COLUMBIA FUNDS SERIES TRUST

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

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

SemiAnnual Report
September 30, 2019

Columbia Short Term Bond Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.

Not FDIC Insured • No bank guarantee • May lose value

Table of Contents

Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	21
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	30
Approval of Management Agreement	42

Columbia Short Term Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

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

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

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

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

225 Franklin Street

Boston, MA 02110

Fund distributor

Columbia Management Investment Distributors, Inc.

225 Franklin Street

Boston, MA 02110

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Short Term Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income, consistent with minimal fluctuation of principal.

Portfolio management

Gregory Liechty

Co-Portfolio Manager

Managed Fund since 2010

Ronald Stahl, CFA

Co-Portfolio Manager

Managed Fund since 2006

Average annual total returns (%) (for the period ended September 30, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	10/02/92	2.34	4.51	1.37	1.59
	Including sales charges		1.33	3.46	1.17	1.49
Advisor Class*		11/08/12	2.57	4.77	1.64	1.85
Class C	Excluding sales charges	10/02/92	2.04	3.89	0.77	1.13
	Including sales charges		1.04	2.89	0.77	1.13
Institutional Class		09/30/92	2.57	4.77	1.64	1.85
Institutional 2 Class*		11/08/12	2.62	4.87	1.72	1.91
Institutional 3 Class		07/15/09	2.54	4.82	1.77	1.96
Class R*		09/27/10	2.32	4.25	1.13	1.34
Bloomberg Barclays 1-3 Year Government/Credit Index			2.19	4.64	1.59	1.52

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

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

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

The Bloomberg Barclays 1-3 Year Government/Credit Index consists of Treasury or government agency securities and investment-grade corporate debt securities with maturities of one to three years.

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Portfolio breakdown (%) (at September 30, 2019)
Asset-Backed Securities — Non-Agency	24.4
Commercial Mortgage-Backed Securities - Non-Agency	8.2
Corporate Bonds & Notes	33.3
Foreign Government Obligations	0.0 ^(a)
Money Market Funds	4.3
Residential Mortgage-Backed Securities - Agency	7.0
Residential Mortgage-Backed Securities - Non-Agency	21.9
U.S. Treasury Obligations	0.9
Total	100.0

(a)	Rounds to zero.

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

Quality breakdown (%) (at September 30, 2019)
AAA rating	25.4
AA rating	13.0
A rating	27.2
BBB rating	20.9
BB rating	2.7
B rating	1.9
CCC rating	0.1
D rating	0.0 ^(a)
Not rated	8.8
Total	100.0

(a)	Rounds to zero.

Percentages indicated are based upon total fixed income investments.

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

4	Columbia Short Term Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

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

Analyzing your Fund’s expenses

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

Compare with other funds

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

April 1, 2019 — September 30, 2019
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,023.40	1,021.28	4.04	4.04	0.79
Advisor Class	1,000.00	1,000.00	1,025.70	1,022.54	2.76	2.76	0.54
Class C	1,000.00	1,000.00	1,020.40	1,018.20	7.15	7.14	1.40
Institutional Class	1,000.00	1,000.00	1,025.70	1,022.49	2.82	2.81	0.55
Institutional 2 Class	1,000.00	1,000.00	1,026.20	1,023.00	2.30	2.30	0.45
Institutional 3 Class	1,000.00	1,000.00	1,025.40	1,023.25	2.05	2.05	0.40
Class R	1,000.00	1,000.00	1,023.20	1,020.02	5.32	5.31	1.04

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.

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

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments
September 30, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Securities — Non-Agency 26.2%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
American Credit Acceptance Receivables Trust^(a)
Subordinated Series 2018-3 Class C
10/15/2024	3.750%	2,900,000	2,927,423
Subordinated Series 2018-4 Class C
01/13/2025	3.970%	4,500,000	4,572,698
Apidos CLO XX^(a),(b)
Series 2015-20A Class A1RA
3-month USD LIBOR + 1.100% 07/16/2031	3.422%	6,425,000	6,386,508
Apidos CLO XXVIII^(a),(b)
Series 2017-28A Class A1B
3-month USD LIBOR + 1.150% Floor 1.150% 01/20/2031	3.428%	2,925,000	2,842,337
ARES XLVII CLO Ltd.^(a),(b)
Series 2018-47A Class B
3-month USD LIBOR + 1.450% Floor 1.450% 04/15/2030	3.753%	4,000,000	3,945,008
Avant Loans Funding Trust^(a)
Series 2018-B Class A
01/18/2022	3.420%	2,731,572	2,738,131
Series 2019-A Class A
07/15/2022	3.480%	3,626,801	3,642,867
Series 2019-A Class B
12/15/2022	3.800%	2,925,000	2,963,116
Avis Budget Rental Car Funding AESOP LLC^(a)
Series 2018-2A Class A
03/20/2025	4.000%	9,725,000	10,355,679
Barings CLO Ltd.^(a),(b)
Series 2018-4A Class B
3-month USD LIBOR + 1.700% Floor 1.700% 10/15/2030	4.003%	10,800,000	10,729,141
Carbone CLO Ltd.^(a),(b)
Series 2017-1A Class A1
3-month USD LIBOR + 1.140% 01/20/2031	3.418%	8,550,000	8,509,379
Carlyle Global Market Strategies CLO Ltd.^(a),(b)
Series 2013-4A Class BRR
3-month USD LIBOR + 1.420% Floor 1.420% 01/15/2031	3.723%	5,000,000	4,908,335
Carlyle U.S. CLO Ltd.^(a),(b)
Series 2017-5A Class A1B
3-month USD LIBOR + 1.250% 01/20/2030	3.528%	8,000,000	7,842,592

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Carlyle US CLO Ltd.^(a),(b)
Series 2016-4A Class A2R
3-month USD LIBOR + 1.450% Floor 1.450% 10/20/2027	3.728%	8,000,000	7,941,248
Carvana Auto Receivables Trust^(a)
Subordinated Series 2019-3A Class C
10/15/2024	2.710%	2,950,000	2,953,884
CLUB Credit Trust^(a)
Series 2018-P3 Class A
01/15/2026	3.820%	5,715,124	5,771,362
Conn’s Receivables Funding LLC^(a)
Series 2018-A Class A
01/15/2023	3.250%	495,957	497,773
Series 2019-A Class A
10/16/2023	3.400%	2,272,622	2,281,778
Consumer Lending Receivables Trust^(a)
Series 2019-A Class A
04/15/2026	3.520%	5,560,083	5,593,266
Consumer Loan Underlying Bond Credit Trust^(a)
Series 2018-P2 Class A
10/15/2025	3.470%	3,501,848	3,520,060
Series 2018-P2 Class B
10/15/2025	4.100%	1,300,000	1,325,307
Drive Auto Receivables Trust
Series 2019-2 Class C
06/16/2025	3.420%	3,700,000	3,778,620
Subordinated Series 2018-4 Class D
01/15/2026	4.090%	5,400,000	5,554,003
Subordinated Series 2018-5 Class C
01/15/2025	3.990%	3,500,000	3,592,258
Subordinated Series 2019-1 Class C
04/15/2025	3.780%	11,500,000	11,721,275
Dryden 42 Senior Loan Fund^(a),(b)
Series 2016-42A Class BR
3-month USD LIBOR + 1.550% 07/15/2030	3.853%	3,025,000	2,982,819
DT Auto Owner Trust^(a)
Series 2019-1A Class C
11/15/2024	3.610%	2,950,000	2,997,857
Series 2019-3A Class D
04/15/2025	2.960%	4,900,000	4,931,328
Subordinated Series 2018-3A Class C
07/15/2024	3.790%	4,125,000	4,193,576
Subordinated Series 2018-3A Class D
07/15/2024	4.190%	3,000,000	3,118,219

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

6	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Exeter Automobile Receivables Trust^(a)
Series 2017-3A Class A
12/15/2021	2.050%	169,339	169,262
Series 2019-1A Class C
12/16/2024	3.820%	5,550,000	5,686,015
Series 2019-2A Class C
03/15/2024	3.300%	8,000,000	8,134,938
Subordinated Series 2018-4A Class C
09/15/2023	3.970%	8,500,000	8,672,202
Foundation Finance Trust^(a),(c),(d)
Series 2019-1A Class A
11/15/2034	3.860%	3,346,641	3,356,681
Hilton Grand Vacations Trust^(a)
Series 2014-AA Class A
11/25/2026	1.770%	1,723,874	1,716,777
Jay Park CLO Ltd.^(a),(b)
Series 2016-1A Class A2R
3-month USD LIBOR + 1.450% 10/20/2027	3.728%	5,500,000	5,470,586
Madison Park Funding XXXIII Ltd.^(a),(b),(e)
Series 2019-33A Class B1
3-month USD LIBOR + 1.800% Floor 1.800% 10/15/2032	3.600%	5,550,000	5,550,000
Magnetite XII Ltd.^(a),(b)
Series 2015-12A Class ARR
3-month USD LIBOR + 1.100% 10/15/2031	3.403%	6,875,000	6,853,914
Marlette Funding Trust^(a)
Series 2018-1A Class B
03/15/2028	3.190%	5,000,000	5,004,294
Series 2018-2A Class B
07/17/2028	3.610%	6,425,000	6,472,510
Series 2018-4A Class A
12/15/2028	3.710%	2,020,062	2,038,829
Series 2019-1A Class A
04/16/2029	3.440%	2,161,537	2,180,498
Series 2019-3A Class B
09/17/2029	3.070%	5,175,000	5,214,953
Subordinated Series 2019-2A Class B
07/16/2029	3.530%	2,625,000	2,669,644
Subordinated, Series 2017-2A Class B
07/15/2024	3.190%	1,859,203	1,860,495
New York City Tax Lien Trust^(a)
Series 2017-A Class A
11/10/2030	1.870%	283,449	283,863

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Octagon Investment Partners 39 Ltd.^(a),(b)
Series 2018-3A Class B
3-month USD LIBOR + 1.650% Floor 1.650% 10/20/2030	4.128%	11,200,000	11,089,658
OneMain Financial Issuance Trust^(a)
Series 2018-1A Class A
03/14/2029	3.300%	5,253,000	5,346,242
Prosper Marketplace Issuance Trust^(a)
Series 2019-1A Class A
04/15/2025	3.540%	1,606,514	1,614,167
Series 2019-1A Class B
04/15/2025	4.030%	945,000	956,946
Series 2019-2A Class B
09/15/2025	3.690%	3,300,000	3,318,487
Series 2019-3A Class B
07/15/2025	3.590%	3,250,000	3,271,472
Race Point IX CLO Ltd.^(a),(b)
Series 2015-9R Class A2R
3-month USD LIBOR + 1.650% 10/15/2030	3.953%	9,250,000	9,194,750
RR 3 Ltd.^(a),(b)
Series 2014-14A Class A2R2
3-month USD LIBOR + 1.400% Floor 1.400% 01/15/2030	3.703%	10,000,000	9,791,130
SCF Equipment Leasing LLC^(a)
Series 2018-1A Class A2
10/20/2024	3.630%	5,440,146	5,457,936
Sierra Receivables Funding Co., LLC^(a)
Series 2017-1A Class A
03/20/2034	2.910%	2,432,782	2,462,293
Sierra Timeshare Receivables Funding LLC^(a)
Series 2016-2A Class A
07/20/2033	2.330%	2,194,030	2,189,175
Series 2016-3A Class A
10/20/2033	2.430%	1,697,739	1,696,631
Series 2018-3A Class A
09/20/2035	3.690%	1,131,201	1,154,218
SoFi Consumer Loan Program LLC^(a)
Series 2017-4 Class A
05/26/2026	2.500%	1,265,663	1,266,427
SoFi Consumer Loan Program LLC^(a),(f)
Subordinated Series 2016-5 Class B
09/25/2028	4.550%	3,350,000	3,449,058
SoFi Consumer Loan Program Trust^(a)
Series 2018-1 Class A1
02/25/2027	2.550%	180,661	180,585

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Asset-Backed Securities — Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Series 2019-1 Class B
02/25/2028	3.450%	3,025,000	3,098,208
SPS Servicer Advance Receivables Trust
Series 2018-T1 Class AT1
10/17/2050	3.620%	3,539,997	3,539,997
TCF Auto Receivables Owner Trust^(a)
Series 2016-PT1A Class A
06/15/2022	1.930%	1,316,954	1,315,319
Westlake Automobile Receivables Trust^(a)
Series 2019-1A Class C
03/15/2024	3.450%	4,500,000	4,566,444
Total Asset-Backed Securities — Non-Agency (Cost $289,585,004)			291,412,451

Commercial Mortgage-Backed Securities - Non-Agency 8.8%

Ashford Hospitality Trust^(a),(b)
Series 2018-KEYS Class B
1-month USD LIBOR + 1.300% Floor 1.300% 05/15/2035	3.478%	5,000,000	5,009,318
BAMLL Commercial Mortgage Securities Trust^(a),(b)
Series 2018-DSNY Class C
1-month USD LIBOR + 1.350% Floor 1.350% 09/15/2034	3.378%	11,500,000	11,490,044
BBCMS Trust^(a),(b)
Subordinated, Series 2018-BXH Class B
1-month USD LIBOR + 1.250% Floor 1.250% 10/15/2037	3.278%	3,650,000	3,653,406
Subordinated, Series 2018-BXH Class C
1-month USD LIBOR + 1.500% Floor 1.500% 10/15/2037	3.528%	1,975,000	1,975,685
BHMS Mortgage Trust^(a),(b)
Series 2018-ATLS Class A
1-month USD LIBOR + 1.250% Floor 1.250% 07/15/2035	3.278%	13,500,000	13,500,078
BX Commercial Mortgage Trust^(a),(b)
Series 2018-IND Class C
1-month USD LIBOR + 1.100% Floor 1.100% 11/15/2035	3.128%	6,674,869	6,670,712
Home Partners of America Trust^(a),(b)
Series 2018-1 Class A
1-month USD LIBOR + 0.900% Floor 0.900% 07/17/2037	2.957%	4,903,205	4,889,606

Commercial Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Invitation Homes Trust^(a),(b)
Series 2018-SFR3 Class A
1-month USD LIBOR + 1.000% Floor 1.000% 07/17/2037	3.057%	9,098,801	9,091,582
Series 2018-SFR4 Class A
1-month USD LIBOR + 1.100% Floor 1.000% 01/17/2038	3.125%	10,656,554	10,697,729
Progress Residential Trust^(a)
Series 2018-SF3 Class A
10/17/2035	3.880%	11,892,523	12,227,937
RETL ^(a),(b)
Series 2019-RVP Class A
1-month USD LIBOR + 1.150% Floor 1.150% 03/15/2036	3.178%	2,317,062	2,318,521
Wells Fargo Commercial Mortgage Trust^(a),(b)
Series 2017-SMP Class A
1-month USD LIBOR + 0.750% Floor 0.750% 12/15/2034	2.778%	16,055,000	16,004,696
Total Commercial Mortgage-Backed Securities - Non-Agency (Cost $97,001,538)			97,529,314

Corporate Bonds & Notes 35.8%

Aerospace & Defense 1.0%
General Dynamics Corp.
05/11/2021	3.000%	2,000,000	2,034,728
L3Harris Technologies, Inc.^(a)
02/15/2021	4.950%	4,000,000	4,116,096
Northrop Grumman Corp.
08/01/2023	3.250%	4,000,000	4,165,324
TransDigm, Inc.
07/15/2022	6.000%	407,000	412,869
07/15/2024	6.500%	236,000	243,507
Total			10,972,524
Automotive 0.5%
Allison Transmission, Inc.^(a)
10/01/2024	5.000%	138,000	141,085
Ford Motor Credit Co. LLC
03/18/2024	5.584%	5,000,000	5,315,345
LKQ Corp.
05/15/2023	4.750%	243,000	246,759
Total			5,703,189

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

8	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Banking 9.1%
Ally Financial, Inc.
05/19/2022	4.625%	348,000	361,993
American Express Co.
08/01/2022	2.500%	4,000,000	4,039,684
ANZ New Zealand International Ltd.^(a)
01/22/2021	2.750%	2,000,000	2,014,314
Bank of America Corp.
01/11/2023	3.300%	6,585,000	6,805,914
Bank of Montreal
11/06/2022	2.550%	3,002,000	3,049,519
Bank of New York Mellon Corp. (The)
02/07/2022	2.600%	3,025,000	3,066,660
Bank of Nova Scotia (The)
03/07/2022	2.700%	3,000,000	3,050,169
Barclays Bank PLC
01/11/2021	2.650%	3,025,000	3,032,687
BB&T Corp.
06/20/2022	3.050%	3,510,000	3,591,797
Capital One Financial Corp.
01/29/2024	3.900%	5,000,000	5,280,330
Citigroup, Inc.
10/27/2022	2.700%	7,500,000	7,604,257
Discover Bank
09/12/2024	2.450%	3,000,000	2,993,346
Goldman Sachs Group, Inc. (The)
01/24/2022	5.750%	7,700,000	8,296,742
HSBC Holdings PLC
03/30/2022	4.000%	5,500,000	5,731,973
ING Bank NV^(a)
06/09/2021	5.000%	2,000,000	2,092,128
JPMorgan Chase & Co.^(g)
04/01/2023	3.207%	8,000,000	8,188,920
Lloyds Bank PLC
08/14/2022	2.250%	3,250,000	3,242,366
Manufacturers & Traders Trust Co.
02/06/2020	2.100%	2,000,000	1,999,886
Morgan Stanley
05/19/2022	2.750%	5,000,000	5,073,970
PNC Bank NA
01/22/2021	2.500%	3,000,000	3,020,391
Regions Financial Corp.
02/08/2021	3.200%	2,000,000	2,024,026
Toronto-Dominion Bank (The)
06/11/2021	3.250%	3,000,000	3,063,561

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
US Bank NA
05/23/2022	2.650%	2,700,000	2,744,871
Wells Fargo & Co.
07/22/2022	2.625%	7,000,000	7,077,651
Westpac Banking Corp.
01/11/2022	2.800%	3,500,000	3,561,079
Total			101,008,234
Building Materials 0.1%
American Builders & Contractors Supply Co., Inc.^(a)
12/15/2023	5.750%	670,000	690,858
Beacon Roofing Supply, Inc.
10/01/2023	6.375%	687,000	710,386
James Hardie International Finance DAC^(a)
01/15/2025	4.750%	34,000	35,086
Standard Industries, Inc.^(a)
02/15/2023	5.500%	16,000	16,359
Total			1,452,689
Cable and Satellite 1.0%
CCO Holdings LLC/Capital Corp.
09/30/2022	5.250%	362,000	366,015
02/15/2023	5.125%	532,000	540,008
CCO Holdings LLC/Capital Corp.^(a)
05/01/2023	5.125%	439,000	449,961
Charter Communications Operating LLC/Capital
02/01/2024	4.500%	4,000,000	4,291,504
Comcast Corp.
01/15/2022	1.625%	3,000,000	2,983,044
CSC Holdings LLC
11/15/2021	6.750%	160,000	172,868
CSC Holdings LLC^(a)
12/15/2021	5.125%	142,000	142,023
07/15/2023	5.375%	1,070,000	1,098,565
DISH DBS Corp.
05/01/2020	5.125%	207,000	209,417
06/01/2021	6.750%	151,000	158,994
Sirius XM Radio, Inc.^(a)
08/01/2022	3.875%	288,000	292,886
Virgin Media Finance PLC^(a)
10/15/2024	6.000%	42,000	43,274
01/15/2025	5.750%	299,000	308,990
Total			11,057,549
Chemicals 0.8%
Axalta Coating Systems LLC^(a)
08/15/2024	4.875%	296,000	306,525

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Chemours Co. (The)
05/15/2023	6.625%	176,000	173,979
DowDuPont, Inc.
11/15/2023	4.205%	3,000,000	3,215,202
INEOS Group Holdings SA^(a)
08/01/2024	5.625%	81,000	83,458
LyondellBasell Industries NV
04/15/2024	5.750%	3,650,000	4,112,094
PQ Corp.^(a)
11/15/2022	6.750%	394,000	407,889
WR Grace & Co.^(a)
10/01/2021	5.125%	235,000	244,447
Total			8,543,594
Construction Machinery 0.4%
Caterpillar Financial Services Corp.
02/26/2022	2.950%	2,000,000	2,049,418
John Deere Capital Corp.
06/13/2022	1.950%	2,045,000	2,045,374
Ritchie Bros. Auctioneers, Inc.^(a)
01/15/2025	5.375%	243,000	253,411
United Rentals North America, Inc.
07/15/2023	4.625%	284,000	290,699
Total			4,638,902
Consumer Cyclical Services 0.1%
ADT Corp. (The)
07/15/2022	3.500%	196,000	196,968
ADT Security Corp. (The)
10/15/2021	6.250%	231,000	245,927
APX Group, Inc.
12/01/2022	7.875%	154,000	153,168
CoreCivic, Inc.
04/01/2020	4.125%	416,000	417,889
Mobile Mini, Inc.
07/01/2024	5.875%	187,000	193,555
Service Corp International
05/15/2024	5.375%	187,000	192,910
Total			1,400,417
Consumer Products 0.1%
Prestige Brands, Inc.^(a)
12/15/2021	5.375%	583,000	585,991
Scotts Miracle-Gro Co. (The)
10/15/2023	6.000%	137,000	141,503

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Valvoline, Inc.
07/15/2024	5.500%	612,000	636,655
Total			1,364,149
Diversified Manufacturing 1.0%
CFX Escrow Corp.^(a)
02/15/2024	6.000%	313,000	331,737
Gates Global LLC/Co.^(a)
07/15/2022	6.000%	442,000	441,766
General Electric Co.
10/09/2022	2.700%	6,000,000	6,014,988
United Technologies Corp.
06/01/2022	3.100%	4,000,000	4,115,944
WESCO Distribution, Inc.
12/15/2021	5.375%	419,000	423,129
06/15/2024	5.375%	229,000	236,874
Total			11,564,438
Electric 2.4%
AES Corp. (The)
03/15/2023	4.500%	646,000	660,976
05/15/2023	4.875%	115,000	117,015
American Electric Power Co., Inc.
11/13/2020	2.150%	2,000,000	2,000,664
Calpine Corp.^(a)
01/15/2022	6.000%	136,000	136,480
Clearway Energy Operating LLC
08/15/2024	5.375%	416,000	426,690
Dominion Resources, Inc.
01/15/2022	2.750%	3,000,000	3,030,975
Exelon Corp.
04/15/2021	2.450%	2,686,000	2,692,100
NextEra Energy Capital Holdings, Inc.
04/01/2022	2.900%	3,350,000	3,410,089
NextEra Energy Operating Partners LP^(a)
07/15/2024	4.250%	79,000	81,660
PPL Capital Funding, Inc.
05/15/2026	3.100%	3,000,000	3,055,347
Progress Energy, Inc.
04/01/2022	3.150%	3,500,000	3,572,811
Southern Co. (The)
07/01/2021	2.350%	4,000,000	4,011,376
TerraForm Power Operating LLC^(a)
01/31/2023	4.250%	604,000	618,753
WEC Energy Group, Inc.
06/15/2021	3.375%	3,000,000	3,064,383
Total			26,879,319

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

10	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Finance Companies 0.1%
Navient Corp.
03/25/2020	8.000%	222,000	226,436
10/26/2020	5.000%	311,000	316,442
07/26/2021	6.625%	631,000	665,947
Springleaf Finance Corp.
05/15/2022	6.125%	310,000	333,208
Total			1,542,033
Food and Beverage 1.4%
Anheuser-Busch InBev Worldwide, Inc.
01/23/2025	4.150%	4,500,000	4,914,117
Aramark Services, Inc.
01/15/2024	5.125%	405,000	418,225
B&G Foods, Inc.
06/01/2021	4.625%	586,000	586,139
Bacardi Ltd.^(a)
05/15/2025	4.450%	2,000,000	2,132,344
ConAgra Foods, Inc.
01/25/2023	3.200%	3,000,000	3,093,510
Kraft Heinz Foods Co. (The)
07/15/2025	3.950%	4,000,000	4,181,388
Post Holdings, Inc.^(a)
03/01/2025	5.500%	135,000	141,362
Total			15,467,085
Gaming 0.3%
Boyd Gaming Corp.
05/15/2023	6.875%	476,000	494,156
Eldorado Resorts, Inc.
08/01/2023	7.000%	466,000	487,730
International Game Technology PLC^(a)
02/15/2022	6.250%	623,000	658,386
MGM Growth Properties Operating Partnership LP/Finance Co-Issuer, Inc.
05/01/2024	5.625%	511,000	561,614
MGM Resorts International
03/15/2023	6.000%	364,000	401,600
Wynn Las Vegas LLC/Capital Corp.^(a)
05/30/2023	4.250%	300,000	308,707
Total			2,912,193
Health Care 1.8%
Abbott Laboratories
11/30/2021	2.900%	3,000,000	3,054,231
Acadia Healthcare Co., Inc.
07/01/2022	5.125%	97,000	97,873
02/15/2023	5.625%	398,000	407,357

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
AMN Healthcare, Inc.^(a)
10/01/2024	5.125%	134,000	138,897
Avantor, Inc.^(a)
10/01/2024	6.000%	370,000	396,371
Becton Dickinson and Co.^(b)
3-month USD LIBOR + 0.875% 12/29/2020	2.979%	2,998,000	2,999,640
Cardinal Health, Inc.
03/15/2023	3.200%	3,500,000	3,589,037
Change Healthcare Holdings LLC/Finance, Inc.^(a)
03/01/2025	5.750%	140,000	142,247
Express Scripts Holding Co.
07/15/2023	3.000%	4,300,000	4,388,043
HCA, Inc.
02/15/2022	7.500%	229,000	253,933
Hill-Rom Holdings, Inc.^(a)
09/01/2023	5.750%	459,000	472,272
McKesson Corp.
03/15/2023	2.850%	3,001,000	3,037,207
Sotera Health Holdings LLC^(a)
05/15/2023	6.500%	266,000	272,238
Tenet Healthcare Corp.
07/15/2024	4.625%	751,000	771,906
Tenet Healthcare Corp.^(a)
09/01/2024	4.625%	140,000	144,167
Total			20,165,419
Healthcare Insurance 0.8%
Aetna, Inc.
06/15/2023	2.800%	3,000,000	3,037,689
Anthem, Inc.
01/15/2025	2.375%	3,000,000	2,986,434
Centene Corp.
02/15/2021	5.625%	457,000	463,508
UnitedHealth Group, Inc.
02/15/2023	2.750%	2,100,000	2,142,659
Total			8,630,290
Healthcare REIT 0.2%
Welltower, Inc.
03/15/2024	3.625%	2,575,000	2,700,894
Home Construction 0.2%
Lennar Corp.
01/15/2022	4.125%	284,000	291,298
11/15/2024	5.875%	112,000	124,200

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Meritage Homes Corp.
04/15/2020	7.150%	160,000	163,724
04/01/2022	7.000%	121,000	133,262
Shea Homes LP/Funding Corp.^(a)
04/01/2023	5.875%	211,000	216,115
Taylor Morrison Communities, Inc./Holdings II^(a)
04/15/2023	5.875%	377,000	403,233
TRI Pointe Group, Inc.
07/01/2021	4.875%	379,000	390,138
Total			1,721,970
Independent Energy 0.6%
Canadian Natural Resources Ltd.
02/01/2025	3.900%	3,000,000	3,165,477
Carrizo Oil & Gas, Inc.
04/15/2023	6.250%	143,000	135,286
Murphy Oil Corp.^(g)
12/01/2022	4.200%	235,000	238,724
Parsley Energy LLC/Finance Corp.^(a)
06/01/2024	6.250%	717,000	745,252
Range Resources Corp.
08/15/2022	5.000%	146,000	136,941
Woodside Finance Ltd.^(a)
05/10/2021	4.600%	2,000,000	2,056,160
WPX Energy, Inc.
09/15/2024	5.250%	489,000	498,222
Total			6,976,062
Integrated Energy 0.6%
BP Capital Markets PLC
11/01/2021	3.561%	2,000,000	2,058,790
Cenovus Energy, Inc.
08/15/2022	3.000%	4,000,000	4,029,992
Total			6,088,782
Leisure 0.1%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
06/01/2024	5.375%	289,000	297,568
Cinemark U.S.A., Inc.
06/01/2023	4.875%	204,000	207,786
Cinemark USA, Inc.
12/15/2022	5.125%	228,000	231,950
Live Nation Entertainment, Inc.^(a)
06/15/2022	5.375%	355,000	359,625
11/01/2024	4.875%	290,000	300,845
Total			1,397,774

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Life Insurance 1.6%
American International Group, Inc.
07/10/2025	3.750%	4,500,000	4,756,504
Five Corners Funding Trust^(a)
11/15/2023	4.419%	4,085,000	4,411,293
Metropolitan Life Global Funding I^(a)
09/15/2021	1.950%	2,500,000	2,488,785
Principal Life Global Funding II^(a)
11/19/2020	2.625%	2,500,000	2,513,723
Voya Financial, Inc.
07/15/2024	3.125%	4,000,000	4,130,876
Total			18,301,181
Media and Entertainment 0.9%
Discovery Communications LLC
06/15/2022	3.500%	3,000,000	3,075,420
Lamar Media Corp.
05/01/2023	5.000%	193,000	196,738
01/15/2024	5.375%	321,000	329,603
Lin Television Corp.
11/15/2022	5.875%	133,000	136,198
Match Group, Inc.
06/01/2024	6.375%	346,000	363,803
National CineMedia LLC
04/15/2022	6.000%	255,000	257,868
Netflix, Inc.
02/15/2022	5.500%	160,000	169,875
03/01/2024	5.750%	197,000	215,273
Nielsen Finance LLC/Co.
10/01/2020	4.500%	144,000	144,321
Outfront Media Capital LLC/Corp.
02/15/2024	5.625%	436,000	449,239
RELX Capital, Inc.
10/15/2022	3.125%	2,000,000	2,042,986
TEGNA, Inc.
07/15/2020	5.125%	107,000	107,165
Walt Disney Co. (The)^(a)
08/15/2020	5.650%	2,345,000	2,418,947
Total			9,907,436
Metals and Mining 0.2%
Alcoa Nederland Holding BV^(a)
09/30/2024	6.750%	278,000	292,775
Constellium NV^(a)
05/15/2024	5.750%	266,000	273,980

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

12	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Freeport-McMoRan, Inc.
03/01/2022	3.550%	479,000	481,581
03/15/2023	3.875%	430,000	433,059
HudBay Minerals, Inc.^(a)
01/15/2023	7.250%	432,000	447,150
Novelis Corp.^(a)
08/15/2024	6.250%	395,000	414,269
Steel Dynamics, Inc.
04/15/2023	5.250%	276,000	280,921
10/01/2024	5.500%	65,000	66,792
Total			2,690,527
Midstream 2.0%
Cheniere Corpus Christi Holdings LLC
06/30/2024	7.000%	209,000	240,207
DCP Midstream Operating LP
03/15/2023	3.875%	239,000	241,814
Enterprise Products Operating LLC
02/15/2022	4.050%	2,000,000	2,089,640
Holly Energy Partners LP/Finance Corp.^(a)
08/01/2024	6.000%	397,000	414,532
Kinder Morgan Energy Partners LP
02/01/2024	4.150%	4,000,000	4,246,472
NGPL PipeCo LLC^(a)
08/15/2022	4.375%	182,000	188,556
NuStar Logistics LP
09/01/2020	4.800%	330,000	335,339
02/01/2022	4.750%	259,000	264,600
Plains All American Pipeline LP/Finance Corp.
11/01/2024	3.600%	4,000,000	4,100,224
Sunoco LP/Finance Corp.
01/15/2023	4.875%	273,000	280,457
Tallgrass Energy Partners LP/Finance Corp.^(a)
10/01/2023	4.750%	436,000	436,644
09/15/2024	5.500%	296,000	294,831
Targa Resources Partners LP/Finance Corp.
11/15/2023	4.250%	1,075,000	1,082,727
03/15/2024	6.750%	412,000	428,362
Western Gas Partners LP
07/01/2022	4.000%	3,931,000	3,977,602
Williams Companies, Inc. (The)
01/15/2023	3.700%	4,000,000	4,137,708
Total			22,759,715
Natural Gas 0.6%
NiSource, Inc.
11/17/2022	2.650%	3,000,000	3,035,808

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Sempra Energy^(b)
3-month USD LIBOR + 0.450% 03/15/2021	2.569%	3,692,000	3,682,689
Total			6,718,497
Oil Field Services 0.0%
Nabors Industries, Inc.
09/15/2021	4.625%	266,000	250,975
Other Industry 0.0%
Anixter, Inc.
03/01/2023	5.500%	97,000	104,597
Other REIT 0.1%
CyrusOne LP/Finance Corp.
03/15/2024	5.000%	730,000	755,557
RHP Hotel Properties LP/Finance Corp.
04/15/2023	5.000%	236,000	240,951
Starwood Property Trust, Inc.
02/01/2021	3.625%	186,000	187,385
Total			1,183,893
Packaging 0.4%
Ardagh Packaging Finance PLC/Holdings U.S.A., Inc.^(a)
09/15/2022	4.250%	607,000	615,220
05/15/2023	4.625%	704,000	720,751
02/15/2025	6.000%	134,000	140,059
Berry Global, Inc.
05/15/2022	5.500%	470,000	476,887
07/15/2023	5.125%	122,000	125,046
BWAY Holding Co.^(a)
04/15/2024	5.500%	395,000	406,634
Owens-Brockway Glass Container, Inc.^(a)
01/15/2022	5.000%	250,000	258,334
Reynolds Group Issuer, Inc./LLC
10/15/2020	5.750%	317,867	318,694
02/15/2021	6.875%	107,773	108,072
Reynolds Group Issuer, Inc./LLC^(a),(b)
3-month USD LIBOR + 3.500% Floor 3.500% 07/15/2021	5.803%	242,000	242,488
Reynolds Group Issuer, Inc./LLC^(a)
07/15/2023	5.125%	508,000	521,439
Total			3,933,624
Paper 0.0%
Graphic Packaging International, Inc.
04/15/2021	4.750%	166,000	171,117

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pharmaceuticals 1.1%
AbbVie, Inc.
11/06/2022	2.900%	4,000,000	4,076,580
Actavis Funding SCS
03/15/2022	3.450%	2,000,000	2,050,026
Amgen, Inc.
05/11/2022	2.650%	3,000,000	3,037,662
Bausch Health Companies, Inc.^(a)
05/15/2023	5.875%	364,000	369,120
03/15/2024	7.000%	827,000	869,435
Bristol-Myers Squibb Co.^(a)
07/26/2024	2.900%	1,940,000	2,001,023
Jaguar Holding Co. II/Pharmaceutical Product Development LLC^(a)
08/01/2023	6.375%	271,000	280,583
Total			12,684,429
Property & Casualty 0.5%
Chubb INA Holdings, Inc.
11/03/2020	2.300%	2,000,000	2,006,192
Loews Corp.
05/15/2023	2.625%	3,144,000	3,192,380
Total			5,198,572
Railroads 0.3%
CSX Corp.
06/01/2021	4.250%	3,000,000	3,084,105
Refining 0.2%
Marathon Petroleum Corp.
03/01/2021	5.125%	2,000,000	2,078,426
Restaurants 0.1%
1011778 BC ULC/New Red Finance, Inc.^(a)
01/15/2022	4.625%	523,000	523,017
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC^(a)
06/01/2024	5.000%	405,000	419,902
Total			942,919
Retail REIT 0.6%
Kimco Realty Corp.
03/01/2024	2.700%	3,183,000	3,205,310
Simon Property Group LP
09/13/2024	2.000%	3,000,000	2,971,260
Total			6,176,570
Retailers 0.4%
Group 1 Automotive, Inc.
06/01/2022	5.000%	257,000	260,058

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Lowe’s Companies, Inc.
04/15/2022	3.120%	3,000,000	3,063,510
Penske Automotive Group, Inc.
10/01/2022	5.750%	544,000	550,500
Total			3,874,068
Supermarkets 0.0%
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/LLC
06/15/2024	6.625%	183,000	192,164
Technology 1.5%
Broadcom Corp./Cayman Finance Ltd.
01/15/2024	3.625%	5,000,000	5,110,350
Camelot Finance SA^(a)
10/15/2024	7.875%	243,000	252,597
Cisco Systems, Inc.
09/20/2021	1.850%	2,370,000	2,369,123
CommScope Finance LLC^(a)
03/01/2024	5.500%	339,000	348,298
CommScope, Inc.^(a)
06/15/2021	5.000%	210,000	210,219
Equinix, Inc.
04/01/2023	5.375%	874,000	893,196
IBM Credit LLC
02/06/2023	3.000%	2,500,000	2,570,555
Iron Mountain, Inc.^(a)
06/01/2021	4.375%	417,000	420,714
Iron Mountain, Inc.
08/15/2024	5.750%	230,000	232,464
MSCI, Inc.^(a)
11/15/2024	5.250%	132,000	136,403
NCR Corp.
12/15/2021	5.875%	478,000	482,129
07/15/2022	5.000%	230,000	232,512
12/15/2023	6.375%	301,000	309,231
Oracle Corp.
05/15/2022	2.500%	2,300,000	2,327,973
PTC, Inc.
05/15/2024	6.000%	313,000	329,243
Total			16,225,007
Transportation Services 0.3%
Avis Budget Car Rental LLC/Finance, Inc.
04/01/2023	5.500%	39,000	39,791
ERAC U.S.A. Finance LLC^(a)
10/15/2022	3.300%	3,000,000	3,083,967

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

14	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
XPO Logistics, Inc.^(a)
06/15/2022	6.500%	266,000	271,117
Total			3,394,875
Wireless 0.5%
Altice France SA^(a)
05/15/2024	6.250%	82,000	84,642
American Tower Corp.
03/15/2022	4.700%	3,000,000	3,174,588
SBA Communications Corp.
07/15/2022	4.875%	268,000	271,692
10/01/2022	4.000%	532,000	542,466
Sprint Communications, Inc.^(a)
03/01/2020	7.000%	438,000	445,320
T-Mobile U.S.A., Inc.
01/15/2024	6.500%	757,000	786,503
Total			5,305,211
Wirelines 1.9%
AT&T, Inc.
05/15/2025	3.400%	5,500,000	5,739,322
CenturyLink, Inc.
04/01/2020	5.625%	338,000	341,892
06/15/2021	6.450%	924,000	972,081
03/15/2022	5.800%	133,000	140,042
Deutsche Telekom International Finance BV^(a)
01/19/2022	2.820%	3,350,000	3,388,790
Level 3 Financing, Inc.
08/15/2022	5.375%	217,000	217,790
Level 3 Parent LLC
12/01/2022	5.750%	205,000	205,794
Orange SA
09/14/2021	4.125%	2,810,000	2,923,844
Telefonica Emisiones SAU
04/27/2020	5.134%	2,869,000	2,914,545
Verizon Communications, Inc.
03/15/2022	2.946%	3,500,000	3,580,882
Zayo Group LLC/Capital, Inc.
04/01/2023	6.000%	521,000	535,457
Total			20,960,439
Total Corporate Bonds & Notes (Cost $389,281,993)			398,325,853

Foreign Government Obligations^(h) 0.0%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States 0.0%
Morocco Government AID Bond^(b),(c),(d)
6-month USD LIBOR + 0.000% 05/01/2023	2.031%	340,000	333,778
Total Foreign Government Obligations (Cost $334,100)			333,778

Residential Mortgage-Backed Securities - Agency 7.6%

Federal Home Loan Mortgage Corp.
11/01/2021- 01/01/2024	5.000%	124,536	128,649
01/01/2023- 10/01/2024	4.500%	60,522	62,974
06/01/2024- 04/01/2026	4.000%	410,234	427,841
11/01/2025- 07/01/2026	3.500%	12,373	12,800
Federal Home Loan Mortgage Corp.^(b)
1-year CMT + 2.258% Cap 9.730% 03/01/2034	4.906%	138,847	147,551
12-month USD LIBOR + 1.735% Cap 10.820% 07/01/2036	4.485%	2,776	2,907
12-month USD LIBOR + 1.709% Cap 11.091% 08/01/2036	4.339%	38,942	40,893
12-month USD LIBOR + 1.768% Cap 11.060% 12/01/2036	4.640%	15,877	16,535
Federal National Mortgage Association
03/01/2023	5.000%	2,155	2,226
03/01/2024- 12/01/2026	4.000%	517,818	539,627
12/01/2025- 09/01/2026	3.500%	11,980	12,385
Federal National Mortgage Association^(b)
6-month USD LIBOR + 1.413% Floor 1.413%, Cap 10.038% 07/01/2033	4.038%	24,491	24,624
12-month USD LIBOR + 1.830% Floor 1.830%, Cap 9.955% 04/01/2036	4.955%	9,218	9,580
12-month USD LIBOR + 1.783% Floor 1.783%, Cap 11.207% 09/01/2037	4.033%	33,413	33,992
Federal National Mortgage Association^(e)
10/17/2034	3.500%	46,000,000	47,574,063
10/17/2034	4.000%	33,775,000	35,140,205
Federal National Mortgage Association^(f)
CMO Series 2003-W11 Class A1
06/25/2033	5.334%	7,928	8,281

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Residential Mortgage-Backed Securities - Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Federal National Mortgage Association⁽ⁱ⁾
CMO Series G-15 Class A
06/25/2021	0.000%	109	108
Government National Mortgage Association
09/20/2021	6.000%	11,180	11,224
Government National Mortgage Association^(b)
1-year CMT + 1.500% Floor 1.000%, Cap 11.000% 03/20/2030	4.000%	17,036	17,662
Total Residential Mortgage-Backed Securities - Agency (Cost $84,272,276)			84,214,127

Residential Mortgage-Backed Securities - Non-Agency 23.6%

AMRESCO Residential Securities Corp. Mortgage Loan Trust^(b)
CMO Series 1998-3 Class A7
1-month USD LIBOR + 0.480% Floor 0.480% 07/25/2028	2.498%	14,774	14,781
Angel Oak Mortgage Trust I LLC^(a),(f)
CMO Series 2018-3 Class A3
09/25/2048	3.853%	3,294,995	3,366,012
CMO Series 2019-2 Class A3
03/25/2049	3.833%	3,862,642	3,930,808
Angel Oak Mortgage Trust LLC^(a),(f)
CMO Series 2017-1 Class A1
01/25/2047	2.810%	522,502	521,532
Arroyo Mortgage Trust^(a),(f)
CMO Series 2019-1 Class A1
01/25/2049	3.805%	7,378,687	7,515,273
Bayview Opportunity Master Fund IVa Trust^(a)
CMO Series 2016-SPL1 Class A
04/28/2055	4.000%	2,208,273	2,255,855
Bayview Opportunity Master Fund IVa Trust^(a),(f)
CMO Series 2019-RN2 Class A1
03/28/2034	3.967%	1,381,083	1,388,418
Bayview Opportunity Master Fund IVb Trust^(a)
CMO Series 2018-RN9 Class A1
10/29/2033	4.213%	2,302,432	2,326,222
Bellemeade Re Ltd.^(a),(b)
CMO Series 2018-3A Class M1A
1-month USD LIBOR + 1.200% Floor 1.200% 10/25/2027	3.604%	7,103,336	7,107,524
CMO Series 2019-1A Class M1A
1-month USD LIBOR + 1.300% Floor 1.300% 03/25/2029	3.318%	3,363,372	3,365,421

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
CMO Series 2019-2A Class M1A
1-month USD LIBOR + 1.000% Floor 1.000% 04/25/2029	3.018%	4,875,000	4,887,025
CIM Trust^(a),(b)
CMO Series 2018-R6 Class A1
1-month USD LIBOR + 1.076% Floor 1.080% 09/25/2058	3.108%	9,773,525	9,709,966
Cityscape Home Equity Loan Trust^(c),(d),(j)
CMO Series 1997-C Class A3
07/25/2028	0.000%	607,537	1
COLT 2019-1 Mortgage Loan Trust^(a),(f)
CMO Series 2019-1 Class A3
03/25/2049	4.012%	4,007,304	4,096,338
COLT Mortgage Loan Trust^(a),(f)
CMO Series 2018-2 Class A1
07/27/2048	3.470%	1,138,614	1,142,502
COLT Mortgage Loan Trust^(a)
CMO Series 2018-3 Class A2
10/26/2048	3.763%	2,483,681	2,518,983
CMO Series 2018-3 Class A3
10/26/2048	3.865%	2,359,497	2,397,405
CSMC Trust^(a),(f)
CMO Series 2018-RPL9 Class A
09/25/2057	3.850%	10,378,285	10,774,681
CSMC Trust^(a)
CMO Series 2019-AFC1 Class A1
07/25/2049	2.573%	7,468,374	7,436,720
Deephaven Residential Mortgage Trust^(a),(f)
CMO Series 2018-3A Class A3
08/25/2058	3.963%	1,801,480	1,845,077
CMO Series 2019-2A Class A3
04/25/2059	3.763%	5,721,240	5,817,788
Eagle RE Ltd.^(a),(b)
CMO Series 2019-1 Class M1A
1-month USD LIBOR + 1.250% 04/25/2029	3.268%	3,150,000	3,149,177
Ellington Financial Mortgage Trust^(a),(f)
CMO Series 2018-1 Class A3
10/25/2058	4.394%	8,151,858	8,443,225
CMO Series 2019-1 Class A3
06/25/2059	3.241%	7,406,997	7,421,123
GCAT LLC^(a),(f)
CMO Series 2019-1 Class A1
04/26/2049	4.089%	2,670,181	2,677,594
Headlands Residential LLC^(a)
CMO Series 2019-RPL1
06/25/2024	3.967%	2,000,000	2,019,180

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

16	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Homeward Opportunities Fund I Trust^(a),(f)
CMO Series 2018-2 Class A1
11/25/2058	3.985%	8,064,241	8,199,775
CMO Series 2019-1 Class A3
01/25/2059	3.606%	4,862,504	4,937,015
Homeward Opportunities Fund I Trust^(a)
CMO Series 2018-2 Class A3
11/25/2058	4.239%	4,435,332	4,511,521
Homeward Opportunities Fund Trust^(a),(f)
CMO Series 2019-2 Class A3
09/25/2059	3.007%	3,873,545	3,867,201
Legacy Mortgage Asset Trust^(a),(f)
CMO Series 2019-GS5 Class A1
05/25/2059	3.200%	3,644,562	3,657,392
Mill City Mortgage Loan Trust^(a)
CMO Series 2016-1 Class A1
04/25/2057	2.500%	2,302,580	2,300,392
New Residential Mortgage LLC^(a)
Subordinated CMO Series 2018-FNT1 Class B
05/25/2023	3.910%	6,272,783	6,348,520
New Residential Mortgage Loan Trust^(a)
CMO Series 2018-NQM1 Class A3
11/25/2048	4.138%	2,154,608	2,244,720
New Residential Mortgage Loan Trust^(a),(f)
CMO Series 2019-NQM2 Class A3
04/25/2049	3.752%	3,994,140	4,070,364
CMO Series 2019-NQM4 Class A2
09/25/2059	2.644%	3,250,000	3,250,776
CMO Series 2019-RPL1 Class A1
02/26/2024	4.335%	4,981,915	5,013,972
Oaktown Re III Ltd.^(a),(b)
CMO Series 2019-1A Class M1A
1-month USD LIBOR + 1.400% Floor 1.400% 07/25/2029	3.666%	2,000,000	1,999,997
Preston Ridge Partners Mortgage LLC^(a),(f)
CMO Series 2018-3A Class A1
10/25/2023	4.483%	5,077,505	5,133,138
Preston Ridge Partners Mortgage LLC^(a)
CMO Series 2019-2A Class A1
04/25/2024	3.967%	4,839,096	4,888,184
PRPM LLC^(a),(f)
CMO Series 2019-3A Class A1
07/25/2024	3.351%	4,905,151	4,915,085
Radnor Re Ltd.^(a),(b)
CMO Series 2019-1 Class M1A
1-month USD LIBOR + 1.250% Floor 1.250% 02/25/2029	3.268%	2,425,000	2,424,358

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
RCO Trust^(a),(f)
CMO Series 2018-VFS1 Class A1
12/26/2053	4.270%	9,560,635	9,752,431
RCO V Mortgage LLC^(a),(f)
CMO Series 2018-2 Class A1
10/25/2023	4.458%	4,202,623	4,221,561
RCO V Mortgage LLC^(a)
CMO Series 2019-1 Class A1
05/24/2024	3.721%	3,792,018	3,809,493
Residential Mortgage Loan Trust^(a),(f)
CMO Series 2019-1 Class A3
10/25/2058	4.242%	3,807,151	3,853,827
Starwood Mortgage Residential Trust^(a),(f)
CMO Series 2018-IMC2 Class A1
10/25/2048	4.121%	9,503,974	9,790,143
CMO Series 2019-1 Class A3
06/25/2049	3.299%	4,781,158	4,779,378
Towd Point Mortgage Trust^(a)
CMO Series 2017-1 Class A1
10/25/2056	2.750%	2,352,426	2,364,423
Towd Point Mortgage Trust^(a),(f)
CMO Series 2018-5 Class A1
07/25/2058	3.250%	3,687,026	3,771,459
Vericrest Opportunity Loan Transferee LXX LLC^(a),(f)
CMO Series 2018-NPL6 Class A1A
09/25/2048	4.115%	2,109,909	2,117,505
Vericrest Opportunity Loan Transferee LXXI LLC^(a)
CMO Series 2018-NPL7 Class A1A
09/25/2048	3.967%	1,052,315	1,057,384
Vericrest Opportunity Loan Transferee LXXII LLC^(a)
CMO Series 2018-NPL8 Class A1A
10/26/2048	4.213%	4,619,449	4,635,509
Vericrest Opportunity Loan Transferee LXXV LLC^(a)
CMO Series 2019-NPL1 Class A1A
01/25/2049	4.336%	4,240,622	4,265,835
Vericrest Opportunity Loan Trust^(a),(f)
CMO Series 2019-NPL3 Class A1
03/25/2049	3.967%	1,630,475	1,639,117
CMO Series 2019-NPL5 Class A1A
09/25/2049	3.352%	6,975,558	6,990,904
Verus Securitization Trust^(a),(f)
CMO Series 2017-1A Class A1
01/25/2047	2.881%	1,037,273	1,035,744
CMO Series 2019-1 Class A2
02/25/2059	3.938%	4,893,785	4,947,624
CMO Series 2019-1 Class A3
02/25/2059	4.040%	4,771,440	4,823,817
CMO Series 2019-INV1 Class A3
12/25/2059	3.658%	2,985,567	3,065,192

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Residential Mortgage-Backed Securities - Non-Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Verus Securitization Trust^(a)
CMO Series 2018-INV2 Class A2
10/25/2058	4.401%	11,071,782	11,293,019
Total Residential Mortgage-Backed Securities - Non-Agency (Cost $259,512,571)			262,105,406

U.S. Treasury Obligations 1.0%

U.S. Treasury
10/31/2019	1.250%	11,000,000	10,992,138
Total U.S. Treasury Obligations (Cost $10,988,151)			10,992,138

Money Market Funds 4.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 2.073%^(k),(l)	51,482,654	51,477,506
Total Money Market Funds (Cost $51,477,506)		51,477,506
Total Investments in Securities (Cost: $1,182,453,139)		1,196,390,573
Other Assets & Liabilities, Net		(84,653,839)
Net Assets		1,111,736,734

At September 30, 2019, securities and/or cash totaling $926,424 were pledged as collateral.

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	1,300	12/2019	USD	280,150,000	—	(434,892)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 5-Year Note	(400)	12/2019	USD	(47,659,375)	139,865	—

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At September 30, 2019, the total value of these securities amounted to $677,273,756, which represents 60.92% of total net assets.
(b)	Variable rate security. The interest rate shown was the current rate as of September 30, 2019.
(c)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At September 30, 2019, the total value of these securities amounted to $3,690,460, which represents 0.33% of total net assets.
(d)	Valuation based on significant unobservable inputs.
(e)	Represents a security purchased on a when-issued basis.
(f)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of September 30, 2019.
(g)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of September 30, 2019.
(h)	Principal and interest may not be guaranteed by a governmental entity.
(i)	Represents principal only securities which have the right to receive the principal portion only on an underlying pool of mortgage loans.
(j)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At September 30, 2019, the total value of these securities amounted to $1, which represents less than 0.01% of total net assets.
(k)	The rate shown is the seven-day current annualized yield at September 30, 2019.

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

18	Columbia Short Term Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Notes to Portfolio of Investments (continued)

(l)

As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the period ended September 30, 2019 are as follows:

Issuer	Beginning shares	Shares purchased	Shares sold	Ending shares	Realized gain (loss) — affiliated issuers ($)	Net change in unrealized appreciation (depreciation) — affiliated issuers ($)	Dividends — affiliated issuers ($)	Value — affiliated issuers at end of period ($)
Columbia Short-Term Cash Fund, 2.073%
	24,330,289	315,000,830	(287,848,465)	51,482,654	52	—	381,748	51,477,506

Abbreviation Legend

AID	Agency for International Development
CMO	Collateralized Mortgage Obligation

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

Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.

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

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
September 30, 2019 (Unaudited)

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at September 30, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Securities — Non-Agency	—	284,515,773	3,356,681	291,412,451
Commercial Mortgage-Backed Securities - Non-Agency	—	97,529,314	—	97,529,314
Corporate Bonds & Notes	—	398,325,853	—	398,325,853
Foreign Government Obligations	—	—	333,778	333,778
Residential Mortgage-Backed Securities - Agency	—	84,214,127	—	84,214,127
Residential Mortgage-Backed Securities - Non-Agency	—	262,105,405	1	262,105,406
U.S. Treasury Obligations	10,992,138	—	—	10,992,138
Money Market Funds	51,477,506	—	—	51,477,506
Total Investments in Securities	62,469,644	1,126,690,472	3,690,460	1,196,390,573
Investments in Derivatives
Asset
Futures Contracts	139,865	—	—	139,865
Liability
Futures Contracts	(434,892)	—	—	(434,892)
Total	62,174,617	1,126,690,472	3,690,460	1,196,095,546

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

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

Derivative instruments are valued at unrealized appreciation (depreciation).

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

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

20	Columbia Short Term Bond Fund \| Semiannual Report 2019

Statement of Assets and Liabilities
September 30, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,130,975,633)	$1,144,913,067
Affiliated issuers (cost $51,477,506)	51,477,506
Cash collateral held at broker for:
TBA	256,000
Margin deposits on:
Futures contracts	670,424
Receivable for:
Investments sold	305,788
Capital shares sold	3,029,200
Dividends	75,342
Interest	5,481,450
Foreign tax reclaims	2,754
Variation margin for futures contracts	18,750
Expense reimbursement due from Investment Manager	6,882
Prepaid expenses	5,973
Other assets	23,781
Total assets	1,206,266,917
Liabilities
Due to custodian	136,114
Payable for:
Investments purchased	497,049
Investments purchased on a delayed delivery basis	88,482,272
Capital shares purchased	1,293,598
Distributions to shareholders	3,650,786
Variation margin for futures contracts	40,625
Management services fees	38,891
Distribution and/or service fees	6,269
Transfer agent fees	65,122
Compensation of board members	243,897
Compensation of chief compliance officer	192
Other expenses	75,368
Total liabilities	94,530,183
Net assets applicable to outstanding capital stock	$1,111,736,734
Represented by
Paid in capital	1,112,452,285
Total distributable earnings (loss)	(715,551)
Total - representing net assets applicable to outstanding capital stock	$1,111,736,734

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Statement of Operations
Six Months Ended September 30, 2019 (Unaudited)

Net investment income
Income:
Dividends — affiliated issuers	$381,748
Interest	20,308,298
Total income	20,690,046
Expenses:
Management services fees	2,515,946
Distribution and/or service fees
Class A	284,467
Class C	123,791
Class R	6,269
Transfer agent fees
Class A	175,553
Advisor Class	5,808
Class C	19,113
Institutional Class	192,981
Institutional 2 Class	6,083
Institutional 3 Class	24,585
Class R	1,934
Compensation of board members	20,429
Custodian fees	17,457
Printing and postage fees	35,858
Registration fees	62,551
Audit fees	16,295
Legal fees	10,685
Compensation of chief compliance officer	193
Other	13,139
Total expenses	3,533,137
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(381,796)
Fees waived by distributor
Class C	(18,526)
Expense reduction	(1,111)
Total net expenses	3,131,704
Net investment income	17,558,342
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	5,658,388
Investments — affiliated issuers	52
Futures contracts	(253,768)
Net realized gain	5,404,672
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	7,107,643
Futures contracts	(189,380)
Net change in unrealized appreciation (depreciation)	6,918,263
Net realized and unrealized gain	12,322,935
Net increase in net assets resulting from operations	$29,881,277

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	September 30, 2019 (Unaudited)		March 31, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	2,492,363	25,007,698	5,235,517	51,690,279
Distributions reinvested	370,862	3,722,422	322,040	3,186,270
Redemptions	(3,223,878)	(32,330,472)	(7,332,346)	(72,411,241)
Net decrease	(360,653)	(3,600,352)	(1,774,789)	(17,534,692)
Advisor Class
Subscriptions	231,938	2,325,212	368,914	3,631,953
Distributions reinvested	13,942	139,768	13,709	135,437
Redemptions	(187,732)	(1,878,769)	(397,783)	(3,927,451)
Net increase (decrease)	58,148	586,211	(15,160)	(160,061)
Class C
Subscriptions	206,702	2,069,517	975,210	9,594,448
Distributions reinvested	27,663	277,105	20,763	205,067
Redemptions	(709,049)	(7,092,773)	(2,534,146)	(24,984,118)
Net decrease	(474,684)	(4,746,151)	(1,538,173)	(15,184,603)
Institutional Class
Subscriptions	8,473,390	84,842,660	26,296,110	258,875,486
Distributions reinvested	403,529	4,043,578	391,858	3,872,900
Redemptions	(18,329,222)	(183,784,776)	(15,929,498)	(157,138,261)
Net increase (decrease)	(9,452,303)	(94,898,538)	10,758,470	105,610,125
Institutional 2 Class
Subscriptions	1,090,763	10,907,478	935,586	9,208,999
Distributions reinvested	41,047	410,854	37,545	370,400
Redemptions	(424,639)	(4,249,762)	(2,245,187)	(22,108,515)
Net increase (decrease)	707,171	7,068,570	(1,272,056)	(12,529,116)
Institutional 3 Class
Subscriptions	5,294,789	52,983,176	28,594,741	281,366,505
Distributions reinvested	478,152	4,788,406	430,347	4,253,171
Redemptions	(16,126,065)	(161,054,013)	(35,211,056)	(346,804,357)
Net decrease	(10,353,124)	(103,282,431)	(6,185,968)	(61,184,681)
Class R
Subscriptions	47,215	473,719	54,733	541,104
Distributions reinvested	1,778	17,849	1,286	12,733
Redemptions	(57,696)	(579,629)	(57,256)	(566,619)
Net decrease	(8,703)	(88,061)	(1,237)	(12,782)
Class T
Distributions reinvested	—	—	149	1,473
Redemptions	—	—	(22,035)	(217,050)
Net decrease	—	—	(21,886)	(215,577)
Total net decrease	(19,884,148)	(198,960,752)	(50,799)	(1,211,387)

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Financial Highlights

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

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Six Months Ended 9/30/2019 (Unaudited)	$9.98	0.14	0.09	0.23	(0.18)	(0.18)
Year Ended 3/31/2019	$9.88	0.20	0.05	0.25	(0.15)	(0.15)
Year Ended 3/31/2018	$9.98	0.11	(0.09)	0.02	(0.12)	(0.12)
Year Ended 3/31/2017	$9.97	0.08	0.01	0.09	(0.08)	(0.08)
Year Ended 3/31/2016	$9.98	0.06	(0.02)	0.04	(0.05)	(0.05)
Year Ended 3/31/2015	$9.98	0.07	0.02	0.09	(0.09)	(0.09)
Advisor Class
Six Months Ended 9/30/2019 (Unaudited)	$9.96	0.15	0.10	0.25	(0.19)	(0.19)
Year Ended 3/31/2019	$9.87	0.23	0.03	0.26	(0.17)	(0.17)
Year Ended 3/31/2018	$9.97	0.13	(0.09)	0.04	(0.14)	(0.14)
Year Ended 3/31/2017	$9.96	0.11	0.00 ^(e)	0.11	(0.10)	(0.10)
Year Ended 3/31/2016	$9.97	0.08	(0.01)	0.07	(0.08)	(0.08)
Year Ended 3/31/2015	$9.97	0.10	0.01	0.11	(0.11)	(0.11)
Class C
Six Months Ended 9/30/2019 (Unaudited)	$9.96	0.11	0.09	0.20	(0.15)	(0.15)
Year Ended 3/31/2019	$9.86	0.14	0.05	0.19	(0.09)	(0.09)
Year Ended 3/31/2018	$9.96	0.05	(0.09)	(0.04)	(0.06)	(0.06)
Year Ended 3/31/2017	$9.95	0.02	0.01	0.03	(0.02)	(0.02)
Year Ended 3/31/2016	$9.97	(0.00) ^(e)	(0.02)	(0.02)	(0.00) ^(e)	(0.00) ^(e)
Year Ended 3/31/2015	$9.98	0.02	0.01	0.03	(0.04)	(0.04)
Institutional Class
Six Months Ended 9/30/2019 (Unaudited)	$9.96	0.15	0.10	0.25	(0.19)	(0.19)
Year Ended 3/31/2019	$9.86	0.24	0.03	0.27	(0.17)	(0.17)
Year Ended 3/31/2018	$9.97	0.12	(0.09)	0.03	(0.14)	(0.14)
Year Ended 3/31/2017	$9.95	0.11	0.01	0.12	(0.10)	(0.10)
Year Ended 3/31/2016	$9.96	0.08	(0.02)	0.06	(0.07)	(0.07)
Year Ended 3/31/2015	$9.97	0.10	0.00 ^(e)	0.10	(0.11)	(0.11)
Institutional 2 Class
Six Months Ended 9/30/2019 (Unaudited)	$9.95	0.15	0.11	0.26	(0.20)	(0.20)
Year Ended 3/31/2019	$9.85	0.22	0.06	0.28	(0.18)	(0.18)
Year Ended 3/31/2018	$9.96	0.14	(0.10)	0.04	(0.15)	(0.15)
Year Ended 3/31/2017	$9.95	0.12	0.00 ^(e)	0.12	(0.11)	(0.11)
Year Ended 3/31/2016	$9.96	0.09	(0.01)	0.08	(0.09)	(0.09)
Year Ended 3/31/2015	$9.97	0.11	0.00 ^(e)	0.11	(0.12)	(0.12)

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

26	Columbia Short Term Bond Fund \| Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 9/30/2019 (Unaudited)	$10.03	2.34%	0.86% ^(c)	0.79% ^(c),(d)	2.72% ^(c)	65%	$224,592
Year Ended 3/31/2019	$9.98	2.55%	0.86%	0.80% ^(d)	2.02%	154%	$226,907
Year Ended 3/31/2018	$9.88	0.15%	0.86%	0.80% ^(d)	1.06%	86%	$242,170
Year Ended 3/31/2017	$9.98	0.90%	0.88%	0.80% ^(d)	0.82%	68%	$290,277
Year Ended 3/31/2016	$9.97	0.41%	0.89%	0.80% ^(d)	0.58%	73%	$371,442
Year Ended 3/31/2015	$9.98	0.86%	0.89%	0.80% ^(d)	0.75%	60%	$414,188
Advisor Class
Six Months Ended 9/30/2019 (Unaudited)	$10.02	2.57%	0.61% ^(c)	0.54% ^(c),(d)	2.97% ^(c)	65%	$7,969
Year Ended 3/31/2019	$9.96	2.71%	0.61%	0.55% ^(d)	2.30%	154%	$7,344
Year Ended 3/31/2018	$9.87	0.40%	0.60%	0.55% ^(d)	1.31%	86%	$7,420
Year Ended 3/31/2017	$9.97	1.16%	0.63%	0.55% ^(d)	1.07%	68%	$9,760
Year Ended 3/31/2016	$9.96	0.66%	0.64%	0.55% ^(d)	0.82%	73%	$10,494
Year Ended 3/31/2015	$9.97	1.11%	0.64%	0.55% ^(d)	0.98%	60%	$8,945
Class C
Six Months Ended 9/30/2019 (Unaudited)	$10.01	2.04%	1.61% ^(c)	1.40% ^(c),(d)	2.11% ^(c)	65%	$22,520
Year Ended 3/31/2019	$9.96	1.94%	1.61%	1.40% ^(d)	1.38%	154%	$27,118
Year Ended 3/31/2018	$9.86	(0.45%)	1.61%	1.40% ^(d)	0.46%	86%	$42,010
Year Ended 3/31/2017	$9.96	0.33%	1.62%	1.40% ^(d)	0.22%	68%	$59,183
Year Ended 3/31/2016	$9.95	(0.19%)	1.64%	1.40% ^(d)	(0.02%)	73%	$72,602
Year Ended 3/31/2015	$9.97	0.25%	1.64%	1.30% ^(d)	0.25%	60%	$75,284
Institutional Class
Six Months Ended 9/30/2019 (Unaudited)	$10.02	2.57%	0.61% ^(c)	0.55% ^(c),(d)	2.97% ^(c)	65%	$210,443
Year Ended 3/31/2019	$9.96	2.81%	0.61%	0.55% ^(d)	2.40%	154%	$303,373
Year Ended 3/31/2018	$9.86	0.29%	0.61%	0.55% ^(d)	1.23%	86%	$194,236
Year Ended 3/31/2017	$9.97	1.26%	0.63%	0.55% ^(d)	1.07%	68%	$985,868
Year Ended 3/31/2016	$9.95	0.66%	0.64%	0.55% ^(d)	0.82%	73%	$1,093,664
Year Ended 3/31/2015	$9.96	1.01%	0.64%	0.55% ^(d)	1.00%	60%	$1,296,171
Institutional 2 Class
Six Months Ended 9/30/2019 (Unaudited)	$10.01	2.62%	0.52% ^(c)	0.45% ^(c)	3.06% ^(c)	65%	$25,411
Year Ended 3/31/2019	$9.95	2.91%	0.51%	0.46%	2.27%	154%	$18,228
Year Ended 3/31/2018	$9.85	0.39%	0.51%	0.46%	1.44%	86%	$30,580
Year Ended 3/31/2017	$9.96	1.25%	0.50%	0.45%	1.16%	68%	$17,167
Year Ended 3/31/2016	$9.95	0.76%	0.49%	0.44%	0.89%	73%	$14,242
Year Ended 3/31/2015	$9.96	1.11%	0.49%	0.45%	1.09%	60%	$53,516

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited)	$9.96	0.16	0.09	0.25	(0.20)	(0.20)
Year Ended 3/31/2019	$9.86	0.24	0.05	0.29	(0.19)	(0.19)
Year Ended 3/31/2018	$9.96	0.15	(0.10)	0.05	(0.15)	(0.15)
Year Ended 3/31/2017	$9.95	0.13	0.00 ^(e)	0.13	(0.12)	(0.12)
Year Ended 3/31/2016	$9.96	0.09	(0.01)	0.08	(0.09)	(0.09)
Year Ended 3/31/2015	$9.97	0.11	0.01	0.12	(0.13)	(0.13)
Class R
Six Months Ended 9/30/2019 (Unaudited)	$9.98	0.13	0.10	0.23	(0.17)	(0.17)
Year Ended 3/31/2019	$9.88	0.18	0.05	0.23	(0.13)	(0.13)
Year Ended 3/31/2018	$9.99	0.08	(0.10)	(0.02)	(0.09)	(0.09)
Year Ended 3/31/2017	$9.97	0.06	0.02	0.08	(0.06)	(0.06)
Year Ended 3/31/2016	$9.98	0.03	(0.01)	0.02	(0.03)	(0.03)
Year Ended 3/31/2015	$9.99	0.05	0.00 ^(e)	0.05	(0.06)	(0.06)

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

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

28	Columbia Short Term Bond Fund \| Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Six Months Ended 9/30/2019 (Unaudited)	$10.01	2.54%	0.46% ^(c)	0.40% ^(c)	3.11% ^(c)	65%	$618,326
Year Ended 3/31/2019	$9.96	2.96%	0.46%	0.41%	2.41%	154%	$717,896
Year Ended 3/31/2018	$9.86	0.54%	0.46%	0.41%	1.50%	86%	$771,726
Year Ended 3/31/2017	$9.96	1.30%	0.45%	0.40%	1.28%	68%	$394,827
Year Ended 3/31/2016	$9.95	0.81%	0.44%	0.40%	0.88%	73%	$7,030
Year Ended 3/31/2015	$9.96	1.16%	0.44%	0.40%	1.06%	60%	$22,996
Class R
Six Months Ended 9/30/2019 (Unaudited)	$10.04	2.32%	1.11% ^(c)	1.04% ^(c),(d)	2.47% ^(c)	65%	$2,476
Year Ended 3/31/2019	$9.98	2.30%	1.11%	1.05% ^(d)	1.78%	154%	$2,549
Year Ended 3/31/2018	$9.88	(0.20%)	1.10%	1.05% ^(d)	0.81%	86%	$2,535
Year Ended 3/31/2017	$9.99	0.75%	1.12%	1.05% ^(d)	0.56%	68%	$3,490
Year Ended 3/31/2016	$9.97	0.16%	1.14%	1.05% ^(d)	0.32%	73%	$3,380
Year Ended 3/31/2015	$9.98	0.50%	1.14%	1.05% ^(d)	0.50%	60%	$3,373

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements
September 30, 2019 (Unaudited)

Note 1. Organization

Columbia Short Term Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

Fund shares

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

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus. Class C shares automatically convert to Class A shares after 10 years.

Note 2. Summary of significant accounting policies

Basis of preparation

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

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

Security valuation

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

Asset- and mortgage-backed securities are generally valued by pricing services, which utilize pricing models that incorporate the securities’ cash flow and loan performance data. These models also take into account available market data, including trades, market quotations, and benchmark yield curves for identical or similar securities. Factors used to identify similar securities may include, but are not limited to, issuer, collateral type, vintage, prepayment speeds, collateral performance, credit ratings, credit enhancement and expected life. Asset-backed securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quote from an approved independent broker-dealer.

Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.

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 transactions, at the mean of the latest quoted bid and ask prices.

30	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

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

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

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

Derivative instruments

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

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

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

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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

Futures contracts

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

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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 September 30, 2019:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	139,865*

32	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	434,892*

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

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended September 30, 2019:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(253,768)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(189,380)

The following table is a summary of the average outstanding volume by derivative instrument for the six months ended September 30, 2019:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	269,720,762
Futures contracts — short	68,729,063

*	Based on the ending quarterly outstanding amounts for the six months ended September 30, 2019.

Asset- and mortgage-backed securities

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

Delayed delivery securities

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

To be announced securities

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

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

Mortgage dollar roll transactions

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

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

Mortgage dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations.

Interest only and principal only securities

The Fund may invest in Interest Only (IO) or Principal Only (PO) securities. IOs are stripped securities entitled to receive all of the security’s interest, but none of its principal. IOs are particularly sensitive to changes in interest rates and therefore subject to greater fluctuations in price than typical interest bearing debt securities. IOs are also subject to credit risk because the Fund may not receive all or part of the interest payments if the issuer, obligor, guarantor or counterparty defaults on its obligation. Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. POs are stripped securities entitled to receive the principal from the underlying obligation, but not the interest. POs are particularly sensitive to changes in interest rates and therefore are subject to fluctuations in price. POs are also subject to credit risk because the Fund may not receive all or part of its principal if the issuer, obligor, guarantor or counterparty defaults on its obligation. The Fund may also invest in IO or PO stripped mortgage-backed securities. Payments received for POs are treated as reductions to the cost and par value of the securities.

Security transactions

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

Income recognition

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

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

Dividend income is recorded on the ex-dividend date.

34	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

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 on the Statement of Assets and Liabilities.

Distributions to shareholders

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

Guarantees and indemnifications

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

Recent accounting pronouncement

Accounting Standards Update 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13 Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The standard is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted. After evaluation, management determined to adopt the ASU effective for the period ended September 30, 2019 and all subsequent periods. To comply with the ASU management implemented disclosure changes which include removal of the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, removal of the policy for the timing of transfers between levels, removal of the description of the Level 3 valuation processes, as well as modifications to the measurement uncertainty disclosure.

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

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 0.43% to 0.28% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended September 30, 2019 was 0.43% of the Fund’s average daily net assets.

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund.

Compensation of Chief Compliance Officer

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

Transfer agency fees

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

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

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

36	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

For the six months ended September 30, 2019, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.15
Advisor Class	0.15
Class C	0.15
Institutional Class	0.15
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.15

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended September 30, 2019, these minimum account balance fees reduced total expenses of the Fund by $1,111.

Distribution and service fees

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

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.

The Distributor has voluntarily agreed to waive a portion of the distribution fee for Class C shares so that the distribution fee does not exceed 0.60% annually of the average daily net assets attributable to Class C shares. This arrangement may be modified or terminated by the Distributor at any time.

Sales charges

Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended September 30, 2019, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	1.00	0.50 - 1.00 ^(a)	58,091
Class C	—	1.00 ^(b)	679

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

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	August 1, 2019 through July 31, 2020	Prior to August 1, 2019
Class A	0.79%	0.80%
Advisor Class	0.54	0.55
Class C	1.54	1.55
Institutional Class	0.54	0.55
Institutional 2 Class	0.44	0.46
Institutional 3 Class	0.39	0.41
Class R	1.04	1.05

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, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods. Class C distribution fees waived by the Distributor, as discussed above, are in addition to the waiver/reimbursement commitment under the agreement.

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 September 30, 2019, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized appreciation ($)
1,182,453,000	15,946,000	(2,303,000)	13,643,000

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

The following capital loss carryforwards, determined at March 31, 2019, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

No expiration short-term ($)	No expiration long-term ($)	Total ($)
8,713,009	10,993,826	19,706,835

38	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $797,914,317 and $1,058,360,286, respectively, for the six months ended September 30, 2019, of which $471,052,838 and $525,634,465, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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

Note 7. Interfund lending

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

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

The Fund did not borrow or lend money under the Interfund Program during the six months ended September 30, 2019.

Note 8. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.

The Fund had no borrowings during the six months ended September 30, 2019.

Columbia Short Term Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

Note 9. Significant risks

Credit risk

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

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates.

Liquidity risk

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

Mortgage- and other asset-backed securities risk

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

Shareholder concentration risk

At September 30, 2019, one unaffiliated shareholder of record owned 39.8% 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 40.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

40	Columbia Short Term Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
September 30, 2019 (Unaudited)

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

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

Columbia Short Term Bond Fund | Semiannual Report 2019

Approval of Management Agreement

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. Columbia Threadneedle prepared detailed reports for the Board and its Contracts Committee in November 2018 and January, March, April and June 2019, including reports providing the results of analyses performed by an independent organization, Broadridge Financial Solutions, Inc. (Broadridge), and a comprehensive response to items of information requested by independent legal counsel to the Independent Trustees (Independent Legal Counsel) in a letter to the Investment Manager, to assist the Board in making this determination. Many of the materials presented at these meetings were first supplied in draft form to designated independent Board representatives, i.e., Independent Legal Counsel, Fund Counsel, the Chair of the Board (who is an Independent Trustee) and the Chair of the Contracts Committee (who is an Independent Trustee), and the final materials were revised to include information reflective of discussion and subsequent requests made by the Contracts Committee. In addition, throughout the year, the Board (or its committees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by Columbia Threadneedle addressing the services Columbia Threadneedle provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 17-19, 2019 in-person Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of management agreements and the Board’s legal responsibilities related to such consideration. Following an analysis and discussion of the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by Columbia Threadneedle

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

The Board specifically considered the many developments during recent years concerning the services provided by Columbia Threadneedle, including, in particular, the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2019 initiatives. The Board also took into account the broad scope of services provided by Columbia Threadneedle to each Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning Columbia Threadneedle’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.

In connection with the Board’s evaluation of the overall package of services provided by Columbia Threadneedle, the Board also considered the nature, quality and range of administrative services provided to the Fund by Columbia Threadneedle, as well as the achievements in 2018 in the performance of administrative services, and noted the various enhancements anticipated for 2019. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. In addition, the Board reviewed the financial condition of Columbia Threadneedle and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements with affiliates of Ameriprise Financial, observing the financial strength of Ameriprise Financial, with its relatively strong cash position and solid balance sheet.

42	Columbia Short Term Bond Fund \| Semiannual Report 2019

Approval of Management Agreement (continued)

The Board also discussed the acceptability of the terms of the Management Agreement (including the relatively broad scope of services required to be performed by Columbia Threadneedle), noting that no material changes are proposed from the form of agreement previously approved. They also noted the wide array of legal and compliance services provided to the Funds under the Management Agreement. It was also observed that the services being performed under the Management Agreement were of a reasonably high quality.

Based on the foregoing, and based on other information received (both oral and written, including the information on investment performance referenced below) and other considerations, the Board concluded that Columbia Threadneedle and its affiliates are in a position to continue to provide a high quality and level of services to the Fund.

Investment performance

For purposes of evaluating the nature, extent and quality of services provided under the Management Agreement, the Board carefully reviewed the investment performance of the Fund. In this regard, the Board considered detailed reports providing the results of analyses performed by an independent organization showing, for various periods (including since manager inception): the performance of the Fund, the performance of a benchmark index, the percentage ranking of the Fund among its comparison group, the product score of the Fund (taking into account performance relative to peers and benchmarks) and the net assets of the Fund. The Board observed that the Fund’s investment performance was understandable in light of the particular management style involved and the particular market environment.

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

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by an independent organization) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to Columbia Threadneedle’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by Columbia Threadneedle and discussed differences in how the products are managed and operated, noting no unreasonable differences in the levels of contractual management fees.

The Board considered the reports of its independent fee consultant, JDL Consultants, LLC (JDL), which assisted in the Board’s analysis of the Funds’ performance and expenses, the reasonableness of Columbia Threadneedle’s profitability, particularly in comparison to industry competitors, the reasonableness of the Funds’ fee rates, and JDL’s conclusion that the management fees being charged to the Fund are reasonable. The Board accorded particular weight to the notion that the primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain defined exceptions) are generally in line with the "pricing philosophy" currently in effect (i.e., that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe). The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was somewhat higher than the median ratio, but lower than the 60th percentile of the Fund’s peer universe. Based on its review, the Board concluded that the Fund’s management fee was fair and reasonable in light of the extent and quality of services that the Fund receives.

The Board also considered the profitability of Columbia Threadneedle and its affiliates in connection with Columbia Threadneedle providing management services to the Fund. In this regard, the Independent Trustees referred to their detailed analysis of the Profitability Report, discussing the profitability to Columbia Threadneedle and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2018 the Board had concluded that 2017 profitability was reasonable and that the 2019 information shows that the profitability generated by Columbia Threadneedle in 2018 only slightly increased from 2017 levels. The Board also noted JDL’s report and its conclusion that 2018 Columbia Threadneedle profitability relative to industry competitors was reasonable. It also took into account the indirect economic benefits flowing to Columbia Threadneedle or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall

Columbia Short Term Bond Fund | Semiannual Report 2019

Approval of Management Agreement (continued)

reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. The Board concluded that profitability levels were reasonable.

Economies of scale to be realized

The Board also considered the economies of scale that might be realized by the Fund as its net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board concluded that the breakpoints in the management fee rate schedule satisfactorily provides for the sharing of economies of scale, as they allow for adequate opportunity for shareholders to realize benefits (fee breaks) as Fund assets grow.

Based on the foregoing, the Board, including all of the Independent Trustees, concluded that the management fees were fair and reasonable in light of the extent and quality of services provided. In reaching this conclusion, no single factor was determinative. On June 19, 2019, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

44	Columbia Short Term Bond Fund \| Semiannual Report 2019

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Class A
Net assets	$224,591,536
Shares outstanding	22,382,241
Net asset value per share	$10.03
Maximum sales charge	1.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.13
Advisor Class
Net assets	$7,968,851
Shares outstanding	795,146
Net asset value per share	$10.02
Class C
Net assets	$22,520,185
Shares outstanding	2,249,407
Net asset value per share	$10.01
Institutional Class
Net assets	$210,443,312
Shares outstanding	21,003,005
Net asset value per share	$10.02
Institutional 2 Class
Net assets	$25,411,052
Shares outstanding	2,539,210
Net asset value per share	$10.01
Institutional 3 Class
Net assets	$618,326,111
Shares outstanding	61,743,978
Net asset value per share	$10.01
Class R
Net assets	$2,475,687
Shares outstanding	246,690
Net asset value per share	$10.04

	Six Months Ended September 30, 2019 (Unaudited)	Year Ended March 31, 2019
Operations
Net investment income	$17,558,342	$28,229,387
Net realized gain (loss)	5,404,672	(13,523,066)
Net change in unrealized appreciation (depreciation)	6,918,263	21,038,177
Net increase in net assets resulting from operations	29,881,277	35,744,498
Distributions to shareholders
Net investment income and net realized gains
Class A	(4,085,261)	(3,521,196)
Advisor Class	(145,071)	(135,655)
Class C	(368,520)	(272,329)
Institutional Class	(4,725,685)	(4,267,249)
Institutional 2 Class	(411,088)	(370,608)
Institutional 3 Class	(12,820,372)	(13,411,143)
Class R	(41,827)	(33,836)
Class T		(1,690)
Total distributions to shareholders	(22,597,824)	(22,013,706)
Decrease in net assets from capital stock activity	(198,960,752)	(1,211,387)
Total increase (decrease) in net assets	(191,677,299)	12,519,405
Net assets at beginning of period	1,303,414,033	1,290,894,628
Net assets at end of period	$1,111,736,734	$1,303,414,033



By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer



By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer