8dd83f6de3eb6d1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-09645

Columbia Funds Series Trust

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

(800) 345-6611

Date of fiscal year end:

Last Day of

February

Date of reporting period:

February 28, 2025

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100

F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders

Columbia Large Cap Enhanced Core Fund

Class A / NMIAX

Annual Shareholder Report | February 28, 2025

This annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2024 to February 28, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class A	$ 89	0.82 %

Management's Discussion of Fund Performance

The performance of Class A shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection

| Selections in the consumer discretionary, communication services and financials sectors were the top three contributors to the Fund’s relative performance during the period.

Allocations

| Sector allocation within consumer staples, materials and energy were the top three contributing sectors to relative performance.

Individual securities

| Securities that contributed to performance relative to the benchmark included Advanced Micro Devices, Inc., Tapestry, Inc., and Intel Corporation. The Fund did not hold Advanced Micro Devices or Intel during the period, both of which underperformed the benchmark.

Top Performance Detractors

Stock selection

| Selections in the consumer staples, industrials and real estate sectors were the largest detractors to the Fund’s relative performance.

Allocations

| Sector allocation within information technology, utilities and communication services were the top three detracting sectors to relative performance.

Individual securities

| Securities that detracted from the Fund’s relative performance included Builders FirstSource, Inc., Qorvo, Inc. and Walmart Inc.

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class A	16.75	16.73	11.94
S&P 500® Index	18.41	16.85	12.98

Past performance does not guarantee future performance

. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 458,540,816
Total number of portfolio holdings	108
Management services fees (represents 0.75% of Fund average net assets)	$ 3,602,454
Portfolio turnover for the reporting period	85%

Graphical Representation of Fund

Holdings

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

Top Holdings

Apple, Inc.	7.9 %
NVIDIA Corp.	6.8 %
Microsoft Corp.	6.5 %
Amazon.com, Inc.	4.4 %
Alphabet, Inc., Class A	4.3 %
Meta Platforms, Inc., Class A	3.7 %
JPMorgan Chase & Co.	2.3 %
Visa, Inc., Class A	1.4 %
Salesforce, Inc.	1.3 %
Broadcom, Inc.	1.3 %

Asset Categories

Graphical Representation - Allocation 1 Chart

Equity Sector Allocation

Graphical Representation - Allocation 2 Chart

Availability of Additional

Information

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

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

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

Columbia Large Cap Enhanced Core Fund

Institutional Class / NMIMX

Annual Shareholder Report | February 28, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional Class	$ 62	0.57 %

Management's Discussion of Fund Performance

The performance of Institutional Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection

| Selections in the consumer discretionary, communication services and financials sectors were the top three contributors to the Fund’s relative performance during the period.

Allocations

| Sector allocation within consumer staples, materials and energy were the top three contributing sectors to relative performance.

Individual securities

Top Performance Detractors

Stock selection

| Selections in the consumer staples, industrials and real estate sectors were the largest detractors to the Fund’s relative performance.

Allocations

| Sector allocation within information technology, utilities and communication services were the top three detracting sectors to relative performance.

Individual securities

| Securities that detracted from the Fund’s relative performance included Builders FirstSource, Inc., Qorvo, Inc. and Walmart Inc.

Fund Performance

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

Growth of $10,

000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional Class	17.06	17.02	12.22
S&P 500® Index	18.41	16.85	12.98

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 458,540,816
Total number of portfolio holdings	108
Management services fees (represents 0.75% of Fund average net assets)	$ 3,602,454
Portfolio turnover for the reporting period	85%

Graphical Representation

f Fund

Holdings

Top Holdings

Apple, Inc.	7.9 %
NVIDIA Corp.	6.8 %
Microsoft Corp.	6.5 %
Amazon.com, Inc.	4.4 %
Alphabet, Inc., Class A	4.3 %
Meta Platforms, Inc., Class A	3.7 %
JPMorgan Chase & Co.	2.3 %
Visa, Inc., Class A	1.4 %
Salesforce, Inc.	1.3 %
Broadcom, Inc.	1.3 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Large Cap Enhanced Core Fund

Institutional 3 Class / CECYX

Annual Shareholder Report | February 28, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Institutional 3 Class	$ 46	0.42 %

Management's Discussion of Fund Performance

The performance of Institutional 3 Class shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection

| Selections in the consumer d

isc

retionary, communication services and financials sectors were the top three contributors to the Fund’s relative performance during the period.

Allocations

| Sector allocation within consumer staples, materials and energy were the top three contributing sectors to relative performance.

Individual securities

Top Performance Detractors

Stock selection

| Selections in the consumer staples, industrials and real estate sectors were the largest detractors to the Fund’s relative performance.

Allocations

| Sector allocation within information technology, utilities and communication services were the top three detracting sectors to relative performance.

Individual securities

| Securities that detracted from the Fund’s relative performance included Builders FirstSource, Inc., Qorvo, Inc. and Walmart Inc.

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in Institutional 3 Class shares of the Fund during the stated time period.

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Institutional 3 Class	17.21	17.22	12.39
S&P 500® Index	18.41	16.85	12.98

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 458,540,816
Total number of portfolio holdings	108
Management services fees (represents 0.75% of Fund average net assets)	$ 3,602,454
Portfolio turnover for the reporting period	85%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fu

nd'

s port

fol

io composition is subject to change.

Top Holdings

Apple, Inc.	7.9 %
NVIDIA Corp.	6.8 %
Microsoft Corp.	6.5 %
Amazon.com, Inc.	4.4 %
Alphabet, Inc., Class A	4.3 %
Meta Platforms, Inc., Class A	3.7 %
JPMorgan Chase & Co.	2.3 %
Visa, Inc., Class A	1.4 %
Salesforce, Inc.	1.3 %
Broadcom, Inc.	1.3 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Large Cap Enhanced Core Fund

Class R / CCERX

Annual Shareholder Report | February 28, 2025

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class R	$ 116	1.07 %

Management's Discussion of Fund Performance

The performance of Class R shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection

| Selections in the consumer discretionary, communication services and financials sectors were the top three contributors to the Fund’s relative performance during the period.

Allocations

| Sector allocation within consumer staples, materials and energy were the top three contributing sectors to relative performance.

Individual securities

Top Performance Detractors

Stock selection

| Selections in the consumer staples, industrials and real estate sectors were the largest detractors to the Fund’s relative performance.

Allocations

| Sector allocation within information technology, utilities and communication services were the top three detracting sectors to relative performance.

Individual securities

| Securities that detracted from the Fund’s relative performance included Builders FirstSource, Inc., Qorvo, Inc. and Walmart Inc.

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class R	16.48	16.44	11.66
S&P 500® Index	18.41	16.85	12.98

Past performance does not guarantee future performance

. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance r

esults

reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 458,540,816
Total number of portfolio holdings	108
Management services fees (represents 0.75% of Fund average net assets)	$ 3,602,454
Portfolio turnover for the reporting period	85%

Graphical Representation of Fund

Holdings

The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's

portfolio

composition is subject to change.

Top Holdings

Apple, Inc.	7.9 %
NVIDIA Corp.	6.8 %
Microsoft Corp.	6.5 %
Amazon.com, Inc.	4.4 %
Alphabet, Inc., Class A	4.3 %
Meta Platforms, Inc., Class A	3.7 %
JPMorgan Chase & Co.	2.3 %
Visa, Inc., Class A	1.4 %
Salesforce, Inc.	1.3 %
Broadcom, Inc.	1.3 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

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

Columbia Large Cap Enhanced Core Fund

Class S / NMIDX

Annual Shareholder Report | February 28, 2025

This annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of October 2, 2024 to February 28, 2025. You can find additional information about the Fund at

columbiathreadneedleus.com/resources/literature

. You can also request more information by contacting us at

1-800-345-6611.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Class	Cost of a $10,000 investment	Cost paid as a percentage of a $10,000 investment
Class S	$ 24 (a)	0.58 % (b)

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

Management's Discussion of Fund Performance

The performance of Class S shares for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection

| Selections in the consumer discretionary, communication services and financials sectors were the top three contributors to the Fund’s relative performance during the period.

Allocations

| Sector allocation within consumer staples, materials and energy were the top three contributing sectors to relative performance.

Individual securities

Top Performance Detractors

Stock selection

| Selections in the consumer staples, industrials and real estate sectors were the largest detractors to the Fund’s relative performance.

Allocations

| Sector allocation within information technology, utilities and communication services were the top three detracting sectors to relative performance.

Individual securities

| Securities that detracted from the Fund’s relative performance included Builders FirstSource, Inc., Qorvo, Inc. and Walmart Inc.

Fund Performance

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

Growth of $10,000

Average Annual Total Returns (%)	1 year	5 years	10 years
Class S (a)	16.90	16.76	11.95
S&P 500® Index	18.41	16.85	12.98

(a)

The returns shown for periods prior to October 2, 2024 (including Since Fund Inception returns, if shown) include the returns of Class A. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit

columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance

for more information.

Past performance does not guarantee future performance

columbiathreadneedleus.com/investment-products/mutual-funds

for more recent performance information.

Key Fund Statistics

Fund net assets	$ 458,540,816
Total number of portfolio holdings	108
Management services fees (represents 0.75% of Fund average net assets)	$ 3,602,454
Portfolio turnover for the reporting period	85%

Graphical Representation of Fund

Holdings

The tables below

show

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

Top Holdings

Apple, Inc.	7.9 %
NVIDIA Corp.	6.8 %
Microsoft Corp.	6.5 %
Amazon.com, Inc.	4.4 %
Alphabet, Inc., Class A	4.3 %
Meta Platforms, Inc., Class A	3.7 %
JPMorgan Chase & Co.	2.3 %
Visa, Inc., Class A	1.4 %
Salesforce, Inc.	1.3 %
Broadcom, Inc.	1.3 %

Asset Categories

Equity Sector Allocation

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website

included

at the beginning of this report or scan the QR code below.

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

Columbia Large Cap Enhanced Core Fund | Class A

ASR173_01_(04/25)

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

	Amount billed to the registrant ($)		Amount billed to the registrant's investment advisor ($)
	February 28, 2025	February 29, 2024	February 28, 2025	February 29, 2024
Audit fees ^(a)	31,523	30,993	0	0
Audit-related fees ^(b)	0	0	0	0
Tax fees ^(c)	14,845	12,850	0	0
All other fees ^(d)	0	0	0	0
Non-audit fees ^(g)	0	0	587,000	581,000

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

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

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

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

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

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

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

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

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

(f) Not applicable.

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

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Portfolio of Investments

February 28, 2025

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.9%
Issuer	Shares	Value ($)
Communication Services 9.6%
Diversified Telecommunication Services 1.0%
AT&T, Inc.	169,072	4,634,264
Entertainment 0.3%
Netflix, Inc.(a)	1,125	1,103,130
Interactive Media & Services 8.0%
Alphabet, Inc., Class A	115,067	19,593,609
Meta Platforms, Inc., Class A	25,703	17,174,744
Total		36,768,353
Media 0.3%
Fox Corp., Class A	25,011	1,440,634
Total Communication Services		43,946,381
Consumer Discretionary 10.7%
Automobiles 1.2%
Tesla, Inc.(a)	18,747	5,492,496
Broadline Retail 4.4%
Amazon.com, Inc.(a)	94,198	19,996,351
Hotels, Restaurants & Leisure 2.1%
Booking Holdings, Inc.	1,045	5,241,731
Carnival Corp.(a)	56,497	1,351,973
Expedia Group, Inc.(a)	15,300	3,028,788
Total		9,622,492
Household Durables 1.1%
NVR, Inc.(a)	338	2,449,006
PulteGroup, Inc.	25,460	2,629,509
Total		5,078,515
Specialty Retail 0.4%
Home Depot, Inc. (The)	2,725	1,080,735
TJX Companies, Inc. (The)	7,599	948,051
Total		2,028,786
Textiles, Apparel & Luxury Goods 1.5%
Ralph Lauren Corp.	10,503	2,847,783
Tapestry, Inc.	45,980	3,927,612
Total		6,775,395
Total Consumer Discretionary		48,994,035

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 5.9%
Beverages 0.8%
Molson Coors Beverage Co., Class B	56,102	3,438,492
Consumer Staples Distribution & Retail 0.5%
Costco Wholesale Corp.	1,228	1,287,693
Walmart, Inc.	12,264	1,209,353
Total		2,497,046
Food Products 2.0%
Archer-Daniels-Midland Co.	20,050	946,360
Bunge Global SA	27,288	2,024,497
ConAgra Foods, Inc.	126,755	3,237,323
General Mills, Inc.	50,643	3,069,978
Total		9,278,158
Household Products 1.7%
Colgate-Palmolive Co.	34,904	3,182,198
Kimberly-Clark Corp.	24,650	3,500,546
Procter & Gamble Co. (The)	5,274	916,832
Total		7,599,576
Tobacco 0.9%
Altria Group, Inc.	76,547	4,275,150
Total Consumer Staples		27,088,422
Energy 3.5%
Oil, Gas & Consumable Fuels 3.5%
Chevron Corp.	32,610	5,172,598
EOG Resources, Inc.	27,537	3,495,547
Exxon Mobil Corp.	17,534	1,952,060
Marathon Petroleum Corp.	16,647	2,500,046
Valero Energy Corp.	22,686	2,965,741
Total		16,085,992
Total Energy		16,085,992
Financials 14.6%
Banks 4.2%
Citigroup, Inc.	60,280	4,819,386
JPMorgan Chase & Co.	39,413	10,430,651
Wells Fargo & Co.	51,926	4,066,844
Total		19,316,881

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

Columbia Large Cap Enhanced Core Fund | 2025

Portfolio of Investments (continued)

February 28, 2025

Common Stocks (continued)
Issuer	Shares	Value ($)
Capital Markets 3.6%
Bank of New York Mellon Corp. (The)	40,701	3,620,354
Blackrock, Inc.	4,200	4,106,676
CME Group, Inc.	15,829	4,016,925
Morgan Stanley	34,629	4,609,466
Total		16,353,421
Consumer Finance 0.9%
Synchrony Financial	65,425	3,969,989
Financial Services 3.5%
Berkshire Hathaway, Inc., Class B(a)	10,447	5,367,982
MasterCard, Inc., Class A	2,245	1,293,816
PayPal Holdings, Inc.(a)	43,340	3,079,307
Visa, Inc., Class A	17,939	6,506,655
Total		16,247,760
Insurance 2.4%
Allstate Corp. (The)	18,444	3,673,122
Marsh & McLennan Companies, Inc.	16,921	4,024,491
Prudential Financial, Inc.	28,527	3,283,458
Total		10,981,071
Total Financials		66,869,122
Health Care 10.3%
Biotechnology 2.3%
AbbVie, Inc.	20,829	4,353,886
Amgen, Inc.	6,976	2,149,027
Regeneron Pharmaceuticals, Inc.	2,197	1,535,132
Vertex Pharmaceuticals, Inc.(a)	5,532	2,654,198
Total		10,692,243
Health Care Equipment & Supplies 2.2%
Baxter International, Inc.	78,737	2,717,214
Hologic, Inc.(a)	44,665	2,831,314
Medtronic PLC	47,563	4,376,747
Total		9,925,275
Health Care Providers & Services 2.0%
Cigna Group (The)	12,374	3,821,710
McKesson Corp.	6,072	3,887,659
UnitedHealth Group, Inc.	2,823	1,340,812
Total		9,050,181

Common Stocks (continued)
Issuer	Shares	Value ($)
Pharmaceuticals 3.8%
Bristol-Myers Squibb Co.	87,935	5,242,685
Eli Lilly & Co.	4,227	3,891,503
Johnson & Johnson	9,498	1,567,360
Merck & Co., Inc.	8,765	808,571
Pfizer, Inc.	138,611	3,663,489
Viatris, Inc.	275,920	2,546,741
Total		17,720,349
Total Health Care		47,388,048
Industrials 8.3%
Aerospace & Defense 0.7%
Lockheed Martin Corp.	6,891	3,103,500
Building Products 2.0%
Builders FirstSource, Inc.(a)	17,309	2,405,778
Masco Corp.	39,462	2,966,753
Trane Technologies PLC	10,319	3,649,830
Total		9,022,361
Commercial Services & Supplies 0.7%
Cintas Corp.	16,962	3,519,615
Electrical Equipment 0.5%
Generac Holdings, Inc.(a)	16,750	2,280,512
Ground Transportation 0.9%
Uber Technologies, Inc.(a)	22,555	1,714,406
Union Pacific Corp.	10,542	2,600,606
Total		4,315,012
Machinery 1.9%
Caterpillar, Inc.	5,759	1,980,808
Snap-On, Inc.	10,420	3,554,991
Westinghouse Air Brake Technologies Corp.	16,549	3,067,523
Total		8,603,322
Passenger Airlines 1.0%
Delta Air Lines, Inc.	50,022	3,007,323
United Airlines Holdings, Inc.(a)	15,900	1,491,579
Total		4,498,902
Professional Services 0.6%
Automatic Data Processing, Inc.	8,750	2,757,825
Total Industrials		38,101,049

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

Columbia Large Cap Enhanced Core Fund | 2025

Portfolio of Investments (continued)

February 28, 2025

Common Stocks (continued)
Issuer	Shares	Value ($)
Information Technology 30.4%
Communications Equipment 0.9%
Arista Networks, Inc.(a)	44,916	4,179,434
IT Services 0.8%
VeriSign, Inc.(a)	15,054	3,581,045
Semiconductors & Semiconductor Equipment 9.9%
Broadcom, Inc.	29,213	5,825,949
Lam Research Corp.	11,033	846,672
NVIDIA Corp.	251,131	31,371,285
Qorvo, Inc.(a)	41,204	2,995,119
QUALCOMM, Inc.	28,814	4,528,696
Total		45,567,721
Software 10.4%
Gen Digital, Inc.	107,274	2,931,798
Microsoft Corp.(b)	74,634	29,628,952
Palo Alto Networks, Inc.(a)	21,803	4,151,945
Salesforce, Inc.	19,863	5,916,195
ServiceNow, Inc.(a)	5,382	5,003,968
Total		47,632,858
Technology Hardware, Storage & Peripherals 8.4%
Apple, Inc.	149,860	36,242,143
NetApp, Inc.	22,098	2,205,601
Total		38,447,744
Total Information Technology		139,408,802
Materials 1.7%
Chemicals 1.1%
CF Industries Holdings, Inc.	17,440	1,412,989
Eastman Chemical Co.	13,037	1,275,670
FMC Corp.	37,400	1,380,060
Mosaic Co. (The)	35,698	853,896
Total		4,922,615
Containers & Packaging 0.3%
Packaging Corp. of America	5,575	1,187,977

Common Stocks (continued)
Issuer	Shares	Value ($)
Metals & Mining 0.3%
Steel Dynamics, Inc.	11,244	1,518,727
Total Materials		7,629,319
Real Estate 1.9%
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A(a)	11,421	1,621,097
Specialized REITs 1.6%
American Tower Corp.	18,426	3,788,754
Millrose Properties, Inc.(a)	7,753	177,245
SBA Communications Corp.	14,881	3,242,570
Total		7,208,569
Total Real Estate		8,829,666
Utilities 2.0%
Electric Utilities 2.0%
Edison International	54,884	2,987,885
Entergy Corp.	12,394	1,082,120
Evergy, Inc.	25,048	1,726,058
PG&E Corp.	200,524	3,276,562
Total		9,072,625
Total Utilities		9,072,625
Total Common Stocks (Cost $251,036,219)		453,413,461

Money Market Funds 1.1%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 4.479%(c),(d)	4,997,588	4,997,088
Total Money Market Funds (Cost $4,996,407)		4,997,088
Total Investments in Securities (Cost: $256,032,626)		458,410,549
Other Assets & Liabilities, Net		130,267
Net Assets		458,540,816

At February 28, 2025, securities and/or cash totaling $1,955,176 were pledged as collateral.

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

Columbia Large Cap Enhanced Core Fund | 2025

Portfolio of Investments (continued)

February 28, 2025

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
S&P 500 Index E-mini	14	03/2025	USD	4,174,275	228	—
S&P 500 Index E-mini	5	03/2025	USD	1,490,813	—	(18,200 )
Total					228	(18,200 )

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c)	The rate shown is the seven-day current annualized yield at February 28, 2025.
(d)	As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2025 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 4.479%
	3,302,909	204,184,977	(202,490,374 )	(424 )	4,997,088	72	387,608	4,997,588

Currency Legend

USD

US Dollar

Fair value measurements

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

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

■

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

■

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

■

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

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or

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

Columbia Large Cap Enhanced Core Fund | 2025

Portfolio of Investments (continued)

February 28, 2025

Fair value measurements (continued)

in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2025:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	43,946,381	—	—	43,946,381
Consumer Discretionary	48,994,035	—	—	48,994,035
Consumer Staples	27,088,422	—	—	27,088,422
Energy	16,085,992	—	—	16,085,992
Financials	66,869,122	—	—	66,869,122
Health Care	47,388,048	—	—	47,388,048
Industrials	38,101,049	—	—	38,101,049
Information Technology	139,408,802	—	—	139,408,802
Materials	7,629,319	—	—	7,629,319
Real Estate	8,829,666	—	—	8,829,666
Utilities	9,072,625	—	—	9,072,625
Total Common Stocks	453,413,461	—	—	453,413,461
Money Market Funds	4,997,088	—	—	4,997,088
Total Investments in Securities	458,410,549	—	—	458,410,549
Investments in Derivatives
Asset
Futures Contracts	228	—	—	228
Liability
Futures Contracts	(18,200 )	—	—	(18,200 )
Total	458,392,577	—	—	458,392,577

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Columbia Large Cap Enhanced Core Fund | 2025

Statement of Assets and Liabilities

February 28, 2025

Assets
Investments in securities, at value
Unaffiliated issuers (cost $251,036,219)	$453,413,461
Affiliated issuers (cost $4,996,407)	4,997,088
Receivable for:
Capital shares sold	102,358
Dividends	528,286
Variation margin for futures contracts	100,050
Expense reimbursement due from Investment Manager	4,757
Prepaid expenses	4,415
Other assets	9,702
Total assets	459,160,117
Liabilities
Due to custodian	5,844
Payable for:
Capital shares redeemed	384,888
Variation margin for futures contracts	17,029
Management services fees	9,290
Distribution and/or service fees	1,099
Transfer agent fees	37,444
Compensation of chief compliance officer	88
Compensation of board members	1,857
Other expenses	26,375
Deferred compensation of board members	135,387
Total liabilities	619,301
Net assets applicable to outstanding capital stock	$458,540,816
Represented by
Paid in capital	245,702,764
Total distributable earnings (loss)	212,838,052
Total - representing net assets applicable to outstanding capital stock	$458,540,816
Class A
Net assets	$70,101,949
Shares outstanding	2,529,552
Net asset value per share	$27.71
Institutional Class
Net assets	$80,800,424
Shares outstanding	2,923,081
Net asset value per share	$27.64
Institutional 3 Class
Net assets	$248,410,638
Shares outstanding	8,976,790
Net asset value per share	$27.67
Class R
Net assets	$46,277,932
Shares outstanding	1,678,609
Net asset value per share	$27.57
Class S
Net assets	$12,949,873
Shares outstanding	468,394
Net asset value per share	$27.65

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

Columbia Large Cap Enhanced Core Fund | 2025

Statement of Operations

Year Ended February 28, 2025

Net investment income
Income:
Dividends — unaffiliated issuers	$7,117,598
Dividends — affiliated issuers	387,608
Foreign taxes withheld	(3,165 )
Total income	7,502,041
Expenses:
Management services fees	3,602,454
Distribution and/or service fees
Class A	167,517
Class R	235,636
Transfer agent fees
Class A	108,276
Advisor Class	14,557
Institutional Class	128,349
Institutional 2 Class	398
Institutional 3 Class	15,151
Class R	76,168
Class S	8,849
Custodian fees	13,687
Printing and postage fees	19,119
Registration fees	86,673
Accounting services fees	31,523
Legal fees	18,239
Interest on collateral	374
Compensation of chief compliance officer	88
Compensation of board members	16,105
Deferred compensation of board members	26,668
Other	24,136
Total expenses	4,593,967
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,845,345 )
Expense reduction	(20 )
Total net expenses	2,748,602
Net investment income	4,753,439
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	56,456,876
Investments — affiliated issuers	72
Futures contracts	2,096,038
Net realized gain	58,552,986
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	22,742,244
Investments — affiliated issuers	(424 )
Futures contracts	(434,071 )
Net change in unrealized appreciation (depreciation)	22,307,749
Net realized and unrealized gain	80,860,735
Net increase in net assets resulting from operations	$85,614,174

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

Columbia Large Cap Enhanced Core Fund | 2025

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	February 28, 2025		February 29, 2024
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Shares sold	300,162	8,478,193	342,451	8,196,955
Distributions reinvested	230,910	6,523,521	86,692	2,098,919
Shares redeemed	(331,619 )	(9,427,120 )	(423,525 )	(10,230,544 )
Net increase	199,453	5,574,594	5,618	65,330
Advisor Class
Shares sold	49,624	1,359,175	104,565	2,452,295
Distributions reinvested	19,341	519,110	20,047	476,098
Shares redeemed	(497,465 )	(14,781,257 )	(55,101 )	(1,278,117 )
Net increase (decrease)	(428,500 )	(12,902,972 )	69,511	1,650,276
Institutional Class
Shares sold	883,543	26,049,288	393,133	9,482,779
Distributions reinvested	300,106	8,452,094	125,693	3,035,419
Shares redeemed	(1,122,165 )	(32,149,589 )	(699,002 )	(16,943,211 )
Net increase (decrease)	61,484	2,351,793	(180,176 )	(4,425,013 )
Institutional 2 Class
Shares sold	350	9,391	59,402	1,482,750
Distributions reinvested	—	—	8,418	201,905
Shares redeemed	(205,151 )	(5,408,750 )	(56,328 )	(1,323,415 )
Net increase (decrease)	(204,801 )	(5,399,359 )	11,492	361,240
Institutional 3 Class
Shares sold	7,781,007	208,792,987	8,523,928	195,494,556
Distributions reinvested	916,282	25,769,785	322,818	7,793,354
Shares redeemed	(7,185,607 )	(205,092,162 )	(9,310,582 )	(225,179,431 )
Net increase (decrease)	1,511,682	29,470,610	(463,836 )	(21,891,521 )
Class R
Shares sold	275,175	7,688,731	293,738	7,012,289
Distributions reinvested	203,233	5,711,842	75,883	1,827,234
Shares redeemed	(487,349 )	(13,737,583 )	(636,807 )	(15,121,003 )
Net decrease	(8,941 )	(337,010 )	(267,186 )	(6,281,480 )
Class S
Shares sold	566,336	16,518,927	—	—
Distributions reinvested	39,990	1,144,507	—	—
Shares redeemed	(137,932 )	(4,057,555 )	—	—
Net increase	468,394	13,605,879	—	—
Total net increase (decrease)	1,598,771	32,363,535	(824,577 )	(30,521,168 )

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

Columbia Large Cap Enhanced Core Fund | 2025

Financial Highlights

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

	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 2/28/2025	$26.90	0.20	4.27	4.47	(0.22 )	(3.44 )	(3.66 )
Year Ended 2/29/2024	$21.79	0.21	6.06	6.27	(0.23 )	(0.93 )	(1.16 )
Year Ended 2/28/2023	$25.71	0.20	(2.31 )	(2.11 )	(0.18 )	(1.63 )	(1.81 )
Year Ended 2/28/2022	$27.58	0.25	5.49	5.74	(0.26 )	(7.35 )	(7.61 )
Year Ended 2/28/2021	$23.11	0.25	6.18	6.43	(0.26 )	(1.70 )	(1.96 )
Institutional Class
Year Ended 2/28/2025	$26.83	0.27	4.27	4.54	(0.29 )	(3.44 )	(3.73 )
Year Ended 2/29/2024	$21.73	0.27	6.05	6.32	(0.29 )	(0.93 )	(1.22 )
Year Ended 2/28/2023	$25.66	0.26	(2.32 )	(2.06 )	(0.24 )	(1.63 )	(1.87 )
Year Ended 2/28/2022	$27.53	0.32	5.49	5.81	(0.33 )	(7.35 )	(7.68 )
Year Ended 2/28/2021	$23.07	0.31	6.17	6.48	(0.32 )	(1.70 )	(2.02 )
Institutional 3 Class
Year Ended 2/28/2025	$26.86	0.32	4.26	4.58	(0.33 )	(3.44 )	(3.77 )
Year Ended 2/29/2024	$21.75	0.32	6.05	6.37	(0.33 )	(0.93 )	(1.26 )
Year Ended 2/28/2023	$25.68	0.30	(2.31 )	(2.01 )	(0.29 )	(1.63 )	(1.92 )
Year Ended 2/28/2022	$27.54	0.37	5.51	5.88	(0.39 )	(7.35 )	(7.74 )
Year Ended 2/28/2021	$23.08	0.35	6.17	6.52	(0.36 )	(1.70 )	(2.06 )
Class R
Year Ended 2/28/2025	$26.78	0.13	4.25	4.38	(0.15 )	(3.44 )	(3.59 )
Year Ended 2/29/2024	$21.70	0.15	6.03	6.18	(0.17 )	(0.93 )	(1.10 )
Year Ended 2/28/2023	$25.61	0.14	(2.29 )	(2.15 )	(0.13 )	(1.63 )	(1.76 )
Year Ended 2/28/2022	$27.50	0.17	5.47	5.64	(0.18 )	(7.35 )	(7.53 )
Year Ended 2/28/2021	$23.05	0.19	6.16	6.35	(0.20 )	(1.70 )	(1.90 )
Class S
Year Ended 2/28/2025(e)	$28.92	0.11	1.14	1.25	(0.25 )	(2.27 )	(2.52 )

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

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

Columbia Large Cap Enhanced Core Fund | 2025

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 2/28/2025	$27.71	16.75%	1.21% (c)	0.82% (c),(d)	0.72%	85%	$70,102
Year Ended 2/29/2024	$26.90	29.42%	1.23% (c)	0.82% (c),(d)	0.89%	90%	$62,679
Year Ended 2/28/2023	$21.79	(7.84% )	1.24% (c)	0.83% (c),(d)	0.89%	92%	$50,648
Year Ended 2/28/2022	$25.71	20.15%	1.23% (c)	0.84% (c),(d)	0.83%	67%	$61,024
Year Ended 2/28/2021	$27.58	29.53%	1.25% (c)	0.85% (c),(d)	1.02%	81%	$59,015
Institutional Class
Year Ended 2/28/2025	$27.64	17.06%	0.96% (c)	0.57% (c),(d)	0.97%	85%	$80,800
Year Ended 2/29/2024	$26.83	29.76%	0.98% (c)	0.57% (c),(d)	1.14%	90%	$76,790
Year Ended 2/28/2023	$21.73	(7.66% )	0.99% (c)	0.58% (c),(d)	1.14%	92%	$66,112
Year Ended 2/28/2022	$25.66	20.49%	0.98% (c)	0.59% (c),(d)	1.08%	67%	$88,028
Year Ended 2/28/2021	$27.53	29.83%	1.00% (c)	0.60% (c),(d)	1.27%	81%	$86,219
Institutional 3 Class
Year Ended 2/28/2025	$27.67	17.21%	0.80% (c)	0.42% (c)	1.15%	85%	$248,411
Year Ended 2/29/2024	$26.86	29.99%	0.81% (c)	0.40% (c)	1.33%	90%	$200,488
Year Ended 2/28/2023	$21.75	(7.47% )	0.81% (c)	0.40% (c)	1.32%	92%	$172,478
Year Ended 2/28/2022	$25.68	20.73%	0.80% (c)	0.40% (c)	1.25%	67%	$193,329
Year Ended 2/28/2021	$27.54	30.01%	0.81% (c)	0.43% (c)	1.44%	81%	$266,693
Class R
Year Ended 2/28/2025	$27.57	16.48%	1.46% (c)	1.07% (c),(d)	0.47%	85%	$46,278
Year Ended 2/29/2024	$26.78	29.10%	1.48% (c)	1.07% (c),(d)	0.64%	90%	$45,195
Year Ended 2/28/2023	$21.70	(8.08% )	1.49% (c)	1.08% (c),(d)	0.64%	92%	$42,420
Year Ended 2/28/2022	$25.61	19.85%	1.48% (c)	1.09% (c),(d)	0.57%	67%	$51,549
Year Ended 2/28/2021	$27.50	29.22%	1.50% (c)	1.10% (c),(d)	0.77%	81%	$58,775
Class S
Year Ended 2/28/2025 (e)	$27.65	4.02%	0.98% (c)	0.58% (c)	0.99%	85%	$12,950

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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements

February 28, 2025

Note 1. Organization

Columbia Large Cap Enhanced Core 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 shares are offered to the general public for investment. Institutional Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class S shares commenced operations on October 2, 2024.

The Fund’s Board of Trustees approved a proposal to liquidate Institutional 2 Class shares of the Fund. Effective on March 11, 2024, Institutional 2 Class shares of the Fund were closed to new and existing investors and effective on April 19, 2024, Institutional 2 Class shares of the Fund were liquidated. For federal tax purposes, this liquidation was treated as a redemption of fund shares.

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

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Segment reporting

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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

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

Security valuation

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

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

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

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

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

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

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

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

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

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

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

Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement. In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.

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

Futures contracts

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

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

Effects of derivative transactions in the financial statements

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

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2025:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	228 *

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Equity risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	18,200 *

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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

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 February 28, 2025:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	2,096,038

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	(434,071 )

The following table is a summary of the average daily outstanding volume by derivative instrument for the year ended February 28, 2025:

Derivative instrument	Average notional amounts ($)
Futures contracts — long	8,264,063

Security transactions

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

Income recognition

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

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

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

Expenses

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

Determination of class net asset value

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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

Federal income tax status

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

Foreign taxes

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

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

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncements and regulatory updates

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

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

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, 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 0.75% to 0.55% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2025 was 0.75% 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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred compensation of board members" in the Statement of Operations.

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. As a result of Institutional 2 Class shares of the Fund being liquidated, April 19, 2024 was the last day the Fund paid a transfer agency fee for Institutional 2 Class shares.

For the year ended February 28, 2025, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.16
Advisor Class	0.12 (a)
Institutional Class	0.16
Institutional 2 Class	0.01 (a)
Institutional 3 Class	0.01
Class R	0.16
Class S	0.16 (b)

(a)	Unannualized.
(b)	Annualized.

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2025, these minimum account balance fees reduced total expenses of the Fund by $20.

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

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 distribution fee to the Distributor at the maximum annual rate of 0.50% of the average daily net assets attributable to Class R shares of the Fund.

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, 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:

	July 1, 2024 through June 30, 2025 (%)	Prior to July 1, 2024 (%)
Class A	0.83	0.83
Institutional Class	0.58	0.58
Institutional 3 Class	0.43	0.41
Class R	1.08	1.08
Class S	0.58	—

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

Note 4. Federal tax information

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

At February 28, 2025, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, tax straddles, trustees’ deferred compensation and earnings and profits distributed to shareholders on the redemption of shares. 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.

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
—	(8,785,000 )	8,785,000

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 February 28, 2025			Year Ended February 29, 2024
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
20,591,430	40,759,314	61,350,744	5,746,813	14,524,954	20,271,767

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

At February 28, 2025, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
8,495,861	5,828,783	—	198,648,795

At February 28, 2025, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
259,743,782	205,435,693	(6,786,898 )	198,648,795

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

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $395,187,272 and $418,851,460, respectively, for the year ended February 28, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

Note 7. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2025.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 24, 2024 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $900 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.

The Fund had no borrowings during the year ended February 28, 2025.

Note 9. Significant risks

Information technology sector risk

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

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the

Columbia Large Cap Enhanced Core Fund | 2025

Notes to Financial Statements (continued)

February 28, 2025

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

Shareholder concentration risk

At February 28, 2025, one unaffiliated shareholder of record owned 21.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 22.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

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

Note 11. Information regarding pending and settled legal proceedings

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

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

Columbia Large Cap Enhanced Core Fund | 2025

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Large Cap Enhanced Core Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Enhanced Core Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2025, the related statement of operations for the year ended February 28, 2025, the statement of changes in net assets for each of the two years in the period ended February 28, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2025 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

April 22, 2025

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

Columbia Large Cap Enhanced Core Fund | 2025

	Year Ended February 28, 2025	Year Ended February 29, 2024
Operations
Net investment income	$4,753,439	$4,673,659
Net realized gain	58,552,986	34,283,989
Net change in unrealized appreciation (depreciation)	22,307,749	70,239,847
Net increase in net assets resulting from operations	85,614,174	109,197,495
Distributions to shareholders
Net investment income and net realized gains
Class A	(8,397,822 )	(2,709,243 )
Advisor Class	(519,111 )	(476,098 )
Institutional Class	(10,592,267 )	(3,584,712 )
Institutional 2 Class	—	(215,593 )
Institutional 3 Class	(34,902,534 )	(11,405,282 )
Class R	(5,794,503 )	(1,880,839 )
Class S	(1,144,507 )	—
Total distributions to shareholders	(61,350,744 )	(20,271,767 )
Increase (decrease) in net assets from capital stock activity	32,363,535	(30,521,168 )
Total increase in net assets	56,626,965	58,404,560
Net assets at beginning of year	401,913,851	343,509,291
Net assets at end of year	$458,540,816	$401,913,851

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
35.44%	34.15%	1.22%	$40,473,139

(registrant)	Columbia Funds Series Trust

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	April 22, 2025