
12/01/2022	5.000%	1,300,000	1,323,940
12/01/2023	5.000%	750,000	778,844
Revenue Bonds
Senior Program
Series 2019A
12/01/2023	5.000%	650,000	674,383
12/01/2024	5.000%	875,000	923,235
12/01/2035	2.875%	690,000	675,576
Total			7,129,694
South Carolina 1.4%
Patriots Energy Group Financing Agency
Revenue Bonds
Series 2018A (Mandatory Put 02/01/24)
10/01/2048	4.000%	2,550,000	2,586,944
Patriots Energy Group Financing Agency^(c)
Revenue Bonds
Series 2018B (Mandatory Put 02/01/24)
0.7 x 1-month USD LIBOR + 0.860% 10/01/2048	1.164%	1,000,000	994,135
South Carolina Ports Authority^(d)
Prerefunded 07/01/25 Revenue Bonds
Series 2015
07/01/2055	5.250%	5,650,000	6,047,030
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2020A
01/01/2024	1.500%	1,020,000	993,476
07/01/2024	1.550%	530,000	511,278
Total			11,132,863
Tennessee 0.6%
Memphis-Shelby County Airport Authority^(d)
Refunding Revenue Bonds
Series 2020B
07/01/2024	5.000%	2,235,000	2,330,722
Tennergy Corp.
Revenue Bonds
Series 2019A (Mandatory Put 10/01/24)
02/01/2050	5.000%	585,000	609,428

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tennessee Energy Acquisition Corp.
Revenue Bonds
Project
Series 2017A (Mandatory Put 05/01/23)
05/01/2048	4.000%	1,000,000	1,008,083
Series 2006C
02/01/2023	5.000%	790,000	804,671
Total			4,752,904
Texas 2.4%
Atascosa County Industrial Development Corp.
Refunding Revenue Bonds
San Miguel Electric Cooperative, Inc. Project
Series 2020
12/15/2024	5.000%	550,000	574,338
12/15/2026	5.000%	625,000	668,885
Central Texas Regional Mobility Authority
Revenue Bonds
Subordinated BAN Series 2020F
01/01/2025	5.000%	1,500,000	1,552,554
Subordinated Series 2021C
01/01/2027	5.000%	2,000,000	2,117,152
City of Houston Airport System^(d)
Refunding Revenue Bonds
Subordinated Series 2018C
07/01/2027	5.000%	1,890,000	2,040,374
City of San Antonio Airport System^(d)
Refunding Revenue Bonds
Lien
Subordinated Series 2019A
07/01/2024	5.000%	1,000,000	1,042,829
Fort Bend Independent School District
Unlimited General Obligation Bonds
Series 2019A (Mandatory Put 08/01/22)
08/01/2049	1.950%	830,000	829,938
Harris County Cultural Education Facilities Finance Corp.^(c)
Revenue Bonds
Natus Medical, Inc.
Series 2019 (Mandatory Put 12/04/24)
Muni Swap Index Yield + 0.570% 12/01/2049	1.010%	2,000,000	2,006,533
Irving Hospital Authority
Revenue Bonds
Baylor Scott & White Medical Center
Series 2017
10/15/2022	5.000%	215,000	218,223
La Joya Independent School District
Unlimited General Obligation Refunding Bonds
Series 2013
02/15/2028	5.000%	2,270,000	2,531,156

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

22	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port Beaumont Navigation District^(d),(e)
Revenue Bonds
Jefferson Gulf Coast Energy Project
Series 2021
01/01/2026	1.875%	700,000	654,334
Tarrant County Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Buckner Retirement Services
Series 2017
11/15/2022	5.000%	1,000,000	1,015,611
Texas Municipal Gas Acquisition & Supply Corp. III
Refunding Revenue Bonds
Senior
Series 2021
12/15/2022	5.000%	1,750,000	1,776,421
12/15/2028	5.000%	500,000	534,803
Series 2021
12/15/2025	5.000%	1,000,000	1,048,940
Total			18,612,091
Utah 0.5%
County of Utah
Revenue Bonds
IHC Health Services, Inc.
Series 2018B
05/15/2056	5.000%	3,750,000	3,757,099
Virginia 0.7%
Amelia County Industrial Development Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2021
04/01/2027	1.450%	1,750,000	1,571,701
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Virginia Hospital Center
Series 2020
07/01/2023	5.000%	740,000	764,140
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster-Canterbury Project
Series 2018
10/01/2023	5.000%	575,000	592,369
Henrico County Economic Development Authority⁽ⁱ⁾
Revenue Bonds
Registered Savrs
Series 1992 Escrowed to Maturity (AGM)
08/23/2027	0.562%	950,000	947,625

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Virginia Small Business Financing Authority
Refunding Revenue Bonds
LifeSpire of Virginia
Series 2021
12/01/2024	3.000%	220,000	216,934
12/01/2025	3.000%	230,000	224,120
12/01/2026	3.000%	235,000	226,111
National Senior Campuses
Series 2020
01/01/2023	5.000%	425,000	431,884
01/01/2024	5.000%	500,000	516,860
Total			5,491,744
Washington 2.0%
Chelan County Public Utility District No. 1^(d)
Refunding Revenue Bonds
Series 2020C
07/01/2023	5.000%	990,000	1,020,793
07/01/2024	5.000%	2,155,000	2,261,161
07/01/2025	5.000%	1,170,000	1,248,923
Port of Seattle^(d)
Refunding Revenue Bonds
Intermediate Lien
Series 2021
08/01/2025	5.000%	2,035,000	2,165,720
Revenue Bonds
Intermediate Lien
Series 2019
04/01/2023	5.000%	2,000,000	2,050,410
Series 2018B
05/01/2023	5.000%	2,000,000	2,053,465
Seattle Housing Authority
Revenue Bonds
Hinoki Apartments Project
Series 2020A
06/01/2023	3.000%	3,000,000	3,020,854
Washington State Housing Finance Commission^(d)
Refunding Revenue Bonds
Single Family Program
Series 2015
12/01/2022	2.600%	1,030,000	1,032,463
Washington State Housing Finance Commission
Revenue Bonds
Transforming Age Projects
Series 2019
01/01/2026	2.375%	425,000	403,214
Total			15,257,003

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
West Virginia 1.6%
West Virginia Economic Development Authority
Refunding Revenue Bonds
Appalachian Power Co. Amos Project
Series 2019 (Mandatory Put 04/01/24)
03/01/2040	2.550%	1,000,000	996,263
West Virginia Hospital Finance Authority
Prerefunded 06/01/23 Revenue Bonds
United Health System Obligation Group
Series 2013
06/01/2044	5.500%	10,500,000	10,840,416
Refunding Revenue Bonds
Cabell Huntington Hospital Obligation
Series 2018
01/01/2023	5.000%	555,000	565,132
Total			12,401,811
Wisconsin 2.1%
City of Milwaukee
Unlimited General Obligation Refunding Bonds
Promissory Notes
Series 2020N-4
04/01/2024	5.000%	1,500,000	1,566,049
Public Finance Authority
Prerefunded 10/01/22 Revenue Bonds
Voyager Foundation, Inc. Project
Series 2012A
10/01/2042	6.200%	1,715,000	1,747,368
Refunding Revenue Bonds
Retirement Housing Foundation
Series 2017
11/15/2022	5.000%	500,000	507,886
Public Finance Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2016
05/01/2027	2.875%	5,350,000	5,129,143
Wisconsin Health & Educational Facilities Authority
Refunding Revenue Bonds
Marshfield Clinic Health System, Inc.
Series 2020 (Mandatory Put 02/15/25)
02/15/2052	5.000%	3,500,000	3,685,136
Revenue Bonds
Aspirus, Inc. Obligation Group
Series 2017
08/15/2022	5.000%	200,000	202,022
08/15/2023	5.000%	205,000	212,333
Wisconsin Housing & Economic Development Authority^(d)
Refunding Revenue Bonds
Series 2017B (FHA)
09/01/2022	2.150%	870,000	870,670

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Series 2018A
09/01/2022	2.600%	710,000	711,212
Wisconsin Housing & Economic Development Authority
Revenue Bonds
Social Bonds
Series 2021
03/01/2024	0.450%	500,000	480,710
Series 2021C (GNMA)
03/01/2025	0.700%	425,000	402,597
03/01/2028	1.400%	700,000	634,406
Total			16,149,532
Wyoming 0.1%
Wyoming Community Development Authority^(d)
Refunding Revenue Bonds
Series 2020-3
06/01/2023	5.000%	955,000	980,811
Total Municipal Bonds (Cost $694,306,638)			669,941,390

Municipal Short Term 11.2%
Issue Description	Yield	Principal Amount ($)	Value ($)
California 0.8%
California Municipal Finance Authority^(d)
Refunding Revenue Bonds
Republic Services, Inc. Project
Series 2021 (Mandatory Put 04/01/22)
07/01/2041	1.880%	6,000,000	5,992,868
Kentucky 0.4%
Kentucky Economic Development Finance Authority^(d)
Refunding Revenue Bonds
Republic Services
Series 2016A (Mandatory Put 06/01/22)
04/01/2031	1.050%	3,200,000	3,198,029
Massachusetts 4.8%
Brockton Area Transit Authority
Revenue Notes
RAN Series 2021
07/29/2022	1.500%	6,300,000	6,295,904
Pioneer Valley Transit Authority
Revenue Notes
RAN Series 2021
07/15/2022	1.460%	5,000,000	5,000,267
Southeastern Massachusetts Regional 911 District
Limited General Obligation Notes
Series 2021
10/13/2022	1.670%	5,740,093	5,728,910

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

24	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Short Term (continued)
Issue Description	Yield	Principal Amount ($)	Value ($)
Southeastern Regional Transit Authority
Revenue Notes
Series 2021
08/19/2022	1.510%	6,000,000	5,990,440
Town of Orange
Limited General Obligation Notes
Series 2021
08/25/2022	1.560%	8,895,000	8,878,727
Worcester Regional Transit Authority
Revenue Notes
RAN Series 2021
06/24/2022	1.650%	5,000,000	4,996,798
Total			36,891,046
New York 4.7%
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2021
06/17/2022	1.390%	7,000,000	7,000,828
City of Long Beach
Limited General Obligation Notes
BAN Series 2022A
02/17/2023	3.040%	5,000,000	4,959,019
County of Chemung
Limited General Obligation Notes
Series 2021
12/29/2022	1.920%	4,275,000	4,263,010
Henrietta Fire District
Limited General Obligation Notes
Series 2022
08/10/2022	1.550%	3,628,688	3,633,149
Orange & Ulster Counties Board of Cooperative Educational Services Sole Supervisory District
Revenue Notes
Series 2021
07/22/2022	1.460%	5,000,000	4,994,572
Poughkeepsie School District
Unlimited General Obligation Notes
Series 2021
06/28/2022	1.410%	6,000,000	5,995,931
Town of Oyster Bay
Limited General Obligation Notes
Series 2022
03/09/2023	2.180%	5,000,000	5,034,456
Total			35,880,965

Municipal Short Term (continued)
Issue Description	Yield	Principal Amount ($)	Value ($)
Oregon 0.1%
County of Gilliam^(a),(d)
Revenue Bonds
Waste Management, Inc. Project
Series 2019A (Mandatory Put 05/02/22)
08/01/2025	2.390%	1,000,000	1,000,037
Texas 0.4%
Mission Economic Development Corp.^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2020 (Mandatory Put 06/01/22)
07/01/2040	1.000%	3,300,000	3,297,890
Virginia 0.0%
Gloucester County Economic Development Authority^(a),(d)
Revenue Bonds
Waste Management Services
Series 2019 (Mandatory Put 05/02/22)
09/01/2038	2.390%	300,000	300,000
Total Municipal Short Term (Cost $86,930,134)			86,560,835

Money Market Funds 0.0%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.318%^(j)	88,029	88,020
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.283%^(j)	102,238	102,238
Total Money Market Funds (Cost $190,258)		190,258
Total Investments in Securities (Cost $797,927,030)		773,192,483
Other Assets & Liabilities, Net		(275,670)
Net Assets		$772,916,813

At April 30, 2022, securities and/or cash totaling $360,000 were pledged as collateral.

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

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Portfolio of Investments (continued)
April 30, 2022

Investments in derivatives

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 5-Year Note	(300)	06/2022	USD	(33,801,563)	539,694	—

Notes to Portfolio of Investments

(a)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2022.
(b)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(c)	Variable rate security. The interest rate shown was the current rate as of April 30, 2022.
(d)	Income from this security may be subject to alternative minimum tax.
(e)	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 April 30, 2022, the total value of these securities amounted to $17,743,720, which represents 2.30% of total net assets.
(f)	Represents a security purchased on a when-issued basis.
(g)	Zero coupon bond.
(h)	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 April 30, 2022, the total value of these securities amounted to $12,273,201, which represents 1.59% of total net assets.
(i)	Represents a variable rate security where the coupon adjusts periodically through an auction process.
(j)	The rate shown is the seven-day current annualized yield at April 30, 2022.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
BAN	Bond Anticipation Note
FGIC	Financial Guaranty Insurance Corporation
FHA	Federal Housing Authority
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HUD	Department of Housing and Urban Development
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corporation
RAN	Revenue Anticipation Note
SOFR	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.).

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

26	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

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Portfolio of Investments (continued)
April 30, 2022

Fair value measurements (continued)

■	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.

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the 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 control 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. The Committee reports to the Board, with members of the Committee meeting with 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 April 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Fixed Income Funds	—	5,000,000	—	5,000,000
Floating Rate Notes	—	11,500,000	—	11,500,000
Municipal Bonds	—	669,941,390	—	669,941,390
Municipal Short Term	—	86,560,835	—	86,560,835
Money Market Funds	190,258	—	—	190,258
Total Investments in Securities	190,258	773,002,225	—	773,192,483
Investments in Derivatives
Asset
Futures Contracts	539,694	—	—	539,694
Total	729,952	773,002,225	—	773,732,177

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
April 30, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $797,927,030)	$773,192,483
Cash	38,325
Margin deposits on:
Futures contracts	360,000
Receivable for:
Investments sold	14,334,541
Investments sold on a delayed delivery basis	1,088,990
Capital shares sold	1,095,744
Interest	7,888,988
Variation margin for futures contracts	51,563
Expense reimbursement due from Investment Manager	3,479
Prepaid expenses	8,913
Total assets	798,063,026
Liabilities
Payable for:
Investments purchased	4,654,967
Investments purchased on a delayed delivery basis	18,065,996
Capital shares purchased	1,480,866
Distributions to shareholders	672,714
Management services fees	9,117
Distribution and/or service fees	583
Transfer agent fees	32,088
Compensation of board members	195,495
Other expenses	34,387
Total liabilities	25,146,213
Net assets applicable to outstanding capital stock	$772,916,813
Represented by
Paid in capital	802,905,254
Total distributable earnings (loss)	(29,988,441)
Total - representing net assets applicable to outstanding capital stock	$772,916,813

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

28	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

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Statement of Operations
Year Ended April 30, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$7,462
Interest	10,027,283
Total income	10,034,745
Expenses:
Management services fees	3,328,375
Distribution and/or service fees
Class A	189,619
Class C	15,999
Transfer agent fees
Class A	74,407
Advisor Class	44,059
Class C	1,576
Institutional Class	103,348
Institutional 2 Class	61,955
Institutional 3 Class	23,773
Compensation of board members	38,595
Custodian fees	18,411
Printing and postage fees	25,775
Registration fees	103,188
Audit fees	39,690
Legal fees	19,429
Compensation of chief compliance officer	128
Other	18,994
Total expenses	4,107,321
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,159,421)
Fees waived by transfer agent
Institutional 2 Class	(1,429)
Institutional 3 Class	(23,773)
Expense reduction	(20)
Total net expenses	2,922,678
Net investment income	7,112,067
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(1,718,130)
Futures contracts	1,309,354
Net realized loss	(408,776)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(36,190,239)
Futures contracts	559,488
Net change in unrealized appreciation (depreciation)	(35,630,751)
Net realized and unrealized loss	(36,039,527)
Net decrease in net assets resulting from operations	$(28,927,460)

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

30	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2022		April 30, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	4,360,164	45,064,367	2,612,673	27,249,549
Fund reorganization	329,765	3,440,076	—	—
Distributions reinvested	41,180	425,903	55,153	575,463
Redemptions	(3,750,812)	(38,771,216)	(1,799,873)	(18,778,018)
Net increase	980,297	10,159,130	867,953	9,046,994
Advisor Class
Subscriptions	1,941,396	20,106,687	119,565	1,246,949
Fund reorganization	9,031,436	94,310,363	—	—
Distributions reinvested	14,451	148,451	1,089	11,383
Redemptions	(3,509,949)	(35,966,043)	(104,979)	(1,089,868)
Net increase	7,477,334	78,599,458	15,675	168,464
Class C
Subscriptions	50,002	515,694	36,887	385,098
Distributions reinvested	28	291	610	6,352
Redemptions	(58,838)	(606,710)	(205,718)	(2,144,595)
Net decrease	(8,808)	(90,725)	(168,221)	(1,753,145)
Institutional Class
Subscriptions	6,967,017	71,906,809	6,410,387	66,896,172
Distributions reinvested	80,211	829,511	100,600	1,049,830
Redemptions	(5,353,606)	(54,974,865)	(5,926,639)	(61,906,942)
Net increase	1,693,622	17,761,455	584,348	6,039,060
Institutional 2 Class
Subscriptions	7,090,797	73,918,172	2,177,094	22,699,582
Distributions reinvested	92,765	958,128	82,771	863,378
Redemptions	(2,655,624)	(27,372,308)	(988,288)	(10,315,639)
Net increase	4,527,938	47,503,992	1,271,577	13,247,321
Institutional 3 Class
Subscriptions	5,335,308	55,479,193	2,192,795	22,911,309
Distributions reinvested	6,526	67,287	5,633	58,755
Redemptions	(10,258,937)	(106,095,572)	(9,146,804)	(95,344,906)
Net decrease	(4,917,103)	(50,549,092)	(6,948,376)	(72,374,842)
Total net increase (decrease)	9,753,280	103,384,218	(4,377,044)	(45,626,148)

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

32	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

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, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2022	$10.46	0.07	(0.45)	(0.38)	(0.07)	(0.07)
Year Ended 4/30/2021	$10.26	0.11	0.20	0.31	(0.11)	(0.11)
Year Ended 4/30/2020	$10.35	0.15	(0.08)	0.07	(0.16)	(0.16)
Year Ended 4/30/2019	$10.26	0.15	0.09	0.24	(0.15)	(0.15)
Year Ended 4/30/2018	$10.36	0.11	(0.09)	0.02	(0.12)	(0.12)
Advisor Class
Year Ended 4/30/2022	$10.48	0.10	(0.47)	(0.37)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.27	0.13	0.21	0.34	(0.13)	(0.13)
Year Ended 4/30/2020	$10.36	0.18	(0.09)	0.09	(0.18)	(0.18)
Year Ended 4/30/2019	$10.27	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.36	0.14	(0.09)	0.05	(0.14)	(0.14)
Class C
Year Ended 4/30/2022	$10.46	(0.01)	(0.46)	(0.47)	(0.00)^(e)	(0.00)^(e)
Year Ended 4/30/2021	$10.25	0.03	0.21	0.24	(0.03)	(0.03)
Year Ended 4/30/2020	$10.34	0.08	(0.09)	(0.01)	(0.08)	(0.08)
Year Ended 4/30/2019	$10.25	0.07	0.10	0.17	(0.08)	(0.08)
Year Ended 4/30/2018	$10.35	0.03	(0.09)	(0.06)	(0.04)	(0.04)
Institutional Class
Year Ended 4/30/2022	$10.46	0.09	(0.45)	(0.36)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.26	0.13	0.20	0.33	(0.13)	(0.13)
Year Ended 4/30/2020	$10.35	0.18	(0.09)	0.09	(0.18)	(0.18)
Year Ended 4/30/2019	$10.26	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.36	0.13	(0.09)	0.04	(0.14)	(0.14)
Institutional 2 Class
Year Ended 4/30/2022	$10.46	0.09	(0.44)	(0.35)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.25	0.14	0.21	0.35	(0.14)	(0.14)
Year Ended 4/30/2020	$10.35	0.18	(0.09)	0.09	(0.19)	(0.19)
Year Ended 4/30/2019	$10.26	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.35	0.15	(0.09)	0.06	(0.15)	(0.15)

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

34	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2022	$10.01	(3.68%)	0.81%	0.66%^(c)	0.63%	69%	$79,026
Year Ended 4/30/2021	$10.46	2.99%	0.81%	0.66%^(c)	1.02%	46%	$72,327
Year Ended 4/30/2020	$10.26	0.63%	0.80%^(d)	0.66%^(c),(d)	1.48%	58%	$61,987
Year Ended 4/30/2019	$10.35	2.39%	0.81%	0.66%^(c)	1.44%	55%	$68,355
Year Ended 4/30/2018	$10.26	0.16%	0.81%	0.67%^(c)	1.08%	36%	$83,580
Advisor Class
Year Ended 4/30/2022	$10.02	(3.53%)	0.57%	0.41%^(c)	0.93%	69%	$76,764
Year Ended 4/30/2021	$10.48	3.34%	0.56%	0.41%^(c)	1.26%	46%	$1,899
Year Ended 4/30/2020	$10.27	0.89%	0.55%^(d)	0.41%^(c),(d)	1.72%	58%	$1,701
Year Ended 4/30/2019	$10.36	2.64%	0.56%	0.41%^(c)	1.74%	55%	$2,027
Year Ended 4/30/2018	$10.27	0.51%	0.56%	0.42%^(c)	1.33%	36%	$607
Class C
Year Ended 4/30/2022	$9.99	(4.48%)	1.56%	1.41%^(c)	(0.11%)	69%	$1,608
Year Ended 4/30/2021	$10.46	2.32%	1.56%	1.41%^(c)	0.30%	46%	$1,775
Year Ended 4/30/2020	$10.25	(0.12%)	1.55%^(d)	1.41%^(c),(d)	0.74%	58%	$3,464
Year Ended 4/30/2019	$10.34	1.62%	1.55%	1.41%^(c)	0.69%	55%	$6,322
Year Ended 4/30/2018	$10.25	(0.59%)	1.56%	1.42%^(c)	0.33%	36%	$10,327
Institutional Class
Year Ended 4/30/2022	$10.01	(3.44%)	0.56%	0.41%^(c)	0.88%	69%	$107,620
Year Ended 4/30/2021	$10.46	3.25%	0.56%	0.41%^(c)	1.27%	46%	$94,743
Year Ended 4/30/2020	$10.26	0.89%	0.55%^(d)	0.41%^(c),(d)	1.72%	58%	$86,870
Year Ended 4/30/2019	$10.35	2.64%	0.56%	0.41%^(c)	1.70%	55%	$104,300
Year Ended 4/30/2018	$10.26	0.40%	0.58%	0.44%^(c)	1.21%	36%	$112,699
Institutional 2 Class
Year Ended 4/30/2022	$10.01	(3.40%)	0.51%	0.37%	0.92%	69%	$127,702
Year Ended 4/30/2021	$10.46	3.39%	0.53%	0.37%	1.31%	46%	$86,120
Year Ended 4/30/2020	$10.25	0.83%	0.51%^(d)	0.37%^(d)	1.77%	58%	$71,372
Year Ended 4/30/2019	$10.35	2.69%	0.51%	0.36%	1.76%	55%	$27,329
Year Ended 4/30/2018	$10.26	0.55%	0.51%	0.37%	1.41%	36%	$18,813

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

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2022	$10.46	0.10	(0.45)	(0.35)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.25	0.14	0.21	0.35	(0.14)	(0.14)
Year Ended 4/30/2020	$10.35	0.19	(0.10)	0.09	(0.19)	(0.19)
Year Ended 4/30/2019	$10.25	0.18	0.11	0.29	(0.19)	(0.19)
Year Ended 4/30/2018	$10.36	0.15	(0.11)	0.04	(0.15)	(0.15)

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

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

36	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements
April 30, 2022

Note 1. Organization

Columbia Short Term Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (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 Delaware statutory 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

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

Debt securities generally are valued by pricing services approved by the Board of Trustees based upon 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.

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.

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Notes to Financial Statements (continued)
April 30, 2022

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 and under the general supervision of 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’ 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.

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Notes to Financial Statements (continued)
April 30, 2022

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 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.

40	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
April 30, 2022

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at April 30, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	539,694*

*	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 year ended April 30, 2022:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	1,309,354

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	559,488

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

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	39,390,460

*	Based on the ending quarterly outstanding amounts for the year ended April 30, 2022.

Delayed delivery securities

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

Security transactions

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

Income recognition

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

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

Corporate actions and dividend income are recorded on the ex-dividend date.

Columbia Short Term Municipal Bond Fund | Annual Report 2022

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Notes to Financial Statements (continued)
April 30, 2022

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

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

Expenses

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

Determination of class net asset value

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

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.

Note 3. Fees and other transactions with affiliates

Management services fees

42	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
April 30, 2022

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 0.43% to 0.28% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2022 was 0.43% 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 DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST 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, effective through August 31, 2024, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

For the year ended April 30, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.10
Advisor Class	0.11
Class C	0.10
Institutional Class	0.10
Institutional 2 Class	0.05
Institutional 3 Class	0.00

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
April 30, 2022

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

Distribution and service fees

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

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also 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 C shares of the Fund and 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 (unaudited)

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

	Front End (%)	CDSC (%)	Amount ($)
Class A	1.00	0.50^(a)	121,229
Class C	—	1.00^(b)	250

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

	Fee rate(s) contractual through August 31, 2024
Class A	0.66%
Advisor Class	0.41
Class C	1.41
Institutional Class	0.41
Institutional 2 Class	0.37
Institutional 3 Class	0.32

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Notes to Financial Statements (continued)
April 30, 2022

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. Prior to September 1, 2021, expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds) were excluded from the waivers/and or expense reimbursement arrangements. Reflected in the contractual cap commitment, effective through August 31, 2024, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. 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 April 30, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, tax straddles, distributions, capital loss carryforward and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(1)	(49,467)	49,468

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

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

Year Ended April 30, 2022				Year Ended April 30, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
96,825	7,081,649	—	7,178,474	5,908	9,487,773	—	9,493,681

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

At April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	961,281	—	(5,851,962)	(24,230,640)

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
797,962,817	362,750	(24,593,390)	(24,230,640)

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

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Notes to Financial Statements (continued)
April 30, 2022

The following capital loss carryforwards, determined at April 30, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended April 30, 2022, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(4,735,491)	(1,116,471)	(5,851,962)	—

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.

The Fund acquired $49,468 of capital loss carryforward in connection with the BMO Short Tax-Free Fund (the Acquired Fund) reorganization (Note 8). In addition to the acquired capital loss carryforward, the Fund also acquired unrealized capital gains as a result of the reorganization. The yearly utilization of the acquired capital loss carryforward may be limited by the Internal Revenue Code.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $481,731,438 and $475,855,456, respectively, for the year ended April 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2022.

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 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 0.11448% 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 28, 2021 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 one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.

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Notes to Financial Statements (continued)
April 30, 2022

The Fund had no borrowings during the year ended April 30, 2022.

Note 8. Fund reorganization

At the close of business on December 10, 2021, the Fund acquired the assets and assumed the identified liabilities of BMO Short Tax-Free Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on November 23, 2021. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the reorganization were $775,720,860 and the combined net assets immediately after the reorganization were $873,471,299.

The reorganization was accomplished by a tax-free exchange of 9,525,261 shares of the Acquired Fund valued at $97,750,439 (including $1,544,020 of unrealized appreciation/(depreciation)).

In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:

	Shares
Class A	329,765
Advisor Class	9,031,436

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.

The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.

Assuming the reorganization had been completed on May 1, 2021, the Fund’s pro-forma results of operations for the year ended April 30, 2022 would have been approximately:

	($)
Net investment income	7,995,000
Net realized loss	(310,000)
Net change in unrealized appreciation/(depreciation)	(36,561,000)
Net decrease in net assets from operations	(28,876,000)

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.

Interest rate risk

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Notes to Financial Statements (continued)
April 30, 2022

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

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

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Notes to Financial Statements (continued)
April 30, 2022

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 April 30, 2022, one unaffiliated shareholder of record owned 50.6% 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 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Short Term Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Short Term Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 23, 2022

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

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.

Exempt- interest dividends
98.65%

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

TRUSTEES AND OFFICERS

(Unaudited)

The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	176	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	174	Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	176	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	176	Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021	Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	176	Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	174	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; Consultant to Bridgewater and Associates	174	Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	176	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947	Trustee since 2003	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	176	Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	174	Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	176	Former Director, NAPE Education Foundation, October 2016-October 2020

The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	176	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

56	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.

Columbia Short Term Municipal Bond Fund | Annual Report 2022

Table of Contents

TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing the Fund’s liquidity risk. Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2021, through December 31, 2021, including:

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

58	Columbia Short Term Municipal Bond Fund \| Annual Report 2022

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	38
Federal Income Tax Information	39
Trustees and Officers	39
Liquidity Risk Management Program	45

If you elect to receive the shareholder report for Columbia California 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

Quarterly schedule of investments

Additional Fund information

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 California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from U.S. federal income tax and California individual income tax, consistent with moderate fluctuation of principal.

Portfolio management

Paul Fuchs, CFA

Co-Portfolio Manager

Managed Fund since 2012

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Anders Myhran, CFA*

Co-Portfolio Manager

Managed Fund since 2019

Prior to June 15, 2022, Deborah Vargo served as a Portfolio Manager of the Fund.

* Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Co-Portfolio Manager of the Fund.

Average annual total returns (%) (for the period ended April 30, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/09/02	-6.96	1.11	1.88
	Including sales charges		-9.74	0.50	1.57
Advisor Class*		03/19/13	-6.65	1.36	2.14
Class C	Excluding sales charges	09/11/02	-7.65	0.35	1.11
	Including sales charges		-8.57	0.35	1.11
Institutional Class		08/19/02	-6.74	1.36	2.13
Institutional 2 Class*		11/08/12	-6.72	1.42	2.20
Institutional 3 Class*		03/01/17	-6.66	1.47	2.18
Bloomberg California 3-15 Year Blend Municipal Bond Index			-7.48	1.41	2.24
Bloomberg 3-15 Year Blend Municipal Bond Index			-7.28	1.62	2.21

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 Bloomberg California 3-15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of investment-grade bonds issued from the state of California and its municipalities. Effective August 24, 2021, the Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index was re-branded as the Bloomberg California 3-15 Year Blend Municipal Bond Index.

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. Effective August 24, 2021, the Bloomberg Barclays 3–15 Year Blend Municipal Bond Index was re-branded as the Bloomberg 3–15 Year Blend Municipal Bond Index.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia California Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at April 30, 2022)
AAA rating	2.6
AA rating	51.1
A rating	30.4
BBB rating	11.6
BB rating	1.9
Not rated	2.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2022, Class A shares of Columbia California Intermediate Municipal Bond Fund returned -6.96% excluding sales charges. Institutional Class shares of the Fund returned -6.74%. The Fund outperformed its benchmark, the Bloomberg California 3-15 Year Blend Municipal Bond Index, which returned -7.48%, as well as the broader intermediate municipal bond market, measured by the Bloomberg 3-15 Year Blend Municipal Bond Index, which returned -7.28% for the same time period.

Market overview

The first quarter of 2022 closed with the Fund’s benchmark down 5.85% in the worst drawdown since the COVID-19 sell-off and the worst first quarter return since 1980. As is often the case with municipal bonds, negative returns precipitated outflows, which, in turn, led to more negative returns. Long and intermediate national bond funds, as well as high-yield bond funds, experienced the heaviest pressure. A silver lining to the sell-off was that credit fundamentals were not a concern, as evidenced by the modest differential between below-investment grade and investment-grade returns. A lack of high-yield supply helped to keep those returns relatively tight, and lower new issue supply avoided exacerbating the returns. Conditions persisted into the last month of the annual period, with the Bloomberg Municipal Bond Index posting a return of -2.77% in April 2022, and municipal bonds underperforming U.S. Treasuries for the month. However, rising interest rates coupled with outflows had a positive side effect for the municipal bond market. Excluding the brief COVID-19 sell-off, tax-exempt yields had not seen the levels of the first months of 2022 since early 2019. Indeed, versus other fixed-income sectors, taxable equivalent yields were attractive enough to begin enticing even bank and insurance buyers back into the municipal market. Buyers of municipal credit were also drawn in by the solid fundamentals underpinning state and local governments, which on the back of record tax collections, substantial federal aid and a growing economy, remained rather healthy. Credit upgrades outpaced downgrades, and defaults remained exceptionally low.

The California intermediate municipal market slightly underperformed the national intermediate municipal market. Underperforming sectors in California were local general obligation bonds, public power and transportation. The underperformance within these California sectors was not credit related but rather bond structure related. Bonds within these California sectors generally have lower coupons, more zero coupons and higher quality profiles, which renders them more sensitive to increases in interest rates. During the rising rate environment, these bonds underperformed.

The Fund’s notable contributors during the period

•	The Fund’s duration positioning contributed to the Fund’s performance versus the benchmark during the period.

○	We began to reduce the Fund’s duration early last summer as our view on the market was becoming less constructive. Building inflation pressures, the Fed’s plans to wind down its asset purchases and begin a cycle of raising interest rates prompted us to transition to a more defensive posture.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

○	The Fund’s duration relative to its benchmark went from just above the benchmark at the beginning of the period to almost one-half year short of its benchmark. This positioning change benefited the Fund as interest rates rose quickly at the start of 2022.

•	The Fund’s pre-refunded bonds, which had an average maturity of less than two years, and exposure to bonds maturing in less than two years also contributed to performance. In an environment of rising interest rates, shorter maturity bonds tend to outperform their longer maturity counterparts.

The Fund’s notable detractors during the period

•	The timing of some Fund purchases in late July - early August 2021 and again in December 2021 led to poor total returns for the Fund as these purchases were executed at the low in yields for the period.
•	Exposure to 4% coupon bonds, while less than the benchmark, was not helpful to performance as this coupon structure underperformed during the selloff.
•	Lastly, the Fund’s overweighting to lower investment-grade bonds detracted from performance as they underperformed higher rated bonds.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

6	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2021 — April 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	930.20	1,021.24	3.56	3.73	0.74
Advisor Class	1,000.00	1,000.00	932.10	1,022.49	2.36	2.47	0.49
Class C	1,000.00	1,000.00	927.60	1,017.50	7.16	7.49	1.49
Institutional Class	1,000.00	1,000.00	932.10	1,022.49	2.36	2.47	0.49
Institutional 2 Class	1,000.00	1,000.00	932.00	1,022.69	2.17	2.27	0.45
Institutional 3 Class	1,000.00	1,000.00	931.60	1,022.94	1.93	2.02	0.40

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 California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
April 30, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.1%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.1%
State of California^(a),(b)
Unlimited General Obligation Bonds
Kindergarten
Series 2013A2 (State Street)
05/01/2034	0.300%	335,000	335,000
Total Floating Rate Notes (Cost $335,000)			335,000

Municipal Bonds 95.5%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 10.3%
City of Los Angeles Department of Airports
Refunding Revenue Bonds
Subordinated Series 2015C
05/15/2029	5.000%	2,410,000	2,558,042
Subordinated Series 2019C
05/15/2035	5.000%	3,975,000	4,386,259
05/15/2037	5.000%	2,250,000	2,477,809
Revenue Bonds
Subordinated Series 2017B
05/15/2029	5.000%	330,000	361,723
05/15/2030	5.000%	500,000	546,694
City of Los Angeles Department of Airports^(c)
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2019
05/15/2038	5.000%	3,500,000	3,771,462
Senior Series 2020C
05/15/2038	5.000%	3,000,000	3,269,815
County of Orange Airport
Refunding Revenue Bonds
Series 2019A
07/01/2029	5.000%	200,000	220,609
Series 2019B
07/01/2029	5.000%	275,000	303,338
County of Sacramento Airport System
Refunding Revenue Bonds
Subordinated Series 2016B
07/01/2036	5.000%	1,750,000	1,871,366
Subordinated Series 2018E
07/01/2034	5.000%	1,000,000	1,095,770
Norman Y. Mineta San Jose International Airport
Refunding Revenue Bonds
Series 2014B
03/01/2027	5.000%	2,000,000	2,078,682

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2014C
03/01/2030	5.000%	2,500,000	2,596,083
San Diego County Regional Airport Authority
Refunding Revenue Bonds
Subordinated Series 2017A
07/01/2033	5.000%	1,000,000	1,088,478
07/01/2034	5.000%	700,000	758,427
San Diego County Regional Airport Authority^(c)
Refunding Revenue Bonds
Subordinated Series 2019B
07/01/2036	5.000%	1,540,000	1,661,314
Subordinated Series 2020
07/01/2036	5.000%	495,000	538,665
07/01/2039	5.000%	400,000	433,388
Revenue Bonds
Subordinated Series 2021B
07/01/2039	4.000%	250,000	245,114
San Francisco City & County Airport Commission - San Francisco International Airport
Refunding Revenue Bonds
2nd Series 2016A
05/01/2026	5.000%	1,975,000	2,139,601
San Francisco Airport Commission Project
Series 2019
05/01/2036	5.000%	3,205,000	3,544,482
San Francisco City & County Airport Commission - San Francisco International Airport^(c)
Refunding Revenue Bonds
Series 2019H
05/01/2026	5.000%	1,140,000	1,218,974
Series 2020A-2
05/01/2039	4.000%	750,000	742,685
Revenue Bonds
Series 2019E
05/01/2037	5.000%	4,450,000	4,792,043
Total			42,700,823
Charter Schools 3.8%
California Infrastructure & Economic Development Bank
Revenue Bonds
Equitable School Revolving Fund
Series 2019
11/01/2039	5.000%	275,000	296,127
California School Finance Authority^(d)
Refunding Revenue Bonds
Aspire Public School
Series 2016
08/01/2029	5.000%	1,000,000	1,039,862
08/01/2030	5.000%	1,380,000	1,430,527
08/01/2031	5.000%	850,000	879,157

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

8	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2030	5.000%	3,400,000	3,516,800
Aspire Public Schools Obligation Group
Series 2021
08/01/2036	4.000%	325,000	309,778
Green Dot Public School Project
Series 2015A
08/01/2035	5.000%	1,010,000	1,038,821
Series 2018
08/01/2038	5.000%	1,000,000	1,038,713
KIPP Los Angeles Projects
Series 2015A
07/01/2035	5.000%	1,250,000	1,283,000
Series 2017
07/01/2037	5.000%	3,090,000	3,206,247
River Springs Charter School Project
Series 2015
07/01/2025	5.250%	1,200,000	1,222,486
California School Finance Authority
Revenue Bonds
KIPP Los Angeles Projects
Series 2014A
07/01/2034	5.000%	600,000	611,895
Total			15,873,413
Disposal 0.2%
California Municipal Finance Authority^(d)
Revenue Bonds
Waste Management, Inc.
Series 2009A (Mandatory Put 02/03/25)
02/01/2039	1.300%	750,000	711,812
Higher Education 6.1%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2034	5.000%	1,485,000	1,608,689
04/01/2035	5.000%	2,000,000	2,163,773
Series 2018-A
12/01/2036	5.000%	1,000,000	1,077,490
Revenue Bonds
Chapman University
Series 2015
04/01/2026	5.000%	1,000,000	1,064,316
Green Bonds - Loyola Marymount University
Series 2018
10/01/2036	5.000%	760,000	835,931

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Municipal Finance Authority
Refunding Revenue Bonds
Azusa Pacific University
Series 2015B
04/01/2025	5.000%	395,000	422,896
04/01/2026	5.000%	1,000,000	1,067,137
Biola University
Series 2017
10/01/2031	5.000%	540,000	580,214
10/01/2032	5.000%	615,000	660,495
10/01/2033	5.000%	625,000	669,730
10/01/2034	5.000%	570,000	609,908
California Lutheran University
Series 2018
10/01/2035	5.000%	225,000	242,576
10/01/2036	5.000%	250,000	269,130
Revenue Bonds
Biola University
Series 2013
10/01/2024	5.000%	505,000	520,280
10/01/2028	5.000%	840,000	863,269
National University
Series 2019A
04/01/2035	5.000%	1,780,000	1,973,127
04/01/2036	5.000%	1,120,000	1,240,357
University of San Diego
Series 2019A
10/01/2037	5.000%	1,200,000	1,331,382
California Municipal Finance Authority^(d)
Revenue Bonds
California Baptist University
Series 2016A
11/01/2026	4.000%	1,000,000	1,027,337
California Statewide Communities Development Authority^(d)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2032	5.000%	1,135,000	1,218,254
Revenue Bonds
California Baptist University
Series 2014A
11/01/2023	5.125%	380,000	389,334
Lancer Plaza Project
Series 2013
11/01/2023	5.125%	255,000	258,664
University of California
Refunding Revenue Bonds
Series 2020BE
05/15/2037	4.000%	2,665,000	2,740,486

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2022S
05/15/2030	5.000%	2,000,000	2,308,709
Total			25,143,484
Hospital 10.4%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Cedars Sinai Medical Center
Series 2015
11/15/2028	5.000%	1,000,000	1,080,103
Children’s Hospital of Orange County
Series 2019
11/01/2030	5.000%	810,000	922,625
El Camino Hospital
Series 2015A
02/01/2027	5.000%	1,500,000	1,593,852
Marshall Medical Center
Series 2015
11/01/2023	5.000%	325,000	337,907
Providence St. Joseph Health System
Series 2019 (Mandatory Put 10/01/27)
10/01/2039	5.000%	2,775,000	3,031,430
Sutter Health
Series 2017A
11/15/2033	5.000%	1,000,000	1,094,328
Revenue Bonds
El Camino Hospital
Series 2017
02/01/2033	5.000%	2,500,000	2,735,447
02/01/2034	5.000%	500,000	546,625
Kaiser Permanente
Subordinated Series 2017A-1-G
11/01/2027	5.000%	1,875,000	2,101,313
Lucile Salter Packard Children’s Hospital
Series 2014
08/15/2028	5.000%	300,000	315,596
Series 2017
11/15/2034	5.000%	250,000	277,740
11/15/2035	5.000%	270,000	299,813
Providence Health & Services
Series 2014A
10/01/2030	5.000%	1,500,000	1,581,182
Sutter Health
Series 2018A
11/15/2034	5.000%	1,000,000	1,092,203
Unrefunded Revenue Bonds
St. Joseph Health Systems
Series 2019 (Mandatory Put 10/01/25)
10/01/2039	5.000%	1,325,000	1,409,555

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2033	5.000%	2,770,000	3,032,163
Revenue Bonds
Clincas Del Camino Real, Inc.
Series 2020
03/01/2035	4.000%	500,000	498,321
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Hospital
Series 2021
10/15/2027	4.000%	400,000	420,729
10/15/2028	4.000%	360,000	380,296
California Statewide Communities Development Authority
Refunding Revenue Bonds
Enloe Medical Center
Series 2015
08/15/2030	5.000%	1,990,000	2,158,697
Revenue Bonds
Emanate Health
Series 2020A
04/01/2026	5.000%	570,000	619,720
Green - Marin General Hospital Project
Series 2018
08/01/2033	5.000%	425,000	461,322
08/01/2034	5.000%	650,000	704,108
Kaiser Permanente
Series 2019 (Mandatory Put 11/01/29)
04/01/2038	5.000%	2,500,000	2,833,815
04/01/2045	5.000%	5,000,000	5,667,631
Loma Linda University Medical Center
Series 2014
12/01/2034	5.250%	3,000,000	3,121,599
Methodist Hospital of Southern California
Series 2018
01/01/2036	5.000%	3,000,000	3,247,253
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2034	5.000%	500,000	538,992
01/01/2036	4.000%	1,000,000	1,012,250
Total			43,116,615
Human Service Provider 0.3%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2032	5.000%	1,120,000	1,197,630

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

10	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Joint Power Authority 0.7%
Middle Fork Project Finance Authority
Refunding Revenue Bonds
Series 2020
04/01/2030	5.000%	1,200,000	1,351,588
Northern California Transmission Agency
Refunding Revenue Bonds
California-Oregon Project
Series 2016
05/01/2032	5.000%	1,500,000	1,618,531
Total			2,970,119
Local Appropriation 2.4%
Anaheim Public Financing Authority
Refunding Revenue Bonds
Anaheim Public Improvement Projects
Series 2019 BAM
09/01/2031	5.000%	1,470,000	1,641,016
Los Angeles County Public Works Financing Authority
Revenue Bonds
Green Bonds - LACMA Building for the Permanent Collection Project
Series 2020A
12/01/2037	4.000%	2,415,000	2,478,361
Riverside Public Financing Authority
Refunding Revenue Bonds
Series 2012A
11/01/2027	5.000%	2,145,000	2,180,221
11/01/2028	5.000%	1,155,000	1,173,620
San Rafael Joint Powers Financing Authority
Revenue Bonds
Public Safety Facilities Project
Series 2018
06/01/2033	5.000%	850,000	948,917
06/01/2034	5.000%	775,000	864,222
South San Francisco Public Facilities Financing Authority
Revenue Bonds
Police Station Project
Series 2020A
06/01/2034	4.000%	410,000	429,643
Total			9,716,000
Local General Obligation 7.2%
Bellevue Union School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2008
Series 2011A (AGM)
08/01/2030	0.000%	585,000	438,817
08/01/2031	0.000%	615,000	441,689
Chula Vista Elementary School District^(e)
Unlimited General Obligation Bonds
BAN Series 2019
08/01/2023	0.000%	1,150,000	1,117,680

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Compton Unified School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (AMBAC)
06/01/2023	0.000%	2,025,000	1,968,309
06/01/2024	0.000%	1,925,000	1,808,690
Compton Unified School District
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2029	5.000%	650,000	718,123
Conejo Valley Unified School District
Unlimited General Obligation Bonds
Series 2018B
08/01/2032	4.000%	2,000,000	2,098,839
Corona-Norco Unified School District
Unlimited General Obligation Bonds
Election of 2014
Series 2018B
08/01/2034	4.000%	500,000	518,958
Culver City School Facilities Financing Authority
Revenue Bonds
Unified School District
Series 2005 (AGM)
08/01/2023	5.500%	1,490,000	1,553,283
Encinitas Union School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2010
Series 2011
08/01/2035	0.000%	500,000	638,700
Lodi Unified School District
Unlimited General Obligation Bonds
Election of 2016
Series 2020
08/01/2034	4.000%	750,000	774,262
08/01/2035	4.000%	600,000	615,959
Long Beach Unified School District^(e)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2031	0.000%	1,375,000	965,360
Los Angeles Unified School District
Unlimited General Obligation Bonds
Election of 2008
Series 2018B-1
07/01/2032	5.000%	4,000,000	4,409,251
Monterey Peninsula Community College District^(e)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2028	0.000%	2,125,000	1,753,604

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Napa Valley Community College District^(f)
Unlimited General Obligation Refunding Bonds
Series 2018
08/01/2034	4.000%	1,595,000	1,634,984
Oakland Unified School District/Alameda County
Unlimited General Obligation Bonds
Series 2015A
08/01/2025	5.000%	650,000	699,064
Pomona Unified School District^(e)
Unlimited General Obligation Bonds
Election of 2008
Series 2016G (AGM)
08/01/2032	0.000%	1,000,000	708,459
Rancho Santiago Community College District^(e)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (AGM)
09/01/2031	0.000%	3,785,000	2,744,670
Rescue Union School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 1998
Series 2005 (NPFGC)
09/01/2026	0.000%	1,100,000	962,506
Santa Monica Community College District
Unlimited General Obligation Bonds
Election of 2016
Series 2018A
08/01/2034	4.000%	500,000	518,958
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2028	5.000%	1,000,000	1,059,436
08/01/2032	5.000%	1,500,000	1,582,880
Total			29,732,481
Multi-Family 1.0%
California Housing Finance
Revenue Bonds
Series 2019-2 Class A
03/20/2033	4.000%	1,156,277	1,187,707
California Municipal Finance Authority
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2035	5.000%	400,000	411,813
Caritas Affordable Housing
Series 2014
08/15/2030	5.000%	1,000,000	1,032,142

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Statewide Communities Development Authority
Revenue Bonds
Lancer Educational Student Housing Project
Series 2019
06/01/2034	5.000%	375,000	391,325
Series 2017
05/15/2032	5.000%	1,000,000	1,069,138
Total			4,092,125
Municipal Power 4.7%
City of Redding Electric System
Refunding Revenue Bonds
Series 2017
06/01/2029	5.000%	1,250,000	1,381,629
City of Riverside Electric
Refunding Revenue Bonds
Series 2019A
10/01/2037	5.000%	1,000,000	1,115,985
City of Vernon Electric System^(g)
Refunding Revenue Bonds
Series 2022A
08/01/2039	5.000%	425,000	453,027
Los Angeles Department of Water & Power System
Refunding Revenue Bonds
Series 2018A
07/01/2035	5.000%	1,750,000	1,922,386
Series 2019B
07/01/2031	5.000%	5,000,000	5,634,707
Revenue Bonds
Power System
Series 2014D
07/01/2033	5.000%	1,700,000	1,778,631
Redding Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2015A
06/01/2031	5.000%	1,045,000	1,120,391
Sacramento Municipal Utility District
Revenue Bonds
Electric
Series 2020H
08/15/2033	5.000%	2,000,000	2,291,060
Turlock Irrigation District
Refunding Revenue Bonds
First Priority
Subordinated Series 2014
01/01/2030	5.000%	850,000	893,339
01/01/2031	5.000%	1,000,000	1,050,124
Series 2020
01/01/2038	5.000%	1,650,000	1,859,194
Total			19,500,473

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

12	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Other Bond Issue 0.7%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Salvation Army Western Territory (The)
Series 2016
09/01/2033	4.000%	400,000	413,267
09/01/2034	4.000%	600,000	616,945
Walt Disney Family Museum
Series 2016
02/01/2032	4.000%	350,000	359,705
02/01/2033	4.000%	500,000	511,542
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2028	5.000%	635,000	665,738
County of San Diego
Refunding Revenue Bonds
Sanford Burnham Prebys Medical Discovery Group
Series 2015
11/01/2025	5.000%	350,000	378,618
Total			2,945,815
Pool / Bond Bank 0.6%
California Infrastructure & Economic Development Bank
Revenue Bonds
Green Bonds
Series 2019
10/01/2031	5.000%	2,120,000	2,396,218
Ports 3.1%
City of Long Beach Harbor^(c)
Refunding Revenue Bonds
Private Activity
Series 2020B
05/15/2024	5.000%	5,000,000	5,226,102
City of Long Beach Harbor
Revenue Bonds
Series 2019A
05/15/2036	5.000%	700,000	783,325
Port Commission of the City & County of San Francisco
Refunding Revenue Bonds
Series 2020A
03/01/2037	4.000%	315,000	322,634
03/01/2038	4.000%	405,000	414,127
03/01/2039	4.000%	1,260,000	1,286,285
Port of Los Angeles^(c)
Refunding Revenue Bonds
Private Activity
Series 2019A
08/01/2025	5.000%	1,750,000	1,868,012

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Port of Oakland^(c)
Refunding Revenue Bonds
Intermediate Lien
Series 2021
05/01/2029	5.000%	500,000	550,431
San Diego Unified Port District
Refunding Revenue Bonds
Series 2013A
09/01/2027	5.000%	1,000,000	1,033,573
09/01/2028	5.000%	1,100,000	1,137,347
Total			12,621,836
Prepaid Gas 3.0%
California Community Choice Financing Authority
Revenue Bonds
Green Bonds
Series 2021B-1 (Mandatory Put 08/01/2031)
02/01/2052	4.000%	3,500,000	3,551,210
Green Bonds - Clean Energy Project
Series 2021 (Mandatory Put 12/01/27)
10/01/2052	4.000%	4,000,000	4,100,431
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2029	6.125%	1,890,000	2,108,087
Southern California Public Power Authority
Revenue Bonds
Project No. 1
Series 2007A
11/01/2022	5.250%	2,500,000	2,539,133
Total			12,298,861
Recreation 0.4%
Del Mar Race Track Authority
Refunding Revenue Bonds
Series 2015
10/01/2025	5.000%	1,665,000	1,666,710
Refunded / Escrowed 8.2%
California Educational Facilities Authority
Revenue Bonds
University of Southern California
Series 2009C Escrowed to Maturity
10/01/2024	5.250%	3,000,000	3,204,428
California Health Facilities Financing Authority
Prerefunded 10/01/25 Revenue Bonds
Series 2019
10/01/2039	5.000%	1,175,000	1,271,396

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Municipal Finance Authority
Prerefunded 02/01/25 Revenue Bonds
Community Medical Centers
Series 2015A
02/01/2027	5.000%	1,200,000	1,282,319
California School Finance Authority^(d)
Prerefunded 08/01/25 Revenue Bonds
Aspire Public School
Series 2016
08/01/2029	5.000%	100,000	107,807
08/01/2030	5.000%	125,000	134,759
08/01/2031	5.000%	75,000	80,856
California State Public Works Board
Prerefunded 11/01/22 Revenue Bonds
Various Capital Projects
Series 2012G
11/01/2028	5.000%	7,010,000	7,129,301
California Statewide Communities Development Authority
Prerefunded 07/01/24 Revenue Bonds
Huntington Memorial Hospital
Series 2014B
07/01/2033	5.000%	2,300,000	2,424,727
Prerefunded 10/01/24 Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2014A (AGM)
10/01/2027	5.000%	1,000,000	1,059,897
Prerefunded 11/15/23 Revenue Bonds
Insured Redwoods Project
Series 2013
11/15/2028	5.000%	1,000,000	1,042,110
Golden State Tobacco Securitization Corp.
Prerefunded 06/01/25 Asset-Backed Revenue Bonds
Series 2015A
06/01/2033	5.000%	4,000,000	4,300,247
Refunding Revenue Bonds
Series 2017A-1 Escrowed to Maturity
06/01/2024	5.000%	4,000,000	4,209,312
La Quinta Redevelopment Agency Successor Agency
Prerefunded 09/01/23 Tax Allocation Bonds
Redevelopment Project
Subordinated Series 2013A
09/01/2030	5.000%	1,500,000	1,555,824
Midpeninsula Regional Open Space District
Prerefunded 09/01/22 Revenue Bonds
1999 Project Lease
Series 2012
09/01/2029	5.000%	2,000,000	2,023,570
Poway Unified School District
Prerefunded 09/01/22 Special Tax Bonds
Community Facilities District No. 6-4S Ranch
Series 2012
09/01/2029	5.000%	1,195,000	1,208,685

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Semitropic Improvement District
Prerefunded 12/01/22 Revenue Bonds
Series 2012A
12/01/2023	5.000%	2,850,000	2,905,311
Total			33,940,549
Retirement Communities 4.6%
ABAG Finance Authority for Nonprofit Corps.
Revenue Bonds
Odd Fellows Home of California
Series 2012A
04/01/2032	5.000%	4,750,000	4,850,936
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2028	5.000%	310,000	332,567
07/01/2029	5.000%	300,000	321,622
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2034	4.000%	500,000	514,554
10/01/2035	4.000%	1,000,000	1,025,885
Mt. San Antonio Gardens Project
Series 2019
11/15/2039	5.000%	1,000,000	1,047,901
Retirement Housing Foundation
Series 2017
11/15/2029	5.000%	390,000	420,675
11/15/2030	5.000%	600,000	649,643
11/15/2032	5.000%	850,000	915,548
California Public Finance Authority^(d)
Revenue Bonds
Enso Village Project - Green Bonds - TEMPS 70
Series 2021
11/15/2028	2.375%	2,000,000	1,879,666
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2024	5.000%	2,575,000	2,711,277
10/01/2026	5.000%	1,000,000	1,067,250
Front Porch Communities & Services
Series 2017
04/01/2030	5.000%	150,000	164,312
Series 2021
04/01/2038	4.000%	750,000	762,047
04/01/2039	4.000%	750,000	761,222

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

14	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Viamonte Senior Living 1, Inc.
Series 2018
07/01/2035	4.000%	300,000	308,419
07/01/2036	4.000%	430,000	440,481
Los Angeles County Regional Financing Authority
Revenue Bonds
Montecedro, Inc. Project
Series 2014A
11/15/2034	5.000%	1,000,000	1,012,686
Total			19,186,691
Sales Tax 0.9%
California Statewide Communities Development Authority
Certificate of Participation
Total Road Improvement Program
Series 2018B (AGM)
12/01/2035	5.000%	1,405,000	1,589,879
City of Sacramento Transient Occupancy
Revenue Bonds
Convention Center Complex
Subordinated Series 2018
06/01/2035	5.000%	615,000	672,565
06/01/2036	5.000%	1,180,000	1,289,372
Total			3,551,816
Special Non Property Tax 0.2%
Berkeley Joint Powers Financing Authority
Revenue Bonds
Series 2016 (BAM)
06/01/2033	4.000%	415,000	425,233
06/01/2034	4.000%	250,000	255,483
Total			680,716
Special Property Tax 13.2%
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2026	5.000%	650,000	697,492
City & County of San Francisco Community Facilities District No. 2016-1
Special Tax Bonds
Series 2021
09/01/2041	4.000%	745,000	688,950
City of Irvine
Refunding Special Assessment Bonds
Limited Obligation Reassessment District
Series 2015
09/02/2025	5.000%	1,295,000	1,391,222
Special Assessment Refunding Bonds
Series 2019
09/02/2031	5.000%	325,000	362,369
09/02/2032	5.000%	340,000	378,403

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Concord Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014 (BAM)
03/01/2025	5.000%	840,000	896,086
County of El Dorado
Refunding Special Tax Bonds
Community Facilities District No. 92-1
Series 2012
09/01/2026	5.000%	625,000	632,220
09/01/2027	5.000%	800,000	809,242
Emeryville Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014A (AGM)
09/01/2023	5.000%	2,415,000	2,501,329
09/01/2026	5.000%	1,000,000	1,057,341
09/01/2027	5.000%	1,000,000	1,057,254
09/01/2030	5.000%	815,000	859,777
09/01/2031	5.000%	590,000	621,689
Garden Grove Agency Community Development Successor Agency
Refunding Tax Allocation Bonds
Garden Grove Community Project
Series 2016 (BAM)
10/01/2030	5.000%	1,040,000	1,127,931
10/01/2031	5.000%	1,640,000	1,776,053
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Subordinated Series 2017 (BAM)
05/01/2032	5.000%	500,000	549,367
05/01/2033	5.000%	1,000,000	1,097,196
Irvine Unified School District
Refunding Special Tax Bonds
Series 2015
09/01/2030	5.000%	2,065,000	2,187,210
09/01/2031	5.000%	2,720,000	2,881,736
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2029	5.000%	530,000	557,913
09/01/2030	5.000%	625,000	657,916
09/01/2032	5.000%	625,000	657,627
Los Angeles Community Facilities District
Refunding Special Tax Bonds
Playa Vista-Phase 1
Series 2014
09/01/2030	5.000%	985,000	1,039,117
Los Angeles County Redevelopment Authority
Refunding Tax Allocation Bonds
Los Angeles Bunker Hill Project
Series 2014C (AGM)
12/01/2028	5.000%	6,060,000	6,440,895

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Oakland Redevelopment Successor Agency
Refunding Tax Allocation Bonds
Subordinated Series 2013
09/01/2022	5.000%	2,000,000	2,020,976
Oakley Redevelopment Agency
Refunding Tax Allocation Bonds
Oakley Redevelopment Project Area
Series 2018 (BAM)
09/01/2032	5.000%	335,000	373,244
09/01/2033	5.000%	730,000	812,087
09/01/2034	5.000%	500,000	555,594
Palm Desert Redevelopment Agency
Refunding Tax Allocation Bonds
Series 2017A (BAM)
10/01/2029	5.000%	890,000	981,267
10/01/2030	5.000%	350,000	384,983
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B
09/01/2026	5.000%	995,000	1,075,150
Rancho Cucamonga Redevelopment Agency Successor Agency
Tax Allocation Bonds
Rancho Redevelopment Project Area
Series 2014
09/01/2030	5.000%	700,000	738,458
Series 2014 (AGM)
09/01/2027	5.000%	2,200,000	2,325,446
Riverside County Public Financing Authority
Tax Allocation Bonds
Project Area #1-Desert Communities
Series 2016 (BAM)
10/01/2031	4.000%	2,500,000	2,572,435
San Francisco City & County Redevelopment Agency
Refunding Tax Allocation Bonds
Mission Bay North Redevelopment Project
Series 2016
08/01/2030	5.000%	275,000	300,677
08/01/2031	5.000%	355,000	387,478
Mission Bay South Redevelopment Project
Series 2016
08/01/2031	5.000%	670,000	731,297
08/01/2032	5.000%	580,000	632,840
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2029	5.000%	225,000	236,472
08/01/2030	5.000%	175,000	183,904
San Mateo Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2015A
08/01/2028	5.000%	1,860,000	1,985,387
08/01/2029	5.000%	1,000,000	1,065,707

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Semitropic Improvement District
Refunding Revenue Bonds
Series 2015A 2nd Lien (AGM)
12/01/2023	5.000%	300,000	313,296
12/01/2024	5.000%	400,000	426,163
Transbay Joint Powers Authority
Senior Tax Allocation Bonds
Green Bonds
Series 2020A
10/01/2033	5.000%	500,000	566,011
Tustin Community Facilities District
Refunding Special Tax Bonds
Legacy Villages of Columbus #06-1
Series 2015
09/01/2029	5.000%	1,200,000	1,289,689
Tustin Community Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2016
09/01/2032	4.000%	2,295,000	2,366,252
Vista Redevelopment Agency Successor Agency
Tax Allocation Refunding Bonds
Series 2015B1 (AGM)
09/01/2024	5.000%	580,000	612,567
09/01/2026	5.000%	700,000	755,308
Total			54,619,023
State Appropriated 4.1%
California State Public Works Board
Refunding Revenue Bonds
Various Capital Projects
Series 2020C
03/01/2033	5.000%	1,800,000	2,026,617
Various Purpose
Series 2022A
08/01/2036	5.000%	5,040,000	5,744,839
Revenue Bonds
Department of Corrections and Rehabilitation
Series 2015A
06/01/2028	5.000%	1,175,000	1,254,550
Various Capital Projects
Series 2013I
11/01/2028	5.250%	3,000,000	3,121,997
Series 2014E
09/01/2030	5.000%	1,500,000	1,577,263
Various Correctional Facilities
Series 2014A
09/01/2031	5.000%	3,000,000	3,153,137
Total			16,878,403

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

16	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State General Obligation 2.8%
State of California
Unlimited General Obligation Bonds
Series 2019
04/01/2031	5.000%	1,000,000	1,128,512
Series 2020
11/01/2034	4.000%	1,000,000	1,041,932
Various Purpose
Series 2021
10/01/2039	4.000%	2,500,000	2,546,886
Unlimited General Obligation Refunding Bonds
Series 2014
08/01/2032	5.000%	3,000,000	3,150,890
Series 2019
10/01/2025	5.000%	2,435,000	2,633,935
Various Purpose
Series 2020
03/01/2033	5.000%	1,000,000	1,135,543
Total			11,637,698
Tobacco 0.6%
California County Tobacco Securitization Agency
Refunding Revenue Bonds
Series 2020A
06/01/2030	5.000%	250,000	274,022
06/01/2032	5.000%	250,000	272,350
06/01/2033	5.000%	250,000	271,650
06/01/2034	4.000%	200,000	202,655
Tobacco Securitization Authority of Southern California
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2030	5.000%	1,220,000	1,331,597
Total			2,352,274
Transportation 0.5%
Peninsula Corridor Joint Powers Board
Refunding Revenue Bonds
Series 2019A
10/01/2036	5.000%	315,000	354,128
10/01/2037	5.000%	300,000	337,036
San Diego Association of Governments
Revenue Bonds
Green Bonds - Mid Coast Corridor
Series 2019
11/15/2027	1.800%	1,500,000	1,407,928
Total			2,099,092

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Turnpike / Bridge / Toll Road 2.4%
Bay Area Toll Authority
Refunding Revenue Bonds
Subordinated Series 2017
04/01/2031	4.000%	2,000,000	2,087,700
Foothill-Eastern Transportation Corridor Agency^(e)
Refunding Revenue Bonds
Series 2015
01/15/2033	0.000%	5,000,000	3,280,919
Foothill-Eastern Transportation Corridor Agency
Refunding Revenue Bonds
Subordinated Series 2014B-3 (Mandatory Put 01/15/23)
01/15/2053	5.500%	3,000,000	3,023,844
Riverside County Transportation Commission
Refunding Revenue Bonds
RCTC 91 Express Lanes
Series 2021
06/01/2038	4.000%	375,000	370,363
San Joaquin Hills Transportation Corridor Agency
Refunding Revenue Bonds
Senior Lien Toll Road
Series 2021
01/15/2034	4.000%	1,000,000	1,006,294
Total			9,769,120
Water & Sewer 3.1%
Beaumont Public Improvement Authority
Revenue Bonds
Series 2018-A (AGM)
09/01/2033	5.000%	500,000	548,495
09/01/2035	5.000%	830,000	908,542
City of Riverside Water
Refunding Revenue Bonds
Series 2019A
10/01/2032	5.000%	1,500,000	1,698,223
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2025	5.000%	700,000	754,354
11/15/2026	5.000%	1,000,000	1,083,270
Livermore Valley Water Financing Authority
Refunding Revenue Bonds
Series 2018A
07/01/2034	4.000%	920,000	949,404
Los Angeles County Sanitation Districts Financing Authority
Refunding Revenue Bonds
Capital Projects - District #14
Subordinated Series 2015
10/01/2024	5.000%	1,050,000	1,113,145

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Mountain House Public Financing Authority
Revenue Bonds
Green Bonds
Subordinated Series 2020B (BAM)
12/01/2035	4.000%	1,000,000	1,040,843
Santa Paula Utility Authority
Refunding Revenue Bonds
Series 2019 (AGM)
02/01/2034	4.000%	575,000	598,723
02/01/2036	4.000%	1,325,000	1,360,565
Stockton Public Financing Authority
Refunding Revenue Bonds
Series 2014 (BAM)
09/01/2028	5.000%	1,500,000	1,580,739
Union Sanitary District Financing Author
Revenue Bonds
Series 2020A
09/01/2037	4.000%	400,000	415,220
09/01/2038	4.000%	325,000	335,454
09/01/2039	4.000%	600,000	618,284
Total			13,005,261
Total Municipal Bonds (Cost $404,098,569)			394,405,058

Money Market Funds 2.8%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.318%^(h)	147,850	147,835
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.283%^(h)	11,503,218	11,503,218
Total Money Market Funds (Cost $11,651,068)		11,651,053
Total Investments in Securities (Cost: $416,084,637)		406,391,111
Other Assets & Liabilities, Net		6,661,868
Net Assets		413,052,979

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2022.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2022, the total value of these securities amounted to $20,773,880, which represents 5.03% of total net assets.
(e)	Zero coupon bond.
(f)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2022.
(g)	Represents a security purchased on a when-issued basis.
(h)	The rate shown is the seven-day current annualized yield at April 30, 2022.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
BAN	Bond Anticipation Note
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

18	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

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).

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

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	335,000	—	335,000
Municipal Bonds	—	394,405,058	—	394,405,058
Money Market Funds	11,651,053	—	—	11,651,053
Total Investments in Securities	11,651,053	394,740,058	—	406,391,111

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

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
April 30, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $416,084,637)	$406,391,111
Cash	5,899
Receivable for:
Capital shares sold	3,749,628
Interest	4,798,426
Expense reimbursement due from Investment Manager	1,173
Prepaid expenses	7,511
Total assets	414,953,748
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	533,545
Capital shares purchased	419,461
Distributions to shareholders	779,812
Management services fees	5,267
Distribution and/or service fees	422
Transfer agent fees	35,600
Compensation of board members	108,023
Other expenses	18,639
Total liabilities	1,900,769
Net assets applicable to outstanding capital stock	$413,052,979
Represented by
Paid in capital	427,540,927
Total distributable earnings (loss)	(14,487,948)
Total - representing net assets applicable to outstanding capital stock	$413,052,979
Class A
Net assets	$44,426,941
Shares outstanding	4,546,245
Net asset value per share	$9.77
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.07
Advisor Class
Net assets	$1,707,392
Shares outstanding	175,141
Net asset value per share	$9.75
Class C
Net assets	$4,363,441
Shares outstanding	446,752
Net asset value per share	$9.77
Institutional Class
Net assets	$347,070,148
Shares outstanding	35,593,227
Net asset value per share	$9.75
Institutional 2 Class
Net assets	$8,777,085
Shares outstanding	902,872
Net asset value per share	$9.72
Institutional 3 Class
Net assets	$6,707,972
Shares outstanding	688,465
Net asset value per share	$9.74

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

20	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Statement of Operations
Year Ended April 30, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$2,848
Interest	12,095,844
Total income	12,098,692
Expenses:
Management services fees	2,094,548
Distribution and/or service fees
Class A	113,583
Class C	57,964
Transfer agent fees
Class A	47,719
Advisor Class	3,145
Class C	6,143
Institutional Class	393,973
Institutional 2 Class	6,681
Institutional 3 Class	496
Compensation of board members	27,668
Custodian fees	2,674
Printing and postage fees	14,275
Registration fees	21,965
Audit fees	29,500
Legal fees	15,305
Compensation of chief compliance officer	71
Other	15,590
Total expenses	2,851,300
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(490,887)
Expense reduction	(20)
Total net expenses	2,360,393
Net investment income	9,738,299
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(73,035)
Net realized loss	(73,035)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(39,228,429)
Net change in unrealized appreciation (depreciation)	(39,228,429)
Net realized and unrealized loss	(39,301,464)
Net decrease in net assets resulting from operations	$(29,563,165)

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2022		April 30, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	3,518,053	36,648,752	781,435	8,350,473
Distributions reinvested	72,268	759,073	55,054	587,853
Redemptions	(2,244,598)	(23,381,283)	(703,175)	(7,481,214)
Net increase	1,345,723	14,026,542	133,314	1,457,112
Advisor Class
Subscriptions	107,890	1,128,144	84,581	900,844
Distributions reinvested	6,354	66,486	5,999	63,904
Redemptions	(216,260)	(2,167,760)	(44,041)	(469,445)
Net increase (decrease)	(102,016)	(973,130)	46,539	495,303
Class C
Subscriptions	23,876	247,614	27,785	296,107
Distributions reinvested	6,267	65,936	9,709	103,608
Redemptions	(298,587)	(3,176,633)	(337,458)	(3,599,661)
Net decrease	(268,444)	(2,863,083)	(299,964)	(3,199,946)
Institutional Class
Subscriptions	6,833,501	70,244,123	6,464,387	68,605,365
Distributions reinvested	231,554	2,418,651	216,565	2,307,750
Redemptions	(7,769,842)	(80,401,157)	(7,845,171)	(83,207,549)
Net decrease	(704,787)	(7,738,383)	(1,164,219)	(12,294,434)
Institutional 2 Class
Subscriptions	81,308	863,980	357,324	3,811,786
Distributions reinvested	25,441	266,469	27,703	294,403
Redemptions	(448,541)	(4,693,853)	(205,282)	(2,165,875)
Net increase (decrease)	(341,792)	(3,563,404)	179,745	1,940,314
Institutional 3 Class
Subscriptions	304,843	3,163,361	273,185	2,915,379
Distributions reinvested	13,836	144,475	12,411	132,126
Redemptions	(130,911)	(1,333,915)	(304,786)	(3,254,435)
Net increase (decrease)	187,768	1,973,921	(19,190)	(206,930)
Total net increase (decrease)	116,452	862,463	(1,123,775)	(11,808,581)

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2022	$10.71	0.21	(0.94)	(0.73)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.24	0.22	0.47	0.69	(0.22)	(0.22)
Year Ended 4/30/2020	$10.46	0.24	(0.22)	0.02	(0.24)	(0.24)
Year Ended 4/30/2019	$10.23	0.27	0.23	0.50	(0.27)	(0.27)
Year Ended 4/30/2018	$10.38	0.27	(0.15)	0.12	(0.27)	(0.27)
Advisor Class
Year Ended 4/30/2022	$10.68	0.23	(0.93)	(0.70)	(0.23)	(0.23)
Year Ended 4/30/2021	$10.21	0.25	0.47	0.72	(0.25)	(0.25)
Year Ended 4/30/2020	$10.43	0.27	(0.22)	0.05	(0.27)	(0.27)
Year Ended 4/30/2019	$10.20	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.36	0.29	(0.16)	0.13	(0.29)	(0.29)
Class C
Year Ended 4/30/2022	$10.71	0.13	(0.94)	(0.81)	(0.13)	(0.13)
Year Ended 4/30/2021	$10.23	0.14	0.48	0.62	(0.14)	(0.14)
Year Ended 4/30/2020	$10.46	0.16	(0.23)	(0.07)	(0.16)	(0.16)
Year Ended 4/30/2019	$10.22	0.20	0.24	0.44	(0.20)	(0.20)
Year Ended 4/30/2018	$10.38	0.19	(0.16)	0.03	(0.19)	(0.19)
Institutional Class
Year Ended 4/30/2022	$10.69	0.23	(0.94)	(0.71)	(0.23)	(0.23)
Year Ended 4/30/2021	$10.21	0.25	0.48	0.73	(0.25)	(0.25)
Year Ended 4/30/2020	$10.44	0.27	(0.23)	0.04	(0.27)	(0.27)
Year Ended 4/30/2019	$10.21	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.36	0.29	(0.15)	0.14	(0.29)	(0.29)
Institutional 2 Class
Year Ended 4/30/2022	$10.66	0.24	(0.94)	(0.70)	(0.24)	(0.24)
Year Ended 4/30/2021	$10.18	0.26	0.48	0.74	(0.26)	(0.26)
Year Ended 4/30/2020	$10.41	0.27	(0.22)	0.05	(0.28)	(0.28)
Year Ended 4/30/2019	$10.18	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.33	0.30	(0.15)	0.15	(0.30)	(0.30)

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

24	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2022	$9.77	(6.96%)	0.85%	0.74%^(c)	1.96%	8%	$44,427
Year Ended 4/30/2021	$10.71	6.80%	0.87%	0.75%^(c)	2.09%	5%	$34,289
Year Ended 4/30/2020	$10.24	0.17%	0.86%	0.75%^(c)	2.30%	6%	$31,402
Year Ended 4/30/2019	$10.46	5.00%	0.87%	0.74%^(c)	2.67%	17%	$31,998
Year Ended 4/30/2018	$10.23	1.10%	0.88%	0.74%^(c)	2.56%	5%	$27,341
Advisor Class
Year Ended 4/30/2022	$9.75	(6.65%)	0.60%	0.49%^(c)	2.21%	8%	$1,707
Year Ended 4/30/2021	$10.68	7.08%	0.62%	0.50%^(c)	2.34%	5%	$2,961
Year Ended 4/30/2020	$10.21	0.41%	0.61%	0.50%^(c)	2.54%	6%	$2,354
Year Ended 4/30/2019	$10.43	5.28%	0.62%	0.49%^(c)	2.92%	17%	$2,254
Year Ended 4/30/2018	$10.20	1.25%	0.63%	0.49%^(c)	2.83%	5%	$1,931
Class C
Year Ended 4/30/2022	$9.77	(7.65%)	1.60%	1.49%^(c)	1.20%	8%	$4,363
Year Ended 4/30/2021	$10.71	6.11%	1.62%	1.50%^(c)	1.35%	5%	$7,658
Year Ended 4/30/2020	$10.23	(0.68%)	1.61%	1.50%^(c)	1.54%	6%	$10,387
Year Ended 4/30/2019	$10.46	4.32%	1.62%	1.49%^(c)	1.92%	17%	$11,161
Year Ended 4/30/2018	$10.22	0.25%	1.63%	1.49%^(c)	1.81%	5%	$13,508
Institutional Class
Year Ended 4/30/2022	$9.75	(6.74%)	0.60%	0.49%^(c)	2.21%	8%	$347,070
Year Ended 4/30/2021	$10.69	7.18%	0.62%	0.50%^(c)	2.34%	5%	$388,017
Year Ended 4/30/2020	$10.21	0.31%	0.61%	0.50%^(c)	2.54%	6%	$382,665
Year Ended 4/30/2019	$10.44	5.27%	0.62%	0.49%^(c)	2.92%	17%	$343,276
Year Ended 4/30/2018	$10.21	1.35%	0.63%	0.49%^(c)	2.82%	5%	$365,455
Institutional 2 Class
Year Ended 4/30/2022	$9.72	(6.72%)	0.55%	0.44%	2.25%	8%	$8,777
Year Ended 4/30/2021	$10.66	7.26%	0.56%	0.44%	2.40%	5%	$13,265
Year Ended 4/30/2020	$10.18	0.37%	0.55%	0.44%	2.60%	6%	$10,846
Year Ended 4/30/2019	$10.41	5.34%	0.56%	0.43%	2.98%	17%	$10,662
Year Ended 4/30/2018	$10.18	1.42%	0.56%	0.42%	2.89%	5%	$7,363

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2022	$10.68	0.24	(0.94)	(0.70)	(0.24)	(0.24)
Year Ended 4/30/2021	$10.21	0.26	0.47	0.73	(0.26)	(0.26)
Year Ended 4/30/2020	$10.43	0.28	(0.22)	0.06	(0.28)	(0.28)
Year Ended 4/30/2019	$10.20	0.31	0.23	0.54	(0.31)	(0.31)
Year Ended 4/30/2018	$10.35	0.30	(0.15)	0.15	(0.30)	(0.30)

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

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

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Notes to Financial Statements
April 30, 2022

Note 1. Organization

Columbia California Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (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 Delaware statutory trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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.

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Notes to Financial Statements (continued)
April 30, 2022

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

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Notes to Financial Statements (continued)
April 30, 2022

Guarantees and indemnifications

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 effective management services fee rate for the year ended April 30, 2022 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transactions with affiliates

The Fund is permitted to engage in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers under specified conditions outlined in a policy adopted by the Board, pursuant to Rule 17a-7 under the 1940 Act (cross-trades). The Board relies on quarterly written representation from the Fund’s Chief Compliance Officer that cross-trades complied with approved policy.

For the year ended April 30, 2022, the Fund engaged in cross-trades as follows:

Purchases ($)	Sales ($)	Net realized gain (loss) ($)
13,620,848	—	—

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Notes to Financial Statements (continued)
April 30, 2022

Transfer agency fees

For the year ended April 30, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.11
Advisor Class	0.10
Class C	0.11
Institutional Class	0.10
Institutional 2 Class	0.06
Institutional 3 Class	0.01

Distribution and service fees

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Notes to Financial Statements (continued)
April 30, 2022

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	21,749
Class C	—	1.00^(b)	141

(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:

	September 1, 2021 through August 31, 2022	Prior to September 1, 2021
Class A	0.75%	0.75%
Advisor Class	0.50	0.50
Class C	1.50	1.50
Institutional Class	0.50	0.50
Institutional 2 Class	0.45	0.44
Institutional 3 Class	0.40	0.39

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

Note 4. Federal tax information

At April 30, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions, capital loss carryforward, re-characterization of distributions for investments and investments in partnerships. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

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Notes to Financial Statements (continued)
April 30, 2022

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
32	(32)	—

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

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

Year Ended April 30, 2022				Year Ended April 30, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
12,611	9,771,663	—	9,784,274	52,808	10,574,136	—	10,626,944

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

At April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	788,721	—	(4,696,124)	(9,693,781)

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
416,084,892	3,494,873	(13,188,654)	(9,693,781)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(4,558,845)	(137,279)	(4,696,124)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $33,021,856 and $45,203,500, respectively, for the year ended April 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
April 30, 2022

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2022.

Note 8. Significant risks

Credit risk

Interest rate risk

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

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Notes to Financial Statements (continued)
April 30, 2022

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
April 30, 2022

Municipal securities risk

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 April 30, 2022, one unaffiliated shareholder of record owned 54.0% 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. Affiliated shareholders of record owned 16.6% 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

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia California Intermediate Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia California Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 23, 2022

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.87%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	176	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	174	Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	176	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	176	Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021	Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	176	Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	174	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; Consultant to Bridgewater and Associates	174	Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	176	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947	Trustee since 2003	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	176	Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	174	Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	176	Former Director, NAPE Education Foundation, October 2016-October 2020

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	176	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.

44	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Federal Income Tax Information	32
Trustees and Officers	32
Liquidity Risk Management Program	38

If you elect to receive the shareholder report for Columbia Virginia 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

Quarterly schedule of investments

Additional Fund information

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 Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from U.S. federal income tax and Virginia individual income tax, consistent with moderate fluctuation of principal.

Portfolio management

Paul Fuchs, CFA

Co-Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Anders Myhran, CFA*

Co-Portfolio Manager

Managed Fund since 2019

Prior to June 15, 2022, Deborah Vargo served as a Portfolio Manager of the Fund.

*Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Co-Portfolio Manager of the Fund.

Average annual total returns (%) (for the period ended April 30, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/05/89	-7.32	0.64	1.24
	Including sales charges		-10.08	0.04	0.94
Advisor Class*		03/19/13	-7.08	0.91	1.51
Class C	Excluding sales charges	06/17/92	-8.01	-0.11	0.49
	Including sales charges		-8.92	-0.11	0.49
Institutional Class		09/20/89	-7.09	0.89	1.50
Institutional 3 Class*		03/01/17	-7.08	0.97	1.54
Bloomberg 3-15 Year Blend Municipal Bond Index			-7.28	1.62	2.21

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Virginia Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at April 30, 2022)
AAA rating	8.6
AA rating	57.9
A rating	15.2
BBB rating	11.7
BB rating	0.6
Not rated	6.0
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2022, Class A shares of Columbia Virginia Intermediate Municipal Bond Fund returned -7.32% excluding sales charges. Institutional Class shares of the Fund returned –7.09%. The Fund’s benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, returned -7.28% for the same time period.

Market overview

The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, the Omicron variant appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging that conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter of 2021. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending, though movement toward higher individual tax rates, which could have boosted demand, was left out of the final bill. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds could no longer remain immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

The first quarter of 2022 closed with the benchmark down 5.71% in the worst drawdown since the COVID-19 sell-off and the worst first quarter return since 1980. As is often the case with municipal bonds, negative returns precipitated outflows, which, in turn, led to more negative returns. Long and intermediate national funds, as well as high-yield funds, experienced the heaviest pressure. A silver lining to the sell-off was that credit fundamentals were not a concern, as evidenced by the modest differential between below-investment grade and investment-grade returns. A lack of high-yield supply helped to keep those returns relatively tight, and lower new issue supply avoided exacerbating the returns. Conditions persisted into the last month of the annual period, with the Bloomberg Municipal Bond Index posting a return of -2.77% in April 2022, and municipal bonds underperforming U.S. Treasuries for the month. However, rising interest rates coupled with outflows had a positive side effect for the municipal bond market. Excluding the brief COVID-19 sell-off, tax-exempt yields had not seen the levels of the first months of 2022 since early 2019. Indeed, versus other fixed-income sectors, taxable equivalent yields were attractive enough to begin enticing even bank and insurance buyers back into the municipal market. Buyers of municipal credit were also drawn in by the solid fundamentals underpinning state and local governments, which on the back of record tax collections, substantial federal aid and a growing economy, remained rather healthy. Credit upgrades outpaced downgrades, and defaults remained exceptionally low.

The Virginia intermediate municipal market slightly underperformed the national market, as measured by the Fund’s benchmark. The state’s market maintained a modestly longer duration than the benchmark, which hurt as interest rates rose during the period. Securities rated AA underperformed the national average, which also contributed to the slight underperformance of the state’s intermediate municipal market. On the positive side, however, the state’s lack of prepaid bonds in the gas sector supported the state’s market as these securities underperformed in the national market. Additionally, the state’s securities in the transportation and hospital sectors generally outperformed their national counterparts.

The Fund’s notable contributors during the period

•	As interest rates rose during the period, the Fund’s duration, which was shorter than that of the benchmark, contributed to Fund performance.
•	The Fund benefited from its overweighted exposures to lower investment-grade as well as holdings of non-investment grade (high-yield) securities and hospital and transportation sectors during the period.
•	Security selection benefited Fund performance, particularly within the AA-rated category as well as within the hospital, continuing care retirement community (CCRC) (namely, Sunnyside Presbyterian CCRC and Westminster Canterbury CCRC) and leasing sectors.

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable detractors during the period

•	The Fund’s underweighted allocation to local Virginia general obligation bonds during the period detracted from performance versus the benchmark.
•	Security selection within the housing sector also weighed on Fund performance during the period.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2021 — April 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	929.80	1,020.89	3.90	4.08	0.81
Advisor Class	1,000.00	1,000.00	931.10	1,022.14	2.70	2.82	0.56
Class C	1,000.00	1,000.00	926.40	1,017.15	7.49	7.85	1.56
Institutional Class	1,000.00	1,000.00	931.00	1,022.14	2.70	2.82	0.56
Institutional 3 Class	1,000.00	1,000.00	930.70	1,022.54	2.31	2.42	0.48

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 Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
April 30, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.7%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.7%
Virginia College Building Authority^(a),(b)
Revenue Bonds
University of Richmond Project
Series 2009 (Wells Fargo Bank)
11/01/2036	0.350%	700,000	700,000
Total Floating Rate Notes (Cost $700,000)			700,000

Municipal Bonds 99.8%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 6.2%
Capital Region Airport Commission
Refunding Revenue Bonds
Series 2016A
07/01/2034	4.000%	1,125,000	1,134,821
Metropolitan Washington Airports Authority^(c)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2033	5.000%	2,000,000	2,180,030
Forward Delivery
Series 2020A
10/01/2032	5.000%	2,000,000	2,197,414
Norfolk Airport Authority
Revenue Bonds
Series 2019
07/01/2033	5.000%	1,000,000	1,100,275
Total			6,612,540
Higher Education 6.1%
Amherst Industrial Development Authority
Refunding Revenue Bonds
Educational Facilities Sweet Briar Institute
Series 2006
09/01/2026	5.000%	665,000	640,904
Virginia College Building Authority
Revenue Bonds
Washington & Lee University Project
Series 1998 (NPFGC)
01/01/2026	5.250%	2,555,000	2,698,426
Virginia Commonwealth University
Refunding Revenue Bonds
General Pledge
Series 2018A
11/01/2031	5.000%	400,000	448,392

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Virginia Polytechnic Institute & State University
Revenue Bonds
General Dorm and Dining Hall
Series 2015A
06/01/2027	4.000%	2,650,000	2,761,218
Total			6,548,940
Hospital 11.7%
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Virginia Hospital Center
Series 2020
07/01/2033	5.000%	400,000	447,095
Fairfax County Industrial Development Authority
Refunding Revenue Bonds
Inova Health System
Series 2018
05/15/2026	5.000%	1,500,000	1,637,396
Lynchburg Economic Development Authority
Refunding Revenue Bonds
Centra Health Obligation Group
Series 2021
01/01/2036	5.000%	875,000	978,191
Norfolk Economic Development Authority
Refunding Revenue Bonds
Sentara Healthcare
Series 2012B
11/01/2027	5.000%	1,735,000	1,763,402
Series 2018A (Mandatory Put 11/01/28)
11/01/2048	5.000%	300,000	338,504
Roanoke Economic Development Authority
Refunding Revenue Bonds
Carilion Clinic Obligated Group
Series 2020 (Mandatory Put 07/01/30)
07/01/2053	5.000%	2,500,000	2,786,093
Stafford County Economic Development Authority
Refunding Revenue Bonds
Mary Washington Healthcare
Series 2016
06/15/2030	5.000%	1,300,000	1,397,967
06/15/2033	5.000%	200,000	214,271
06/15/2035	5.000%	1,000,000	1,069,760
Virginia Small Business Financing Authority
Refunding Revenue Bonds
Sentara Healthcare
Series 2020
11/01/2030	5.000%	220,000	250,748
11/01/2031	5.000%	270,000	306,972

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

8	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Winchester Economic Development Authority
Refunding Revenue Bonds
Valley Health System Obligation Group
Series 2015
01/01/2032	5.000%	1,250,000	1,334,368
Total			12,524,767
Investor Owned 0.9%
Louisa Industrial Development Authority
Revenue Bonds
Virginia Electric and Power Co. Project
Series 2008B (Mandatory Put 09/02/25)
11/01/2035	0.750%	1,000,000	926,078
Local Appropriation 3.8%
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Series 2017
02/15/2029	5.000%	1,000,000	1,118,802
Fairfax County Economic Development Authority
Revenue Bonds
Metrorail Parking Systems
Series 2017
04/01/2033	5.000%	745,000	821,097
Henry County Industrial Development Authority
Revenue Bonds
Public Facility Lease
Series 2018
11/01/2036	4.000%	1,000,000	1,032,253
Loudoun County Economic Development Authority
Revenue Bonds
Series 2015
12/01/2028	5.000%	1,035,000	1,098,158
Total			4,070,310
Local General Obligation 7.5%
City of Alexandria Virginia
Unlimited General Obligation Refunding Bonds
Series 2017C
07/01/2030	4.000%	1,000,000	1,052,867
City of Richmond
Unlimited General Obligation Bonds
Public Improvement
Series 2015B
03/01/2028	4.000%	2,000,000	2,074,315
County of Arlington
Unlimited General Obligation Bonds
Series 2017
08/15/2034	4.000%	2,000,000	2,084,107

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Fairfax
Unlimited General Obligation Public Improvement Bonds
Series 2019A
10/01/2035	5.000%	1,000,000	1,129,094
Virginia Public School Authority
Revenue Bonds
Series 2021
08/15/2028	5.000%	1,500,000	1,706,254
Total			8,046,637
Multi-Family 1.8%
Virginia Housing Development Authority
Revenue Bonds
Series 2020B (HUD)
03/01/2031	1.650%	1,630,000	1,428,038
Series 2020E
07/01/2035	2.100%	650,000	543,053
Total			1,971,091
Other Bond Issue 2.2%
Montgomery County Economic Development Authority
Refunding Revenue Bonds
Virginia Tech Foundation
Series 2017A
06/01/2029	5.000%	200,000	222,463
Series 2019
06/01/2031	5.000%	1,200,000	1,366,906
Western Regional Jail Authority
Refunding Revenue Bonds
Series 2015
12/01/2027	5.000%	750,000	813,684
Total			2,403,053
Pool / Bond Bank 1.0%
Virginia Resources Authority
Refunding Revenue Bonds
Virginia Infrastructure Pooled
Series 2017F
11/01/2034	4.000%	1,000,000	1,046,356
Ports 1.7%
Virginia Port Authority Commonwealth Port Fund^(c)
Refunding Revenue Bonds
Series 2020B
07/01/2028	5.000%	1,615,000	1,804,477
Refunded / Escrowed 15.8%
Albermarle County Economic Development Authority
Prerefunded 01/01/23 Revenue Bonds
Westminster-Canterbury of the Blue Ridge
Series 2012
01/01/2032	4.625%	2,000,000	2,035,473

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Chesapeake Bay Bridge & Tunnel District
Refunding Revenue Bonds
General Resolution
Series 1998 Escrowed to Maturity (NPFGC)
07/01/2025	5.500%	4,000,000	4,274,275
City of Norfolk
Prerefunded 08/01/28 Unlimited General Obligation Bonds
Capital Improvement
08/01/2033	5.000%	1,000,000	1,138,083
Greater Richmond Convention Center Authority
Prerefunded 06/15/25 Revenue Bonds
Series 2015
06/15/2029	5.000%	1,350,000	1,454,663
06/15/2030	5.000%	1,540,000	1,659,393
Hampton Roads Sanitation District
Prerefunded 08/01/26 Revenue Bonds
Subordinated Series 2016A
08/01/2031	5.000%	2,000,000	2,199,694
Hampton Roads Transportation Accountability Commission
Prerefunded 01/01/28 Revenue Bonds
Senior Lien Hampton Roads Transportation Fund
Series 2018A
07/01/2032	5.000%	1,150,000	1,284,747
Hanover County Economic Development Authority
Prerefunded 07/01/22 Revenue Bonds
Covenant Woods
Series 2012A
07/01/2022	4.000%	210,000	210,864
Rappahannock Regional Jail Authority
Prerefunded 10/01/25 Revenue Bonds
Series 2015
10/01/2030	5.000%	1,725,000	1,867,105
Western Regional Jail Authority
Prerefunded 12/01/25 Revenue Bonds
Series 2015
12/01/2027	5.000%	750,000	813,148
Total			16,937,445
Retirement Communities 6.0%
Albemarle County Economic Development Authority
Refunding Revenue Bonds
Westminster-Canterbury of the Blue Ridge
Series 2022
06/01/2042	4.000%	1,000,000	979,673
Hanover County Economic Development Authority
Refunding Revenue Bonds
Covenant Woods
Series 2018
07/01/2038	5.000%	380,000	393,062

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster Canterbury of Richmond
Series 2020
10/01/2033	4.000%	500,000	509,307
Westminster Canterbury Project
Series 2018
10/01/2037	5.000%	1,500,000	1,583,936
Rockingham County Economic Development Authority
Refunding Revenue Bonds
Sunnyside Presbyterian Home
Series 2020
12/01/2039	5.000%	2,000,000	2,152,589
Virginia Small Business Financing Authority
Refunding Revenue Bonds
National Senior Campuses
Series 2020
01/01/2027	5.000%	325,000	347,842
01/01/2029	5.000%	400,000	435,062
Total			6,401,471
Sales Tax 2.0%
Northern Virginia Transportation Authority
Revenue Bonds
Series 2014
06/01/2032	5.000%	2,000,000	2,102,159
Special Non Property Tax 0.5%
Hampton Roads Transportation Accountability Commission
Revenue Bonds
Senior Lien
Series 2020A
07/01/2033	5.000%	500,000	568,045
Special Property Tax 4.8%
Dulles Town Center Community Development Authority
Refunding Special Assessment Bonds
Dulles Town Center Project
Series 2012
03/01/2023	4.000%	1,000,000	995,130
Fairfax County Economic Development Authority
Refunding Special Tax Bonds
Silver Line Phase I Project
Series 2016
04/01/2031	4.000%	1,000,000	1,042,731
04/01/2032	4.000%	1,000,000	1,041,224
Marquis Community Development Authority of York County^(d),(e),(f)
Revenue Bonds
Convertible
Series 2015
09/01/2045	7.500%	644,000	298,546

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

10	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Marquis Community Development Authority of York County^(e)
Tax Allocation Bonds
Series 2007B
09/01/2041	5.625%	2,084,000	949,966
Marquis Community Development Authority of York County^(g)
Tax Allocation Bonds
Series 2007C
09/01/2041	0.000%	3,164,000	151,628
Virginia Gateway Community Development Authority
Refunding Special Assessment Bonds
Series 2012
03/01/2025	5.000%	690,000	689,950
Total			5,169,175
State Appropriated 5.5%
Virginia College Building Authority
Revenue Bonds
21st Century College Program
Series 2017
02/01/2034	4.000%	1,500,000	1,551,593
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
Northern Virginia Transportation District Program
Series 2019
05/15/2031	5.000%	1,000,000	1,128,866
Virginia Public Building Authority
Revenue Bonds
Series 2018A
08/01/2035	4.000%	1,500,000	1,541,638
Series 2019A
08/01/2031	5.000%	1,500,000	1,713,591
Total			5,935,688
Transportation 11.8%
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
GARVEE Notes
Series 2017
03/15/2028	5.000%	1,000,000	1,112,768
Revenue Bonds
Series 2016
05/15/2030	4.000%	500,000	520,146
Series 2018
05/15/2036	4.000%	2,000,000	2,129,742
Washington Metropolitan Area Transit Authority
Refunding Revenue Bonds
Series 2017A-1
07/01/2029	5.000%	2,500,000	2,762,584
Revenue Bonds
Series 2017B
07/01/2034	5.000%	2,000,000	2,181,927

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2018
07/01/2036	5.000%	500,000	544,486
07/01/2037	5.000%	1,000,000	1,088,473
Series 2020A
07/15/2037	5.000%	2,000,000	2,256,088
Total			12,596,214
Turnpike / Bridge / Toll Road 8.4%
City of Chesapeake Expressway Toll Road
Revenue Bonds
Transportation System
Series 2012A
07/15/2023	5.000%	1,025,000	1,030,626
07/15/2027	5.000%	1,000,000	1,004,773
Metropolitan Washington Airports Authority Dulles Toll Road^(g)
Revenue Bonds
Capital Appreciation - 2nd Senior Lien
Series 2009B (AGM)
10/01/2023	0.000%	5,000,000	4,805,222
Virginia Small Business Financing Authority^(c)
Refunding Revenue Bonds
Senior Lien - 95 Express Lanes LLC Project
Series 2022
01/01/2038	5.000%	500,000	535,755
Senior Lien - I-495 HOT Lanes Project
Series 2022
06/30/2038	5.000%	300,000	328,940
12/31/2038	5.000%	300,000	328,940
Virginia Small Business Financing Authority^(c),(h)
Revenue Bonds
Senior Lien - Elizabeth River Crossings Opco LLC
Series 2022
01/01/2038	4.000%	1,000,000	978,991
Total			9,013,247
Water & Sewer 2.1%
Fairfax County Water Authority
Refunding Revenue Bonds
Series 2017
04/01/2029	5.000%	2,000,000	2,218,838
Total Municipal Bonds (Cost $111,728,539)			106,896,531

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

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Portfolio of Investments (continued)
April 30, 2022

Money Market Funds 0.2%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.318%⁽ⁱ⁾	108,456	108,446
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.283%⁽ⁱ⁾	158,134	158,134
Total Money Market Funds (Cost $266,590)		266,580
Total Investments in Securities (Cost: $112,695,129)		107,863,111
Other Assets & Liabilities, Net		(758,674)
Net Assets		107,104,437

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2022.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At April 30, 2022, the total value of these securities amounted to $298,546, which represents 0.28% of total net assets.
(e)	Partial payment received at last interest date.
(f)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2022.
(g)	Zero coupon bond.
(h)	Represents a security purchased on a when-issued basis.
(i)	The rate shown is the seven-day current annualized yield at April 30, 2022.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
HUD	Department of Housing and Urban Development
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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.

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Portfolio of Investments (continued)
April 30, 2022

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

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	700,000	—	700,000
Municipal Bonds	—	106,896,531	—	106,896,531
Money Market Funds	266,580	—	—	266,580
Total Investments in Securities	266,580	107,596,531	—	107,863,111

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

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

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Statement of Assets and Liabilities
April 30, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $112,695,129)	$107,863,111
Cash	172
Receivable for:
Capital shares sold	223,796
Interest	1,285,408
Expense reimbursement due from Investment Manager	260
Prepaid expenses	5,888
Total assets	109,378,635
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	1,105,640
Capital shares purchased	837,466
Distributions to shareholders	172,466
Management services fees	1,390
Distribution and/or service fees	209
Transfer agent fees	4,204
Compensation of board members	135,356
Other expenses	17,467
Total liabilities	2,274,198
Net assets applicable to outstanding capital stock	$107,104,437
Represented by
Paid in capital	112,425,298
Total distributable earnings (loss)	(5,320,861)
Total - representing net assets applicable to outstanding capital stock	$107,104,437
Class A
Net assets	$25,627,263
Shares outstanding	2,628,171
Net asset value per share	$9.75
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.05
Advisor Class
Net assets	$2,880,845
Shares outstanding	295,213
Net asset value per share	$9.76
Class C
Net assets	$1,247,546
Shares outstanding	127,822
Net asset value per share	$9.76
Institutional Class
Net assets	$19,847,798
Shares outstanding	2,035,748
Net asset value per share	$9.75
Institutional 3 Class
Net assets	$57,500,985
Shares outstanding	5,883,313
Net asset value per share	$9.77

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

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Statement of Operations
Year Ended April 30, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$391
Interest	3,418,080
Total income	3,418,471
Expenses:
Management services fees	613,778
Distribution and/or service fees
Class A	73,094
Class C	17,200
Transfer agent fees
Class A	27,011
Advisor Class	2,497
Class C	1,595
Institutional Class	20,972
Institutional 3 Class	3,960
Compensation of board members	26,257
Custodian fees	1,299
Printing and postage fees	12,844
Registration fees	16,267
Audit fees	29,500
Legal fees	12,154
Compensation of chief compliance officer	20
Other	11,219
Total expenses	869,667
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(110,884)
Expense reduction	(20)
Total net expenses	758,763
Net investment income	2,659,708
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	172,287
Net realized gain	172,287
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(11,605,134)
Net change in unrealized appreciation (depreciation)	(11,605,134)
Net realized and unrealized loss	(11,432,847)
Net decrease in net assets resulting from operations	$(8,773,139)

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2022		April 30, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	334,671	3,552,896	622,057	6,699,388
Distributions reinvested	43,654	459,916	32,201	346,743
Redemptions	(483,983)	(5,010,014)	(225,524)	(2,426,151)
Net increase (decrease)	(105,658)	(997,202)	428,734	4,619,980
Advisor Class
Subscriptions	212,914	2,282,013	174,907	1,885,006
Distributions reinvested	5,397	56,657	3,278	35,337
Redemptions	(130,437)	(1,375,418)	(34,679)	(366,346)
Net increase	87,874	963,252	143,506	1,553,997
Class C
Subscriptions	10,425	112,380	52,738	569,956
Distributions reinvested	2,363	25,037	2,435	26,241
Redemptions	(67,262)	(712,524)	(62,256)	(671,157)
Net decrease	(54,474)	(575,107)	(7,083)	(74,960)
Institutional Class
Subscriptions	229,441	2,443,592	470,262	5,051,695
Distributions reinvested	42,088	443,610	40,814	439,425
Redemptions	(488,357)	(5,156,820)	(613,050)	(6,610,693)
Net decrease	(216,828)	(2,269,618)	(101,974)	(1,119,573)
Institutional 3 Class
Subscriptions	301,861	3,227,555	781,373	8,440,077
Distributions reinvested	8,388	88,741	7,327	79,105
Redemptions	(2,246,602)	(23,539,232)	(1,370,751)	(14,797,621)
Net decrease	(1,936,353)	(20,222,936)	(582,051)	(6,278,439)
Total net decrease	(2,225,439)	(23,101,611)	(118,868)	(1,298,995)

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 4/30/2022	$10.76	0.19	(0.96)	(0.77)	(0.20)	(0.04)	(0.24)
Year Ended 4/30/2021	$10.43	0.22	0.34	0.56	(0.22)	(0.01)	(0.23)
Year Ended 4/30/2020	$10.55	0.26	(0.11)	0.15	(0.27)	(0.00)^(d)	(0.27)
Year Ended 4/30/2019	$10.44	0.27	0.21	0.48	(0.29)	(0.08)	(0.37)
Year Ended 4/30/2018	$10.79	0.27	(0.31)	(0.04)	(0.28)	(0.03)	(0.31)
Advisor Class
Year Ended 4/30/2022	$10.77	0.21	(0.96)	(0.75)	(0.22)	(0.04)	(0.26)
Year Ended 4/30/2021	$10.43	0.25	0.35	0.60	(0.25)	(0.01)	(0.26)
Year Ended 4/30/2020	$10.55	0.29	(0.12)	0.17	(0.29)	(0.00)^(d)	(0.29)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.31)	(0.08)	(0.39)
Year Ended 4/30/2018	$10.79	0.30	(0.31)	(0.01)	(0.31)	(0.03)	(0.34)
Class C
Year Ended 4/30/2022	$10.77	0.11	(0.96)	(0.85)	(0.12)	(0.04)	(0.16)
Year Ended 4/30/2021	$10.44	0.14	0.34	0.48	(0.14)	(0.01)	(0.15)
Year Ended 4/30/2020	$10.55	0.18	(0.10)	0.08	(0.19)	(0.00)^(d)	(0.19)
Year Ended 4/30/2019	$10.45	0.20	0.19	0.39	(0.21)	(0.08)	(0.29)
Year Ended 4/30/2018	$10.80	0.19	(0.31)	(0.12)	(0.20)	(0.03)	(0.23)
Institutional Class
Year Ended 4/30/2022	$10.76	0.22	(0.97)	(0.75)	(0.22)	(0.04)	(0.26)
Year Ended 4/30/2021	$10.43	0.25	0.34	0.59	(0.25)	(0.01)	(0.26)
Year Ended 4/30/2020	$10.54	0.29	(0.11)	0.18	(0.29)	(0.00)^(d)	(0.29)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.32)	(0.08)	(0.40)
Year Ended 4/30/2018	$10.79	0.30	(0.31)	(0.01)	(0.31)	(0.03)	(0.34)

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

18	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2022	$9.75	(7.32%)	0.90%	0.81%^(c)	1.80%	11%	$25,627
Year Ended 4/30/2021	$10.76	5.42%	0.91%	0.81%	2.07%	10%	$29,427
Year Ended 4/30/2020	$10.43	1.35%	0.87%	0.81%	2.47%	12%	$24,036
Year Ended 4/30/2019	$10.55	4.69%	0.88%	0.81%^(c)	2.63%	13%	$23,706
Year Ended 4/30/2018	$10.44	(0.39%)	0.89%	0.81%^(c)	2.55%	14%	$27,005
Advisor Class
Year Ended 4/30/2022	$9.76	(7.08%)	0.64%	0.56%^(c)	2.02%	11%	$2,881
Year Ended 4/30/2021	$10.77	5.78%	0.66%	0.56%	2.31%	10%	$2,233
Year Ended 4/30/2020	$10.43	1.60%	0.61%	0.55%	2.70%	12%	$666
Year Ended 4/30/2019	$10.55	4.95%	0.63%	0.56%^(c)	2.87%	13%	$274
Year Ended 4/30/2018	$10.44	(0.14%)	0.63%	0.56%^(c)	2.80%	14%	$1,823
Class C
Year Ended 4/30/2022	$9.76	(8.01%)	1.65%	1.56%^(c)	1.08%	11%	$1,248
Year Ended 4/30/2021	$10.77	4.63%	1.66%	1.56%	1.32%	10%	$1,964
Year Ended 4/30/2020	$10.44	0.69%	1.62%	1.56%	1.73%	12%	$1,976
Year Ended 4/30/2019	$10.55	3.81%	1.63%	1.56%^(c)	1.88%	13%	$2,786
Year Ended 4/30/2018	$10.45	(1.13%)	1.64%	1.56%^(c)	1.79%	14%	$3,824
Institutional Class
Year Ended 4/30/2022	$9.75	(7.09%)	0.65%	0.56%^(c)	2.06%	11%	$19,848
Year Ended 4/30/2021	$10.76	5.68%	0.66%	0.56%	2.32%	10%	$24,243
Year Ended 4/30/2020	$10.43	1.70%	0.62%	0.55%	2.72%	12%	$24,546
Year Ended 4/30/2019	$10.54	4.86%	0.63%	0.56%^(c)	2.88%	13%	$22,698
Year Ended 4/30/2018	$10.44	(0.15%)	0.65%	0.56%^(c)	2.76%	14%	$29,199

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2022	$10.79	0.23	(0.98)	(0.75)	(0.23)	(0.04)	(0.27)
Year Ended 4/30/2021	$10.45	0.26	0.35	0.61	(0.26)	(0.01)	(0.27)
Year Ended 4/30/2020	$10.57	0.30	(0.12)	0.18	(0.30)	(0.00)^(d)	(0.30)
Year Ended 4/30/2019	$10.46	0.31	0.21	0.52	(0.33)	(0.08)	(0.41)
Year Ended 4/30/2018	$10.82	0.31	(0.32)	(0.01)	(0.32)	(0.03)	(0.35)

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

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

20	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

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Notes to Financial Statements
April 30, 2022

Note 1. Organization

Columbia Virginia Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (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 Delaware statutory trust.

Fund shares

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 and Institutional 3 Class shares are available 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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.

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Notes to Financial Statements (continued)
April 30, 2022

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

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Notes to Financial Statements (continued)
April 30, 2022

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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.

24	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
April 30, 2022

For the year ended April 30, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 3 Class	0.01

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	7,320
Class C	—	1.00^(b)	278

(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.

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Notes to Financial Statements (continued)
April 30, 2022

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 through August 31, 2022
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
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

At April 30, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, post-October capital losses, distributions, principal and/or interest of fixed income securities, re-characterization of distributions for investments and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(24)	24	—

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

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

Year Ended April 30, 2022				Year Ended April 30, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
61,990	2,708,940	479,743	3,250,673	69,355	3,316,525	118,984	3,504,864

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

26	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
April 30, 2022

At April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	165,286	—	—	(4,880,043)

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
112,743,154	929,873	(5,809,916)	(4,880,043)

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. As of April 30, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on May 1, 2022.

Late year ordinary losses ($)	Post-October capital losses ($)
—	299,339

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $13,667,695 and $32,891,336, respectively, for the year ended April 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2022.

Note 7. Line of credit

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2022

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Notes to Financial Statements (continued)
April 30, 2022

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 0.11448% 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 28, 2021 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 one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.

The Fund had no borrowings during the year ended April 30, 2022.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
April 30, 2022

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.

Municipal securities risk

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Notes to Financial Statements (continued)
April 30, 2022

Shareholder concentration risk

At April 30, 2022, one unaffiliated shareholder of record owned 60.2% 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. 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

Note 10. Information regarding pending and settled legal proceedings

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Virginia Intermediate Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Virginia Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 23, 2022

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

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Federal Income Tax Information

(Unaudited)

Capital gain dividend	Exempt- interest dividends
$482,448	98.19%

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

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	176	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	174	Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	176	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	176	Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021	Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	176	Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	174	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; Consultant to Bridgewater and Associates	174	Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	176	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947	Trustee since 2003	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	176	Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	174	Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	176	Former Director, NAPE Education Foundation, October 2016-October 2020

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	176	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	14
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	29
Federal Income Tax Information	30
Trustees and Officers	30
Liquidity Risk Management Program	36

If you elect to receive the shareholder report for Columbia South Carolina 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

Quarterly schedule of investments

Additional Fund information

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

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from U.S. federal income tax and South Carolina individual income tax, consistent with moderate fluctuation of principal.

Portfolio management

Paul Fuchs, CFA

Co-Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Anders Myhran, CFA*

Co-Portfolio Manager

Managed Fund since 2019

Prior to June 15, 2022, Deborah Vargo served as a Portfolio Manager of the Fund.

* Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Co-Portfolio Manager of the Fund.

Average annual total returns (%) (for the period ended April 30, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/05/92	-6.47	0.99	1.48
	Including sales charges		-9.26	0.39	1.18
Advisor Class*		03/19/13	-6.24	1.26	1.74
Class C	Excluding sales charges	06/17/92	-7.26	0.24	0.72
	Including sales charges		-8.18	0.24	0.72
Institutional Class		01/06/92	-6.32	1.24	1.73
Institutional 3 Class*		03/01/17	-6.20	1.36	1.79
Bloomberg 3-15 Year Blend Municipal Bond Index			-7.28	1.62	2.21

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia South Carolina Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at April 30, 2022)
AAA rating	6.2
AA rating	42.0
A rating	48.0
BBB rating	2.3
BB rating	1.1
Not rated	0.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2022, Class A shares of Columbia South Carolina Intermediate Municipal Bond Fund returned -6.47% excluding sales charges. Institutional Class shares of the Fund returned -6.32%. The Fund outperformed its benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, which returned -7.28% for the same time period.

Market overview

The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, the Omicron variant appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging that conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter of 2021. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending, though movement toward higher individual tax rates, which could have boosted demand, was left out of the final bill. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds could no longer remain immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

Conditions persisted into the last month of the annual period, with the Bloomberg Municipal Bond Index posting a return of -2.77% in April 2022, and municipal bonds underperforming U.S. Treasuries for the month. However, rising interest rates coupled with outflows had a positive side effect for the municipal bond market. Excluding the brief COVID-19 sell-off, tax-exempt yields had not seen the levels of the first months of 2022 since early 2019. Indeed, versus other fixed-income sectors, taxable equivalent yields were attractive enough to begin enticing even bank and insurance buyers back into the municipal market. Buyers of municipal credit were also drawn in by the solid fundamentals underpinning state and local governments, which on the back of record tax collections, substantial federal aid and a growing economy, remained rather healthy. Credit upgrades outpaced downgrades, and defaults remained exceptionally low.

The South Carolina intermediate municipal market slightly underperformed the national intermediate municipal market during the period. The South Carolina intermediate market has a longer maturity and duration profile than the national market, which makes it more sensitive to changes in interest rate levels, which led to relative underperformance of the state’s market during the period. The South Carolina market is also heavily weighted toward three sectors: local general obligation bonds, public power and transportation. These three sectors, which make up approximately 70% of the state’s intermediate municipal market index, underperformed the national market, as measured by the Fund’s benchmark. The underperformance was not credit driven but rather a result of the bonds profile or characteristics. South Carolina’s exposure in these sectors was in longer maturity, longer duration bonds and in bonds that were lower in coupon, which rendered them more sensitive to changes in interest rates. The structure profile of South Carolina’s municipal market is influenced by its vibrant retail or individual investor base, which has generally exhibited a preference for lower coupon, lower dollar priced bonds.

The Fund’s notable contributors during the period

•	The Fund’s duration positioning contributed to the Fund’s performance versus the benchmark during the period.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

○	The Fund began the period with a duration below that of the benchmark as our view on the market was becoming less constructive. Building inflation pressures and the Fed’s plans to wind down its asset purchases and begin a cycle of raising interest rates prompted us to transition to a more defensive posture.
○	The Fund’s duration relative to its benchmark fluctuated between roughly one-half year short to one-quarter year short throughout the period. Maintaining a below benchmark duration position benefitted the Fund as interest rates rose quickly at the start of 2022.

•	The Fund’s pre-refunded bonds, which had an average maturity of less than two years, and exposure to bonds maturing in less than two years also contributed to performance. In an environment of rising interest rates, shorter maturity bonds tend to outperform their longer maturity counterparts.

The Fund’s notable detractors during the period

•	The timing of some Fund purchases in the summer and late autumn of 2021 detracted from total returns for the Fund as these purchases were executed at the low in yields for the period.
•	Exposure to 4% coupon bonds, while less than the benchmark, weighed on Fund performance as this coupon structure underperformed during the selloff.
•	Lastly, the Fund’s overweighting to local appropriation issues detracted from performance as they underperformed most sectors. Local appropriation issues are a very common municipal structure in South Carolina and represented the Fund’s largest sector weight.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

6	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2021 — April 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	935.50	1,020.94	3.86	4.03	0.80
Advisor Class	1,000.00	1,000.00	936.60	1,022.19	2.66	2.77	0.55
Class C	1,000.00	1,000.00	931.10	1,017.20	7.46	7.80	1.55
Institutional Class	1,000.00	1,000.00	936.70	1,022.19	2.66	2.77	0.55
Institutional 3 Class	1,000.00	1,000.00	936.40	1,022.69	2.17	2.27	0.45

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 South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
April 30, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 98.8%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 0.6%
Charleston County Airport District
Revenue Bonds
Series 2019
07/01/2035	5.000%	500,000	552,482
Charter Schools 1.0%
South Carolina Jobs-Economic Development Authority^(a)
Revenue Bonds
Series 2015A
08/15/2035	5.125%	1,000,000	1,027,700
Higher Education 8.7%
Clemson University
Revenue Bonds
Athletic Facility
Series 2014A
05/01/2028	5.000%	1,170,000	1,247,644
Coastal Carolina University
Revenue Bonds
Series 2015
06/01/2024	5.000%	1,500,000	1,574,439
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Furman University
Series 2015
10/01/2032	5.000%	1,895,000	2,005,831
Revenue Bonds
Wofford College Project
Series 2019
04/01/2037	5.000%	885,000	968,067
University of South Carolina
Refunding Revenue Bonds
Series 2017B
05/01/2034	5.000%	1,500,000	1,647,164
Revenue Bonds
Campus Village Project
Series 2021A
05/01/2037	5.000%	1,000,000	1,152,312
Total			8,595,457
Hospital 9.8%
County of Florence
Refunding Revenue Bonds
McLeod Regional Medical Center Project
Series 2014
11/01/2031	5.000%	1,500,000	1,579,249

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lexington County Health Services District, Inc.
Refunding Revenue Bonds
Lexington Medical Center Obligated Group
Series 2017
11/01/2032	4.000%	1,050,000	1,068,669
Revenue Bonds
Lexington Medical Center
Series 2016
11/01/2034	5.000%	1,500,000	1,607,408
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Prisma Health Obligated Group
Series 2018
05/01/2036	5.000%	2,000,000	2,183,303
Revenue Bonds
McLeod Health Obligation Group
Series 2018
11/01/2033	5.000%	1,000,000	1,091,980
St. Joseph’s Candler Health System, Inc.
Series 2019
07/01/2032	5.000%	1,000,000	1,116,411
Spartanburg Regional Health Services District
Refunding Revenue Bonds
Services District, Inc.
Series 2022
04/15/2037	4.000%	1,000,000	1,005,634
Total			9,652,654
Joint Power Authority 4.4%
Piedmont Municipal Power Agency
Refunding Revenue Bonds
Series 2021D
01/01/2033	4.000%	1,000,000	1,049,612
South Carolina Public Service Authority
Refunding Revenue Bonds
Series 2016A
12/01/2028	5.000%	2,000,000	2,155,794
Revenue Bonds
Series 2022A
12/01/2039	5.000%	1,000,000	1,124,615
Total			4,330,021
Local Appropriation 26.3%
Aiken County Consolidated School District
Special Obligation Revenue Bonds
Series 2019
06/01/2033	4.000%	325,000	341,397

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

8	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Berkeley County School District
Refunding Revenue Bonds
Securing Assets for Education
Series 2015A
12/01/2027	5.000%	1,500,000	1,557,451
Center for Arts & Health Sciences Public Facilities Corp.
Revenue Bonds
Greenville Technical College Project
Series 2022
10/01/2039	4.000%	1,000,000	1,041,394
Charleston Educational Excellence Finance Corp.
Refunding Revenue Bonds
Charleston County School
Series 2013
12/01/2025	5.000%	2,000,000	2,079,261
Charleston Public Facilities Corp.
Revenue Bonds
Series 2015A
09/01/2029	5.000%	1,000,000	1,081,046
City of North Charleston
Tax Allocation Bonds
Series 2019B
10/01/2027	5.000%	1,000,000	1,108,155
Series 2022
10/01/2039	4.000%	820,000	847,946
Tax Increment Pledge
Series 2020
10/01/2031	5.000%	300,000	343,160
County of Dorchester
Tax Allocation Bonds
Series 2020
10/01/2036	5.000%	385,000	435,544
Dorchester County School District No. 2
Refunding Revenue Bonds
Growth Installment Purchase
Series 2013
12/01/2027	5.000%	1,000,000	1,040,038
Fort Mill School Facilities Corp.
Refunding Revenue Bonds
Fort Mills School District #4
Series 2015
12/01/2028	5.000%	1,000,000	1,076,753
Kershaw County School District
Refunding Revenue Bonds
Series 2015
12/01/2025	5.000%	1,000,000	1,082,415
Lexington One School Facilities Corp.
Refunding Revenue Bonds
Lexington County School District
Series 2015
12/01/2026	5.000%	835,000	868,960

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lexington School District No. 2 Educational Facilities Corp.
Refunding Revenue Bonds
Series 2015B
12/01/2026	5.000%	1,815,000	1,947,859
Newberry Investing in Children’s Education
Refunding Revenue Bonds
Newberry County School District
Series 2014
12/01/2029	5.000%	1,500,000	1,600,304
Orangeburg County School District^(b)
Revenue Bonds
Series 2022
06/01/2039	5.000%	1,000,000	1,051,538
SCAGO Educational Facilities Corp. for Calhoun School District
Refunding Revenue Bonds
Series 2015 (BAM)
12/01/2026	5.000%	520,000	561,017
SCAGO Educational Facilities Corp. for Cherokee School District No. 1
Refunding Revenue Bonds
Series 2015
12/01/2028	5.000%	1,830,000	1,941,917
SCAGO Educational Facilities Corp. for Colleton School District
Refunding Revenue Bonds
Series 2015
12/01/2027	5.000%	1,295,000	1,372,795
SCAGO Educational Facilities Corp. for Pickens School District
Refunding Revenue Bonds
Series 2015
12/01/2029	5.000%	1,500,000	1,593,801
12/01/2030	5.000%	1,275,000	1,354,620
Sumter Two School Facilities, Inc.
Refunding Revenue Bonds
Sumter County School District No. 2
Series 2016 (BAM)
12/01/2027	5.000%	1,500,000	1,612,985
Total			25,940,356
Local General Obligation 9.9%
Anderson County School District No. 5
Unlimited General Obligation Bonds
South Carolina School District Credit Enhancement Program
Series 2017
03/01/2030	4.000%	1,000,000	1,050,289
Beaufort County School District
Unlimited General Obligation Bonds
Series 2014B
03/01/2023	5.000%	1,190,000	1,220,893
County of Charleston
Unlimited General Obligation Bonds
Transportation Sales Tax
Series 2021
11/01/2032	4.000%	1,000,000	1,083,808

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

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lexington & Richland School District No. 5
Unlimited General Obligation Refunding Bonds
Series 2021B
03/01/2031	4.000%	1,000,000	1,074,802
Lexington County School District No. 1
Unlimited General Obligation Bonds
Series 2020C
02/01/2031	4.000%	1,000,000	1,059,147
Unlimited General Obligation Refunding Bonds
Series 2019A (School District Credit Enhancement Program)
02/01/2031	5.000%	1,000,000	1,123,770
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Series 2015
04/01/2034	5.000%	940,000	964,640
Spartanburg County School District No. 7
Unlimited General Obligation Bonds
Series 2018-B
03/01/2036	5.000%	1,000,000	1,122,638
Series 2019D
03/01/2037	5.000%	1,000,000	1,122,555
Total			9,822,542
Municipal Power 2.9%
City of Camden Combined Public Utility System
Refunding Revenue Bonds
Series 2020 (AGM)
03/01/2031	4.000%	1,125,000	1,208,250
City of Rock Hill Combined Utility System
Refunding Revenue Bonds
Series 2019A
01/01/2032	5.000%	1,000,000	1,119,599
Easley Combined Utility System
Refunding Revenue Bonds
Easley Combined Utility System
Series 2019 (AGM)
12/01/2033	4.000%	500,000	525,405
Total			2,853,254
Other Utility 1.5%
Patriots Energy Group
Improvement Refunding Revenue Bonds
Gas Systems
Series 2019
06/01/2038	5.000%	1,000,000	1,112,128
Refunding Revenue Bonds
Series 2021A
06/01/2032	5.000%	350,000	400,268
Total			1,512,396

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Ports 2.2%
South Carolina Ports Authority^(c)
Revenue Bonds
Series 2019B
07/01/2033	5.000%	2,000,000	2,175,369
Refunded / Escrowed 6.3%
Anderson Regional Joint Water System
Prerefunded 07/15/22 Revenue Bonds
Series 2012
07/15/2028	5.000%	2,000,000	2,015,007
City of Columbia
Prerefunded 02/01/24 Revenue Bonds
Series 2014
02/01/2033	5.000%	1,195,000	1,250,877
County of Florence
Prerefunded 10/01/23 Revenue Bonds
Series 2015
10/01/2028	5.000%	1,000,000	1,038,877
Greenville County Public Facilities Corp.
Prerefunded 04/01/24 Certificate of Participation
Series 2014
04/01/2026	5.000%	890,000	933,526
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/22 Revenue Bonds
Bon Secours Health System, Inc.
Series 2013
11/01/2024	5.000%	450,000	457,524
Prerefunded 11/01/24 Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2033	7.000%	500,000	552,911
Total			6,248,722
Resource Recovery 3.4%
Three Rivers Solid Waste Authority^(d)
Revenue Bonds
Capital Appreciation - Landfill Gas Project
Series 2007
10/01/2024	0.000%	1,835,000	1,710,859
10/01/2025	0.000%	1,835,000	1,655,740
Total			3,366,599
Retirement Communities 1.2%
South Carolina Jobs-Economic Development Authority^(a)
Refunding Revenue Bonds
Wesley Commons
Series 2016
10/01/2026	5.000%	560,000	575,257

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

10	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina Jobs-Economic Development Authority
Revenue Bonds
Bishop Gadsden Episcopal Retirement Community
Series 2019
04/01/2034	4.000%	605,000	596,521
Total			1,171,778
Special Non Property Tax 3.9%
City of Florence Accommodations Fee
Revenue Bonds
Series 2015
05/01/2030	4.000%	1,000,000	1,027,407
05/01/2035	5.000%	1,000,000	1,054,327
City of Myrtle Beach
Revenue Bonds
Hospitality Fee
Series 2014B
06/01/2030	5.000%	560,000	588,865
City of Rock Hill
Revenue Bonds
Hospitality Fee Pledge
Series 2013
04/01/2023	5.000%	695,000	713,473
Town of Hilton Head Island
Revenue Bonds
Beach Preservation Fee Pledge
Series 2017
08/01/2025	5.000%	400,000	431,489
Total			3,815,561
Special Property Tax 2.1%
City of Myrtle Beach
Refunding Tax Allocation Bonds
Myrtle Beach Air Force Base
Series 2016
10/01/2030	5.000%	1,000,000	1,081,751
County of Greenville
Revenue Bonds
Series 2021
04/01/2038	4.000%	1,000,000	1,034,435
Total			2,116,186
State General Obligation 2.8%
State of South Carolina
Unlimited General Obligation Bonds
Citadel Military College of South Carolina
Series 2021
04/01/2036	5.000%	1,500,000	1,748,219
Series 2014B
04/01/2025	5.000%	1,000,000	1,049,385
Total			2,797,604

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Transportation 2.1%
South Carolina Transportation Infrastructure Bank
Refunding Revenue Bonds
Infrastructure Bank
Series 2015A
10/01/2024	5.000%	2,000,000	2,118,345
Water & Sewer 9.7%
Beaufort-Jasper Water & Sewer Authority
Refunding Revenue Bonds
Series 2016B
03/01/2024	5.000%	1,000,000	1,048,475
Revenue Bonds
Series 2019A
03/01/2035	5.000%	750,000	842,777
City of Charleston Waterworks & Sewer System
Revenue Bonds
Series 2019
01/01/2038	5.000%	1,000,000	1,147,325
City of Columbia Stormwater System
Revenue Bonds
Green Bonds
Series 2018
02/01/2038	5.000%	350,000	386,755
City of Columbia Waterworks & Sewer System
Revenue Bonds
Series 2018
02/01/2035	4.000%	560,000	580,881
City of Spartanburg Water System
Refunding Revenue Bonds
Series 2017B
06/01/2035	4.000%	1,375,000	1,413,932
City of Sumter Waterworks & Sewer System
Refunding Revenue Bonds
Series 2015
12/01/2027	4.000%	400,000	419,101
County of Richland Utility System
Refunding Revenue Bonds
Series 2020
03/01/2031	5.000%	240,000	274,741
03/01/2032	5.000%	215,000	245,606
03/01/2033	5.000%	280,000	319,208
Georgetown County Water & Sewer District
Refunding Revenue Bonds
Series 2015
06/01/2027	4.000%	450,000	466,449
Grand Strand Water & Sewer Authority
Refunding Revenue Bonds
Series 2021A
06/01/2031	5.000%	500,000	585,954

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

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Spartanburg Sanitation Sewer District
Refunding Revenue Bonds
Series 2014B
03/01/2034	5.000%	1,000,000	1,060,397
Town of Lexington Waterworks & Sewer System
Refunding Revenue Bonds
Series 2017
06/01/2034	4.000%	750,000	777,902
Total			9,569,503
Total Municipal Bonds (Cost $100,018,966)			97,666,529

Money Market Funds 1.4%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.318%^(e)	113,783	113,771
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.283%^(e)	1,242,860	1,242,860
Total Money Market Funds (Cost $1,356,643)		1,356,631
Total Investments in Securities (Cost: $101,375,609)		99,023,160
Other Assets & Liabilities, Net		(215,866)
Net Assets		98,807,294

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 April 30, 2022, the total value of these securities amounted to $1,602,957, which represents 1.62% of total net assets.
(b)	Represents a security purchased on a when-issued basis.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Zero coupon bond.
(e)	The rate shown is the seven-day current annualized yield at April 30, 2022.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Co.

Fair value measurements

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.

12	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Fair value measurements (continued)
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 control 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. The Committee reports to the Board, with members of the Committee meeting with 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 April 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	97,666,529	—	97,666,529
Money Market Funds	1,356,631	—	—	1,356,631
Total Investments in Securities	1,356,631	97,666,529	—	99,023,160

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

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

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
April 30, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $101,375,609)	$99,023,160
Receivable for:
Capital shares sold	128,607
Interest	1,283,498
Expense reimbursement due from Investment Manager	322
Prepaid expenses	5,772
Total assets	100,441,359
Liabilities
Due to custodian	2,159
Payable for:
Investments purchased on a delayed delivery basis	1,051,540
Capital shares purchased	253,661
Distributions to shareholders	171,472
Management services fees	1,278
Distribution and/or service fees	228
Transfer agent fees	10,413
Compensation of board members	126,209
Other expenses	17,105
Total liabilities	1,634,065
Net assets applicable to outstanding capital stock	$98,807,294
Represented by
Paid in capital	102,284,081
Total distributable earnings (loss)	(3,476,787)
Total - representing net assets applicable to outstanding capital stock	$98,807,294
Class A
Net assets	$23,491,127
Shares outstanding	2,455,831
Net asset value per share	$9.57
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$9.87
Advisor Class
Net assets	$1,246,309
Shares outstanding	130,296
Net asset value per share	$9.57
Class C
Net assets	$2,455,605
Shares outstanding	256,484
Net asset value per share	$9.57
Institutional Class
Net assets	$63,686,137
Shares outstanding	6,654,783
Net asset value per share	$9.57
Institutional 3 Class
Net assets	$7,928,116
Shares outstanding	825,598
Net asset value per share	$9.60

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

14	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Statement of Operations
Year Ended April 30, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$588
Interest	2,907,222
Total income	2,907,810
Expenses:
Management services fees	546,952
Distribution and/or service fees
Class A	75,591
Class C	27,480
Transfer agent fees
Class A	34,070
Advisor Class	2,633
Class C	3,097
Institutional Class	82,154
Institutional 3 Class	559
Compensation of board members	25,312
Custodian fees	1,257
Printing and postage fees	12,298
Registration fees	9,248
Audit fees	29,500
Legal fees	12,007
Interest on interfund lending	5
Compensation of chief compliance officer	18
Other	11,014
Total expenses	873,195
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(135,568)
Expense reduction	(20)
Total net expenses	737,607
Net investment income	2,170,203
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(534,992)
Net realized loss	(534,992)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(8,912,527)
Net change in unrealized appreciation (depreciation)	(8,912,527)
Net realized and unrealized loss	(9,447,519)
Net decrease in net assets resulting from operations	$(7,277,316)

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

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Changes in Net Assets

	Year Ended April 30, 2022	Year Ended April 30, 2021
Operations
Net investment income	$2,170,203	$2,349,332
Net realized loss	(534,992)	(26,193)
Net change in unrealized appreciation (depreciation)	(8,912,527)	3,475,775
Net increase (decrease) in net assets resulting from operations	(7,277,316)	5,798,914
Distributions to shareholders
Net investment income and net realized gains
Class A	(520,262)	(498,426)
Advisor Class	(45,827)	(61,141)
Class C	(26,727)	(43,686)
Institutional Class	(1,439,379)	(1,591,033)
Institutional 3 Class	(168,740)	(155,047)
Total distributions to shareholders	(2,200,935)	(2,349,333)
Increase (decrease) in net assets from capital stock activity	(10,767,276)	8,175,212
Total increase (decrease) in net assets	(20,245,527)	11,624,793
Net assets at beginning of year	119,052,821	107,428,028
Net assets at end of year	$98,807,294	$119,052,821

	Year Ended		Year Ended
	April 30, 2022		April 30, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	258,794	2,666,032	690,013	7,188,324
Distributions reinvested	41,737	426,534	37,936	395,018
Redemptions	(788,960)	(7,813,969)	(204,025)	(2,124,918)
Net increase (decrease)	(488,429)	(4,721,403)	523,924	5,458,424
Advisor Class
Subscriptions	57,754	591,974	78,894	813,886
Distributions reinvested	4,458	45,633	5,852	60,935
Redemptions	(223,370)	(2,250,609)	(23,509)	(244,594)
Net increase (decrease)	(161,158)	(1,613,002)	61,237	630,227
Class C
Subscriptions	36,902	384,262	52,882	552,095
Distributions reinvested	2,474	25,287	3,722	38,786
Redemptions	(64,961)	(670,935)	(273,576)	(2,857,515)
Net decrease	(25,585)	(261,386)	(216,972)	(2,266,634)
Institutional Class
Subscriptions	789,145	8,118,864	1,454,148	15,144,030
Distributions reinvested	39,612	404,088	35,131	366,026
Redemptions	(1,356,340)	(13,702,244)	(1,214,766)	(12,662,886)
Net increase (decrease)	(527,583)	(5,179,292)	274,513	2,847,170
Institutional 3 Class
Subscriptions	260,869	2,669,058	278,574	2,920,458
Distributions reinvested	6,527	66,969	5,566	58,179
Redemptions	(168,873)	(1,728,220)	(140,724)	(1,472,612)
Net increase	98,523	1,007,807	143,416	1,506,025
Total net increase (decrease)	(1,104,232)	(10,767,276)	786,118	8,175,212

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2022	$10.41	0.17	(0.83)	(0.66)	(0.18)	(0.18)
Year Ended 4/30/2021	$10.09	0.19	0.32	0.51	(0.19)	(0.19)
Year Ended 4/30/2020	$10.17	0.22	(0.07)	0.15	(0.23)	(0.23)
Year Ended 4/30/2019	$9.94	0.24	0.24	0.48	(0.25)	(0.25)
Year Ended 4/30/2018	$10.16	0.25	(0.20)	0.05	(0.27)	(0.27)
Advisor Class
Year Ended 4/30/2022	$10.41	0.20	(0.84)	(0.64)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.09	0.21	0.32	0.53	(0.21)	(0.21)
Year Ended 4/30/2020	$10.16	0.25	(0.06)	0.19	(0.26)	(0.26)
Year Ended 4/30/2019	$9.94	0.26	0.24	0.50	(0.28)	(0.28)
Year Ended 4/30/2018	$10.15	0.27	(0.19)	0.08	(0.29)	(0.29)
Class C
Year Ended 4/30/2022	$10.42	0.10	(0.85)	(0.75)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.10	0.11	0.32	0.43	(0.11)	(0.11)
Year Ended 4/30/2020	$10.17	0.15	(0.07)	0.08	(0.15)	(0.15)
Year Ended 4/30/2019	$9.94	0.16	0.25	0.41	(0.18)	(0.18)
Year Ended 4/30/2018	$10.16	0.17	(0.20)	(0.03)	(0.19)	(0.19)
Institutional Class
Year Ended 4/30/2022	$10.42	0.20	(0.85)	(0.65)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.09	0.21	0.33	0.54	(0.21)	(0.21)
Year Ended 4/30/2020	$10.17	0.25	(0.07)	0.18	(0.26)	(0.26)
Year Ended 4/30/2019	$9.94	0.26	0.25	0.51	(0.28)	(0.28)
Year Ended 4/30/2018	$10.16	0.27	(0.20)	0.07	(0.29)	(0.29)
Institutional 3 Class
Year Ended 4/30/2022	$10.45	0.21	(0.85)	(0.64)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.13	0.23	0.32	0.55	(0.23)	(0.23)
Year Ended 4/30/2020	$10.21	0.26	(0.07)	0.19	(0.27)	(0.27)
Year Ended 4/30/2019	$9.98	0.27	0.25	0.52	(0.29)	(0.29)
Year Ended 4/30/2018	$10.19	0.28	(0.19)	0.09	(0.30)	(0.30)

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

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2022	$9.57	(6.47%)	0.92%^(c)	0.80%^(c),(d)	1.70%	13%	$23,491
Year Ended 4/30/2021	$10.41	5.05%	0.95%	0.81%^(d)	1.80%	10%	$30,657
Year Ended 4/30/2020	$10.09	1.46%	0.91%	0.81%^(d)	2.15%	9%	$24,421
Year Ended 4/30/2019	$10.17	4.93%	0.93%	0.81%^(d)	2.37%	9%	$21,999
Year Ended 4/30/2018	$9.94	0.43%	0.93%	0.81%^(d)	2.41%	7%	$23,050
Advisor Class
Year Ended 4/30/2022	$9.57	(6.24%)	0.67%^(c)	0.55%^(c),(d)	1.93%	13%	$1,246
Year Ended 4/30/2021	$10.41	5.31%	0.70%	0.56%^(d)	2.05%	10%	$3,034
Year Ended 4/30/2020	$10.09	1.82%	0.65%	0.56%^(d)	2.40%	9%	$2,322
Year Ended 4/30/2019	$10.16	5.09%	0.68%	0.56%^(d)	2.62%	9%	$1,854
Year Ended 4/30/2018	$9.94	0.78%	0.68%	0.56%^(d)	2.66%	7%	$1,984
Class C
Year Ended 4/30/2022	$9.57	(7.26%)	1.67%^(c)	1.55%^(c),(d)	0.95%	13%	$2,456
Year Ended 4/30/2021	$10.42	4.26%	1.70%	1.56%^(d)	1.07%	10%	$2,940
Year Ended 4/30/2020	$10.10	0.80%	1.66%	1.56%^(d)	1.41%	9%	$5,039
Year Ended 4/30/2019	$10.17	4.14%	1.68%	1.56%^(d)	1.62%	9%	$8,669
Year Ended 4/30/2018	$9.94	(0.32%)	1.68%	1.56%^(d)	1.66%	7%	$10,759
Institutional Class
Year Ended 4/30/2022	$9.57	(6.32%)	0.67%^(c)	0.55%^(c),(d)	1.95%	13%	$63,686
Year Ended 4/30/2021	$10.42	5.41%	0.70%	0.56%^(d)	2.05%	10%	$74,822
Year Ended 4/30/2020	$10.09	1.72%	0.66%	0.56%^(d)	2.40%	9%	$69,733
Year Ended 4/30/2019	$10.17	5.19%	0.68%	0.56%^(d)	2.62%	9%	$70,343
Year Ended 4/30/2018	$9.94	0.68%	0.68%	0.56%^(d)	2.66%	7%	$77,773
Institutional 3 Class
Year Ended 4/30/2022	$9.60	(6.20%)	0.56%^(c)	0.45%^(c)	2.05%	13%	$7,928
Year Ended 4/30/2021	$10.45	5.42%	0.59%	0.45%	2.16%	10%	$7,600
Year Ended 4/30/2020	$10.13	1.83%	0.53%	0.45%	2.50%	9%	$5,913
Year Ended 4/30/2019	$10.21	5.30%	0.57%	0.45%	2.73%	9%	$852
Year Ended 4/30/2018	$9.98	0.91%	0.56%	0.45%	2.79%	7%	$747

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

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Notes to Financial Statements
April 30, 2022

Note 1. Organization

Columbia South Carolina Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (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 Delaware statutory trust.

Fund shares

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 and Institutional 3 Class shares are available 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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.

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Notes to Financial Statements (continued)
April 30, 2022

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

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Notes to Financial Statements (continued)
April 30, 2022

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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.

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Notes to Financial Statements (continued)
April 30, 2022

For the year ended April 30, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.11
Advisor Class	0.11
Class C	0.11
Institutional Class	0.11
Institutional 3 Class	0.01

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	9,159
Class C	—	1.00^(b)	299

(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.

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Notes to Financial Statements (continued)
April 30, 2022

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 through August 31, 2022
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
Institutional 3 Class	0.45

Note 4. Federal tax information

At April 30, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions, capital loss carryforward and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(33)	33	—

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

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Notes to Financial Statements (continued)
April 30, 2022

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

Year Ended April 30, 2022				Year Ended April 30, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
106	2,200,829	—	2,200,935	24	2,349,309	—	2,349,333

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

At April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	236,494	—	(1,064,208)	(2,352,449)

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
101,375,609	727,433	(3,079,882)	(2,352,449)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(536,199)	(528,009)	(1,064,208)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $14,194,782 and $21,500,720, respectively, for the year ended April 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
April 30, 2022

The Fund’s activity in the Interfund Program during the year ended April 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	200,000	0.67	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 April 30, 2022.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2022.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

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Notes to Financial Statements (continued)
April 30, 2022

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

Municipal securities risk

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Notes to Financial Statements (continued)
April 30, 2022

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.

Shareholder concentration risk

At April 30, 2022, one unaffiliated shareholder of record owned 47.6% 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

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia South Carolina Intermediate Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia South Carolina Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 23, 2022

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
100.00%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	176	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	174	Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	176	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	176	Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021	Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	176	Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	174	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; Consultant to Bridgewater and Associates	174	Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	176	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947	Trustee since 2003	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	176	Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	174	Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	176	Former Director, NAPE Education Foundation, October 2016-October 2020

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	176	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

34	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

36	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	15
Statement of Operations	16
Statement of Changes in Net Assets	17
Financial Highlights	20
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Federal Income Tax Information	32
Trustees and Officers	32
Liquidity Risk Management Program	38

If you elect to receive the shareholder report for Columbia North Carolina 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

Quarterly schedule of investments

Additional Fund information

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 North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from U.S. federal income tax and North Carolina individual income tax, consistent with moderate fluctuation of principal.

Portfolio management

Paul Fuchs, CFA

Co-Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Anders Myhran, CFA*

Co-Portfolio Manager

Managed Fund since 2019

Prior to June 15, 2022, Deborah Vargo served as a Portfolio Manager of the Fund.

* Anders Myhran has announced that he plans to retire from the Investment Manager effective September 30, 2022. Until then, Mr. Myhran will continue to serve as Co-Portfolio Manager of the Fund.

Average annual total returns (%) (for the period ended April 30, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/14/92	-7.20	0.78	1.22
	Including sales charges		-9.99	0.17	0.91
Advisor Class*		03/19/13	-7.07	1.01	1.46
Class C	Excluding sales charges	12/16/92	-7.90	0.03	0.48
	Including sales charges		-8.81	0.03	0.48
Institutional Class		12/11/92	-6.98	1.03	1.47
Institutional 3 Class*		03/01/17	-6.88	1.12	1.52
Bloomberg 3-15 Year Blend Municipal Bond Index			-7.28	1.62	2.21

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.

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2012 — April 30, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia North Carolina Intermediate Municipal Bond Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Quality breakdown (%) (at April 30, 2022)
AAA rating	15.8
AA rating	46.9
A rating	23.9
BBB rating	10.3
Not rated	3.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2022, Class A shares of Columbia North Carolina Intermediate Municipal Bond Fund returned -7.20% excluding sales charges. Institutional Class shares of the Fund returned -6.98%. The Fund outperformed its benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, which returned -7.28% for the same time period.

Market overview

As the annual period began in May 2021, municipal bonds were one of the few bright spots for U.S. fixed income. Upward pressure on U.S. Treasury yields, driven by fears of inflation, pressured most other sectors. However, municipal bond performance was supported by record inflows, improving credit fundamentals and substantial fiscal stimulus from the U.S. federal government. Notably, tax revenue performance was rather strong, with projected deficits turning into actual surpluses for many state and local governments. Interest rate volatility led most fixed-income sectors to negative returns for the third quarter of 2021, but municipal bond performance remained one of the few positive corners of the U.S. fixed-income market.

The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, the Omicron variant appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging that conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter of 2021. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending, though movement toward higher individual tax rates, which could have boosted demand, was left out of the final bill. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds could no longer remain immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

The North Carolina intermediate municipal market underperformed the national market, as measured by the Fund’s benchmark. This underperformance is attributable to the longer duration of the state’s market versus the benchmark. BBB-rated North Carolina municipal securities underperformed those within the national market, as did securities in local government obligation (GO) bonds, housing and the special tax sector. Conversely, higher rated investment-grade securities (AAA and AA) within the state outperformed similarly rated securities in the national municipal market. Education, water & sewer, and state GO bonds outperformed those in the national market. Other positives for the state included a lack of prepaid bonds in the gas sector, as they underperformed nationally, as well as an overweight to the leasing sector.

The Fund’s notable contributors during the period

•	As interest rates rose during the period, the Fund’s duration, which was shorter than that of the benchmark, contributed to Fund performance.
•	The Fund benefited from its exposure to non-investment-grade (high-yield) securities during the period, as well as from security selection in lower rated investment-grade securities.

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

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Manager Discussion of Fund Performance (continued)
(Unaudited)

•	The Fund’s overweighted allocation to the education sector contributed to Fund performance, as this area outperformed the benchmark.
•	Security selection within the hospital, continuing care retirement community (CCRC) (namely, Twin Lakes CCRC, Pines at Davidson CCRC and Sharon Towers CCRC), electric, housing and transportation sectors also contributed to Fund performance during the period.

The Fund’s notable detractors during the period

•	The Fund’s underweight to state GO bonds, which outperformed the national market, detracted from Fund performance relative to the benchmark during the period.
•	An overweighted allocation to the electric sector also weighed on relative performance.

Fixed-income securities present issuer default risk. The Fund invests substantially in municipal securities and will be affected by tax, legislative, regulatory, demographic or political changes, as well as changes impacting a state’s financial, economic or other conditions. A relatively small number of tax-exempt issuers may necessitate the Fund investing more heavily in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

6	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2021 — April 30, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	930.80	1,020.94	3.85	4.03	0.80
Advisor Class	1,000.00	1,000.00	931.80	1,022.19	2.65	2.77	0.55
Class C	1,000.00	1,000.00	927.30	1,017.20	7.45	7.80	1.55
Institutional Class	1,000.00	1,000.00	931.90	1,022.19	2.65	2.77	0.55
Institutional 3 Class	1,000.00	1,000.00	932.40	1,022.54	2.31	2.42	0.48

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 North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
April 30, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 98.3%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 3.3%
City of Charlotte Airport^(a)
Revenue Bonds
Charlotte Douglas International
Series 2019
07/01/2035	5.000%	1,195,000	1,296,649
City of Charlotte Airport
Revenue Bonds
Series 2017A
07/01/2028	5.000%	500,000	549,328
Raleigh Durham Airport Authority^(a)
Refunding Revenue Bonds
Series 2020A
05/01/2034	5.000%	1,150,000	1,255,388
05/01/2036	5.000%	2,000,000	2,178,202
Total			5,279,567
Forest Products 0.6%
Columbus County Industrial Facilities & Pollution Control Financing Authority
Refunding Revenue Bonds
International Paper Co. Project
Series 2020 (Mandatory Put 06/16/25)
05/01/2034	1.375%	1,000,000	948,588
Higher Education 7.4%
Appalachian State University
Refunding Revenue Bonds
Series 2016A
10/01/2026	5.000%	325,000	352,719
Revenue Bonds
Series 2018
05/01/2035	5.000%	1,095,000	1,217,725
North Carolina Agricultural & Technical State University
Refunding Revenue Bonds
General Purpose
Series 2015A
10/01/2032	5.000%	2,000,000	2,152,524
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
Campbell University
Series 2021A
10/01/2030	5.000%	1,115,000	1,219,207
Revenue Bonds
Wake Forest University
Series 2018
01/01/2034	5.000%	400,000	446,649
North Carolina Central University
Refunding Revenue Bonds
Series 2016
10/01/2029	4.000%	625,000	641,545

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Series 2019
04/01/2036	5.000%	500,000	545,966
04/01/2038	5.000%	500,000	544,213
North Carolina State University at Raleigh
Refunding Revenue Bonds
General
Series 2018
10/01/2027	5.000%	300,000	336,284
10/01/2028	5.000%	250,000	284,128
University of North Carolina at Charlotte (The)
Refunding Revenue Bonds
Governors
Series 2020A
10/01/2035	4.000%	200,000	206,565
10/01/2037	4.000%	300,000	309,298
Revenue Bonds
Board of Governors
Series 2017
10/01/2029	5.000%	500,000	554,792
University of North Carolina at Greensboro
Refunding Revenue Bonds
Series 2016
04/01/2029	5.000%	390,000	423,868
04/01/2030	5.000%	250,000	271,419
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2019B
10/01/2034	5.000%	355,000	398,717
Western Carolina University
Revenue Bonds
General
Series 2018
10/01/2033	5.000%	250,000	273,285
10/01/2034	5.000%	575,000	627,890
Series 2020B
04/01/2033	5.000%	1,000,000	1,120,214
Total			11,927,008
Hospital 4.4%
Charlotte-Mecklenburg Hospital Authority (The)
Revenue Bonds
Atrium Health
Series 2021 (Mandatory Put 12/01/28)
01/15/2050	5.000%	1,500,000	1,669,556
Series 2021 (Mandatory Put 12/01/31)
01/15/2049	5.000%	1,500,000	1,697,060

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

8	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina Medical Care Commission
Refunding Revenue Bonds
Novant Health Obligation Group
Series 2013
11/01/2024	5.000%	530,000	538,676
Revenue Bonds
CaroMont Health
Series 2021A
02/01/2036	4.000%	500,000	510,786
Rex Healthcare
Series 2015A
07/01/2032	5.000%	1,000,000	1,064,332
Series 2020A
07/01/2035	5.000%	800,000	898,901
Wake Forest Baptist Obligation Group
Series 2019
12/01/2033	5.000%	595,000	658,500
Total			7,037,811
Joint Power Authority 4.8%
North Carolina Municipal Power Agency No. 1
Refunding Revenue Bonds
Series 2015A
01/01/2026	5.000%	1,500,000	1,617,983
01/01/2031	5.000%	2,000,000	2,147,753
Series 2016A
01/01/2028	5.000%	1,500,000	1,625,640
Series 2019A
01/01/2032	5.000%	2,000,000	2,260,962
Total			7,652,338
Local Appropriation 19.2%
City of Charlotte
Refunding Certificate of Participation
Series 2019B
06/01/2034	5.000%	2,000,000	2,257,586
City of Durham
Revenue Bonds
Series 2018
04/01/2034	4.000%	1,000,000	1,041,917
City of Kannapolis
Revenue Bonds
Series 2014
04/01/2031	5.000%	1,365,000	1,423,806
City of Monroe
Refunding Revenue Bonds
Series 2016
03/01/2035	5.000%	1,000,000	1,076,151

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wilmington
Refunding Revenue Bonds
Series 2014A
06/01/2028	5.000%	500,000	524,813
County of Brunswick
Revenue Bonds
Series 2015A
06/01/2028	5.000%	250,000	268,619
06/01/2029	5.000%	250,000	268,676
County of Buncombe
Revenue Bonds
Series 2014A
06/01/2032	5.000%	1,635,000	1,710,382
County of Catawba
Revenue Bonds
Series 2018
12/01/2036	4.000%	1,940,000	2,000,758
County of Dare
Refunding Revenue Bonds
Series 2016A
06/01/2031	4.000%	225,000	234,114
County of Davidson
Revenue Bonds
Series 2020
06/01/2037	4.000%	400,000	414,791
County of Gaston
Revenue Bonds
Series 2019A
04/01/2034	5.000%	250,000	281,570
04/01/2035	5.000%	300,000	337,491
County of Harnett
Refunding Revenue Bonds
Series 2020
12/01/2027	5.000%	375,000	421,581
Revenue Bonds
Series 2019
10/01/2037	4.000%	955,000	978,329
County of Henderson
Revenue Bonds
Series 2015
10/01/2030	5.000%	500,000	540,846
Series 2020
06/01/2029	5.000%	525,000	601,074
County of Lee
Revenue Bonds
Series 2018
05/01/2036	4.000%	500,000	514,717

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Martin
Refunding Revenue Bonds
Water & Sewer District
Series 2014
06/01/2030	4.000%	730,000	748,446
County of Onslow
Revenue Bonds
Series 2015
06/01/2027	4.000%	405,000	422,239
Series 2016
10/01/2028	5.000%	1,000,000	1,097,254
County of Pender
Revenue Bonds
Series 2015
04/01/2027	5.000%	1,165,000	1,248,257
04/01/2028	5.000%	1,290,000	1,383,344
County of Randolph
Refunding Revenue Bonds
Series 2013C
10/01/2026	5.000%	1,500,000	1,654,760
Revenue Bonds
Series 2019B
10/01/2034	5.000%	500,000	566,878
County of Sampson
Refunding Revenue Bonds
Series 2017
09/01/2035	4.000%	1,000,000	1,022,032
County of Surry
Revenue Bonds
Series 2019
06/01/2032	5.000%	275,000	311,390
06/01/2033	5.000%	350,000	395,582
Series 2021
10/01/2030	5.000%	505,000	586,643
County of Union
Refunding Revenue Bonds
Series 2012
12/01/2024	5.000%	1,715,000	1,827,174
County of Wake
Refunding Revenue Bonds
Series 2018A
08/01/2036	4.000%	2,000,000	2,071,838
County of Wilkes
Refunding Revenue Bonds
Series 2015
06/01/2027	5.000%	500,000	536,762
06/01/2029	5.000%	500,000	535,227

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Durham Capital Financing Corp.
Revenue Bonds
Series 2018
10/01/2035	4.000%	1,500,000	1,560,802
Total			30,865,849
Local General Obligation 7.8%
City of Charlotte
Unlimited General Obligation Refunding Bonds
Series 2020A
06/01/2027	5.000%	725,000	812,657
City of Greensboro
Unlimited General Obligation Bonds
Series 2020B
Series 2020B
04/01/2031	5.000%	2,205,000	2,563,729
County of Durham
Unlimited General Obligation Bonds
Series 2019
06/01/2032	5.000%	620,000	709,717
County of Forsyth
Unlimited General Obligation Bonds
Public Improvement
Series 2019B
03/01/2026	5.000%	1,000,000	1,095,131
County of Gaston
Unlimited General Obligation Refunding Bonds
Series 2020
02/01/2029	5.000%	1,500,000	1,709,756
County of Guilford
Unlimited General Obligation Bonds
Public Improvement
Series 2017B
05/01/2026	5.000%	1,000,000	1,098,830
County of Mecklenburg
Unlimited General Obligation Public Improvement Bonds
Series 2016B
12/01/2027	5.000%	1,180,000	1,309,352
County of Moore
Unlimited General Obligation Refunding Bonds
Series 2016
06/01/2028	5.000%	1,000,000	1,132,215
County of Pitt
Refunding Revenue Bonds
Series 2017
04/01/2024	5.000%	410,000	430,563
County of Wake
Unlimited General Obligation Public Improvement Bonds
Series 2019A
03/01/2033	5.000%	1,500,000	1,707,683
Total			12,569,633

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

10	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Multi-Family 4.5%
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
North Carolina A&T University Foundation Project
Series 2015A
06/01/2028	5.000%	1,000,000	1,061,616
The Arc of North Carolina
Series 2017
10/01/2034	5.000%	1,500,000	1,603,891
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2015
06/01/2029	5.000%	2,000,000	2,126,776
Western Carolina University
Limited General Obligation Refunding Revenue Bonds
Student Housing
Series 2016 (AGM)
06/01/2027	5.000%	500,000	544,061
06/01/2028	5.000%	1,000,000	1,084,949
06/01/2029	5.000%	800,000	866,269
Total			7,287,562
Municipal Power 1.5%
City of Fayetteville Public Works Commission
Revenue Bonds
Series 2014
03/01/2027	4.000%	1,250,000	1,282,436
Greenville Utilities Commission
Revenue Bonds
Series 2019
08/01/2032	5.000%	625,000	711,399
08/01/2033	5.000%	400,000	453,925
Total			2,447,760
Refunded / Escrowed 11.1%
City of Winston-Salem
Prerefunded 06/01/24 Revenue Bonds
Series 2014C
06/01/2029	5.000%	750,000	789,558
County of Johnston
Prerefunded 06/01/24 Revenue Bonds
Series 2014
06/01/2028	5.000%	1,000,000	1,053,787
County of New Hanover
Prerefunded 10/01/27 Revenue Bonds
New Hanover Regional Medical Center
Series 2017
10/01/2030	5.000%	1,200,000	1,338,714

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Wake
Prerefunded 10/01/26 Revenue Bonds
Series 1993 (NPFGC)
10/01/2026	5.125%	1,265,000	1,340,132
East Carolina University
Prerefunded 10/01/23 Revenue Bonds
General
Series 2014A
10/01/2031	5.000%	1,900,000	1,973,867
North Carolina Medical Care Commission
Prerefunded 06/01/22 Revenue Bonds
Southeastern Regional Medical Center
Series 2012
06/01/2026	5.000%	1,000,000	1,002,830
Prerefunded 06/01/25 Revenue Bonds
Vidant Health
Series 2015
06/01/2030	5.000%	1,000,000	1,073,523
Prerefunded 09/01/22 Revenue Bonds
1st Mortgage - United Church
Series 2015A
09/01/2030	4.500%	1,000,000	1,009,626
Prerefunded 10/01/22 Revenue Bonds
WakeMed
Series 2012A
10/01/2031	5.000%	2,000,000	2,028,873
Prerefunded 10/01/23 Revenue Bonds
1st Mortgage - United Methodist
Series 2013A
10/01/2033	5.000%	1,595,000	1,651,361
Orange County Public Facilities Co.
Prerefunded 10/01/22 Revenue Bonds
Series 2012
10/01/2024	5.000%	835,000	847,055
10/01/2024	5.000%	490,000	496,870
University of North Carolina at Charlotte (The)
Prerefunded 04/01/24 Revenue Bonds
Series 2014
04/01/2030	5.000%	1,000,000	1,050,153
University of North Carolina at Greensboro
Prerefunded 04/01/24 Revenue Bonds
General
Series 2014
04/01/2032	5.000%	2,000,000	2,097,812
Total			17,754,161
Retirement Communities 5.8%
North Carolina Medical Care Commission
Refunding Revenue Bonds
Pennybyrn at Maryfield
Series 2015
10/01/2025	5.000%	610,000	624,742

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Retirement Facilities 1st Mortgage
Series 2019
01/01/2039	5.000%	1,000,000	987,691
Series 2021C
03/01/2028	5.000%	360,000	365,427
Sharon Towers
Series 2019A
07/01/2033	5.000%	1,000,000	1,036,456
Southminster, Inc.
Series 2016
10/01/2025	5.000%	1,260,000	1,306,679
United Methodist Retirement
Series 2016
10/01/2030	5.000%	700,000	747,570
Revenue Bonds
Pennybyrn at Maryfield Project
Series 2020B-2
10/01/2024	2.500%	745,000	728,748
Presbyterian Homes Obligated Group (The)
Series 2020
10/01/2035	4.000%	650,000	627,688
The Pines at Davidson Project
Series 2019
01/01/2038	5.000%	1,000,000	1,057,505
Twin Lakes Community
Series 2019A
01/01/2038	5.000%	1,750,000	1,846,119
Total			9,328,625
Sales Tax 0.7%
City of Rocky Mount
Revenue Bonds
Series 2016
05/01/2028	5.000%	1,000,000	1,089,425
Single Family 4.1%
North Carolina Housing Finance Agency
Revenue Bonds
Home Ownership
Series 2021-47 (GNMA)
01/01/2029	1.250%	1,990,000	1,763,065
07/01/2029	1.350%	1,885,000	1,664,638
Series 2017-38B (GNMA)
07/01/2037	3.850%	1,225,000	1,242,829
Series 2019-41 (GNMA)
07/01/2034	3.100%	550,000	519,437
Series 2019-42
07/01/2039	2.625%	840,000	709,713

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 44
01/01/2027	1.950%	795,000	744,371
Total			6,644,053
State Appropriated 1.3%
State of North Carolina
Refunding Revenue Bonds
Series 2014B
06/01/2025	5.000%	2,000,000	2,150,124
State General Obligation 0.7%
State of North Carolina
Unlimited General Obligation Refunding Bonds
Series 2016A
06/01/2026	5.000%	1,000,000	1,100,589
Transportation 2.2%
State of North Carolina
Revenue Bonds
Grant Anticipation
Series 2021
03/01/2030	5.000%	1,000,000	1,142,603
Series 2019
03/01/2033	5.000%	1,250,000	1,390,165
Vehicle - GARVEE
Series 2015
03/01/2027	5.000%	900,000	960,863
Total			3,493,631
Turnpike / Bridge / Toll Road 5.0%
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2030	5.000%	1,700,000	1,824,841
01/01/2032	5.000%	1,450,000	1,549,500
Series 2017 (AGM)
01/01/2031	5.000%	750,000	817,522
Revenue Bonds
BAN Series 2020
02/01/2024	5.000%	2,000,000	2,076,068
North Carolina Turnpike Authority^(b)
Refunding Revenue Bonds
Series 2016C
07/01/2029	0.000%	750,000	557,539
Revenue Bonds
Series 2017C
07/01/2030	0.000%	550,000	388,883
07/01/2031	0.000%	1,100,000	737,857
Total			7,952,210

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

12	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Water & Sewer 13.9%
City of Charlotte Water & Sewer System
Refunding Revenue Bonds
Series 2015
07/01/2024	5.000%	1,010,000	1,067,181
Series 2018
07/01/2035	4.000%	2,000,000	2,089,991
Series 2020
07/01/2036	4.000%	2,000,000	2,105,925
City of Gastonia Combined Utilities System
Revenue Bonds
Series 2015
05/01/2029	5.000%	265,000	284,322
05/01/2030	5.000%	660,000	708,197
City of Greensboro Combined Water & Sewer System
Refunding Revenue Bonds
Series 2006
06/01/2023	5.250%	2,000,000	2,069,105
City of Jacksonville Enterprise System
Refunding Revenue Bonds
Series 2016
05/01/2028	5.250%	250,000	285,852
City of Raleigh Combined Enterprise System
Refunding Revenue Bonds
Series 2015B
12/01/2025	5.000%	1,200,000	1,307,480
City of Winston-Salem Water & Sewer System
Refunding Revenue Bonds
Series 2016A
06/01/2024	5.000%	1,300,000	1,371,279
06/01/2033	4.000%	2,165,000	2,243,472
Series 2020A
06/01/2036	4.000%	2,000,000	2,105,233
Revenue Bonds
Series 2017
06/01/2031	4.000%	400,000	422,794
County of Brunswick Enterprise Systems
Refunding Revenue Bonds
Series 2015
04/01/2027	5.000%	1,500,000	1,611,137
Revenue Bonds
Enterprise System
Series 2020
04/01/2033	4.000%	500,000	527,996

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Dare Utilities System
Refunding Revenue Bonds
Series 2017
02/01/2032	4.000%	300,000	312,393
County of Lincoln Enterprise System
Refunding Revenue Bonds
Series 2020
08/01/2029	5.000%	320,000	366,912
County of Union Enterprise System
Revenue Bonds
Enterprise System
Series 2019
06/01/2031	5.000%	1,000,000	1,137,713
Series 2015
06/01/2029	5.000%	500,000	542,803
Onslow Water & Sewer Authority
Refunding Revenue Bonds
Series 2016
12/01/2031	4.000%	820,000	856,516
Town of Fuquay-Varina Combined Utilities System
Revenue Bonds
Series 2016
04/01/2030	5.000%	335,000	363,009
04/01/2031	5.000%	450,000	486,739
Total			22,266,049
Total Municipal Bonds (Cost $162,812,176)			157,794,983

Money Market Funds 0.9%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.318%^(c)	112,839	112,828
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.283%^(c)	1,350,541	1,350,541
Total Money Market Funds (Cost $1,463,380)		1,463,369
Total Investments in Securities (Cost: $164,275,556)		159,258,352
Other Assets & Liabilities, Net		1,269,594
Net Assets		160,527,946

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	Zero coupon bond.
(c)	The rate shown is the seven-day current annualized yield at April 30, 2022.

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
April 30, 2022

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
BAN	Bond Anticipation Note
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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 following table is a summary of the inputs used to value the Fund’s investments at April 30, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	157,794,983	—	157,794,983
Money Market Funds	1,463,369	—	—	1,463,369
Total Investments in Securities	1,463,369	157,794,983	—	159,258,352

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

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

14	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
April 30, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $164,275,556)	$159,258,352
Cash	478
Receivable for:
Capital shares sold	75,437
Interest	1,831,751
Expense reimbursement due from Investment Manager	263
Prepaid expenses	6,188
Total assets	161,172,469
Liabilities
Payable for:
Capital shares purchased	212,496
Distributions to shareholders	279,525
Management services fees	2,069
Distribution and/or service fees	160
Transfer agent fees	3,090
Compensation of board members	129,267
Other expenses	17,916
Total liabilities	644,523
Net assets applicable to outstanding capital stock	$160,527,946
Represented by
Paid in capital	166,346,474
Total distributable earnings (loss)	(5,818,528)
Total - representing net assets applicable to outstanding capital stock	$160,527,946
Class A
Net assets	$15,892,409
Shares outstanding	1,635,247
Net asset value per share	$9.72
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.02
Advisor Class
Net assets	$2,889,382
Shares outstanding	297,770
Net asset value per share	$9.70
Class C
Net assets	$1,892,178
Shares outstanding	194,741
Net asset value per share	$9.72
Institutional Class
Net assets	$24,548,514
Shares outstanding	2,528,348
Net asset value per share	$9.71
Institutional 3 Class
Net assets	$115,305,463
Shares outstanding	11,839,742
Net asset value per share	$9.74

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2022

Table of Contents

Statement of Operations
Year Ended April 30, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$489
Interest	4,631,719
Total income	4,632,208
Expenses:
Management services fees	887,868
Distribution and/or service fees
Class A	42,805
Class C	23,769
Transfer agent fees
Class A	13,838
Advisor Class	2,642
Class C	1,922
Institutional Class	20,931
Institutional 3 Class	7,545
Compensation of board members	26,408
Custodian fees	1,562
Printing and postage fees	12,567
Registration fees	16,302
Audit fees	29,500
Legal fees	12,734
Interest on interfund lending	12
Compensation of chief compliance officer	29
Other	11,874
Total expenses	1,112,308
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(110,976)
Total net expenses	1,001,332
Net investment income	3,630,876
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(460,218)
Net realized loss	(460,218)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(16,041,904)
Net change in unrealized appreciation (depreciation)	(16,041,904)
Net realized and unrealized loss	(16,502,122)
Net decrease in net assets resulting from operations	$(12,871,246)

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

16	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2022		April 30, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	131,657	1,339,765	204,825	2,178,359
Distributions reinvested	22,081	230,301	23,288	247,759
Redemptions	(173,908)	(1,803,504)	(244,823)	(2,598,491)
Net decrease	(20,170)	(233,438)	(16,710)	(172,373)
Advisor Class
Subscriptions	47,588	504,984	36,252	384,707
Distributions reinvested	5,963	62,141	8,912	94,659
Redemptions	(75,134)	(789,925)	(206,290)	(2,184,762)
Net decrease	(21,583)	(222,800)	(161,126)	(1,705,396)
Class C
Subscriptions	19,227	204,915	63,221	669,934
Distributions reinvested	1,840	19,188	2,088	22,197
Redemptions	(64,901)	(666,623)	(125,733)	(1,339,410)
Net decrease	(43,834)	(442,520)	(60,424)	(647,279)
Institutional Class
Subscriptions	516,703	5,310,747	478,877	5,072,731
Distributions reinvested	40,420	420,845	38,564	409,788
Redemptions	(485,514)	(4,986,226)	(370,338)	(3,931,885)
Net increase	71,609	745,366	147,103	1,550,634
Institutional 3 Class
Subscriptions	662,796	7,037,929	2,926,315	31,149,543
Distributions reinvested	5,911	61,644	5,308	56,575
Redemptions	(2,481,764)	(25,357,233)	(3,021,505)	(32,157,341)
Net decrease	(1,813,057)	(18,257,660)	(89,882)	(951,223)
Total net decrease	(1,827,035)	(18,411,052)	(181,039)	(1,925,637)

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

18	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2022	$10.65	0.17	(0.93)	(0.76)	(0.17)	(0.17)
Year Ended 4/30/2021	$10.27	0.18	0.38	0.56	(0.18)	(0.18)
Year Ended 4/30/2020	$10.33	0.21	(0.06)	0.15	(0.21)	(0.21)
Year Ended 4/30/2019	$10.14	0.24	0.19	0.43	(0.24)	(0.24)
Year Ended 4/30/2018	$10.33	0.24	(0.19)	0.05	(0.24)	(0.24)
Advisor Class
Year Ended 4/30/2022	$10.64	0.20	(0.94)	(0.74)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.26	0.20	0.38	0.58	(0.20)	(0.20)
Year Ended 4/30/2020	$10.32	0.24	(0.06)	0.18	(0.24)	(0.24)
Year Ended 4/30/2019	$10.12	0.26	0.20	0.46	(0.26)	(0.26)
Year Ended 4/30/2018	$10.32	0.27	(0.20)	0.07	(0.27)	(0.27)
Class C
Year Ended 4/30/2022	$10.65	0.09	(0.93)	(0.84)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.27	0.10	0.38	0.48	(0.10)	(0.10)
Year Ended 4/30/2020	$10.33	0.13	(0.06)	0.07	(0.13)	(0.13)
Year Ended 4/30/2019	$10.13	0.16	0.20	0.36	(0.16)	(0.16)
Year Ended 4/30/2018	$10.33	0.16	(0.20)	(0.04)	(0.16)	(0.16)
Institutional Class
Year Ended 4/30/2022	$10.64	0.20	(0.93)	(0.73)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.26	0.20	0.38	0.58	(0.20)	(0.20)
Year Ended 4/30/2020	$10.32	0.24	(0.06)	0.18	(0.24)	(0.24)
Year Ended 4/30/2019	$10.13	0.26	0.19	0.45	(0.26)	(0.26)
Year Ended 4/30/2018	$10.32	0.27	(0.19)	0.08	(0.27)	(0.27)
Institutional 3 Class
Year Ended 4/30/2022	$10.67	0.21	(0.93)	(0.72)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.29	0.21	0.38	0.59	(0.21)	(0.21)
Year Ended 4/30/2020	$10.36	0.25	(0.07)	0.18	(0.25)	(0.25)
Year Ended 4/30/2019	$10.16	0.27	0.20	0.47	(0.27)	(0.27)
Year Ended 4/30/2018	$10.35	0.28	(0.19)	0.09	(0.28)	(0.28)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	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.

20	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2022	$9.72	(7.20%)	0.86%^(c)	0.80%^(c)	1.65%	6%	$15,892
Year Ended 4/30/2021	$10.65	5.45%	0.88%	0.81%	1.68%	15%	$17,634
Year Ended 4/30/2020	$10.27	1.43%	0.85%	0.81%	2.01%	7%	$17,176
Year Ended 4/30/2019	$10.33	4.26%	0.87%^(d)	0.81%^(d)	2.32%	23%	$16,469
Year Ended 4/30/2018	$10.14	0.48%	0.88%	0.81%	2.33%	10%	$18,035
Advisor Class
Year Ended 4/30/2022	$9.70	(7.07%)	0.61%^(c)	0.55%^(c)	1.90%	6%	$2,889
Year Ended 4/30/2021	$10.64	5.72%	0.63%	0.56%	1.93%	15%	$3,396
Year Ended 4/30/2020	$10.26	1.69%	0.60%	0.56%	2.26%	7%	$4,928
Year Ended 4/30/2019	$10.32	4.62%	0.62%^(d)	0.56%^(d)	2.57%	23%	$5,505
Year Ended 4/30/2018	$10.12	0.63%	0.63%	0.56%	2.57%	10%	$4,589
Class C
Year Ended 4/30/2022	$9.72	(7.90%)	1.61%^(c)	1.55%^(c)	0.90%	6%	$1,892
Year Ended 4/30/2021	$10.65	4.67%	1.62%	1.55%	0.93%	15%	$2,541
Year Ended 4/30/2020	$10.27	0.68%	1.60%	1.56%	1.26%	7%	$3,070
Year Ended 4/30/2019	$10.33	3.58%	1.62%^(d)	1.56%^(d)	1.57%	23%	$4,096
Year Ended 4/30/2018	$10.13	(0.38%)	1.63%	1.56%	1.58%	10%	$5,338
Institutional Class
Year Ended 4/30/2022	$9.71	(6.98%)	0.61%^(c)	0.55%^(c)	1.90%	6%	$24,549
Year Ended 4/30/2021	$10.64	5.72%	0.63%	0.56%	1.93%	15%	$26,145
Year Ended 4/30/2020	$10.26	1.69%	0.60%	0.56%	2.26%	7%	$23,700
Year Ended 4/30/2019	$10.32	4.52%	0.62%^(d)	0.56%^(d)	2.57%	23%	$22,897
Year Ended 4/30/2018	$10.13	0.72%	0.65%	0.56%	2.55%	10%	$22,984
Institutional 3 Class
Year Ended 4/30/2022	$9.74	(6.88%)	0.53%^(c)	0.48%^(c)	1.98%	6%	$115,305
Year Ended 4/30/2021	$10.67	5.79%	0.55%	0.48%	2.00%	15%	$145,734
Year Ended 4/30/2020	$10.29	1.67%	0.52%	0.48%	2.34%	7%	$141,450
Year Ended 4/30/2019	$10.36	4.70%	0.53%^(d)	0.48%^(d)	2.65%	23%	$120,551
Year Ended 4/30/2018	$10.16	0.83%	0.54%	0.48%	2.68%	10%	$117,741

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

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Notes to Financial Statements
April 30, 2022

Note 1. Organization

Columbia North Carolina Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (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 Delaware statutory trust.

Fund shares

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 and Institutional 3 Class shares are available 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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.

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Notes to Financial Statements (continued)
April 30, 2022

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

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Notes to Financial Statements (continued)
April 30, 2022

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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.

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Notes to Financial Statements (continued)
April 30, 2022

For the year ended April 30, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.08
Advisor Class	0.08
Class C	0.08
Institutional Class	0.08
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 year ended April 30, 2022, no minimum account balance fees were charged by the Fund.

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	4,131
Class C	—	1.00^(b)	—

(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.

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Notes to Financial Statements (continued)
April 30, 2022

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 through August 31, 2022
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
Institutional 3 Class	0.48

Note 4. Federal tax information

At April 30, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions, principal and/or interest of fixed income securities, capital loss carryforward and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(3)	3	—

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

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Notes to Financial Statements (continued)
April 30, 2022

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

Year Ended April 30, 2022				Year Ended April 30, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
667	3,639,502	—	3,640,169	581	3,934,698	—	3,935,279

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

At April 30, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	1,113,572	—	(1,528,681)	(4,995,686)

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

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
164,254,038	955,156	(5,950,842)	(4,995,686)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(528,605)	(1,000,076)	(1,528,681)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $11,738,799 and $25,428,649, respectively, for the year ended April 30, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
April 30, 2022

The Fund’s activity in the Interfund Program during the year ended April 30, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	500,000	0.85	1

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

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2022.

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

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Notes to Financial Statements (continued)
April 30, 2022

Market risk

Municipal securities risk

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Notes to Financial Statements (continued)
April 30, 2022

Shareholder concentration risk

At April 30, 2022, two unaffiliated shareholders of record owned 87.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. 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

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia North Carolina Intermediate Municipal Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia North Carolina Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2022, the related statement of operations for the year ended April 30, 2022, the statement of changes in net assets for each of the two years in the period ended April 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2022 and the financial highlights for each of the five years in the period ended April 30, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2022 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 23, 2022

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.98%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1953	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	176	Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	174	Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	176	Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	176	Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021	Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	176	Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	174	None

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; Consultant to Bridgewater and Associates	174	Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021	Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	176	Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1947	Trustee since 2003	President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011	176	Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Independent trustees (continued)

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	174	Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	176	Former Director, NAPE Education Foundation, October 2016-October 2020

Interested trustee affiliated with Investment Manager*

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	176	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022

*	Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
Fund officers (continued)

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Liquidity Risk Management Program

(Unaudited)

•	the Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders;

•	there were no material changes to the Program during the period;

•	the implementation of the Program was effective to manage the Fund’s liquidity risk; and

•	the Program operated adequately during the period.

38	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2022

Item 2. Code of Ethics.

(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the five series of the registrant whose reports to stockholders are included in this annual filing. Fiscal Year 2021 also includes fees for two funds that liquidated during the period.

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended April 30, 2022 and April 30, 2021 are approximately as follows:

20222021

$157,500 $221,400

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

(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended April 30, 2022 and April 30, 2021 are approximately as follows:

2022	2021
$0	$5,500

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

During the fiscal years ended April 30, 2022 and April 30, 2021, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2022 and April 30,

2021 are approximately as follows:

2022	2021
$0	$0

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

During the fiscal years ended April 30, 2022 and April 30, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended April 30, 2022 and April 30, 2021 are approximately as follows:

2022	2021
$0	$0

All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended April 30,

2022 and April 30, 2021 are approximately as follows:

20222021

$520,000 $520,000

In fiscal years 2022 and 2021, All Other Fees primarily consists of fees billed for internal control examinations of the registrant's transfer agent and investment adviser.

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

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

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

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

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

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

*****

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

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended April 30, 2022 and April 30,

2021 are approximately as follows:

20222021

$520,000 $525,500

(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to

paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

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,

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)			Columbia Funds Series Trust
By (Signature and Title)			/s/ Daniel J. Beckman
			Daniel J. Beckman, President and Principal Executive Officer
Date			June 23, 2022

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)		/s/ Daniel J. Beckman
		Daniel J. Beckman, President and Principal Executive Officer
Date		June 23, 2022
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
		and Senior Vice President
Date		June 23, 2022
By (Signature and Title)		/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting Officer and Principal
		Financial Officer
Date		June 23, 2022

Class A
Net assets	$79,025,643
Shares outstanding	7,891,891
Net asset value per share	$10.01
Maximum sales charge	1.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.11
Advisor Class
Net assets	$76,763,760
Shares outstanding	7,658,599
Net asset value per share	$10.02
Class C
Net assets	$1,608,374
Shares outstanding	160,934
Net asset value per share	$9.99
Institutional Class
Net assets	$107,619,831
Shares outstanding	10,747,689
Net asset value per share	$10.01
Institutional 2 Class
Net assets	$127,701,803
Shares outstanding	12,761,507
Net asset value per share	$10.01
Institutional 3 Class
Net assets	$380,197,402
Shares outstanding	37,984,768
Net asset value per share	$10.01