Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

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
October 31, 2019

Columbia California Intermediate Municipal 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	18
Statement of Operations	19
Statement of Changes in Net Assets	20
Financial Highlights	22
Notes to Financial Statements	26
Approval of Management Agreement	34

Columbia California Intermediate Municipal 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 California Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2012

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/09/02	3.13	8.01	2.74	3.90
	Including sales charges		0.07	4.80	2.12	3.59
Advisor Class*		03/19/13	3.37	8.40	3.02	4.18
Class C	Excluding sales charges	09/11/02	2.74	7.31	1.98	3.13
	Including sales charges		1.74	6.31	1.98	3.13
Institutional Class		08/19/02	3.27	8.29	3.00	4.17
Institutional 2 Class*		11/08/12	3.30	8.37	3.08	4.23
Institutional 3 Class*		03/01/17	3.32	8.41	3.06	4.20
Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index			3.18	8.22	3.02	4.29
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

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

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

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

The Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of investment-grade bonds issued from the state of California and its municipalities.

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

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	2.4
AA rating	51.2
A rating	29.4
BBB rating	12.9
BB rating	1.7
Not rated	2.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. 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 California Intermediate Municipal 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.

May 1, 2019 — October 31, 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	1,031.30	1,021.42	3.78	3.76	0.74
Advisor Class	1,000.00	1,000.00	1,033.70	1,022.67	2.50	2.49	0.49
Class C	1,000.00	1,000.00	1,027.40	1,017.65	7.59	7.56	1.49
Institutional Class	1,000.00	1,000.00	1,032.70	1,022.67	2.50	2.49	0.49
Institutional 2 Class	1,000.00	1,000.00	1,033.00	1,022.97	2.20	2.19	0.43
Institutional 3 Class	1,000.00	1,000.00	1,033.20	1,023.18	1.99	1.98	0.39

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 California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 2.7%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 2.7%
California Statewide Communities Development Authority^(a),(b)
Revenue Bonds
Series 2018 (Wells Fargo Bank)
08/15/2047	0.950%	4,655,000	4,655,000
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045	1.350%	800,000	800,000
South Carolina Educational Facilities Authority^(a),(b)
Revenue Bonds
Furman University (Wells Fargo Bank)
10/01/2039	1.280%	1,865,000	1,865,000
State of California^(a),(b)
Unlimited General Obligation Bonds
Kindergarten
Series 2013A2 (State Street)
05/01/2034	0.950%	4,865,000	4,865,000
Total			12,185,000
Total Floating Rate Notes (Cost $12,185,000)			12,185,000

Municipal Bonds 94.7%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 8.2%
City of Los Angeles Department of Airports
Refunding Revenue Bonds
Subordinated Series 2019C
05/15/2035	5.000%	3,975,000	5,101,078
05/15/2037	5.000%	2,250,000	2,861,797
Revenue Bonds
Subordinated Series 2017B
05/15/2029	5.000%	330,000	416,153
05/15/2030	5.000%	500,000	627,140
Subordinated Refunding Revenue Bonds
Series 2015C
05/15/2029	5.000%	2,410,000	2,881,059
County of Orange Airport
Refunding Revenue Bonds
Series 2019A
07/01/2029	5.000%	200,000	253,566
Series 2019B
07/01/2029	5.000%	275,000	348,653

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Sacramento Airport System
Refunding Revenue Bonds
Subordinated Series 2016B
07/01/2036	5.000%	1,750,000	2,084,093
Subordinated Series 2018E
07/01/2034	5.000%	1,000,000	1,248,550
Norman Y. Mineta San Jose International Airport
Refunding Revenue Bonds
Series 2014B
03/01/2027	5.000%	2,000,000	2,321,380
Series 2014C
03/01/2030	5.000%	2,500,000	2,877,775
San Diego County Regional Airport Authority
Refunding Revenue Bonds
Subordinated Series 2017A
07/01/2033	5.000%	1,000,000	1,231,640
07/01/2034	5.000%	700,000	859,782
Subordinated Revenue Bonds
Series 2010A
07/01/2024	5.000%	1,000,000	1,025,900
San Francisco City & County Airport Commission - San Francisco International Airport
Prerefunded 05/01/21 Revenue Bonds
2nd Series 2011
05/01/2026	5.250%	555,000	590,065
San Francisco City & County Airport Commission - San Francisco International Airport^(c)
Revenue Bonds
Series 2019E AMT
05/01/2037	5.000%	4,000,000	4,912,640
San Francisco City & County Airports Commission - San Francisco International Airport
Refunding Revenue Bonds
2nd Series 2016A
05/01/2026	5.000%	1,975,000	2,456,248
San Francisco Airport Commission Project
05/01/2036	5.000%	3,205,000	4,050,062
Total			36,147,581
Charter Schools 4.1%
California Infrastructure & Economic Development Bank
Revenue Bonds
Equitable School Revolving Fund
Series 2019
11/01/2039	5.000%	275,000	335,728
California School Finance Authority^(d)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
08/01/2029	5.000%	1,100,000	1,262,778
08/01/2030	5.000%	1,505,000	1,720,411
08/01/2031	5.000%	925,000	1,052,733

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

6	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2030	5.000%	3,400,000	3,890,960
Green Dot Public School Project
Series 2015A
08/01/2035	5.000%	1,010,000	1,144,431
Series 2018
08/01/2038	5.000%	1,000,000	1,182,200
KIPP Los Angeles Projects
Series 2015A
07/01/2035	5.000%	1,250,000	1,422,850
Series 2017
07/01/2037	5.000%	3,090,000	3,632,728
River Springs Charter School Project
Series 2015
07/01/2025	5.250%	1,595,000	1,731,309
California School Finance Authority
Revenue Bonds
KIPP Los Angeles Projects
Series 2014A
07/01/2034	5.000%	600,000	670,140
Total			18,046,268
Higher Education 6.0%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2034	5.000%	1,485,000	1,781,510
04/01/2035	5.000%	2,000,000	2,393,900
Series 2018-A
12/01/2036	5.000%	1,000,000	1,228,550
Revenue Bonds
Chapman University
Series 2015
04/01/2026	5.000%	1,000,000	1,195,020
Green Bond-Loyola Marymount University
Series 2018
10/01/2036	5.000%	760,000	952,272
University of Southern California
Series 2009C
10/01/2024	5.250%	3,000,000	3,611,700
California Municipal Finance Authority
Refunding Revenue Bonds
Azusa Pacific University
Series 2015B
04/01/2025	5.000%	395,000	451,963
04/01/2026	5.000%	1,000,000	1,139,280

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Biola University
Series 2017
10/01/2031	5.000%	540,000	651,537
10/01/2032	5.000%	615,000	738,824
10/01/2033	5.000%	625,000	749,300
10/01/2034	5.000%	570,000	681,851
California Lutheran University
Series 2018
10/01/2035	5.000%	225,000	274,221
10/01/2036	5.000%	250,000	303,875
Revenue Bonds
Biola University
Series 2013
10/01/2024	5.000%	505,000	572,579
10/01/2028	5.000%	840,000	946,756
National University
Series 2019A
04/01/2035	5.000%	1,780,000	2,209,372
04/01/2036	5.000%	1,120,000	1,386,101
University of San Diego
Series 2019A
10/01/2037	5.000%	1,200,000	1,521,888
California Municipal Finance Authority^(d)
Revenue Bonds
California Baptist University
Series 2016A
11/01/2026	4.000%	1,000,000	1,089,440
California Statewide Communities Development Authority^(d)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2032	5.000%	1,135,000	1,338,494
Revenue Bonds
California Baptist University
Series 2014A
11/01/2023	5.125%	605,000	642,087
Lancer Plaza Project
Series 2013
11/01/2023	5.125%	460,000	491,979
Total			26,352,499
Hospital 12.1%
ABAG Finance Authority for Nonprofit Corps.
Revenue Bonds
Sharp Healthcare
Series 2011A
08/01/2024	5.250%	2,750,000	2,949,292
California Health Facilities Financing Authority
Refunding Revenue Bonds
Cedars Sinai Medical Center
Series 2015
11/15/2028	5.000%	1,000,000	1,219,311

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Children’s Hospital of Orange County
Series 2019
11/01/2030	5.000%	810,000	1,066,819
El Camino Hospital
Series 2015A
02/01/2027	5.000%	1,500,000	1,792,035
Marshall Medical Center
Series 2015
11/01/2023	5.000%	325,000	374,527
Providence St. Joseph Health System
Series 2019 (Mandatory Put 10/01/25)
10/01/2039	5.000%	2,500,000	3,025,600
Series 2019 (Mandatory Put 10/01/27)
10/01/2039	5.000%	1,275,000	1,611,077
Sutter Health
Series 2017A
11/15/2033	5.000%	1,000,000	1,256,530
Sutter Health Obligation Group
Series 2011D
08/15/2026	5.000%	2,250,000	2,404,710
Revenue Bonds
Children’s Hospital of Orange County
Series 2009
11/01/2021	6.000%	1,375,000	1,375,000
City of Hope Obligation Group
Series 2012A
11/15/2021	5.000%	600,000	649,008
Dignity Health
Series 2009E
07/01/2025	5.625%	1,500,000	1,510,860
El Camino Hospital
Series 2017
02/01/2033	5.000%	2,500,000	3,061,400
02/01/2034	5.000%	500,000	611,120
Kaiser Permanente
Subordinated Series 2017A-1-G
11/01/2027	5.000%	1,875,000	2,407,594
Lucile Salter Packard Children’s Hospital
Series 2014
08/15/2028	5.000%	300,000	350,319
Series 2017
11/15/2034	5.000%	250,000	307,908
11/15/2035	5.000%	270,000	331,660
Providence Health & Services
Series 2014A
10/01/2030	5.000%	1,500,000	1,758,810
Sutter Health
Series 2018A
11/15/2034	5.000%	1,000,000	1,253,640

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2015A
02/01/2027	5.000%	1,200,000	1,410,240
Series 2017A
02/01/2033	5.000%	2,770,000	3,302,477
California Statewide Communities Development Authority
Refunding Revenue Bonds
Enloe Medical Center
Series 2015
08/15/2030	5.000%	1,990,000	2,403,920
Huntington Memorial Hospital
Series 2014B
07/01/2033	5.000%	2,300,000	2,628,072
Revenue Bonds
Green - Marin General Hospital Project
Series 2018
08/01/2033	5.000%	425,000	525,189
08/01/2034	5.000%	650,000	800,299
Henry Mayo Newhall Memorial
Series 2014A (AGM)
10/01/2027	5.000%	1,000,000	1,154,820
Kaiser Permanente
Series 2019 (Mandatory Put 11/01/29)
04/01/2038	5.000%	2,500,000	3,280,250
Loma Linda University Medical Center
Series 2014
12/01/2034	5.250%	3,000,000	3,380,100
Methodist Hospital of Southern California
01/01/2036	5.000%	3,000,000	3,596,250
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2034	5.000%	500,000	592,960
01/01/2036	4.000%	1,000,000	1,077,680
Total			53,469,477
Human Service Provider 0.3%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2032	5.000%	1,120,000	1,314,051
Joint Power Authority 0.4%
Northern California Transmission Agency
Refunding Revenue Bonds
California-Oregon Project
Series 2016
05/01/2032	5.000%	1,500,000	1,820,295

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

8	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Local Appropriation 1.7%
Anaheim Public Financing Authority
Refunding Revenue Bonds
Anaheim Public Improvement Projects
Series 2019 BAM
09/01/2031	5.000%	1,470,000	1,917,600
Riverside Public Financing Authority
Refunding Revenue Bonds
Series 2012A
11/01/2027	5.000%	2,145,000	2,390,367
11/01/2028	5.000%	1,155,000	1,286,751
San Rafael Joint Powers Financing Authority
Revenue Bonds
Public Safety Facilities Project
Series 2018
06/01/2033	5.000%	850,000	1,082,135
06/01/2034	5.000%	775,000	982,971
Total			7,659,824
Local General Obligation 9.6%
Chula Vista Elementary School District^(e)
Unlimited General Obligation Bonds
BAN Series 2019
08/01/2023	0.000%	1,150,000	1,101,114
Compton Community College District
Unlimited General Obligation Refunding Bonds
Series 2012
07/01/2022	5.000%	2,095,000	2,311,141
Compton Unified School District
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2029	5.000%	650,000	811,454
Compton Unified School District^(e)
Unlimited General Obligation Bonds
Election of 2002 - Capital Appreciation
Series 2006C (AMBAC)
06/01/2023	0.000%	2,025,000	1,916,825
06/01/2024	0.000%	1,925,000	1,784,379
Conejo Valley Unified School District
Unlimited General Obligation Bonds
Series 2018B
08/01/2032	4.000%	2,000,000	2,337,960
Corona-Norco Unified School District
Unlimited General Obligation Bonds
Election 2014
Series 2018B
08/01/2034	4.000%	500,000	575,970

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Culver City School Facilities Financing Authority
Revenue Bonds
Unified School District
Series 2005 (AGM)
08/01/2023	5.500%	1,490,000	1,735,954
East Side Union High School District
Unlimited General Obligation Refunding Bonds
2012 Crossover
Series 2006 (AGM)
09/01/2020	5.250%	1,280,000	1,325,325
Long Beach Unified School District^(e)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2031	0.000%	1,375,000	952,916
Los Angeles Unified School District
Unlimited General Obligation Bonds
Election 2008
Series 2018B-1
07/01/2032	5.000%	4,000,000	4,998,240
Monterey Peninsula Community College District^(e)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2028	0.000%	2,125,000	1,764,281
Napa Valley Community College District^(f)
Unlimited General Obligation Refunding Bonds
Series 2018
08/01/2034	0.000%	1,595,000	1,682,023
Oakland Unified School District/Alameda County
Unlimited General Obligation Bonds
Series 2015A
08/01/2025	5.000%	650,000	782,327
Palomar Community College District^(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 2006
Series 2010B
08/01/2022	0.000%	2,140,000	2,066,662
Pomona Unified School District^(e)
Unlimited General Obligation Bonds
Election 2008
Series 2016G (AGM)
08/01/2032	0.000%	1,000,000	686,450
Rancho Santiago Community College District^(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 2002
Series 2006C (AGM)
09/01/2031	0.000%	3,785,000	2,873,761
Rescue Union School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 1998
Series 2005 (NPFGC)
09/01/2026	0.000%	1,100,000	977,053

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Santa Monica Community College District
Unlimited General Obligation Bonds
Election 2016
Series 2018A
08/01/2034	4.000%	500,000	582,050
Saugus Union School District
Unlimited General Obligation Refunding Bonds
Series 2006 (NPFGC)
08/01/2021	5.250%	2,375,000	2,552,246
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2028	5.000%	1,000,000	1,171,920
08/01/2032	5.000%	1,500,000	1,732,050
West Contra Costa Unified School District
Unlimited General Obligation Refunding Bonds
Series 2011 (AGM)
08/01/2023	5.250%	3,000,000	3,219,570
Series 2012
08/01/2027	5.000%	2,365,000	2,615,690
Total			42,557,361
Multi-Family 0.9%
California Municipal Finance Authority
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2035	5.000%	400,000	453,284
Caritas Affordable Housing
Series 2014
08/15/2030	5.000%	1,000,000	1,130,730
California Statewide Communities Development Authority
Revenue Bonds
Lancer Educational Student Housing Project
Series 2019
06/01/2034	5.000%	375,000	443,861
NCCD-Hooper Street LLC
07/01/2039	5.250%	500,000	583,655
Series 2017
05/15/2032	5.000%	1,000,000	1,207,690
Total			3,819,220
Municipal Power 5.7%
City of Redding Electric System
Refunding Revenue Bonds
Series 2017
06/01/2029	5.000%	1,250,000	1,587,112
City of Riverside Electric
Refunding Revenue Bonds
Series 2019A
10/01/2037	5.000%	1,000,000	1,267,700

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Santa Clara Electric
Refunding Revenue Bonds
Series 2011A
07/01/2029	5.375%	1,000,000	1,070,370
City of Vernon Electric System
Unrefunded Revenue Bonds
Series 2009A
08/01/2021	5.125%	950,000	953,325
Imperial Irrigation District Electric System
Refunding Revenue Bonds
Series 2011D
11/01/2022	5.000%	2,860,000	3,087,027
11/01/2023	5.000%	1,040,000	1,122,337
Los Angeles Department of Water & Power System
Refunding Revenue Bonds
Series 2018A
07/01/2035	5.000%	1,750,000	2,186,135
Series 2019B
07/01/2031	5.000%	5,000,000	6,474,150
Revenue Bonds
Power System
Series 2014D
07/01/2033	5.000%	1,700,000	1,981,112
Redding Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2015A
06/01/2031	5.000%	1,045,000	1,248,347
Turlock Irrigation District
Refunding Revenue Bonds
First Priority
Subordinated Series 2014
01/01/2030	5.000%	850,000	995,172
01/01/2031	5.000%	1,000,000	1,168,810
Turlock Irrigation District^(g)
Refunding Revenue Bonds
Series 2020
01/01/2038	5.000%	1,650,000	2,016,745
Total			25,158,342
Other Bond Issue 1.3%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Salvation Army Western Territory (The)
Series 2016
09/01/2033	4.000%	400,000	448,920
09/01/2034	4.000%	600,000	670,026
Walt Disney Family Museum
Series 2016
02/01/2032	4.000%	350,000	392,172
02/01/2033	4.000%	500,000	557,090

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

10	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2028	5.000%	635,000	722,141
County of San Diego
Refunding Revenue Bonds
Sanford Burnham Prebys Medical Discovery Group
Series 2015
11/01/2025	5.000%	350,000	421,620
Long Beach Bond Finance Authority
Refunding Revenue Bonds
Aquarium of the Pacific
Series 2012
11/01/2027	5.000%	2,210,000	2,376,325
Total			5,588,294
Pool / Bond Bank 0.6%
California Infrastructure & Economic Development Bank
Revenue Bonds
Green Bond
Series 2019
10/01/2031	5.000%	2,120,000	2,755,830
Ports 1.2%
City of Long Beach Harbor
Revenue Bonds
Series 2019A
05/15/2036	5.000%	700,000	897,778
Port of Los Angeles^(c)
Refunding Revenue Bonds
Private Activity
Series 2019A AMT
08/01/2025	5.000%	1,750,000	2,093,420
San Diego Unified Port District
Refunding Revenue Bonds
Series 2013A
09/01/2027	5.000%	1,000,000	1,130,650
09/01/2028	5.000%	1,100,000	1,244,958
Total			5,366,806
Prepaid Gas 0.6%
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2029	6.125%	1,985,000	2,532,761
Recreation 1.0%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Segerstrom Center for the Arts
Series 2016
07/01/2026	5.000%	2,000,000	2,451,560

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Del Mar Race Track Authority
Refunding Revenue Bonds
Series 2015
10/01/2025	5.000%	1,665,000	1,917,963
Total			4,369,523
Refunded / Escrowed 4.6%
California State Public Works Board
Prerefunded 03/01/20 Revenue Bonds
Various Capital Projects
Subordinated Series 2010A-1
03/01/2022	5.250%	2,000,000	2,028,200
California Statewide Communities Development Authority
Prerefunded 08/15/20 Revenue Bonds
Sutter Health
Series 2011A
08/15/2026	5.500%	1,000,000	1,035,280
City & County of San Francisco
Prerefunded 06/15/20 Unlimited General Obligation Bonds
Earthquake Safety
Series 2010E
06/15/2027	5.000%	3,380,000	3,464,838
City of Los Angeles
Prerefunded 09/01/21 Unlimited General Obligation Bonds
Series 2011A
09/01/2025	5.000%	3,000,000	3,221,550
City of Newport Beach
Prerefunded 12/01/21 Revenue Bonds
Hoag Memorial Hospital Presbyterian
Series 2011
12/01/2030	5.875%	1,000,000	1,099,640
Long Beach Community College District
Prerefunded 08/01/22 Unlimited General Obligation Bonds
2008 Election
Series 2012B
08/01/2023	5.000%	700,000	777,336
Pasadena Public Financing Authority
Prerefunded 03/01/21 Revenue Bonds
Rose Bowl Renovation
Series 2010A
03/01/2026	5.000%	2,500,000	2,634,325
San Francisco City & County Airport Commission - San Francisco International Airport
Prerefunded 05/03/21 Revenue Bonds
Series 2011-2
05/01/2026	5.250%	1,445,000	1,535,818
Semitropic Improvement District
Prerefunded 12/01/22 Revenue Bonds
Series 2012A
12/01/2023	5.000%	2,850,000	3,187,896

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sulphur Springs Union School District
Prerefunded 09/01/22 Special Tax Bonds
Community Facilities District
Series 2012
09/01/2028	5.000%	520,000	576,862
09/01/2029	5.000%	585,000	648,970
Total			20,210,715
Retirement Communities 6.2%
ABAG Finance Authority for Nonprofit Corps.
Refunding Revenue Bonds
Episcopal Senior Communities
Series 2011
07/01/2024	5.375%	2,795,000	2,993,780
Series 2012
07/01/2021	5.000%	1,000,000	1,061,330
Revenue Bonds
Odd Fellows Home of California
Series 2012-A
04/01/2032	5.000%	4,750,000	5,315,630
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2028	5.000%	310,000	373,020
07/01/2029	5.000%	300,000	360,261
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2034	4.000%	500,000	555,195
10/01/2035	4.000%	1,000,000	1,107,780
Mt. San Antonio Gardens Project
Series 2019
11/15/2039	5.000%	1,000,000	1,182,430
Retirement Housing Foundation
Series 2017
11/15/2029	5.000%	390,000	494,653
11/15/2030	5.000%	600,000	768,330
11/15/2032	5.000%	850,000	1,109,836
California Statewide Communities Development Authority^(d)
Refunding Revenue Bonds
899 Charleston Project
Series 2014A
11/01/2019	5.000%	200,000	200,017
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2024	5.000%	2,575,000	2,972,940
10/01/2026	5.000%	1,000,000	1,173,670

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Episcopal Communities and Services
Series 2012
05/15/2027	5.000%	1,520,000	1,654,900
Front Porch Communities and Services
Series 2017
04/01/2030	5.000%	150,000	182,021
Revenue Bonds
Insured Redwoods Project
Series 2013
11/15/2028	5.000%	1,000,000	1,150,380
Viamonte Senior Living 1, Inc.
Series 2018
07/01/2035	4.000%	300,000	344,817
07/01/2036	4.000%	430,000	492,883
City of La Verne
Refunding Certificate of Participation
Brethren Hillcrest Homes
Series 2014
05/15/2024	5.000%	310,000	336,666
05/15/2025	5.000%	530,000	574,494
05/15/2026	5.000%	700,000	756,231
05/15/2029	5.000%	1,135,000	1,216,845
Los Angeles County Regional Financing Authority
Revenue Bonds
Montecedro, Inc. Project
Series 2014A
11/15/2034	5.000%	1,000,000	1,108,370
Total			27,486,479
Sales Tax 0.9%
California Statewide Communities Development Authority
Certificate of Participation
Total Road Improvement Program
Series 2018B (AGM)
12/01/2035	5.000%	1,405,000	1,774,571
City of Sacramento Transient Occupancy
Revenue Bonds
Convention Center Complex
Subordinated Series 2018
06/01/2035	5.000%	615,000	759,704
06/01/2036	5.000%	1,180,000	1,453,748
Total			3,988,023
Special Non Property Tax 0.2%
Berkeley Joint Powers Financing Authority
Revenue Bonds
Series 2016 (BAM)
06/01/2033	4.000%	415,000	462,331
06/01/2034	4.000%	250,000	277,512
Total			739,843

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

12	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Special Property Tax 14.7%
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2026	5.000%	650,000	782,132
Chino Public Financing Authority
Refunding Special Tax Bonds
Series 2012
09/01/2023	5.000%	1,070,000	1,169,446
City of Irvine
Refunding Special Assessment Bonds
Limited Obligation Reassessment District
Series 2015
09/02/2025	5.000%	1,295,000	1,563,855
Special Assessment Refunding Bonds
Series 2019
09/02/2031	5.000%	325,000	422,604
09/02/2032	5.000%	340,000	439,107
Concord Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014 (BAM)
03/01/2025	5.000%	840,000	1,000,532
County of El Dorado
Refunding Special Tax Bonds
Community Facilities District No. 92-1
Series 2012
09/01/2026	5.000%	630,000	692,149
09/01/2027	5.000%	805,000	883,713
Emeryville Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014A (AGM)
09/01/2023	5.000%	2,415,000	2,767,228
09/01/2026	5.000%	1,000,000	1,178,020
09/01/2027	5.000%	1,000,000	1,174,940
09/01/2030	5.000%	815,000	950,086
09/01/2031	5.000%	590,000	686,300
Garden Grove Agency Community Development Successor Agency
Refunding Tax Allocation Bonds
Garden Grove Community Project
Series 2016 (BAM)
10/01/2030	5.000%	1,040,000	1,266,959
10/01/2031	5.000%	1,640,000	1,991,009
Glendale Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Central Glendale Redevelopment
Subordinated Series 2013 (AGM)
12/01/2021	5.000%	755,000	816,721

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Subordinated Series 2017 (BAM)
05/01/2032	5.000%	500,000	609,635
05/01/2033	5.000%	1,000,000	1,214,810
Irvine Unified School District
Refunding Special Tax Bonds
Series 2015
09/01/2030	5.000%	2,065,000	2,396,969
09/01/2031	5.000%	2,720,000	3,156,587
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2029	5.000%	530,000	621,361
09/01/2030	5.000%	625,000	729,869
09/01/2032	5.000%	625,000	723,219
La Quinta Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Redevelopment Project
Subordinated Series 2013A
09/01/2030	5.000%	1,500,000	1,694,685
Long Beach Bond Finance Authority
Tax Allocation Bonds
Industrial Redevelopment Project Areas
Series 2002B (AMBAC)
11/01/2019	5.500%	1,070,000	1,070,126
Los Angeles Community Facilities District
Refunding Special Tax Bonds
Playa Vista-Phase 1
Series 2014
09/01/2030	5.000%	1,000,000	1,155,320
Los Angeles County Redevelopment Authority
Refunding Tax Allocation Bonds
Los Angeles Bunker Hill Project
Series 2014C (AGM)
12/01/2028	5.000%	3,000,000	3,558,150
Oakland Redevelopment Successor Agency
Subordinated Refunding Tax Allocation Bonds
Series 2013
09/01/2022	5.000%	2,000,000	2,208,780
Oakley Redevelopment Agency
Refunding Tax Allocation Bonds
Oakley Redevelopment Project Area
Series 2018 (BAM)
09/01/2032	5.000%	335,000	416,016
09/01/2033	5.000%	730,000	904,419
09/01/2034	5.000%	500,000	617,970
Palm Desert Redevelopment Agency
Refunding Tax Allocation Bonds
Series 2017A (BAM)
10/01/2029	5.000%	890,000	1,107,596
10/01/2030	5.000%	350,000	432,695

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Poway Unified School District
Special Tax Bonds
Community Facilities District No. 6-4S Ranch
Series 2012
09/01/2028	5.000%	1,770,000	1,961,567
09/01/2029	5.000%	1,195,000	1,323,630
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B
09/01/2026	5.000%	995,000	1,212,726
Rancho Cucamonga Redevelopment Agency Successor Agency
Tax Allocation Bonds
Rancho Redevelopment Project Area
Series 2014
09/01/2030	5.000%	700,000	814,023
Series 2014 (AGM)
09/01/2027	5.000%	2,200,000	2,575,870
Riverside County Public Financing Authority
Tax Allocation Bonds
Project Area #1-Desert Communities
Series 2016 (BAM)
10/01/2031	4.000%	2,500,000	2,758,800
San Francisco City & County Redevelopment Agency
Refunding Tax Allocation Bonds
Mission Bay North Redevelopment Project
Series 2016
08/01/2030	5.000%	275,000	335,266
08/01/2031	5.000%	355,000	430,331
Mission Bay South Redevelopment Project
Series 2016
08/01/2031	5.000%	670,000	811,223
08/01/2032	5.000%	580,000	698,001
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2029	5.000%	225,000	261,936
08/01/2030	5.000%	175,000	203,520
San Mateo Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2015A
08/01/2028	5.000%	1,860,000	2,194,205
08/01/2029	5.000%	1,000,000	1,177,470
Semitropic Improvement District
Refunding Revenue Bonds
Series 2015A 2nd Lien (AGM)
12/01/2023	5.000%	300,000	346,359
12/01/2024	5.000%	400,000	475,944

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sulphur Springs Union School District
Unrefunded Special Tax Bonds
Community Facilities District
Series 2012
09/01/2028	5.000%	530,000	587,516
09/01/2029	5.000%	595,000	658,867
Tustin Community Facilities District
Refunding Special Tax Bonds
Legacy Villages of Columbus #06-1
Series 2015
09/01/2029	5.000%	1,200,000	1,426,440
Tustin Community Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2016
09/01/2032	4.000%	2,295,000	2,600,992
Vista Redevelopment Agency Successor Agency
Tax Allocation Refunding Bonds
Series 2015B1 (AGM)
09/01/2024	5.000%	580,000	682,063
09/01/2026	5.000%	700,000	838,747
Total			64,778,504
State Appropriated 3.6%
California State Public Works Board
Refunding Revenue Bonds
Various Capital Projects
Series 2012G
11/01/2028	5.000%	1,500,000	1,664,550
Revenue Bonds
Department of Corrections and Rehabilitation
Series 2014C
10/01/2022	5.000%	1,925,000	2,138,675
Series 2015A
06/01/2028	5.000%	1,175,000	1,401,564
Various Capital Projects
Series 2011A
10/01/2020	5.000%	2,000,000	2,071,400
Series 2013I
11/01/2028	5.250%	3,000,000	3,459,720
Series 2014E
09/01/2030	5.000%	1,500,000	1,747,875
Various Correctional Facilities
Series 2014A
09/01/2031	5.000%	3,000,000	3,488,130
Total			15,971,914
State General Obligation 2.9%
State of California
Unlimited General Obligation Bonds
Series 2010
11/01/2024	5.000%	5,000,000	5,195,350

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

14	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2019
04/01/2031	5.000%	1,000,000	1,291,140
Various Purpose
Series 2009
10/01/2029	5.250%	15,000	15,047
Unlimited General Obligation Refunding Bonds
Series 2014
08/01/2032	5.000%	3,000,000	3,508,830
Series 2019
10/01/2025	5.000%	2,435,000	2,962,396
Total			12,972,763
Tobacco 3.2%
Golden State Tobacco Securitization Corp.
Asset-Backed Refunding Revenue Bonds
Series 2015A
06/01/2033	5.000%	4,000,000	4,712,840
Refunding Revenue Bonds
Series 2017A-1
06/01/2024	5.000%	4,000,000	4,571,440
Series 2018A
06/01/2022	5.000%	3,000,000	3,288,060
Tobacco Securitization Authority of Southern California^(g)
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2030	5.000%	1,220,000	1,543,141
Total			14,115,481
Transportation 0.5%
Peninsula Corridor Joint Powers Board
Refunding Revenue Bonds
Series 2019A
10/01/2036	5.000%	315,000	399,571
10/01/2037	5.000%	300,000	378,624
San Diego Association of Governments
Revenue Bonds
Green Bond - Mid Coast Corridor
Series 2019
11/15/2027	1.800%	1,500,000	1,520,445
Total			2,298,640
Turnpike / Bridge / Toll Road 2.0%
Bay Area Toll Authority
Refunding Revenue Bonds
Subordinated Series 2017
04/01/2031	4.000%	2,000,000	2,333,040
Foothill-Eastern Transportation Corridor Agency^(e)
Refunding Revenue Bonds
Series 2015
01/15/2033	0.000%	5,000,000	3,370,600

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Foothill-Eastern Transportation Corridor Agency
Subordinated Refunding Revenue Bonds
Series 2014B-3 (Mandatory Put 01/15/23)
01/15/2053	5.500%	3,000,000	3,327,360
Total			9,031,000
Water & Sewer 2.2%
Beaumont Public Improvement Authority
Revenue Bonds
Series 2018-A AGM
09/01/2033	5.000%	500,000	607,255
09/01/2035	5.000%	830,000	1,003,321
City of Riverside Water
Refunding Revenue Bonds
Series 2019A
10/01/2032	5.000%	1,500,000	1,952,805
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2025	5.000%	700,000	855,764
11/15/2026	5.000%	1,000,000	1,216,670
Livermore Valley Water Financing Authority
Refunding Revenue Bonds
Series 2018A
07/01/2034	4.000%	920,000	1,049,600
Los Angeles County Sanitation Districts Financing Authority
Subordinated Refunding Revenue Bonds
Capital Projects - District #14
Series 2015
10/01/2024	5.000%	1,050,000	1,250,435
Stockton Public Financing Authority
Refunding Revenue Bonds
Series 2014 (BAM)
09/01/2028	5.000%	1,500,000	1,753,980
Total			9,689,830
Total Municipal Bonds (Cost $390,759,098)			418,241,324

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Money Market Funds 2.2%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(h)	1,689,750	1,689,919
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(h)	7,952,097	7,952,097
Total Money Market Funds (Cost $9,641,847)		9,642,016
Total Investments in Securities (Cost: $412,585,945)		440,068,340
Other Assets & Liabilities, Net		1,662,936
Net Assets		441,731,276

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of October 31, 2019.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 October 31, 2019, the total value of these securities amounted to $20,802,417, which represents 4.71% of total net assets.
(e)	Zero coupon bond.
(f)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of October 31, 2019.
(g)	Represents a security purchased on a when-issued basis.
(h)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

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

Fair value measurements

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

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

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

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

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

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

16	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	12,185,000	—	12,185,000
Municipal Bonds	—	418,241,324	—	418,241,324
Money Market Funds	9,642,016	—	—	9,642,016
Total Investments in Securities	9,642,016	430,426,324	—	440,068,340

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

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

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $412,585,945)	$440,068,340
Cash	333
Receivable for:
Investments sold	879,719
Capital shares sold	841,559
Interest	4,744,063
Expense reimbursement due from Investment Manager	1,354
Prepaid expenses	3,276
Other assets	1,303
Total assets	446,539,947
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	3,548,203
Capital shares purchased	163,150
Distributions to shareholders	935,879
Management services fees	5,628
Distribution and/or service fees	506
Transfer agent fees	43,645
Compensation of board members	85,751
Compensation of chief compliance officer	46
Other expenses	25,863
Total liabilities	4,808,671
Net assets applicable to outstanding capital stock	$441,731,276
Represented by
Paid in capital	418,733,572
Total distributable earnings (loss)	22,997,704
Total - representing net assets applicable to outstanding capital stock	$441,731,276
Class A
Net assets	$29,968,769
Shares outstanding	2,810,132
Net asset value per share	$10.66
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.99
Advisor Class
Net assets	$2,932,296
Shares outstanding	275,699
Net asset value per share	$10.64
Class C
Net assets	$11,060,597
Shares outstanding	1,037,743
Net asset value per share	$10.66
Institutional Class
Net assets	$381,142,033
Shares outstanding	35,820,425
Net asset value per share	$10.64
Institutional 2 Class
Net assets	$12,545,409
Shares outstanding	1,182,429
Net asset value per share	$10.61
Institutional 3 Class
Net assets	$4,082,172
Shares outstanding	383,865
Net asset value per share	$10.63

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

18	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Operations
Six Months Ended October 31, 2019 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$64,966
Interest	6,592,652
Interfund lending	482
Total income	6,658,100
Expenses:
Management services fees	1,003,067
Distribution and/or service fees
Class A	39,738
Class C	56,123
Transfer agent fees
Class A	18,347
Advisor Class	1,448
Class C	6,482
Institutional Class	212,534
Institutional 2 Class	3,534
Institutional 3 Class	230
Compensation of board members	11,435
Custodian fees	2,042
Printing and postage fees	7,773
Registration fees	8,568
Audit fees	14,155
Legal fees	6,431
Compensation of chief compliance officer	46
Other	7,074
Total expenses	1,399,027
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(262,271)
Expense reduction	(20)
Total net expenses	1,136,736
Net investment income	5,521,364
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(26,062)
Net realized loss	(26,062)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	7,887,234
Net change in unrealized appreciation (depreciation)	7,887,234
Net realized and unrealized gain	7,861,172
Net increase in net assets resulting from operations	$13,382,536

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	382,817	4,072,725	1,221,766	12,574,432
Distributions reinvested	31,172	332,099	66,432	684,127
Redemptions	(662,253)	(7,037,902)	(902,313)	(9,277,531)
Net increase (decrease)	(248,264)	(2,633,078)	385,885	3,981,028
Advisor Class
Subscriptions	79,729	846,111	95,131	974,459
Distributions reinvested	3,074	32,686	5,598	57,516
Redemptions	(23,067)	(245,294)	(74,024)	(760,670)
Net increase	59,736	633,503	26,705	271,305
Class C
Subscriptions	24,236	259,053	121,594	1,247,406
Distributions reinvested	6,513	69,365	17,202	176,928
Redemptions	(60,391)	(639,630)	(392,556)	(4,036,023)
Net decrease	(29,642)	(311,212)	(253,760)	(2,611,689)
Institutional Class
Subscriptions	4,792,043	50,885,683	11,652,199	119,527,666
Distributions reinvested	110,125	1,171,167	227,694	2,339,160
Redemptions	(1,967,427)	(20,919,837)	(14,798,720)	(151,356,387)
Net increase (decrease)	2,934,741	31,137,013	(2,918,827)	(29,489,561)
Institutional 2 Class
Subscriptions	237,738	2,524,112	962,491	9,856,030
Distributions reinvested	14,816	157,131	26,300	269,512
Redemptions	(94,491)	(1,007,924)	(687,725)	(6,997,453)
Net increase	158,063	1,673,319	301,066	3,128,089
Institutional 3 Class
Subscriptions	86,676	923,232	355,216	3,652,149
Distributions reinvested	4,591	48,784	6,236	64,072
Redemptions	(17,111)	(182,364)	(136,640)	(1,396,555)
Net increase	74,156	789,652	224,812	2,319,666
Total net increase (decrease)	2,948,790	31,289,197	(2,234,119)	(22,401,162)

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

Columbia California Intermediate Municipal 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	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.46	0.13	0.20	0.33	(0.13)	(0.13)
Year Ended 4/30/2019	$10.23	0.27	0.23	0.50	(0.27)	(0.27)
Year Ended 4/30/2018	$10.38	0.27	(0.15)	0.12	(0.27)	(0.27)
Year Ended 4/30/2017	$10.72	0.26	(0.34)	(0.08)	(0.26)	(0.26)
Year Ended 4/30/2016	$10.50	0.27	0.22	0.49	(0.27)	(0.27)
Year Ended 4/30/2015	$10.42	0.29	0.08	0.37	(0.29)	(0.29)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.43	0.14	0.21	0.35	(0.14)	(0.14)
Year Ended 4/30/2019	$10.20	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.36	0.29	(0.16)	0.13	(0.29)	(0.29)
Year Ended 4/30/2017	$10.69	0.29	(0.33)	(0.04)	(0.29)	(0.29)
Year Ended 4/30/2016	$10.46	0.29	0.24	0.53	(0.30)	(0.30)
Year Ended 4/30/2015	$10.39	0.32	0.07	0.39	(0.32)	(0.32)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.46	0.09	0.20	0.29	(0.09)	(0.09)
Year Ended 4/30/2019	$10.22	0.20	0.24	0.44	(0.20)	(0.20)
Year Ended 4/30/2018	$10.38	0.19	(0.16)	0.03	(0.19)	(0.19)
Year Ended 4/30/2017	$10.72	0.18	(0.34)	(0.16)	(0.18)	(0.18)
Year Ended 4/30/2016	$10.49	0.19	0.23	0.42	(0.19)	(0.19)
Year Ended 4/30/2015	$10.42	0.21	0.07	0.28	(0.21)	(0.21)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.44	0.14	0.20	0.34	(0.14)	(0.14)
Year Ended 4/30/2019	$10.21	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.36	0.29	(0.15)	0.14	(0.29)	(0.29)
Year Ended 4/30/2017	$10.70	0.28	(0.33)	(0.05)	(0.29)	(0.29)
Year Ended 4/30/2016	$10.47	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2015	$10.40	0.32	0.07	0.39	(0.32)	(0.32)
Institutional 2 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.41	0.14	0.20	0.34	(0.14)	(0.14)
Year Ended 4/30/2019	$10.18	0.30	0.23	0.53	(0.30)	(0.30)
Year Ended 4/30/2018	$10.33	0.30	(0.15)	0.15	(0.30)	(0.30)
Year Ended 4/30/2017	$10.67	0.29	(0.34)	(0.05)	(0.29)	(0.29)
Year Ended 4/30/2016	$10.44	0.31	0.23	0.54	(0.31)	(0.31)
Year Ended 4/30/2015	$10.37	0.32	0.08	0.40	(0.33)	(0.33)

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

22	Columbia California Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.66	3.13%	0.86%^(c)	0.74%^(c),(d)	2.38%^(c)	2%	$29,969
Year Ended 4/30/2019	$10.46	5.00%	0.87%	0.74%^(d)	2.67%	17%	$31,998
Year Ended 4/30/2018	$10.23	1.10%	0.88%	0.74%^(d)	2.56%	5%	$27,341
Year Ended 4/30/2017	$10.38	(0.75%)	0.92%	0.74%^(d)	2.45%	17%	$31,273
Year Ended 4/30/2016	$10.72	4.76%	0.94%	0.74%^(d)	2.58%	8%	$51,869
Year Ended 4/30/2015	$10.50	3.60%	0.95%	0.74%^(d)	2.76%	6%	$47,317
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.64	3.37%	0.61%^(c)	0.49%^(c),(d)	2.63%^(c)	2%	$2,932
Year Ended 4/30/2019	$10.43	5.28%	0.62%	0.49%^(d)	2.92%	17%	$2,254
Year Ended 4/30/2018	$10.20	1.25%	0.63%	0.49%^(d)	2.83%	5%	$1,931
Year Ended 4/30/2017	$10.36	(0.42%)	0.67%	0.49%^(d)	2.71%	17%	$903
Year Ended 4/30/2016	$10.69	5.13%	0.69%	0.49%^(d)	2.81%	8%	$1,457
Year Ended 4/30/2015	$10.46	3.76%	0.70%	0.49%^(d)	3.02%	6%	$529
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.66	2.74%	1.61%^(c)	1.49%^(c),(d)	1.62%^(c)	2%	$11,061
Year Ended 4/30/2019	$10.46	4.32%	1.62%	1.49%^(d)	1.92%	17%	$11,161
Year Ended 4/30/2018	$10.22	0.25%	1.63%	1.49%^(d)	1.81%	5%	$13,508
Year Ended 4/30/2017	$10.38	(1.49%)	1.67%	1.49%^(d)	1.71%	17%	$15,503
Year Ended 4/30/2016	$10.72	4.08%	1.69%	1.49%^(d)	1.83%	8%	$14,549
Year Ended 4/30/2015	$10.49	2.72%	1.70%	1.49%^(d)	2.01%	6%	$12,965
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.64	3.27%	0.61%^(c)	0.49%^(c),(d)	2.63%^(c)	2%	$381,142
Year Ended 4/30/2019	$10.44	5.27%	0.62%	0.49%^(d)	2.92%	17%	$343,276
Year Ended 4/30/2018	$10.21	1.35%	0.63%	0.49%^(d)	2.82%	5%	$365,455
Year Ended 4/30/2017	$10.36	(0.51%)	0.67%	0.49%^(d)	2.71%	17%	$371,130
Year Ended 4/30/2016	$10.70	5.12%	0.69%	0.49%^(d)	2.83%	8%	$378,630
Year Ended 4/30/2015	$10.47	3.76%	0.70%	0.49%^(d)	3.02%	6%	$329,535
Institutional 2 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.61	3.30%	0.56%^(c)	0.43%^(c)	2.68%^(c)	2%	$12,545
Year Ended 4/30/2019	$10.41	5.34%	0.56%	0.43%	2.98%	17%	$10,662
Year Ended 4/30/2018	$10.18	1.42%	0.56%	0.42%	2.89%	5%	$7,363
Year Ended 4/30/2017	$10.33	(0.42%)	0.55%	0.41%	2.80%	17%	$4,867
Year Ended 4/30/2016	$10.67	5.23%	0.55%	0.39%	2.93%	8%	$2,829
Year Ended 4/30/2015	$10.44	3.85%	0.55%	0.40%	3.09%	6%	$1,738

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

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

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

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.

26	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

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

Delayed delivery securities

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

Security transactions

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

Income recognition

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

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

Dividend income is recorded on the ex-dividend date.

Expenses

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

Determination of class net asset value

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

Federal income tax status

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

Distributions to shareholders

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Guarantees and indemnifications

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

Recent accounting pronouncement

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 July 31, 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.

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended October 31, 2019 was 0.47% of the Fund’s average daily net assets.

Compensation of board members

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

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).

28	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

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

For the six months ended October 31, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.06
Institutional 3 Class	0.01

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended October 31, 2019, these minimum account balance fees reduced total expenses of the Fund by $20.

Distribution and service fees

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

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

Sales charges

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 October 31, 2019, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	23,114
Class C	—	1.00^(b)	2

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 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:

	September 1, 2019 through August 31, 2020	Prior to September 1, 2019
Class A	0.75%	0.74%
Advisor Class	0.50	0.49
Class C	1.50	1.49
Institutional Class	0.50	0.49
Institutional 2 Class	0.44	0.43
Institutional 3 Class	0.39	0.39

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 October 31, 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) ($)	Net unrealized appreciation ($)
412,586,000	27,634,000	(152,000)	27,482,000

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 April 30, 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 ($)
4,406,469	—	4,406,469

30	Columbia California Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 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 $34,228,996 and $10,160,000, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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

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

The Fund’s activity in the Interfund Program during the six months ended October 31, 2019 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	6,600,000	2.63	1

Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at October 31, 2019.

Note 7. 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 October 31, 2019.

Note 8. 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.

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Geographic concentration risk

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

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.

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 66.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

Note 10. Information regarding pending and settled legal proceedings

Ameriprise Financial and certain of its affiliates 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.

32	Columbia California Intermediate Municipal 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 California Intermediate Municipal 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.

34	Columbia California Intermediate Municipal 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 met expectations.

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

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) approximated the peer universe’s median expense ratio. 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 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.

Columbia California Intermediate Municipal Bond Fund | Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia Short Term Municipal Bond 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	22
Statement of Changes in Net Assets	23
Financial Highlights	26
Notes to Financial Statements	30
Approval of Management Agreement	38

Columbia Short Term Municipal 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

Quarterly schedule of investments

Additional Fund information

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 Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Catherine Stienstra

Co-Portfolio Manager

Managed Fund since 2012

Anders Myhran, CFA

Co-Portfolio Manager

Managed Fund since 2015

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/02/93	1.48	3.27	1.00	1.05
	Including sales charges		0.51	2.27	0.79	0.94
Advisor Class*		03/19/13	1.61	3.62	1.27	1.31
Class C	Excluding sales charges	05/19/94	1.10	2.49	0.23	0.29
	Including sales charges		0.10	1.49	0.23	0.29
Institutional Class		10/07/93	1.61	3.52	1.23	1.30
Institutional 2 Class*		11/08/12	1.53	3.58	1.31	1.35
Institutional 3 Class*		03/01/17	1.56	3.62	1.27	1.32
Bloomberg Barclays 1-3 Year Municipal Bond Index			1.44	3.36	1.25	1.35

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 Bloomberg Barclays 1-3 Year Municipal Bond Index is an unmanaged index which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to three years.

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	7.8
AA rating	25.4
A rating	33.1
BBB rating	16.6
BB rating	2.0
Not rated	15.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

Top Ten States/Territories (%) (at October 31, 2019)
Illinois	17.5
New York	15.8
New Jersey	6.7
Pennsylvania	4.8
Massachusetts	4.8
Texas	4.2
Connecticut	3.7
Alabama	3.5
Indiana	3.2
Florida	3.2

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

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

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

4	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,014.80	1,021.82	3.34	3.35	0.66
Advisor Class	1,000.00	1,000.00	1,016.10	1,023.08	2.08	2.08	0.41
Class C	1,000.00	1,000.00	1,011.00	1,018.05	7.13	7.15	1.41
Institutional Class	1,000.00	1,000.00	1,016.10	1,023.08	2.08	2.08	0.41
Institutional 2 Class	1,000.00	1,000.00	1,015.30	1,023.33	1.82	1.83	0.36
Institutional 3 Class	1,000.00	1,000.00	1,015.60	1,023.53	1.62	1.63	0.32

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.4%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
New York 0.2%
New York City Transitional Finance Authority^(a)
Revenue Bonds
Future Tax Secured
Subordinated Series 2015 (JPMorgan Chase Bank)
02/01/2045	1.350%	1,000,000	1,000,000
New York City Water & Sewer System^(a)
Revenue Bonds
2nd General Resolution
Series 2016BB (State Street Bank and Trust Co.)
06/15/2049	1.310%	1,065,000	1,065,000
Total			2,065,000
South Carolina 0.2%
South Carolina Educational Facilities Authority^(a)
Revenue Bonds
Furman University (Wells Fargo Bank)
10/01/2039	1.280%	1,425,000	1,425,000
Total Floating Rate Notes (Cost $3,490,000)			3,490,000

Municipal Bonds 88.2%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 3.5%
Black Belt Energy Gas District
Revenue Bonds
Series 2016A (Mandatory Put 06/01/21)
07/01/2046	4.000%	12,500,000	12,960,000
Series 2017-A (Mandatory Put 07/01/22)
08/01/2047	4.000%	2,500,000	2,649,250
Series 2018A (Mandatory Put 12/01/23)
12/01/2048	4.000%	4,970,000	5,342,949
Black Belt Energy Gas District^(b)
Revenue Bonds
Series 2018B-2 (Mandatory Put 12/01/23)
Muni Swap Index Yield + 0.620% 12/01/2048	1.740%	5,000,000	5,000,000
Southeast Alabama Gas Supply District (The)
Revenue Bonds
Project #2
Series 2018A
06/01/2021	4.000%	1,000,000	1,038,410

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Alabama Docks Department
Refunding Revenue Bonds
Docks Facilities
Series 2017B
10/01/2020	5.000%	1,280,000	1,319,782
Total			28,310,391
Alaska 1.1%
Alaska Industrial Development & Export Authority
Revenue Bonds
Yukon-Kuskokwim Health Corp. Project
Series 2017
12/01/2020	3.500%	5,300,000	5,305,883
City of Valdez
Refunding Revenue Bonds
BP Pipelines, Inc. Project
Series 2003B
01/01/2021	5.000%	3,350,000	3,485,273
Total			8,791,156
Arizona 1.3%
Chandler Industrial Development Authority^(c)
Revenue Bonds
Intel Corp.
Series 2019 AMT (Mandatory Put 06/03/24)
06/01/2049	5.000%	1,450,000	1,663,077
City of Phoenix Civic Improvement Corp.^(c)
Revenue Bonds
Series 2017A AMT
07/01/2032	5.000%	2,000,000	2,416,220
Maricopa County Industrial Development Authority^(b)
Refunding Revenue Bonds
Banner Health Obligation
Series 2019 (Mandatory Put 10/18/24)
Muni Swap Index Yield + 0.570% 01/01/2035	1.690%	1,500,000	1,503,180
Maricopa County Industrial Development Authority
Revenue Bonds
Banner Health
Series 2017B (Mandatory Put 10/18/22)
01/01/2048	5.000%	4,500,000	4,976,820
Total			10,559,297
Arkansas 0.6%
Arkansas Development Finance Authority
Refunding Revenue Bonds
Baptist Health
Series 2015A
12/01/2019	5.000%	5,095,000	5,109,422

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

6	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California 1.1%
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2036	5.000%	1,745,000	2,061,997
California Statewide Communities Development Authority^(d)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2022	3.000%	1,265,000	1,281,293
County of Riverside^(c)
Revenue Bonds
Series 1989A Escrowed to Maturity (GNMA) AMT
05/01/2021	7.800%	1,500,000	1,640,760
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2019	4.000%	1,500,000	1,500,085
11/01/2020	5.000%	2,235,000	2,304,531
Total			8,788,666
Colorado 1.8%
City & County of Denver Airport System^(c)
Refunding Revenue Bonds
Series 2017A AMT
11/15/2030	5.000%	1,925,000	2,336,796
Colorado Health Facilities Authority
Refunding Revenue Bonds
CommonSpirit Health
Series 2019B (Mandatory Put 08/01/26)
08/01/2049	5.000%	2,000,000	2,361,600
Evangelical Lutheran Good Samaritan Society
Series 2017 (Escrowed to Maturity)
06/01/2021	5.000%	700,000	740,579
Dawson Ridge Metropolitan District No. 1^(e)
Limited General Obligation Refunding Bonds
Series 1992B Escrowed to maturity
10/01/2022	0.000%	3,375,000	3,241,721
Regional Transportation District
Certificate of Participation
Series 2010A
06/01/2020	5.000%	2,105,000	2,150,679
University of Colorado Hospital Authority
Revenue Bonds
Obligation Group
Series 2017 (Mandatory Put 03/01/22)
11/15/2038	5.000%	3,650,000	3,890,790
Total			14,722,165

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Connecticut 3.7%
City of Waterbury
Unlimited General Obligation Bonds
Series 2017A
11/15/2020	4.000%	350,000	359,569
11/15/2021	5.000%	500,000	536,355
Unlimited General Obligation Refunding Bonds
Series 2017B
09/01/2020	4.000%	330,000	337,227
09/01/2021	5.000%	425,000	452,625
Connecticut Housing Finance Authority^(c)
Refunding Revenue Bonds
Series 2019F-4 AMT (Mandatory Put 11/15/20)
11/15/2041	1.450%	2,000,000	1,999,400
Subordinated Series 2018A-2 AMT
05/15/2021	2.150%	1,595,000	1,604,283
11/15/2021	2.250%	1,625,000	1,643,493
05/15/2022	2.375%	1,460,000	1,481,739
Revenue Bonds
Subordinated Series 2017 C-2 AMT
05/15/2020	2.750%	2,300,000	2,313,179
05/15/2021	3.000%	2,680,000	2,733,948
11/15/2021	3.000%	4,435,000	4,520,551
State of Connecticut
Unlimited General Obligation Bonds
Green Bond
Series 2016F
10/15/2030	5.000%	2,410,000	2,884,095
Series 2012B
04/15/2027	5.000%	3,000,000	3,250,410
Series 2016E
10/15/2034	5.000%	1,620,000	1,921,514
State of Connecticut Special Tax
Revenue Bonds
Series 2018B
10/01/2031	5.000%	3,535,000	4,387,890
Total			30,426,278
District of Columbia 2.1%
District of Columbia
Revenue Bonds
Federal Highway Grant Anticipation
12/01/2023	5.250%	1,750,000	1,823,937
District of Columbia Housing Finance Agency
Revenue Bonds
Series 2018B-1 (FHA) (Mandatory Put 03/01/22)
09/01/2023	2.550%	5,175,000	5,293,249
Metropolitan Washington Airports Authority^(c)
Refunding Revenue Bonds
Series 2016A AMT
10/01/2035	5.000%	4,000,000	4,724,440

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2018A AMT
10/01/2023	5.000%	3,000,000	3,412,170
10/01/2025	5.000%	1,770,000	2,118,743
Total			17,372,539
Florida 2.4%
City of Cape Coral Water & Sewer
Refunding Special Assessment Bonds
Various Areas
Series 2017 (AGM)
09/01/2020	1.900%	920,000	922,171
City of Jacksonville
Revenue Bonds
Series 2011A
10/01/2024	5.000%	3,010,000	3,224,703
10/01/2025	5.000%	2,935,000	3,143,767
County of Broward Airport System^(c)
Refunding Revenue Bonds
Series 2015C AMT
10/01/2020	5.000%	1,885,000	1,947,224
Revenue Bonds
Series 2017 AMT
10/01/2021	5.000%	1,480,000	1,580,551
County of Lee Solid Waste System^(c)
Refunding Revenue Bonds
Series 2016 (NPFGC) AMT
10/01/2022	5.000%	3,100,000	3,371,498
County of Miami-Dade Aviation^(c)
Refunding Revenue Bonds
Series 2014 AMT
10/01/2020	5.000%	2,000,000	2,066,960
Florida Ports Financing Commission^(c)
Refunding Revenue Bonds
Transportation Fund
Seris 2011B AMT
06/01/2023	5.000%	3,000,000	3,167,520
Total			19,424,394
Georgia 2.8%
Burke County Development Authority
Refunding Revenue Bonds
Georgia Power Co. Plant Vogtle
Series 2015 (Mandatory Put 12/11/20)
10/01/2032	2.350%	7,700,000	7,762,832
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032	2.250%	1,000,000	1,016,430

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Atlanta
Refunding Tax Allocation Bonds
Atlantic Station Project
Series 2017
12/01/2020	5.000%	1,000,000	1,037,500
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2007A
03/15/2021	5.000%	5,000,000	5,231,500
Series 2019B (Mandatory Put 12/02/24)
08/01/2049	4.000%	3,360,000	3,769,786
Monroe County Development Authority
Revenue Bonds
Georgia Power Co. Plant Scherer
Series 2015 (Mandatory Put 12/11/20)
10/01/2048	2.350%	4,000,000	4,037,440
Total			22,855,488
Illinois 17.2%
Chicago Board of Education
Unlimited General Obligation Refunding Bonds
Dedicated
Series 2017F
12/01/2019	5.000%	6,000,000	6,013,813
Chicago O’Hare International Airport^(c)
Refunding Revenue Bonds
General Senior Lien
Series 2012B AMT
01/01/2022	5.000%	5,000,000	5,371,250
Series 2013A AMT
01/01/2022	5.000%	5,675,000	6,093,815
Series 2015A AMT
01/01/2028	5.000%	2,000,000	2,307,280
Chicago Park District
Limited Tax General Obligation Refunding Bonds
Series 2014D
01/01/2020	5.000%	1,000,000	1,005,340
01/01/2021	5.000%	1,000,000	1,036,760
Chicago Transit Authority
Refunding Revenue Bonds
Federal Transit Administration Section 5307 Urbanized Area Formula Funds
Series 2015
06/01/2020	5.000%	11,250,000	11,468,587
City of Chicago
Prerefunded 01/01/20 Revenue Bonds
Series 2009A
01/01/2022	5.000%	2,090,000	2,102,519
Refunding General Obligation Unlimited Bonds
Project
Series 2014A
01/01/2020	4.000%	1,175,000	1,178,643

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

8	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2015
01/01/2020	5.000%	1,625,000	1,632,589
Unlimited General Obligation Bonds
Series 2015A
01/01/2020	5.000%	3,480,000	3,496,252
Unlimited General Obligation Notes
Series 2015A Escrowed to Maturity
01/01/2021	5.000%	5,000,000	5,213,700
Unlimited General Obligation Refunding Bonds
Project
Series 2014A Escrowed to Maturity
01/01/2021	5.000%	4,875,000	5,083,357
Series 2016C
01/01/2022	5.000%	5,000,000	5,264,100
City of Chicago^(e)
Unlimited General Obligation Refunding Bonds
Series 2009C
01/01/2022	0.000%	2,700,000	2,557,899
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2015C
01/01/2020	5.000%	1,000,000	1,005,540
01/01/2021	5.000%	1,000,000	1,040,380
Second Lien
01/01/2024	5.000%	2,200,000	2,491,830
Revenue Bonds
Second Lien
01/01/2021	3.000%	1,795,000	1,824,115
City of Chicago Waterworks
Refunding Revenue Bonds
2nd Lien
Series 2016
11/01/2019	5.000%	3,000,000	3,000,280
11/01/2020	5.000%	5,000,000	5,173,100
11/01/2021	5.000%	2,115,000	2,258,587
Series 2016
11/01/2022	5.000%	3,220,000	3,539,295
Revenue Bonds
Second Lien
Series 2012
11/01/2021	4.000%	1,500,000	1,569,795
City of Chicago Waterworks^(e)
Revenue Bonds
Capital Appreciation Senior Lien
Series 2000 Escrowed to Maturity (AMBAC)
11/01/2019	0.000%	5,550,000	5,549,834

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Granite City^(c)
Revenue Bonds
Waste Management, Inc. Project
Series 2019 AMT (Mandatory Put 05/01/20)
05/01/2027	2.200%	5,000,000	5,015,600
City of Springfield Electric
Refunding Revenue Bonds
Senior Lien
Series 2015
03/01/2020	5.000%	2,000,000	2,023,220
Cook County Community College District No. 535 Oakton
Limited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027	4.000%	1,480,000	1,642,711
County of Winnebago
Unlimited General Obligation Refunding Bonds
Public Safety Sales Tax
12/30/2024	5.000%	4,000,000	4,450,120
DeKalb County Community Unit School District No. 424 Genoa-Kingston^(e)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2001 (AMBAC)
01/01/2021	0.000%	1,500,000	1,470,750
Illinois Development Finance Authority^(e)
Revenue Bonds
Zero Regency Park
Series 1991 Escrowed to Maturity
07/15/2023	0.000%	1,890,000	1,785,124
Illinois Finance Authority^(b)
Refunding Revenue Bonds
Presbyterian Home
Series 2016 (Mandatory Put 05/01/21)
0.7 x 1-month USD LIBOR + 1.350% 05/01/2036	2.772%	2,400,000	2,405,112
Illinois Finance Authority
Refunding Revenue Bonds
Swedish Covenant Hospital
Series 2016
08/15/2020	5.000%	400,000	409,424
08/15/2021	5.000%	455,000	479,329
Kane Cook & DuPage Counties School District No. U-46 Elgin
Unlimited General Obligation Refunding Bonds
Series 2015C
01/01/2020	5.000%	1,500,000	1,508,715
Kendall Kane & Will Counties Community Unit School District No. 308^(e)
Unlimited General Obligation Bonds
Capital Appreciation-School
Series 2018 AGM
02/01/2022	0.000%	1,950,000	1,878,104

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kendall Kane & Will Counties Community Unit School District No. 308
Unlimited General Obligation Refunding Bonds
Series 2011A
02/01/2023	5.500%	2,000,000	2,237,560
Regional Transportation Authority
Revenue Bonds
Series 2003A (NPFGC)
07/01/2022	5.500%	3,470,000	3,841,464
Series 2016A
06/01/2031	5.000%	1,785,000	2,105,747
Series 2018B
06/01/2033	5.000%	1,815,000	2,216,242
State of Illinois
Unlimited General Obligation Bonds
Series 2013CR (AGM)
04/01/2021	5.000%	7,180,000	7,530,887
Series 2016
01/01/2020	5.000%	2,500,000	2,511,900
Series 2017B
11/01/2019	5.000%	5,000,000	5,000,420
Unlimited General Obligation Refunding Bonds
Series 2018-A
10/01/2021	5.000%	2,000,000	2,109,820
Unrefunded Revenue Bonds
Build Illinois
Series 2009B
06/15/2020	5.000%	1,415,000	1,418,325
University of Illinois
Refunding Revenue Bonds
Auxiliary Facilities System
Series 2013A
04/01/2026	5.000%	2,000,000	2,228,960
Total			141,548,194
Indiana 2.8%
City of Whiting^(c)
Refunding Revenue Bonds
BP Products North America
Series 2019 AMT (Mandatory Put 06/05/26)
12/01/2044	5.000%	4,200,000	4,959,402
Elkhart County Corrections Complex Building Corp.
Refunding Revenue Bonds
1st Mortgage
Series 2015
12/01/2025	4.000%	2,505,000	2,828,345
Indiana Finance Authority^(b)
Revenue Bonds
Indiana University Health
Series 2011M (Mandatory Put 07/02/21)
Muni Swap Index Yield + 0.550% 03/01/2036	1.400%	5,365,000	5,366,449

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Indiana Health & Educational Facilities Financing Authority
Revenue Bonds
Ascension Senior Credit
Series 2016 (Mandatory Put 11/02/21)
11/15/2031	1.750%	5,000,000	5,042,200
Indiana Housing & Community Development Authority^(c)
Refunding Revenue Bonds
Series 2017A-2 (GNMA) AMT
01/01/2039	4.000%	1,465,000	1,532,200
Series 2017C-2 (GNMA) AMT
01/01/2037	4.000%	1,680,000	1,757,263
Vinton-Tecumseh School Building Corp.
Revenue Bonds
1st Mortgage
Series 2018A
07/15/2036	5.000%	1,520,000	1,820,762
Total			23,306,621
Iowa 0.4%
Iowa Student Loan Liquidity Corp.^(c)
Refunding Revenue Bonds
Series 2019B AMT
12/01/2022	5.000%	400,000	441,228
12/01/2023	5.000%	580,000	657,471
Revenue Bonds
Series 2015A AMT
12/01/2022	5.000%	2,000,000	2,187,200
Total			3,285,899
Kentucky 2.0%
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2021	5.000%	1,000,000	1,045,290
06/01/2022	5.000%	1,000,000	1,073,050
Kentucky Public Energy Authority
Revenue Bonds
Gas Supply
06/01/2020	4.000%	650,000	659,152
12/01/2020	4.000%	1,070,000	1,098,077
06/01/2021	4.000%	1,065,000	1,105,065
12/01/2024	4.000%	3,000,000	3,320,400
Series 2018A (Mandatory Put 04/01/24)
04/01/2048	4.000%	3,000,000	3,270,210
Kentucky State Property & Building Commission
Refunding Revenue Bonds
Project #112
Series 2016B
11/01/2021	5.000%	3,000,000	3,216,930

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

10	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Louisville Regional Airport Authority^(c)
Refunding Revenue Bonds
Series 2014-A AMT
07/01/2022	5.000%	1,625,000	1,769,804
Total			16,557,978
Louisiana 0.5%
Parish of St. John the Baptist
Refunding Revenue Bonds
Marathon Oil Corp. Project
Series 2019 (Mandatory Put 04/01/23)
06/01/2037	2.000%	2,500,000	2,499,675
Series 2019 (Mandatory Put 07/01/24)
06/01/2037	2.100%	1,500,000	1,503,705
Total			4,003,380
Maryland 0.1%
Maryland Community Development Administration
Refunding Revenue Bonds
Series 2019B
09/01/2034	3.000%	620,000	635,891
Massachusetts 2.7%
Lowell Regional Transit Authority
Revenue Notes
RAN Series 2019
08/19/2020	2.000%	5,600,000	5,622,120
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Beth Israel Lahey Health
Series 2019
07/01/2025	5.000%	1,250,000	1,489,050
07/01/2026	5.000%	1,250,000	1,521,588
Massachusetts Educational Financing Authority^(c)
Refunding Revenue Bonds
Issue K
Series 2017A AMT
07/01/2020	4.000%	375,000	381,461
07/01/2021	4.000%	1,000,000	1,042,450
Series 2016J AMT
07/01/2020	4.000%	2,150,000	2,187,045
Series 2018B AMT
07/01/2021	5.000%	1,150,000	1,217,597
Revenue Bonds
Series 2015A AMT
01/01/2022	5.000%	3,500,000	3,762,955
Senior Revenue Bonds
Series 2019B AMT
07/01/2023	5.000%	500,000	560,485

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Massachusetts Housing Finance Agency^(c)
Refunding Revenue Bonds
Single Family
Series 2017-188 AMT
12/01/2020	1.700%	885,000	887,646
06/01/2021	1.800%	685,000	687,315
Massachusetts Housing Finance Agency
Revenue Bonds
Construction Loan Notes
Series 2017B
12/01/2021	2.050%	2,000,000	2,000,860
Massachusetts Port Authority^(c)
Refunding Revenue Bonds
BosFuel Project
Series 2019A AMT
07/01/2026	5.000%	885,000	1,064,248
Total			22,424,820
Michigan 0.5%
Michigan Finance Authority^(c)
Refunding Revenue Bonds
Student Loan
Series 2014 25-A AMT
11/01/2019	5.000%	1,250,000	1,250,112
Wayne County Airport Authority^(c)
Refunding Revenue Bonds
Junior Lien
Series 2017B AMT
12/01/2019	5.000%	500,000	501,448
12/01/2021	5.000%	1,000,000	1,071,020
12/01/2022	5.000%	1,100,000	1,213,036
Total			4,035,616
Minnesota 1.8%
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2020	4.000%	785,000	794,616
05/01/2021	4.000%	500,000	518,650
05/01/2022	4.000%	500,000	530,340
City of Minneapolis
Revenue Bonds
Housing - 1500 Nicollet Apartments Project
Series 2017 (Mandatory Put 05/01/20)
05/01/2021	3.000%	1,450,000	1,449,826

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2022	3.000%	100,000	103,086
08/01/2023	3.000%	200,000	207,538
08/01/2024	3.000%	100,000	104,178
08/01/2025	3.000%	200,000	208,582
08/01/2026	3.000%	250,000	260,390
Duluth Independent School District No. 709
Refunding Certificate of Participation
School District Credit Enhancement Project
Series 2019B
02/01/2022	5.000%	965,000	1,039,315
Hastings Independent School District No. 200^(e)
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2023	0.000%	800,000	763,976
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Fairview Health Services
Series 2017
11/15/2022	5.000%	600,000	663,996
Revenue Bonds
Millberry Apartments Project
Series 2018B (Mandatory Put 03/01/20)
03/01/2021	3.750%	3,915,000	3,916,174
Union Flats Apartments Project
Series 2017B
02/01/2022	2.750%	2,125,000	2,124,575
Minnesota Housing Finance Agency^(c)
Refunding Revenue Bonds
Residential Housing
Series 2017D (FNMA) AMT
01/01/2020	2.000%	875,000	875,079
Series 2017D (GNMA) AMT
01/01/2021	2.200%	1,380,000	1,384,264
Total			14,944,585
Mississippi 0.3%
Mississippi Development Bank
Refunding Revenue Bonds
Jackson Public School District Project
Series 2015A
04/01/2020	5.000%	1,000,000	1,015,050
State of Mississippi
Revenue Bonds
Series 2019A
10/15/2022	5.000%	750,000	830,408
10/15/2023	5.000%	750,000	854,947
Total			2,700,405

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Missouri 1.4%
Cape Girardeau County Industrial Development Authority
Refunding Revenue Bonds
SoutheastHEALTH
Series 2017
03/01/2020	5.000%	325,000	328,334
03/01/2021	5.000%	400,000	415,896
City of Springfield^(c)
Refunding Revenue Bonds
Series 2017-B AMT
07/01/2020	5.000%	2,810,000	2,874,686
Health & Educational Facilities Authority of the State of Missouri
Refunding Revenue Bonds
CoxHealth
Series 2019A
11/15/2033	5.000%	5,000,000	5,812,600
Joplin Industrial Development Authority
Refunding Revenue Bonds
Freeman Health System
Series 2015
02/15/2035	5.000%	1,820,000	2,033,450
Total			11,464,966
Nebraska 0.2%
Nebraska Investment Finance Authority
Revenue Bonds
Series 2018C
09/01/2023	2.250%	1,920,000	1,973,626
Nevada 1.4%
County of Clark Department of Aviation^(c)
Refunding Revenue Bonds
Las Vegas McCarran International Airport
Series 2017 AMT
07/01/2021	5.000%	2,500,000	2,647,400
07/01/2022	5.000%	2,240,000	2,448,813
Subordinated Series 2017A-1 AMT
07/01/2022	5.000%	3,000,000	3,279,660
Nevada Housing Division
Revenue Bonds
Desert Properties Apartments Project
06/01/2020	2.150%	2,960,000	2,972,136
Total			11,348,009
New Hampshire 0.7%
New Hampshire Business Finance Authority^(c)
Refunding Revenue Bonds
Waste Management
Series 2019 AMT (Mandatory Put 07/01/24)
07/01/2027	2.150%	1,000,000	1,006,530

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

12	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Hampshire Business Finance Authority^(b),(c)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 AMT (Mandatory Put 10/01/21)
Muni Swap Index Yield + 0.750% 10/01/2033	1.870%	5,000,000	4,990,800
Total			5,997,330
New Jersey 6.3%
City of Atlantic City
Unlimited General Obligation Bonds
Tax Appeal
Series 2017B (AGM)
03/01/2020	5.000%	400,000	404,364
03/01/2021	5.000%	650,000	678,672
03/01/2022	5.000%	500,000	538,695
Garden State Preservation Trust^(e)
Revenue Bonds
Capital Appreciation
Series 2003B (AGM)
11/01/2022	0.000%	5,000,000	4,786,700
New Jersey Economic Development Authority
Refunding Revenue Bonds
School Facilities Construction
Series 2013
03/01/2023	5.000%	2,520,000	2,784,424
Series 2015XX
06/15/2026	4.250%	2,355,000	2,579,997
Series 2017B
11/01/2022	5.000%	2,285,000	2,507,376
Revenue Bonds
Series 2017DDD
06/15/2020	5.000%	500,000	510,675
New Jersey Health Care Facilities Financing Authority
Refunding Revenue Bonds
Hospital Asset Transformation Program
Series 2017
10/01/2031	5.000%	2,000,000	2,334,720
Princeton HealthCare System
Series 2016
07/01/2020	5.000%	650,000	666,094
New Jersey Higher Education Student Assistance Authority^(c)
Refunding Revenue Bonds
Series 2018B AMT
12/01/2020	5.000%	1,500,000	1,557,915
Revenue Bonds
Series 2013-1A AMT
12/01/2019	5.000%	3,500,000	3,509,783
Series 2015-1A AMT
12/01/2019	5.000%	2,500,000	2,506,988

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2016-1A AMT
12/01/2020	5.000%	1,250,000	1,298,262
Series 2017-1A AMT
12/01/2023	5.000%	2,100,000	2,379,615
New Jersey Higher Education Student Assistance Authority
Refunding Revenue Bonds
Series 2019A
12/01/2029	2.375%	1,000,000	1,009,230
Revenue Bonds
Series 2015-1A AMT
12/01/2027	4.000%	4,000,000	4,380,600
New Jersey Housing & Mortgage Finance Agency
Refunding Revenue Bonds
Series 2017B
05/01/2021	2.000%	7,675,000	7,741,235
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Federal Highway Reimbursement
Series 2018
06/15/2022	5.000%	3,000,000	3,266,280
Revenue Bonds
Transportation System
Series 1999A
06/15/2020	5.750%	2,570,000	2,636,614
Series 2006A (AGM)
12/15/2020	5.250%	2,360,000	2,459,781
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2022	5.000%	1,000,000	1,085,420
Total			51,623,440
New York 11.2%
Avoca Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020	2.000%	5,000,000	5,020,050
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2019
06/18/2020	2.250%	7,000,000	7,031,430
St. Lawrence and Lewis Counties
RAN Series 2019
06/19/2020	2.250%	5,500,000	5,524,805
City of Poughkeepsie
Limited General Obligation Notes
BAN Series 2019A
05/02/2020	3.000%	1,410,000	1,416,810

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Gilboa-Conesville Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020	2.000%	2,973,500	2,981,558
Gloversville Enlarged School District
Unlimited General Obligation Notes
Fulton County
BAN Series 2019A
10/16/2020	1.750%	5,000,000	5,022,800
Housing Development Corp.
Revenue Bonds
Series 2017C-2
07/01/2021	1.700%	3,000,000	3,000,750
Sustainable Neighborhood
Series 2017G (Mandatory Put 12/31/21)
11/01/2057	2.000%	3,000,000	3,013,200
Jasper-Troupsberg Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020	2.000%	2,750,000	2,757,452
Metropolitan Transportation Authority
Revenue Bonds
BAN Series 2018B-1J
05/15/2020	5.000%	5,250,000	5,350,380
New York Transportation Development Corp.^(c)
Refunding Revenue Bonds
Terminal One Group Association
Series 2015 AMT
01/01/2021	5.000%	5,500,000	5,714,940
Revenue Bonds
Delta Air Lines, Inc., LaGuardia
Series 2018 AMT
01/01/2022	5.000%	3,290,000	3,526,979
01/01/2034	5.000%	2,500,000	2,981,100
Owego Apalachin Central School District
Unlimited General Obligation Notes
RAN Series 2019A
06/26/2020	2.000%	2,500,000	2,502,175
Port Authority of New York & New Jersey^(c)
Revenue Bonds
Series 2011-106 AMT
10/15/2021	5.000%	2,250,000	2,409,548
Rome City School District
Unlimited General Obligation Notes
BAN Series 2019
07/30/2020	2.000%	3,610,958	3,624,571
State of New York Mortgage Agency^(c)
Refunding Revenue Bonds
Series 2014-189 AMT
04/01/2021	2.450%	1,000,000	1,008,930

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2017-206 AMT
04/01/2020	1.500%	1,340,000	1,338,794
10/01/2020	1.600%	1,490,000	1,488,391
04/01/2021	1.700%	1,730,000	1,728,460
10/01/2021	1.800%	1,165,000	1,167,447
04/01/2022	1.950%	1,300,000	1,305,564
Revenue Bonds
55th Series 2017 AMT
04/01/2020	1.750%	960,000	960,499
10/01/2020	1.800%	1,725,000	1,726,535
04/01/2021	1.950%	1,815,000	1,820,917
10/01/2021	2.050%	505,000	508,232
Town of East Fishkill
Limited General Obligation Notes
BAN Series 2019A
07/23/2020	2.000%	4,250,000	4,265,300
TSASC, Inc.
Refunding Revenue Bonds
Series 2017A
06/01/2020	5.000%	1,000,000	1,020,420
Village of Springville
Limited General Obligation Notes
BAN Series 2019
07/02/2020	2.000%	4,626,000	4,644,088
West Islip Fire District
Limited General Obligation Notes
BAN Series 2019
07/10/2020	2.000%	4,205,000	4,219,970
Westchester County Healthcare Corp.
Revenue Bonds
Senior Lien
Series 2010B
11/01/2019	5.000%	3,135,000	3,135,283
Total			92,217,378
North Carolina 0.6%
North Carolina Housing Finance Agency^(c)
Refunding Revenue Bonds
Series 2016-37A AMT
07/01/2039	3.500%	1,465,000	1,521,446
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
01/01/2025	5.000%	1,500,000	1,748,985
01/01/2025	5.000%	1,110,000	1,294,249
Total			4,564,680

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

14	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Dakota 0.3%
North Dakota Housing Finance Agency
Refunding Revenue Bonds
Housing and Home Mortgage Finance Program
Series 2017
01/01/2020	1.750%	900,000	900,000
07/01/2020	1.850%	730,000	732,044
01/01/2021	1.950%	645,000	648,554
Total			2,280,598
Ohio 0.4%
City of Cleveland Airport System^(c)
Refunding Revenue Bonds
Series 2019-B AMT
01/01/2024	5.000%	1,200,000	1,365,396
Ohio Housing Finance Agency
Refunding Revenue Bonds
Housing and Urban Development Corp., Ltd.
Series 2018A
04/01/2021	3.000%	2,110,000	2,154,690
Revenue Bonds
Series 2010-1 (GNMA / FNMA)
11/01/2028	5.000%	10,000	10,150
Total			3,530,236
Oklahoma 0.2%
Cleveland County Educational Facilities Authority
Revenue Bonds
Moore Public Schools Project
Series 2016
06/01/2020	5.000%	500,000	510,645
Oklahoma County Finance Authority
Revenue Bonds
Midwest City Public Schools
Series 2018
10/01/2022	5.000%	1,000,000	1,105,240
Total			1,615,885
Oregon 0.1%
County of Gilliam^(c)
Revenue Bonds
Waste Management
Series 2019A AMT (Mandatory Put 05/02/22)
08/01/2025	2.400%	1,000,000	1,008,870
Pennsylvania 3.8%
City of Philadelphia Airport^(c)
Refunding Revenue Bonds
Series 2011A AMT
06/15/2023	5.000%	1,540,000	1,628,365
Series 2017B AMT
07/01/2022	5.000%	500,000	546,750

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2020	5.000%	1,000,000	1,020,480
Pennsylvania Economic Development Financing Authority^(c)
Revenue Bonds
PA Bridges Finco LP
Series 2015 AMT
12/31/2021	5.000%	1,170,000	1,246,319
06/30/2022	5.000%	5,000,000	5,393,500
Waste Management, Inc. Project
Series 2017A AMT (Mandatory Put 08/03/20)
08/01/2037	1.700%	2,000,000	2,002,060
Pennsylvania Housing Finance Agency^(c)
Refunding Revenue Bonds
Series 2017-124A AMT
04/01/2020	1.450%	1,000,000	998,900
10/01/2020	1.550%	1,000,000	998,470
04/01/2021	1.650%	1,000,000	999,110
10/01/2021	1.750%	725,000	725,573
Pennsylvania Housing Finance Agency
Revenue Bonds
Series 2019-129
10/01/2034	2.950%	1,500,000	1,544,565
Pennsylvania Turnpike Commission^(b)
Refunding Revenue Bonds
Series 2018A-1
Muni Swap Index Yield + 0.600% 12/01/2023	1.720%	5,000,000	5,019,200
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Subordinated Series 2017B-2
06/01/2031	5.000%	1,000,000	1,202,630
Subordinated Series 2017B-2 (AGM)
ASSURED GUARANTY MUNICIPAL CORP
06/01/2035	5.000%	2,275,000	2,752,454
Quakertown General Authority
Refunding Revenue Bonds
USDA Loan Anticipation Notes
Series 2017
07/01/2021	3.125%	2,500,000	2,498,125
Redevelopment Authority of the City of Philadelphia^(c)
Refunding Revenue Bonds
Series 2015B AMT
04/15/2020	5.000%	1,425,000	1,446,361
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2022	5.000%	560,000	615,994
09/01/2023	5.000%	450,000	509,481
Total			31,148,337

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Rhode Island 0.7%
Rhode Island Health & Educational Building Corp.
Refunding Revenue Bonds
Hospital Financing - Lifespan Obligation
Series 2016G
05/15/2022	5.000%	1,250,000	1,353,025
Rhode Island Student Loan Authority^(c)
Refunding Revenue Bonds
Series 2018A AMT
12/01/2022	5.000%	1,300,000	1,427,829
Revenue Bonds
Senior Program
Series 2019A AMT
12/01/2023	5.000%	650,000	732,440
12/01/2024	5.000%	875,000	1,007,965
12/01/2035	2.875%	1,500,000	1,551,645
Total			6,072,904
South Carolina 1.3%
South Carolina Jobs-Economic Development Authority^(d)
Revenue Bonds
Royal Live Oaks Academy Project
Series 2018
08/01/2020	3.000%	2,700,000	2,704,752
South Carolina Ports Authority^(c)
Revenue Bonds
Series 2018 AMT
07/01/2020	5.000%	500,000	511,910
07/01/2024	5.000%	850,000	984,300
South Carolina State Housing Finance & Development Authority^(c)
Refunding Revenue Bonds
Series 2016B-2 AMT
07/01/2043	4.000%	3,260,000	3,452,731
South Carolina Transportation Infrastructure Bank
Prerefunded 10/01/21 Revenue Bonds
Series 2012
10/01/2027	5.000%	3,000,000	3,216,180
Total			10,869,873
Tennessee 1.2%
Memphis Health Educational & Housing Facility Board
Revenue Bonds
Forum Flats Apartments Project
Series 2017
12/01/2020	1.800%	1,350,000	1,350,351
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
East Webster Street Apartments
Series 2018 (Mandatory Put 04/01/20)
04/01/2021	2.050%	1,250,000	1,254,537

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tennessee Energy Acquisition Corp.
Revenue Bonds
Series 2006C
02/01/2020	5.000%	4,300,000	4,335,002
Series 2018 (Mandatory Put 11/01/25)
11/01/2049	4.000%	2,500,000	2,757,325
Total			9,697,215
Texas 4.0%
City of Houston
Limited General Obligation Refunding & Public Improvement Bonds
Series 2013A
03/01/2023	5.000%	4,845,000	5,426,788
City of Houston Airport System^(c)
Refunding Revenue Bonds
Subordinated Series 2018 Class C AMT
07/01/2027	5.000%	1,890,000	2,323,188
Houston Independent School District Public Facility Corp.^(e)
Revenue Bonds
Capital Appreciation-Cesar E. Chavez
Series 1998A (AMBAC)
09/15/2020	0.000%	2,685,000	2,654,660
Lewisville Independent School District^(e)
Unlimited General Obligation Refunding Bonds
Series 2014B
08/15/2022	0.000%	3,175,000	3,043,491
Matagorda County Navigation District No. 1^(c)
Refunding Revenue Bonds
Central Power and Light Co.
Series 2017 AMT (Mandatory Put 09/01/20)
05/01/2030	1.750%	4,000,000	4,007,160
New Hope Cultural Education Facilities Finance Corp.
Revenue Bonds
Texas A&M University Cain Hall Redevelopment Project
Series 2016
04/01/2036	5.000%	1,545,000	1,825,371
State of Texas^(c)
Unlimited General Obligation Bonds
Series 2014 AMT
08/01/2023	6.000%	3,475,000	4,064,742
Unlimited General Obligation Refunding Bonds
College Student Loan
Series 2018 AMT
08/01/2020	4.000%	3,000,000	3,059,310
Texas Department of Housing & Community Affairs
Revenue Bonds
EMLI Liberty Crossing Housing
Series 2017
12/01/2020	1.800%	3,600,000	3,600,792

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

16	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Travis County Housing Finance Corp.
Revenue Bonds
McKinney Falls Apartments
Series 2018 (Mandatory Put 04/01/20)
04/01/2021	2.000%	2,500,000	2,506,950
Total			32,512,452
Utah 0.8%
County of Utah
Revenue Bonds
IHC Health Services, Inc.
Series 2018B (Mandatory Put 08/01/22)
05/15/2056	5.000%	3,750,000	4,083,338
Salt Lake City Corp. Airport^(c)
Revenue Bonds
Series 2017A AMT
07/01/2032	5.000%	2,105,000	2,528,210
Total			6,611,548
Vermont 1.2%
Vermont Economic Development Authority
Revenue Bonds
Bennington College Real Estate Project
RAN Series 2017
07/01/2020	2.000%	10,000,000	9,985,300
Virgin Islands, U.S. 0.1%
Virgin Islands Public Finance Authority^(d),(f)
Revenue Bonds
Series 2015
09/01/2020	5.000%	750,000	766,365
Virginia 1.0%
Wise County Industrial Development Authority
Revenue Bonds
Series 2015A (Mandatory Put 09/01/20)
10/01/2040	2.150%	3,375,000	3,396,499
Virginia Electric & Power Co.
Series 2015A (Mandatory Put 06/01/20)
11/01/2040	1.875%	5,000,000	5,014,400
Total			8,410,899
Washington 1.6%
Port of Seattle^(c)
Revenue Bonds
Intermediate Lien
Series 2019 AMT
04/01/2021	5.000%	1,000,000	1,051,600
04/01/2022	5.000%	2,000,000	2,170,540
04/01/2023	5.000%	2,000,000	2,232,480
Series 2018B AMT
05/01/2023	5.000%	2,000,000	2,237,960

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Washington
Unlimited General Obligation Bonds
Various Purpose
Series 2013D
02/01/2027	3.000%	1,925,000	2,016,611
Washington State Housing Finance Commission^(c)
Refunding Revenue Bonds
Single Family Program
Series 2015 AMT
12/01/2022	2.600%	1,030,000	1,056,904
Series 2017 AMT
06/01/2039	4.000%	980,000	1,033,655
Washington State Housing Finance Commission
Revenue Bonds
Series 2010A (GNMA / FNMA / FHLMC)
10/01/2028	4.700%	50,000	50,446
Transforming Age Projects
Series 2019
01/01/2026	2.375%	1,500,000	1,501,305
Total			13,351,501
Wisconsin 1.0%
Wisconsin Health & Educational Facilities Authority
Revenue Bonds
Tomah Memorial Hospital, Inc.
BAN Series 2017A
11/01/2020	2.650%	2,200,000	2,200,704
Wisconsin Housing & Economic Development Authority^(c)
Refunding Revenue Bonds
Series 2015A AMT
03/01/2020	2.150%	1,795,000	1,797,872
Series 2017B (FHA) AMT
03/01/2020	1.600%	350,000	350,119
03/01/2021	1.850%	525,000	526,397
09/01/2022	2.150%	870,000	879,344
Revenue Bonds
Series 2018A AMT
03/01/2021	2.250%	390,000	392,870
03/01/2022	2.500%	1,265,000	1,286,075
09/01/2022	2.600%	710,000	724,619
Total			8,158,000
Total Municipal Bonds (Cost $718,002,040)			725,012,597

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Short Term 11.1%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
California 0.2%
California Pollution Control Financing Authority^(c),(d)
Refunding Revenue Bonds
Republic Services, Inc.
Series 2010A AMT
08/01/2023	1.450%	2,000,000	2,000,000
Florida 0.8%
Florida Development Finance Corp.^(c)
Revenue Notes
Virgin Trains USA Pass
Series 2019 AMT (Mandatory Put 03/17/20)
01/01/2049	1.890%	6,685,000	6,693,222
Illinois 0.2%
Chicago Board of Education
Unlimited General Obligation Refunding Bonds
Series 2018C
12/01/2019	2.270%	1,700,000	1,703,914
Indiana 0.4%
Indiana Finance Authority^(c)
Revenue Bonds
Republic Services, Inc. Project
Series 2012 AMT
12/01/2037	1.400%	3,000,000	3,000,090
Massachusetts 2.1%
Brockton Area Transit Authority
Revenue Notes
Transit Authority
RAN Series 2019
07/30/2020	1.500%	6,300,000	6,322,806
Cape Cod Regional Transit Authority
Revenue Notes
RAN Series 2019
07/24/2020	1.540%	7,600,000	7,624,700
Greater Attleboro-Taunton Regional Transit Authority
Revenue Notes
RAN Series 2019
08/21/2020	1.430%	3,200,000	3,214,528
Total			17,162,034
New Jersey 0.4%
City of Newark
Unlimited General Obligation Notes
Tax Appeal
12/20/2019	1.340%	3,000,000	3,008,828

Municipal Short Term (continued)
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
New York 4.3%
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2019
06/19/2020	1.530%	3,520,000	3,535,875
09/29/2020	1.590%	7,000,000	7,025,830
Board of Cooperative Educational Services of Second Supervisory District
Revenue Notes
RAN Series 2019
06/30/2020	1.450%	6,900,000	6,924,909
Brookfield Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020	1.520%	2,648,748	2,656,774
Caledonia-Mumford Central School District
Unlimited General Obligation Notes
Series 2019
06/26/2020	1.470%	2,830,000	2,839,509
Springville-Griffith Institute Central School District
Unlimited General Obligation Notes
BAN Series 2019
08/21/2020	1.450%	2,395,517	2,406,009
Town of Elma
Limited General Obligation Notes
BAN Series 2019
08/06/2020	1.630%	1,897,000	1,902,141
Utica School District
Unlimited General Obligation Notes
BAN Series 2019
07/17/2020	1.120%	7,975,000	8,024,525
Total			35,315,572
Pennsylvania 1.0%
Pennsylvania Economic Development Financing Authority^(c)
Revenue Bonds
Republic Services, Inc. Project
Series 2019 AMT (Mandatory Put 01/15/20)
04/01/2049	1.450%	5,000,000	5,000,300
School District of Philadelphia (The)
Tax & Revenue Anticipation Note
Series 2019C
03/31/2020	1.400%	3,500,000	3,537,625
Total			8,537,925
Texas 0.2%
Mission Economic Development Corp.^(c)
Refunding Revenue Bonds
Republic Services, Inc. Project
Series 2019 AMT
01/01/2026	1.450%	2,000,000	2,000,000

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

18	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Short Term (continued)
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Wisconsin 1.5%
Public Finance Authority^(c),(g)
Revenue Bonds
Waste Management, Inc.
Series 2019 AMT (Mandatory Put 02/03/20)
10/01/2025	1.450%	12,000,000	12,000,000
Total Municipal Short Term (Cost $91,365,831)			91,421,585

Money Market Funds 1.1%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(h)	87,404	87,413
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(h)	8,400,964	8,400,964
Total Money Market Funds (Cost $8,488,360)		8,488,377
Total Investments in Securities (Cost $821,346,231)		828,412,559
Other Assets & Liabilities, Net		(6,577,845)
Net Assets		$821,834,714

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Variable rate security. The interest rate shown was the current rate as of October 31, 2019.
(c)	Income from this security may be subject to alternative minimum tax.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 October 31, 2019, the total value of these securities amounted to $6,752,410, which represents 0.82% of total net assets.
(e)	Zero coupon bond.
(f)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At October 31, 2019, the total value of these securities amounted to $766,365, which represents 0.09% of total net assets.
(g)	Represents a security purchased on a when-issued basis.
(h)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
FHA	Federal Housing Authority
FHLMC	Federal Home Loan Mortgage Corporation
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Fair value measurements

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

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

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

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

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.

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	3,490,000	—	3,490,000
Municipal Bonds	—	725,012,597	—	725,012,597
Municipal Short Term	—	91,421,585	—	91,421,585
Money Market Funds	8,488,377	—	—	8,488,377
Total Investments in Securities	8,488,377	819,924,182	—	828,412,559

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

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

20	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $821,346,231)	$828,412,559
Receivable for:
Investments sold	691,240
Capital shares sold	386,288
Interest	8,554,346
Expense reimbursement due from Investment Manager	3,097
Prepaid expenses	4,504
Total assets	838,052,034
Liabilities
Due to custodian	2,422
Payable for:
Investments purchased	4,448,120
Investments purchased on a delayed delivery basis	7,000,000
Capital shares purchased	3,209,939
Distributions to shareholders	1,313,150
Management services fees	9,666
Distribution and/or service fees	584
Transfer agent fees	21,967
Compensation of board members	163,423
Compensation of chief compliance officer	104
Other expenses	47,945
Total liabilities	16,217,320
Net assets applicable to outstanding capital stock	$821,834,714
Represented by
Paid in capital	820,072,711
Total distributable earnings (loss)	1,762,003
Total - representing net assets applicable to outstanding capital stock	$821,834,714
Class A
Net assets	$69,085,864
Shares outstanding	6,632,419
Net asset value per share	$10.42
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)	$10.53
Advisor Class
Net assets	$3,722,366
Shares outstanding	356,927
Net asset value per share	$10.43
Class C
Net assets	$4,330,302
Shares outstanding	416,019
Net asset value per share	$10.41
Institutional Class
Net assets	$106,251,778
Shares outstanding	10,200,733
Net asset value per share	$10.42
Institutional 2 Class
Net assets	$21,047,720
Shares outstanding	2,021,586
Net asset value per share	$10.41
Institutional 3 Class
Net assets	$617,396,684
Shares outstanding	59,298,652
Net asset value per share	$10.41

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

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Statement of Operations
Six Months Ended October 31, 2019 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$36,546
Interest	9,356,079
Total income	9,392,625
Expenses:
Management services fees	1,837,855
Distribution and/or service fees
Class A	85,872
Class C	26,405
Transfer agent fees
Class A	32,736
Advisor Class	1,616
Class C	2,524
Institutional Class	49,807
Institutional 2 Class	6,807
Institutional 3 Class	25,212
Compensation of board members	17,819
Custodian fees	5,563
Printing and postage fees	9,106
Registration fees	61,222
Audit fees	17,171
Legal fees	8,831
Compensation of chief compliance officer	104
Other	11,435
Total expenses	2,200,085
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(627,937)
Fees waived by transfer agent
Institutional 2 Class	(188)
Institutional 3 Class	(8,259)
Expense reduction	(20)
Total net expenses	1,563,681
Net investment income	7,828,944
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	208,509
Net realized gain	208,509
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	5,609,199
Net change in unrealized appreciation (depreciation)	5,609,199
Net realized and unrealized gain	5,817,708
Net increase in net assets resulting from operations	$13,646,652

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

22	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	959,074	9,983,906	5,549,430	57,137,206
Distributions reinvested	43,925	457,554	91,113	938,366
Redemptions	(975,092)	(10,149,881)	(7,183,034)	(73,938,052)
Net increase (decrease)	27,907	291,579	(1,542,491)	(15,862,480)
Advisor Class
Subscriptions	216,598	2,254,523	341,970	3,523,934
Distributions reinvested	874	9,122	1,462	15,076
Redemptions	(56,149)	(584,950)	(206,901)	(2,134,146)
Net increase	161,323	1,678,695	136,531	1,404,864
Class C
Subscriptions	25,754	267,632	196,085	2,012,868
Distributions reinvested	1,647	17,144	3,945	40,613
Redemptions	(222,641)	(2,315,538)	(595,991)	(6,136,830)
Net decrease	(195,240)	(2,030,762)	(395,961)	(4,083,349)
Institutional Class
Subscriptions	1,728,387	18,010,420	4,294,471	44,184,155
Distributions reinvested	77,243	804,618	145,824	1,502,190
Redemptions	(1,682,641)	(17,517,231)	(5,347,389)	(55,060,061)
Net increase (decrease)	122,989	1,297,807	(907,094)	(9,373,716)
Institutional 2 Class
Subscriptions	298,160	3,105,520	1,969,551	20,327,164
Distributions reinvested	11,483	119,535	17,250	177,688
Redemptions	(929,408)	(9,686,551)	(1,179,839)	(12,137,714)
Net increase (decrease)	(619,765)	(6,461,496)	806,962	8,367,138
Institutional 3 Class
Subscriptions	786,402	8,186,743	3,780,277	38,902,377
Distributions reinvested	2,919	30,405	5,028	51,775
Redemptions	(6,296,927)	(65,534,056)	(27,872,296)	(286,616,642)
Net decrease	(5,507,606)	(57,316,908)	(24,086,991)	(247,662,490)
Total net decrease	(6,010,392)	(62,541,085)	(25,989,044)	(267,210,033)

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

24	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Financial Highlights

	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 10/31/2019 (Unaudited)	$10.35	0.08	0.07	0.15	(0.08)	(0.08)
Year Ended 4/30/2019	$10.26	0.15	0.09	0.24	(0.15)	(0.15)
Year Ended 4/30/2018	$10.36	0.11	(0.09)	0.02	(0.12)	(0.12)
Year Ended 4/30/2017	$10.43	0.09	(0.06)	0.03	(0.10)	(0.10)
Year Ended 4/30/2016	$10.42	0.07	0.01	0.08	(0.07)	(0.07)
Year Ended 4/30/2015	$10.48	0.08	(0.06)	0.02	(0.08)	(0.08)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.36	0.09	0.08	0.17	(0.10)	(0.10)
Year Ended 4/30/2019	$10.27	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.36	0.14	(0.09)	0.05	(0.14)	(0.14)
Year Ended 4/30/2017	$10.43	0.12	(0.07)	0.05	(0.12)	(0.12)
Year Ended 4/30/2016	$10.41	0.09	0.02	0.11	(0.09)	(0.09)
Year Ended 4/30/2015	$10.47	0.11	(0.06)	0.05	(0.11)	(0.11)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.34	0.04	0.07	0.11	(0.04)	(0.04)
Year Ended 4/30/2019	$10.25	0.07	0.10	0.17	(0.08)	(0.08)
Year Ended 4/30/2018	$10.35	0.03	(0.09)	(0.06)	(0.04)	(0.04)
Year Ended 4/30/2017	$10.42	0.01	(0.06)	(0.05)	(0.02)	(0.02)
Year Ended 4/30/2016	$10.42	(0.01)	0.01	0.00^(e)	(0.00)^(e)	(0.00)^(e)
Year Ended 4/30/2015	$10.48	0.00^(e)	(0.06)	(0.06)	(0.00)^(e)	(0.00)^(e)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.35	0.09	0.08	0.17	(0.10)	(0.10)
Year Ended 4/30/2019	$10.26	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.36	0.13	(0.09)	0.04	(0.14)	(0.14)
Year Ended 4/30/2017	$10.43	0.12	(0.07)	0.05	(0.12)	(0.12)
Year Ended 4/30/2016	$10.42	0.09	0.01	0.10	(0.09)	(0.09)
Year Ended 4/30/2015	$10.48	0.11	(0.06)	0.05	(0.11)	(0.11)
Institutional 2 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.35	0.10	0.06	0.16	(0.10)	(0.10)
Year Ended 4/30/2019	$10.26	0.18	0.09	0.27	(0.18)	(0.18)
Year Ended 4/30/2018	$10.35	0.15	(0.09)	0.06	(0.15)	(0.15)
Year Ended 4/30/2017	$10.42	0.13	(0.07)	0.06	(0.13)	(0.13)
Year Ended 4/30/2016	$10.41	0.10	0.01	0.11	(0.10)	(0.10)
Year Ended 4/30/2015	$10.47	0.12	(0.06)	0.06	(0.12)	(0.12)

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

26	Columbia Short Term Municipal 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 10/31/2019 (Unaudited)	$10.42	1.48%	0.81%^(c)	0.66%^(c),(d)	1.53%^(c)	25%	$69,086
Year Ended 4/30/2019	$10.35	2.39%	0.81%	0.66%^(d)	1.44%	55%	$68,355
Year Ended 4/30/2018	$10.26	0.16%	0.81%	0.67%^(d)	1.08%	36%	$83,580
Year Ended 4/30/2017	$10.36	0.26%	0.86%	0.71%^(d)	0.86%	46%	$106,751
Year Ended 4/30/2016	$10.43	0.74%	0.89%	0.72%^(d)	0.64%	37%	$127,769
Year Ended 4/30/2015	$10.42	0.22%	0.89%	0.73%^(d)	0.79%	28%	$130,876
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.43	1.61%	0.56%^(c)	0.41%^(c),(d)	1.78%^(c)	25%	$3,722
Year Ended 4/30/2019	$10.36	2.64%	0.56%	0.41%^(d)	1.74%	55%	$2,027
Year Ended 4/30/2018	$10.27	0.51%	0.56%	0.42%^(d)	1.33%	36%	$607
Year Ended 4/30/2017	$10.36	0.51%	0.62%	0.45%^(d)	1.15%	46%	$1,041
Year Ended 4/30/2016	$10.43	1.09%	0.64%	0.47%^(d)	0.89%	37%	$544
Year Ended 4/30/2015	$10.41	0.47%	0.65%	0.48%^(d)	1.04%	28%	$568
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.41	1.10%	1.56%^(c)	1.41%^(c),(d)	0.78%^(c)	25%	$4,330
Year Ended 4/30/2019	$10.34	1.62%	1.55%	1.41%^(d)	0.69%	55%	$6,322
Year Ended 4/30/2018	$10.25	(0.59%)	1.56%	1.42%^(d)	0.33%	36%	$10,327
Year Ended 4/30/2017	$10.35	(0.48%)	1.61%	1.46%^(d)	0.11%	46%	$14,630
Year Ended 4/30/2016	$10.42	0.00%^(e)	1.64%	1.47%^(d)	(0.10%)	37%	$19,074
Year Ended 4/30/2015	$10.42	(0.53%)	1.64%	1.48%^(d)	0.04%	28%	$21,184
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.42	1.61%	0.56%^(c)	0.41%^(c),(d)	1.78%^(c)	25%	$106,252
Year Ended 4/30/2019	$10.35	2.64%	0.56%	0.41%^(d)	1.70%	55%	$104,300
Year Ended 4/30/2018	$10.26	0.40%	0.58%	0.44%^(d)	1.21%	36%	$112,699
Year Ended 4/30/2017	$10.36	0.51%	0.61%	0.46%^(d)	1.11%	46%	$1,366,779
Year Ended 4/30/2016	$10.43	0.99%	0.64%	0.47%^(d)	0.89%	37%	$1,623,807
Year Ended 4/30/2015	$10.42	0.47%	0.64%	0.48%^(d)	1.04%	28%	$1,699,650
Institutional 2 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.41	1.53%	0.52%^(c)	0.36%^(c)	1.83%^(c)	25%	$21,048
Year Ended 4/30/2019	$10.35	2.69%	0.51%	0.36%	1.76%	55%	$27,329
Year Ended 4/30/2018	$10.26	0.55%	0.51%	0.37%	1.41%	36%	$18,813
Year Ended 4/30/2017	$10.35	0.61%	0.50%	0.36%	1.21%	46%	$14,452
Year Ended 4/30/2016	$10.42	1.10%	0.49%	0.37%	1.00%	37%	$22,159
Year Ended 4/30/2015	$10.41	0.57%	0.49%	0.38%	1.14%	28%	$15,024

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

Columbia Short Term Municipal 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 10/31/2019 (Unaudited)	$10.35	0.10	0.06	0.16	(0.10)	(0.10)
Year Ended 4/30/2019	$10.25	0.18	0.11	0.29	(0.19)	(0.19)
Year Ended 4/30/2018	$10.36	0.15	(0.11)	0.04	(0.15)	(0.15)
Year Ended 4/30/2017^(f)	$10.35	0.02	0.01^(g)	0.03	(0.02)	(0.02)

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.
(f)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

28	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

30	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Guarantees and indemnifications

Recent accounting pronouncement

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

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 October 31, 2019 was 0.43% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

32	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective September 1, 2019 through August 31, 2020, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.

For the six months ended October 31, 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	0.10
Advisor Class	0.10
Class C	0.10
Institutional Class	0.10
Institutional 2 Class	0.06
Institutional 3 Class	0.01

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	1.00	0.50^(a)	24,577
Class C	—	1.00^(b)	325

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2019 through August 31, 2020	Prior to September 1, 2019
Class A	0.67%	0.67%
Advisor Class	0.42	0.42
Class C	1.42	1.42
Institutional Class	0.42	0.42
Institutional 2 Class	0.37	0.36
Institutional 3 Class	0.32	0.32

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, effective September 1, 2019 through August 31, 2020, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
821,346,000	7,512,000	(446,000)	7,066,000

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

34	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

No expiration short-term ($)	No expiration long-term ($)	Total ($)
718,691	4,928,962	5,647,653

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $189,449,898 and $257,698,008, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 8. Significant risks

Credit risk

Interest rate risk

Liquidity risk

Municipal securities risk

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

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 77.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

36	Columbia Short Term Municipal 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 Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

38	Columbia Short Term Municipal Bond Fund \| Semiannual Report 2019

Investment performance

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.

Columbia Short Term Municipal Bond Fund | Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia Virginia Intermediate Municipal Bond 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	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	20
Approval of Management Agreement	27

Columbia Virginia Intermediate Municipal 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

Quarterly schedule of investments

Additional Fund information

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 Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/05/89	2.80	7.47	2.16	2.93
	Including sales charges		-0.32	4.24	1.54	2.61
Advisor Class*		03/19/13	2.93	7.73	2.42	3.19
Class C	Excluding sales charges	06/17/92	2.51	6.77	1.40	2.17
	Including sales charges		1.51	5.77	1.40	2.17
Institutional Class		09/20/89	2.93	7.74	2.40	3.17
Institutional 3 Class*		03/01/17	2.97	7.83	2.47	3.21
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	11.8
AA rating	59.8
A rating	16.1
BBB rating	5.8
BB rating	0.6
Not rated	5.9
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,028.00	1,021.06	4.13	4.12	0.81
Advisor Class	1,000.00	1,000.00	1,029.30	1,022.32	2.86	2.85	0.56
Class C	1,000.00	1,000.00	1,025.10	1,017.29	7.94	7.91	1.56
Institutional Class	1,000.00	1,000.00	1,029.30	1,022.32	2.86	2.85	0.56
Institutional 3 Class	1,000.00	1,000.00	1,029.70	1,022.77	2.40	2.39	0.47

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 96.9%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 7.1%
Capital Region Airport Commission
Refunding Revenue Bonds
Series 2016A
07/01/2034	4.000%	1,125,000	1,249,301
Metropolitan Washington Airports Authority^(a)
Refunding Revenue Bonds
Airport System
Series 2019A AMT
10/01/2033	5.000%	2,000,000	2,499,840
Metropolitan Washington Airports Authority
Revenue Bonds
Series 2010A
10/01/2023	5.000%	2,475,000	2,563,358
10/01/2027	5.000%	1,515,000	1,567,964
Norfolk Airport Authority
Refunding Revenue Bonds
Series 2011 (AGM)
07/01/2024	5.000%	1,000,000	1,060,140
Revenue Bonds
Series 2019
07/01/2033	5.000%	1,000,000	1,269,910
Total			10,210,513
Higher Education 9.0%
Amherst Industrial Development Authority
Refunding Revenue Bonds
Educational Facilities Sweet Briar Institute
Series 2006
09/01/2026	5.000%	895,000	895,224
Virginia College Building Authority
Refunding Revenue Bonds
University of Richmond Project
Series 2011A
03/01/2022	5.000%	1,245,000	1,308,582
Revenue Bonds
Liberty University Projects
Series 2010
03/01/2022	5.000%	1,455,000	1,472,809
03/01/2023	5.000%	2,000,000	2,024,280
Washington & Lee University Project
Series 1998 (NPFGC)
01/01/2026	5.250%	3,115,000	3,609,787
Virginia Commonwealth University
Refunding Revenue Bonds
General Pledge
Series 2018-A
11/01/2031	5.000%	400,000	511,192

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Virginia Polytechnic Institute & State University
Revenue Bonds
General Dorm and Dining Hall
Series 2015A
06/01/2027	4.000%	2,650,000	2,993,996
Total			12,815,870
Hospital 11.8%
Chesapeake Hospital Authority
Refunding Revenue Bonds
Chesapeake Regional Medical Center
Series 2019
07/01/2035	4.000%	500,000	573,535
Fairfax County Industrial Development Authority
Refunding Revenue Bonds
Inova Health System
Series 2018
05/15/2026	5.000%	1,500,000	1,837,635
Fredericksburg Economic Development Authority
Refunding Revenue Bonds
MediCorp Health Systems Obligation
Series 2007
06/15/2020	5.250%	4,000,000	4,090,000
Norfolk Economic Development Authority
Refunding Revenue Bonds
Sentara Healthcare
Series 2012B
11/01/2027	5.000%	1,735,000	1,918,858
Series 2018A (Mandatory Put 11/01/28)
11/01/2048	5.000%	300,000	380,388
Roanoke Economic Development Authority
Refunding Revenue Bonds
Carilion Clinic Obligation Group
Series 2010
07/01/2025	5.000%	3,500,000	3,587,850
Stafford County Economic Development Authority
Refunding Revenue Bonds
Mary Washington Healthcare
Series 2016
06/15/2030	5.000%	1,300,000	1,550,861
06/15/2033	5.000%	200,000	236,140
06/15/2035	5.000%	1,000,000	1,174,690
Winchester Economic Development Authority
Refunding Revenue Bonds
Valley Health System Obligation Group
Series 2015
01/01/2032	5.000%	1,250,000	1,465,700
Total			16,815,657

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

6	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Investor Owned 1.4%
Louisa Industrial Development Authority
Refunding Revenue Bonds
Pollution Control
Series 2019 (Mandatory Put 04/01/22)
11/01/2035	1.800%	2,000,000	2,010,980
Local Appropriation 3.3%
Appomattox County Economic Development Authority
Unrefunded Revenue Bonds
Series 2010
05/01/2022	5.000%	175,000	177,816
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Series 2017
02/15/2029	5.000%	1,000,000	1,253,980
Fairfax County Economic Development Authority
Revenue Bonds
Metrorail Parking Systems
Series 2017
04/01/2033	5.000%	745,000	912,729
Henry County Industrial Development Authority
Revenue Bonds
Public Facility Lease
Series 2018
11/01/2036	4.000%	1,000,000	1,125,050
Loudoun County Economic Development Authority
Revenue Bonds
Series 2015
12/01/2028	5.000%	1,035,000	1,216,405
Total			4,685,980
Local General Obligation 8.4%
City of Alexandria Virginia
Unlimited General Obligation Refunding Bonds
Series 2017C
07/01/2030	4.000%	1,000,000	1,170,280
City of Norfolk
Unlimited General Obligation Bonds
Capital Improvement
08/01/2033	5.000%	1,000,000	1,266,390
Unlimited General Obligation Refunding Bonds
Series 2017C
09/01/2033	4.000%	1,380,000	1,564,258
City of Richmond
Unlimited General Obligation Bonds
Public Improvement
Series 2015B
03/01/2028	4.000%	2,000,000	2,249,440

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Suffolk
Unlimited General Obligation Refunding Bonds
Series 2014
02/01/2029	4.000%	2,000,000	2,206,240
County of Arlington
Unlimited General Obligation Bonds
Series 2017
08/15/2034	4.000%	2,000,000	2,307,040
County of Fairfax
Unlimited General Obligation Public Improvement Bonds
Series 2019A
10/01/2035	5.000%	1,000,000	1,284,460
Total			12,048,108
Multi-Family 0.8%
Farmville Industrial Development Authority
Refunding Revenue Bonds
Longwood University Student Project
01/01/2038	5.000%	1,000,000	1,149,440
Other Bond Issue 6.2%
Montgomery County Economic Development Authority
Refunding Revenue Bonds
Virginia Tech Foundation
Series 2017A
06/01/2029	5.000%	200,000	249,678
Montgomery County Economic Development Authority^(b)
Refunding Revenue Bonds
Virginia Tech Foundation
Series 2019
06/01/2031	5.000%	1,200,000	1,531,020
Rappahannock Regional Jail Authority
Refunding Revenue Bonds
Series 2015
10/01/2030	5.000%	1,725,000	2,062,479
Riverside Regional Jail Authority
Refunding Revenue Bonds
Series 2015
07/01/2028	5.000%	2,685,000	3,208,145
Western Regional Jail Authority
Refunding Revenue Bonds
Series 2015
12/01/2027	5.000%	1,500,000	1,815,300
Total			8,866,622
Pool / Bond Bank 4.3%
Virginia Resources Authority
Refunding Revenue Bonds
Revolving Fund
Series 2011A
08/01/2024	5.000%	1,395,000	1,486,833

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State Revolving Fund
Subordinated Series 2005
10/01/2020	5.500%	2,000,000	2,078,560
Virginia Infrastructure Pooled
Series 2017F
11/01/2034	4.000%	1,000,000	1,153,630
Virginia Resources Authority^(b)
Refunding Revenue Bonds
Virginia Pooled Financing Program
Series 2019C
11/01/2033	5.000%	1,165,000	1,497,770
Total			6,216,793
Refunded / Escrowed 11.8%
Chesapeake Bay Bridge & Tunnel District
Refunding Revenue Bonds
General Resolution
Series 1998 Escrowed to Maturity (NPFGC)
07/01/2025	5.500%	4,000,000	4,734,520
County of Fairfax
Prerefunded 04/01/21 Unlimited General Obligation Refunding Bonds
Public Improvement
Series 2011A
04/01/2024	4.000%	2,000,000	2,078,820
County of Smyth
Prerefunded 11/01/21 Unlimited General Obligation Bonds
Public Improvement
Series 2011A
11/01/2031	5.000%	4,000,000	4,296,600
Hampton Roads Sanitation District
Prerefunded 08/01/26 Subordinated Revenue Bonds
Series 2016A
08/01/2031	5.000%	2,000,000	2,463,060
Virginia Commonwealth Transportation Board
Prerefunded 05/15/22 Revenue Bonds
Capital Projects
Series 2012
05/15/2029	5.000%	3,000,000	3,289,620
Total			16,862,620
Retirement Communities 4.3%
Albermarle County Economic Development Authority
Revenue Bonds
Westminster-Canterbury of the Blue Ridge
Series 2012
01/01/2032	4.625%	2,000,000	2,078,780
Hanover County Economic Development Authority
Refunding Revenue Bonds
Covenant Woods
Series 2018
07/01/2038	5.000%	380,000	415,025

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Covenant Woods
Series 2012A
07/01/2022	4.000%	610,000	625,811
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster Canterbury Project
10/01/2037	5.000%	1,500,000	1,714,140
Westminster-Canterbury Corp.
Series 2015
10/01/2035	4.000%	1,320,000	1,334,520
Total			6,168,276
Sales Tax 1.6%
Northern Virginia Transportation Authority
Revenue Bonds
Series 2014
06/01/2032	5.000%	2,000,000	2,306,860
Special Non Property Tax 3.4%
Greater Richmond Convention Center Authority
Refunding Revenue Bonds
Series 2015
06/15/2029	5.000%	1,350,000	1,593,148
06/15/2030	5.000%	1,540,000	1,813,427
Hampton Roads Transportation Accountability Commission
Revenue Bonds
Senior Lien Hampton Roads Transportation Fund
Series 2018A
07/01/2032	5.000%	1,150,000	1,442,963
Total			4,849,538
Special Property Tax 4.1%
Dulles Town Center Community Development Authority
Refunding Special Assessment Bonds
Dulles Town Center Project
Series 2012
03/01/2023	4.000%	1,000,000	1,012,600
Fairfax County Economic Development Authority
Refunding Special Tax Bonds
Silver Line Phase I Project
Series 2016
04/01/2031	4.000%	1,000,000	1,125,050
04/01/2032	4.000%	1,000,000	1,121,120
Marquis Community Development Authority of York County^(c),(d)
Revenue Bonds
Convertible
Series 2015
09/01/2045	0.000%	644,000	418,098

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

8	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Marquis Community Development Authority of York County
Tax Allocation Bonds
Series 2007B
09/01/2041	5.625%	2,084,000	1,335,490
Marquis Community Development Authority of York County^(d)
Tax Allocation Bonds
Series 2007C
09/01/2041	0.000%	3,164,000	187,688
Virginia Gateway Community Development Authority
Refunding Special Assessment Bonds
Series 2012
03/01/2025	5.000%	690,000	708,844
Total			5,908,890
State Appropriated 4.7%
Virginia College Building Authority
Revenue Bonds
21st Century College Program
Series 2017
02/01/2034	4.000%	1,500,000	1,694,565
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
Northern Virginia Transportation District Program
Series 2019
05/15/2031	5.000%	1,000,000	1,294,160
Virginia Public Building Authority
Revenue Bonds
Series 2018A
08/01/2035	4.000%	1,500,000	1,739,910
Series 2019A
08/01/2031	5.000%	1,500,000	1,952,085
Total			6,680,720
Transportation 8.1%
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
GARVEE Notes
Series 2017
03/15/2028	5.000%	1,000,000	1,263,570
Revenue Bonds
Series 2016
05/15/2030	4.000%	500,000	568,260
Series 2018
05/15/2036	4.000%	2,000,000	2,294,380
Washington Metropolitan Area Transit Authority
Refunding Revenue Bonds
Series 2017A-1
07/01/2029	5.000%	2,500,000	3,115,950

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Series 2017B
07/01/2034	5.000%	2,000,000	2,445,300
Series 2018
07/01/2036	5.000%	500,000	607,575
07/01/2037	5.000%	1,000,000	1,211,350
Total			11,506,385
Turnpike / Bridge / Toll Road 4.8%
City of Chesapeake Expressway Toll Road
Revenue Bonds
Transportation System
Series 2012A
07/15/2023	5.000%	1,025,000	1,116,225
07/15/2027	5.000%	1,000,000	1,083,670
Metropolitan Washington Airports Authority Dulles Toll Road^(d)
Revenue Bonds
Capital Appreciation-2nd Senior Lien
Series 2009B (AGM)
10/01/2023	0.000%	5,000,000	4,644,350
Total			6,844,245
Water & Sewer 1.8%
Fairfax County Water Authority
Refunding Revenue Bonds
Series 2017
04/01/2029	5.000%	2,000,000	2,512,280
Total Municipal Bonds (Cost $132,386,879)			138,459,777

Money Market Funds 4.3%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(e)	107,685	107,696
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(e)	6,065,034	6,065,034
Total Money Market Funds (Cost $6,172,719)		6,172,730
Total Investments in Securities (Cost: $138,559,598)		144,632,507
Other Assets & Liabilities, Net		(1,756,680)
Net Assets		142,875,827

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	Represents a security purchased on a when-issued basis.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 October 31, 2019, the total value of these securities amounted to $418,098, which represents 0.29% of total net assets.
(d)	Zero coupon bond.
(e)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMT	Alternative Minimum Tax
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	138,459,777	—	138,459,777
Money Market Funds	6,172,730	—	—	6,172,730
Total Investments in Securities	6,172,730	138,459,777	—	144,632,507

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

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

10	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $138,559,598)	$144,632,507
Cash	419
Receivable for:
Capital shares sold	161,011
Interest	1,596,154
Expense reimbursement due from Investment Manager	268
Prepaid expenses	2,521
Other assets	2,261
Total assets	146,395,141
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	3,018,677
Capital shares purchased	27,581
Distributions to shareholders	323,716
Management services fees	1,831
Distribution and/or service fees	231
Transfer agent fees	5,371
Compensation of board members	118,731
Compensation of chief compliance officer	16
Other expenses	23,160
Total liabilities	3,519,314
Net assets applicable to outstanding capital stock	$142,875,827
Represented by
Paid in capital	136,874,114
Total distributable earnings (loss)	6,001,713
Total - representing net assets applicable to outstanding capital stock	$142,875,827
Class A
Net assets	$23,744,953
Shares outstanding	2,217,728
Net asset value per share	$10.71
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$11.04
Advisor Class
Net assets	$565,037
Shares outstanding	52,750
Net asset value per share	$10.71
Class C
Net assets	$2,527,040
Shares outstanding	235,826
Net asset value per share	$10.72
Institutional Class
Net assets	$24,317,852
Shares outstanding	2,271,701
Net asset value per share	$10.70
Institutional 3 Class
Net assets	$91,720,945
Shares outstanding	8,547,207
Net asset value per share	$10.73

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

12	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	127,199	1,356,382	210,015	2,191,456
Distributions reinvested	15,231	163,107	49,361	513,621
Redemptions	(172,697)	(1,848,799)	(598,724)	(6,209,541)
Net decrease	(30,267)	(329,310)	(339,348)	(3,504,464)
Advisor Class
Subscriptions	29,945	324,599	13,021	136,213
Distributions reinvested	498	5,335	5,563	57,838
Redemptions	(3,647)	(39,391)	(167,258)	(1,751,805)
Net increase (decrease)	26,796	290,543	(148,674)	(1,557,754)
Class C
Subscriptions	23,534	253,302	35,389	369,924
Distributions reinvested	1,912	20,496	7,457	77,614
Redemptions	(53,565)	(572,171)	(144,956)	(1,504,859)
Net decrease	(28,119)	(298,373)	(102,110)	(1,057,321)
Institutional Class
Subscriptions	252,139	2,693,535	271,829	2,831,932
Distributions reinvested	23,103	247,372	69,807	726,441
Redemptions	(156,432)	(1,671,485)	(986,787)	(10,268,044)
Net increase (decrease)	118,810	1,269,422	(645,151)	(6,709,671)
Institutional 3 Class
Subscriptions	616,422	6,623,560	1,793,759	18,748,298
Distributions reinvested	3,305	35,476	9,905	103,267
Redemptions	(438,442)	(4,701,814)	(3,194,814)	(33,304,982)
Net increase (decrease)	181,285	1,957,222	(1,391,150)	(14,453,417)
Total net increase (decrease)	268,505	2,889,504	(2,626,433)	(27,282,627)

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.55	0.14	0.16	0.30	(0.14)	—	(0.14)
Year Ended 4/30/2019	$10.44	0.27	0.21	0.48	(0.29)	(0.08)	(0.37)
Year Ended 4/30/2018	$10.79	0.27	(0.31)	(0.04)	(0.28)	(0.03)	(0.31)
Year Ended 4/30/2017	$11.18	0.28	(0.34)	(0.06)	(0.30)	(0.03)	(0.33)
Year Ended 4/30/2016	$11.13	0.30	0.10	0.40	(0.32)	(0.03)	(0.35)
Year Ended 4/30/2015	$11.09	0.31	0.04	0.35	(0.31)	(0.00)^(e)	(0.31)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.55	0.15	0.16	0.31	(0.15)	—	(0.15)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.31)	(0.08)	(0.39)
Year Ended 4/30/2018	$10.79	0.30	(0.31)	(0.01)	(0.31)	(0.03)	(0.34)
Year Ended 4/30/2017	$11.18	0.31	(0.34)	(0.03)	(0.33)	(0.03)	(0.36)
Year Ended 4/30/2016	$11.12	0.33	0.11	0.44	(0.35)	(0.03)	(0.38)
Year Ended 4/30/2015	$11.08	0.34	0.04	0.38	(0.34)	(0.00)^(e)	(0.34)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.55	0.09	0.17	0.26	(0.09)	—	(0.09)
Year Ended 4/30/2019	$10.45	0.20	0.19	0.39	(0.21)	(0.08)	(0.29)
Year Ended 4/30/2018	$10.80	0.19	(0.31)	(0.12)	(0.20)	(0.03)	(0.23)
Year Ended 4/30/2017	$11.19	0.20	(0.34)	(0.14)	(0.22)	(0.03)	(0.25)
Year Ended 4/30/2016	$11.13	0.22	0.10	0.32	(0.23)	(0.03)	(0.26)
Year Ended 4/30/2015	$11.10	0.23	0.03	0.26	(0.23)	(0.00)^(e)	(0.23)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.54	0.15	0.16	0.31	(0.15)	—	(0.15)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.32)	(0.08)	(0.40)
Year Ended 4/30/2018	$10.79	0.30	(0.31)	(0.01)	(0.31)	(0.03)	(0.34)
Year Ended 4/30/2017	$11.18	0.31	(0.34)	(0.03)	(0.33)	(0.03)	(0.36)
Year Ended 4/30/2016	$11.13	0.33	0.10	0.43	(0.35)	(0.03)	(0.38)
Year Ended 4/30/2015	$11.09	0.34	0.04	0.38	(0.34)	(0.00)^(e)	(0.34)

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

16	Columbia Virginia Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.71	2.80%	0.89%^(c)	0.81%^(c)	2.51%^(c)	8%	$23,745
Year Ended 4/30/2019	$10.55	4.69%	0.88%	0.81%^(d)	2.63%	13%	$23,706
Year Ended 4/30/2018	$10.44	(0.39%)	0.89%	0.81%^(d)	2.55%	14%	$27,005
Year Ended 4/30/2017	$10.79	(0.51%)	0.95%	0.81%	2.56%	7%	$28,168
Year Ended 4/30/2016	$11.18	3.65%	0.96%	0.81%^(d)	2.72%	12%	$42,046
Year Ended 4/30/2015	$11.13	3.21%	0.97%	0.81%^(d)	2.79%	9%	$47,324
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.71	2.93%	0.64%^(c)	0.56%^(c)	2.75%^(c)	8%	$565
Year Ended 4/30/2019	$10.55	4.95%	0.63%	0.56%^(d)	2.87%	13%	$274
Year Ended 4/30/2018	$10.44	(0.14%)	0.63%	0.56%^(d)	2.80%	14%	$1,823
Year Ended 4/30/2017	$10.79	(0.26%)	0.70%	0.56%	2.81%	7%	$812
Year Ended 4/30/2016	$11.18	4.00%	0.72%	0.56%^(d)	2.97%	12%	$506
Year Ended 4/30/2015	$11.12	3.47%	0.72%	0.56%^(d)	3.06%	9%	$656
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.72	2.51%	1.64%^(c)	1.56%^(c)	1.76%^(c)	8%	$2,527
Year Ended 4/30/2019	$10.55	3.81%	1.63%	1.56%^(d)	1.88%	13%	$2,786
Year Ended 4/30/2018	$10.45	(1.13%)	1.64%	1.56%^(d)	1.79%	14%	$3,824
Year Ended 4/30/2017	$10.80	(1.25%)	1.70%	1.56%	1.82%	7%	$4,938
Year Ended 4/30/2016	$11.19	2.97%	1.72%	1.56%^(d)	1.97%	12%	$5,141
Year Ended 4/30/2015	$11.13	2.35%	1.72%	1.56%^(d)	2.03%	9%	$4,419
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.70	2.93%	0.63%^(c)	0.56%^(c)	2.76%^(c)	8%	$24,318
Year Ended 4/30/2019	$10.54	4.86%	0.63%	0.56%^(d)	2.88%	13%	$22,698
Year Ended 4/30/2018	$10.44	(0.15%)	0.65%	0.56%^(d)	2.76%	14%	$29,199
Year Ended 4/30/2017	$10.79	(0.26%)	0.70%	0.56%	2.82%	7%	$161,853
Year Ended 4/30/2016	$11.18	3.91%	0.71%	0.56%^(d)	2.97%	12%	$173,677
Year Ended 4/30/2015	$11.13	3.47%	0.72%	0.56%^(d)	3.04%	9%	$171,775

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.57	0.15	0.16	0.31	(0.15)	—	(0.15)
Year Ended 4/30/2019	$10.46	0.31	0.21	0.52	(0.33)	(0.08)	(0.41)
Year Ended 4/30/2018	$10.82	0.31	(0.32)	(0.01)	(0.32)	(0.03)	(0.35)
Year Ended 4/30/2017^(f)	$10.75	0.05	0.08^(g)	0.13	(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.
(f)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

18	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

20	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

22	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

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

For the six months ended October 31, 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	0.10
Advisor Class	0.10
Class C	0.10
Institutional Class	0.10
Institutional 3 Class	0.01

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended October 31, 2019, no minimum account balance fees were charged by the Fund.

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	7,317
Class C	—	1.00^(b)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through August 31, 2020
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
Institutional 3 Class	0.47

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
138,560,000	7,876,000	(1,803,000)	6,073,000

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

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at April 30, 2019 as arising on May 1, 2019.

Late year ordinary losses ($)	Post-October capital losses ($)
—	66,450

24	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $11,989,822 and $10,602,868, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Note 8. Significant risks

Credit risk

Geographic concentration risk

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.

Interest rate risk

Liquidity risk

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 73.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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

26	Columbia Virginia Intermediate Municipal 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 Virginia Intermediate Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

Columbia Virginia Intermediate Municipal Bond Fund | Semiannual Report 2019

Investment performance

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

28	Columbia Virginia Intermediate Municipal Bond Fund \| Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia South Carolina Intermediate Municipal Bond 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	12
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	20
Approval of Management Agreement	27

Columbia South Carolina Intermediate Municipal 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

Quarterly schedule of investments

Additional Fund information

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 South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/05/92	2.89	7.75	2.42	3.27
	Including sales charges		-0.15	4.55	1.79	2.96
Advisor Class*		03/19/13	3.12	8.01	2.67	3.53
Class C	Excluding sales charges	06/17/92	2.60	7.04	1.65	2.50
	Including sales charges		1.60	6.04	1.65	2.50
Institutional Class		01/06/92	3.12	8.12	2.67	3.53
Institutional 3 Class*		03/01/17	3.07	8.11	2.73	3.56
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	3.5
AA rating	38.4
A rating	54.3
BBB rating	1.6
BB rating	1.0
Not rated	1.2
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,028.90	1,021.06	4.13	4.12	0.81
Advisor Class	1,000.00	1,000.00	1,031.20	1,022.32	2.86	2.85	0.56
Class C	1,000.00	1,000.00	1,026.00	1,017.29	7.94	7.91	1.56
Institutional Class	1,000.00	1,000.00	1,031.20	1,022.32	2.86	2.85	0.56
Institutional 3 Class	1,000.00	1,000.00	1,030.70	1,022.87	2.30	2.29	0.45

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 1.5%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 1.5%
South Carolina Educational Facilities Authority^(a),(b)
Revenue Bonds
Furman University (Wells Fargo Bank)
10/01/2039	1.280%	1,650,000	1,650,000
Total Floating Rate Notes (Cost $1,650,000)			1,650,000

Municipal Bonds 97.0%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 1.6%
Charleston County Airport District
Revenue Bonds
Series 2019
07/01/2035	5.000%	500,000	631,965
County of Horry Airport
Revenue Bonds
Series 2010A
07/01/2020	5.000%	1,150,000	1,176,094
Total			1,808,059
Charter Schools 1.4%
South Carolina Jobs-Economic Development Authority^(c)
Revenue Bonds
Series 2015A
08/15/2035	5.125%	1,000,000	1,065,750
South Carolina Jobs-Economic Development Authority
Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2033	7.000%	500,000	556,980
Total			1,622,730
Higher Education 8.8%
Clemson University
Revenue Bonds
Athletic Facility
Series 2014A
05/01/2028	5.000%	1,170,000	1,380,986
Coastal Carolina University
Revenue Bonds
Series 2015
06/01/2024	5.000%	1,500,000	1,734,525

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Furman University
Series 2015
10/01/2032	5.000%	1,895,000	2,237,976
Revenue Bonds
Wofford College Project
Series 2019
04/01/2037	5.000%	885,000	1,068,222
University of South Carolina
Refunding Revenue Bonds
Series 2017B
05/01/2034	5.000%	1,500,000	1,822,050
Revenue Bonds
Moore School of Business Project
Series 2012
05/01/2026	5.000%	1,500,000	1,636,815
Total			9,880,574
Hospital 10.9%
County of Florence
Refunding Revenue Bonds
McLeod Regional Medical Center Project
Series 2014
11/01/2031	5.000%	1,500,000	1,719,735
County of Greenwood
Refunding Revenue Bonds
Self Regional Healthcare
Series 2012B
10/01/2027	5.000%	1,750,000	1,887,952
10/01/2031	5.000%	2,000,000	2,151,760
Lexington County Health Services District, Inc.
Refunding Revenue Bonds
Lexington Medical Center Obligated Group
Series 2017
11/01/2032	4.000%	1,050,000	1,174,383
Revenue Bonds
Lexington Medical Center
Series 2016
11/01/2034	5.000%	1,500,000	1,758,990
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Prisma Health Obligated Group
05/01/2036	5.000%	2,000,000	2,401,680
Revenue Bonds
McLeod Health Obligation Group
Series 2018
11/01/2033	5.000%	1,000,000	1,215,470
Total			12,309,970

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

6	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Joint Power Authority 3.4%
South Carolina Public Service Authority
Refunding Revenue Bonds
Series 2014B
12/01/2032	5.000%	1,250,000	1,418,013
Series 2016A
12/01/2028	5.000%	2,000,000	2,402,000
Total			3,820,013
Local Appropriation 26.9%
Aiken County Consolidated School District
Special Obligation Revenue Bonds
Series 2019
06/01/2033	4.000%	325,000	380,715
Berkeley County School District
Refunding Revenue Bonds
Securing Assets for Education
Series 2015A
12/01/2027	5.000%	1,500,000	1,705,440
Charleston Educational Excellence Finance Corp.
Refunding Revenue Bonds
Charleston County School
Series 2013
12/01/2025	5.000%	2,000,000	2,296,980
Charleston Public Facilities Corp.
Revenue Bonds
Series 2015A
09/01/2029	5.000%	1,000,000	1,196,080
City of Florence Accommodations Fee
Revenue Bonds
Series 2015
05/01/2030	4.000%	1,000,000	1,100,590
05/01/2035	5.000%	1,000,000	1,162,810
City of North Charleston
Revenue Bonds
Series 2012
06/01/2029	5.000%	2,280,000	2,476,490
Tax Allocation Bonds
Series 2019B
10/01/2027	5.000%	1,000,000	1,252,560
County of Florence
Revenue Bonds
Series 2015
10/01/2028	5.000%	1,000,000	1,133,300
Dorchester County School District No. 2
Refunding Revenue Bonds
Growth Installment Purchase
Series 2013
12/01/2027	5.000%	1,000,000	1,139,090

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Fort Mill School Facilities Corp.
Refunding Revenue Bonds
Fort Mills School District #4
Series 2015
12/01/2028	5.000%	1,000,000	1,181,800
Kershaw County School District
Refunding Revenue Bonds
Series 2015
12/01/2025	5.000%	1,000,000	1,198,590
Lexington One School Facilities Corp.
Refunding Revenue Bonds
Lexington County School District
Series 2015
12/01/2026	5.000%	835,000	952,919
Lexington School District No. 2 Educational Facilities Corp.
Refunding Revenue Bonds
Series 2015B
12/01/2026	5.000%	1,815,000	2,124,802
Newberry Investing in Children’s Education
Refunding Revenue Bonds
Newberry County School District
Series 2014
12/01/2029	5.000%	1,500,000	1,742,640
SCAGO Educational Facilities Corp. for Calhoun School District
Refunding Revenue Bonds
Series 2015 (BAM)
12/01/2026	5.000%	520,000	625,602
SCAGO Educational Facilities Corp. for Cherokee School District No. 1
Refunding Revenue Bonds
Series 2015
12/01/2028	5.000%	1,830,000	2,156,271
SCAGO Educational Facilities Corp. for Colleton School District
Refunding Revenue Bonds
Series 2015
12/01/2027	5.000%	1,295,000	1,518,530
SCAGO Educational Facilities Corp. for Pickens School District
Refunding Revenue Bonds
Series 2015
12/01/2029	5.000%	1,500,000	1,763,715
12/01/2030	5.000%	1,275,000	1,494,631
Sumter Two School Facilities, Inc.
Refunding Revenue Bonds
Sumter County School District No. 2
Series 2016 (BAM)
12/01/2027	5.000%	1,500,000	1,760,160
Total			30,363,715

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Local General Obligation 6.5%
Anderson County School District No. 5
Unlimited General Obligation Bonds
South Carolina School District Credit Enhancement Program
Series 2017
03/01/2030	4.000%	1,000,000	1,156,920
Beaufort County School District
Unlimited General Obligation Bonds
Series 2014B
03/01/2023	5.000%	1,190,000	1,337,453
Lexington County School District No. 1
Unlimited General Obligation Refunding Bonds
Series 2019A (School District Credit Enhancement Program)
02/01/2031	5.000%	1,000,000	1,267,890
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Series 2015
04/01/2034	5.000%	940,000	1,092,317
Spartanburg County School District No. 7
Unlimited General Obligation Bonds
Series 2018-B
03/01/2036	5.000%	1,000,000	1,257,090
Series 2019D
03/01/2037	5.000%	1,000,000	1,253,030
Total			7,364,700
Municipal Power 3.1%
City of Rock Hill Combined Utility System
Refunding Revenue Bonds
Series 2012A (AGM)
01/01/2023	5.000%	1,560,000	1,679,636
Series 2019A
01/01/2032	5.000%	1,000,000	1,260,690
Easley Combined Utility System
Refunding Revenue Bonds
Easley Combined Utility System
Series 2019 (AGM)
12/01/2033	4.000%	500,000	572,340
Total			3,512,666
Ports 2.2%
South Carolina Ports Authority
Revenue Bonds
Series 2019B AMT
07/01/2033	5.000%	2,000,000	2,470,300
Refunded / Escrowed 5.8%
Anderson Regional Joint Water System
Prerefunded 07/15/22 Revenue Bonds
Series 2012
07/15/2028	5.000%	2,000,000	2,205,580

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Columbia Waterworks & Sewer System
Prerefunded 02/01/21 Revenue Bonds
Series 2011A
02/01/2027	5.000%	1,000,000	1,047,690
Renewable Water Resources
Prerefunded 01/01/22 Refunding Revenue Bonds
Series 2012
01/01/2024	5.000%	555,000	600,788
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/22 Revenue Bonds
Bon Secours Health System, Inc.
Series 2013
11/01/2024	5.000%	450,000	500,526
South Carolina Ports Authority
Prerefunded 07/01/20 Revenue Bonds
Series 2010
07/01/2023	5.250%	1,000,000	1,026,860
Town of Hilton Head Island
Prerefunded 06/01/21 Revenue Bonds
Series 2011A
06/01/2023	5.000%	555,000	588,072
06/01/2024	5.000%	580,000	614,562
Total			6,584,078
Resource Recovery 2.9%
Three Rivers Solid Waste Authority^(d)
Revenue Bonds
Capital Appreciation-Landfill Gas Project
Series 2007
10/01/2024	0.000%	1,835,000	1,675,245
10/01/2025	0.000%	1,835,000	1,636,948
Total			3,312,193
Retirement Communities 0.7%
South Carolina Jobs-Economic Development Authority^(c)
Refunding Revenue Bonds
Wesley Commons
Series 2016
10/01/2026	5.000%	750,000	830,385
Single Family 0.0%
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2010-1 (GNMA)
01/01/2028	5.000%	10,000	10,048
Special Non Property Tax 5.0%
City of Columbia
Revenue Bonds
Series 2014
02/01/2033	5.000%	1,195,000	1,356,982

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

8	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Greenville Hospitality Tax
Improvement Refunding Revenue Bonds
Series 2011 (AGM)
04/01/2021	5.000%	1,290,000	1,357,867
City of Myrtle Beach
Revenue Bonds
Hospitality Fee
Series 2014B
06/01/2030	5.000%	560,000	638,361
City of Rock Hill
Revenue Bonds
Hospitality Fee Pledge
Series 2013
04/01/2023	5.000%	695,000	782,209
Greenville County Public Facilities Corp.
Refunding Certificate of Participation
Series 2014
04/01/2026	5.000%	890,000	1,019,922
Town of Hilton Head Island
Revenue Bonds
Beach Preservation Fee Pledge
Series 2017
08/01/2025	5.000%	400,000	480,448
Total			5,635,789
Special Property Tax 1.1%
City of Myrtle Beach
Refunding Tax Allocation Bonds
Myrtle Beach Air Force Base
Series 2016
10/01/2030	5.000%	1,000,000	1,187,370
State General Obligation 1.0%
State of South Carolina
Unlimited General Obligation Bonds
Series 2014B
04/01/2025	5.000%	1,000,000	1,164,540
Student Loan 0.7%
South Carolina State Education Assistance Authority
Revenue Bonds
Student Loan
Series 2009I
10/01/2024	5.000%	815,000	815,269
Transportation 6.6%
South Carolina Transportation Infrastructure Bank
Refunding Revenue Bonds
Infrastructure Bank
Series 2015A
10/01/2024	5.000%	2,000,000	2,357,600

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2005A (AMBAC)
10/01/2020	5.250%	4,880,000	5,055,680
Total			7,413,280
Water & Sewer 8.4%
Beaufort-Jasper Water & Sewer Authority
Refunding Revenue Bonds
Series 2016B
03/01/2024	5.000%	1,000,000	1,157,950
Revenue Bonds
Series 2019A
03/01/2035	5.000%	750,000	947,047
City of Charleston Waterworks & Sewer System
Revenue Bonds
Series 2019
01/01/2038	5.000%	1,000,000	1,286,020
City of Columbia Stormwater System
Revenue Bonds
Green Bond
02/01/2038	5.000%	350,000	430,469
City of Columbia Waterworks & Sewer System
Revenue Bonds
Series 2018
02/01/2035	4.000%	560,000	641,166
City of Spartanburg Water System
Refunding Revenue Bonds
Series 2017B
06/01/2035	4.000%	1,375,000	1,549,859
City of Sumter Waterworks & Sewer System
Refunding Revenue Bonds
Series 2015
12/01/2027	4.000%	400,000	453,436
Georgetown County Water & Sewer District
Refunding Revenue Bonds
Series 2015
06/01/2027	4.000%	450,000	507,132
Renewable Water Resources
Unrefunded Refunding Revenue Bonds
Series 2012
01/01/2024	5.000%	445,000	481,704
Spartanburg Sanitation Sewer District
Refunding Revenue Bonds
Series 2014B
03/01/2034	5.000%	1,000,000	1,163,710
Town of Lexington Waterworks & Sewer System
Refunding Revenue Bonds
Series 2017
06/01/2034	4.000%	750,000	857,902
Total			9,476,395
Total Municipal Bonds (Cost $103,866,659)			109,582,074

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Money Market Funds 0.4%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(e)	361,307	361,343
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(e)	145,365	145,365
Total Money Market Funds (Cost $506,672)		506,708
Total Investments in Securities (Cost: $106,023,331)		111,738,782
Other Assets & Liabilities, Net		1,273,086
Net Assets		113,011,868

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of October 31, 2019.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 October 31, 2019, the total value of these securities amounted to $1,896,135, which represents 1.68% of total net assets.
(d)	Zero coupon bond.
(e)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
AMT	Alternative Minimum Tax
BAM	Build America Mutual Assurance Co.
GNMA	Government National Mortgage Association

Fair value measurements

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

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

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

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

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

10	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Fair value measurements (continued)
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 following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	1,650,000	—	1,650,000
Municipal Bonds	—	109,582,074	—	109,582,074
Money Market Funds	506,708	—	—	506,708
Total Investments in Securities	506,708	111,232,074	—	111,738,782

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

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $106,023,331)	$111,738,782
Cash	345
Receivable for:
Investments sold	5,083
Capital shares sold	457,516
Interest	1,350,584
Expense reimbursement due from Investment Manager	308
Prepaid expenses	2,426
Other assets	115
Total assets	113,555,159
Liabilities
Payable for:
Capital shares purchased	152,082
Distributions to shareholders	242,007
Management services fees	1,447
Distribution and/or service fees	331
Transfer agent fees	14,100
Compensation of board members	110,314
Compensation of chief compliance officer	12
Other expenses	22,998
Total liabilities	543,291
Net assets applicable to outstanding capital stock	$113,011,868
Represented by
Paid in capital	107,653,969
Total distributable earnings (loss)	5,357,899
Total - representing net assets applicable to outstanding capital stock	$113,011,868
Class A
Net assets	$25,219,535
Shares outstanding	2,438,356
Net asset value per share	$10.34
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.66
Advisor Class
Net assets	$2,383,350
Shares outstanding	230,489
Net asset value per share	$10.34
Class C
Net assets	$5,836,481
Shares outstanding	563,838
Net asset value per share	$10.35
Institutional Class
Net assets	$74,235,761
Shares outstanding	7,174,280
Net asset value per share	$10.35
Institutional 3 Class
Net assets	$5,336,741
Shares outstanding	513,943
Net asset value per share	$10.38

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

12	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	379,124	3,921,329	532,295	5,316,491
Distributions reinvested	21,918	226,656	43,259	432,321
Redemptions	(126,691)	(1,302,972)	(730,792)	(7,277,167)
Net increase (decrease)	274,351	2,845,013	(155,238)	(1,528,355)
Advisor Class
Subscriptions	58,478	605,186	28,762	285,176
Distributions reinvested	2,631	27,202	5,016	50,131
Redemptions	(13,006)	(135,170)	(51,123)	(506,948)
Net increase (decrease)	48,103	497,218	(17,345)	(171,641)
Class C
Subscriptions	25,558	264,493	44,787	447,851
Distributions reinvested	4,146	42,888	13,014	130,026
Redemptions	(318,034)	(3,286,941)	(287,479)	(2,874,005)
Net decrease	(288,330)	(2,979,560)	(229,678)	(2,296,128)
Institutional Class
Subscriptions	1,284,759	13,277,122	1,636,464	16,352,511
Distributions reinvested	21,070	217,972	51,777	517,362
Redemptions	(1,047,663)	(10,848,010)	(2,594,063)	(25,878,074)
Net increase (decrease)	258,166	2,647,084	(905,822)	(9,008,201)
Institutional 3 Class
Subscriptions	459,944	4,810,089	34,450	348,027
Distributions reinvested	1,655	17,190	2,183	21,904
Redemptions	(31,161)	(323,029)	(27,986)	(280,196)
Net increase	430,438	4,504,250	8,647	89,735
Total net increase (decrease)	722,728	7,514,005	(1,299,436)	(12,914,590)

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.17	0.11	0.18	0.29	(0.12)	—	(0.12)
Year Ended 4/30/2019	$9.94	0.24	0.24	0.48	(0.25)	—	(0.25)
Year Ended 4/30/2018	$10.16	0.25	(0.20)	0.05	(0.27)	—	(0.27)
Year Ended 4/30/2017	$10.55	0.25	(0.35)	(0.10)	(0.28)	(0.01)	(0.29)
Year Ended 4/30/2016	$10.44	0.28	0.16	0.44	(0.30)	(0.03)	(0.33)
Year Ended 4/30/2015	$10.49	0.30	0.02^(e)	0.32	(0.30)	(0.07)	(0.37)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.16	0.13	0.19	0.32	(0.14)	—	(0.14)
Year Ended 4/30/2019	$9.94	0.26	0.24	0.50	(0.28)	—	(0.28)
Year Ended 4/30/2018	$10.15	0.27	(0.19)	0.08	(0.29)	—	(0.29)
Year Ended 4/30/2017	$10.54	0.28	(0.36)	(0.08)	(0.30)	(0.01)	(0.31)
Year Ended 4/30/2016	$10.43	0.30	0.17	0.47	(0.33)	(0.03)	(0.36)
Year Ended 4/30/2015	$10.49	0.33	0.00^(e),(f)	0.33	(0.32)	(0.07)	(0.39)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.17	0.08	0.18	0.26	(0.08)	—	(0.08)
Year Ended 4/30/2019	$9.94	0.16	0.25	0.41	(0.18)	—	(0.18)
Year Ended 4/30/2018	$10.16	0.17	(0.20)	(0.03)	(0.19)	—	(0.19)
Year Ended 4/30/2017	$10.56	0.18	(0.37)	(0.19)	(0.20)	(0.01)	(0.21)
Year Ended 4/30/2016	$10.44	0.20	0.18	0.38	(0.23)	(0.03)	(0.26)
Year Ended 4/30/2015	$10.50	0.22	0.01^(e)	0.23	(0.22)	(0.07)	(0.29)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.17	0.13	0.19	0.32	(0.14)	—	(0.14)
Year Ended 4/30/2019	$9.94	0.26	0.25	0.51	(0.28)	—	(0.28)
Year Ended 4/30/2018	$10.16	0.27	(0.20)	0.07	(0.29)	—	(0.29)
Year Ended 4/30/2017	$10.56	0.28	(0.37)	(0.09)	(0.30)	(0.01)	(0.31)
Year Ended 4/30/2016	$10.44	0.31	0.17	0.48	(0.33)	(0.03)	(0.36)
Year Ended 4/30/2015	$10.50	0.33	0.00^(e),(f)	0.33	(0.32)	(0.07)	(0.39)

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

16	Columbia South Carolina Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.34	2.89%	0.93%^(c)	0.81%^(c),(d)	2.19%^(c)	3%	$25,220
Year Ended 4/30/2019	$10.17	4.93%	0.93%	0.81%^(d)	2.37%	9%	$21,999
Year Ended 4/30/2018	$9.94	0.43%	0.93%	0.81%^(d)	2.41%	7%	$23,050
Year Ended 4/30/2017	$10.16	(0.98%)	0.98%	0.81%^(d)	2.45%	11%	$21,486
Year Ended 4/30/2016	$10.55	4.33%	0.99%	0.81%	2.69%	16%	$21,972
Year Ended 4/30/2015	$10.44	3.05%	1.00%	0.81%	2.85%	16%	$23,975
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.34	3.12%	0.68%^(c)	0.56%^(c),(d)	2.44%^(c)	3%	$2,383
Year Ended 4/30/2019	$10.16	5.09%	0.68%	0.56%^(d)	2.62%	9%	$1,854
Year Ended 4/30/2018	$9.94	0.78%	0.68%	0.56%^(d)	2.66%	7%	$1,984
Year Ended 4/30/2017	$10.15	(0.74%)	0.73%	0.56%^(d)	2.71%	11%	$1,205
Year Ended 4/30/2016	$10.54	4.59%	0.74%	0.56%	2.93%	16%	$758
Year Ended 4/30/2015	$10.43	3.21%	0.75%	0.56%	3.11%	16%	$703
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.35	2.60%	1.68%^(c)	1.56%^(c),(d)	1.45%^(c)	3%	$5,836
Year Ended 4/30/2019	$10.17	4.14%	1.68%	1.56%^(d)	1.62%	9%	$8,669
Year Ended 4/30/2018	$9.94	(0.32%)	1.68%	1.56%^(d)	1.66%	7%	$10,759
Year Ended 4/30/2017	$10.16	(1.81%)	1.73%	1.56%^(d)	1.70%	11%	$13,698
Year Ended 4/30/2016	$10.56	3.65%	1.74%	1.56%	1.94%	16%	$15,051
Year Ended 4/30/2015	$10.44	2.18%	1.75%	1.56%	2.10%	16%	$15,677
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.35	3.12%	0.68%^(c)	0.56%^(c),(d)	2.44%^(c)	3%	$74,236
Year Ended 4/30/2019	$10.17	5.19%	0.68%	0.56%^(d)	2.62%	9%	$70,343
Year Ended 4/30/2018	$9.94	0.68%	0.68%	0.56%^(d)	2.66%	7%	$77,773
Year Ended 4/30/2017	$10.16	(0.83%)	0.73%	0.56%^(d)	2.70%	11%	$83,743
Year Ended 4/30/2016	$10.56	4.69%	0.74%	0.56%	2.93%	16%	$105,200
Year Ended 4/30/2015	$10.44	3.21%	0.75%	0.56%	3.10%	16%	$94,697

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.21	0.13	0.18	0.31	(0.14)	—	(0.14)
Year Ended 4/30/2019	$9.98	0.27	0.25	0.52	(0.29)	—	(0.29)
Year Ended 4/30/2018	$10.19	0.28	(0.19)	0.09	(0.30)	—	(0.30)
Year Ended 4/30/2017^(g)	$10.13	0.05	0.06^(e)	0.11	(0.05)	—	(0.05)

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)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f)	Rounds to zero.
(g)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.

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

18	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

20	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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

22	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

For the six months ended October 31, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 3 Class	0.01

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	10,905
Class C	—	1.00^(b)	152

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2019 through August 31, 2020	Prior to September 1, 2019
Class A	0.81%	0.81%
Advisor Class	0.56	0.56
Class C	1.56	1.56
Institutional Class	0.56	0.56
Institutional 3 Class	0.46	0.45

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
106,023,000	5,734,000	(19,000)	5,715,000

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)
263,447	7,044	270,491

24	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $10,824,411 and $2,700,660, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Note 8. Significant risks

Credit risk

Geographic concentration risk

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Interest rate risk

Liquidity risk

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 56.5% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

26	Columbia South Carolina Intermediate Municipal 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 South Carolina Intermediate Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

Columbia South Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Investment performance

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

28	Columbia South Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia North Carolina Intermediate Municipal Bond 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	13
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Approval of Management Agreement	29

Columbia North Carolina Intermediate Municipal 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

Quarterly schedule of investments

Additional Fund information

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 North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/14/92	3.01	7.50	2.13	3.02
	Including sales charges		-0.09	4.27	1.51	2.71
Advisor Class*		03/19/13	3.04	7.68	2.37	3.27
Class C	Excluding sales charges	12/16/92	2.52	6.60	1.35	2.24
	Including sales charges		1.52	5.60	1.35	2.24
Institutional Class		12/11/92	3.04	7.68	2.37	3.27
Institutional 3 Class*		03/01/17	3.08	7.85	2.43	3.30
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	16.2
AA rating	45.0
A rating	27.5
BBB rating	7.9
Not rated	3.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,030.10	1,021.06	4.13	4.12	0.81
Advisor Class	1,000.00	1,000.00	1,030.40	1,022.32	2.86	2.85	0.56
Class C	1,000.00	1,000.00	1,025.20	1,017.29	7.94	7.91	1.56
Institutional Class	1,000.00	1,000.00	1,030.40	1,022.32	2.86	2.85	0.56
Institutional 3 Class	1,000.00	1,000.00	1,030.80	1,022.72	2.45	2.44	0.48

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 96.4%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 2.2%
City of Charlotte Airport^(a)
Revenue Bonds
Charlotte Douglas International
Series 2019 AMT
07/01/2035	5.000%	1,195,000	1,492,531
City of Charlotte Airport
Revenue Bonds
Series 2017A
07/01/2028	5.000%	500,000	626,270
Raleigh Durham Airport Authority
Refunding Revenue Bonds
Series 2010A
05/01/2023	5.000%	2,000,000	2,037,840
Total			4,156,641
Higher Education 9.2%
Appalachian State University
Refunding Revenue Bonds
Series 2016A
10/01/2026	5.000%	325,000	395,577
Series 2016B
10/01/2020	5.000%	1,380,000	1,427,734
Revenue Bonds
Series 2018
05/01/2035	5.000%	1,095,000	1,342,054
East Carolina University
Revenue Bonds
General
Series 2014A
10/01/2031	5.000%	1,900,000	2,147,095
North Carolina Agricultural & Technical State University
Refunding Revenue Bonds
General Purpose
Series 2015A
10/01/2032	5.000%	2,000,000	2,357,080
North Carolina Capital Facilities Finance Agency
Revenue Bonds
Wake Forest University
Series 2018
01/01/2034	5.000%	400,000	496,728
North Carolina Central University
Refunding Revenue Bonds
Series 2016
10/01/2029	4.000%	625,000	701,406
Revenue Bonds
Series 2019
04/01/2036	5.000%	500,000	617,835
04/01/2038	5.000%	500,000	614,100

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina State University at Raleigh
Refunding Revenue Bonds
General
Series 2018
10/01/2027	5.000%	300,000	381,900
10/01/2028	5.000%	250,000	325,130
University of North Carolina at Charlotte (The)
Revenue Bonds
Board of Governors
Series 2017
10/01/2029	5.000%	500,000	627,895
Series 2014
04/01/2030	5.000%	1,000,000	1,145,640
University of North Carolina at Greensboro
Refunding Revenue Bonds
Series 2016
04/01/2029	5.000%	390,000	473,515
04/01/2030	5.000%	250,000	302,633
Revenue Bonds
General
Series 2014
04/01/2032	5.000%	2,000,000	2,291,220
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2019B
10/01/2034	5.000%	355,000	454,531
Western Carolina University
Revenue Bonds
General
Series 2018
10/01/2033	5.000%	250,000	311,027
10/01/2034	5.000%	575,000	713,184
Total			17,126,284
Hospital 8.4%
County of New Hanover
Refunding Revenue Bonds
New Hanover Regional Medical Center
Series 2017
10/01/2030	5.000%	1,200,000	1,413,612
North Carolina Medical Care Commission
Refunding Revenue Bonds
Novant Health Obligation Group
Series 2013
11/01/2024	5.000%	530,000	587,977
Southeastern Regional Medical Center
Series 2012
06/01/2026	5.000%	1,000,000	1,084,330

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

6	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Vidant Health
Series 2015
06/01/2030	5.000%	1,000,000	1,172,490
WakeMed
Series 2012A
10/01/2031	5.000%	2,000,000	2,182,880
Revenue Bonds
Duke University Health System
Series 2012A
06/01/2032	5.000%	3,635,000	3,961,750
Moses Cone Health System
Series 2011
10/01/2020	5.000%	3,215,000	3,326,496
Rex Hospital, Inc.
Series 2015A
07/01/2032	5.000%	1,000,000	1,179,090
Wake Forest Baptist Obligation Group
Series 2019
12/01/2033	5.000%	595,000	732,106
Total			15,640,731
Joint Power Authority 4.6%
North Carolina Municipal Power Agency No. 1
Refunding Revenue Bonds
Series 2015A
01/01/2026	5.000%	1,500,000	1,819,830
01/01/2031	5.000%	2,000,000	2,382,100
Series 2016A
01/01/2028	5.000%	1,500,000	1,830,195
Series 2019A
01/01/2032	5.000%	2,000,000	2,579,480
Total			8,611,605
Local Appropriation 21.0%
City of Charlotte
Refunding Certificate of Participation
Series 2019B
06/01/2034	5.000%	2,000,000	2,557,860
City of Durham
Revenue Bonds
Series 2018
04/01/2034	4.000%	1,000,000	1,150,080
City of Kannapolis
Revenue Bonds
Series 2014
04/01/2031	5.000%	1,365,000	1,546,190
City of Monroe
Refunding Revenue Bonds
Series 2016
03/01/2035	5.000%	1,000,000	1,184,530

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wilmington
Refunding Revenue Bonds
Series 2014A
06/01/2028	5.000%	500,000	581,065
City of Winston-Salem
Refunding Revenue Bonds
Series 2014C
06/01/2029	5.000%	750,000	869,790
County of Brunswick
Revenue Bonds
Series 2015A
06/01/2028	5.000%	250,000	297,173
06/01/2029	5.000%	250,000	296,533
County of Buncombe
Revenue Bonds
Series 2012
06/01/2028	5.000%	500,000	546,805
06/01/2029	5.000%	1,000,000	1,092,810
Series 2014A
06/01/2032	5.000%	1,635,000	1,882,016
County of Catawba
Revenue Bonds
Series 2011
10/01/2022	5.000%	400,000	428,372
Series 2018
12/01/2036	4.000%	1,940,000	2,222,910
County of Cumberland
Refunding Certificate of Participation
Improvement Projects
Series 2009-B1
12/01/2021	5.000%	2,775,000	2,782,825
County of Dare
Refunding Revenue Bonds
Series 2016A
06/01/2031	4.000%	225,000	255,067
County of Gaston
Revenue Bonds
Series 2019A
04/01/2034	5.000%	250,000	317,273
04/01/2035	5.000%	300,000	379,665
County of Harnett
Revenue Bonds
Series 2019
10/01/2037	4.000%	955,000	1,095,204
County of Johnston
Revenue Bonds
Series 2014
06/01/2028	5.000%	1,000,000	1,155,480

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Lee
Revenue Bonds
Series 2018
05/01/2036	4.000%	500,000	567,110
County of Martin
Refunding Revenue Bonds
Water & Sewer District
Series 2014
06/01/2030	4.000%	730,000	792,196
County of Onslow
Revenue Bonds
Series 2015
06/01/2027	4.000%	405,000	458,731
Series 2016
10/01/2028	5.000%	1,000,000	1,221,530
County of Pender
Revenue Bonds
Series 2015
04/01/2027	5.000%	1,165,000	1,378,148
04/01/2028	5.000%	1,290,000	1,523,077
County of Randolph
Refunding Revenue Bonds
Series 2013C
10/01/2026	5.000%	1,500,000	1,855,470
Revenue Bonds
Series 2019B
10/01/2034	5.000%	500,000	638,625
County of Sampson
Refunding Revenue Bonds
Series 2017
09/01/2035	4.000%	1,000,000	1,121,850
County of Surry
Revenue Bonds
Series 2019
06/01/2032	5.000%	275,000	351,920
06/01/2033	5.000%	350,000	446,628
County of Union
Refunding Revenue Bonds
Series 2012
12/01/2024	5.000%	1,715,000	2,029,445
County of Wake
Refunding Revenue Bonds
Series 2018A
08/01/2036	4.000%	2,000,000	2,297,960
County of Wilkes
Refunding Revenue Bonds
Series 2015
06/01/2027	5.000%	500,000	589,940
06/01/2029	5.000%	500,000	587,315

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Durham Capital Financing Corp.
Revenue Bonds
Series 2018
10/01/2035	4.000%	1,500,000	1,730,010
Orange County Public Facilities Co.
Unrefunded Revenue Bonds
Series 2012
10/01/2024	5.000%	835,000	926,065
Total			39,157,668
Local General Obligation 6.4%
County of Durham
Unlimited General Obligation Bonds
Series 2019
06/01/2032	5.000%	620,000	805,442
County of Forsyth
Unlimited General Obligation Bonds
Public Improvement
Series 2019B
03/01/2026	5.000%	1,000,000	1,229,500
County of Guilford
Unlimited General Obligation Bonds
Public Improvement
Series 2017B
05/01/2026	5.000%	1,000,000	1,233,790
County of Henderson
Revenue Bonds
Series 2015
10/01/2030	5.000%	500,000	595,020
County of Mecklenburg
Unlimited General Obligation Public Improvement Bonds
Series 2016B
12/01/2027	5.000%	1,180,000	1,470,787
County of Moore
Unlimited General Obligation Refunding Bonds
Series 2016
06/01/2028	5.000%	1,000,000	1,284,060
County of Pitt
Refunding Revenue Bonds
Series 2017
04/01/2022	5.000%	750,000	818,250
04/01/2024	5.000%	410,000	475,928
County of Wake
Unlimited General Obligation Public Improvement Bonds
Series 2019A
03/01/2033	5.000%	1,500,000	1,931,985
Unlimited General Obligation Refunding Bonds
Series 2010C
03/01/2022	5.000%	2,000,000	2,177,320
Total			12,022,082

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

8	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Multi-Family 4.3%
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
North Carolina A&T University Foundation Project
Series 2015A
06/01/2028	5.000%	1,000,000	1,161,920
The Arc of North Carolina
Series 2017
10/01/2034	5.000%	1,500,000	1,755,270
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2015
06/01/2029	5.000%	2,000,000	2,347,700
Western Carolina University
Limited General Obligation Refunding Revenue Bonds
Student Housing
Series 2016 (AGM)
06/01/2027	5.000%	500,000	605,355
06/01/2028	5.000%	1,000,000	1,204,250
06/01/2029	5.000%	800,000	962,112
Total			8,036,607
Municipal Power 2.3%
City of Concord Utilities Systems
Refunding Revenue Bonds
Series 2009B
12/01/2019	5.000%	1,500,000	1,504,620
City of Fayetteville Public Works Commission
Revenue Bonds
Series 2014
03/01/2027	4.000%	1,250,000	1,380,087
Greenville Utilities Commission
Revenue Bonds
Series 2019
08/01/2032	5.000%	625,000	806,625
08/01/2033	5.000%	400,000	514,864
Total			4,206,196
Ports 1.1%
North Carolina State Ports Authority
Revenue Bonds
Senior Lien
Series 2010B
02/01/2025	5.000%	2,000,000	2,018,420
Refunded / Escrowed 8.0%
City of Raleigh Combined Enterprise System
Prerefunded 03/01/21 Revenue Bonds
Series 2011
03/01/2027	5.000%	800,000	840,696

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Moore
Prerefunded 06/01/20 Revenue Bonds
Series 2010
06/01/2024	5.000%	1,635,000	1,671,526
County of Wake
Prerefunded 10/01/26 Revenue Bonds
Series 1993 Escrowed to Maturity (NPFGC)
10/01/2026	5.125%	1,690,000	1,923,051
Jacksonville Public Facilities Corp.
Prerefunded 04/01/22 Limited Obligation Revenue Bonds
Series 2012
04/01/2026	5.000%	1,075,000	1,172,481
North Carolina Eastern Municipal Power Agency
Prerefunded 01/01/22 Revenue Bonds
Series 1988A
01/01/2026	6.000%	1,000,000	1,103,530
Refunding Revenue Bonds
Series 1993B Escrowed to Maturity (NPFGC / IBC)
01/01/2022	6.000%	3,000,000	3,307,200
Series 1993B Escrowed to Maturity (NPFGC)
01/01/2022	6.000%	1,000,000	1,102,400
North Carolina Medical Care Commission
Prerefunded 06/01/22 Revenue Bonds
Vidant Health
Series 2012A
06/01/2025	5.000%	1,500,000	1,643,295
06/01/2036	5.000%	1,445,000	1,584,963
Orange County Public Facilities Co.
Prerefunded 10/01/22 Revenue Bonds
Series 2012
10/01/2024	5.000%	490,000	542,758
Total			14,891,900
Retirement Communities 5.5%
North Carolina Medical Care Commission
Refunding Revenue Bonds
1st Mortgage-United Church
Series 2015A
09/01/2030	4.500%	1,000,000	1,040,300
1st Mortgage-United Methodist
Series 2013A
10/01/2033	5.000%	1,595,000	1,744,962
Pennybyrn at Maryfield
Series 2015
10/01/2025	5.000%	750,000	854,587
Retirement Facilities 1st Mortgage
Series 2019
01/01/2039	5.000%	1,000,000	1,151,480
Southminster, Inc.
Series 2016
10/01/2025	5.000%	1,260,000	1,424,430

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
United Methodist Retirement
Series 2016
10/01/2030	5.000%	700,000	822,780
Revenue Bonds
The Pines at Davidson Project
01/01/2038	5.000%	1,000,000	1,129,410
Twin Lakes Community
Series 2019A
01/01/2038	5.000%	1,750,000	2,029,020
Total			10,196,969
Sales Tax 0.6%
City of Rocky Mount
Revenue Bonds
Series 2016
05/01/2028	5.000%	1,000,000	1,208,250
Single Family 2.1%
North Carolina Housing Finance Agency
Revenue Bonds
Series 2017-38B (GNMA)
07/01/2037	3.850%	2,000,000	2,148,960
Series 2019-41 (GNMA)
07/01/2034	3.100%	750,000	783,863
Series 2019-42
07/01/2039	2.625%	1,000,000	979,580
Total			3,912,403
State Appropriated 1.3%
State of North Carolina
Refunding Revenue Bonds
Series 2014B
06/01/2025	5.000%	2,000,000	2,401,100
State General Obligation 0.7%
State of North Carolina
Unlimited General Obligation Refunding Bonds
Series 2016A
06/01/2026	5.000%	1,000,000	1,236,950
Transportation 1.4%
State of North Carolina
Revenue Bonds
Series 2019
03/01/2033	5.000%	1,250,000	1,579,163
Vehicle - GARVEE
Series 2015
03/01/2027	5.000%	900,000	1,061,361
Total			2,640,524

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Turnpike / Bridge / Toll Road 2.7%
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2030	5.000%	1,700,000	2,043,689
01/01/2032	5.000%	1,450,000	1,730,546
Series 2017 (AGM)
01/01/2031	5.000%	750,000	900,067
North Carolina Turnpike Authority^(b)
Revenue Bonds
Series 2017C
07/01/2031	0.000%	500,000	332,485
Total			5,006,787
Water & Sewer 14.6%
City of Charlotte Water & Sewer System
Refunding Revenue Bonds
Series 2015
07/01/2024	5.000%	1,010,000	1,185,508
Series 2018
07/01/2035	4.000%	2,000,000	2,328,020
Revenue Bonds
Series 2009B
07/01/2025	5.000%	5,835,000	5,982,975
City of Gastonia Combined Utilities System
Revenue Bonds
Series 2015
05/01/2029	5.000%	265,000	314,481
05/01/2030	5.000%	660,000	780,437
City of Greensboro Combined Water & Sewer System
Refunding Revenue Bonds
Series 2006
06/01/2022	5.250%	1,200,000	1,325,388
06/01/2023	5.250%	2,000,000	2,287,000
City of Jacksonville Enterprise System
Refunding Revenue Bonds
Series 2016
05/01/2028	5.250%	250,000	323,130
City of Raleigh Combined Enterprise System
Refunding Revenue Bonds
Series 2015B
12/01/2025	5.000%	1,200,000	1,467,108
City of Thomasville Combined Enterprise System
Refunding Revenue Bonds
Series 2012
05/01/2026	4.000%	860,000	909,992

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

10	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Winston-Salem Water & Sewer System
Refunding Revenue Bonds
Series 2016A
06/01/2024	5.000%	1,300,000	1,521,481
06/01/2033	4.000%	2,165,000	2,448,810
Revenue Bonds
Series 2017
06/01/2031	4.000%	400,000	462,872
County of Brunswick Enterprise Systems
Refunding Revenue Bonds
Series 2015
04/01/2027	5.000%	1,500,000	1,777,725
County of Dare Utilities System
Refunding Revenue Bonds
Series 2017
02/01/2032	4.000%	300,000	342,852
County of Union Enterprise System
Revenue Bonds
Enterprise System
Series 2019
06/01/2031	5.000%	1,000,000	1,290,130
Series 2015
06/01/2029	5.000%	500,000	602,650
Onslow Water & Sewer Authority
Refunding Revenue Bonds
Series 2016
12/01/2031	4.000%	820,000	929,823

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Town of Fuquay-Varina Combined Utilities System
Revenue Bonds
Series 2016
04/01/2030	5.000%	335,000	405,755
04/01/2031	5.000%	450,000	541,408
Total			27,227,545
Total Municipal Bonds (Cost $170,738,972)			179,698,662

Money Market Funds 2.6%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(c)	509,267	509,318
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(c)	4,322,407	4,322,407
Total Money Market Funds (Cost $4,831,674)		4,831,725
Total Investments in Securities (Cost: $175,570,646)		184,530,387
Other Assets & Liabilities, Net		1,775,889
Net Assets		186,306,276

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	Zero coupon bond.
(c)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMT	Alternative Minimum Tax
GNMA	Government National Mortgage Association
IBC	Insurance Bond Certificate
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Fair value measurements (continued)

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	179,698,662	—	179,698,662
Money Market Funds	4,831,725	—	—	4,831,725
Total Investments in Securities	4,831,725	179,698,662	—	184,530,387

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

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

12	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $175,570,646)	$184,530,387
Cash	735
Receivable for:
Capital shares sold	453,289
Interest	2,100,811
Expense reimbursement due from Investment Manager	226
Prepaid expenses	2,613
Other assets	666
Total assets	187,088,727
Liabilities
Payable for:
Capital shares purchased	273,415
Distributions to shareholders	366,485
Management services fees	2,375
Distribution and/or service fees	210
Transfer agent fees	4,760
Compensation of board members	112,125
Compensation of chief compliance officer	19
Other expenses	23,062
Total liabilities	782,451
Net assets applicable to outstanding capital stock	$186,306,276
Represented by
Paid in capital	177,784,913
Total distributable earnings (loss)	8,521,363
Total - representing net assets applicable to outstanding capital stock	$186,306,276
Class A
Net assets	$17,070,092
Shares outstanding	1,621,832
Net asset value per share	$10.53
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.86
Advisor Class
Net assets	$5,482,724
Shares outstanding	521,626
Net asset value per share	$10.51
Class C
Net assets	$3,415,118
Shares outstanding	324,568
Net asset value per share	$10.52
Institutional Class
Net assets	$24,092,749
Shares outstanding	2,291,371
Net asset value per share	$10.51
Institutional 3 Class
Net assets	$136,245,593
Shares outstanding	12,918,343
Net asset value per share	$10.55

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	84,096	884,440	169,543	1,722,915
Distributions reinvested	13,544	142,448	29,827	303,721
Redemptions	(69,315)	(729,012)	(385,171)	(3,908,966)
Net increase (decrease)	28,325	297,876	(185,801)	(1,882,330)
Advisor Class
Subscriptions	66,606	696,020	114,600	1,168,726
Distributions reinvested	6,214	65,267	12,673	128,868
Redemptions	(84,568)	(885,871)	(47,243)	(480,310)
Net increase (decrease)	(11,748)	(124,584)	80,030	817,284
Class C
Subscriptions	14,598	153,711	45,784	466,230
Distributions reinvested	1,949	20,490	6,105	62,119
Redemptions	(88,425)	(926,914)	(182,233)	(1,848,463)
Net decrease	(71,878)	(752,713)	(130,344)	(1,320,114)
Institutional Class
Subscriptions	144,336	1,511,657	565,144	5,744,822
Distributions reinvested	22,927	240,883	47,597	484,185
Redemptions	(93,634)	(978,564)	(664,773)	(6,742,706)
Net increase (decrease)	73,629	773,976	(52,032)	(513,699)
Institutional 3 Class
Subscriptions	1,751,766	18,427,954	4,940,478	50,489,350
Distributions reinvested	3,870	40,794	9,489	96,796
Redemptions	(478,231)	(5,015,879)	(4,901,368)	(49,843,998)
Net increase	1,277,405	13,452,869	48,599	742,148
Total net increase (decrease)	1,295,733	13,647,424	(239,548)	(2,156,711)

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

16	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.33	0.11	0.20	0.31	(0.11)	(0.11)
Year Ended 4/30/2019	$10.14	0.24	0.19	0.43	(0.24)	(0.24)
Year Ended 4/30/2018	$10.33	0.24	(0.19)	0.05	(0.24)	(0.24)
Year Ended 4/30/2017	$10.70	0.25	(0.37)	(0.12)	(0.25)	(0.25)
Year Ended 4/30/2016	$10.58	0.27	0.12	0.39	(0.27)	(0.27)
Year Ended 4/30/2015	$10.61	0.28	(0.03)	0.25	(0.28)	(0.28)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.32	0.12	0.19	0.31	(0.12)	(0.12)
Year Ended 4/30/2019	$10.12	0.26	0.20	0.46	(0.26)	(0.26)
Year Ended 4/30/2018	$10.32	0.27	(0.20)	0.07	(0.27)	(0.27)
Year Ended 4/30/2017	$10.69	0.28	(0.37)	(0.09)	(0.28)	(0.28)
Year Ended 4/30/2016	$10.57	0.30	0.12	0.42	(0.30)	(0.30)
Year Ended 4/30/2015	$10.60	0.31	(0.03)	0.28	(0.31)	(0.31)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.33	0.07	0.19	0.26	(0.07)	(0.07)
Year Ended 4/30/2019	$10.13	0.16	0.20	0.36	(0.16)	(0.16)
Year Ended 4/30/2018	$10.33	0.16	(0.20)	(0.04)	(0.16)	(0.16)
Year Ended 4/30/2017	$10.70	0.17	(0.37)	(0.20)	(0.17)	(0.17)
Year Ended 4/30/2016	$10.58	0.19	0.12	0.31	(0.19)	(0.19)
Year Ended 4/30/2015	$10.61	0.20	(0.03)	0.17	(0.20)	(0.20)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.32	0.12	0.19	0.31	(0.12)	(0.12)
Year Ended 4/30/2019	$10.13	0.26	0.19	0.45	(0.26)	(0.26)
Year Ended 4/30/2018	$10.32	0.27	(0.19)	0.08	(0.27)	(0.27)
Year Ended 4/30/2017	$10.69	0.28	(0.37)	(0.09)	(0.28)	(0.28)
Year Ended 4/30/2016	$10.57	0.30	0.12	0.42	(0.30)	(0.30)
Year Ended 4/30/2015	$10.60	0.31	(0.03)	0.28	(0.31)	(0.31)

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

18	Columbia North Carolina Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.53	3.01%	0.87%^(c)	0.81%^(c)	2.09%^(c)	2%	$17,070
Year Ended 4/30/2019	$10.33	4.26%	0.87%^(d)	0.81%^(d)	2.32%	23%	$16,469
Year Ended 4/30/2018	$10.14	0.48%	0.88%	0.81%	2.33%	10%	$18,035
Year Ended 4/30/2017	$10.33	(1.11%)	0.96%	0.81%	2.39%	12%	$18,246
Year Ended 4/30/2016	$10.70	3.77%	0.97%	0.81%	2.57%	11%	$27,616
Year Ended 4/30/2015	$10.58	2.41%	0.98%	0.81%	2.67%	6%	$24,948
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.51	3.04%	0.61%^(c)	0.56%^(c)	2.34%^(c)	2%	$5,483
Year Ended 4/30/2019	$10.32	4.62%	0.62%^(d)	0.56%^(d)	2.57%	23%	$5,505
Year Ended 4/30/2018	$10.12	0.63%	0.63%	0.56%	2.57%	10%	$4,589
Year Ended 4/30/2017	$10.32	(0.86%)	0.71%	0.56%	2.64%	12%	$2,236
Year Ended 4/30/2016	$10.69	4.03%	0.72%	0.56%	2.83%	11%	$3,458
Year Ended 4/30/2015	$10.57	2.67%	0.74%	0.56%	2.92%	6%	$3,675
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.52	2.52%	1.62%^(c)	1.56%^(c)	1.34%^(c)	2%	$3,415
Year Ended 4/30/2019	$10.33	3.58%	1.62%^(d)	1.56%^(d)	1.57%	23%	$4,096
Year Ended 4/30/2018	$10.13	(0.38%)	1.63%	1.56%	1.58%	10%	$5,338
Year Ended 4/30/2017	$10.33	(1.85%)	1.71%	1.56%	1.65%	12%	$6,682
Year Ended 4/30/2016	$10.70	3.00%	1.73%	1.56%	1.82%	11%	$8,023
Year Ended 4/30/2015	$10.58	1.65%	1.73%	1.56%	1.92%	6%	$7,227
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.51	3.04%	0.61%^(c)	0.56%^(c)	2.34%^(c)	2%	$24,093
Year Ended 4/30/2019	$10.32	4.52%	0.62%^(d)	0.56%^(d)	2.57%	23%	$22,897
Year Ended 4/30/2018	$10.13	0.72%	0.65%	0.56%	2.55%	10%	$22,984
Year Ended 4/30/2017	$10.32	(0.86%)	0.71%	0.56%	2.65%	12%	$158,327
Year Ended 4/30/2016	$10.69	4.03%	0.73%	0.56%	2.82%	11%	$191,661
Year Ended 4/30/2015	$10.57	2.67%	0.73%	0.56%	2.92%	6%	$149,878

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.36	0.13	0.19	0.32	(0.13)	(0.13)
Year Ended 4/30/2019	$10.16	0.27	0.20	0.47	(0.27)	(0.27)
Year Ended 4/30/2018	$10.35	0.28	(0.19)	0.09	(0.28)	(0.28)
Year Ended 4/30/2017^(e)	$10.28	0.05	0.07^(f)	0.12	(0.05)	(0.05)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Annualized.
(d)	Ratios include line of credit interest expense which is less than 0.01%.
(e)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

20	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

22	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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

24	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

For the six months ended October 31, 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	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 3 Class	0.01

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended October 31, 2019, no minimum account balance fees were charged by the Fund.

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	8,104
Class C	—	1.00^(b)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through August 31, 2020
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
Institutional 3 Class	0.48

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
175,571,000	9,034,000	(75,000)	8,959,000

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)
528,605	658,571	1,187,176

26	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $17,062,799 and $4,217,628, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Note 8. Significant risks

Credit risk

Geographic concentration risk

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Interest rate risk

Liquidity risk

Shareholder concentration risk

At October 31, 2019, two unaffiliated shareholders of record owned 85.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

28	Columbia North Carolina Intermediate Municipal 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 North Carolina Intermediate Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

Columbia North Carolina Intermediate Municipal Bond Fund | Semiannual Report 2019

Investment performance

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

30	Columbia North Carolina Intermediate Municipal Bond Fund \| Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia Maryland Intermediate Municipal Bond 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	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	18
Approval of Management Agreement	26

Columbia Maryland Intermediate Municipal 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

Quarterly schedule of investments

Additional Fund information

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 Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/01/90	2.68	7.05	2.33	3.04
	Including sales charges		-0.37	3.81	1.71	2.73
Advisor Class*		03/19/13	2.80	7.32	2.61	3.21
Class C	Excluding sales charges	06/17/92	2.29	6.25	1.57	2.28
	Including sales charges		1.29	5.25	1.57	2.28
Institutional Class		09/01/90	2.90	7.42	2.59	3.30
Institutional 3 Class*		03/01/17	2.85	7.41	2.53	3.14
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	9.2
AA rating	37.1
A rating	33.0
BBB rating	18.0
BB rating	1.6
Not rated	1.1
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,026.80	1,021.11	4.08	4.06	0.80
Advisor Class	1,000.00	1,000.00	1,028.00	1,022.37	2.80	2.80	0.55
Class C	1,000.00	1,000.00	1,022.90	1,017.34	7.88	7.86	1.55
Institutional Class	1,000.00	1,000.00	1,029.00	1,022.37	2.81	2.80	0.55
Institutional 3 Class	1,000.00	1,000.00	1,028.50	1,022.82	2.35	2.34	0.46

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 Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.4%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.4%
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045	1.350%	200,000	200,000
Total Floating Rate Notes (Cost $200,000)			200,000

Municipal Bonds 96.7%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Disposal 2.1%
Maryland Environmental Service
Revenue Bonds
Mid Shore II Regional Landfill
Series 2011
11/01/2024	5.000%	1,030,000	1,068,574
Higher Education 3.6%
Maryland Health & Higher Educational Facilities Authority
Revenue Bonds
Maryland Institute College of Art
Series 2012
06/01/2029	5.000%	1,000,000	1,088,170
Montgomery County Authority
Refunding Revenue Bonds
Series 2014
05/01/2027	5.000%	500,000	573,750
Morgan State University
Refunding Revenue Bonds
Series 2012
07/01/2030	5.000%	150,000	163,080
Total			1,825,000
Hospital 25.7%
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Anne Arundel Health System
Series 2014
07/01/2029	5.000%	750,000	861,015
MedStar Health, Inc.
Series 2015
08/15/2033	5.000%	500,000	576,490
Mercy Medical Center
Series 2016A
07/01/2032	5.000%	600,000	699,888

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Meritus Medical Center Issue
Series 2015
07/01/2027	5.000%	1,000,000	1,177,030
Peninsula Regional Medical Center
Series 2015
07/01/2034	5.000%	1,000,000	1,135,350
Series 2017B
07/01/2031	5.000%	1,000,000	1,210,720
University of Maryland Medical System
Series 2015
07/01/2028	5.000%	500,000	588,725
Western Maryland Health System
Series 2014
07/01/2034	5.250%	1,500,000	1,691,100
Revenue Bonds
Carroll Hospital
Series 2012A
07/01/2026	5.000%	1,210,000	1,320,812
07/01/2027	5.000%	1,000,000	1,089,390
Johns Hopkins Health System
Series 2012
07/01/2028	5.000%	1,000,000	1,098,180
Johns Hopkins Health System
Series 2013C
05/15/2033	5.000%	1,500,000	1,682,565
Total			13,131,265
Local Appropriation 4.3%
County of Prince George’s
Certificate of Participation
Suitland Public Infrastructure
Series 2019
10/01/2035	5.000%	500,000	621,685
University of Maryland Capital Region Health
Series 2018
10/01/2035	5.000%	750,000	935,992
Howard County Housing Commission
Revenue Bonds
Roger Carter Recreation Center Project
Series 2011
06/01/2026	5.000%	585,000	617,766
Total			2,175,443
Local General Obligation 8.4%
City of Baltimore
Unlimited General Obligation Bonds
Series 2017A
10/15/2033	5.000%	750,000	929,317

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

6	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Anne Arundel
Limited General Obligation Bonds
Consolidated General Improvements
Series 2019
10/01/2036	5.000%	500,000	642,015
County of Frederick
Unlimited General Obligation Refunding Bonds
Public Facilities
Series 2006
11/01/2021	5.250%	2,500,000	2,703,325
Total			4,274,657
Multi-Family 10.4%
Howard County Housing Commission
Revenue Bonds
General Capital Improvement Program
Series 2015
06/01/2032	4.000%	750,000	807,960
Woodfield Oxford Square Apartments
Series 2017
12/01/2029	5.000%	555,000	679,376
Maryland Economic Development Corp.
Refunding Revenue Bonds
University of Maryland Baltimore County Student Housing
Series 2016 (AGM)
07/01/2030	5.000%	725,000	871,660
University of Maryland College Park Student Housing
Series 2016 (AGM)
06/01/2030	5.000%	875,000	1,048,495
Revenue Bonds
Salisbury University Project
Series 2012
06/01/2027	5.000%	1,100,000	1,161,677
Towson University Project
Series 2012
07/01/2027	5.000%	700,000	755,706
Total			5,324,874
Other Bond Issue 2.5%
City of Baltimore
Refunding Revenue Bonds
Convention Center Hotel
Series 2017
09/01/2028	5.000%	750,000	899,250
Maryland Community Development Administration
Revenue Bonds
Capital Fund Securitization
Series 2003 (AGM)
07/01/2021	4.400%	20,000	20,048

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Maryland Economic Development Corp.
Revenue Bonds
Baltimore City Project
Subordinated Series 2018C
06/01/2038	4.000%	350,000	368,162
Total			1,287,460
Other Industrial Development Bond 1.6%
Maryland Economic Development Corp.
Refunding Revenue Bonds
CNX Marine Terminals, Inc.
Series 2010
09/01/2025	5.750%	800,000	818,704
Refunded / Escrowed 5.2%
City of Baltimore
Revenue Bonds
Water Project
Series 1994A Escrowed to Maturity (FGIC)
07/01/2024	5.000%	1,400,000	1,568,476
State of Maryland
Prerefunded 03/01/23 Unlimited General Obligation Bonds
Series 2015A
03/01/2027	4.000%	1,000,000	1,093,390
Total			2,661,866
Retirement Communities 3.2%
City of Gaithersburg
Refunding Revenue Bonds
Asbury Obligation Group
Series 2009B
01/01/2023	6.000%	500,000	503,495
County of Baltimore
Refunding Revenue Bonds
Oak Crest Village, Inc.
Series 2016
01/01/2029	5.000%	500,000	592,025
County of Howard
Refunding Revenue Bonds
Columbia Vantage House Corp.
Series 2017
04/01/2026	5.000%	500,000	542,095
Total			1,637,615
Single Family 1.2%
Maryland Community Development Administration
Revenue Bonds
Series 2019C
03/01/2031	5.000%	500,000	629,755

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Special Non Property Tax 3.5%
Maryland Stadium Authority
Revenue Bonds
Construction and Revitalization
Series 2018
05/01/2033	5.000%	1,000,000	1,233,300
State of Maryland Department of Transportation
Revenue Bonds
Series 2019
10/01/2032	4.000%	500,000	577,520
Total			1,810,820
Special Property Tax 8.8%
Anne Arundel County Consolidated District
Special Tax Refunding Bonds
Villages of Dorchester & Farmington
Series 2013
07/01/2023	5.000%	225,000	254,533
07/01/2024	5.000%	500,000	565,165
City of Baltimore
Refunding Tax Allocation Bonds
Consolidated Tax Projects
Series 2015
06/15/2027	5.000%	520,000	591,568
County of Frederick
Special Tax Bonds
Urbana Community Development Authority
Series 2010A
07/01/2025	5.000%	2,490,000	2,551,229
County of Montgomery
Refunding Special Tax Bonds
West Germantown Development District
Series 2014
07/01/2025	4.000%	485,000	539,689
Total			4,502,184
State Appropriated 5.7%
Maryland Economic Development Corp.
Refunding Revenue Bonds
Department of Transportation Headquarters
Series 2010
06/01/2022	4.500%	2,675,000	2,898,737
State General Obligation 1.1%
State of Maryland
Unlimited General Obligation Bonds
Series 2017A
08/01/2030	4.000%	500,000	583,390

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Transportation 3.6%
Washington Metropolitan Area Transit Authority
Refunding Revenue Bonds
Series 2017A-1
07/01/2029	5.000%	1,000,000	1,246,380
Revenue Bonds
Series 2018
07/01/2036	5.000%	500,000	607,575
Total			1,853,955
Water & Sewer 5.8%
City of Baltimore
Refunding Revenue Bonds
Water Projects
Subordinated Series 2019C
07/01/2035	4.000%	500,000	570,745
Subordinated Revenue Bonds
Series 2014A
07/01/2032	5.000%	1,000,000	1,163,930
Wastewater Project
Series 2017A
07/01/2031	5.000%	1,000,000	1,221,780
Total			2,956,455
Total Municipal Bonds (Cost $46,755,405)			49,440,754

Money Market Funds 1.9%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(c)	254,281	254,306
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(c)	686,364	686,364
Total Money Market Funds (Cost $940,645)		940,670
Total Investments in Securities (Cost: $47,896,050)		50,581,424
Other Assets & Liabilities, Net		528,601
Net Assets		51,110,025

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

8	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of October 31, 2019.
(c)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
FGIC	Financial Guaranty Insurance Corporation

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	200,000	—	200,000
Municipal Bonds	—	49,440,754	—	49,440,754
Money Market Funds	940,670	—	—	940,670
Total Investments in Securities	940,670	49,640,754	—	50,581,424

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

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $47,896,050)	$50,581,424
Cash	141
Receivable for:
Capital shares sold	45,554
Interest	735,307
Expense reimbursement due from Investment Manager	230
Prepaid expenses	2,276
Other assets	3,918
Total assets	51,368,850
Liabilities
Payable for:
Capital shares purchased	10,624
Distributions to shareholders	113,862
Management services fees	656
Distribution and/or service fees	131
Transfer agent fees	2,221
Compensation of board members	109,671
Compensation of chief compliance officer	7
Audit fees	16,054
Other expenses	5,599
Total liabilities	258,825
Net assets applicable to outstanding capital stock	$51,110,025
Represented by
Paid in capital	48,243,589
Total distributable earnings (loss)	2,866,436
Total - representing net assets applicable to outstanding capital stock	$51,110,025
Class A
Net assets	$12,525,736
Shares outstanding	1,179,637
Net asset value per share	$10.62
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.95
Advisor Class
Net assets	$828,754
Shares outstanding	78,013
Net asset value per share	$10.62
Class C
Net assets	$1,656,835
Shares outstanding	155,965
Net asset value per share	$10.62
Institutional Class
Net assets	$8,230,109
Shares outstanding	775,263
Net asset value per share	$10.62
Institutional 3 Class
Net assets	$27,868,591
Shares outstanding	2,616,168
Net asset value per share	$10.65

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

10	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Statement of Operations
Six Months Ended October 31, 2019 (Unaudited)

Net investment income
Income:
Dividends — unaffiliated issuers	$8,194
Interest	812,643
Total income	820,837
Expenses:
Management services fees	119,753
Distribution and/or service fees
Class A	15,585
Class C	7,851
Transfer agent fees
Class A	6,131
Advisor Class	392
Class C	772
Institutional Class	3,867
Institutional 3 Class	1,107
Compensation of board members	10,023
Custodian fees	792
Printing and postage fees	5,346
Registration fees	6,168
Audit fees	14,155
Legal fees	4,474
Compensation of chief compliance officer	6
Other	4,324
Total expenses	200,746
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(49,825)
Fees waived by transfer agent
Institutional 3 Class	(725)
Expense reduction	(20)
Total net expenses	150,176
Net investment income	670,661
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	38,264
Net realized gain	38,264
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	671,687
Net change in unrealized appreciation (depreciation)	671,687
Net realized and unrealized gain	709,951
Net increase in net assets resulting from operations	$1,380,612

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	103,692	1,098,448	149,568	1,546,307
Distributions reinvested	7,440	78,997	19,602	202,774
Redemptions	(75,704)	(802,780)	(327,638)	(3,399,000)
Net increase (decrease)	35,428	374,665	(158,468)	(1,649,919)
Advisor Class
Subscriptions	9,364	99,542	44,498	461,529
Distributions reinvested	988	10,496	1,955	20,231
Redemptions	(3,109)	(32,944)	(2,170)	(22,644)
Net increase	7,243	77,094	44,283	459,116
Class C
Subscriptions	17,435	185,063	30,814	318,902
Distributions reinvested	983	10,441	3,620	37,439
Redemptions	(9,571)	(101,822)	(128,253)	(1,332,227)
Net increase (decrease)	8,847	93,682	(93,819)	(975,886)
Institutional Class
Subscriptions	85,529	909,166	259,897	2,687,032
Distributions reinvested	7,920	84,075	19,867	205,464
Redemptions	(43,602)	(463,075)	(244,492)	(2,527,902)
Net increase	49,847	530,166	35,272	364,594
Institutional 3 Class
Subscriptions	303,782	3,237,574	747,049	7,772,372
Distributions reinvested	550	5,863	1,104	11,449
Redemptions	(301,664)	(3,207,834)	(1,898,700)	(19,664,974)
Net increase (decrease)	2,668	35,603	(1,150,547)	(11,881,153)
Total net increase (decrease)	104,033	1,111,210	(1,323,279)	(13,683,248)

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.47	0.13	0.15	0.28	(0.13)	—	(0.13)
Year Ended 4/30/2019	$10.36	0.28	0.17	0.45	(0.28)	(0.06)	(0.34)
Year Ended 4/30/2018	$10.61	0.27	(0.20)	0.07	(0.27)	(0.05)	(0.32)
Year Ended 4/30/2017	$10.90	0.27	(0.29)	(0.02)	(0.27)	—	(0.27)
Year Ended 4/30/2016	$10.81	0.29	0.09	0.38	(0.29)	—	(0.29)
Year Ended 4/30/2015	$10.80	0.31	0.01	0.32	(0.31)	—	(0.31)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.47	0.14	0.15	0.29	(0.14)	—	(0.14)
Year Ended 4/30/2019	$10.36	0.30	0.18	0.48	(0.31)	(0.06)	(0.37)
Year Ended 4/30/2018	$10.61	0.30	(0.20)	0.10	(0.30)	(0.05)	(0.35)
Year Ended 4/30/2017	$10.90	0.30	(0.29)	0.01	(0.30)	—	(0.30)
Year Ended 4/30/2016	$10.81	0.32	0.09	0.41	(0.32)	—	(0.32)
Year Ended 4/30/2015	$10.80	0.34	0.01	0.35	(0.34)	—	(0.34)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.47	0.09	0.15	0.24	(0.09)	—	(0.09)
Year Ended 4/30/2019	$10.36	0.20	0.17	0.37	(0.20)	(0.06)	(0.26)
Year Ended 4/30/2018	$10.61	0.19	(0.20)	(0.01)	(0.19)	(0.05)	(0.24)
Year Ended 4/30/2017	$10.90	0.19	(0.29)	(0.10)	(0.19)	—	(0.19)
Year Ended 4/30/2016	$10.81	0.21	0.09	0.30	(0.21)	—	(0.21)
Year Ended 4/30/2015	$10.80	0.23	0.01	0.24	(0.23)	—	(0.23)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.46	0.14	0.16	0.30	(0.14)	—	(0.14)
Year Ended 4/30/2019	$10.36	0.30	0.16	0.46	(0.30)	(0.06)	(0.36)
Year Ended 4/30/2018	$10.61	0.30	(0.20)	0.10	(0.30)	(0.05)	(0.35)
Year Ended 4/30/2017	$10.90	0.29	(0.28)	0.01	(0.30)	—	(0.30)
Year Ended 4/30/2016	$10.81	0.32	0.09	0.41	(0.32)	—	(0.32)
Year Ended 4/30/2015	$10.80	0.34	0.01	0.35	(0.34)	—	(0.34)

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

14	Columbia Maryland Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.62	2.68%	1.00%^(c)	0.80%^(c),(d)	2.43%^(c)	5%	$12,526
Year Ended 4/30/2019	$10.47	4.42%	0.98%^(e)	0.79%^(d),(e)	2.67%	4%	$11,976
Year Ended 4/30/2018	$10.36	0.65%	0.98%	0.79%^(d)	2.55%	9%	$13,494
Year Ended 4/30/2017	$10.61	(0.19%)	1.01%	0.81%	2.50%	20%	$15,125
Year Ended 4/30/2016	$10.90	3.60%	1.04%	0.81%^(d)	2.72%	13%	$18,362
Year Ended 4/30/2015	$10.81	3.00%	1.04%	0.81%^(d)	2.87%	10%	$20,593
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.62	2.80%	0.75%^(c)	0.55%^(c),(d)	2.68%^(c)	5%	$829
Year Ended 4/30/2019	$10.47	4.68%	0.73%^(e)	0.55%^(d),(e)	2.94%	4%	$741
Year Ended 4/30/2018	$10.36	0.90%	0.72%	0.54%^(d)	2.79%	9%	$274
Year Ended 4/30/2017	$10.61	0.07%	0.72%	0.54%	2.87%	20%	$86
Year Ended 4/30/2016	$10.90	3.86%	0.77%	0.56%^(d)	2.97%	13%	$10
Year Ended 4/30/2015	$10.81	3.25%	0.78%	0.56%^(d)	3.12%	10%	$10
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.62	2.29%	1.75%^(c)	1.55%^(c),(d)	1.68%^(c)	5%	$1,657
Year Ended 4/30/2019	$10.47	3.64%	1.73%^(e)	1.54%^(d),(e)	1.91%	4%	$1,540
Year Ended 4/30/2018	$10.36	(0.10%)	1.73%	1.54%^(d)	1.80%	9%	$2,497
Year Ended 4/30/2017	$10.61	(0.93%)	1.76%	1.56%	1.76%	20%	$2,807
Year Ended 4/30/2016	$10.90	2.83%	1.79%	1.56%^(d)	1.97%	13%	$2,638
Year Ended 4/30/2015	$10.81	2.23%	1.79%	1.56%^(d)	2.11%	10%	$2,796
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.62	2.90%	0.75%^(c)	0.55%^(c),(d)	2.68%^(c)	5%	$8,230
Year Ended 4/30/2019	$10.46	4.58%	0.73%^(e)	0.54%^(d),(e)	2.92%	4%	$7,591
Year Ended 4/30/2018	$10.36	0.89%	0.74%	0.55%^(d)	2.76%	9%	$7,148
Year Ended 4/30/2017	$10.61	0.06%	0.76%	0.56%	2.75%	20%	$57,704
Year Ended 4/30/2016	$10.90	3.86%	0.79%	0.56%^(d)	2.97%	13%	$72,405
Year Ended 4/30/2015	$10.81	3.26%	0.79%	0.56%^(d)	3.12%	10%	$68,033

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Six Months Ended 10/31/2019 (Unaudited)	$10.50	0.15	0.15	0.30	(0.15)	—	(0.15)
Year Ended 4/30/2019	$10.39	0.31	0.18	0.49	(0.32)	(0.06)	(0.38)
Year Ended 4/30/2018	$10.64	0.31	(0.20)	0.11	(0.31)	(0.05)	(0.36)
Year Ended 4/30/2017^(f)	$10.55	0.05	0.09^(g)	0.14	(0.05)	—	(0.05)

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)	Ratios include interfund lending expense which is less than 0.01%.
(f)	Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

16	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

18	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares. In addition, prior to September 1, 2019, Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to Institutional 3 Class shares.

20	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

For the six months ended October 31, 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	0.10
Advisor Class	0.10
Class C	0.10
Institutional Class	0.10
Institutional 3 Class	0.00

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	6,397
Class C	—	1.00^(b)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2019 through August 31, 2020	Prior to September 1, 2019
Class A	0.81%	0.81%
Advisor Class	0.56	0.56
Class C	1.56	1.56
Institutional Class	0.56	0.56
Institutional 3 Class	0.47	0.45

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. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, prior to September 1, 2019, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to Institutional 3 Class. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
47,896,000	2,690,000	(5,000)	2,685,000

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

22	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

No expiration short-term ($)	No expiration long-term ($)	Total ($)
—	80,673	80,673

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,271,750 and $2,500,888, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Note 8. Significant risks

Credit risk

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Geographic concentration risk

Interest rate risk

Liquidity risk

Non-diversification risk

A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund’s value will likely be more volatile than the value of a more diversified fund.

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 67.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

24	Columbia Maryland Intermediate Municipal 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 Maryland Intermediate Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

26	Columbia Maryland Intermediate Municipal Bond Fund \| Semiannual Report 2019

Investment performance

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

Columbia Maryland Intermediate Municipal Bond Fund | Semiannual Report 2019

SemiAnnual Report
October 31, 2019

Columbia Georgia Intermediate Municipal Bond 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	11
Statement of Operations	12
Statement of Changes in Net Assets	13
Financial Highlights	16
Notes to Financial Statements	20
Approval of Management Agreement	27

Columbia Georgia Intermediate Municipal 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

Quarterly schedule of investments

Additional Fund information

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 Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance
(Unaudited)

Investment objective

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

Portfolio management

Paul Fuchs, CFA

Lead Portfolio Manager

Managed Fund since 2016

Anders Myhran, CFA

Portfolio Manager

Managed Fund since May 2019

Deborah Vargo

Portfolio Manager

Managed Fund since 2017

Average annual total returns (%) (for the period ended October 31, 2019)
		Inception	6 Months cumulative	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/04/92	2.98	7.70	2.25	3.06
	Including sales charges		-0.11	4.47	1.62	2.74
Advisor Class*		03/19/13	3.11	7.97	2.52	3.32
Class C	Excluding sales charges	06/17/92	2.59	7.00	1.50	2.30
	Including sales charges		1.59	6.00	1.50	2.30
Institutional Class		03/01/92	3.11	7.97	2.51	3.32
Institutional 3 Class*		03/01/17	3.16	8.07	2.56	3.34
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index			3.23	8.64	3.17	4.00

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Fund at a Glance (continued)
(Unaudited)

Quality breakdown (%) (at October 31, 2019)
AAA rating	10.5
AA rating	56.0
A rating	26.6
BBB rating	5.1
Not rated	1.8
Total	100.0

Percentages indicated are based upon total fixed income investments.

4	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

May 1, 2019 — October 31, 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	1,029.80	1,021.06	4.13	4.12	0.81
Advisor Class	1,000.00	1,000.00	1,031.10	1,022.32	2.86	2.85	0.56
Class C	1,000.00	1,000.00	1,025.90	1,017.29	7.94	7.91	1.56
Institutional Class	1,000.00	1,000.00	1,031.10	1,022.32	2.86	2.85	0.56
Institutional 3 Class	1,000.00	1,000.00	1,031.60	1,022.87	2.30	2.29	0.45

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments
October 31, 2019 (Unaudited)

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 1.1%
Issue Description	Effective Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 1.1%
South Carolina Educational Facilities Authority^(a),(b)
Revenue Bonds
Furman University (Wells Fargo Bank)
10/01/2039	1.280%	500,000	500,000
Total Floating Rate Notes (Cost $500,000)			500,000

Municipal Bonds 94.7%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 5.9%
City of Atlanta Department of Aviation
Refunding Revenue Bonds
General
Series 2010C
01/01/2025	5.000%	1,500,000	1,565,220
Revenue Bonds
Series 2012B
01/01/2027	5.000%	1,000,000	1,082,260
Total			2,647,480
Higher Education 16.0%
Bulloch County Development Authority
Refunding Revenue Bonds
Georgia Southern University Housing Foundation
Series 2012 (AGM)
08/01/2027	5.000%	500,000	545,890
Georgia Southern University Housing Foundation Four LLC
Series 2017
07/01/2034	5.000%	500,000	603,790
Carrollton Payroll Development Authority
Refunding Revenue Bonds
Anticipation Certificates - UWG Campus Center
Series 2012 (AGM)
08/01/2025	5.000%	800,000	872,976
Dahlonega Downtown Development Authority
Refunding Revenue Bonds
North Georgia MAC LLC Project
Series 2017
07/01/2032	4.000%	1,000,000	1,121,750
Fulton County Development Authority
Refunding Revenue Bonds
Spelman College
Series 2015
06/01/2032	5.000%	1,000,000	1,168,100

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Gwinnett County Development Authority
Refunding Revenue Bonds
Georgia Gwinnett College Student Housing
Series 2017
07/01/2034	5.000%	1,000,000	1,208,370
Private Colleges & Universities Authority
Revenue Bonds
Emory University
Series 2019A
09/01/2037	5.000%	300,000	381,525
Richmond County Development Authority
Refunding Revenue Bonds
ASU Jaguar Student Housing
Series 2012 (AGM)
02/01/2027	5.000%	750,000	829,815
Georgia Regents University Cancer Center
Series 2014 (AGM)
12/15/2032	5.000%	425,000	495,716
Total			7,227,932
Hospital 14.8%
Carroll City-County Hospital Authority
Refunding Revenue Bonds
Tanner Medical Center, Inc. Project
Series 2016
07/01/2030	4.000%	1,000,000	1,119,710
Cedartown Polk County Hospital Authority
Revenue Bonds
Floyd Healthcare Polk Medical Center
RAC Series 2016
07/01/2034	5.000%	480,000	555,845
Dalton Whitfield County Joint Development Authority
Revenue Bonds
Hamilton Health Care System Obligation
Series 2017
08/15/2033	5.000%	300,000	366,114
DeKalb Private Hospital Authority
Revenue Bonds
Children’s Healthcare of Atlanta
Series 2019
07/01/2035	5.000%	1,000,000	1,259,920
Development Authority of Coweta County^(c)
Refunding Revenue Bonds
Piedmont Healthcare, Inc.
Series 2020
07/01/2037	5.000%	500,000	602,155

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

6	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Fayette County Hospital Authority
Revenue Bonds
Fayette Community Hospital
Series 2009A
06/15/2023	5.250%	1,250,000	1,251,987
Floyd County Hospital Authority
Refunding Revenue Bonds
Floyd Medical Center Project
Series 2016
07/01/2039	4.000%	1,050,000	1,156,166
Gainesville & Hall County Hospital Authority
Refunding Revenue Bonds
Northeast Georgia Health System Project
Series 2017
02/15/2030	5.000%	300,000	359,376
Total			6,671,273
Investor Owned 1.1%
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032	2.250%	500,000	508,215
Joint Power Authority 5.7%
Municipal Electric Authority of Georgia
Refunding Revenue Bonds
Project One
Subordinated Series 2015A
01/01/2032	5.000%	1,000,000	1,134,930
Revenue Bonds
Project One
Subordinated Series 2008A
01/01/2021	5.250%	1,395,000	1,456,798
Total			2,591,728
Local Appropriation 0.5%
Macon-Bibb County Urban Development Authority
Refunding Revenue Bonds
Macon-Bibb County Public Project
Series 2017
12/01/2032	5.000%	200,000	246,596
Local General Obligation 17.6%
Cherokee County Board of Education
Unlimited General Obligation Bonds
Series 2014A
08/01/2030	5.000%	1,000,000	1,161,610
City of Atlanta
Unlimited General Obligation Refunding Bonds
Series 2014A
12/01/2026	5.000%	500,000	592,215

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Forsyth County School District
Unlimited General Obligation Bonds
Series 2014
02/01/2028	5.000%	500,000	577,320
Series 2018
02/01/2033	5.000%	500,000	628,925
Gwinnett County School District
Unlimited General Obligation Refunding Bonds
Series 2010
02/01/2024	5.000%	1,500,000	1,738,695
Jefferson City School District
Unlimited General Obligation Refunding Bonds
Series 2017
02/01/2031	4.000%	500,000	575,625
Lawrenceville Building Authority
Revenue Bonds
Lawrenceville Performing Arts
Series 2019
10/01/2035	3.000%	500,000	523,385
10/01/2036	3.000%	500,000	519,870
Pierce County School District
Unlimited General Obligation Bonds
Series 2017
01/01/2032	4.000%	425,000	485,171
South Fulton Municipal Regional Water & Sewer Authority
Refunding Revenue Bonds
Series 2014
01/01/2031	5.000%	1,000,000	1,135,070
Total			7,937,886
Multi-Family 2.4%
Cobb County Development Authority
Refunding Revenue Bonds
Kennesaw State University
Series 2014
07/15/2029	5.000%	980,000	1,091,348
Prep School 1.2%
Gainesville & Hall County Development Authority
Refunding Revenue Bonds
Riverside Military Academy
Series 2017
03/01/2027	5.000%	500,000	543,635
Refunded / Escrowed 3.7%
Metropolitan Atlanta Rapid Transit Authority
Prerefunded 07/01/22 Revenue Bonds
Third Indenture
Series 2012A
07/01/2030	5.000%	1,500,000	1,652,415

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sales Tax 1.1%
Metropolitan Atlanta Rapid Transit Authority
Revenue Bonds
Series 2019A
07/01/2036	3.000%	500,000	520,435
Single Family 2.3%
Georgia Housing & Finance Authority
Revenue Bonds
Series 2014B-1
12/01/2029	3.000%	1,000,000	1,038,930
Special Property Tax 3.9%
Atlanta & Fulton County Recreation Authority
Refunding Revenue Bonds
Park Improvement
Series 2014A
12/01/2028	5.000%	525,000	618,146
12/01/2033	5.000%	1,000,000	1,164,080
Total			1,782,226
State General Obligation 1.3%
State of Georgia
Unlimited General Obligation Bonds
Series 2018A
07/01/2035	4.000%	500,000	579,410
Turnpike / Bridge / Toll Road 1.8%
Georgia State Road & Tollway Authority^(d),(e)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014
06/01/2024	0.000%	1,000,000	807,080
Water & Sewer 15.4%
Augusta Water & Sewerage Revenue
Refunding Revenue Bonds
Series 2017
10/01/2029	3.000%	750,000	797,220
Cherokee County Water & Sewer Authority
Refunding Revenue Bonds
Series 2016
08/01/2031	5.000%	250,000	301,988
City of Atlanta Water & Wastewater
Refunding Revenue Bonds
Series 2015
11/01/2030	5.000%	500,000	590,745

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2017A
11/01/2034	5.000%	1,000,000	1,233,230
City of Cartersville
Refunding Revenue Bonds
Series 2018
06/01/2035	4.000%	500,000	570,390
City of Columbus Water & Sewerage
Refunding Revenue Bonds
Series 2016
05/01/2032	5.000%	350,000	420,900
County of Columbia Water & Sewerage^(c)
Refunding Revenue Bonds
Forward Delivery
Series 2020
06/01/2035	5.000%	450,000	574,438
County of DeKalb Water & Sewage
Refunding Revenue Bonds
Series 2006B
10/01/2021	5.250%	1,500,000	1,616,325
Villa Rica Public Facilities Authority
Refunding Revenue Bonds
Water & Sewer Project
Series 2015
03/01/2031	5.000%	750,000	865,222
Total			6,970,458
Total Municipal Bonds (Cost $40,741,196)			42,817,047

Money Market Funds 6.1%
	Shares	Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 1.068%^(f)	205,818	205,839
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.045%^(f)	2,564,223	2,564,223
Total Money Market Funds (Cost $2,770,041)		2,770,062
Total Investments in Securities (Cost: $44,011,237)		46,087,109
Other Assets & Liabilities, Net		(864,778)
Net Assets		45,222,331

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

8	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Portfolio of Investments (continued)
October 31, 2019 (Unaudited)

Notes to Portfolio of Investments

(a)	The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of October 31, 2019.
(c)	Represents a security purchased on a when-issued basis.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. 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 October 31, 2019, the total value of these securities amounted to $807,080, which represents 1.78% of total net assets.
(e)	Zero coupon bond.
(f)	The rate shown is the seven-day current annualized yield at October 31, 2019.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at October 31, 2019:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	500,000	—	500,000
Municipal Bonds	—	42,817,047	—	42,817,047
Money Market Funds	2,770,062	—	—	2,770,062
Total Investments in Securities	2,770,062	43,317,047	—	46,087,109

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

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Assets and Liabilities
October 31, 2019 (Unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $44,011,237)	$46,087,109
Cash	33
Receivable for:
Capital shares sold	32,877
Interest	523,073
Expense reimbursement due from Investment Manager	218
Prepaid expenses	2,254
Total assets	46,645,564
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	1,182,739
Capital shares purchased	14,459
Distributions to shareholders	90,968
Management services fees	581
Distribution and/or service fees	118
Transfer agent fees	5,300
Compensation of board members	107,665
Compensation of chief compliance officer	5
Other expenses	21,398
Total liabilities	1,423,233
Net assets applicable to outstanding capital stock	$45,222,331
Represented by
Paid in capital	43,063,859
Total distributable earnings (loss)	2,158,472
Total - representing net assets applicable to outstanding capital stock	$45,222,331
Class A
Net assets	$11,222,376
Shares outstanding	1,065,540
Net asset value per share	$10.53
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$10.86
Advisor Class
Net assets	$304,454
Shares outstanding	28,940
Net asset value per share	$10.52
Class C
Net assets	$1,509,912
Shares outstanding	143,317
Net asset value per share	$10.54
Institutional Class
Net assets	$31,784,486
Shares outstanding	3,018,319
Net asset value per share	$10.53
Institutional 3 Class
Net assets	$401,103
Shares outstanding	37,989
Net asset value per share	$10.56

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Statement of Changes in Net Assets (continued)

	Six Months Ended		Year Ended
	October 31, 2019 (Unaudited)		April 30, 2019
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	86,762	908,654	44,293	453,254
Distributions reinvested	9,663	101,636	20,918	213,594
Redemptions	(30,110)	(316,947)	(228,582)	(2,328,654)
Net increase (decrease)	66,315	693,343	(163,371)	(1,661,806)
Advisor Class
Subscriptions	—	—	17,365	178,354
Distributions reinvested	382	4,014	438	4,483
Redemptions	(1,469)	(15,402)	(208)	(2,112)
Net increase (decrease)	(1,087)	(11,388)	17,595	180,725
Class C
Subscriptions	180	1,889	3,011	30,985
Distributions reinvested	1,238	13,018	4,193	42,825
Redemptions	(68,300)	(715,716)	(98,717)	(1,007,682)
Net decrease	(66,882)	(700,809)	(91,513)	(933,872)
Institutional Class
Subscriptions	597,675	6,318,354	473,710	4,837,555
Distributions reinvested	7,706	81,044	17,602	179,759
Redemptions	(230,858)	(2,432,109)	(1,556,250)	(15,837,065)
Net increase (decrease)	374,523	3,967,289	(1,064,938)	(10,819,751)
Institutional 3 Class
Subscriptions	24,965	262,828	856	8,755
Distributions reinvested	355	3,747	386	3,952
Redemptions	(444)	(4,675)	(1,821)	(18,684)
Net increase (decrease)	24,876	261,900	(579)	(5,977)
Total net increase (decrease)	397,745	4,210,335	(1,302,806)	(13,240,681)

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

14	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.35	0.13	0.18	0.31	(0.13)	—	(0.13)
Year Ended 4/30/2019	$10.17	0.27	0.18	0.45	(0.27)	—	(0.27)
Year Ended 4/30/2018	$10.45	0.26	(0.24)	0.02	(0.26)	(0.04)	(0.30)
Year Ended 4/30/2017	$10.88	0.27	(0.37)	(0.10)	(0.27)	(0.06)	(0.33)
Year Ended 4/30/2016	$10.81	0.29	0.11	0.40	(0.29)	(0.04)	(0.33)
Year Ended 4/30/2015	$10.82	0.31	0.01	0.32	(0.31)	(0.02)	(0.33)
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.34	0.14	0.18	0.32	(0.14)	—	(0.14)
Year Ended 4/30/2019	$10.15	0.30	0.19	0.49	(0.30)	—	(0.30)
Year Ended 4/30/2018	$10.44	0.28	(0.25)	0.03	(0.28)	(0.04)	(0.32)
Year Ended 4/30/2017	$10.87	0.30	(0.38)	(0.08)	(0.29)	(0.06)	(0.35)
Year Ended 4/30/2016	$10.79	0.32	0.12	0.44	(0.32)	(0.04)	(0.36)
Year Ended 4/30/2015	$10.80	0.33	0.02	0.35	(0.34)	(0.02)	(0.36)
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.36	0.09	0.18	0.27	(0.09)	—	(0.09)
Year Ended 4/30/2019	$10.17	0.20	0.19	0.39	(0.20)	—	(0.20)
Year Ended 4/30/2018	$10.46	0.18	(0.25)	(0.07)	(0.18)	(0.04)	(0.22)
Year Ended 4/30/2017	$10.88	0.19	(0.36)	(0.17)	(0.19)	(0.06)	(0.25)
Year Ended 4/30/2016	$10.81	0.21	0.11	0.32	(0.21)	(0.04)	(0.25)
Year Ended 4/30/2015	$10.82	0.23	0.01	0.24	(0.23)	(0.02)	(0.25)
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.35	0.14	0.18	0.32	(0.14)	—	(0.14)
Year Ended 4/30/2019	$10.16	0.30	0.19	0.49	(0.30)	—	(0.30)
Year Ended 4/30/2018	$10.45	0.28	(0.25)	0.03	(0.28)	(0.04)	(0.32)
Year Ended 4/30/2017	$10.88	0.30	(0.37)	(0.07)	(0.30)	(0.06)	(0.36)
Year Ended 4/30/2016	$10.81	0.32	0.11	0.43	(0.32)	(0.04)	(0.36)
Year Ended 4/30/2015	$10.82	0.34	0.01	0.35	(0.34)	(0.02)	(0.36)

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

16	Columbia Georgia Intermediate Municipal 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 ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Six Months Ended 10/31/2019 (Unaudited)	$10.53	2.98%	1.03%^(c)	0.81%^(c)	2.41%^(c)	8%	$11,222
Year Ended 4/30/2019	$10.35	4.53%	1.02%^(d)	0.81%^(d)	2.68%	3%	$10,347
Year Ended 4/30/2018	$10.17	0.12%	0.98%	0.81%	2.45%	12%	$11,819
Year Ended 4/30/2017	$10.45	(0.93%)	1.03%	0.81%	2.54%	14%	$18,934
Year Ended 4/30/2016	$10.88	3.78%	1.04%	0.81%	2.73%	13%	$20,377
Year Ended 4/30/2015	$10.81	2.98%	1.06%	0.81%	2.83%	19%	$20,060
Advisor Class
Six Months Ended 10/31/2019 (Unaudited)	$10.52	3.11%	0.78%^(c)	0.56%^(c)	2.67%^(c)	8%	$304
Year Ended 4/30/2019	$10.34	4.90%	0.79%^(d)	0.56%^(d)	2.95%	3%	$311
Year Ended 4/30/2018	$10.15	0.27%	0.73%	0.56%	2.69%	12%	$126
Year Ended 4/30/2017	$10.44	(0.68%)	0.77%	0.56%	2.79%	14%	$275
Year Ended 4/30/2016	$10.87	4.14%	0.79%	0.56%	2.98%	13%	$250
Year Ended 4/30/2015	$10.79	3.24%	0.81%	0.56%	3.09%	19%	$220
Class C
Six Months Ended 10/31/2019 (Unaudited)	$10.54	2.59%	1.78%^(c)	1.56%^(c)	1.68%^(c)	8%	$1,510
Year Ended 4/30/2019	$10.36	3.85%	1.77%^(d)	1.56%^(d)	1.93%	3%	$2,177
Year Ended 4/30/2018	$10.17	(0.72%)	1.73%	1.56%	1.70%	12%	$3,068
Year Ended 4/30/2017	$10.46	(1.57%)	1.78%	1.56%	1.78%	14%	$3,733
Year Ended 4/30/2016	$10.88	3.01%	1.79%	1.56%	1.98%	13%	$4,996
Year Ended 4/30/2015	$10.81	2.21%	1.81%	1.56%	2.08%	19%	$4,612
Institutional Class
Six Months Ended 10/31/2019 (Unaudited)	$10.53	3.11%	0.78%^(c)	0.56%^(c)	2.66%^(c)	8%	$31,784
Year Ended 4/30/2019	$10.35	4.90%	0.76%^(d)	0.56%^(d)	2.93%	3%	$27,373
Year Ended 4/30/2018	$10.16	0.28%	0.73%	0.56%	2.70%	12%	$37,698
Year Ended 4/30/2017	$10.45	(0.68%)	0.78%	0.56%	2.79%	14%	$46,421
Year Ended 4/30/2016	$10.88	4.04%	0.79%	0.56%	2.98%	13%	$52,315
Year Ended 4/30/2015	$10.81	3.24%	0.81%	0.56%	3.09%	19%	$54,037

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements
October 31, 2019 (Unaudited)

Note 1. Organization

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

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

20	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Guarantees and indemnifications

Recent accounting pronouncement

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

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

22	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

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

For the six months ended October 31, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 3 Class	0.02

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 October 31, 2019, no minimum account balance fees were charged by the Fund.

Distribution and service fees

Sales charges

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	725
Class C	—	1.00^(b)	—

(a)	This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b)	This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.

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

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2019 through August 31, 2020	Prior to September 1, 2019
Class A	0.81%	0.81%
Advisor Class	0.56	0.56
Class C	1.56	1.56
Institutional Class	0.56	0.56
Institutional 3 Class	0.46	0.45

Note 4. Federal tax information

At October 31, 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) ($)	Net unrealized appreciation ($)
44,011,000	2,095,000	(19,000)	2,076,000

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)
28,838	—	28,838

24	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $7,086,200 and $3,255,000, respectively, for the six months ended October 31, 2019. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the six months ended October 31, 2019.

Note 7. Line of credit

The Fund had no borrowings during the six months ended October 31, 2019.

Note 8. Significant risks

Credit risk

Geographic concentration risk

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Notes to Financial Statements (continued)
October 31, 2019 (Unaudited)

Interest rate risk

Liquidity risk

Shareholder concentration risk

At October 31, 2019, one unaffiliated shareholder of record owned 63.7% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

26	Columbia Georgia Intermediate Municipal 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 Georgia Intermediate Municipal 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).

Nature, extent and quality of services provided by Columbia Threadneedle

Columbia Georgia Intermediate Municipal Bond Fund | Semiannual Report 2019

Investment performance

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

28	Columbia Georgia Intermediate Municipal Bond Fund \| Semiannual Report 2019

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

SIGNATURES

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

(registrant)			Columbia Funds Series Trust
By (Signature and Title)			/s/ Christopher O. Petersen
			Christopher O. Petersen, President and Principal Executive Officer
Date			December 20, 2019

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

By (Signature and Title)		/s/ Christopher O. Petersen
		Christopher O. Petersen, President and Principal Executive Officer
Date		December 20, 2019
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer
Date		December 20, 2019

	Six Months Ended October 31, 2019 (Unaudited)	Year Ended April 30, 2019
Operations
Net investment income	$5,521,364	$11,436,557
Net realized gain (loss)	(26,062)	339,238
Net change in unrealized appreciation (depreciation)	7,887,234	8,178,888
Net increase in net assets resulting from operations	13,382,536	19,954,683
Distributions to shareholders
Net investment income and net realized gains
Class A	(376,890)	(766,498)
Advisor Class	(32,864)	(57,996)
Class C	(90,748)	(235,470)
Institutional Class	(4,814,940)	(10,042,410)
Institutional 2 Class	(157,270)	(269,809)
Institutional 3 Class	(48,927)	(64,374)
Total distributions to shareholders	(5,521,639)	(11,436,557)
Increase (decrease) in net assets from capital stock activity	31,289,197	(22,401,162)
Total increase (decrease) in net assets	39,150,094	(13,883,036)
Net assets at beginning of period	402,581,182	416,464,218
Net assets at end of period	$441,731,276	$402,581,182