N-CSR 1 f12319d1.htm COLUMBIA FUND SERIES TRUST Columbia Fund Series Trust

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number811-09645 

Columbia Funds Series Trust 

(Exact name of registrant as specified in charter) 

290 Congress Street 

Boston, MA 02210

(Address of principal executive offices) (Zip code)
 

  

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

  

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 


(Name and address of agent for service) 

Registrant's telephone number, including area code:   (800) 345-6611 

Date of fiscal year end:  February 28 

Date of reporting period:  February 28, 2022 

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

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

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 


Annual Report
February 28, 2022
Columbia Convertible Securities Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Convertible Securities Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Convertible Securities Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks total return, consisting of capital appreciation and current income.
Portfolio management
David King, CFA
Co-Portfolio Manager
Managed Fund since 2010
Yan Jin
Co-Portfolio Manager
Managed Fund since 2006
Grace Lee, CAIA
Co-Portfolio Manager
Managed Fund since October 2020
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 09/25/87 -9.04 14.49 11.73
  Including sales charges   -14.26 13.14 11.07
Advisor Class* 11/08/12 -8.82 14.77 12.00
Class C Excluding sales charges 10/21/96 -9.76 13.63 10.89
  Including sales charges   -10.50 13.63 10.89
Institutional Class 05/21/99 -8.84 14.77 12.01
Institutional 2 Class* 11/08/12 -8.77 14.85 12.09
Institutional 3 Class* 10/01/14 -8.74 14.90 12.04
Class R 11/16/11 -9.32 14.20 11.44
ICE BofA All Convertibles All Qualities Index   -6.41 14.27 12.14
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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 ICE BofA All Convertibles All Qualities Index measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Convertible Securities Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Convertible Securities Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 5.9
Convertible Bonds 76.3
Convertible Preferred Stocks 17.8
Money Market Funds 0.0(a)
Warrants 0.0(a)
Total 100.0
    
(a) Rounds to zero.
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 4.9
Consumer Discretionary 7.4
Consumer Staples 3.9
Energy 5.6
Financials 3.6
Health Care 26.0
Industrials 6.4
Information Technology 20.1
Utilities 22.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Convertible Securities Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Convertible Securities Fund returned -9.04% excluding sales charges. The Fund underperformed its benchmark, the ICE BofA All Convertibles All Qualities Index, which returned -6.41% for the same time period.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of most significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
The convertible market grew more challenged in the latter half of the period, hurt by COVID-19 Omicron variant-driven weakness in late 2021 in travel-related issuers, such as cruise ships and airlines. The universe of convertible issuers tends to be tilted more toward faster-growing companies due to its high weighting in technology and healthcare companies. Companies in these areas raised capital in early 2020 in response to pressures from COVID-19, increasing their representation in the index.  The growth style, after having outperformed for much of 2021, began to lag in the fourth quarter of 2021 amid increasing odds that the U.S. Federal Reserve would begin to raise interest rates in the year ahead. The underperformance of growth versus value continued through the first two months of 2022.
The Fund’s notable detractors during the period
Within convertible securities, the consumer discretionary, information technology, communication services, health care and real estate sectors detracted overall from Fund performance during the period.
Online real estate company Zillow Group, Inc. was the Fund’s top individual detractor during the period.
E-commerce retailer Wayfair, Inc. and education technology company Chegg, within the consumer discretionary sector, detracted from Fund performance during the period. The Fund’s position in Chegg was eliminated.
Within the communication services sector, camera and social media company Snap, Inc., communications platform-as-a-service company Bandwidth, Inc. and internet media and services company Match Group FinanceCo 3, Inc. were among the Fund’s top detractors.
Coupa Software, Inc., which provides a cloud-based platform for business spend management, and digital payments company Block, Inc. (formerly Square), within the information technology sector, delivered disappointing results for the Fund.
Health care company Teladoc Health, Inc., a telemedicine and virtual healthcare company, was also a leading detractor. We sold the position in Teledoc.
The Fund’s notable contributors during the period
Within the Fund’s convertible securities allocations, the materials, utilities and financials sectors contributed to results.
Within these sectors, metals and mining companies Ivanhoe Mines Ltd. and Allegheny Technologies Inc., utility companies DTE Energy Co. and American Electric Power Co., Inc., and a private equity and real estate investment firm KKR & Co., Inc. delivered gains for the Fund.
Cybersecurity firm Palo Alto Networks, within the information technology sector, was the Fund’s largest individual contributor to results during the period. Other names within the sector that aided Fund performance included Datadog, Inc., Atlassian, Inc. and Bill.com Holdings, Inc.
Columbia Convertible Securities Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
Several of the Fund’s health care convertibles that benefited Fund performance during the period included healthcare products and services companies Danaher Corp. and Avantor, Inc., medical devices company Dexcom, Inc. and pharmaceutical company Kadmon Holdings, Inc.
Live Nation Entertainment, Inc., a global entertainment company that promotes, operates, and manages ticket sales for live entertainment within the communication services sector, also contributed to results during the period.
Equity holdings within the information technology and energy sectors contributed to Fund results during the period, most notably semiconductor company Broadcom, Inc. and oil and gas provider Pioneer Natural Resources Co.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Convertible securities are subject to issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Short positions (where the underlying asset is not owned) can create unlimited risk. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively impacting their price. Generally, the less liquid the market at the time the Fund sells a holding, the greater the risk of loss or decline of value to the Fund.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment  advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Convertible Securities Fund  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 913.00 1,019.34 5.22 5.51 1.10
Advisor Class 1,000.00 1,000.00 914.30 1,020.58 4.03 4.26 0.85
Class C 1,000.00 1,000.00 909.20 1,015.62 8.76 9.25 1.85
Institutional Class 1,000.00 1,000.00 914.00 1,020.58 4.03 4.26 0.85
Institutional 2 Class 1,000.00 1,000.00 914.50 1,020.88 3.75 3.96 0.79
Institutional 3 Class 1,000.00 1,000.00 914.50 1,021.08 3.56 3.76 0.75
Class R 1,000.00 1,000.00 911.60 1,018.10 6.40 6.76 1.35
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Convertible Securities Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 5.9%
Issuer Shares Value ($)
Consumer Discretionary 0.5%
Automobiles 0.5%
Tesla Motors, Inc.(a) 11,850 10,314,596
Total Consumer Discretionary 10,314,596
Energy 1.3%
Oil, Gas & Consumable Fuels 1.3%
Ascent Resources, Class B(a),(b),(c),(d) 10,248,729 2,295,715
Chesapeake Energy Corp. 5,104 394,314
Pioneer Natural Resources Co. 100,000 23,960,000
Total   26,650,029
Total Energy 26,650,029
Health Care 0.8%
Health Care Providers & Services 0.8%
Anthem, Inc. 35,000 15,814,750
Total Health Care 15,814,750
Information Technology 3.3%
Semiconductors & Semiconductor Equipment 3.3%
Broadcom, Inc. 92,500 54,338,200
Microchip Technology, Inc. 180,000 12,659,400
Total   66,997,600
Total Information Technology 66,997,600
Total Common Stocks
(Cost $74,755,334)
119,776,975
    
Convertible Bonds(e) 76.2%
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Airlines 1.8%
American Airlines Group, Inc.
07/01/2025 6.500%   11,850,000 15,932,325
Southwest Airlines Co.
05/01/2025 1.250%   15,470,000 20,675,655
Total 36,607,980
Automotive 1.3%
Arrival SA(f)
12/01/2026 3.500%   14,800,000 9,223,649
Ford Motor Co.(f),(g)
03/15/2026 0.000%   13,800,000 16,839,925
Total 26,063,574
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Building Materials 0.6%
Patrick Industries, Inc.(f)
12/01/2028 1.750%   12,850,000 12,472,531
Cable and Satellite 3.6%
Cable One, Inc.(f)
03/15/2028 1.125%   12,000,000 10,722,000
DISH Network Corp.(g)
12/15/2025 0.000%   20,000,000 19,562,000
DISH Network Corp.
Subordinated
08/15/2026 3.375%   21,000,000 19,047,000
Liberty Broadband Corp.(f)
09/30/2050 2.750%   23,700,000 23,812,835
Total 73,143,835
Consumer Cyclical Services 6.2%
Airbnb, Inc.(f),(g)
03/15/2026 0.000%   25,950,000 24,365,608
Alarm.com Holdings, Inc.(g)
01/15/2026 0.000%   15,000,000 12,622,500
Etsy, Inc.(f)
06/15/2028 0.250%   27,050,000 26,468,425
Lyft, Inc.
05/15/2025 1.500%   15,800,000 19,797,400
Match Group FinanceCo 3, Inc.(f)
01/15/2030 2.000%   15,000,000 23,055,000
Zillow Group, Inc.
05/15/2025 2.750%   16,780,000 20,345,750
Total 126,654,683
Consumer Products 1.7%
Beauty Health Co. (The)(f)
10/01/2026 1.250%   13,850,000 13,199,050
Callaway Golf Co.
05/01/2026 2.750%   7,000,000 11,060,000
LCI Industries
05/15/2026 1.125%   10,350,000 10,194,750
Total 34,453,800
Diversified Manufacturing 2.4%
Array Technologies, Inc.(f)
12/01/2028 1.000%   13,850,000 10,602,175
Bloom Energy Corp.
08/15/2025 2.500%   7,900,000 12,390,306
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Convertible Securities Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Enphase Energy, Inc.(f),(g)
03/01/2028 0.000%   17,000,000 16,277,500
Greenbrier Companies, Inc. (The)(f)
04/15/2028 2.875%   9,518,000 10,211,420
Total 49,481,401
Food and Beverage 1.3%
Chefs’ Warehouse, Inc. (The)
12/01/2024 1.875%   11,000,000 11,598,125
MGP Ingredients, Inc.(f)
11/15/2041 1.875%   12,820,000 13,980,991
Total 25,579,116
Health Care 5.8%
Accolade, Inc.(f)
04/01/2026 0.500%   18,500,000 14,430,000
CONMED Corp.
02/01/2024 2.625%   7,000,000 11,910,500
Dexcom, Inc.
11/15/2025 0.250%   29,650,000 31,021,313
Exact Sciences Corp.
03/01/2028 0.375%   22,000,000 20,735,000
Insulet Corp.
09/01/2026 0.375%   10,850,000 14,419,650
Invacare Corp.
11/15/2024 5.000%   2,257,000 1,982,097
NeoGenomics, Inc.
05/01/2025 1.250%   10,850,000 10,558,406
Tandem Diabetes Care, Inc.(f)
05/01/2025 1.500%   10,850,000 13,383,475
Total 118,440,441
Independent Energy 0.6%
EQT Corp.
05/01/2026 1.750%   6,600,000 11,196,900
Leisure 3.8%
Live Nation Entertainment, Inc.
03/15/2023 2.500%   11,850,000 21,455,610
NCL Corp Ltd.
08/01/2025 5.375%   14,800,000 20,036,240
NCL Corp Ltd.(f)
02/15/2027 2.500%   10,850,000 10,047,100
Royal Caribbean Cruises Ltd.
06/15/2023 4.250%   20,630,000 26,433,219
Total 77,972,169
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Media and Entertainment 3.6%
Bilibili, Inc.(f)
12/01/2026 0.500%   20,750,000 15,624,750
fuboTV, Inc.(f)
02/15/2026 3.250%   18,000,000 13,572,000
Snap, Inc.
08/01/2026 0.750%   7,150,000 13,595,725
Snap, Inc.(f)
03/01/2028 0.125%   14,800,000 15,155,200
Zynga, Inc.
06/01/2024 0.250%   12,800,000 15,552,000
Total 73,499,675
Metals and Mining 2.6%
Allegheny Technologies, Inc.
06/15/2025 3.500%   5,920,000 10,681,900
Ivanhoe Mines Ltd.(f)
04/15/2026 2.500%   10,530,000 15,879,240
Lithium Americas Corp.(f)
01/15/2027 1.750%   16,780,000 15,672,520
Peabody Energy Corp.(f),(h)
03/01/2028 3.250%   9,850,000 11,041,850
Total 53,275,510
Other Financial Institutions 2.0%
MP Materials Corp.(f)
04/01/2026 0.250%   12,820,000 15,871,160
Opendoor Technologies, Inc.(f)
08/15/2026 0.250%   17,750,000 13,543,250
Virgin Galactic Holdings, Inc.(f)
02/01/2027 2.500%   11,850,000 11,319,662
Total 40,734,072
Other Industry 1.2%
KBR, Inc.
11/01/2023 2.500%   6,500,000 12,837,500
Stride, Inc.
09/01/2027 1.125%   11,850,000 11,553,750
Total 24,391,250
Other REIT 0.7%
Pebblebrook Hotel Trust
12/15/2026 1.750%   13,000,000 14,410,500
Pharmaceuticals 7.2%
Aerie Pharmaceuticals, Inc.
10/01/2024 1.500%   14,000,000 12,189,633
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
BridgeBio Pharma, Inc.
02/01/2029 2.250%   20,700,000 9,863,550
Canopy Growth Corp.(f)
07/15/2023 4.250% CAD 13,000,000 9,293,836
Clovis Oncology, Inc.
05/01/2025 1.250%   21,000,000 14,490,418
Esperion Therapeutics, Inc.
11/15/2025 4.000%   15,900,000 7,979,813
Guardant Health, Inc.(g)
11/15/2027 0.000%   12,850,000 10,741,315
Insmed, Inc.
06/01/2028 0.750%   23,000,000 22,471,000
Intercept Pharmaceuticals, Inc.(f)
02/15/2026 3.500%   14,684,000 14,750,051
Ionis Pharmaceuticals, Inc.(f),(g)
04/01/2026 0.000%   15,800,000 14,182,080
Jazz Investments I Ltd.
06/15/2026 2.000%   17,000,000 19,624,375
Radius Health, Inc.
09/01/2024 3.000%   12,000,000 11,730,000
Total 147,316,071
Retail REIT 0.6%
Kite Realty Group LP(f)
04/01/2027 0.750%   12,500,000 13,062,500
Retailers 2.6%
Burlington Stores, Inc.
04/15/2025 2.250%   16,780,000 21,216,212
Dick’s Sporting Goods, Inc.
04/15/2025 3.250%   4,490,000 14,589,694
Wayfair, Inc.
08/15/2026 1.000%   14,000,000 17,185,000
Total 52,990,906
Technology 26.1%
2U, Inc.
05/01/2025 2.250%   13,800,000 10,695,000
3D Systems Corp.(f),(g)
11/15/2026 0.000%   12,850,000 10,994,781
Akamai Technologies, Inc.
09/01/2027 0.375%   22,700,000 24,905,632
Avalara, Inc.(f)
08/01/2026 0.250%   18,750,000 16,256,250
Bandwidth, Inc.
03/01/2026 0.250%   16,800,000 12,547,164
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Bentley Systems, Inc.(f)
07/01/2027 0.375%   13,800,000 11,578,200
BigCommerce Holdings, Inc.(f)
10/01/2026 0.250%   19,750,000 15,602,500
Bill.com Holdings, Inc.(g)
12/01/2025 0.000%   10,550,000 17,423,325
Bill.com Holdings, Inc.(f),(g)
04/01/2027 0.000%   15,980,000 15,500,600
Blackline, Inc.(f),(g)
03/15/2026 0.000%   20,000,000 16,850,000
Coupa Software, Inc.
06/15/2025 0.125%   11,850,000 12,578,775
Datadog, Inc.
06/15/2025 0.125%   6,070,000 11,293,235
Dropbox, Inc.(f),(g)
03/01/2028 0.000%   23,500,000 22,134,650
Everbridge, Inc.
12/15/2024 0.125%   10,850,000 9,466,625
IMAX Corp.(f)
04/01/2026 0.500%   14,900,000 14,877,650
Lumentum Holdings, Inc.
12/15/2026 0.500%   18,950,000 22,479,524
MACOM Technology Solutions Holdings, Inc.(f)
03/15/2026 0.250%   19,864,000 20,360,600
Marathon Digital Holdings, Inc.(f)
12/01/2026 1.000%   17,780,000 12,081,510
MongoDB, Inc.
01/15/2026 0.250%   7,900,000 15,085,050
Okta, Inc.
06/15/2026 0.375%   29,000,000 30,848,750
ON Semiconductor Corp.(f),(g)
05/01/2027 0.000%   12,820,000 17,492,890
Palo Alto Networks, Inc.
06/01/2025 0.375%   30,000,000 60,645,000
ServiceNow, Inc.(g)
06/01/2022 0.000%   2,020,000 8,678,930
Shift4 Payments, Inc.(f)
08/01/2027 0.500%   28,650,000 24,031,620
SMART Global Holdings, Inc.
02/15/2026 2.250%   7,000,000 10,550,046
Square, Inc.
03/01/2025 0.125%   19,730,000 25,168,081
Teradyne, Inc.
12/15/2023 1.250%   2,500,000 9,318,973
Tyler Technologies, Inc.(f)
03/15/2026 0.250%   10,850,000 11,642,050
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Convertible Securities Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Convertible Bonds(e) (continued)
Issuer Coupon
Rate
  Principal
Amount ($)
Value ($)
Wolfspeed, Inc.(f)
02/15/2028 0.250%   9,350,000 10,057,094
Zendesk, Inc.
06/15/2025 0.625%   16,770,000 20,878,650
Zscaler, Inc.
07/01/2025 0.125%   7,400,000 12,598,500
Total 534,621,655
Transportation Services 0.5%
CryoPort, Inc.(f)
12/01/2026 0.750%   13,850,000 10,837,625
Total Convertible Bonds
(Cost $1,525,626,529)
1,557,206,194
    
Convertible Preferred Stocks 17.7%
Issuer   Shares Value ($)
Communication Services 1.2%
Diversified Telecommunication Services 1.2%
2020 Cash Mandatory Exchangeable Trust(f) 5.250% 22,000 23,793,000
Total Communication Services 23,793,000
Consumer Discretionary 1.2%
Auto Components 0.7%
Aptiv PLC 5.500% 100,850 14,695,862
Internet & Direct Marketing Retail 0.5%
2020 Mandatory Exchangeable Trust(f) 6.500% 9,850 10,896,070
Total Consumer Discretionary 25,591,932
Consumer Staples 0.9%
Food Products 0.9%
Bunge Ltd. 4.875% 140,000 18,855,200
Total Consumer Staples 18,855,200
Financials 0.8%
Capital Markets 0.8%
KKR & Co., Inc. 6.000% 230,000 17,491,500
Total Financials 17,491,500
Health Care 5.4%
Health Care Equipment & Supplies 4.0%
Becton Dickinson and Co. 6.000% 375,000 20,122,500
Boston Scientific Corp. 5.500% 150,000 17,323,500
Danaher Corp. 5.000% 30,000 44,677,240
Total     82,123,240
Convertible Preferred Stocks (continued)
Issuer   Shares Value ($)
Health Care Technology 0.7%
Change Healthcare, Inc. 6.000% 187,700 13,172,786
Life Sciences Tools & Services 0.7%
Avantor, Inc. 6.250% 135,000 14,296,500
Total Health Care 109,592,526
Industrials 1.5%
Construction & Engineering 0.5%
Fluor Corp. 6.500% 8,880 10,381,608
Machinery 0.5%
Stanley Black & Decker, Inc. 5.250% 110,000 10,587,500
Professional Services 0.5%
Clarivate PLC 5.250% 160,000 9,801,600
Total Industrials 30,770,708
Information Technology 1.5%
Electronic Equipment, Instruments & Components 0.9%
II-VI, Inc. 6.000% 65,000 18,658,900
IT Services 0.6%
Sabre Corp. 6.500% 80,300 11,223,531
Total Information Technology 29,882,431
Utilities 5.2%
Electric Utilities 2.9%
American Electric Power Co., Inc. 6.125% 350,000 18,410,000
NextEra Energy, Inc. 6.219% 810,000 40,581,000
Total     58,991,000
Multi-Utilities 2.3%
DTE Energy Co. 6.250% 500,000 25,330,000
NiSource, Inc. 7.750% 200,000 22,198,000
Total     47,528,000
Total Utilities 106,519,000
Total Convertible Preferred Stocks
(Cost $336,442,657)
362,496,297
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Warrants 0.0%
Issuer Shares Value ($)
Energy 0.0%
Oil, Gas & Consumable Fuels 0.0%
Chesapeake Energy Corp.(a) 9,631 418,932
Total Energy 418,932
Total Warrants
(Cost $132,383)
418,932
Money Market Funds 0.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(i),(j) 666,024 665,824
Total Money Market Funds
(Cost $665,757)
665,824
Total Investments in Securities
(Cost: $1,937,622,660)
2,040,564,222
Other Assets & Liabilities, Net   4,697,399
Net Assets 2,045,261,621
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At February 28, 2022, the total value of these securities amounted to $2,295,715, which represents 0.11% of total net assets.
(c) Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At February 28, 2022, the total market value of these securities amounted to $2,295,715, which represents 0.11% of total net assets. Additional information on these securities is as follows:
    
Security Acquisition
Dates
Shares Cost ($) Value ($)
Ascent Resources, Class B 02/20/2014-11/15/2016 10,248,729 358,011 2,295,715
    
(d) Valuation based on significant unobservable inputs.
(e) Principal amounts are denominated in United States Dollars unless otherwise noted.
(f) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At February 28, 2022, the total value of these securities amounted to $693,046,873, which represents 33.89% of total net assets.
(g) Zero coupon bond.
(h) Represents a security purchased on a when-issued basis.
(i) The rate shown is the seven-day current annualized yield at February 28, 2022.
(j) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  37,266,947 838,873,646 (875,474,826) 57 665,824 (1,902) 16,863 666,024
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Convertible Securities Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Currency Legend
CAD Canada Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 10,314,596 10,314,596
Energy 24,354,314 2,295,715 26,650,029
Health Care 15,814,750 15,814,750
Information Technology 66,997,600 66,997,600
Total Common Stocks 117,481,260 2,295,715 119,776,975
Convertible Bonds 1,557,206,194 1,557,206,194
Convertible Preferred Stocks        
Communication Services 23,793,000 23,793,000
Consumer Discretionary 25,591,932 25,591,932
Consumer Staples 18,855,200 18,855,200
Financials 17,491,500 17,491,500
Health Care 109,592,526 109,592,526
Industrials 30,770,708 30,770,708
Information Technology 29,882,431 29,882,431
Utilities 106,519,000 106,519,000
Total Convertible Preferred Stocks 362,496,297 362,496,297
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Warrants        
Energy 418,932 418,932
Total Warrants 418,932 418,932
Money Market Funds 665,824 665,824
Total Investments in Securities 118,566,016 1,919,702,491 2,295,715 2,040,564,222
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 Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Convertible Securities Fund  | Annual Report 2022

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,936,956,903) $2,039,898,398
Affiliated issuers (cost $665,757) 665,824
Receivable for:  
Investments sold 22,825,574
Capital shares sold 1,649,422
Dividends 2,966,780
Interest 4,012,146
Prepaid expenses 20,962
Total assets 2,072,039,106
Liabilities  
Due to custodian 56,425
Payable for:  
Investments purchased 12,810,462
Investments purchased on a delayed delivery basis 9,850,000
Capital shares purchased 3,519,100
Management services fees 124,746
Distribution and/or service fees 14,949
Transfer agent fees 172,059
Compensation of board members 178,682
Compensation of chief compliance officer 381
Other expenses 50,681
Total liabilities 26,777,485
Net assets applicable to outstanding capital stock $2,045,261,621
Represented by  
Paid in capital 1,857,396,879
Total distributable earnings (loss) 187,864,742
Total - representing net assets applicable to outstanding capital stock $2,045,261,621
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
15

Statement of Assets and Liabilities  (continued)
February 28, 2022
Class A  
Net assets $413,074,066
Shares outstanding 17,402,384
Net asset value per share $23.74
Maximum sales charge 5.75%
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) $25.19
Advisor Class  
Net assets $176,880,144
Shares outstanding 7,343,883
Net asset value per share $24.09
Class C  
Net assets $77,910,403
Shares outstanding 3,300,608
Net asset value per share $23.60
Institutional Class  
Net assets $1,094,311,818
Shares outstanding 45,996,372
Net asset value per share $23.79
Institutional 2 Class  
Net assets $180,150,235
Shares outstanding 7,491,383
Net asset value per share $24.05
Institutional 3 Class  
Net assets $101,658,381
Shares outstanding 4,180,235
Net asset value per share $24.32
Class R  
Net assets $1,276,574
Shares outstanding 53,855
Net asset value per share $23.70
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Convertible Securities Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $23,047,298
Dividends — affiliated issuers 16,863
Interest 26,079,527
Interfund lending 4
Foreign taxes withheld (94,169)
Total income 49,049,523
Expenses:  
Management services fees 18,506,296
Distribution and/or service fees  
Class A 1,307,706
Class C 936,648
Class R 8,620
Transfer agent fees  
Class A 521,258
Advisor Class 222,864
Class C 93,335
Institutional Class 1,331,463
Institutional 2 Class 130,382
Institutional 3 Class 8,090
Class R 1,717
Compensation of board members 68,256
Custodian fees 16,344
Printing and postage fees 108,095
Registration fees 169,970
Audit fees 29,500
Legal fees 37,774
Interest on interfund lending 267
Compensation of chief compliance officer 364
Other 42,778
Total expenses 23,541,727
Fees waived by transfer agent  
Institutional 2 Class (37,559)
Institutional 3 Class (8,091)
Expense reduction (380)
Total net expenses 23,495,697
Net investment income 25,553,826
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 347,913,679
Investments — affiliated issuers (1,902)
Foreign currency translations (907)
Net realized gain 347,910,870
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (597,684,548)
Investments — affiliated issuers 57
Foreign currency translations 75
Net change in unrealized appreciation (depreciation) (597,684,416)
Net realized and unrealized loss (249,773,546)
Net decrease in net assets resulting from operations $(224,219,720)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
17

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $25,553,826 $28,349,296
Net realized gain 347,910,870 300,282,162
Net change in unrealized appreciation (depreciation) (597,684,416) 587,265,821
Net increase (decrease) in net assets resulting from operations (224,219,720) 915,897,279
Distributions to shareholders    
Net investment income and net realized gains    
Class A (99,541,078) (38,032,859)
Advisor Class (42,828,942) (13,691,173)
Class C (17,238,856) (6,282,964)
Institutional Class (257,850,064) (89,500,632)
Institutional 2 Class (45,510,274) (15,028,718)
Institutional 3 Class (24,603,005) (11,719,287)
Class R (316,475) (148,888)
Total distributions to shareholders (487,888,694) (174,404,521)
Increase in net assets from capital stock activity 64,917,630 520,485,072
Total increase (decrease) in net assets (647,190,784) 1,261,977,830
Net assets at beginning of year 2,692,452,405 1,430,474,575
Net assets at end of year $2,045,261,621 $2,692,452,405
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Convertible Securities Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 3,228,830 92,003,782 6,543,092 173,145,914
Distributions reinvested 2,846,504 75,156,224 1,082,242 28,390,322
Redemptions (6,914,880) (191,621,486) (3,750,317) (94,419,226)
Net increase (decrease) (839,546) (24,461,480) 3,875,017 107,117,010
Advisor Class        
Subscriptions 3,734,410 109,600,435 6,386,815 165,750,916
Distributions reinvested 1,602,315 42,763,655 516,718 13,673,496
Redemptions (5,156,959) (145,063,892) (3,990,143) (105,096,614)
Net increase 179,766 7,300,198 2,913,390 74,327,798
Class C        
Subscriptions 539,063 15,538,783 872,680 23,594,239
Distributions reinvested 592,034 15,484,137 212,100 5,561,428
Redemptions (970,376) (26,782,063) (777,420) (20,202,251)
Net increase 160,721 4,240,857 307,360 8,953,416
Institutional Class        
Subscriptions 13,759,425 391,569,803 22,020,514 567,098,429
Distributions reinvested 8,000,005 211,130,201 2,774,980 72,707,106
Redemptions (19,464,113) (535,994,990) (14,229,664) (342,844,211)
Net increase 2,295,317 66,705,014 10,565,830 296,961,324
Institutional 2 Class        
Subscriptions 3,662,138 106,043,960 5,669,172 137,402,149
Distributions reinvested 1,571,227 41,882,441 541,539 14,289,446
Redemptions (5,017,678) (137,042,082) (3,068,757) (78,794,981)
Net increase 215,687 10,884,319 3,141,954 72,896,614
Institutional 3 Class        
Subscriptions 1,091,018 31,642,676 1,211,550 33,087,799
Distributions reinvested 904,559 24,378,433 454,489 11,715,180
Redemptions (2,002,471) (55,368,594) (3,182,103) (84,192,126)
Net increase (decrease) (6,894) 652,515 (1,516,064) (39,389,147)
Class R        
Subscriptions 24,002 659,851 33,070 829,134
Distributions reinvested 8,976 236,924 4,052 105,544
Redemptions (45,984) (1,300,568) (56,385) (1,316,621)
Net decrease (13,006) (403,793) (19,263) (381,943)
Total net increase 1,992,045 64,917,630 19,268,224 520,485,072
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
19

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $32.01 0.24 (2.84) (2.60) (0.22) (5.45) (5.67)
Year Ended 2/28/2021 $22.09 0.34 11.92 12.26 (0.44) (1.90) (2.34)
Year Ended 2/29/2020 $20.92 0.39 2.18 2.57 (0.50) (0.90) (1.40)
Year Ended 2/28/2019 $20.41 0.39 1.11 1.50 (0.40) (0.59) (0.99)
Year Ended 2/28/2018 $18.64 0.43 1.89 2.32 (0.55) (0.55)
Advisor Class
Year Ended 2/28/2022 $32.40 0.32 (2.89) (2.57) (0.29) (5.45) (5.74)
Year Ended 2/28/2021 $22.34 0.41 12.06 12.47 (0.51) (1.90) (2.41)
Year Ended 2/29/2020 $21.14 0.45 2.20 2.65 (0.55) (0.90) (1.45)
Year Ended 2/28/2019 $20.61 0.44 1.13 1.57 (0.45) (0.59) (1.04)
Year Ended 2/28/2018 $18.82 0.48 1.90 2.38 (0.59) (0.59)
Class C
Year Ended 2/28/2022 $31.88 0.03 (2.85) (2.82) (0.01) (5.45) (5.46)
Year Ended 2/28/2021 $22.00 0.15 11.89 12.04 (0.26) (1.90) (2.16)
Year Ended 2/29/2020 $20.84 0.23 2.17 2.40 (0.34) (0.90) (1.24)
Year Ended 2/28/2019 $20.33 0.23 1.12 1.35 (0.25) (0.59) (0.84)
Year Ended 2/28/2018 $18.57 0.29 1.87 2.16 (0.40) (0.40)
Institutional Class
Year Ended 2/28/2022 $32.08 0.31 (2.86) (2.55) (0.29) (5.45) (5.74)
Year Ended 2/28/2021 $22.13 0.41 11.95 12.36 (0.51) (1.90) (2.41)
Year Ended 2/29/2020 $20.96 0.45 2.17 2.62 (0.55) (0.90) (1.45)
Year Ended 2/28/2019 $20.44 0.44 1.12 1.56 (0.45) (0.59) (1.04)
Year Ended 2/28/2018 $18.67 0.48 1.88 2.36 (0.59) (0.59)
Institutional 2 Class
Year Ended 2/28/2022 $32.36 0.33 (2.88) (2.55) (0.31) (5.45) (5.76)
Year Ended 2/28/2021 $22.31 0.43 12.04 12.47 (0.52) (1.90) (2.42)
Year Ended 2/29/2020 $21.12 0.47 2.18 2.65 (0.56) (0.90) (1.46)
Year Ended 2/28/2019 $20.59 0.45 1.14 1.59 (0.47) (0.59) (1.06)
Year Ended 2/28/2018 $18.80 0.50 1.90 2.40 (0.61) (0.61)
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Convertible Securities Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $23.74 (9.04%) 1.10%(c) 1.10%(c),(d) 0.83% 92% $413,074
Year Ended 2/28/2021 $32.01 58.37% 1.12%(c) 1.12%(c),(d) 1.32% 98% $584,015
Year Ended 2/29/2020 $22.09 12.55% 1.17%(c) 1.12%(c),(d) 1.81% 74% $317,365
Year Ended 2/28/2019 $20.92 7.70% 1.20%(c) 1.13%(c),(d) 1.88% 60% $286,075
Year Ended 2/28/2018 $20.41 12.65% 1.22% 1.12%(d) 2.21% 67% $248,052
Advisor Class
Year Ended 2/28/2022 $24.09 (8.82%) 0.85%(c) 0.85%(c),(d) 1.08% 92% $176,880
Year Ended 2/28/2021 $32.40 58.75% 0.88%(c) 0.88%(c),(d) 1.55% 98% $232,118
Year Ended 2/29/2020 $22.34 12.84% 0.92%(c) 0.87%(c),(d) 2.06% 74% $94,945
Year Ended 2/28/2019 $21.14 7.99% 0.95%(c) 0.88%(c),(d) 2.15% 60% $51,487
Year Ended 2/28/2018 $20.61 12.91% 0.97% 0.87%(d) 2.43% 67% $18,432
Class C
Year Ended 2/28/2022 $23.60 (9.76%) 1.85%(c) 1.85%(c),(d) 0.09% 92% $77,910
Year Ended 2/28/2021 $31.88 57.20% 1.87%(c) 1.87%(c),(d) 0.59% 98% $100,101
Year Ended 2/29/2020 $22.00 11.71% 1.92%(c) 1.87%(c),(d) 1.06% 74% $62,313
Year Ended 2/28/2019 $20.84 6.92% 1.95%(c) 1.88%(c),(d) 1.14% 60% $44,035
Year Ended 2/28/2018 $20.33 11.80% 1.97% 1.87%(d) 1.47% 67% $40,419
Institutional Class
Year Ended 2/28/2022 $23.79 (8.84%) 0.85%(c) 0.85%(c),(d) 1.09% 92% $1,094,312
Year Ended 2/28/2021 $32.08 58.81% 0.88%(c) 0.88%(c),(d) 1.57% 98% $1,401,886
Year Ended 2/29/2020 $22.13 12.81% 0.92%(c) 0.87%(c),(d) 2.06% 74% $733,400
Year Ended 2/28/2019 $20.96 8.00% 0.95%(c) 0.88%(c),(d) 2.13% 60% $544,140
Year Ended 2/28/2018 $20.44 12.91% 0.97% 0.87%(d) 2.49% 67% $393,240
Institutional 2 Class
Year Ended 2/28/2022 $24.05 (8.77%) 0.80%(c) 0.79%(c) 1.14% 92% $180,150
Year Ended 2/28/2021 $32.36 58.89% 0.83%(c) 0.81%(c) 1.62% 98% $235,448
Year Ended 2/29/2020 $22.31 12.88% 0.87%(c) 0.81%(c) 2.13% 74% $92,233
Year Ended 2/28/2019 $21.12 8.07% 0.89%(c) 0.81%(c) 2.19% 60% $80,367
Year Ended 2/28/2018 $20.59 13.02% 0.90% 0.80% 2.54% 67% $49,709
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
21

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 2/28/2022 $32.66 0.35 (2.92) (2.57) (0.32) (5.45) (5.77)
Year Ended 2/28/2021 $22.50 0.45 12.14 12.59 (0.53) (1.90) (2.43)
Year Ended 2/29/2020 $21.28 0.48 2.21 2.69 (0.57) (0.90) (1.47)
Year Ended 2/28/2019 $20.74 0.47 1.14 1.61 (0.48) (0.59) (1.07)
Year Ended 2/28/2018 $18.94 0.51 1.91 2.42 (0.62) (0.62)
Class R
Year Ended 2/28/2022 $31.98 0.16 (2.85) (2.69) (0.14) (5.45) (5.59)
Year Ended 2/28/2021 $22.06 0.29 11.91 12.20 (0.38) (1.90) (2.28)
Year Ended 2/29/2020 $20.90 0.34 2.16 2.50 (0.44) (0.90) (1.34)
Year Ended 2/28/2019 $20.39 0.33 1.12 1.45 (0.35) (0.59) (0.94)
Year Ended 2/28/2018 $18.62 0.38 1.89 2.27 (0.50) (0.50)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interfund lending expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Convertible Securities Fund  | Annual Report 2022

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)
Institutional 3 Class
Year Ended 2/28/2022 $24.32 (8.74%) 0.75%(c) 0.75%(c) 1.18% 92% $101,658
Year Ended 2/28/2021 $32.66 58.95% 0.78%(c) 0.77%(c) 1.74% 98% $136,747
Year Ended 2/29/2020 $22.50 12.97% 0.82%(c) 0.77%(c) 2.17% 74% $128,319
Year Ended 2/28/2019 $21.28 8.11% 0.84%(c) 0.76%(c) 2.25% 60% $100,142
Year Ended 2/28/2018 $20.74 13.03% 0.85% 0.75% 2.58% 67% $90,655
Class R
Year Ended 2/28/2022 $23.70 (9.32%) 1.35%(c) 1.35%(c),(d) 0.57% 92% $1,277
Year Ended 2/28/2021 $31.98 58.04% 1.37%(c) 1.37%(c),(d) 1.13% 98% $2,138
Year Ended 2/29/2020 $22.06 12.23% 1.42%(c) 1.37%(c),(d) 1.56% 74% $1,900
Year Ended 2/28/2019 $20.90 7.44% 1.45%(c) 1.38%(c),(d) 1.63% 60% $2,337
Year Ended 2/28/2018 $20.39 12.38% 1.47% 1.37%(d) 1.97% 67% $3,031
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund  | Annual Report 2022
23

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Convertible Securities Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the
24 Columbia Convertible Securities Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
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. For convertible securities, premiums attributable to the conversion feature are not amortized.
Columbia Convertible Securities Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Corporate actions and dividend income are recorded on the ex-dividend date.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
26 Columbia Convertible Securities Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
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. Effective July 1, 2021, the management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.82% to 0.65% as the Fund’s net assets increase. Prior to July 1, 2021, the management services fee was equal to a percentage of the Fund’s daily net assets that declined from 0.82% to 0.67% as the Fund’s net assets increased. The effective management services fee rate for the year ended February 28, 2022 was 0.73% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each
Columbia Convertible Securities Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
share class. In addition, effective through June 30, 2022, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.04% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.10
Advisor Class 0.10
Class C 0.10
Institutional Class 0.10
Institutional 2 Class 0.04
Institutional 3 Class 0.00
Class R 0.10
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $380.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 618,045
Class C 1.00(b) 7,768
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
28 Columbia Convertible Securities Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  July 1, 2021
through
June 30, 2022
Prior to
July 1, 2021
Class A 1.12% 1.13%
Advisor Class 0.87 0.88
Class C 1.87 1.88
Institutional Class 0.87 0.88
Institutional 2 Class 0.81 0.81
Institutional 3 Class 0.77 0.77
Class R 1.37 1.38
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitments, effective through June 30, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.04% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, post-October capital losses, re-characterization of distributions for investments, principal and/or interest of fixed income securities, foreign currency transactions, amortization/accretion on certain convertible securities and deemed distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(1,240,738) 1,240,738
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
Columbia Convertible Securities Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
92,206,745 395,681,950 487,888,695 79,779,025 94,625,496 174,404,521
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
5,200,735 110,939,132 98,863,923
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,941,700,299 237,298,905 (138,434,982) 98,863,923
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on March 1, 2022.
Late year
ordinary losses ($)
Post-October
capital losses ($)
26,962,597
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 $2,297,514,434 and $2,705,244,664, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
30 Columbia Convertible Securities Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Borrower 3,140,000 0.63 5
Lender 200,000 0.69 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 February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Convertible securities risk
Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return.
Columbia Convertible Securities Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
February 28, 2022
Credit risk
Credit risk is the risk that the value of debt instruments in the Fund’s portfolio may decline because the issuer defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Credit rating agencies assign credit ratings to certain debt instruments to indicate their credit risk. Lower-rated or unrated debt instruments held by the Fund may present increased credit risk as compared to higher-rated debt instruments.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in
32 Columbia Convertible Securities Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, one unaffiliated shareholder of record owned 14.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 25.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Convertible Securities Fund  | Annual Report 2022
33

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Convertible Securities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Convertible Securities Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
34 Columbia Convertible Securities Fund  | Annual Report 2022

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
17.11% 17.17% 0.12% $388,417,477
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Columbia Convertible Securities Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
36 Columbia Convertible Securities Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
Columbia Convertible Securities Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
38 Columbia Convertible Securities Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
Columbia Convertible Securities Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
40 Columbia Convertible Securities Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
Columbia Convertible Securities Fund  | Annual Report 2022
41

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Convertible Securities Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN134_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Select Large Cap Equity Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Select Large Cap Equity Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Large Cap Equity Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Melda Mergen, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2014
Tiffany Wade
Co-Portfolio Manager
Managed Fund since 2019
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 08/02/99 17.04 15.11 14.22
  Including sales charges   10.34 13.76 13.54
Advisor Class* 07/05/17 17.31 15.39 14.49
Class C Excluding sales charges 08/02/99 16.13 14.27 13.36
  Including sales charges   15.13 14.27 13.36
Institutional Class 10/02/98 17.28 15.41 14.50
Institutional 2 Class* 11/08/12 17.45 15.49 14.60
Institutional 3 Class* 03/01/17 17.40 15.56 14.57
S&P 500 Index   16.39 15.17 14.59
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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 S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Large Cap Equity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 99.0
Money Market Funds 1.0
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 8.9
Consumer Discretionary 12.5
Consumer Staples 5.7
Energy 2.5
Financials 11.2
Health Care 13.6
Industrials 10.0
Information Technology 30.7
Real Estate 2.0
Utilities 2.9
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Manager Discussion of Fund Performance
At February 28, 2022, approximately 48.49% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Select Large Cap Equity Fund returned 17.04% excluding sales charges. The Fund outperformed its benchmark, the S&P 500 Index, which returned 16.39% for the same time period.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of most significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
All eleven sectors within the benchmark delivered positive gains for the 12-month period. The energy, real estate, consumer staples, financials, utilities, information technology and health care sectors delivered the strongest gains, outperforming the overall benchmark’s return for the period. The communication services sector lagged most for the benchmark, followed by the consumer discretionary, industrials and materials sectors.
The Fund’s notable contributors during the period
 Stock selection drove the Fund’s outperformance of its benchmark during the period, particularly within the information technology and communication services sectors.
 Within information technology, Fund positions in semiconductor manufacturer NVIDIA Corp., cybersecurity company Palo Alto Networks, Inc., software giant Microsoft Corp. and networking firm Cisco Systems, Inc. contributed most to results. Not owning benchmark constituents PayPal Holdings and Intel also contributed to relative returns, as both companies experienced negative total returns for the period.
 Within communication services, which was the weakest performing sector in the benchmark during the period, the Fund benefited from its position in Google parent Alphabet, Inc., which posted strong returns as well as not owning several names that weighed on the benchmark, including Meta Platforms, Walt Disney and Netflix.
 Other individual top contributors included oil and gas company ConocoPhillips Co., aerospace and defense company Raytheon Technologies Corp. and health benefits company Anthem, Inc.
The Fund’s notable detractors during the period
 Stock selection within the consumer discretionary and health care sectors detracted the most relative to the benchmark during the period, with the Fund underperforming the benchmark in both areas.
 Within consumer discretionary, the Fund’s holding in retailer Gap, Inc. and the Fund’s underweight in electric vehicle company Tesla Motors, Inc. were among the Fund’s top individual detractors during the period. We exited its position in Gap in the second half of the period.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
 Medical devices company Medtronic PLC and medical diagnostics company Exact Sciences Corp. were among the Fund’s top detractors within the health care sector. Both positions were sold during the period.
 Southwest Airlines Co., in the industrials sector, also weighed on results versus the benchmark. The Fund’s position was sold.
 Within the communication services sector, media and communications company Comcast Corp. delivered negative results for the Fund.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in a limited number of companies or sectors subject the Fund to greater risk of loss. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Select Large Cap Equity Fund  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 973.10 1,020.83 3.91 4.01 0.80
Advisor Class 1,000.00 1,000.00 974.10 1,022.07 2.69 2.76 0.55
Class C 1,000.00 1,000.00 969.60 1,017.11 7.57 7.75 1.55
Institutional Class 1,000.00 1,000.00 973.70 1,022.07 2.69 2.76 0.55
Institutional 2 Class 1,000.00 1,000.00 974.70 1,022.46 2.30 2.36 0.47
Institutional 3 Class 1,000.00 1,000.00 974.70 1,022.66 2.11 2.16 0.43
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.3%
Issuer Shares Value ($)
Communication Services 8.8%
Entertainment 1.3%
Electronic Arts, Inc. 133,503 17,367,405
Interactive Media & Services 5.6%
Alphabet, Inc., Class C(a) 28,322 76,407,658
Media 1.9%
Comcast Corp., Class A 550,980 25,763,825
Total Communication Services 119,538,888
Consumer Discretionary 12.2%
Auto Components 0.5%
Aptiv PLC(a) 52,400 6,782,656
Automobiles 1.6%
General Motors Co.(a) 337,984 15,790,613
Tesla Motors, Inc.(a) 6,556 5,706,539
Total   21,497,152
Hotels, Restaurants & Leisure 1.1%
Hilton Worldwide Holdings, Inc.(a) 106,322 15,827,093
Internet & Direct Marketing Retail 4.7%
Amazon.com, Inc.(a) 20,935 64,296,828
Multiline Retail 1.3%
Target Corp. 86,685 17,317,062
Specialty Retail 3.0%
Home Depot, Inc. (The) 77,339 24,425,976
TJX Companies, Inc. (The) 246,789 16,312,753
Total   40,738,729
Total Consumer Discretionary 166,459,520
Consumer Staples 5.6%
Food Products 1.6%
Mondelez International, Inc., Class A 335,535 21,970,832
Household Products 2.3%
Procter & Gamble Co. (The) 197,372 30,768,321
Tobacco 1.7%
Philip Morris International, Inc. 228,214 23,065,589
Total Consumer Staples 75,804,742
Common Stocks (continued)
Issuer Shares Value ($)
Energy 2.5%
Oil, Gas & Consumable Fuels 2.5%
ConocoPhillips Co. 204,343 19,383,977
Valero Energy Corp. 174,742 14,592,704
Total   33,976,681
Total Energy 33,976,681
Financials 11.0%
Banks 3.1%
Bank of America Corp. 721,493 31,889,991
Popular, Inc. 119,512 10,977,177
Total   42,867,168
Capital Markets 6.2%
Charles Schwab Corp. (The) 209,809 17,720,468
Morgan Stanley 263,078 23,871,698
S&P Global, Inc. 55,535 20,864,499
State Street Corp. 249,631 21,301,013
Total   83,757,678
Insurance 1.7%
MetLife, Inc. 340,452 22,997,533
Total Financials 149,622,379
Health Care 13.4%
Biotechnology 3.0%
AbbVie, Inc. 167,547 24,758,420
BioMarin Pharmaceutical, Inc.(a) 89,937 7,025,879
Vertex Pharmaceuticals, Inc.(a) 40,958 9,421,159
Total   41,205,458
Health Care Equipment & Supplies 1.7%
Stryker Corp. 86,579 22,800,579
Health Care Providers & Services 1.9%
Anthem, Inc. 56,499 25,529,073
Life Sciences Tools & Services 2.7%
Danaher Corp. 68,255 18,729,855
IQVIA Holdings, Inc.(a) 77,943 17,936,243
Total   36,666,098
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Pharmaceuticals 4.1%
Eli Lilly & Co. 88,945 22,231,803
Johnson & Johnson 206,614 34,002,466
Total   56,234,269
Total Health Care 182,435,477
Industrials 9.8%
Aerospace & Defense 1.7%
Raytheon Technologies Corp. 220,317 22,626,556
Air Freight & Logistics 1.4%
United Parcel Service, Inc., Class B 92,617 19,488,469
Building Products 1.1%
Trane Technologies PLC 98,198 15,115,618
Commercial Services & Supplies 1.1%
Cintas Corp. 39,388 14,783,104
Construction & Engineering 0.7%
MasTec, Inc.(a) 123,983 9,764,901
Electrical Equipment 1.2%
AMETEK, Inc. 123,283 16,000,901
Machinery 1.1%
Parker-Hannifin Corp. 51,133 15,155,310
Road & Rail 1.5%
Union Pacific Corp. 83,975 20,653,651
Total Industrials 133,588,510
Information Technology 30.2%
Communications Equipment 1.8%
Cisco Systems, Inc. 447,122 24,935,994
Electronic Equipment, Instruments & Components 1.2%
TE Connectivity Ltd. 114,891 16,363,925
IT Services 2.3%
MasterCard, Inc., Class A 84,644 30,541,248
Semiconductors & Semiconductor Equipment 6.7%
Applied Materials, Inc. 130,931 17,570,940
Broadcom, Inc. 40,990 24,079,166
NVIDIA Corp. 114,052 27,811,580
QUALCOMM, Inc. 124,655 21,439,414
Total   90,901,100
Common Stocks (continued)
Issuer Shares Value ($)
Software 12.9%
Adobe, Inc.(a) 49,158 22,990,213
Intuit, Inc. 34,659 16,441,190
Microsoft Corp. 331,272 98,980,761
Palo Alto Networks, Inc.(a) 30,862 18,339,743
ServiceNow, Inc.(a) 33,079 19,183,174
Total   175,935,081
Technology Hardware, Storage & Peripherals 5.3%
Apple, Inc.(b) 437,404 72,224,149
Total Information Technology 410,901,497
Real Estate 2.0%
Equity Real Estate Investment Trusts (REITS) 2.0%
Extra Space Storage, Inc. 75,905 14,281,526
Invitation Homes, Inc. 333,831 12,618,812
Total   26,900,338
Total Real Estate 26,900,338
Utilities 2.8%
Multi-Utilities 2.8%
Ameren Corp. 213,833 18,378,947
DTE Energy Co. 161,875 19,682,381
Total   38,061,328
Total Utilities 38,061,328
Total Common Stocks
(Cost $916,552,157)
1,337,289,360
Money Market Funds 1.0%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 13,303,601 13,299,610
Total Money Market Funds
(Cost $13,298,446)
13,299,610
Total Investments in Securities
(Cost: $929,850,603)
1,350,588,970
Other Assets & Liabilities, Net   8,960,366
Net Assets 1,359,549,336
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
At February 28, 2022, securities and/or cash totaling $1,073,280 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 50 03/2022 USD 10,920,000 (177,632)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at February 28, 2022.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  28,706,905 313,579,677 (328,987,885) 913 13,299,610 (5,285) 11,782 13,303,601
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
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 February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 119,538,888 119,538,888
Consumer Discretionary 166,459,520 166,459,520
Consumer Staples 75,804,742 75,804,742
Energy 33,976,681 33,976,681
Financials 149,622,379 149,622,379
Health Care 182,435,477 182,435,477
Industrials 133,588,510 133,588,510
Information Technology 410,901,497 410,901,497
Real Estate 26,900,338 26,900,338
Utilities 38,061,328 38,061,328
Total Common Stocks 1,337,289,360 1,337,289,360
Money Market Funds 13,299,610 13,299,610
Total Investments in Securities 1,350,588,970 1,350,588,970
Investments in Derivatives        
Liability        
Futures Contracts (177,632) (177,632)
Total 1,350,411,338 1,350,411,338
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
11

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $916,552,157) $1,337,289,360
Affiliated issuers (cost $13,298,446) 13,299,610
Receivable for:  
Investments sold 7,848,988
Capital shares sold 301,885
Dividends 1,493,604
Expense reimbursement due from Investment Manager 36,380
Prepaid expenses 13,150
Total assets 1,360,282,977
Liabilities  
Payable for:  
Capital shares purchased 347,796
Variation margin for futures contracts 30,000
Management services fees 81,452
Distribution and/or service fees 5,583
Transfer agent fees 66,232
Compensation of board members 174,233
Compensation of chief compliance officer 223
Other expenses 28,122
Total liabilities 733,641
Net assets applicable to outstanding capital stock $1,359,549,336
Represented by  
Paid in capital 878,189,026
Total distributable earnings (loss) 481,360,310
Total - representing net assets applicable to outstanding capital stock $1,359,549,336
Class A  
Net assets $235,275,831
Shares outstanding 12,509,450
Net asset value per share $18.81
Maximum sales charge 5.75%
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) $19.96
Advisor Class  
Net assets $1,932,163
Shares outstanding 104,248
Net asset value per share $18.53
Class C  
Net assets $8,739,142
Shares outstanding 520,862
Net asset value per share $16.78
Institutional Class  
Net assets $214,099,604
Shares outstanding 11,489,175
Net asset value per share $18.63
Institutional 2 Class  
Net assets $198,954,965
Shares outstanding 10,284,259
Net asset value per share $19.35
Institutional 3 Class  
Net assets $700,547,631
Shares outstanding 38,276,309
Net asset value per share $18.30
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $18,484,591
Dividends — affiliated issuers 11,782
Interfund lending 167
Foreign taxes withheld (54,801)
Total income 18,441,739
Expenses:  
Management services fees 10,024,393
Distribution and/or service fees  
Class A 607,933
Class C 85,054
Transfer agent fees  
Class A 313,807
Advisor Class 2,854
Class C 10,973
Institutional Class 275,676
Institutional 2 Class 89,463
Institutional 3 Class 40,388
Compensation of board members 54,347
Custodian fees 11,371
Printing and postage fees 31,992
Registration fees 103,159
Audit fees 29,500
Legal fees 25,731
Interest on collateral 345
Compensation of chief compliance officer 216
Other 26,367
Total expenses 11,733,569
Fees waived or expenses reimbursed by Investment Manager and its affiliates (4,584,489)
Expense reduction (560)
Total net expenses 7,148,520
Net investment income 11,293,219
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 113,608,409
Investments — affiliated issuers (5,285)
Futures contracts 2,792,280
Net realized gain 116,395,404
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 84,088,288
Investments — affiliated issuers 913
Futures contracts 309,490
Net change in unrealized appreciation (depreciation) 84,398,691
Net realized and unrealized gain 200,794,095
Net increase in net assets resulting from operations $212,087,314
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
13

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $11,293,219 $10,317,430
Net realized gain 116,395,404 66,723,980
Net change in unrealized appreciation (depreciation) 84,398,691 166,814,171
Net increase in net assets resulting from operations 212,087,314 243,855,581
Distributions to shareholders    
Net investment income and net realized gains    
Class A (17,789,878) (13,886,746)
Advisor Class (174,654) (98,725)
Class C (637,088) (537,915)
Institutional Class (16,826,301) (11,261,374)
Institutional 2 Class (12,046,628) (5,423,544)
Institutional 3 Class (57,623,422) (34,366,164)
Total distributions to shareholders (105,097,971) (65,574,468)
Increase in net assets from capital stock activity 31,469,851 365,045,971
Total increase in net assets 138,459,194 543,327,084
Net assets at beginning of year 1,221,090,142 677,763,058
Net assets at end of year $1,359,549,336 $1,221,090,142
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,275,138 24,825,167 2,634,765 39,435,220
Distributions reinvested 338,444 6,673,124 322,834 5,048,030
Redemptions (1,605,606) (31,071,032) (1,408,709) (21,385,270)
Net increase 7,976 427,259 1,548,890 23,097,980
Advisor Class        
Subscriptions 57,976 1,077,177 87,383 1,328,743
Distributions reinvested 8,984 174,378 6,288 98,506
Redemptions (61,135) (1,178,243) (229,948) (3,191,942)
Net increase (decrease) 5,825 73,312 (136,277) (1,764,693)
Class C        
Subscriptions 105,380 1,870,662 133,822 1,686,630
Distributions reinvested 31,956 563,770 33,333 469,014
Redemptions (110,967) (1,935,215) (140,027) (1,887,046)
Net increase 26,369 499,217 27,128 268,598
Institutional Class        
Subscriptions 2,429,962 46,730,851 1,941,261 29,312,136
Distributions reinvested 807,948 15,787,253 665,332 10,341,642
Redemptions (1,642,468) (31,747,662) (1,624,633) (24,722,844)
Net increase 1,595,442 30,770,442 981,960 14,930,934
Institutional 2 Class        
Subscriptions 5,530,357 109,586,321 6,299,742 104,004,042
Distributions reinvested 592,170 12,046,628 327,061 5,423,544
Redemptions (1,597,524) (32,564,052) (2,425,693) (40,064,935)
Net increase 4,525,003 89,068,897 4,201,110 69,362,651
Institutional 3 Class        
Subscriptions 2,765,887 53,592,290 20,553,142 316,958,657
Distributions reinvested 2,732,037 52,418,462 1,835,143 27,989,030
Redemptions (10,204,800) (195,380,028) (5,667,507) (85,797,186)
Net increase (decrease) (4,706,876) (89,369,276) 16,720,778 259,150,501
Total net increase 1,453,739 31,469,851 23,343,589 365,045,971
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
15

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $17.28 0.11 2.88 2.99 (0.15) (1.31) (1.46)
Year Ended 2/28/2021 $14.22 0.14 4.08 4.22 (0.21) (0.95) (1.16)
Year Ended 2/29/2020 $13.95 0.24 0.77 1.01 (0.12) (0.62) (0.74)
Year Ended 2/28/2019 $14.82 0.16 0.33 0.49 (0.14) (1.22) (1.36)
Year Ended 2/28/2018 $13.16 0.09 2.36 2.45 (0.08) (0.71) (0.79)
Advisor Class
Year Ended 2/28/2022 $17.04 0.15 2.84 2.99 (0.19) (1.31) (1.50)
Year Ended 2/28/2021 $14.04 0.18 4.02 4.20 (0.25) (0.95) (1.20)
Year Ended 2/29/2020 $13.78 0.26 0.78 1.04 (0.16) (0.62) (0.78)
Year Ended 2/28/2019 $14.66 0.20 0.33 0.53 (0.19) (1.22) (1.41)
Year Ended 2/28/2018(e) $13.61 0.11 1.63 1.74 (0.10) (0.59) (0.69)
Class C
Year Ended 2/28/2022 $15.58 (0.04) 2.60 2.56 (0.05) (1.31) (1.36)
Year Ended 2/28/2021 $12.92 0.03 3.69 3.72 (0.11) (0.95) (1.06)
Year Ended 2/29/2020 $12.74 0.11 0.71 0.82 (0.02) (0.62) (0.64)
Year Ended 2/28/2019 $13.64 0.05 0.31 0.36 (0.04) (1.22) (1.26)
Year Ended 2/28/2018 $12.18 (0.02) 2.19 2.17 (0.71) (0.71)
Institutional Class
Year Ended 2/28/2022 $17.13 0.15 2.85 3.00 (0.19) (1.31) (1.50)
Year Ended 2/28/2021 $14.10 0.18 4.05 4.23 (0.25) (0.95) (1.20)
Year Ended 2/29/2020 $13.84 0.26 0.78 1.04 (0.16) (0.62) (0.78)
Year Ended 2/28/2019 $14.71 0.19 0.34 0.53 (0.18) (1.22) (1.40)
Year Ended 2/28/2018 $13.06 0.12 2.35 2.47 (0.11) (0.71) (0.82)
Institutional 2 Class
Year Ended 2/28/2022 $17.73 0.17 2.97 3.14 (0.21) (1.31) (1.52)
Year Ended 2/28/2021 $14.55 0.21 4.18 4.39 (0.26) (0.95) (1.21)
Year Ended 2/29/2020 $14.26 0.29 0.79 1.08 (0.17) (0.62) (0.79)
Year Ended 2/28/2019 $15.11 0.22 0.34 0.56 (0.19) (1.22) (1.41)
Year Ended 2/28/2018 $13.41 0.13 2.40 2.53 (0.12) (0.71) (0.83)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $18.81 17.04% 1.12%(c) 0.79%(c),(d) 0.54% 58% $235,276
Year Ended 2/28/2021 $17.28 30.70% 1.16%(c) 0.79%(c),(d) 0.92% 64% $216,047
Year Ended 2/29/2020 $14.22 7.30% 1.18% 0.80%(d) 1.63% 46% $155,699
Year Ended 2/28/2019 $13.95 3.61% 1.19% 0.80%(d) 1.10% 62% $151,703
Year Ended 2/28/2018 $14.82 18.87% 1.19% 1.13%(d) 0.61% 45% $149,489
Advisor Class
Year Ended 2/28/2022 $18.53 17.31% 0.87%(c) 0.54%(c),(d) 0.79% 58% $1,932
Year Ended 2/28/2021 $17.04 30.96% 0.91%(c) 0.54%(c),(d) 1.18% 64% $1,678
Year Ended 2/29/2020 $14.04 7.58% 0.93% 0.55%(d) 1.81% 46% $3,294
Year Ended 2/28/2019 $13.78 3.88% 0.94% 0.55%(d) 1.45% 62% $3,143
Year Ended 2/28/2018(e) $14.66 12.96% 0.97%(f) 0.69%(d),(f) 1.17%(f) 45% $240
Class C
Year Ended 2/28/2022 $16.78 16.13% 1.87%(c) 1.54%(c),(d) (0.21%) 58% $8,739
Year Ended 2/28/2021 $15.58 29.82% 1.91%(c) 1.54%(c),(d) 0.18% 64% $7,703
Year Ended 2/29/2020 $12.92 6.45% 1.93% 1.55%(d) 0.83% 46% $6,040
Year Ended 2/28/2019 $12.74 2.85% 1.94% 1.55%(d) 0.34% 62% $7,783
Year Ended 2/28/2018 $13.64 18.03% 1.94% 1.87%(d) (0.15%) 45% $8,199
Institutional Class
Year Ended 2/28/2022 $18.63 17.28% 0.87%(c) 0.54%(c),(d) 0.79% 58% $214,100
Year Ended 2/28/2021 $17.13 31.04% 0.91%(c) 0.54%(c),(d) 1.18% 64% $169,476
Year Ended 2/29/2020 $14.10 7.54% 0.93% 0.55%(d) 1.76% 46% $125,623
Year Ended 2/28/2019 $13.84 3.90% 0.94% 0.55%(d) 1.34% 62% $158,057
Year Ended 2/28/2018 $14.71 19.21% 0.94% 0.88%(d) 0.86% 45% $170,394
Institutional 2 Class
Year Ended 2/28/2022 $19.35 17.45% 0.80%(c) 0.47%(c) 0.85% 58% $198,955
Year Ended 2/28/2021 $17.73 31.20% 0.83%(c) 0.46%(c) 1.26% 64% $102,131
Year Ended 2/29/2020 $14.55 7.61% 0.85% 0.46% 1.97% 46% $22,676
Year Ended 2/28/2019 $14.26 4.01% 0.84% 0.46% 1.53% 62% $19,466
Year Ended 2/28/2018 $15.11 19.15% 0.86% 0.80% 0.90% 45% $10,777
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
17

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 2/28/2022 $16.85 0.17 2.81 2.98 (0.22) (1.31) (1.53)
Year Ended 2/28/2021 $13.88 0.20 3.98 4.18 (0.26) (0.95) (1.21)
Year Ended 2/29/2020 $13.63 0.29 0.76 1.05 (0.18) (0.62) (0.80)
Year Ended 2/28/2019 $14.51 0.21 0.33 0.54 (0.20) (1.22) (1.42)
Year Ended 2/28/2018(g) $13.08 0.14 2.13 2.27 (0.13) (0.71) (0.84)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Advisor Class shares commenced operations on July 5, 2017. Per share data and total return reflect activity from that date.
(f) Annualized.
(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 Select Large Cap Equity Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 2/28/2022 $18.30 17.40% 0.75%(c) 0.42%(c) 0.92% 58% $700,548
Year Ended 2/28/2021 $16.85 31.26% 0.78%(c) 0.41%(c) 1.29% 64% $724,055
Year Ended 2/29/2020 $13.88 7.72% 0.80% 0.42% 2.04% 46% $364,432
Year Ended 2/28/2019 $13.63 4.02% 0.80% 0.43% 1.48% 62% $340,760
Year Ended 2/28/2018(g) $14.51 17.63% 0.81% 0.76% 0.98% 45% $330,311
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
19

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Select Large Cap Equity Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
20 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the
Columbia Select Large Cap Equity Fund  | Annual Report 2022
21

Notes to Financial Statements  (continued)
February 28, 2022
ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
22 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 177,632*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 2,792,280
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 309,490
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 9,581,345
    
* Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.72% of the Fund’s average daily net assets.
24 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transactions with affiliates
The Fund is permitted to engage in purchase and/or sale transactions with affiliates and/or accounts that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers under specified conditions outlined in a policy adopted by the Board, pursuant to Rule 17a-7 under the 1940 Act (cross-trades). The Board relies on quarterly written representation from the Fund’s Chief Compliance Officer that cross-trades complied with approved policy.
For the year ended February 28, 2022, the Fund engaged in cross-trades as follows:
Purchases ($) Sales ($) Net realized gain (loss) ($)
9,038,802
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
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 year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $560.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 106,862
Class C 1.00(b) 23
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
26 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  July 1, 2021
through
June 30, 2022
Prior to
July 1, 2021
Class A 0.80% 0.80%
Advisor Class 0.55 0.55
Class C 1.55 1.55
Institutional Class 0.55 0.55
Institutional 2 Class 0.48 0.46
Institutional 3 Class 0.43 0.41
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(15,061) 15,061
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
54,145,783 50,952,188 105,097,971 13,508,359 52,066,109 65,574,468
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
16,325,955 46,201,948 419,004,708
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
931,406,630 444,887,804 (25,883,096) 419,004,708
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $786,985,965 and $838,400,401, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
28 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
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 year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Lender 3,066,667 0.66 3
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced
Columbia Select Large Cap Equity Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, two unaffiliated shareholders of record owned 25.1% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 53.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently
30 Columbia Select Large Cap Equity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
31

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Select Large Cap Equity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Select Large Cap Equity Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
32 Columbia Select Large Cap Equity Fund  | Annual Report 2022

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
41.90% 39.08% 0.82% $80,239,839
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Columbia Select Large Cap Equity Fund  | Annual Report 2022
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
34 Columbia Select Large Cap Equity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
Columbia Select Large Cap Equity Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
36 Columbia Select Large Cap Equity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
38 Columbia Select Large Cap Equity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
Columbia Select Large Cap Equity Fund  | Annual Report 2022
39

Columbia Select Large Cap Equity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN172_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Large Cap Index Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Large Cap Index Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Large Cap Index Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor’s (S&P) 500 Index.
Portfolio management
Christopher Lo, CFA
Lead Portfolio Manager
Managed Fund since 2014
Kaiyu Zhao
Portfolio Manager
Managed Fund since 2020
Christopher Rowe
Portfolio Manager
Managed Fund since 2020
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A 10/10/95 15.86 14.65 14.08
Institutional Class 12/15/93 16.15 14.94 14.36
Institutional 2 Class* 11/08/12 16.15 14.94 14.36
Institutional 3 Class* 03/01/17 16.17 14.95 14.37
S&P 500 Index   16.39 15.17 14.59
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 S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Large Cap Index Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Index Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 98.6
Money Market Funds 1.4
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 9.6
Consumer Discretionary 11.8
Consumer Staples 6.2
Energy 3.7
Financials 11.6
Health Care 13.3
Industrials 7.9
Information Technology 28.1
Materials 2.6
Real Estate 2.6
Utilities 2.6
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Large Cap Index Fund  | Annual Report 2022

Manager Discussion of Fund Performance
At February 28, 2022, approximately 27.93% of the Fund’s shares were owned in the aggregate by affiliated funds-of-funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager). As a result of asset allocation decisions by the Investment Manager, it is possible that the Fund may experience relatively large purchases or redemptions from affiliated funds-of-funds. The Investment Manager seeks to minimize the impact of these transactions by structuring them over a reasonable period of time. The Fund may experience increased expenses as it buys and sells securities as a result of purchases or redemptions by affiliated funds-of-funds.
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Large Cap Index Fund returned 15.86%. The Fund closely tracked its benchmark, the unmanaged S&P 500 Index, which returned 16.39% for the same period. Mutual funds, unlike unmanaged indices, incur operating expenses.
Market overview
COVID-19 vaccinations allowed for greater economic reopening during the annual period. In turn, the U.S. equity market, as measured by the S&P 500 Index, achieved double-digit gains, even as volatility remained heightened throughout.
As the annual period began in March 2021, U.S. equities produced healthy gains, boosted by both the passage of a fiscal stimulus package and by investor confidence the U.S. Federal Reserve (Fed) would maintain its highly accommodative monetary policy. Stocks were then well supported during the second quarter of 2021 by a combination of strong economic growth, gradual rollbacks of COVID-19 lockdowns and robust corporate earnings. Although concerns about rising inflation led to a brief stretch of volatility mid-way through the quarter, the Fed reassured the markets that monetary policy would remain accommodative for an extended period. As a result, most major U.S. equity indices finished June 2021 at or near their then-all-time highs.
U.S. equities posted mixed results in the third quarter, reflecting an increasingly challenging environment. The market performed reasonably well in July and August, during which the prospects of improving economic growth and rising corporate profits outweighed concerns about the COVID-19 Delta variant. The backdrop became less favorable in September, however, fueling a downturn that erased almost all of the advance of the prior two months. The markets were contending with a persistent increase in inflation, worsening supply-chain bottlenecks, instability in China’s property market and the Fed indicating it was likely to announce a tapering of its quantitative easing program before year end. In the fourth quarter, U.S. equities displayed remarkable resilience despite potential headwinds. Investors faced the emergence of the COVID-19 Omicron variant, which was contagious enough to raise concerns about a possible new wave of lockdowns. Also, the Fed had previously viewed rising inflation as “transitory,” but continued price pressures drove the central bank to announce the tapering of its stimulative quantitative easing program and to prepare the financial markets for the likelihood of multiple interest rate increases in 2022. Still, the S&P 500 Index finished the calendar year with a solid gain on the strength of robust investment inflows and the lack of compelling total return potential in bonds.
U.S. equities fell in January and February 2022. The S&P 500 Index experienced its worst month in January since the COVID-19-induced sell-off of March 2020. Hawkish commentary from the Fed was perhaps the most significant driver of the market’s decline. Heightened inflation concerns also weighed on investor sentiment, more than offsetting the positive news that the Omicron variant appeared to be milder than previous COVID-19 variants. In February, Russia’s invasion of Ukraine, stunning in its magnitude, rattled equity markets, while inflation and shifting Fed policy remained overhangs. Notably, the growing sense that COVID-19 is transitioning from pandemic to endemic in the U.S. supported U.S. small-cap stocks, which significantly outpaced their large-cap peers in a reversal of the recent performance trend.
For the annual period overall, large-cap stocks within the U.S. equity market performed best, followed by mid-cap stocks and then small-cap stocks, each generating a positive total return. From a style perspective, there was a sharp reversal from the prior annual period, as value-oriented stocks significantly outperformed growth-oriented stocks across the capitalization spectrum of the U.S. equity market for the 12 months ended February 28, 2022. Ten of the eleven sectors of the S&P 500 Index posted a positive return during the 12 months ended February 28, 2022.
Columbia Large Cap Index Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
The Fund’s notable detractors during the period
Communication services was the only sector in the S&P 500 Index to post a negative total return during the annual period. The consumer discretionary and industrials sectors were also weak, but each generated a single-digit positive total return during the annual period.
On the basis of impact, communication services, materials and utilities were the weakest sectors.
The worst performing industries for the annual period on the basis of total return were entertainment; airlines; independent power and renewable electricity producers; auto components; and media.
Top individual detractors were digital payments technology platform PayPal Holdings, Inc.; social media giant formerly known as Facebook, Meta Platforms, Inc.-Class A; diversified media and entertainment company The Walt Disney Co.; entertainment content streaming service Netflix, Inc.; and semiconductor bellwether Intel Corp.
The Fund’s notable contributors during the period
In terms of total return, the energy sector was the best relative performer, followed at some distance by the real estate and consumer staples sectors.
On the basis of impact, which takes weighting and total returns into account, the information technology sector was the biggest contributor to the Index’s return, followed by health care and financials.
The top performing industries for the annual period on the basis of total return were oil, gas and consumable fuels; metals and mining; health care providers and services; energy equipment and services; and health care technology.
Top individual contributors within the S&P 500 Index during the annual period included information technology giants Apple Inc., Microsoft Corp. and Alphabet Inc.; semiconductor producer NVIDIA Corp.; and health care plan provider UnitedHealth Group Inc.
Information technology remained the largest sector by weighting in the S&P 500 Index as of February 28, 2022, with a weighting of 28.12%.
As always, each sector and stock in the S&P 500 Index was represented in the Fund with approximately the same weighting as in the Index and therefore had a similar effect.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. The Fund’s net value will generally decline when the performance of its targeted index declines. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Large Cap Index Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 971.70 1,022.56 2.20 2.26 0.45
Institutional Class 1,000.00 1,000.00 972.80 1,023.80 0.98 1.00 0.20
Institutional 2 Class 1,000.00 1,000.00 972.70 1,023.80 0.98 1.00 0.20
Institutional 3 Class 1,000.00 1,000.00 972.90 1,023.80 0.98 1.00 0.20
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Large Cap Index Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.6%
Issuer Shares Value ($)
Communication Services 9.5%
Diversified Telecommunication Services 1.1%
AT&T, Inc. 661,356 15,667,523
Lumen Technologies, Inc. 85,344 884,164
Verizon Communications, Inc. 383,437 20,579,064
Total   37,130,751
Entertainment 1.5%
Activision Blizzard, Inc. 72,136 5,879,084
Electronic Arts, Inc. 26,192 3,407,317
Live Nation Entertainment, Inc.(a) 12,511 1,511,579
Netflix, Inc.(a) 41,024 16,184,789
Take-Two Interactive Software, Inc.(a) 10,678 1,729,836
Walt Disney Co. (The)(a) 168,291 24,984,482
Total   53,697,087
Interactive Media & Services 5.7%
Alphabet, Inc., Class A(a) 27,859 75,251,059
Alphabet, Inc., Class C(a) 25,896 69,862,747
Match Group, Inc.(a) 26,218 2,923,045
Meta Platforms, Inc., Class A(a) 219,150 46,247,225
Twitter, Inc.(a) 74,055 2,632,655
Total   196,916,731
Media 1.0%
Charter Communications, Inc., Class A(a) 11,457 6,894,593
Comcast Corp., Class A 422,271 19,745,392
Discovery, Inc., Class A(a) 15,671 439,572
Discovery, Inc., Class C(a) 28,130 786,796
DISH Network Corp., Class A(a) 23,126 739,107
Fox Corp., Class A 29,669 1,241,054
Fox Corp., Class B 13,619 521,063
Interpublic Group of Companies, Inc. (The) 36,467 1,341,986
News Corp., Class A 36,401 812,470
News Corp., Class B 11,278 252,966
Omnicom Group, Inc. 19,686 1,651,458
Paramount Global, Class B 56,189 1,719,945
Total   36,146,402
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.2%
T-Mobile USA, Inc.(a) 54,369 6,698,804
Total Communication Services 330,589,775
Consumer Discretionary 11.7%
Auto Components 0.1%
Aptiv PLC(a) 25,053 3,242,860
BorgWarner, Inc. 22,206 910,668
Total   4,153,528
Automobiles 2.3%
Ford Motor Co. 363,545 6,383,850
General Motors Co.(a) 134,462 6,282,065
Tesla Motors, Inc.(a) 75,337 65,575,585
Total   78,241,500
Distributors 0.1%
Genuine Parts Co. 13,190 1,611,290
LKQ Corp. 24,836 1,166,050
Pool Corp. 3,713 1,702,708
Total   4,480,048
Hotels, Restaurants & Leisure 1.9%
Booking Holdings, Inc.(a) 3,803 8,261,067
Caesars Entertainment, Inc.(a) 19,798 1,666,794
Carnival Corp.(a) 74,504 1,514,666
Chipotle Mexican Grill, Inc.(a) 2,606 3,969,850
Darden Restaurants, Inc. 12,020 1,745,544
Domino’s Pizza, Inc. 3,370 1,456,548
Expedia Group, Inc.(a) 13,522 2,651,800
Hilton Worldwide Holdings, Inc.(a) 25,814 3,842,672
Las Vegas Sands Corp.(a) 31,840 1,364,662
Marriott International, Inc., Class A(a) 25,337 4,310,837
McDonald’s Corp. 69,205 16,939,308
MGM Resorts International 36,049 1,596,610
Norwegian Cruise Line Holdings Ltd.(a) 34,270 667,922
Penn National Gaming, Inc.(a) 15,385 790,020
Royal Caribbean Cruises Ltd.(a) 20,765 1,676,151
Starbucks Corp. 109,284 10,031,178
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Large Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Wynn Resorts Ltd.(a) 9,747 843,311
Yum! Brands, Inc. 27,148 3,327,802
Total   66,656,742
Household Durables 0.4%
D.R. Horton, Inc. 30,187 2,577,970
Garmin Ltd. 14,071 1,554,001
Lennar Corp., Class A 25,177 2,262,909
Mohawk Industries, Inc.(a) 5,081 715,303
Newell Brands, Inc. 35,064 832,770
NVR, Inc.(a) 303 1,502,407
PulteGroup, Inc. 23,449 1,164,478
Whirlpool Corp. 5,626 1,132,345
Total   11,742,183
Internet & Direct Marketing Retail 3.7%
Amazon.com, Inc.(a) 40,393 124,057,405
eBay, Inc. 57,977 3,164,965
Etsy, Inc.(a) 11,742 1,818,718
Total   129,041,088
Leisure Products 0.0%
Hasbro, Inc. 12,009 1,165,473
Multiline Retail 0.5%
Dollar General Corp. 21,608 4,285,731
Dollar Tree, Inc.(a) 20,830 2,959,526
Target Corp. 45,199 9,029,404
Total   16,274,661
Specialty Retail 2.1%
Advance Auto Parts, Inc. 5,835 1,193,141
AutoZone, Inc.(a) 1,942 3,618,703
Bath & Body Works, Inc. 24,485 1,306,764
Best Buy Co., Inc. 20,502 1,981,313
CarMax, Inc.(a) 15,014 1,641,481
Home Depot, Inc. (The) 97,741 30,869,540
Lowe’s Companies, Inc. 64,129 14,176,357
O’Reilly Automotive, Inc.(a) 6,240 4,051,258
Ross Stores, Inc. 32,912 3,007,828
TJX Companies, Inc. (The) 111,372 7,361,689
Common Stocks (continued)
Issuer Shares Value ($)
Tractor Supply Co. 10,541 2,148,150
Ulta Beauty, Inc.(a) 5,034 1,885,233
Total   73,241,457
Textiles, Apparel & Luxury Goods 0.6%
NIKE, Inc., Class B 118,343 16,159,737
PVH Corp. 6,580 644,116
Ralph Lauren Corp. 4,514 596,029
Tapestry, Inc. 25,482 1,042,214
Under Armour, Inc., Class A(a) 17,471 312,556
Under Armour, Inc., Class C(a) 19,918 311,318
VF Corp. 30,193 1,751,798
Total   20,817,768
Total Consumer Discretionary 405,814,448
Consumer Staples 6.1%
Beverages 1.5%
Brown-Forman Corp., Class B 16,924 1,103,952
Coca-Cola Co. (The) 360,034 22,408,516
Constellation Brands, Inc., Class A 15,213 3,280,227
Molson Coors Beverage Co., Class B 17,449 910,489
Monster Beverage Corp.(a) 34,794 2,936,614
PepsiCo, Inc. 128,053 20,967,398
Total   51,607,196
Food & Staples Retailing 1.4%
Costco Wholesale Corp. 40,919 21,247,191
Kroger Co. (The) 62,673 2,933,096
Sysco Corp. 47,479 4,135,421
Walgreens Boots Alliance, Inc. 66,539 3,066,783
Walmart, Inc. 131,709 17,801,788
Total   49,184,279
Food Products 1.0%
Archer-Daniels-Midland Co. 51,812 4,064,651
Campbell Soup Co. 18,746 843,008
ConAgra Foods, Inc. 44,426 1,553,577
General Mills, Inc. 56,095 3,782,486
Hershey Co. (The) 13,465 2,723,431
Hormel Foods Corp. 26,129 1,244,786
JM Smucker Co. (The) 10,036 1,352,351
Kellogg Co. 23,695 1,515,058
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Kraft Heinz Co. (The) 65,751 2,578,754
Lamb Weston Holdings, Inc. 13,528 898,665
McCormick & Co., Inc. 23,093 2,197,761
Mondelez International, Inc., Class A 129,194 8,459,623
Tyson Foods, Inc., Class A 27,304 2,529,989
Total   33,744,140
Household Products 1.4%
Church & Dwight Co., Inc. 22,611 2,212,486
Clorox Co. (The) 11,379 1,658,944
Colgate-Palmolive Co. 78,060 6,006,717
Kimberly-Clark Corp. 31,185 4,058,728
Procter & Gamble Co. (The) 224,121 34,938,223
Total   48,875,098
Personal Products 0.2%
Estee Lauder Companies, Inc. (The), Class A 21,459 6,358,946
Tobacco 0.6%
Altria Group, Inc. 170,131 8,726,019
Philip Morris International, Inc. 144,184 14,572,677
Total   23,298,696
Total Consumer Staples 213,068,355
Energy 3.6%
Energy Equipment & Services 0.3%
Baker Hughes Co. 80,950 2,378,311
Halliburton Co. 82,900 2,779,637
Schlumberger NV 129,903 5,097,394
Total   10,255,342
Oil, Gas & Consumable Fuels 3.3%
APA Corp. 33,644 1,198,736
Chevron Corp. 178,530 25,708,320
ConocoPhillips Co. 122,153 11,587,434
Coterra Energy, Inc. 75,349 1,757,892
Devon Energy Corp. 58,311 3,472,420
Diamondback Energy, Inc. 15,773 2,178,251
EOG Resources, Inc. 54,187 6,227,170
Exxon Mobil Corp.(b) 392,087 30,747,463
Hess Corp. 25,530 2,580,062
Kinder Morgan, Inc. 180,596 3,142,370
Marathon Oil Corp. 72,103 1,626,644
Common Stocks (continued)
Issuer Shares Value ($)
Marathon Petroleum Corp. 57,012 4,439,524
Occidental Petroleum Corp. 82,175 3,593,513
ONEOK, Inc. 41,300 2,696,890
Phillips 66 40,581 3,418,543
Pioneer Natural Resources Co. 21,027 5,038,069
Valero Energy Corp. 37,864 3,162,023
Williams Companies, Inc. (The) 112,529 3,519,907
Total   116,095,231
Total Energy 126,350,573
Financials 11.4%
Banks 4.2%
Bank of America Corp. 667,005 29,481,621
Citigroup, Inc. 183,771 10,884,756
Citizens Financial Group, Inc. 39,472 2,069,122
Comerica, Inc. 12,146 1,159,822
Fifth Third Bancorp 63,325 3,029,468
First Republic Bank 16,602 2,876,463
Huntington Bancshares, Inc. 133,962 2,079,090
JPMorgan Chase & Co. 273,699 38,810,518
KeyCorp 86,229 2,161,761
M&T Bank Corp. 11,918 2,171,817
People’s United Financial, Inc. 39,641 835,632
PNC Financial Services Group, Inc. (The) 39,142 7,799,043
Regions Financial Corp. 88,287 2,135,663
Signature Bank 5,615 1,936,557
SVB Financial Group(a) 5,435 3,293,610
Truist Financial Corp. 123,630 7,692,259
U.S. Bancorp 124,968 7,065,691
Wells Fargo & Co. 369,273 19,708,100
Zions Bancorp 14,491 1,027,267
Total   146,218,260
Capital Markets 3.0%
Ameriprise Financial, Inc.(c) 10,363 3,106,724
Bank of New York Mellon Corp. (The) 70,364 3,739,847
BlackRock, Inc. 13,225 9,837,945
Cboe Global Markets, Inc. 9,877 1,158,473
Charles Schwab Corp. (The) 139,234 11,759,704
CME Group, Inc. 33,285 7,872,901
Factset Research Systems, Inc. 3,486 1,415,630
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Large Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Franklin Resources, Inc. 26,025 773,723
Goldman Sachs Group, Inc. (The) 31,439 10,729,816
Intercontinental Exchange, Inc. 52,179 6,685,174
Invesco Ltd. 31,608 671,354
MarketAxess Holdings, Inc. 3,522 1,343,396
Moody’s Corp. 14,979 4,823,687
Morgan Stanley 132,950 12,063,883
MSCI, Inc. 7,636 3,830,905
Nasdaq, Inc. 10,841 1,855,437
Northern Trust Corp. 19,232 2,190,525
Raymond James Financial, Inc. 17,153 1,880,826
S&P Global, Inc. 32,803 12,324,089
State Street Corp. 33,862 2,889,445
T. Rowe Price Group, Inc. 20,815 3,009,016
Total   103,962,500
Consumer Finance 0.6%
American Express Co. 58,105 11,303,747
Capital One Financial Corp. 39,419 6,041,750
Discover Financial Services 27,143 3,350,532
Synchrony Financial 50,684 2,168,262
Total   22,864,291
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B(a) 169,611 54,521,456
Insurance 2.0%
Aflac, Inc. 56,365 3,443,337
Allstate Corp. (The) 26,550 3,248,658
American International Group, Inc. 76,897 4,709,172
Aon PLC, Class A 20,406 5,961,409
Arthur J Gallagher & Co. 19,197 3,036,773
Assurant, Inc. 5,277 895,560
Brown & Brown, Inc. 21,710 1,467,813
Chubb Ltd. 39,893 8,123,811
Cincinnati Financial Corp. 13,879 1,704,202
Everest Re Group Ltd. 3,646 1,087,310
Globe Life, Inc. 8,604 868,660
Hartford Financial Services Group, Inc. (The) 31,521 2,190,079
Lincoln National Corp. 15,732 1,060,651
Loews Corp. 18,561 1,138,532
Common Stocks (continued)
Issuer Shares Value ($)
Marsh & McLennan Companies, Inc. 46,760 7,266,972
MetLife, Inc. 66,218 4,473,026
Principal Financial Group, Inc. 22,831 1,612,782
Progressive Corp. (The) 54,185 5,739,817
Prudential Financial, Inc. 35,008 3,908,993
Travelers Companies, Inc. (The) 22,784 3,914,975
Willis Towers Watson PLC 11,540 2,565,342
WR Berkley Corp. 12,924 1,167,037
Total   69,584,911
Total Financials 397,151,418
Health Care 13.2%
Biotechnology 1.8%
AbbVie, Inc. 163,730 24,194,382
Amgen, Inc. 52,166 11,814,556
Biogen, Inc.(a) 13,604 2,870,580
Gilead Sciences, Inc. 116,173 7,016,849
Incyte Corp.(a) 17,389 1,187,669
Moderna, Inc.(a) 32,669 5,017,958
Regeneron Pharmaceuticals, Inc.(a) 9,791 6,054,363
Vertex Pharmaceuticals, Inc.(a) 23,547 5,416,281
Total   63,572,638
Health Care Equipment & Supplies 3.0%
Abbott Laboratories 163,768 19,753,696
ABIOMED, Inc.(a) 4,214 1,309,458
Align Technology, Inc.(a) 6,792 3,473,836
Baxter International, Inc. 46,371 3,940,144
Becton Dickinson and Co. 26,598 7,215,506
Boston Scientific Corp.(a) 131,974 5,829,292
Cooper Companies, Inc. (The) 4,566 1,867,585
Dentsply Sirona, Inc. 20,246 1,096,118
DexCom, Inc.(a) 8,976 3,715,256
Edwards Lifesciences Corp.(a) 57,822 6,497,458
Hologic, Inc.(a) 23,476 1,670,787
IDEXX Laboratories, Inc.(a) 7,853 4,180,545
Intuitive Surgical, Inc.(a) 33,061 9,598,600
Medtronic PLC 124,641 13,086,059
ResMed, Inc. 13,496 3,330,138
STERIS PLC 9,264 2,223,360
Stryker Corp. 31,095 8,188,868
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Teleflex, Inc. 4,338 1,458,913
West Pharmaceutical Services, Inc. 6,861 2,655,756
Zimmer Biomet Holdings, Inc. 19,348 2,460,872
Total   103,552,247
Health Care Providers & Services 2.9%
AmerisourceBergen Corp. 13,856 1,974,896
Anthem, Inc. 22,479 10,157,136
Cardinal Health, Inc. 26,097 1,409,499
Centene Corp.(a) 54,040 4,464,785
Cigna Corp. 30,695 7,298,657
CVS Health Corp. 122,256 12,671,835
DaVita, Inc.(a) 6,040 681,131
HCA Healthcare, Inc. 22,180 5,551,876
Henry Schein, Inc.(a) 12,843 1,109,378
Humana, Inc. 11,904 5,170,145
Laboratory Corp. of America Holdings(a) 8,863 2,404,177
McKesson Corp. 14,140 3,887,934
Quest Diagnostics, Inc. 11,361 1,491,359
UnitedHealth Group, Inc. 87,228 41,509,188
Universal Health Services, Inc., Class B 6,772 974,694
Total   100,756,690
Health Care Technology 0.1%
Cerner Corp. 27,249 2,540,969
Life Sciences Tools & Services 1.7%
Agilent Technologies, Inc. 28,036 3,654,773
Bio-Rad Laboratories, Inc., Class A(a) 2,001 1,252,546
Bio-Techne Corp. 3,639 1,526,233
Charles River Laboratories International, Inc.(a) 4,674 1,360,882
Danaher Corp. 58,900 16,162,749
Illumina, Inc.(a) 14,476 4,727,861
IQVIA Holdings, Inc.(a) 17,693 4,071,513
Mettler-Toledo International, Inc.(a) 2,129 2,999,207
PerkinElmer, Inc. 11,688 2,099,282
Thermo Fisher Scientific, Inc. 36,494 19,852,736
Waters Corp.(a) 5,653 1,790,475
Total   59,498,257
Common Stocks (continued)
Issuer Shares Value ($)
Pharmaceuticals 3.7%
Bristol-Myers Squibb Co. 205,570 14,116,492
Catalent, Inc.(a) 15,854 1,617,742
Eli Lilly & Co. 73,533 18,379,573
Johnson & Johnson 243,815 40,124,635
Merck & Co., Inc. 233,937 17,914,896
Organon & Co. 23,482 876,583
Pfizer, Inc. 519,829 24,400,773
Viatris, Inc. 112,007 1,233,197
Zoetis, Inc. 43,818 8,485,356
Total   127,149,247
Total Health Care 457,070,048
Industrials 7.8%
Aerospace & Defense 1.6%
Boeing Co. (The)(a) 51,163 10,505,810
General Dynamics Corp. 21,464 5,032,235
Howmet Aerospace, Inc. 35,610 1,279,111
Huntington Ingalls Industries, Inc. 3,710 758,324
L3Harris Technologies, Inc. 18,173 4,585,230
Lockheed Martin Corp. 22,732 9,861,142
Northrop Grumman Corp. 13,802 6,102,416
Raytheon Technologies Corp. 138,622 14,236,479
Textron, Inc. 20,414 1,492,876
TransDigm Group, Inc.(a) 4,849 3,232,295
Total   57,085,918
Air Freight & Logistics 0.6%
CH Robinson Worldwide, Inc. 12,039 1,163,930
Expeditors International of Washington, Inc. 15,689 1,621,615
FedEx Corp. 22,635 5,031,081
United Parcel Service, Inc., Class B 67,530 14,209,663
Total   22,026,289
Airlines 0.2%
Alaska Air Group, Inc.(a) 11,605 651,505
American Airlines Group, Inc.(a) 59,969 1,034,465
Delta Air Lines, Inc.(a) 59,274 2,366,218
Southwest Airlines Co.(a) 54,820 2,401,116
United Airlines Holdings, Inc.(a) 29,989 1,331,512
Total   7,784,816
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Large Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Building Products 0.5%
Allegion PLC 8,307 951,318
AO Smith Corp. 12,335 845,934
Carrier Global Corp. 80,258 3,601,979
Fortune Brands Home & Security, Inc. 12,571 1,092,420
Johnson Controls International PLC 65,635 4,263,650
Masco Corp. 22,606 1,266,840
Trane Technologies PLC 22,000 3,386,460
Total   15,408,601
Commercial Services & Supplies 0.4%
Cintas Corp. 8,140 3,055,105
Copart, Inc.(a) 19,763 2,428,477
Republic Services, Inc. 19,382 2,331,267
Rollins, Inc. 20,962 683,990
Waste Management, Inc. 35,643 5,146,849
Total   13,645,688
Construction & Engineering 0.1%
Quanta Services, Inc. 13,197 1,437,681
Electrical Equipment 0.5%
AMETEK, Inc. 21,424 2,780,621
Eaton Corp. PLC 36,916 5,695,770
Emerson Electric Co. 55,365 5,144,516
Generac Holdings, Inc.(a) 5,843 1,843,291
Rockwell Automation, Inc. 10,742 2,863,602
Total   18,327,800
Industrial Conglomerates 1.0%
3M Co. 53,369 7,933,302
General Electric Co. 101,703 9,713,654
Honeywell International, Inc. 63,758 12,098,080
Roper Technologies, Inc. 9,769 4,378,661
Total   34,123,697
Machinery 1.5%
Caterpillar, Inc. 50,099 9,397,570
Cummins, Inc. 13,247 2,703,978
Deere & Co. 26,132 9,408,042
Dover Corp. 13,335 2,091,728
Fortive Corp. 33,209 2,150,283
IDEX Corp. 7,042 1,351,360
Common Stocks (continued)
Issuer Shares Value ($)
Illinois Tool Works, Inc. 26,453 5,722,842
Ingersoll Rand, Inc. 37,748 1,907,029
Nordson Corp. 5,004 1,133,356
Otis Worldwide Corp. 39,340 3,081,502
PACCAR, Inc. 32,153 2,951,967
Parker-Hannifin Corp. 11,957 3,543,935
Pentair PLC 15,326 887,529
Snap-On, Inc. 4,976 1,045,856
Stanley Black & Decker, Inc. 15,099 2,456,607
Westinghouse Air Brake Technologies Corp. 17,302 1,605,972
Xylem, Inc. 16,701 1,485,554
Total   52,925,110
Professional Services 0.3%
Equifax, Inc. 11,299 2,467,024
Jacobs Engineering Group, Inc. 12,069 1,484,487
Leidos Holdings, Inc. 12,997 1,323,614
Nielsen Holdings PLC 33,230 578,867
Robert Half International, Inc. 10,311 1,240,310
Verisk Analytics, Inc. 14,926 2,646,977
Total   9,741,279
Road & Rail 0.9%
CSX Corp. 205,416 6,965,657
JB Hunt Transport Services, Inc. 7,781 1,578,998
Norfolk Southern Corp. 22,537 5,781,191
Old Dominion Freight Line, Inc. 8,628 2,709,451
Union Pacific Corp. 59,539 14,643,617
Total   31,678,914
Trading Companies & Distributors 0.2%
Fastenal Co. 53,268 2,741,171
United Rentals, Inc.(a) 6,705 2,156,462
W.W. Grainger, Inc. 4,008 1,912,057
Total   6,809,690
Total Industrials 270,995,483
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 27.7%
Communications Equipment 0.9%
Arista Networks, Inc.(a) 20,775 2,549,716
Cisco Systems, Inc. 390,611 21,784,375
F5, Inc.(a) 5,586 1,121,948
Juniper Networks, Inc. 30,116 1,017,620
Motorola Solutions, Inc. 15,642 3,447,966
Total   29,921,625
Electronic Equipment, Instruments & Components 0.6%
Amphenol Corp., Class A 55,386 4,209,890
CDW Corp. 12,570 2,167,822
Corning, Inc. 71,134 2,873,813
IPG Photonics Corp.(a) 3,308 431,198
Keysight Technologies, Inc.(a) 17,059 2,684,575
TE Connectivity Ltd. 30,221 4,304,377
Teledyne Technologies, Inc.(a) 4,321 1,855,351
Trimble Navigation Ltd.(a) 23,247 1,621,478
Zebra Technologies Corp., Class A(a) 4,949 2,045,620
Total   22,194,124
IT Services 4.2%
Accenture PLC, Class A 58,499 18,486,854
Akamai Technologies, Inc.(a) 15,048 1,629,097
Automatic Data Processing, Inc. 39,026 7,978,475
Broadridge Financial Solutions, Inc. 10,797 1,578,629
Cognizant Technology Solutions Corp., Class A 48,646 4,189,880
DXC Technology Co.(a) 23,361 794,975
EPAM Systems, Inc.(a) 5,253 1,091,311
Fidelity National Information Services, Inc. 56,396 5,370,591
Fiserv, Inc.(a) 55,032 5,374,975
FleetCor Technologies, Inc.(a) 7,520 1,761,184
Gartner, Inc.(a) 7,616 2,135,679
Global Payments, Inc. 26,872 3,584,187
International Business Machines Corp. 83,056 10,175,191
Jack Henry & Associates, Inc. 6,857 1,212,318
MasterCard, Inc., Class A 80,342 28,989,000
Paychex, Inc. 29,722 3,538,701
PayPal Holdings, Inc.(a) 108,815 12,179,663
Common Stocks (continued)
Issuer Shares Value ($)
VeriSign, Inc.(a) 8,950 1,912,794
Visa, Inc., Class A 155,313 33,566,246
Total   145,549,750
Semiconductors & Semiconductor Equipment 6.0%
Advanced Micro Devices, Inc.(a) 151,405 18,674,293
Analog Devices, Inc. 49,772 7,977,954
Applied Materials, Inc. 83,624 11,222,341
Broadcom, Inc. 38,121 22,393,800
Enphase Energy, Inc.(a) 12,495 2,082,916
Intel Corp. 376,661 17,966,730
KLA Corp. 14,042 4,893,637
Lam Research Corp. 13,040 7,320,004
Microchip Technology, Inc. 51,389 3,614,188
Micron Technology, Inc. 103,600 9,205,896
Monolithic Power Systems, Inc. 4,013 1,840,763
NVIDIA Corp. 231,535 56,459,810
NXP Semiconductors NV 24,629 4,682,465
Qorvo, Inc.(a) 10,208 1,396,250
QUALCOMM, Inc. 103,728 17,840,179
Skyworks Solutions, Inc. 15,295 2,113,310
SolarEdge Technologies, Inc.(a) 4,864 1,553,659
Teradyne, Inc. 15,096 1,780,120
Texas Instruments, Inc. 85,531 14,539,415
Total   207,557,730
Software 8.9%
Adobe, Inc.(a) 44,066 20,608,787
ANSYS, Inc.(a) 8,081 2,619,779
Autodesk, Inc.(a) 20,361 4,484,103
Cadence Design Systems, Inc.(a) 25,667 3,886,754
Ceridian HCM Holding, Inc.(a) 12,614 919,687
Citrix Systems, Inc. 11,551 1,183,977
Fortinet, Inc.(a) 12,568 4,329,927
Intuit, Inc. 26,225 12,440,353
Microsoft Corp. 695,343 207,761,535
NortonLifeLock, Inc. 53,879 1,561,413
Oracle Corp. 149,375 11,348,019
Paycom Software, Inc.(a) 4,458 1,512,198
PTC, Inc.(a) 9,784 1,088,764
Salesforce.com, Inc.(a) 90,669 19,088,545
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Large Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
ServiceNow, Inc.(a) 18,430 10,687,926
Synopsys, Inc.(a) 14,124 4,412,196
Tyler Technologies, Inc.(a) 3,795 1,625,247
Total   309,559,210
Technology Hardware, Storage & Peripherals 7.1%
Apple, Inc. 1,443,487 238,348,574
Hewlett Packard Enterprise Co. 121,144 1,928,613
HP, Inc. 106,739 3,667,552
NetApp, Inc. 20,711 1,623,328
Seagate Technology Holdings PLC 18,970 1,956,945
Western Digital Corp.(a) 28,861 1,470,179
Total   248,995,191
Total Information Technology 963,777,630
Materials 2.5%
Chemicals 1.7%
Air Products & Chemicals, Inc. 20,501 4,844,387
Albemarle Corp. 10,834 2,122,272
Celanese Corp., Class A 10,083 1,404,360
CF Industries Holdings, Inc. 19,863 1,612,677
Corteva, Inc. 67,507 3,512,389
Dow, Inc. 68,499 4,038,701
DuPont de Nemours, Inc. 47,984 3,712,522
Eastman Chemical Co. 12,451 1,475,070
Ecolab, Inc. 23,090 4,069,844
FMC Corp. 11,739 1,376,398
International Flavors & Fragrances, Inc. 23,573 3,135,209
Linde PLC 47,470 13,920,103
LyondellBasell Industries NV, Class A 24,348 2,367,356
Mosaic Co. (The) 34,305 1,798,611
PPG Industries, Inc. 21,987 2,934,165
Sherwin-Williams Co. (The) 22,340 5,878,324
Total   58,202,388
Construction Materials 0.1%
Martin Marietta Materials, Inc. 5,777 2,191,794
Vulcan Materials Co. 12,290 2,230,020
Total   4,421,814
Common Stocks (continued)
Issuer Shares Value ($)
Containers & Packaging 0.3%
Amcor PLC 141,993 1,651,379
Avery Dennison Corp. 7,668 1,351,102
Ball Corp. 29,997 2,691,931
International Paper Co. 35,866 1,561,247
Packaging Corp. of America 8,797 1,294,830
Sealed Air Corp. 13,721 921,091
WestRock Co. 24,728 1,119,436
Total   10,591,016
Metals & Mining 0.4%
Freeport-McMoRan, Inc. 136,001 6,385,247
Newmont Corp. 73,854 4,889,135
Nucor Corp. 26,469 3,483,849
Total   14,758,231
Total Materials 87,973,449
Real Estate 2.6%
Equity Real Estate Investment Trusts (REITS) 2.5%
Alexandria Real Estate Equities, Inc. 13,060 2,473,564
American Tower Corp. 42,178 9,568,923
AvalonBay Communities, Inc. 12,942 3,087,832
Boston Properties, Inc. 13,165 1,610,211
Crown Castle International Corp. 40,028 6,668,264
Digital Realty Trust, Inc. 26,283 3,546,102
Duke Realty Corp. 35,272 1,869,416
Equinix, Inc. 8,339 5,918,438
Equity Residential 31,606 2,695,992
Essex Property Trust, Inc. 6,028 1,911,901
Extra Space Storage, Inc. 12,400 2,333,060
Federal Realty Investment Trust(a) 6,484 762,389
Healthpeak Properties, Inc. 49,926 1,550,702
Host Hotels & Resorts, Inc.(a) 66,130 1,208,195
Iron Mountain, Inc. 26,816 1,318,811
Kimco Realty Corp. 57,090 1,343,328
Mid-America Apartment Communities, Inc. 10,663 2,181,756
Prologis, Inc. 68,472 9,986,641
Public Storage 14,129 5,016,078
Realty Income Corp. 52,398 3,462,984
Regency Centers Corp. 14,271 940,316
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
SBA Communications Corp. 10,075 3,056,654
Simon Property Group, Inc. 30,434 4,186,501
UDR, Inc. 26,917 1,476,936
Ventas, Inc. 36,969 1,996,326
Vornado Realty Trust 14,725 637,298
Welltower, Inc. 40,313 3,357,670
Weyerhaeuser Co. 69,372 2,697,183
Total   86,863,471
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A(a) 30,995 3,001,866
Total Real Estate 89,865,337
Utilities 2.5%
Electric Utilities 1.6%
Alliant Energy Corp. 23,187 1,354,121
American Electric Power Co., Inc. 46,645 4,228,369
Constellation Energy Corp. 30,202 1,388,688
Duke Energy Corp. 71,240 7,153,208
Edison International 35,185 2,231,433
Entergy Corp. 18,614 1,958,379
Evergy, Inc. 21,237 1,325,401
Eversource Energy 31,841 2,604,594
Exelon Corp. 90,606 3,856,191
FirstEnergy Corp. 50,421 2,110,119
NextEra Energy, Inc. 181,721 14,223,303
NRG Energy, Inc. 22,675 858,022
Pinnacle West Capital Corp. 10,449 740,103
PPL Corp. 69,527 1,819,521
Southern Co. (The) 98,153 6,357,370
Xcel Energy, Inc. 49,889 3,359,026
Total   55,567,848
Common Stocks (continued)
Issuer Shares Value ($)
Gas Utilities 0.0%
Atmos Energy Corp. 12,264 1,346,710
Independent Power and Renewable Electricity Producers 0.0%
AES Corp. (The) 61,747 1,310,889
Multi-Utilities 0.8%
Ameren Corp. 23,858 2,050,595
CenterPoint Energy, Inc. 58,242 1,592,919
CMS Energy Corp. 26,830 1,717,388
Consolidated Edison, Inc. 32,762 2,809,997
Dominion Energy, Inc. 75,009 5,965,466
DTE Energy Co. 17,942 2,181,568
NiSource, Inc. 36,370 1,052,184
Public Service Enterprise Group, Inc. 46,832 3,036,119
Sempra Energy 29,575 4,265,306
WEC Energy Group, Inc. 29,214 2,654,968
Total   27,326,510
Water Utilities 0.1%
American Water Works Co., Inc. 16,813 2,540,276
Total Utilities 88,092,233
Total Common Stocks
(Cost $899,557,501)
3,430,748,749
Money Market Funds 1.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 48,502,422 48,487,871
Total Money Market Funds
(Cost $48,490,231)
48,487,871
Total Investments in Securities
(Cost: $948,047,732)
3,479,236,620
Other Assets & Liabilities, Net   (180,992)
Net Assets 3,479,055,628
 
At February 28, 2022, securities and/or cash totaling $4,273,890 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 224 03/2022 USD 48,921,600 (599,077)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Large Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Ameriprise Financial, Inc.
  2,984,085 (67,257) 189,896 3,106,724 763,979 51,394 10,363
Columbia Short-Term Cash Fund, 0.168%
  17,686,035 484,271,430 (453,463,199) (6,395) 48,487,871 (5,926) 26,815 48,502,422
Total 20,670,120     183,501 51,594,595 758,053 78,209  
    
(d) The rate shown is the seven-day current annualized yield at February 28, 2022.
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
17

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 330,589,775 330,589,775
Consumer Discretionary 405,814,448 405,814,448
Consumer Staples 213,068,355 213,068,355
Energy 126,350,573 126,350,573
Financials 397,151,418 397,151,418
Health Care 457,070,048 457,070,048
Industrials 270,995,483 270,995,483
Information Technology 963,777,630 963,777,630
Materials 87,973,449 87,973,449
Real Estate 89,865,337 89,865,337
Utilities 88,092,233 88,092,233
Total Common Stocks 3,430,748,749 3,430,748,749
Money Market Funds 48,487,871 48,487,871
Total Investments in Securities 3,479,236,620 3,479,236,620
Investments in Derivatives        
Liability        
Futures Contracts (599,077) (599,077)
Total 3,478,637,543 3,478,637,543
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Large Cap Index Fund  | Annual Report 2022

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $899,342,258) $3,427,642,025
Affiliated issuers (cost $48,705,474) 51,594,595
Cash 6,278
Receivable for:  
Capital shares sold 1,902,065
Dividends 4,551,828
Foreign tax reclaims 996
Variation margin for futures contracts 770
Expense reimbursement due from Investment Manager 310
Total assets 3,485,698,867
Liabilities  
Payable for:  
Capital shares purchased 6,116,486
Variation margin for futures contracts 147,600
Management services fees 57,402
Distribution and/or service fees 10,989
Compensation of board members 310,762
Total liabilities 6,643,239
Net assets applicable to outstanding capital stock $3,479,055,628
Represented by  
Paid in capital 818,043,064
Total distributable earnings (loss) 2,661,012,564
Total - representing net assets applicable to outstanding capital stock $3,479,055,628
Class A  
Net assets $529,310,427
Shares outstanding 9,394,937
Net asset value per share $56.34
Institutional Class  
Net assets $2,497,279,469
Shares outstanding 43,951,254
Net asset value per share $56.82
Institutional 2 Class  
Net assets $379,871,978
Shares outstanding 6,546,830
Net asset value per share $58.02
Institutional 3 Class  
Net assets $72,593,754
Shares outstanding 1,305,981
Net asset value per share $55.59
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
19

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $51,896,913
Dividends — affiliated issuers 78,209
Foreign taxes withheld (6,853)
Total income 51,968,269
Expenses:  
Management services fees 7,592,485
Distribution and/or service fees  
Class A 1,500,439
Compensation of board members 100,581
Interest on collateral 967
Total expenses 9,194,472
Fees waived or expenses reimbursed by Investment Manager and its affiliates (100,580)
Expense reduction (1,599)
Total net expenses 9,092,293
Net investment income 42,875,976
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 562,367,854
Investments — affiliated issuers 758,053
Futures contracts 7,822,328
Net realized gain 570,948,235
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (27,223,093)
Investments — affiliated issuers 183,501
Futures contracts (1,088,533)
Net change in unrealized appreciation (depreciation) (28,128,125)
Net realized and unrealized gain 542,820,110
Net increase in net assets resulting from operations $585,696,086
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Large Cap Index Fund  | Annual Report 2022

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $42,875,976 $54,810,752
Net realized gain 570,948,235 213,190,861
Net change in unrealized appreciation (depreciation) (28,128,125) 679,378,208
Net increase in net assets resulting from operations 585,696,086 947,379,821
Distributions to shareholders    
Net investment income and net realized gains    
Class A (91,728,044) (43,630,444)
Institutional Class (419,937,711) (175,685,793)
Institutional 2 Class (64,117,563) (26,445,019)
Institutional 3 Class (12,469,784) (16,609,539)
Total distributions to shareholders (588,253,102) (262,370,795)
Decrease in net assets from capital stock activity (217,347,737) (65,602,628)
Total increase (decrease) in net assets (219,904,753) 619,406,398
Net assets at beginning of year 3,698,960,381 3,079,553,983
Net assets at end of year $3,479,055,628 $3,698,960,381
    
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,943,795 118,991,557 2,406,919 119,240,592
Distributions reinvested 1,396,652 84,972,068 791,433 40,464,807
Redemptions (4,258,462) (263,267,391) (5,182,455) (258,573,583)
Net decrease (918,015) (59,303,766) (1,984,103) (98,868,184)
Institutional Class        
Subscriptions 4,162,816 257,012,616 7,620,149 384,230,990
Distributions reinvested 5,816,571 356,591,794 2,868,850 148,454,404
Redemptions (8,482,728) (535,721,305) (13,074,721) (664,658,369)
Net increase (decrease) 1,496,659 77,883,105 (2,585,722) (131,972,975)
Institutional 2 Class        
Subscriptions 1,169,174 75,340,440 1,761,647 88,895,172
Distributions reinvested 1,010,920 63,261,083 494,119 26,039,449
Redemptions (2,185,803) (141,189,263) (2,164,828) (113,594,354)
Net increase (decrease) (5,709) (2,587,740) 90,938 1,340,267
Institutional 3 Class        
Subscriptions 224,600 13,353,125 7,103,264 302,417,230
Distributions reinvested 201,551 12,095,264 323,937 16,596,829
Redemptions (4,160,725) (258,787,725) (3,485,931) (155,115,795)
Net increase (decrease) (3,734,574) (233,339,336) 3,941,270 163,898,264
Total net decrease (3,161,639) (217,347,737) (537,617) (65,602,628)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
21

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
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $57.11 0.58 8.97 9.55 (0.62) (9.70) (10.32)
Year Ended 2/28/2021 $47.14 0.73 13.20 13.93 (0.78) (3.18) (3.96)
Year Ended 2/29/2020 $48.30 0.84 2.97 3.81 (0.88) (4.09) (4.97)
Year Ended 2/28/2019 $50.42 0.81 1.18 1.99 (0.83) (3.28) (4.11)
Year Ended 2/28/2018 $45.16 0.73 6.65 7.38 (0.77) (1.35) (2.12)
Institutional Class
Year Ended 2/28/2022 $57.52 0.74 9.04 9.78 (0.78) (9.70) (10.48)
Year Ended 2/28/2021 $47.44 0.86 13.31 14.17 (0.91) (3.18) (4.09)
Year Ended 2/29/2020 $48.57 0.98 2.98 3.96 (1.00) (4.09) (5.09)
Year Ended 2/28/2019 $50.68 0.94 1.18 2.12 (0.95) (3.28) (4.23)
Year Ended 2/28/2018 $45.38 0.85 6.69 7.54 (0.89) (1.35) (2.24)
Institutional 2 Class
Year Ended 2/28/2022 $58.55 0.75 9.20 9.95 (0.78) (9.70) (10.48)
Year Ended 2/28/2021 $48.23 0.88 13.53 14.41 (0.91) (3.18) (4.09)
Year Ended 2/29/2020 $49.30 0.99 3.03 4.02 (1.00) (4.09) (5.09)
Year Ended 2/28/2019 $51.38 0.95 1.20 2.15 (0.95) (3.28) (4.23)
Year Ended 2/28/2018 $45.98 0.87 6.77 7.64 (0.89) (1.35) (2.24)
Institutional 3 Class
Year Ended 2/28/2022 $56.45 0.68 8.94 9.62 (0.78) (9.70) (10.48)
Year Ended 2/28/2021 $46.63 0.83 13.08 13.91 (0.91) (3.18) (4.09)
Year Ended 2/29/2020 $47.81 0.98 2.93 3.91 (1.00) (4.09) (5.09)
Year Ended 2/28/2019 $49.95 0.92 1.17 2.09 (0.95) (3.28) (4.23)
Year Ended 2/28/2018(f) $45.37 0.98 5.84 6.82 (0.89) (1.35) (2.24)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Large Cap Index Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $56.34 15.86% 0.45%(c) 0.45%(c),(d) 0.92% 2% $529,310
Year Ended 2/28/2021 $57.11 30.69% 0.45%(c) 0.45%(c),(d) 1.43% 11% $588,972
Year Ended 2/29/2020 $47.14 7.70% 0.45% 0.45%(d) 1.68% 7% $579,726
Year Ended 2/28/2019 $48.30 4.19% 0.45%(e) 0.45%(d),(e) 1.64% 6% $726,445
Year Ended 2/28/2018 $50.42 16.59% 0.45% 0.45%(d) 1.53% 2% $954,529
Institutional Class
Year Ended 2/28/2022 $56.82 16.15% 0.20%(c) 0.20%(c),(d) 1.17% 2% $2,497,279
Year Ended 2/28/2021 $57.52 31.02% 0.20%(c) 0.20%(c),(d) 1.67% 11% $2,441,779
Year Ended 2/29/2020 $47.44 7.97% 0.20% 0.20%(d) 1.94% 7% $2,136,890
Year Ended 2/28/2019 $48.57 4.46% 0.20%(e) 0.20%(d),(e) 1.89% 6% $2,134,512
Year Ended 2/28/2018 $50.68 16.88% 0.20% 0.20%(d) 1.78% 2% $2,390,677
Institutional 2 Class
Year Ended 2/28/2022 $58.02 16.15% 0.20%(c) 0.20%(c) 1.17% 2% $379,872
Year Ended 2/28/2021 $58.55 31.01% 0.20%(c) 0.20%(c) 1.67% 11% $383,658
Year Ended 2/29/2020 $48.23 7.97% 0.20% 0.20% 1.93% 7% $311,674
Year Ended 2/28/2019 $49.30 4.45% 0.20%(e) 0.20%(e) 1.89% 6% $336,271
Year Ended 2/28/2018 $51.38 16.87% 0.20% 0.20% 1.78% 2% $372,379
Institutional 3 Class
Year Ended 2/28/2022 $55.59 16.17% 0.20%(c) 0.20%(c) 1.10% 2% $72,594
Year Ended 2/28/2021 $56.45 31.00% 0.20%(c) 0.20%(c) 1.63% 11% $284,552
Year Ended 2/29/2020 $46.63 7.99% 0.20% 0.20% 1.98% 7% $51,264
Year Ended 2/28/2019 $47.81 4.46% 0.20%(e) 0.20%(e) 1.91% 6% $45,493
Year Ended 2/28/2018(f) $49.95 15.29% 0.21% 0.20% 2.01% 2% $552
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund  | Annual Report 2022
23

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Large Cap Index Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
24 Columbia Large Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Columbia Large Cap Index Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
26 Columbia Large Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 599,077*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 7,822,328
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk (1,088,533)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 50,845,525
    
* Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Columbia Large Cap Index Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s daily net assets.
28 Columbia Large Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The Investment Manager, from the management services fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Board of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution and/or shareholder servicing and any extraordinary non-recurring expenses that may arise, including litigation fees.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. 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. The expenses of the Chief Compliance Officer allocated to the Fund are payable by the Investment Manager.
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 agency fees are payable by the Investment Manager. 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. The Transfer Agent also receives compensation from the Investment Manager for various shareholder services and reimbursements for certain out-of-pocket expenses.
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $1,599.
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.
Columbia Large Cap Index Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
June 30, 2022
Class A 0.45%
Institutional Class 0.20
Institutional 2 Class 0.20
Institutional 3 Class 0.20
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(551,849) 551,849
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
49,452,878 538,800,224 588,253,102 77,313,814 185,056,981 262,370,795
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
30 Columbia Large Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
6,949,262 143,466,419 2,510,904,817
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
967,732,726 2,545,367,904 (34,463,087) 2,510,904,817
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $74,850,176 and $859,078,153, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2022.
Columbia Large Cap Index Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
February 28, 2022
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian
32 Columbia Large Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Passive investment risk
The Fund is not “actively” managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests in securities or instruments included in, or believed by the Investment Manager to be representative of, its tracking index, regardless of their investment merits. The Fund does not seek temporary defensive positions when markets decline or appear overvalued. The decision of whether to remove a security from the tracking index is made by an independent index provider who is not affiliated with the Fund or the Investment Manager.
Shareholder concentration risk
At February 28, 2022, affiliated shareholders of record owned 32.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
Columbia Large Cap Index Fund  | Annual Report 2022
33

Notes to Financial Statements  (continued)
February 28, 2022
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
34 Columbia Large Cap Index Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Large Cap Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Index Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Large Cap Index Fund  | Annual Report 2022
35

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Capital
gain
dividend
94.62% 94.11% $590,748,128
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
36 Columbia Large Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Large Cap Index Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
38 Columbia Large Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Large Cap Index Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
40 Columbia Large Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Large Cap Index Fund  | Annual Report 2022
41

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
42 Columbia Large Cap Index Fund  | Annual Report 2022

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Large Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN175_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Large Cap Growth Opportunity Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Large Cap Growth Opportunity Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Large Cap Growth Opportunity Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks long-term growth of capital.
Portfolio management
Nicolas Janvier, CFA
Portfolio Manager
Managed Fund since 2020
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 12/31/97 2.77 17.80 14.70
  Including sales charges   -3.15 16.41 14.02
Advisor Class* 11/08/12 3.00 18.09 14.96
Class C Excluding sales charges 12/31/97 1.97 16.92 13.84
  Including sales charges   1.45 16.92 13.84
Institutional Class 12/31/97 2.99 18.09 14.99
Institutional 2 Class* 12/11/13 3.09 18.18 15.03
Institutional 3 Class* 03/01/17 3.14 18.23 14.91
Class R* 10/26/16 2.50 17.51 14.42
Russell 1000 Growth Index   12.55 20.24 16.97
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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 Fund’s performance prior to November 2015, when the Investment Manager assumed day-to-day portfolio management responsibilities over the Fund, reflects returns achieved by a subadviser that managed the Fund according to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.
* 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. Since the Fund launched more than one class of shares at its inception, Class A shares were used. 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 Russell 1000 Growth Index, an unmanaged index, measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Growth Opportunity Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 99.1
Money Market Funds 0.9
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 13.2
Consumer Discretionary 13.9
Consumer Staples 6.1
Financials 2.5
Health Care 9.7
Industrials 8.8
Information Technology 44.3
Materials 1.5
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Equity sub-industry breakdown (%) (at February 28, 2022)
Information Technology  
Application Software 14.0
Data Processing & Outsourced Services 3.2
Electronic Equipment & Instruments 3.9
Electronic Manufacturing Services 3.6
Internet Services & Infrastructure 0.3
Semiconductor Equipment 5.3
Semiconductors 9.3
Systems Software 4.7
Total 44.3
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Large Cap Growth Opportunity Fund returned 2.77% excluding sales charges. The Fund underperformed its benchmark, the Russell 1000 Growth Index, which returned 12.55% for the same time period. The Fund experienced increased portfolio turnover during the 12-month period as a result of prevailing market conditions.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
All eleven sectors within the benchmark delivered positive gains for the 12-month period. The energy, consumer staples, financials, information technology and real estate sectors delivered the strongest gains, outperforming the overall benchmark’s return for the period. The communication services sector lagged most within the benchmark, followed by the consumer discretionary, materials, utilities and health care sectors.
The Fund’s notable detractors during the period
The Fund’s underperformance of its benchmark during the period was driven primarily by stock selection, particularly within the information technology, consumer discretionary, health care, financials and industrials sectors.
The top individual detractors to Fund performance versus its benchmark during the period all were in the technology sector and included an underweight position in Apple, Inc., a consumer electronics company, Fidelity National Information Services, Inc., a financial technology company offering processing and payment services, Zebra Technologies Corp., a mobile computing company, MasterCard, Inc., a financial services and payment processing company, and Microsoft Corp., a software and application developer.
The Fund’s notable contributors during the period
Stock selection was beneficial to Fund results in the communication services and materials sectors.
Individual stocks that contributed most to the Fund’s performance relative to its benchmark during the period included an underweight to Meta Platforms, Inc., the social media giant formerly known as Facebook, Alphabet, Inc., the parent company of search engine Google, both within the communication services sector and Zendesk, Inc., a software development company, Bill.com Holdings, Inc., a cloud-based billing software company and Cadence Design Systems, Inc., a circuit design software company, all within the technology sector.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Growth securities, at times, may not perform as well as value securities or the stock market in general and may be out of favor with investors. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
parties disclaim any responsibility to update such views. These views may not be relied on as  investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 884.60 1,019.59 4.91 5.26 1.05
Advisor Class 1,000.00 1,000.00 885.40 1,020.83 3.74 4.01 0.80
Class C 1,000.00 1,000.00 881.20 1,015.87 8.40 9.00 1.80
Institutional Class 1,000.00 1,000.00 885.40 1,020.83 3.74 4.01 0.80
Institutional 2 Class 1,000.00 1,000.00 885.90 1,021.12 3.46 3.71 0.74
Institutional 3 Class 1,000.00 1,000.00 886.20 1,021.32 3.27 3.51 0.70
Class R 1,000.00 1,000.00 883.60 1,018.35 6.07 6.51 1.30
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.2%
Issuer Shares Value ($)
Communication Services 12.9%
Entertainment 6.6%
Electronic Arts, Inc. 567,053 73,767,925
Endeavor Group Holdings, Inc., Class A(a) 594,191 17,902,975
Take-Two Interactive Software, Inc.(a) 109,016 17,660,592
Total   109,331,492
Interactive Media & Services 6.3%
Alphabet, Inc., Class A(a) 38,601 104,266,705
Total Communication Services 213,598,197
Consumer Discretionary 13.6%
Automobiles 2.0%
General Motors Co.(a) 719,694 33,624,104
Diversified Consumer Services 0.8%
Bright Horizons Family Solutions, Inc.(a) 100,180 13,087,515
Hotels, Restaurants & Leisure 2.5%
Hilton Worldwide Holdings, Inc.(a) 171,343 25,506,119
Starbucks Corp. 177,887 16,328,248
Total   41,834,367
Internet & Direct Marketing Retail 2.5%
Amazon.com, Inc.(a) 10,220 31,388,277
DoorDash, Inc., Class A(a) 88,371 9,274,536
Total   40,662,813
Multiline Retail 4.1%
Target Corp. 339,740 67,869,860
Specialty Retail 1.7%
TJX Companies, Inc. (The) 424,778 28,077,826
Total Consumer Discretionary 225,156,485
Consumer Staples 6.0%
Beverages 2.7%
Coca-Cola Co. (The) 730,683 45,477,710
Food Products 0.4%
Darling Ingredients, Inc.(a) 87,386 6,333,737
Personal Products 2.9%
Estee Lauder Companies, Inc. (The), Class A 159,420 47,240,929
Total Consumer Staples 99,052,376
Common Stocks (continued)
Issuer Shares Value ($)
Financials 2.5%
Banks 1.0%
SVB Financial Group(a) 27,828 16,863,768
Capital Markets 1.5%
Morgan Stanley 131,529 11,934,942
Northern Trust Corp. 110,078 12,537,884
Total   24,472,826
Total Financials 41,336,594
Health Care 9.5%
Biotechnology 4.1%
Allogene Therapeutics, Inc.(a) 302,285 2,765,908
Exact Sciences Corp.(a) 152,206 11,881,200
Mirati Therapeutics, Inc.(a) 179,397 15,838,961
Vertex Pharmaceuticals, Inc.(a) 163,016 37,496,940
Total   67,983,009
Health Care Technology 1.0%
Doximity, Inc., Class A(a) 273,892 16,803,274
Pharmaceuticals 4.4%
Eli Lilly & Co. 123,147 30,780,593
Horizon Therapeutics PLC(a) 197,062 17,966,143
Zoetis, Inc. 122,536 23,729,096
Total   72,475,832
Total Health Care 157,262,115
Industrials 8.7%
Aerospace & Defense 1.0%
Howmet Aerospace, Inc. 463,465 16,647,663
Air Freight & Logistics 5.3%
United Parcel Service, Inc., Class B 412,258 86,747,328
Electrical Equipment 0.6%
Generac Holdings, Inc.(a) 33,082 10,436,379
Machinery 1.1%
AGCO Corp. 145,358 17,466,217
Professional Services 0.7%
Equifax, Inc. 54,822 11,969,835
Total Industrials 143,267,422
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 43.5%
Electronic Equipment, Instruments & Components 7.3%
TE Connectivity Ltd. 403,901 57,527,620
Zebra Technologies Corp., Class A(a) 154,874 64,015,619
Total   121,543,239
IT Services 3.5%
Block, Inc., Class A(a) 38,850 4,953,375
MasterCard, Inc., Class A 115,151 41,548,784
Shopify, Inc., Class A(a) 6,906 4,794,559
Toast, Inc., Class A(a) 296,906 6,092,511
Total   57,389,229
Semiconductors & Semiconductor Equipment 14.3%
Cirrus Logic, Inc.(a) 200,242 17,395,023
GlobalFoundries, Inc.(a) 344,973 20,967,459
Lam Research Corp. 135,996 76,341,355
NVIDIA Corp. 132,884 32,403,763
QUALCOMM, Inc. 465,949 80,138,568
Teradyne, Inc. 75,738 8,931,025
Total   236,177,193
Software 18.4%
Adobe, Inc.(a) 139,260 65,129,117
Aspen Technology, Inc.(a) 166,054 25,308,290
Atlassian Corp. PLC, Class A(a) 94,354 28,845,905
Bill.com Holdings, Inc.(a) 71,521 17,013,415
Cadence Design Systems, Inc.(a) 132,597 20,079,164
Common Stocks (continued)
Issuer Shares Value ($)
Microsoft Corp. 57,621 17,216,579
Salesforce.com, Inc.(a) 97,469 20,520,148
ServiceNow, Inc.(a) 65,727 38,116,402
Teradata Corp.(a) 420,738 21,032,693
Tyler Technologies, Inc.(a) 39,249 16,808,777
Zendesk, Inc.(a) 287,081 33,493,740
Total   303,564,230
Total Information Technology 718,673,891
Materials 1.5%
Chemicals 1.0%
Albemarle Corp. 86,667 16,977,198
Containers & Packaging 0.5%
Ranpak Holdings Corp.(a) 306,799 7,424,536
Total Materials 24,401,734
Total Common Stocks
(Cost $1,357,727,352)
1,622,748,814
Money Market Funds 0.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(b),(c) 15,282,246 15,277,661
Total Money Market Funds
(Cost $15,277,640)
15,277,661
Total Investments in Securities
(Cost: $1,373,004,992)
1,638,026,475
Other Assets & Liabilities, Net   15,163,948
Net Assets 1,653,190,423
 
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2022.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  22,806,514 534,148,664 (541,677,513) (4) 15,277,661 (1,826) 6,146 15,282,246
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 213,598,197 213,598,197
Consumer Discretionary 225,156,485 225,156,485
Consumer Staples 99,052,376 99,052,376
Financials 41,336,594 41,336,594
Health Care 157,262,115 157,262,115
Industrials 143,267,422 143,267,422
Information Technology 718,673,891 718,673,891
Materials 24,401,734 24,401,734
Total Common Stocks 1,622,748,814 1,622,748,814
Money Market Funds 15,277,661 15,277,661
Total Investments in Securities 1,638,026,475 1,638,026,475
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 Large Cap Growth Opportunity Fund  | Annual Report 2022

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,357,727,352) $1,622,748,814
Affiliated issuers (cost $15,277,640) 15,277,661
Receivable for:  
Investments sold 20,773,716
Capital shares sold 326,648
Dividends 1,617,151
Expense reimbursement due from Investment Manager 5,547
Prepaid expenses 16,882
Total assets 1,660,766,419
Liabilities  
Payable for:  
Investments purchased 5,705,668
Capital shares purchased 972,519
Management services fees 96,765
Distribution and/or service fees 24,548
Transfer agent fees 178,258
Compensation of board members 552,201
Compensation of chief compliance officer 301
Other expenses 45,736
Total liabilities 7,575,996
Net assets applicable to outstanding capital stock $1,653,190,423
Represented by  
Paid in capital 1,187,423,261
Total distributable earnings (loss) 465,767,162
Total - representing net assets applicable to outstanding capital stock $1,653,190,423
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
11

Statement of Assets and Liabilities  (continued)
February 28, 2022
Class A  
Net assets $1,094,509,395
Shares outstanding 65,381,117
Net asset value per share $16.74
Maximum sales charge 5.75%
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) $17.76
Advisor Class  
Net assets $22,973,789
Shares outstanding 1,120,074
Net asset value per share $20.51
Class C  
Net assets $14,134,753
Shares outstanding 2,013,567
Net asset value per share $7.02
Institutional Class  
Net assets $468,669,862
Shares outstanding 24,090,341
Net asset value per share $19.45
Institutional 2 Class  
Net assets $31,012,426
Shares outstanding 1,484,146
Net asset value per share $20.90
Institutional 3 Class  
Net assets $1,405,701
Shares outstanding 71,481
Net asset value per share $19.67
Class R  
Net assets $20,484,497
Shares outstanding 1,215,947
Net asset value per share $16.85
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $12,651,645
Dividends — affiliated issuers 6,146
Total income 12,657,791
Expenses:  
Management services fees 13,400,347
Distribution and/or service fees  
Class A 3,136,823
Class C 213,843
Class R 124,945
Transfer agent fees  
Class A 1,415,539
Advisor Class 29,575
Class C 24,173
Institutional Class 623,849
Institutional 2 Class 19,068
Institutional 3 Class 186
Class R 28,200
Compensation of board members 117,944
Custodian fees 14,504
Printing and postage fees 79,701
Registration fees 125,462
Audit fees 29,596
Legal fees 32,005
Interest on interfund lending 102
Compensation of chief compliance officer 288
Other 28,241
Total expenses 19,444,391
Fees waived or expenses reimbursed by Investment Manager and its affiliates (745,606)
Expense reduction (851)
Total net expenses 18,697,934
Net investment loss (6,040,143)
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 667,651,934
Investments — affiliated issuers (1,826)
Net realized gain 667,650,108
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (590,491,983)
Investments — affiliated issuers (4)
Net change in unrealized appreciation (depreciation) (590,491,987)
Net realized and unrealized gain 77,158,121
Net increase in net assets resulting from operations $71,117,978
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
13

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment loss $(6,040,143) $(1,452,611)
Net realized gain 667,650,108 280,519,044
Net change in unrealized appreciation (depreciation) (590,491,987) 388,546,029
Net increase in net assets resulting from operations 71,117,978 667,612,462
Distributions to shareholders    
Net investment income and net realized gains    
Class A (421,064,836) (139,067,738)
Advisor Class (7,670,849) (2,393,609)
Class C (10,858,622) (7,102,003)
Institutional Class (167,409,437) (56,589,107)
Institutional 2 Class (10,606,828) (2,823,471)
Institutional 3 Class (503,226) (148,617)
Class R (8,113,395) (2,936,930)
Total distributions to shareholders (626,227,193) (211,061,475)
Increase (decrease) in net assets from capital stock activity 359,328,810 (28,132,733)
Total increase (decrease) in net assets (195,780,405) 428,418,254
Net assets at beginning of year 1,848,970,828 1,420,552,574
Net assets at end of year $1,653,190,423 $1,848,970,828
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 6,956,448 143,180,568 3,422,730 70,474,490
Distributions reinvested 14,401,962 288,079,087 4,639,656 95,516,492
Redemptions (7,191,823) (156,275,823) (8,579,194) (176,910,830)
Net increase (decrease) 14,166,587 274,983,832 (516,808) (10,919,848)
Advisor Class        
Subscriptions 110,541 2,961,031 165,478 4,086,134
Distributions reinvested 315,936 7,659,342 100,397 2,391,082
Redemptions (221,140) (5,635,233) (238,356) (5,336,921)
Net increase 205,337 4,985,140 27,519 1,140,295
Class C        
Subscriptions 146,191 1,648,532 234,359 2,963,551
Distributions reinvested 1,170,598 10,506,512 516,051 6,379,511
Redemptions (1,479,921) (18,661,446) (1,834,992) (23,330,991)
Net decrease (163,132) (6,506,402) (1,084,582) (13,987,929)
Institutional Class        
Subscriptions 1,926,649 46,905,979 2,082,903 49,431,380
Distributions reinvested 6,036,812 139,332,423 2,026,959 46,394,110
Redemptions (4,471,485) (109,509,867) (4,660,306) (105,713,887)
Net increase (decrease) 3,491,976 76,728,535 (550,444) (9,888,397)
Institutional 2 Class        
Subscriptions 152,604 4,255,802 386,942 9,958,955
Distributions reinvested 429,597 10,606,828 116,706 2,823,471
Redemptions (340,250) (8,709,668) (236,211) (5,413,625)
Net increase 241,951 6,152,962 267,437 7,368,801
Institutional 3 Class        
Subscriptions 3,546 94,111 16,456 405,374
Distributions reinvested 19,395 453,005 5,773 133,915
Redemptions (13,037) (329,525) (5,468) (136,117)
Net increase 9,904 217,591 16,761 403,172
Class R        
Subscriptions 144,845 3,261,279 225,630 4,581,580
Distributions reinvested 402,512 8,113,395 141,690 2,923,196
Redemptions (393,500) (8,607,522) (488,697) (9,753,603)
Net increase (decrease) 153,857 2,767,152 (121,377) (2,248,827)
Total net increase (decrease) 18,106,480 359,328,810 (1,961,494) (28,132,733)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
15

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $23.37 (0.09) 1.57 1.48 (8.11) (8.11)
Year Ended 2/28/2021 $17.67 (0.03) 8.53 8.50 (2.80) (2.80)
Year Ended 2/29/2020 $17.18 (0.03) 2.34 2.31 (1.82) (1.82)
Year Ended 2/28/2019 $18.33 (0.03) 0.75 0.72 (1.87) (1.87)
Year Ended 2/28/2018 $15.74 (0.01) 3.66 3.65 (1.06) (1.06)
Advisor Class
Year Ended 2/28/2022 $27.08 (0.04) 1.69 1.65 (8.22) (8.22)
Year Ended 2/28/2021 $20.07 0.02 9.79 9.81 (2.80) (2.80)
Year Ended 2/29/2020 $19.26 0.02 2.61 2.63 (1.82) (1.82)
Year Ended 2/28/2019 $20.27 0.02 0.85 0.87 (1.88) (1.88)
Year Ended 2/28/2018 $17.30 0.03 4.03 4.06 (1.09) (1.09)
Class C
Year Ended 2/28/2022 $13.72 (0.14) 1.24 1.10 (7.80) (7.80)
Year Ended 2/28/2021 $11.35 (0.11) 5.28 5.17 (2.80) (2.80)
Year Ended 2/29/2020 $11.70 (0.11) 1.58 1.47 (1.82) (1.82)
Year Ended 2/28/2019 $13.14 (0.12) 0.53 0.41 (1.85) (1.85)
Year Ended 2/28/2018 $11.58 (0.10) 2.66 2.56 (1.00) (1.00)
Institutional Class
Year Ended 2/28/2022 $26.05 (0.03) 1.65 1.62 (8.22) (8.22)
Year Ended 2/28/2021 $19.39 0.02 9.44 9.46 (2.80) (2.80)
Year Ended 2/29/2020 $18.66 0.02 2.53 2.55 (1.82) (1.82)
Year Ended 2/28/2019 $19.70 0.02 0.82 0.84 (1.88) (1.88)
Year Ended 2/28/2018 $16.84 0.03 3.92 3.95 (1.09) (1.09)
Institutional 2 Class
Year Ended 2/28/2022 $27.46 (0.02) 1.70 1.68 (8.24) (8.24)
Year Ended 2/28/2021 $20.31 0.04 9.91 9.95 (2.80) (2.80)
Year Ended 2/29/2020 $19.46 0.03 2.64 2.67 (1.82) (1.82)
Year Ended 2/28/2019 $20.45 0.03 0.86 0.89 (1.88) (1.88)
Year Ended 2/28/2018 $17.44 0.05 4.06 4.11 (1.10) (1.10)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $16.74 2.77% 1.08%(c) 1.04%(c),(d) (0.38%) 93% $1,094,509
Year Ended 2/28/2021 $23.37 50.88% 1.11%(c) 1.04%(c),(d) (0.15%) 44% $1,197,121
Year Ended 2/29/2020 $17.67 13.54% 1.12% 1.04%(d) (0.16%) 42% $913,905
Year Ended 2/28/2019 $17.18 4.19% 1.12% 1.08%(d) (0.16%) 23% $929,808
Year Ended 2/28/2018 $18.33 23.65% 1.12% 1.12%(d) (0.07%) 37% $850,411
Advisor Class
Year Ended 2/28/2022 $20.51 3.00% 0.83%(c) 0.79%(c),(d) (0.13%) 93% $22,974
Year Ended 2/28/2021 $27.08 51.34% 0.86%(c) 0.79%(c),(d) 0.10% 44% $24,768
Year Ended 2/29/2020 $20.07 13.75% 0.87% 0.79%(d) 0.09% 42% $17,809
Year Ended 2/28/2019 $19.26 4.53% 0.87% 0.83%(d) 0.09% 23% $26,286
Year Ended 2/28/2018 $20.27 23.93% 0.87% 0.87%(d) 0.18% 37% $27,793
Class C
Year Ended 2/28/2022 $7.02 1.97% 1.83%(c) 1.79%(c),(d) (1.14%) 93% $14,135
Year Ended 2/28/2021 $13.72 49.77% 1.86%(c) 1.79%(c),(d) (0.90%) 44% $29,863
Year Ended 2/29/2020 $11.35 12.66% 1.87% 1.80%(d) (0.91%) 42% $37,004
Year Ended 2/28/2019 $11.70 3.46% 1.86% 1.84%(d) (0.96%) 23% $57,316
Year Ended 2/28/2018 $13.14 22.74% 1.87% 1.87%(d) (0.79%) 37% $291,221
Institutional Class
Year Ended 2/28/2022 $19.45 2.99% 0.83%(c) 0.79%(c),(d) (0.14%) 93% $468,670
Year Ended 2/28/2021 $26.05 51.34% 0.86%(c) 0.79%(c),(d) 0.10% 44% $536,602
Year Ended 2/29/2020 $19.39 13.76% 0.87% 0.79%(d) 0.09% 42% $410,156
Year Ended 2/28/2019 $18.66 4.51% 0.87% 0.83%(d) 0.09% 23% $472,922
Year Ended 2/28/2018 $19.70 23.93% 0.87% 0.87%(d) 0.19% 37% $537,229
Institutional 2 Class
Year Ended 2/28/2022 $20.90 3.09% 0.77%(c) 0.74%(c) (0.08%) 93% $31,012
Year Ended 2/28/2021 $27.46 51.43% 0.79%(c) 0.73%(c) 0.15% 44% $34,108
Year Ended 2/29/2020 $20.31 13.81% 0.80% 0.73% 0.16% 42% $19,798
Year Ended 2/28/2019 $19.46 4.60% 0.80% 0.76% 0.17% 23% $12,349
Year Ended 2/28/2018 $20.45 24.04% 0.80% 0.80% 0.26% 37% $9,310
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
17

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 2/28/2022 $26.27 (0.01) 1.67 1.66 (8.26) (8.26)
Year Ended 2/28/2021 $19.52 0.05 9.50 9.55 (2.80) (2.80)
Year Ended 2/29/2020 $18.75 0.04 2.55 2.59 (1.82) (1.82)
Year Ended 2/28/2019 $19.77 0.04 0.82 0.86 (1.88) (1.88)
Year Ended 2/28/2018(e) $17.10 0.04 3.74 3.78 (1.11) (1.11)
Class R
Year Ended 2/28/2022 $23.44 (0.15) 1.57 1.42 (8.01) (8.01)
Year Ended 2/28/2021 $17.75 (0.08) 8.57 8.49 (2.80) (2.80)
Year Ended 2/29/2020 $17.30 (0.07) 2.34 2.27 (1.82) (1.82)
Year Ended 2/28/2019 $18.47 (0.07) 0.76 0.69 (1.86) (1.86)
Year Ended 2/28/2018 $15.87 (0.05) 3.67 3.62 (1.02) (1.02)
    
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) Ratios include interfund lending expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) 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 Large Cap Growth Opportunity Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 2/28/2022 $19.67 3.14% 0.73%(c) 0.69%(c) (0.03%) 93% $1,406
Year Ended 2/28/2021 $26.27 51.47% 0.75%(c) 0.69%(c) 0.20% 44% $1,618
Year Ended 2/29/2020 $19.52 13.91% 0.76% 0.69% 0.20% 42% $875
Year Ended 2/28/2019 $18.75 4.61% 0.77% 0.71% 0.24% 23% $780
Year Ended 2/28/2018(e) $19.77 22.55% 0.76% 0.76% 0.19% 37% $262
Class R
Year Ended 2/28/2022 $16.85 2.50% 1.33%(c) 1.29%(c),(d) (0.64%) 93% $20,484
Year Ended 2/28/2021 $23.44 50.57% 1.36%(c) 1.29%(c),(d) (0.40%) 44% $24,892
Year Ended 2/29/2020 $17.75 13.20% 1.37% 1.30%(d) (0.41%) 42% $21,006
Year Ended 2/28/2019 $17.30 4.00% 1.37% 1.33%(d) (0.41%) 23% $24,324
Year Ended 2/28/2018 $18.47 23.28% 1.37% 1.37%(d) (0.31%) 37% $24,453
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
19

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Large Cap Growth Opportunity Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
20 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
21

Notes to Financial Statements  (continued)
February 28, 2022
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.77% to 0.57% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.70% of the Fund’s average daily net assets.
Participating Affiliates
The Investment Manager and its investment advisory affiliates (Participating Affiliates) around the world may coordinate in providing services to their clients. From time to time the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) may engage its Participating Affiliates to provide a variety of services such as investment research, investment monitoring, trading and discretionary investment management (including portfolio management) to certain accounts managed by the Investment Manager, including the Fund. These Participating Affiliates provide services to the Investment Manager (or any affiliated investment subadviser to the Fund, as the case may be) either pursuant to subadvisory agreements, personnel-sharing agreements or other inter-company arrangements, and the Fund pays no additional fees and expenses as a result of any such arrangements.
These Participating Affiliates, like the Investment Manager, are direct or indirect subsidiaries of Ameriprise Financial and are registered, as appropriate, with respective regulators in their home jurisdictions and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States.
Pursuant to some of these arrangements, certain employees of these Participating Affiliates may serve as "associated persons" of the Investment Manager and, in this capacity, subject to the oversight and supervision of the Investment Manager and consistent with the investment objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information (SAI), may provide such services to the Fund on behalf of the Investment Manager.
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
22 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.11
Advisor Class 0.11
Class C 0.11
Institutional Class 0.11
Institutional 2 Class 0.05
Institutional 3 Class 0.01
Class R 0.11
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $851.
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
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 89,006
Class C 1.00(b) 456
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  July 1, 2021
through
June 30, 2022
Prior to
July 1, 2021
Class A 1.05% 1.05%
Advisor Class 0.80 0.80
Class C 1.80 1.80
Institutional Class 0.80 0.80
Institutional 2 Class 0.75 0.73
Institutional 3 Class 0.70 0.69
Class R 1.30 1.30
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific
24 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, post-October capital losses, late-year ordinary losses and net operating loss reclassification. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
5,231,303 (5,231,303)
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
126,375,304 499,851,889 626,227,193 211,061,475 211,061,475
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
231,194,603 263,497,015
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,374,529,460 343,783,489 (80,286,474) 263,497,015
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on March 1, 2022.
Late year
ordinary losses ($)
Post-October
capital losses ($)
796,496 27,577,812
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
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 $1,751,619,505 and $2,036,507,722, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Borrower 1,180,000 0.64 5
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a
26 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, one unaffiliated shareholder of record owned 25.2% 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 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
28 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Large Cap Growth Opportunity Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Growth Opportunity Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
29

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
21.21% 20.07% 0.06% $680,689,862
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
30 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
31

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
32 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
34 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
36 Columbia Large Cap Growth Opportunity Fund  | Annual Report 2022

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Columbia Large Cap Growth Opportunity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN186_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Select Mid Cap Value Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Select Mid Cap Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Select Mid Cap Value Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Kari Montanus
Lead Portfolio Manager
Managed Fund since 2018
Jonas Patrikson, CFA
Portfolio Manager
Managed Fund since 2014
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 11/20/01 18.15 10.99 11.86
  Including sales charges   11.38 9.68 11.19
Advisor Class* 11/08/12 18.36 11.25 12.11
Class C Excluding sales charges 11/20/01 17.19 10.16 11.03
  Including sales charges   16.19 10.16 11.03
Institutional Class 11/20/01 18.36 11.25 12.13
Institutional 2 Class* 11/08/12 18.47 11.39 12.25
Institutional 3 Class 07/15/09 18.53 11.43 12.32
Class R 01/23/06 17.79 10.72 11.58
Russell Midcap Value Index   13.75 9.18 11.93
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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. Since the Fund launched more than one share class at its inception, Class A shares were used. 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 Russell Midcap Value Index, an unmanaged index, measures the performance of those Russell Midcap Index companies with lower price-to-book ratios and forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Select Mid Cap Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 96.8
Money Market Funds 3.2
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 6.1
Consumer Discretionary 11.7
Consumer Staples 4.0
Energy 6.2
Financials 17.5
Health Care 8.7
Industrials 14.9
Information Technology 9.4
Materials 7.5
Real Estate 9.3
Utilities 4.7
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Select Mid Cap Value Fund returned 18.15% excluding sales charges. The Fund outperformed its benchmark, the Russell Midcap Value Index, which returned 13.75% for the same time period.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (the Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer-term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of most significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
Ten of eleven sectors within the benchmark delivered positive gains for the 12-month period. The energy, materials, real estate, financials, consumer staples and utilities sectors delivered the strongest gains, outperforming the overall benchmark’s return for the period. The communication services sector lagged most, delivering a negative return for the period, followed by consumer discretionary, information technology, industrials and health care.
The Fund’s notable contributors during the period
The Fund’s outperformance of its benchmark during the period was driven by strong stock selection, particularly within the communication services, information technology, energy, and consumer discretionary sectors.
Devon Energy Corp., an oil exploration and production company, was a strong contributor to overall relative performance. The company reported better-than-expected results during the period, driven by higher production and lower operating costs. The company continues to generate impressive amounts of free cash flow and remains committed to returning cash to shareholders through their pioneering variable dividend.
The Fund’s position in semiconductor company ON Semiconductor Corp. performed strongly within information technology. Shares climbed after a strong quarterly report that saw earnings and forward guidance above consensus expectations. The beat (exceeded expectations) and raise (raised guidance) was driven by significant gross margin expansion. Investors seem to be increasingly recognizing that the strategic measures undertaken by the new CEO to improve profitability at the company are taking hold.
Not holding a position in Twitter helped relative performance as the social media platform weighed heavily on the benchmark’s return.
The Fund’s notable detractors during the period
Stock selection within the utilities sector weighed most on the Fund’s performance versus its benchmark during the period.
The Fund’s position in The AES Corporation, a diversified power generation and utility company, detracted from results versus the benchmark. The company underperformed after reporting mostly in-line quarterly results. More broadly, the more defensive utility name underperformed as markets rallied earlier in the period on re-opening momentum.
Shares in Southwest fell, as the outbreak of the Omicron variant of COVID-19, weather issues and labor challenges disrupted air travel.
Zimmer Biomet Holdings, Inc., a medical device company that provides orthopedic reconstructive products, declined due to macro-related headwinds. With the emergence of COVID-19 variants and labor shortages at hospitals, surgical procedures such as knee and hip replacements have been canceled or delayed, which weighed on the stock.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Select Mid Cap Value Fund  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,063.30 1,019.24 5.73 5.61 1.12
Advisor Class 1,000.00 1,000.00 1,064.00 1,020.48 4.45 4.36 0.87
Class C 1,000.00 1,000.00 1,059.80 1,015.52 9.55 9.35 1.87
Institutional Class 1,000.00 1,000.00 1,064.40 1,020.48 4.45 4.36 0.87
Institutional 2 Class 1,000.00 1,000.00 1,065.30 1,020.93 3.99 3.91 0.78
Institutional 3 Class 1,000.00 1,000.00 1,065.50 1,021.12 3.79 3.71 0.74
Class R 1,000.00 1,000.00 1,062.30 1,018.00 7.01 6.85 1.37
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 96.7%
Issuer Shares Value ($)
Communication Services 5.9%
Entertainment 3.7%
Live Nation Entertainment, Inc.(a) 373,171 45,086,520
Take-Two Interactive Software, Inc.(a) 356,559 57,762,558
Total   102,849,078
Media 2.2%
Nexstar Media Group, Inc., Class A 327,239 60,555,577
Total Communication Services 163,404,655
Consumer Discretionary 11.3%
Hotels, Restaurants & Leisure 2.1%
Hyatt Hotels Corp., Class A(a) 606,205 58,868,568
Household Durables 1.6%
D.R. Horton, Inc. 510,385 43,586,879
Multiline Retail 2.4%
Dollar Tree, Inc.(a) 464,097 65,938,902
Specialty Retail 3.6%
Burlington Stores, Inc.(a) 194,382 43,908,950
O’Reilly Automotive, Inc.(a) 89,235 57,934,931
Total   101,843,881
Textiles, Apparel & Luxury Goods 1.6%
Capri Holdings Ltd.(a) 657,635 44,548,195
Total Consumer Discretionary 314,786,425
Consumer Staples 3.8%
Food & Staples Retailing 2.0%
U.S. Foods Holding Corp.(a) 1,435,533 56,114,985
Food Products 1.8%
Tyson Foods, Inc., Class A 546,735 50,660,465
Total Consumer Staples 106,775,450
Energy 6.0%
Oil, Gas & Consumable Fuels 6.0%
Devon Energy Corp. 1,396,328 83,151,332
Marathon Petroleum Corp. 1,083,002 84,333,366
Total   167,484,698
Total Energy 167,484,698
Common Stocks (continued)
Issuer Shares Value ($)
Financials 16.9%
Banks 6.9%
Popular, Inc. 742,942 68,239,223
Regions Financial Corp. 2,701,421 65,347,374
SVB Financial Group(a) 98,126 59,464,356
Total   193,050,953
Consumer Finance 2.7%
Discover Financial Services 597,491 73,754,289
Diversified Financial Services 1.3%
Voya Financial, Inc. 549,299 36,995,288
Insurance 6.0%
Hanover Insurance Group, Inc. (The) 352,725 49,208,665
Lincoln National Corp. 967,362 65,219,546
Reinsurance Group of America, Inc. 485,367 53,807,785
Total   168,235,996
Total Financials 472,036,526
Health Care 8.5%
Health Care Equipment & Supplies 2.1%
Zimmer Biomet Holdings, Inc. 460,071 58,516,431
Health Care Providers & Services 3.5%
Centene Corp.(a) 607,509 50,192,393
Quest Diagnostics, Inc. 348,714 45,775,687
Total   95,968,080
Life Sciences Tools & Services 2.9%
Agilent Technologies, Inc. 309,595 40,358,804
Syneos Health, Inc.(a) 520,979 41,261,537
Total   81,620,341
Total Health Care 236,104,852
Industrials 14.4%
Airlines 1.8%
Southwest Airlines Co.(a) 1,143,256 50,074,613
Building Products 2.4%
Trane Technologies PLC 438,362 67,477,063
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 3.0%
AMETEK, Inc. 559,507 72,618,413
Bloom Energy Corp., Class A(a) 474,643 10,537,075
Total   83,155,488
Machinery 4.8%
Ingersoll Rand, Inc. 1,268,570 64,088,156
ITT, Inc. 793,111 69,690,664
Total   133,778,820
Professional Services 2.4%
CACI International, Inc., Class A(a) 238,438 66,712,568
Total Industrials 401,198,552
Information Technology 9.1%
Communications Equipment 2.1%
Motorola Solutions, Inc. 272,711 60,113,686
Electronic Equipment, Instruments & Components 2.1%
Corning, Inc. 1,428,311 57,703,764
Semiconductors & Semiconductor Equipment 4.9%
GlobalFoundries, Inc.(a) 376,224 22,866,895
Marvell Technology, Inc. 536,418 36,653,442
ON Semiconductor Corp.(a) 587,536 36,785,629
Teradyne, Inc. 333,861 39,368,889
Total   135,674,855
Total Information Technology 253,492,305
Materials 7.3%
Chemicals 4.2%
Chemours Co. LLC (The) 1,292,000 35,659,200
Eastman Chemical Co. 283,462 33,581,743
FMC Corp. 404,686 47,449,434
Total   116,690,377
Common Stocks (continued)
Issuer Shares Value ($)
Metals & Mining 3.1%
Allegheny Technologies, Inc.(a) 1,769,808 45,554,858
Freeport-McMoRan, Inc. 874,997 41,081,109
Total   86,635,967
Total Materials 203,326,344
Real Estate 9.0%
Equity Real Estate Investment Trusts (REITS) 9.0%
First Industrial Realty Trust, Inc. 1,263,379 72,745,363
Gaming and Leisure Properties, Inc. 1,186,569 53,882,098
Simon Property Group, Inc. 348,954 48,002,112
Welltower, Inc. 908,721 75,687,372
Total   250,316,945
Total Real Estate 250,316,945
Utilities 4.5%
Independent Power and Renewable Electricity Producers 1.8%
AES Corp. (The) 2,340,603 49,691,002
Multi-Utilities 2.7%
Ameren Corp. 892,909 76,745,528
Total Utilities 126,436,530
Total Common Stocks
(Cost $1,822,987,683)
2,695,363,282
Money Market Funds 3.2%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(b),(c) 89,679,702 89,652,798
Total Money Market Funds
(Cost $89,656,582)
89,652,798
Total Investments in Securities
(Cost: $1,912,644,265)
2,785,016,080
Other Assets & Liabilities, Net   1,854,276
Net Assets 2,786,870,356
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2022.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  16,809,145 436,312,576 (363,463,437) (5,486) 89,652,798 (10,020) 44,736 89,679,702
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 163,404,655 163,404,655
Consumer Discretionary 314,786,425 314,786,425
Consumer Staples 106,775,450 106,775,450
Energy 167,484,698 167,484,698
Financials 472,036,526 472,036,526
Health Care 236,104,852 236,104,852
Industrials 401,198,552 401,198,552
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Information Technology 253,492,305 253,492,305
Materials 203,326,344 203,326,344
Real Estate 250,316,945 250,316,945
Utilities 126,436,530 126,436,530
Total Common Stocks 2,695,363,282 2,695,363,282
Money Market Funds 89,652,798 89,652,798
Total Investments in Securities 2,785,016,080 2,785,016,080
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 Select Mid Cap Value Fund  | Annual Report 2022
11

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,822,987,683) $2,695,363,282
Affiliated issuers (cost $89,656,582) 89,652,798
Receivable for:  
Capital shares sold 3,267,451
Dividends 2,868,742
Expense reimbursement due from Investment Manager 2,840
Prepaid expenses 19,558
Total assets 2,791,174,671
Liabilities  
Payable for:  
Capital shares purchased 3,291,564
Management services fees 166,296
Distribution and/or service fees 25,783
Transfer agent fees 318,347
Compensation of board members 421,351
Compensation of chief compliance officer 428
Other expenses 80,546
Total liabilities 4,304,315
Net assets applicable to outstanding capital stock $2,786,870,356
Represented by  
Paid in capital 1,836,885,034
Total distributable earnings (loss) 949,985,322
Total - representing net assets applicable to outstanding capital stock $2,786,870,356
Class A  
Net assets $1,142,074,993
Shares outstanding 84,364,147
Net asset value per share $13.54
Maximum sales charge 5.75%
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) $14.37
Advisor Class  
Net assets $178,227,941
Shares outstanding 12,573,469
Net asset value per share $14.17
Class C  
Net assets $12,830,336
Shares outstanding 1,076,644
Net asset value per share $11.92
Institutional Class  
Net assets $861,575,785
Shares outstanding 63,390,667
Net asset value per share $13.59
Institutional 2 Class  
Net assets $130,350,663
Shares outstanding 9,192,110
Net asset value per share $14.18
Institutional 3 Class  
Net assets $434,024,060
Shares outstanding 32,080,315
Net asset value per share $13.53
Class R  
Net assets $27,786,578
Shares outstanding 2,065,008
Net asset value per share $13.46
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $39,048,937
Dividends — affiliated issuers 44,736
Interfund lending 961
Foreign taxes withheld (137,844)
Total income 38,956,790
Expenses:  
Management services fees 19,191,348
Distribution and/or service fees  
Class A 2,753,034
Class C 127,939
Class R 150,660
Transfer agent fees  
Class A 1,524,439
Advisor Class 229,823
Class C 17,721
Institutional Class 1,124,432
Institutional 2 Class 67,031
Institutional 3 Class 24,061
Class R 41,735
Compensation of board members 104,254
Custodian fees 14,167
Printing and postage fees 145,374
Registration fees 124,311
Audit fees 35,000
Legal fees 39,029
Compensation of chief compliance officer 411
Other 36,711
Total expenses 25,751,480
Fees waived or expenses reimbursed by Investment Manager and its affiliates (192,449)
Fees waived by transfer agent  
Institutional 2 Class (18,242)
Institutional 3 Class (24,061)
Expense reduction (2,700)
Total net expenses 25,514,028
Net investment income 13,442,762
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 277,020,553
Investments — affiliated issuers (10,020)
Net realized gain 277,010,533
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers 141,077,120
Investments — affiliated issuers (5,486)
Net change in unrealized appreciation (depreciation) 141,071,634
Net realized and unrealized gain 418,082,167
Net increase in net assets resulting from operations $431,524,929
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
13

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $13,442,762 $12,839,293
Net realized gain 277,010,533 35,911,756
Net change in unrealized appreciation (depreciation) 141,071,634 605,075,953
Net increase in net assets resulting from operations 431,524,929 653,827,002
Distributions to shareholders    
Net investment income and net realized gains    
Class A (95,776,131) (17,676,345)
Advisor Class (13,763,048) (1,096,305)
Class C (1,171,441) (373,633)
Institutional Class (73,036,294) (22,705,183)
Institutional 2 Class (10,768,053) (2,421,282)
Institutional 3 Class (36,507,016) (7,952,391)
Class R (2,487,239) (757,365)
Total distributions to shareholders (233,509,222) (52,982,504)
Increase in net assets from capital stock activity 216,032,102 426,729,328
Total increase in net assets 414,047,809 1,027,573,826
Net assets at beginning of year 2,372,822,547 1,345,248,721
Net assets at end of year $2,786,870,356 $2,372,822,547
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 5,909,633 80,584,016 4,671,905 45,629,276
Fund reorganization 2,451,935 32,338,454 39,170,046 338,427,345
Distributions reinvested 6,609,810 90,795,130 1,834,484 16,251,790
Redemptions (10,825,461) (147,526,000) (14,614,146) (144,279,931)
Net increase 4,145,917 56,191,600 31,062,289 256,028,480
Advisor Class        
Subscriptions 3,163,318 44,985,786 11,572,395 109,734,091
Fund reorganization 185,751 2,564,607 2,434,767 21,937,275
Distributions reinvested 949,858 13,638,294 108,583 1,056,042
Redemptions (3,445,998) (49,245,622) (4,404,517) (47,412,019)
Net increase 852,929 11,943,065 9,711,228 85,315,389
Class C        
Subscriptions 308,952 3,755,602 93,312 835,907
Fund reorganization 543,360 4,205,613
Distributions reinvested 94,008 1,141,080 44,083 347,951
Redemptions (451,667) (5,490,415) (1,008,448) (9,142,544)
Net decrease (48,707) (593,733) (327,693) (3,753,073)
Institutional Class        
Subscriptions 12,670,719 172,324,656 6,624,100 64,456,629
Fund reorganization 5,608,529 48,625,920
Distributions reinvested 4,943,198 68,113,102 2,425,313 21,406,965
Redemptions (10,255,528) (140,960,727) (20,421,123) (191,725,497)
Net increase (decrease) 7,358,389 99,477,031 (5,763,181) (57,235,983)
Institutional 2 Class        
Subscriptions 3,076,208 43,814,292 2,772,450 28,783,226
Fund reorganization 1,608,162 14,489,499
Distributions reinvested 676,436 9,713,445 259,114 2,385,510
Redemptions (2,482,935) (35,578,309) (2,891,479) (28,953,694)
Net increase 1,269,709 17,949,428 1,748,247 16,704,541
Institutional 3 Class        
Subscriptions 11,762,304 161,202,450 11,620,696 107,181,810
Fund reorganization 83,061 1,094,384 8,691,673 75,009,378
Distributions reinvested 2,306,416 31,617,245 767,213 6,876,162
Redemptions (11,648,122) (159,945,955) (5,855,282) (57,421,915)
Net increase 2,503,659 33,968,124 15,224,300 131,645,435
Class R        
Subscriptions 672,334 9,048,538 799,660 7,723,118
Fund reorganization 303,824 2,612,872
Distributions reinvested 181,931 2,485,764 85,793 749,444
Redemptions (1,062,609) (14,437,715) (1,351,248) (13,060,895)
Net decrease (208,344) (2,903,413) (161,971) (1,975,461)
Total net increase 15,873,552 216,032,102 51,493,219 426,729,328
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
15

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $12.50 0.05 2.22 2.27 (0.04) (1.19) (1.23)
Year Ended 2/28/2021 $9.76 0.05 3.04 3.09 (0.07) (0.28) (0.35)
Year Ended 2/29/2020 $10.34 0.10 (0.32) (0.22) (0.10) (0.26) (0.36)
Year Ended 2/28/2019 $13.27 0.07 0.18 0.25 (0.07) (3.11) (3.18)
Year Ended 2/28/2018 $15.19 0.13 0.80 0.93 (0.14) (2.71) (2.85)
Advisor Class
Year Ended 2/28/2022 $13.04 0.09 2.30 2.39 (0.07) (1.19) (1.26)
Year Ended 2/28/2021 $10.17 0.07 3.17 3.24 (0.09) (0.28) (0.37)
Year Ended 2/29/2020 $10.75 0.13 (0.33) (0.20) (0.12) (0.26) (0.38)
Year Ended 2/28/2019 $13.67 0.10 0.19 0.29 (0.10) (3.11) (3.21)
Year Ended 2/28/2018 $15.57 0.17 0.82 0.99 (0.18) (2.71) (2.89)
Class C
Year Ended 2/28/2022 $11.18 (0.05) 1.98 1.93 (1.19) (1.19)
Year Ended 2/28/2021 $8.76 (0.01) 2.72 2.71 (0.01) (0.28) (0.29)
Year Ended 2/29/2020 $9.30 0.02 (0.28) (0.26) (0.02) (0.26) (0.28)
Year Ended 2/28/2019 $12.29 (0.02) 0.14 0.12 (3.11) (3.11)
Year Ended 2/28/2018 $14.29 0.01 0.75 0.76 (0.05) (2.71) (2.76)
Institutional Class
Year Ended 2/28/2022 $12.55 0.08 2.22 2.30 (0.07) (1.19) (1.26)
Year Ended 2/28/2021 $9.80 0.09 3.03 3.12 (0.09) (0.28) (0.37)
Year Ended 2/29/2020 $10.38 0.13 (0.33) (0.20) (0.12) (0.26) (0.38)
Year Ended 2/28/2019 $13.31 0.10 0.18 0.28 (0.10) (3.11) (3.21)
Year Ended 2/28/2018 $15.23 0.18 0.79 0.97 (0.18) (2.71) (2.89)
Institutional 2 Class
Year Ended 2/28/2022 $13.05 0.10 2.31 2.41 (0.09) (1.19) (1.28)
Year Ended 2/28/2021 $10.17 0.10 3.17 3.27 (0.11) (0.28) (0.39)
Year Ended 2/29/2020 $10.76 0.14 (0.33) (0.19) (0.14) (0.26) (0.40)
Year Ended 2/28/2019 $13.67 0.11 0.20 0.31 (0.11) (3.11) (3.22)
Year Ended 2/28/2018 $15.57 0.18 0.83 1.01 (0.20) (2.71) (2.91)
Institutional 3 Class
Year Ended 2/28/2022 $12.50 0.10 2.21 2.31 (0.09) (1.19) (1.28)
Year Ended 2/28/2021 $9.76 0.09 3.04 3.13 (0.11) (0.28) (0.39)
Year Ended 2/29/2020 $10.34 0.14 (0.32) (0.18) (0.14) (0.26) (0.40)
Year Ended 2/28/2019 $13.27 0.12 0.18 0.30 (0.12) (3.11) (3.23)
Year Ended 2/28/2018 $15.20 0.14 0.84 0.98 (0.20) (2.71) (2.91)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $13.54 18.15% 1.13% 1.13%(c) 0.35% 37% $1,142,075
Year Ended 2/28/2021 $12.50 33.20% 1.18% 1.15%(c) 0.54% 44% $1,003,004
Year Ended 2/29/2020 $9.76 (2.47%) 1.21% 1.16%(c) 0.91% 28% $479,921
Year Ended 2/28/2019 $10.34 3.57% 1.20% 1.17%(c) 0.57% 79% $575,861
Year Ended 2/28/2018 $13.27 5.96% 1.18% 1.18%(c) 0.86% 59% $692,641
Advisor Class
Year Ended 2/28/2022 $14.17 18.36% 0.89% 0.88%(c) 0.60% 37% $178,228
Year Ended 2/28/2021 $13.04 33.49% 0.93% 0.90%(c) 0.66% 44% $152,860
Year Ended 2/29/2020 $10.17 (2.14%) 0.96% 0.91%(c) 1.16% 28% $20,433
Year Ended 2/28/2019 $10.75 3.79% 0.95% 0.92%(c) 0.78% 79% $21,857
Year Ended 2/28/2018 $13.67 6.20% 0.93% 0.92%(c) 1.10% 59% $69,624
Class C
Year Ended 2/28/2022 $11.92 17.19% 1.88% 1.88%(c) (0.39%) 37% $12,830
Year Ended 2/28/2021 $11.18 32.30% 1.94% 1.90%(c) (0.12%) 44% $12,577
Year Ended 2/29/2020 $8.76 (3.11%) 1.96% 1.92%(c) 0.17% 28% $12,726
Year Ended 2/28/2019 $9.30 2.78% 1.95% 1.92%(c) (0.20%) 79% $20,763
Year Ended 2/28/2018 $12.29 5.09% 1.93% 1.92%(c) 0.10% 59% $69,670
Institutional Class
Year Ended 2/28/2022 $13.59 18.36% 0.89% 0.88%(c) 0.60% 37% $861,576
Year Ended 2/28/2021 $12.55 33.52% 0.94% 0.90%(c) 0.91% 44% $703,152
Year Ended 2/29/2020 $9.80 (2.22%) 0.96% 0.91%(c) 1.16% 28% $605,614
Year Ended 2/28/2019 $10.38 3.84% 0.95% 0.92%(c) 0.82% 79% $694,941
Year Ended 2/28/2018 $13.31 6.21% 0.93% 0.93%(c) 1.20% 59% $837,610
Institutional 2 Class
Year Ended 2/28/2022 $14.18 18.47% 0.80% 0.78% 0.70% 37% $130,351
Year Ended 2/28/2021 $13.05 33.75% 0.84% 0.79% 0.96% 44% $103,360
Year Ended 2/29/2020 $10.17 (2.12%) 0.85% 0.80% 1.27% 28% $62,808
Year Ended 2/28/2019 $10.76 3.99% 0.83% 0.80% 0.89% 79% $70,379
Year Ended 2/28/2018 $13.67 6.33% 0.82% 0.82% 1.17% 59% $82,174
Institutional 3 Class
Year Ended 2/28/2022 $13.53 18.53% 0.75% 0.74% 0.73% 37% $434,024
Year Ended 2/28/2021 $12.50 33.80% 0.79% 0.75% 0.94% 44% $369,599
Year Ended 2/29/2020 $9.76 (2.07%) 0.80% 0.75% 1.32% 28% $140,100
Year Ended 2/28/2019 $10.34 4.02% 0.78% 0.76% 0.97% 79% $153,442
Year Ended 2/28/2018 $13.27 6.34% 0.77% 0.77% 0.98% 59% $239,180
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
17

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 2/28/2022 $12.44 0.01 2.21 2.22 (0.01) (1.19) (1.20)
Year Ended 2/28/2021 $9.71 0.04 3.02 3.06 (0.05) (0.28) (0.33)
Year Ended 2/29/2020 $10.29 0.07 (0.32) (0.25) (0.07) (0.26) (0.33)
Year Ended 2/28/2019 $13.22 0.04 0.18 0.22 (0.04) (3.11) (3.15)
Year Ended 2/28/2018 $15.14 0.09 0.80 0.89 (0.10) (2.71) (2.81)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Select Mid Cap Value Fund  | Annual Report 2022

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 R
Year Ended 2/28/2022 $13.46 17.79% 1.38% 1.38%(c) 0.10% 37% $27,787
Year Ended 2/28/2021 $12.44 32.90% 1.44% 1.40%(c) 0.39% 44% $28,271
Year Ended 2/29/2020 $9.71 (2.72%) 1.46% 1.41%(c) 0.66% 28% $23,646
Year Ended 2/28/2019 $10.29 3.34% 1.45% 1.42%(c) 0.32% 79% $31,097
Year Ended 2/28/2018 $13.22 5.71% 1.43% 1.42%(c) 0.61% 59% $41,290
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
19

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Select Mid Cap Value Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
20 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
21

Notes to Financial Statements  (continued)
February 28, 2022
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
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 0.82% to 0.65% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.73% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
22 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective through June 30, 2023, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.04% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.14
Advisor Class 0.14
Class C 0.14
Institutional Class 0.14
Institutional 2 Class 0.04
Institutional 3 Class 0.00
Class R 0.14
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $2,700.
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.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 335,149
Class C 1.00(b) 1,632
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  January 22, 2022
through
June 30, 2024
July 1, 2021
through
January 21, 2022
Prior to
July 1, 2021
Class A 1.13% 1.13% 1.17%
Advisor Class 0.88 0.88 0.92
Class C 1.88 1.88 1.92
Institutional Class 0.88 0.88 0.92
Institutional 2 Class 0.78 0.78 0.78
Institutional 3 Class 0.73 0.74 0.74
Class R 1.38 1.38 1.42
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitments, effective through June 30, 2023, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.04% 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.
24 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(1,063,277) 1,046,822 16,455
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
74,416,479 159,092,743 233,509,222 14,349,286 38,633,218 52,982,504
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
7,911,222 88,690,071 853,802,986
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,931,213,094 877,176,561 (23,373,575) 853,802,986
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $944,809,011 and $1,027,321,895, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Lender 7,300,000 0.65 7
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
26 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 9. Fund reorganization
At the close of business on January 21, 2022, the Fund acquired the assets and assumed the identified liabilities of BMO Mid-Cap Value Fund (the Acquired Fund), a series of BMO Funds Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on January 7, 2022. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $2,652,133,395 and the combined net assets immediately after the reorganization were $2,688,130,840.
The reorganization was accomplished by a tax-free exchange of 3,697,791 shares of the Acquired Fund valued at $35,997,445 (including $239,818 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 2,451,935
Advisor Class 185,751
Institutional 3 Class 83,061
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on March 1, 2021, the Fund’s pro-forma results of operations for the year ended February 28, 2022 would have been approximately:
  ($)
Net investment income 13,725,000
Net realized gain 296,199,000
Net change in unrealized appreciation/(depreciation) 129,758,000
Net increase in net assets from operations 439,682,000
Note 10. Fund reorganization
At the close of business on July 10, 2020, the Fund acquired the assets and assumed the identified liabilities of Columbia Small/Mid Cap Value Fund (the Acquired Fund), a series of Columbia Funds Series Trust II. The reorganization was completed after the Board of Trustees of the Acquired Fund approved a plan of reorganization at a meeting held in February 2020. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $1,250,747,976 and the combined net assets immediately after the reorganization were $1,756,055,878.
The reorganization was accomplished by a tax-free exchange of 66,086,472 shares of the Acquired Fund valued at $505,307,902 (including $60,893,032 of unrealized appreciation/(depreciation)).
Columbia Select Mid Cap Value Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 39,170,046
Advisor Class 2,434,767
Class C 543,360
Institutional Class 5,608,529
Institutional 2 Class 1,608,162
Institutional 3 Class 8,691,673
Class R 303,824
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on March 1, 2020, the Fund’s pro-forma results of operations for the year ended February 28, 2021 would have been approximately:
  ($)
Net investment income 14,586,000
Net realized gain 21,580,000
Net change in unrealized appreciation/(depreciation) 582,251,000
Net increase in net assets from operations 618,417,000
Note 11. Significant risks
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
28 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, affiliated shareholders of record owned 21.0% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 12. 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 13. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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
Columbia Select Mid Cap Value Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
30 Columbia Select Mid Cap Value Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Select Mid Cap Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Select Mid Cap Value Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
31

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
58.82% 54.41% 6.10% $257,433,767
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
32 Columbia Select Mid Cap Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Select Mid Cap Value Fund  | Annual Report 2022
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
34 Columbia Select Mid Cap Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Select Mid Cap Value Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
36 Columbia Select Mid Cap Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Select Mid Cap Value Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
38 Columbia Select Mid Cap Value Fund  | Annual Report 2022

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Select Mid Cap Value Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN197_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Small Cap Index Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Small Cap Index Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Small Cap Index Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor’s (S&P) SmallCap 600® Index.
Portfolio management
Christopher Lo, CFA
Lead Portfolio Manager
Managed Fund since 2014
Kaiyu Zhao
Portfolio Manager
Managed Fund since 2020
Christopher Rowe
Portfolio Manager
Managed Fund since 2020
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A 10/15/96 3.62 10.29 12.32
Institutional Class 10/15/96 3.92 10.57 12.60
Institutional 2 Class* 11/08/12 3.92 10.57 12.59
Institutional 3 Class* 03/01/17 3.93 10.58 12.47
S&P SmallCap 600 Index   4.22 10.78 12.84
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. Since the Fund launched more than one share class at its inception, Class A shares were used. 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 S&P SmallCap 600 Index tracks the performance of 600 domestic companies traded on major stock exchanges. The S&P SmallCap 600 Index is heavily weighted with the stocks of companies with small market capitalizations.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Small Cap Index Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Small Cap Index Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 98.1
Exchange-Traded Equity Funds 1.2
Money Market Funds 0.7
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 1.8
Consumer Discretionary 11.9
Consumer Staples 4.8
Energy 5.8
Financials 18.9
Health Care 11.7
Industrials 16.6
Information Technology 13.0
Materials 5.5
Real Estate 8.1
Utilities 1.9
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Small Cap Index Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of the Fund returned 3.62%. The Fund closely tracked its benchmark, the unmanaged S&P Small Cap 600 Index, which returned 4.22% for the same period. Mutual funds, unlike unmanaged indices, incur operating expenses.
Market overview
COVID-19 vaccinations allowed for greater economic reopening during the annual period. In turn, the U.S. equity market, as measured by the S&P 500 Index, achieved double-digit gains. Mid-cap and small-cap stocks also rose, albeit more modestly. Still, volatility remained heightened throughout the period.
As the annual period began in March 2021, U.S. equities produced healthy gains, boosted by both the passage of a fiscal stimulus package and by investor confidence that the U.S. Federal Reserve (Fed) would maintain its highly accommodative monetary policy. Stocks were then well supported during the second quarter of 2021 by a combination of strong economic growth, gradual rollbacks of COVID-19 lockdowns and robust corporate earnings. Although concerns about rising inflation led to a brief stretch of volatility mid-way through the quarter, the Fed reassured the markets that monetary policy would remain accommodative for an extended period. As a result, most major U.S. equity indices finished June 2021 at or near their then-all-time highs.
U.S. equities posted mixed results in the third quarter, reflecting an increasingly challenging environment. The market performed reasonably well in July and August, during which the prospects of improving economic growth and rising corporate profits outweighed concerns about the COVID-19 Delta variant. The backdrop became less favorable in September, however, fueling a downturn that erased almost all of the advance of the prior two months. The markets were contending with a persistent increase in inflation, worsening supply-chain bottlenecks, instability in China’s property market and the Fed indicating it was likely to announce a tapering of its quantitative easing program before year end. In the fourth quarter, U.S. equities displayed remarkable resilience despite potential headwinds. Investors faced the emergence of the COVID-19 Omicron variant, contagious enough to raise concerns about a possible new wave of lockdowns. Also, the Fed had previously viewed rising inflation as “transitory,” but continued price pressures drove the central bank to announce the tapering of its stimulative quantitative easing program and to prepare the financial markets for the likelihood of multiple interest rate increases in 2022. Still, the S&P 500 Index finished the calendar year with a solid gain on the strength of robust investment inflows and the lack of compelling total return potential in bonds.
U.S. equities fell in January and February 2022. In January, the S&P 500 Index experienced its worst month since the COVID-19-induced sell-off of March 2020. Hawkish commentary from the Fed was perhaps the most significant driver of the market’s decline. Heightened inflation concerns also weighed on investor sentiment, more than offsetting the positive news that the Omicron variant appeared to be milder than previous COVID-19 variants. In February, Russia’s invasion of Ukraine, stunning in its magnitude, rattled equity markets, while inflation and shifting Fed policy remained overhangs. Notably, the growing sense that COVID-19 is transitioning from pandemic to endemic in the U.S. supported U.S. small-cap stocks, which significantly outpaced their large-cap peers in a reversal of the recent performance trend.
For the annual period overall, large-cap stocks within the U.S. equity market performed best, followed by mid-cap stocks and then small-cap stocks, each generating a positive total return. From a style perspective, there was a sharp reversal from the prior annual period, as value-oriented stocks significantly outperformed growth-oriented stocks across the capitalization spectrum of the U.S. equity market for the 12 months ended February 28, 2022. Seven of the eleven sectors of the S&P Small Cap 600 Index posted a positive return during the 12 months ended February 28, 2022.
The Fund’s notable detractors during the period
Health care was by far the weakest sector from a total return perspective, followed at some distance by consumer discretionary and information technology.
On the basis of impact, health care, information technology and consumer discretionary were the weakest sectors.
The worst performing industries for the annual period on the basis of total return were life sciences tools and services; technology hardware, storage and peripherals; interactive media and services; diversified consumer services; and airlines.
Columbia Small Cap Index Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
Top individual detractors were cancer-focused testing laboratories operator NeoGenomics, Inc.; conversational commerce software provider LivePerson, Inc.; technology and service company for the energy, water and smart city space industries Itron, Inc.; 3D printer manufacturer 3D Systems Corp.; and e-commerce-driven digital manufacturer of custom prototypes and on-demand production parts Proto Labs, Inc.
The Fund’s notable contributors during the period
In terms of total return, the energy sector was the best relative performer, followed at some distance by the utilities and real estate sectors.
On the basis of impact, which takes weightings and total returns into account, the energy, financials and real estate sectors were the biggest contributors to the Index’s return.
The top performing industries for the annual period on the basis of total return were oil, gas and consumable fuels; marine; industrial conglomerates; trading companies and distributors; and air freight and logistics.
Top individual contributors within the S&P Small Cap 600 Index during the annual period included oil and gas exploration, development and acquisition company Range Resources Corp.; oil and gas exploration and production companies Matador Resources Co. and SM Energy Co.; department store retailer Macy’s Inc.; and Internet-based postage solutions provider Stamps.com, Inc. The Fund’s position in Macy’s Inc. was eliminated during the period.
Surpassing industrials, which had been the largest sector by weighting in the S&P Small Cap 600 Index during the prior annual period, financials was the largest sector by weighting in the S&P Small Cap 600 Index as of February 28, 2022, with a weighting of 18.95%.
As always, each sector and stock in the S&P Small Cap 600 Index was represented in the Fund with approximately the same weighting as in the Index and therefore had a similar effect.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund’s net value will generally decline when the performance of its targeted index declines. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Small Cap Index Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 966.20 1,022.56 2.19 2.26 0.45
Institutional Class 1,000.00 1,000.00 967.60 1,023.80 0.98 1.00 0.20
Institutional 2 Class 1,000.00 1,000.00 967.40 1,023.80 0.98 1.00 0.20
Institutional 3 Class 1,000.00 1,000.00 967.60 1,023.80 0.98 1.00 0.20
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Small Cap Index Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.1%
Issuer Shares Value ($)
Communication Services 1.7%
Diversified Telecommunication Services 0.3%
ATN International, Inc. 44,044 1,467,987
Cogent Communications Holdings, Inc. 171,156 10,851,290
Consolidated Communications Holdings, Inc.(a) 290,802 2,070,510
Total   14,389,787
Entertainment 0.2%
Cinemark Holdings, Inc.(a) 429,473 7,532,957
Marcus Corp. (The)(a) 88,180 1,603,112
Total   9,136,069
Interactive Media & Services 0.2%
Cars.com, Inc.(a) 262,023 4,239,532
QuinStreet, Inc.(a) 201,300 2,264,625
Total   6,504,157
Media 0.7%
AMC Networks, Inc., Class A(a) 117,908 4,887,287
EW Scripps Co. (The), Class A(a) 230,654 5,134,358
Gannett Co, Inc.(a) 574,130 2,847,685
Loyalty Ventures, Inc.(a) 80,379 1,929,096
Scholastic Corp. 122,876 5,170,622
TechTarget, Inc.(a) 104,630 8,200,899
Thryv Holdings, Inc.(a) 68,507 2,082,613
Total   30,252,560
Wireless Telecommunication Services 0.3%
Shenandoah Telecommunications Co. 201,552 4,504,687
Telephone and Data Systems, Inc. 398,510 6,914,149
Total   11,418,836
Total Communication Services 71,701,409
Consumer Discretionary 11.6%
Auto Components 1.4%
American Axle & Manufacturing Holdings, Inc.(a) 460,106 4,260,582
Cooper-Standard Holding, Inc.(a) 68,539 871,816
Dorman Products, Inc.(a) 114,810 10,725,550
Gentherm, Inc.(a) 134,041 11,372,038
LCI Industries 101,948 12,694,565
Motorcar Parts of America, Inc.(a) 77,470 1,251,141
Common Stocks (continued)
Issuer Shares Value ($)
Patrick Industries, Inc. 90,654 6,467,256
Standard Motor Products, Inc. 77,204 3,374,587
XPEL, Inc.(a) 67,131 4,873,711
Total   55,891,246
Automobiles 0.2%
Winnebago Industries, Inc. 134,973 8,647,720
Diversified Consumer Services 0.4%
Adtalem Global Education, Inc.(a) 200,745 4,171,481
American Public Education, Inc.(a) 75,469 1,506,361
Perdoceo Education Corp.(a) 282,797 2,960,885
Strategic Education, Inc. 91,294 5,388,172
WW International, Inc.(a) 214,665 2,187,436
Total   16,214,335
Hotels, Restaurants & Leisure 1.7%
BJ’s Restaurants, Inc.(a) 94,005 3,014,740
Bloomin’ Brands, Inc.(a) 327,616 8,062,630
Brinker International, Inc.(a) 183,210 7,793,753
Cheesecake Factory, Inc. (The)(a) 195,711 8,374,474
Chuy’s Holdings, Inc.(a) 79,878 2,604,023
Dave & Buster’s Entertainment, Inc.(a) 155,726 6,749,165
Dine Brands Global, Inc. 69,451 5,822,772
El Pollo Loco Holdings, Inc.(a) 78,165 1,037,250
Fiesta Restaurant Group, Inc.(a) 69,117 696,008
Jack in the Box, Inc. 87,260 7,527,920
Monarch Casino & Resort, Inc.(a) 52,905 4,121,300
Red Robin Gourmet Burgers, Inc.(a) 63,396 1,112,600
Ruth’s Hospitality Group, Inc. 128,008 3,175,878
Shake Shack, Inc., Class A(a) 157,885 11,797,167
Total   71,889,680
Household Durables 2.1%
Cavco Industries, Inc.(a) 34,427 9,385,833
Century Communities, Inc. 119,845 7,636,523
Ethan Allen Interiors, Inc. 88,649 2,310,193
Installed Building Products, Inc. 94,669 9,154,492
iRobot Corp.(a) 108,745 6,759,589
La-Z-Boy, Inc. 178,793 5,217,180
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
LGI Homes, Inc.(a) 86,164 10,867,865
M/I Homes, Inc.(a) 117,385 5,785,907
MDC Holdings, Inc. 228,087 10,113,378
Meritage Homes Corp.(a) 150,507 14,836,980
Tupperware Brands Corp.(a) 197,175 3,594,500
Universal Electronics, Inc.(a) 52,852 1,756,272
Total   87,418,712
Internet & Direct Marketing Retail 0.3%
Liquidity Services, Inc.(a) 107,220 1,847,401
PetMed Express, Inc. 84,481 2,276,763
Shutterstock, Inc. 94,357 8,542,139
Total   12,666,303
Leisure Products 0.3%
Sturm Ruger & Co., Inc. 70,984 5,139,951
Vista Outdoor, Inc.(a) 231,124 8,424,470
Total   13,564,421
Multiline Retail 0.1%
Big Lots, Inc. 131,326 4,564,892
Specialty Retail 3.9%
Aaron’s Co., Inc. (The) 126,998 2,665,688
Abercrombie & Fitch Co., Class A(a) 238,328 9,075,530
America’s Car-Mart, Inc.(a) 24,523 2,358,622
Asbury Automotive Group, Inc.(a) 93,327 18,115,704
Barnes & Noble Education, Inc.(a) 145,666 798,250
Bed Bath & Beyond, Inc.(a),(b) 407,661 6,885,394
Boot Barn Holdings, Inc.(a) 119,438 10,393,495
Buckle, Inc. (The) 118,482 4,265,352
Caleres, Inc. 154,368 3,204,680
Cato Corp. (The), Class A 78,783 1,386,581
Chico’s FAS, Inc.(a) 494,010 2,321,847
Children’s Place, Inc. (The)(a) 56,413 3,551,762
Conn’s, Inc.(a) 77,305 1,417,774
Designer Brands, Inc.(a) 247,481 3,229,627
Genesco, Inc.(a) 57,291 3,675,218
Group 1 Automotive, Inc. 73,017 13,283,983
Guess?, Inc. 157,216 3,443,030
Haverty Furniture Companies, Inc. 60,019 1,705,140
Hibbett, Inc. 60,715 2,737,032
Common Stocks (continued)
Issuer Shares Value ($)
LL Flooring Holdings, Inc.(a) 117,337 1,884,432
MarineMax, Inc.(a) 87,716 4,013,884
Monro, Inc. 135,300 6,315,804
ODP Corp. (The)(a) 185,154 8,146,776
Rent-A-Center, Inc. 243,969 6,931,159
Sally Beauty Holdings, Inc.(a) 455,959 7,878,972
Shoe Carnival, Inc. 70,623 2,059,367
Signet Jewelers Ltd. 214,024 15,088,692
Sleep Number Corp.(a) 91,355 6,002,023
Sonic Automotive, Inc., Class A 83,701 4,495,581
Zumiez, Inc.(a) 86,282 3,838,686
Total   161,170,085
Textiles, Apparel & Luxury Goods 1.2%
Fossil Group, Inc.(a) 191,418 2,587,971
G-III Apparel Group Ltd.(a) 176,317 4,891,034
Kontoor Brands, Inc. 191,903 9,506,875
Movado Group, Inc. 66,583 2,624,702
Oxford Industries, Inc. 64,063 5,662,528
Steven Madden Ltd. 308,628 13,166,070
Unifi, Inc.(a) 56,057 1,052,190
Vera Bradley, Inc.(a) 102,927 778,128
Wolverine World Wide, Inc. 332,265 7,652,063
Total   47,921,561
Total Consumer Discretionary 479,948,955
Consumer Staples 4.7%
Beverages 0.7%
Celsius Holdings, Inc.(a) 153,914 9,833,566
Coca-Cola Bottling Co. Consolidated 18,724 9,304,517
MGP Ingredients, Inc. 50,502 4,020,464
National Beverage Corp. 94,110 4,141,781
Total   27,300,328
Food & Staples Retailing 0.7%
Andersons, Inc. (The) 124,872 5,694,163
PriceSmart, Inc. 97,048 7,057,331
SpartanNash Co. 144,993 4,080,103
The Chefs’ Warehouse(a) 131,424 4,317,278
United Natural Foods, Inc.(a) 227,308 9,144,601
Total   30,293,476
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Food Products 1.7%
B&G Foods, Inc. 261,785 7,748,836
Calavo Growers, Inc. 71,331 3,045,120
Cal-Maine Foods, Inc. 151,062 6,687,515
Fresh Del Monte Produce, Inc. 134,253 3,474,468
Hostess Brands, Inc.(a) 558,916 12,039,051
J&J Snack Foods Corp. 59,983 9,820,417
John B. Sanfilippo & Son, Inc. 35,788 2,845,862
Seneca Foods Corp., Class A(a) 25,304 1,258,874
Simply Good Foods Co. (The)(a) 340,194 13,481,888
Tootsie Roll Industries, Inc. 69,810 2,356,087
TreeHouse Foods, Inc.(a) 225,025 8,832,231
Total   71,590,349
Household Products 0.5%
Central Garden & Pet Co.(a) 39,326 1,861,693
Central Garden & Pet Co., Class A(a) 162,009 7,134,876
WD-40 Co. 55,300 11,717,517
Total   20,714,086
Personal Products 0.8%
Edgewell Personal Care Co. 219,292 7,824,338
elf Beauty, Inc.(a) 193,113 5,103,977
Inter Parfums, Inc. 71,686 6,658,196
Medifast, Inc. 46,857 8,715,402
Usana Health Sciences, Inc.(a) 47,104 4,145,623
Total   32,447,536
Tobacco 0.3%
Universal Corp. 99,261 5,371,013
Vector Group Ltd. 527,891 5,917,658
Total   11,288,671
Total Consumer Staples 193,634,446
Energy 5.7%
Energy Equipment & Services 1.8%
Archrock, Inc. 540,631 4,514,269
Bristow Group, Inc.(a) 93,494 3,098,391
Core Laboratories NV 186,727 5,146,196
DMC Global Inc(a) 75,534 2,220,700
Dril-Quip, Inc.(a) 142,742 4,116,679
Helix Energy Solutions Group, Inc.(a) 572,144 2,317,183
Common Stocks (continued)
Issuer Shares Value ($)
Helmerich & Payne, Inc. 435,249 15,769,071
Nabors Industries Ltd.(a) 31,248 3,922,874
Oceaneering International, Inc.(a) 402,575 5,893,698
Oil States International, Inc.(a) 247,582 1,294,854
Patterson-UTI Energy, Inc. 867,731 12,521,358
ProPetro Holding Corp.(a) 341,927 4,366,408
RPC, Inc.(a) 287,167 2,518,455
US Silica Holdings, Inc.(a) 300,809 4,349,698
Total   72,049,834
Oil, Gas & Consumable Fuels 3.9%
Callon Petroleum Co.(a) 191,497 10,792,771
Civitas Resources, Inc. 290,740 14,673,648
CONSOL Energy, Inc.(a) 127,960 3,933,490
Dorian LPG Ltd. 111,724 1,539,557
Green Plains, Inc.(a) 216,198 7,078,323
Laredo Petroleum, Inc.(a) 57,844 4,428,537
Matador Resources Co. 444,917 22,067,883
Par Pacific Holdings, Inc.(a) 184,529 2,509,594
PBF Energy, Inc., Class A(a) 383,193 6,368,668
Range Resources Corp.(a) 1,007,625 23,124,994
Ranger Oil Corp.(a) 85,066 2,871,828
Renewable Energy Group, Inc.(a) 202,786 12,471,339
REX American Resources Corp.(a) 21,196 2,002,174
SM Energy Co. 490,008 17,400,184
Southwestern Energy Co.(a) 4,094,274 20,430,427
Talos Energy, Inc.(a) 165,148 2,594,475
World Fuel Services Corp. 254,819 7,221,570
Total   161,509,462
Total Energy 233,559,296
Financials 18.6%
Banks 10.6%
Allegiance Bancshares, Inc. 75,971 3,255,357
Ameris Bancorp 266,853 13,209,224
Banc of California, Inc. 218,218 4,287,984
BancFirst Corp. 76,207 5,954,053
Bancorp, Inc. (The)(a) 229,849 6,734,576
BankUnited, Inc. 359,380 15,884,596
Banner Corp. 138,168 8,512,531
Berkshire Hills Bancorp, Inc. 196,283 6,104,401
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Brookline Bancorp, Inc. 313,188 5,368,042
Central Pacific Financial Corp. 112,815 3,293,070
City Holding Co. 60,984 4,858,595
Columbia Banking System, Inc. 313,583 11,486,545
Community Bank System, Inc. 217,550 15,868,097
Customers Bancorp, Inc.(a) 120,286 7,403,603
CVB Financial Corp. 513,875 12,117,173
Dime Community Bancshares, Inc. 133,812 4,548,270
Eagle Bancorp, Inc. 128,870 7,721,890
FB Financial Corp. 144,347 6,414,781
First BanCorp 829,542 11,713,133
First BanCorp 139,278 6,250,797
First Commonwealth Financial Corp. 382,942 6,184,513
First Financial Bancorp 378,174 9,295,517
First Hawaiian, Inc. 519,637 15,105,848
Hanmi Financial Corp. 122,661 3,203,905
Heritage Financial Corp. 141,859 3,719,543
Hilltop Holdings, Inc. 245,258 7,583,377
HomeStreet, Inc. 82,492 4,245,038
Hope Bancorp, Inc. 484,869 8,223,378
Independent Bank Corp. 191,661 16,484,763
Independent Bank Group, Inc. 148,950 11,491,493
Investors Bancorp, Inc. 909,428 15,223,825
Lakeland Financial Corp. 102,052 8,185,591
Meta Financial Group, Inc. 127,752 7,076,183
National Bank Holdings Corp., Class A 122,218 5,424,035
NBT Bancorp, Inc. 174,868 6,709,685
Northwest Bancshares, Inc. 510,537 7,188,361
OFG Bancorp 201,076 5,666,322
Pacific Premier Bancorp, Inc. 380,614 14,733,568
Park National Corp. 58,232 7,806,582
Preferred Bank 55,303 4,340,179
Renasant Corp. 224,875 8,210,186
S&T Bancorp, Inc. 158,732 4,934,978
Seacoast Banking Corp. of Florida 235,371 8,626,347
ServisFirst Bancshares, Inc. 196,811 17,197,345
Simmons First National Corp., Class A 463,208 13,210,692
Southside Bancshares, Inc. 130,197 5,427,913
Tompkins Financial Corp. 47,897 3,788,653
Common Stocks (continued)
Issuer Shares Value ($)
Triumph Bancorp, Inc.(a) 95,266 9,557,085
Trustmark Corp. 251,914 7,932,772
United Community Banks, Inc. 422,164 16,320,860
Veritex Holdings, Inc. 198,853 8,079,397
Westamerica BanCorp 108,374 6,428,746
Total   438,593,398
Capital Markets 0.9%
B Riley Financial, Inc. 64,504 3,841,213
Blucora, Inc.(a) 196,525 3,910,848
BrightSphere Investment Group, Inc. 144,606 3,451,745
Donnelley Financial Solutions, Inc.(a) 117,654 3,776,693
Greenhill & Co., Inc. 55,952 989,231
Piper Sandler Companies 56,938 8,427,393
StoneX Group, Inc.(a) 67,948 5,126,677
Virtus Investment Partners, Inc. 28,772 6,923,119
WisdomTree Investments, Inc. 439,084 2,472,043
Total   38,918,962
Consumer Finance 0.9%
Encore Capital Group, Inc.(a) 100,027 6,600,782
Enova International, Inc.(a) 146,917 5,989,806
Ezcorp, Inc., Class A(a) 214,141 1,282,705
Green Dot Corp., Class A(a) 220,583 6,319,703
LendingTree, Inc.(a) 46,261 5,598,044
PRA Group, Inc.(a) 175,929 7,851,711
World Acceptance Corp.(a) 17,024 3,344,705
Total   36,987,456
Insurance 3.0%
Ambac Financial Group, Inc.(a) 186,784 2,396,439
American Equity Investment Life Holding Co. 332,137 12,518,244
AMERISAFE, Inc. 78,112 3,679,075
Assured Guaranty Ltd. 281,587 17,449,946
eHealth, Inc.(a) 95,801 1,488,748
Employers Holdings, Inc. 112,803 4,383,525
Genworth Financial, Inc., Class A(a) 2,046,721 8,309,687
HCI Group, Inc. 32,254 2,008,134
Horace Mann Educators Corp. 167,357 6,960,378
James River Group Holdings Ltd. 150,426 4,001,332
Mr. Cooper Group, Inc.(a) 303,035 15,403,269
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Palomar Holdings, Inc.(a) 97,394 6,275,095
ProAssurance Corp. 217,764 5,248,112
Safety Insurance Group, Inc. 57,413 4,790,541
Selectquote, Inc.(a) 502,651 1,563,245
SiriusPoint Ltd.(a) 352,742 2,606,763
Stewart Information Services Corp. 108,474 7,363,215
Trupanion, Inc.(a) 138,413 12,405,957
United Fire Group, Inc. 87,009 2,402,318
Universal Insurance Holdings, Inc. 113,154 1,308,060
Total   122,562,083
Mortgage Real Estate Investment Trusts (REITS) 1.3%
Apollo Commercial Real Estate Finance, Inc. 530,453 6,922,412
ARMOUR Residential REIT, Inc. 361,792 2,941,369
Ellington Financial, Inc. 220,073 3,888,690
Franklin BSP Realty Trust, Inc. 177,292 2,340,254
Granite Point Mortgage Trust, Inc. 216,977 2,434,482
Invesco Mortgage Capital, Inc. 1,257,518 2,741,389
KKR Real Estate Finance Trust, Inc. 179,106 3,845,406
New York Mortgage Trust, Inc. 1,529,985 5,370,247
PennyMac Mortgage Investment Trust 391,312 6,104,467
Ready Capital Corp. 237,494 3,526,786
Redwood Trust, Inc. 462,582 4,806,227
Two Harbors Investment Corp. 1,387,263 7,019,551
Total   51,941,280
Thrifts & Mortgage Finance 1.9%
Axos Financial, Inc.(a) 215,995 11,823,566
Capitol Federal Financial, Inc. 520,826 5,687,420
Flagstar Bancorp, Inc. 213,246 9,719,753
NMI Holdings, Inc., Class A(a) 345,887 8,003,825
Northfield Bancorp, Inc. 175,913 2,761,834
Provident Financial Services, Inc. 311,518 7,392,322
TrustCo Bank Corp. 77,527 2,649,098
Walker & Dunlop, Inc. 118,898 16,449,538
WSFS Financial Corp. 264,132 13,425,830
Total   77,913,186
Total Financials 766,916,365
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 11.5%
Biotechnology 2.0%
Anika Therapeutics, Inc.(a) 58,237 1,892,703
Avid Bioservices, Inc.(a) 247,441 5,067,592
Coherus Biosciences, Inc.(a) 257,084 3,031,020
Cytokinetics, Inc.(a) 338,372 11,951,299
Eagle Pharmaceuticals, Inc.(a) 45,842 2,172,452
Emergent BioSolutions, Inc.(a) 193,145 7,992,340
Enanta Pharmaceuticals, Inc.(a) 72,574 5,110,661
iTeos Therapeutics, Inc.(a) 80,958 2,925,013
Ligand Pharmaceuticals, Inc.(a) 67,414 6,823,645
Myriad Genetics, Inc.(a) 322,123 7,853,359
Organogenesis Holdings, Inc.(a) 254,272 1,891,784
REGENXBIO, Inc.(a) 151,821 3,979,228
uniQure NV(a) 145,370 2,469,836
Vanda Pharmaceuticals, Inc.(a) 224,734 2,552,978
Vericel Corp.(a) 188,845 7,782,302
Xencor, Inc.(a) 235,908 7,386,280
Total   80,882,492
Health Care Equipment & Supplies 3.1%
Angiodynamics, Inc.(a) 155,908 3,668,515
Artivion, Inc.(a) 158,652 3,101,647
Avanos Medical, Inc.(a) 194,379 6,879,073
BioLife Solutions, Inc.(a) 118,208 2,777,888
Cardiovascular Systems, Inc.(a) 163,577 3,444,932
CONMED Corp. 117,978 17,243,664
Cutera, Inc.(a) 65,917 2,528,576
Glaukos Corp.(a) 189,147 10,461,721
Heska Corp.(a) 43,207 6,135,394
Inogen, Inc.(a) 82,499 2,878,390
Integer Holdings Corp.(a) 133,194 11,170,981
Lantheus Holdings, Inc.(a) 273,056 13,057,538
LeMaitre Vascular, Inc. 77,520 3,679,874
Meridian Bioscience, Inc.(a) 174,884 4,424,565
Merit Medical Systems, Inc.(a) 204,969 13,329,134
Mesa Laboratories, Inc. 21,077 5,381,590
Natus Medical, Inc.(a) 137,764 3,832,594
OraSure Technologies, Inc.(a) 290,591 2,266,610
Orthofix Medical, Inc.(a) 79,648 2,706,439
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
SurModics, Inc.(a) 55,958 2,511,395
Tactile Systems Technology, Inc.(a) 79,963 1,628,047
Varex Imaging Corp.(a) 158,934 3,757,200
Zynex, Inc. 87,968 553,317
Total   127,419,084
Health Care Providers & Services 3.3%
Addus HomeCare Corp.(a) 64,247 5,463,565
AMN Healthcare Services, Inc.(a) 190,700 20,240,898
Apollo Medical Holdings, Inc.(a) 152,372 7,332,141
Community Health Systems, Inc.(a) 500,930 5,264,774
Corvel Corp.(a) 37,884 6,025,829
Covetrus, Inc.(a) 416,847 7,386,529
Cross Country Healthcare, Inc.(a) 142,571 3,183,610
Ensign Group, Inc. (The) 211,746 17,795,134
Fulgent Genetics, Inc.(a) 78,217 4,872,919
Hanger, Inc.(a) 148,339 2,687,903
Joint Corp. (The)(a) 58,140 2,383,740
Mednax, Inc.(a) 348,735 8,184,810
ModivCare, Inc.(a) 49,697 5,864,246
Owens & Minor, Inc. 304,379 13,438,333
Pennant Group, Inc. (The)(a) 109,128 1,773,330
RadNet, Inc.(a) 178,912 4,413,759
Select Medical Holdings Corp. 427,486 9,896,301
Tivity Health, Inc.(a) 178,613 4,872,563
U.S. Physical Therapy, Inc. 52,085 4,790,257
Total   135,870,641
Health Care Technology 1.1%
Allscripts Healthcare Solutions, Inc.(a) 494,438 9,621,763
Computer Programs & Systems, Inc.(a) 59,088 1,818,728
HealthStream, Inc.(a) 101,853 2,086,968
NextGen Healthcare, Inc.(a) 231,725 4,525,589
Omnicell, Inc.(a) 177,260 22,916,173
OptimizeRx Corp.(a) 71,682 3,246,478
Simulations Plus, Inc. 63,394 2,497,090
Tabula Rasa HealthCare, Inc.(a) 95,447 544,048
Total   47,256,837
Life Sciences Tools & Services 0.3%
NeoGenomics, Inc.(a) 496,656 10,633,405
Common Stocks (continued)
Issuer Shares Value ($)
Pharmaceuticals 1.7%
Amphastar Pharmaceuticals, Inc.(a) 148,622 4,118,316
ANI Pharmaceuticals, Inc.(a) 43,659 1,635,030
Cara Therapeutics, Inc.(a) 170,360 1,766,633
Collegium Pharmaceutical, Inc.(a) 139,446 2,715,014
Corcept Therapeutics, Inc.(a) 382,840 8,533,504
Endo International PLC(a) 942,595 2,931,470
Harmony Biosciences Holdings, Inc.(a) 91,988 3,675,840
Innoviva, Inc.(a) 252,289 4,846,472
Nektar Therapeutics(a) 744,476 7,623,434
Pacira Pharmaceuticals, Inc.(a) 179,684 11,983,126
Phibro Animal Health Corp., Class A 82,041 1,747,473
Prestige Consumer Healthcare, Inc.(a) 202,112 12,031,727
Supernus Pharmaceuticals, Inc.(a) 214,524 6,854,042
Total   70,462,081
Total Health Care 472,524,540
Industrials 16.3%
Aerospace & Defense 1.2%
AAR Corp.(a) 134,500 6,044,430
Aerojet Rocketdyne Holdings, Inc. 301,998 11,702,423
Aerovironment, Inc.(a) 93,078 6,613,192
Kaman Corp. 112,343 4,876,810
Moog, Inc., Class A 118,095 9,814,875
National Presto Industries, Inc. 20,447 1,625,537
Park Aerospace Corp. 78,398 1,087,380
Triumph Group, Inc.(a) 260,631 6,526,200
Total   48,290,847
Air Freight & Logistics 0.8%
Atlas Air Worldwide Holdings, Inc.(a) 108,898 8,533,247
Forward Air Corp. 108,745 11,220,309
HUB Group, Inc., Class A(a) 137,022 11,564,657
Total   31,318,213
Airlines 0.5%
Allegiant Travel Co.(a) 61,290 10,669,976
Hawaiian Holdings, Inc.(a) 206,586 3,962,319
Skywest, Inc.(a) 203,226 5,712,683
Total   20,344,978
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Building Products 1.8%
AAON, Inc. 167,075 9,783,912
American Woodmark Corp.(a) 66,833 3,580,912
Apogee Enterprises, Inc. 102,198 4,606,064
Gibraltar Industries, Inc.(a) 131,826 6,369,832
Griffon Corp. 192,046 4,426,660
Insteel Industries, Inc. 78,289 2,905,305
PGT, Inc.(a) 240,531 5,173,822
Quanex Building Products Corp. 135,223 3,091,198
Resideo Technologies, Inc.(a) 582,432 14,991,800
UFP Industries, Inc. 249,647 21,407,230
Total   76,336,735
Commercial Services & Supplies 2.2%
ABM Industries, Inc. 271,240 12,159,689
Brady Corp., Class A 195,755 9,020,390
CoreCivic, Inc.(a) 485,212 4,420,281
Deluxe Corp. 171,866 5,346,751
GEO Group, Inc. (The)(a) 494,288 2,945,957
Harsco Corp.(a) 319,497 3,805,209
Healthcare Services Group, Inc. 300,679 4,756,742
HNI Corp. 175,711 7,149,681
Interface, Inc. 238,219 3,108,758
KAR Auction Services, Inc.(a) 488,718 9,021,734
Matthews International Corp., Class A 127,522 4,231,180
Pitney Bowes, Inc. 667,607 3,324,683
Unifirst Corp. 61,419 11,132,194
US Ecology, Inc.(a) 127,115 6,030,336
Viad Corp.(a) 82,815 2,893,556
Total   89,347,141
Construction & Engineering 1.0%
Arcosa, Inc. 194,956 10,268,333
Comfort Systems U.S.A., Inc. 145,384 12,500,116
Granite Construction, Inc. 184,859 5,595,682
MYR Group, Inc.(a) 68,051 6,107,577
NV5 Global, Inc.(a) 47,778 5,124,191
Total   39,595,899
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.4%
AZZ, Inc. 100,201 4,932,895
Encore Wire Corp. 81,710 9,512,678
Powell Industries, Inc. 36,316 767,721
Total   15,213,294
Machinery 5.0%
Alamo Group, Inc. 39,923 5,553,689
Albany International Corp., Class A 130,616 11,470,697
Astec Industries, Inc. 91,831 4,573,184
Barnes Group, Inc. 187,884 8,727,212
Chart Industries, Inc.(a) 143,694 20,749,414
CIRCOR International, Inc.(a) 81,718 2,201,483
Enerpac Tool Group Corp. 243,205 4,195,286
EnPro Industries, Inc. 83,118 9,179,552
ESCO Technologies, Inc. 105,126 7,313,616
Federal Signal Corp. 246,356 8,895,915
Franklin Electric Co., Inc. 157,329 13,303,740
Greenbrier Companies, Inc. (The) 131,286 5,833,037
Hillenbrand, Inc. 294,625 14,056,559
John Bean Technologies Corp. 128,147 14,528,025
Lindsay Corp. 44,001 5,773,371
Meritor, Inc.(a) 282,947 10,075,743
Mueller Industries, Inc. 231,410 13,201,940
Proto Labs, Inc.(a) 111,294 6,258,062
SPX Corp.(a) 183,189 9,287,682
SPX FLOW, Inc. 169,305 14,541,606
Standex International Corp. 49,253 5,217,370
Tennant Co. 74,772 5,890,538
Titan International, Inc.(a) 206,338 2,310,986
Wabash National Corp. 199,583 3,400,894
Total   206,539,601
Marine 0.4%
Matson, Inc. 169,551 18,781,164
Professional Services 1.4%
Exponent, Inc. 210,212 19,919,689
Forrester Research, Inc.(a) 44,853 2,329,216
Heidrick & Struggles International, Inc. 79,031 3,378,575
Kelly Services, Inc., Class A 145,344 3,084,200
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Korn/Ferry International 219,869 14,568,520
Mantech International Corp., Class A 111,181 9,269,160
Resources Connection, Inc. 125,839 2,088,928
TrueBlue, Inc.(a) 143,125 3,893,000
Total   58,531,288
Road & Rail 0.4%
ArcBest Corp. 103,138 9,558,830
Heartland Express, Inc. 187,792 2,696,693
Marten Transport Ltd. 240,898 4,155,490
Total   16,411,013
Trading Companies & Distributors 1.2%
Applied Industrial Technologies, Inc. 155,130 15,683,643
Boise Cascade Co. 158,656 12,682,961
DXP Enterprises, Inc.(a) 68,920 1,978,693
GMS, Inc.(a) 174,053 9,442,375
NOW, Inc.(a) 445,979 4,165,444
Veritiv Corp.(a) 55,923 5,993,268
Total   49,946,384
Total Industrials 670,656,557
Information Technology 12.8%
Communications Equipment 1.5%
ADTRAN, Inc. 196,368 4,043,217
CalAmp Corp.(a) 144,743 1,021,886
Comtech Telecommunications Corp. 106,280 2,187,242
Digi International, Inc.(a) 137,599 2,762,988
Extreme Networks, Inc.(a) 523,913 6,019,760
Harmonic, Inc.(a) 413,744 3,851,957
InterDigital, Inc. 123,751 7,972,040
NETGEAR, Inc.(a) 118,051 3,141,337
Netscout Systems, Inc.(a) 298,001 9,276,771
Plantronics, Inc.(a) 172,375 4,855,804
Viavi Solutions, Inc.(a) 958,791 15,724,172
Total   60,857,174
Electronic Equipment, Instruments & Components 3.8%
Advanced Energy Industries, Inc. 151,955 13,045,337
Arlo Technologies, Inc.(a) 340,050 3,155,664
Badger Meter, Inc. 117,990 11,729,386
Benchmark Electronics, Inc. 142,088 3,714,180
Common Stocks (continued)
Issuer Shares Value ($)
CTS Corp. 129,991 4,931,859
ePlus, Inc.(a) 108,979 5,111,115
Fabrinet(a) 149,325 14,951,912
FARO Technologies, Inc.(a) 73,432 4,019,668
Insight Enterprises, Inc.(a) 140,725 14,635,400
Itron, Inc.(a) 182,621 8,705,543
Knowles Corp.(a) 372,506 8,113,181
Methode Electronics, Inc. 153,976 7,027,465
OSI Systems, Inc.(a) 67,309 5,429,817
PC Connection, Inc. 44,404 2,166,471
Plexus Corp.(a) 113,956 9,283,995
Rogers Corp.(a) 75,554 20,626,242
Sanmina Corp.(a) 259,687 10,330,349
Scansource, Inc.(a) 102,988 3,252,361
TTM Technologies, Inc.(a) 420,969 5,291,580
Total   155,521,525
IT Services 1.4%
CSG Systems International, Inc. 131,689 8,127,845
EVERTEC, Inc. 240,963 9,725,267
ExlService Holdings, Inc.(a) 134,339 16,226,808
Perficient, Inc.(a) 132,867 13,539,147
TTEC Holdings, Inc. 73,923 5,876,878
Unisys Corp.(a) 270,881 5,788,727
Total   59,284,672
Semiconductors & Semiconductor Equipment 3.4%
Axcelis Technologies, Inc.(a) 134,376 9,301,507
Ceva, Inc.(a) 92,674 3,778,319
Cohu, Inc.(a) 196,400 6,123,752
Diodes, Inc.(a) 181,596 16,269,186
Formfactor, Inc.(a) 315,476 12,773,623
Ichor Holdings Ltd.(a) 114,606 4,037,569
Kulicke & Soffa Industries, Inc. 249,974 13,058,642
MaxLinear, Inc., Class A(a) 284,775 17,470,946
Onto Innovation, Inc.(a) 198,780 17,136,824
PDF Solutions, Inc.(a) 120,515 3,297,291
Photronics, Inc.(a) 246,674 4,543,735
Rambus, Inc.(a) 441,163 11,911,401
SMART Global Holdings, Inc.(a) 186,834 5,128,593
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Ultra Clean Holdings, Inc.(a) 181,120 8,297,107
Veeco Instruments, Inc.(a) 203,726 5,820,452
Total   138,948,947
Software 2.4%
8x8, Inc.(a) 459,658 5,957,168
Agilysys, Inc.(a) 78,429 3,296,371
Alarm.com Holdings, Inc.(a) 185,780 12,229,897
Bottomline Technologies de, Inc.(a) 156,017 8,836,803
Consensus Cloud Solutions, Inc.(a) 64,739 3,603,373
Ebix, Inc. 96,111 2,836,235
LivePerson, Inc.(a) 265,466 5,383,650
OneSpan, Inc.(a) 138,647 1,910,556
Progress Software Corp. 176,856 7,795,812
SPS Commerce, Inc.(a) 145,074 18,837,859
Vonage Holdings Corp.(a) 1,018,443 20,694,762
Xperi Holding Corp. 421,659 7,303,134
Total   98,685,620
Technology Hardware, Storage & Peripherals 0.3%
3D Systems Corp.(a) 515,240 9,181,577
Corsair Gaming, Inc.(a) 133,536 3,082,011
Diebold, Inc.(a) 293,948 2,557,347
Total   14,820,935
Total Information Technology 528,118,873
Materials 5.4%
Chemicals 2.9%
AdvanSix, Inc. 113,480 4,546,009
American Vanguard Corp. 108,561 1,636,014
Balchem Corp. 130,624 18,070,524
Ferro Corp.(a) 333,769 7,252,800
FutureFuel Corp. 104,155 766,581
GCP Applied Technologies(a) 216,457 6,835,712
Hawkins, Inc. 75,798 3,430,618
HB Fuller Co. 211,979 14,493,004
Innospec, Inc. 99,422 9,494,801
Koppers Holdings, Inc.(a) 85,945 2,460,605
Kraton Performance Polymers, Inc.(a) 129,680 5,984,732
Livent Corp.(a) 651,770 15,349,184
Quaker Chemical Corp. 54,136 10,048,183
Common Stocks (continued)
Issuer Shares Value ($)
Rayonier Advanced Materials, Inc.(a) 257,106 1,509,212
Stepan Co. 85,902 8,901,165
Tredegar Corp. 103,444 1,190,640
Trinseo PLC 156,663 8,140,210
Total   120,109,994
Containers & Packaging 0.3%
Myers Industries, Inc. 146,183 2,429,562
O-I Glass, Inc.(a) 632,617 8,084,845
Total   10,514,407
Metals & Mining 1.8%
Allegheny Technologies, Inc.(a) 513,300 13,212,342
Arconic Corp.(a) 429,553 13,187,277
Carpenter Technology Corp. 194,379 7,462,210
Century Aluminum Co.(a) 203,598 4,808,985
Compass Minerals International, Inc. 137,486 8,059,429
Haynes International, Inc. 51,186 1,871,360
Kaiser Aluminum Corp. 63,989 6,174,939
Materion Corp. 82,448 6,888,530
Olympic Steel, Inc. 37,534 1,004,785
SunCoke Energy, Inc. 335,137 2,657,636
TimkenSteel Corp.(a) 165,893 2,991,051
Warrior Met Coal, Inc. 207,385 6,532,628
Total   74,851,172
Paper & Forest Products 0.4%
Clearwater Paper Corp.(a) 67,321 1,940,864
Glatfelter Corp. 179,607 2,467,800
Mercer International, Inc. 162,496 2,172,572
Neenah, Inc. 67,603 2,633,137
Schweitzer-Mauduit International, Inc. 126,897 3,961,724
Sylvamo Corp.(a) 142,331 4,967,352
Total   18,143,449
Total Materials 223,619,022
Real Estate 7.9%
Equity Real Estate Investment Trusts (REITS) 7.3%
Acadia Realty Trust 356,811 7,650,028
Agree Realty Corp. 281,482 18,057,070
Alexander & Baldwin, Inc. 292,575 6,562,457
American Assets Trust, Inc. 212,224 7,758,909
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Armada Hoffler Properties, Inc. 248,102 3,642,137
Brandywine Realty Trust 690,297 9,201,659
CareTrust REIT, Inc. 391,417 6,849,798
Centerspace 57,607 5,414,482
Chatham Lodging Trust(a) 196,723 2,704,941
Community Healthcare Trust, Inc. 94,731 3,950,283
DiamondRock Hospitality Co.(a) 849,610 8,113,775
Diversified Healthcare Trust 964,071 2,776,524
Easterly Government Properties, Inc. 347,468 7,234,284
Essential Properties Realty Trust, Inc. 490,412 12,397,615
Four Corners Property Trust, Inc. 312,031 8,231,378
Franklin Street Properties Corp. 383,497 2,216,613
Getty Realty Corp. 159,129 4,384,004
Global Net Lease, Inc. 417,923 5,938,686
Hersha Hospitality Trust(a) 133,230 1,229,713
Independence Realty Trust, Inc. 421,780 10,658,381
Industrial Logistics Properties Trust 263,834 5,901,967
Innovative Industrial Properties, Inc. 96,522 18,190,536
iStar, Inc. 280,256 7,040,031
LTC Properties, Inc. 158,829 5,373,185
LXP Industrial Trust 1,140,843 17,637,433
NexPoint Residential Trust, Inc. 91,677 7,789,795
Office Properties Income Trust 195,343 4,893,342
Orion Office REIT, Inc.(a) 218,522 3,721,430
Retail Opportunity Investments Corp. 489,807 8,894,895
RPT Realty 340,014 4,403,181
Safehold, Inc. 57,039 3,499,913
Saul Centers, Inc. 52,581 2,420,303
Service Properties Trust 665,957 5,747,209
SITE Centers Corp. 724,219 11,261,605
Summit Hotel Properties, Inc.(a) 429,408 4,246,845
Tanger Factory Outlet Centers, Inc. 419,460 6,996,593
Uniti Group, Inc. 952,276 12,351,020
Universal Health Realty Income Trust 51,710 2,953,158
Urban Edge Properties 445,287 8,113,129
Urstadt Biddle Properties, Inc., Class A 121,346 2,284,945
Veris Residential, Inc.(a) 322,839 5,455,979
Washington Real Estate Investment Trust 341,409 7,975,314
Common Stocks (continued)
Issuer Shares Value ($)
Whitestone REIT 186,228 2,193,766
Xenia Hotels & Resorts, Inc.(a) 460,703 8,541,434
Total   302,859,745
Real Estate Management & Development 0.6%
Douglas Elliman, Inc.(a) 263,945 1,990,145
Marcus & Millichap, Inc.(a) 100,809 5,013,232
RE/MAX Holdings, Inc., Class A 76,204 2,258,687
Realogy Holdings Corp.(a) 470,299 8,550,036
St. Joe Co. (The) 133,014 7,186,746
Total   24,998,846
Total Real Estate 327,858,591
Utilities 1.9%
Gas Utilities 0.7%
Chesapeake Utilities Corp. 71,012 9,441,045
Northwest Natural Holding Co. 123,960 6,447,160
South Jersey Industries, Inc. 453,599 15,390,614
Total   31,278,819
Multi-Utilities 0.4%
Avista Corp. 285,468 12,740,437
Unitil Corp. 64,433 3,253,222
Total   15,993,659
Water Utilities 0.8%
American States Water Co. 148,994 12,539,335
California Water Service Group 212,213 12,081,286
Middlesex Water Co. 70,580 7,057,294
Total   31,677,915
Total Utilities 78,950,393
Total Common Stocks
(Cost $2,498,074,154)
4,047,488,447
Exchange-Traded Equity Funds 1.2%
  Shares Value ($)
U.S. Small Cap 1.2%
iShares Core S&P Small-Cap ETF 447,875 48,240,616
Total Exchange-Traded Equity Funds
(Cost $30,910,919)
48,240,616
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
17

Portfolio of Investments  (continued)
February 28, 2022
Money Market Funds 0.7%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 28,850,475 28,841,820
Total Money Market Funds
(Cost $28,839,955)
28,841,820
Total Investments in Securities
(Cost: $2,557,825,028)
4,124,570,883
Other Assets & Liabilities, Net   517,245
Net Assets 4,125,088,128
At February 28, 2022, securities and/or cash totaling $3,847,542 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
Russell 2000 Index E-mini 304 03/2022 USD 31,076,400 579,082
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at February 28, 2022.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  56,765,602 516,094,480 (544,020,119) 1,857 28,841,820 (8,110) 29,256 28,850,475
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Small Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
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 February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 71,701,409 71,701,409
Consumer Discretionary 479,948,955 479,948,955
Consumer Staples 193,634,446 193,634,446
Energy 233,559,296 233,559,296
Financials 766,916,365 766,916,365
Health Care 472,524,540 472,524,540
Industrials 670,656,557 670,656,557
Information Technology 528,118,873 528,118,873
Materials 223,619,022 223,619,022
Real Estate 327,858,591 327,858,591
Utilities 78,950,393 78,950,393
Total Common Stocks 4,047,488,447 4,047,488,447
Exchange-Traded Equity Funds 48,240,616 48,240,616
Money Market Funds 28,841,820 28,841,820
Total Investments in Securities 4,124,570,883 4,124,570,883
Investments in Derivatives        
Asset        
Futures Contracts 579,082 579,082
Total 4,125,149,965 4,125,149,965
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
19

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $2,528,985,073) $4,095,729,063
Affiliated issuers (cost $28,839,955) 28,841,820
Receivable for:  
Capital shares sold 3,464,837
Dividends 1,930,546
Variation margin for futures contracts 90,475
Expense reimbursement due from Investment Manager 384
Total assets 4,130,057,125
Liabilities  
Payable for:  
Capital shares purchased 4,544,017
Variation margin for futures contracts 32,257
Management services fees 67,590
Distribution and/or service fees 21,973
Compensation of board members 303,160
Total liabilities 4,968,997
Net assets applicable to outstanding capital stock $4,125,088,128
Represented by  
Paid in capital 2,485,031,738
Total distributable earnings (loss) 1,640,056,390
Total - representing net assets applicable to outstanding capital stock $4,125,088,128
Class A  
Net assets $1,070,943,035
Shares outstanding 38,909,422
Net asset value per share $27.52
Institutional Class  
Net assets $1,763,232,630
Shares outstanding 63,498,573
Net asset value per share $27.77
Institutional 2 Class  
Net assets $1,199,979,759
Shares outstanding 42,033,053
Net asset value per share $28.55
Institutional 3 Class  
Net assets $90,932,704
Shares outstanding 3,379,458
Net asset value per share $26.91
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Small Cap Index Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $57,605,557
Dividends — affiliated issuers 29,256
Foreign taxes withheld (50,869)
Total income 57,583,944
Expenses:  
Management services fees 8,941,618
Distribution and/or service fees  
Class A 2,943,484
Compensation of board members 107,091
Interest on collateral 706
Other 284
Total expenses 11,993,183
Fees waived or expenses reimbursed by Investment Manager and its affiliates (107,374)
Expense reduction (1,080)
Total net expenses 11,884,729
Net investment income 45,699,215
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 319,150,005
Investments — affiliated issuers (8,110)
Foreign currency translations (2)
Futures contracts 250,460
Net realized gain 319,392,353
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (182,735,474)
Investments — affiliated issuers 1,857
Futures contracts (535,504)
Net change in unrealized appreciation (depreciation) (183,269,121)
Net realized and unrealized gain 136,123,232
Net increase in net assets resulting from operations $181,822,447
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
21

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $45,699,215 $34,121,939
Net realized gain 319,392,353 125,971,897
Net change in unrealized appreciation (depreciation) (183,269,121) 1,166,052,959
Net increase in net assets resulting from operations 181,822,447 1,326,146,795
Distributions to shareholders    
Net investment income and net realized gains    
Class A (90,877,215) (32,771,990)
Institutional Class (151,339,217) (53,973,888)
Institutional 2 Class (97,402,387) (25,163,888)
Institutional 3 Class (7,395,880) (2,289,248)
Total distributions to shareholders (347,014,699) (114,199,014)
Decrease in net assets from capital stock activity (122,118,941) (156,601,896)
Total increase (decrease) in net assets (287,311,193) 1,055,345,885
Net assets at beginning of year 4,412,399,321 3,357,053,436
Net assets at end of year $4,125,088,128 $4,412,399,321
    
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 6,871,306 203,973,849 8,772,377 176,225,195
Distributions reinvested 2,667,184 78,041,984 1,274,492 27,865,631
Redemptions (11,669,698) (345,770,746) (19,817,244) (409,941,679)
Net decrease (2,131,208) (63,754,913) (9,770,375) (205,850,853)
Institutional Class        
Subscriptions 8,209,632 245,235,326 14,952,708 303,828,228
Distributions reinvested 3,953,756 116,597,000 1,878,061 41,449,814
Redemptions (14,989,733) (448,800,004) (28,858,468) (584,127,079)
Net decrease (2,826,345) (86,967,678) (12,027,699) (238,849,037)
Institutional 2 Class        
Subscriptions 13,891,385 427,539,854 27,203,178 675,050,843
Distributions reinvested 2,970,935 89,977,964 968,240 22,295,675
Redemptions (16,428,592) (508,690,062) (16,980,262) (376,793,084)
Net increase 433,728 8,827,756 11,191,156 320,553,434
Institutional 3 Class        
Subscriptions 1,704,017 49,590,547 1,465,633 31,501,162
Distributions reinvested 193,333 5,532,686 106,432 2,195,288
Redemptions (1,212,485) (35,347,339) (3,020,356) (66,151,890)
Net increase (decrease) 684,865 19,775,894 (1,448,291) (32,455,440)
Total net decrease (3,838,960) (122,118,941) (12,055,209) (156,601,896)
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Small Cap Index Fund  | Annual Report 2022

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Columbia Small Cap Index Fund  | Annual Report 2022
23

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $28.74 0.25 0.90 1.15 (0.27) (2.10) (2.37)
Year Ended 2/28/2021 $20.32 0.18 8.97 9.15 (0.22) (0.51) (0.73)
Year Ended 2/29/2020 $23.54 0.24 (2.00) (1.76) (0.26) (1.20) (1.46)
Year Ended 2/28/2019 $24.33 0.23 1.32 1.55 (0.23) (2.11) (2.34)
Year Ended 2/28/2018 $23.83 0.21 2.11 2.32 (0.22) (1.60) (1.82)
Institutional Class
Year Ended 2/28/2022 $28.96 0.33 0.91 1.24 (0.33) (2.10) (2.43)
Year Ended 2/28/2021 $20.47 0.24 9.03 9.27 (0.27) (0.51) (0.78)
Year Ended 2/29/2020 $23.69 0.30 (2.02) (1.72) (0.30) (1.20) (1.50)
Year Ended 2/28/2019 $24.47 0.29 1.33 1.62 (0.29) (2.11) (2.40)
Year Ended 2/28/2018 $23.96 0.27 2.12 2.39 (0.28) (1.60) (1.88)
Institutional 2 Class
Year Ended 2/28/2022 $29.71 0.34 0.93 1.27 (0.33) (2.10) (2.43)
Year Ended 2/28/2021 $20.98 0.25 9.26 9.51 (0.27) (0.51) (0.78)
Year Ended 2/29/2020 $24.25 0.30 (2.07) (1.77) (0.30) (1.20) (1.50)
Year Ended 2/28/2019 $24.99 0.30 1.36 1.66 (0.29) (2.11) (2.40)
Year Ended 2/28/2018 $24.43 0.28 2.16 2.44 (0.28) (1.60) (1.88)
Institutional 3 Class
Year Ended 2/28/2022 $28.13 0.32 0.89 1.21 (0.33) (2.10) (2.43)
Year Ended 2/28/2021 $19.91 0.23 8.77 9.00 (0.27) (0.51) (0.78)
Year Ended 2/29/2020 $23.08 0.29 (1.96) (1.67) (0.30) (1.20) (1.50)
Year Ended 2/28/2019 $23.90 0.29 1.29 1.58 (0.29) (2.11) (2.40)
Year Ended 2/28/2018(f) $23.87 0.24 1.67 1.91 (0.28) (1.60) (1.88)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Small Cap Index Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $27.52 3.62% 0.45%(c) 0.45%(c),(d) 0.84% 13% $1,070,943
Year Ended 2/28/2021 $28.74 46.15% 0.45%(e) 0.45%(d),(e) 0.89% 24% $1,179,484
Year Ended 2/29/2020 $20.32 (8.08%) 0.45%(e) 0.45%(d),(e) 1.04% 17% $1,032,677
Year Ended 2/28/2019 $23.54 6.70% 0.45% 0.45%(d) 0.89% 22% $1,440,665
Year Ended 2/28/2018 $24.33 9.86% 0.45% 0.45%(d) 0.88% 16% $1,488,143
Institutional Class
Year Ended 2/28/2022 $27.77 3.92% 0.20%(c) 0.20%(c),(d) 1.09% 13% $1,763,233
Year Ended 2/28/2021 $28.96 46.46% 0.20%(e) 0.20%(d),(e) 1.14% 24% $1,920,981
Year Ended 2/29/2020 $20.47 (7.85%) 0.20%(e) 0.20%(d),(e) 1.29% 17% $1,603,859
Year Ended 2/28/2019 $23.69 6.99% 0.20% 0.20%(d) 1.14% 22% $2,026,925
Year Ended 2/28/2018 $24.47 10.11% 0.20% 0.20%(d) 1.12% 16% $1,866,835
Institutional 2 Class
Year Ended 2/28/2022 $28.55 3.92% 0.20%(c) 0.20%(c) 1.09% 13% $1,199,980
Year Ended 2/28/2021 $29.71 46.48% 0.20%(e) 0.20%(e) 1.12% 24% $1,236,122
Year Ended 2/29/2020 $20.98 (7.87%) 0.20%(e) 0.20%(e) 1.29% 17% $638,046
Year Ended 2/28/2019 $24.25 7.01% 0.20% 0.20% 1.14% 22% $748,749
Year Ended 2/28/2018 $24.99 10.12% 0.20% 0.20% 1.12% 16% $584,472
Institutional 3 Class
Year Ended 2/28/2022 $26.91 3.93% 0.20%(c) 0.20%(c) 1.09% 13% $90,933
Year Ended 2/28/2021 $28.13 46.41% 0.20%(e) 0.20%(e) 1.16% 24% $75,812
Year Ended 2/29/2020 $19.91 (7.84%) 0.20%(e) 0.20%(e) 1.30% 17% $82,471
Year Ended 2/28/2019 $23.08 6.99% 0.20% 0.20% 1.16% 22% $70,934
Year Ended 2/28/2018(f) $23.90 8.14% 0.21% 0.20% 1.01% 16% $4,327
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund  | Annual Report 2022
25

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Small Cap Index Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
26 Columbia Small Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in
Columbia Small Cap Index Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark and to manage exposure to movements in interest rates. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in
28 Columbia Small Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 579,082*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category           Futures
contracts
($)
Equity risk           250,460
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category           Futures
contracts
($)
Equity risk           (535,504)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 48,409,101
    
* Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
Columbia Small Cap Index Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
30 Columbia Small Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s daily net assets.
The Investment Manager, from the management services fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Board of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution and/or shareholder servicing and any extraordinary non-recurring expenses that may arise, including litigation fees.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. 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. The expenses of the Chief Compliance Officer allocated to the Fund are payable by the Investment Manager.
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 agency fees are payable by the Investment Manager. 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. The Transfer Agent also receives compensation from the Investment Manager for various shareholder services and reimbursements for certain out-of-pocket expenses.
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $1,080.
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
Columbia Small Cap Index Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
February 28, 2022
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.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
June 30, 2022
Class A 0.45%
Institutional Class 0.20
Institutional 2 Class 0.20
Institutional 3 Class 0.20
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments, re-characterization of distributions for investments, distribution reclassifications and foreign currency transactions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(321,089) 321,089
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
32 Columbia Small Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
71,711,256 275,303,443 347,014,699 36,587,589 77,611,425 114,199,014
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
106,591,157 1,533,765,305
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
2,591,384,660 1,776,719,795 (242,954,490) 1,533,765,305
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $583,060,714 and $950,590,260, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Columbia Small Cap Index Fund  | Annual Report 2022
33

Notes to Financial Statements  (continued)
February 28, 2022
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
34 Columbia Small Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Passive investment risk
The Fund is not “actively” managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests in securities or instruments included in, or believed by the Investment Manager to be representative of, its tracking index, regardless of their investment merits. The Fund does not seek temporary defensive positions when markets decline or appear overvalued. The decision of whether to remove a security from the tracking index is made by an independent index provider who is not affiliated with the Fund or the Investment Manager.
Shareholder concentration risk
At February 28, 2022, two unaffiliated shareholders of record owned 30.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 15.9% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual
Columbia Small Cap Index Fund  | Annual Report 2022
35

Notes to Financial Statements  (continued)
February 28, 2022
(10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
36 Columbia Small Cap Index Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Small Cap Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Small Cap Index Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Small Cap Index Fund  | Annual Report 2022
37

 Federal Income Tax Information
(Unaudited)
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
77.10% 76.17% 9.69% $320,374,033
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
38 Columbia Small Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Small Cap Index Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
40 Columbia Small Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Small Cap Index Fund  | Annual Report 2022
41

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
42 Columbia Small Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Small Cap Index Fund  | Annual Report 2022
43

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
44 Columbia Small Cap Index Fund  | Annual Report 2022

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Columbia Small Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN228_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Small Cap Value Fund II
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Small Cap Value Fund II (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Small Cap Value Fund II  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Christian Stadlinger, Ph.D., CFA
Co-Portfolio Manager
Managed Fund since 2002
Jarl Ginsberg, CFA, CAIA
Co-Portfolio Manager
Managed Fund since 2003
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 05/01/02 11.94 8.76 11.05
  Including sales charges   5.50 7.48 10.40
Advisor Class* 11/08/12 12.26 9.05 11.32
Class C Excluding sales charges 05/01/02 11.10 7.95 10.23
  Including sales charges   10.15 7.95 10.23
Institutional Class 05/01/02 12.27 9.05 11.34
Institutional 2 Class* 11/08/12 12.41 9.22 11.47
Institutional 3 Class* 11/08/12 12.46 9.26 11.52
Class R 01/23/06 11.73 8.50 10.79
Russell 2000 Value Index   6.63 7.97 10.66
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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. Since the Fund launched more than one share class at its inception, Class A shares were used. 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 Russell 2000 Value Index, an unmanaged index, tracks the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Small Cap Value Fund II  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Small Cap Value Fund II during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 96.2
Money Market Funds 3.8
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 1.8
Consumer Discretionary 7.4
Consumer Staples 3.3
Energy 8.4
Financials 29.7
Health Care 5.4
Industrials 17.2
Information Technology 5.9
Materials 8.4
Real Estate 7.3
Utilities 5.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Small Cap Value Fund II  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Small Cap Value Fund II returned 11.94% excluding sales charges. The Fund outperformed its benchmark, the Russell 2000 Value Index, which returned 6.63% for the same time period.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of most significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
The energy sector led returns for the benchmark during the period, followed by the materials, utilities, financials and real estate sectors. The health care sector delivered double-digit negative returns for the benchmark during the period, followed by the information technology and consumer discretionary sectors, which also ended the period in negative territory.
The Fund’s notable contributors during the period
The Fund’s outperformance of its benchmark during the period was driven by strong stock selection, most notably within the industrials, energy, consumer staples, materials and financials sectors.
Allocations also contributed to the Fund’s results versus its benchmark, particularly the Fund’s underweight in the health care sector, which delivered the worst returns for the benchmark during the period.
A top contributor to relative performance was the Fund’s position in industrial and construction equipment rental company Herc Holdings Inc. The firm reported strong quarterly earnings during the period and we believe it is actually poised to benefit from supply constraints in areas of the economy, as businesses utilize rentals to expand capacity. The company also announced an initiation of a quarterly dividend.
Other top contributors to performance included two exploration and production names within the energy sector, Ovintiv, Inc. and Matador Resources Co., which saw substantial gains as energy prices rose. Ovintiv also announced their intention to accelerate their debt reduction plans through further divestitures.
Within consumer staples, the Fund’s position in United Natural Foods, Inc. was a notable contributor to outperformance. Shares in the company, which distributes natural and organic foods, climbed toward the end of the period after reporting quarterly results that beat consensus expectations. The company also raised its forward guidance. The beat (exceeded expectations) and raise (raised guidance) was driven by continued strong execution and better gross margins.
Within information technology, the Fund’s position in Synaptics, Inc. was a notable outperformer. Shares in the company, which specializes in human interface semiconductor solutions, rose sharply after reporting quarterly results in November 2021. The report was highlighted by earnings above expectations and a raise of forward guidance. The outperformance of expectations was driven by strong demand and revenue growth, particularly in Synaptics’ internet-of-things business line, and higher gross margins.
The Fund’s notable detractors during the period
The biggest detractor from relative performance was a lack of exposure to video game retailer GameStop. Shares in GameStop skyrocketed early in the period, as retail investors from internet forums such as Reddit piled into the stock,
Columbia Small Cap Value Fund II  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
  causing an unprecedented short squeeze that led to huge losses for some notable hedge funds. The Fund did not own GameStop, which by the end of the first quarter of 2021 was up over 900% and became one of the largest names in the benchmark. We believe that over the long-term, stock prices will track fundamentals and so we did not invest in GameStop.
The Fund’s lack of exposure to Avis Budget Group was a detractor within the industrials sector. Shares in the heavily shorted vehicle sharing and rental company rose sharply at the beginning of November 2021, as the company reported strong earnings which triggered an apparent short squeeze in the stock.
Other individual detractors from performance included SkyWest, Inc., a regional airline that primarily provides service through contracts with other major airlines. Shares declined alongside other airline names as market sentiment changed in the second quarter of 2021, with investors rotating out of certain COVID-19 recovery names and back into more growth-oriented areas.
Within information technology, the Fund’s position in solar panel and systems designer and manufacturer SunPower Corp. was a notable detractor. Shares declined early in the period following tremendous performance in 2020 and in the first quarter of 2021 as a result of mandates in certain states requiring that new homes be solar equipped, and due to certain natural disasters and outages, all of which fueled demand for solar panels. Following this run of strong performance, shares declined in the second quarter of 2021, and we exited the position.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Investments in small-cap companies involve risks and volatility greater than investments in larger, more established companies. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as  investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Small Cap Value Fund II  | Annual Report 2022

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,031.50 1,018.50 6.40 6.36 1.27
Advisor Class 1,000.00 1,000.00 1,033.60 1,019.74 5.14 5.11 1.02
Class C 1,000.00 1,000.00 1,027.90 1,014.78 10.16 10.09 2.02
Institutional Class 1,000.00 1,000.00 1,033.60 1,019.74 5.14 5.11 1.02
Institutional 2 Class 1,000.00 1,000.00 1,034.30 1,020.43 4.44 4.41 0.88
Institutional 3 Class 1,000.00 1,000.00 1,034.10 1,020.68 4.19 4.16 0.83
Class R 1,000.00 1,000.00 1,030.90 1,017.26 7.65 7.60 1.52
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Small Cap Value Fund II  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.1%
Issuer Shares Value ($)
Communication Services 1.8%
Entertainment 0.4%
AMC Entertainment Holdings, Inc., Class A(a) 293,700 5,539,182
Media 1.4%
Nexstar Media Group, Inc., Class A 124,408 23,021,700
Total Communication Services 28,560,882
Consumer Discretionary 7.2%
Auto Components 1.1%
Dana, Inc. 448,127 8,344,125
Goodyear Tire & Rubber Co. (The)(a) 583,807 9,043,170
Total   17,387,295
Hotels, Restaurants & Leisure 2.2%
F45 Training Holdings, Inc.(a) 1,064,578 16,373,210
International Game Technology PLC 388,000 11,880,560
Red Rock Resorts, Inc., Class A 138,700 6,973,836
Total   35,227,606
Household Durables 0.5%
KB Home 220,700 8,521,227
Multiline Retail 1.1%
Macy’s, Inc. 695,086 18,016,629
Specialty Retail 1.9%
Children’s Place, Inc. (The)(a) 64,400 4,054,624
Genesco, Inc.(a) 145,672 9,344,859
Petco Health & Wellness Co., Inc.(a) 977,614 17,127,797
Total   30,527,280
Textiles, Apparel & Luxury Goods 0.4%
Rocky Brands, Inc. 153,997 5,935,044
Total Consumer Discretionary 115,615,081
Consumer Staples 3.2%
Food & Staples Retailing 2.8%
BJ’s Wholesale Club Holdings, Inc.(a) 262,565 16,507,462
The Chefs’ Warehouse(a) 289,500 9,510,075
United Natural Foods, Inc.(a) 460,944 18,543,777
Total   44,561,314
Common Stocks (continued)
Issuer Shares Value ($)
Personal Products 0.4%
BellRing Brands, Inc., Class A(a) 270,100 6,906,457
Total Consumer Staples 51,467,771
Energy 8.1%
Oil, Gas & Consumable Fuels 8.1%
Antero Resources Corp.(a) 667,600 15,308,068
Chesapeake Energy Corp. 146,200 11,293,950
Matador Resources Co. 390,800 19,383,680
Ovintiv, Inc. 731,033 33,517,863
PDC Energy, Inc. 389,528 25,132,346
SM Energy Co. 502,821 17,855,174
Whiting Petroleum Corp. 99,800 7,370,230
Total   129,861,311
Total Energy 129,861,311
Financials 28.8%
Banks 15.7%
Ameris Bancorp 352,358 17,441,721
Atlantic Union Bankshares Corp. 482,838 19,617,708
Bancorp, Inc. (The)(a) 705,051 20,657,994
Cathay General Bancorp 418,746 19,693,624
Community Bank System, Inc. 222,707 16,244,248
Hancock Whitney Corp. 381,688 21,252,388
Independent Bank Corp. 170,159 14,635,375
Independent Bank Group, Inc. 222,060 17,131,929
Pacific Premier Bancorp, Inc. 346,925 13,429,467
Popular, Inc. 236,062 21,682,295
Renasant Corp. 346,611 12,654,768
Sandy Spring Bancorp, Inc. 449,010 21,143,881
Triumph Bancorp, Inc.(a) 153,755 15,424,702
UMB Financial Corp. 206,784 21,063,018
Total   252,073,118
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Small Cap Value Fund II  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 3.7%
Cowen, Inc., Class A 335,096 9,935,596
Focus Financial Partners, Inc., Class A(a) 348,000 17,413,920
Houlihan Lokey, Inc., Class A 174,500 17,949,070
Stifel Financial Corp. 196,734 14,459,949
Total   59,758,535
Consumer Finance 1.0%
SLM Corp. 767,051 15,110,905
Insurance 1.3%
AMERISAFE, Inc. 187,540 8,833,134
Argo Group International Holdings Ltd. 289,121 12,192,233
Total   21,025,367
Mortgage Real Estate Investment Trusts (REITS) 2.7%
Blackstone Mortgage Trust, Inc. 502,329 15,964,016
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 376,400 17,818,776
Starwood Property Trust, Inc. 385,028 9,179,067
Total   42,961,859
Thrifts & Mortgage Finance 4.4%
Axos Financial, Inc.(a) 425,722 23,304,022
MGIC Investment Corp. 1,100,037 16,698,562
Radian Group, Inc. 567,500 13,563,250
WSFS Financial Corp. 344,975 17,535,079
Total   71,100,913
Total Financials 462,030,697
Health Care 5.3%
Biotechnology 2.3%
Apellis Pharmaceuticals, Inc.(a) 95,100 4,044,603
Arcutis Biotherapeutics, Inc.(a) 152,500 2,714,500
Arena Pharmaceuticals, Inc.(a) 129,300 12,279,621
Atara Biotherapeutics, Inc.(a) 288,300 3,704,655
Cytokinetics, Inc.(a) 116,500 4,114,780
Iovance Biotherapeutics, Inc.(a) 231,200 3,622,904
Myriad Genetics, Inc.(a) 260,700 6,355,866
Total   36,836,929
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 1.8%
Integer Holdings Corp.(a) 71,527 5,998,970
Merit Medical Systems, Inc.(a) 283,899 18,461,952
Varex Imaging Corp.(a) 171,208 4,047,357
Total   28,508,279
Health Care Providers & Services 1.2%
Tenet Healthcare Corp.(a) 218,378 18,778,324
Total Health Care 84,123,532
Industrials 16.7%
Aerospace & Defense 1.5%
Moog, Inc., Class A 170,600 14,178,566
Triumph Group, Inc.(a) 406,600 10,181,264
Total   24,359,830
Air Freight & Logistics 0.5%
Atlas Air Worldwide Holdings, Inc.(a) 106,226 8,323,869
Building Products 0.6%
Masonite International Corp.(a) 98,279 9,270,658
Construction & Engineering 2.4%
API Group Corp.(a) 616,700 13,302,219
EMCOR Group, Inc. 143,166 16,541,400
MasTec, Inc.(a) 103,381 8,142,287
Total   37,985,906
Electrical Equipment 0.9%
Bloom Energy Corp., Class A(a) 392,100 8,704,620
Sunrun, Inc.(a) 226,300 6,173,464
Total   14,878,084
Machinery 1.4%
Altra Industrial Motion Corp. 255,340 10,844,290
Evoqua Water Technologies Corp.(a) 288,900 12,324,474
Total   23,168,764
Professional Services 4.2%
ICF International, Inc. 172,400 15,278,088
KBR, Inc. 447,238 22,200,895
Kforce, Inc. 276,756 20,806,516
Science Applications International Corp. 103,258 9,054,694
Total   67,340,193
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Road & Rail 1.1%
ArcBest Corp. 184,306 17,081,480
Trading Companies & Distributors 4.1%
Beacon Roofing Supply, Inc.(a) 195,830 11,689,093
Core & Main, Inc., Class A(a) 608,900 13,688,072
Herc Holdings Inc 115,761 18,419,890
Triton International Ltd. 324,914 21,340,352
Total   65,137,407
Total Industrials 267,546,191
Information Technology 5.7%
IT Services 0.9%
ExlService Holdings, Inc.(a) 121,600 14,688,064
Semiconductors & Semiconductor Equipment 4.6%
Diodes, Inc.(a) 177,386 15,892,012
Kulicke & Soffa Industries, Inc. 129,254 6,752,229
MagnaChip Semiconductor Corp.(a) 889,471 16,188,372
SMART Global Holdings, Inc.(a) 645,138 17,709,038
Synaptics, Inc.(a) 30,100 6,875,743
Ultra Clean Holdings, Inc.(a) 244,761 11,212,501
Total   74,629,895
Software 0.2%
Marathon Digital Holdings, Inc.(a) 110,000 2,788,500
Total Information Technology 92,106,459
Materials 8.1%
Chemicals 4.8%
Ashland Global Holdings, Inc. 97,000 8,951,160
Avient Corp. 276,630 14,492,646
Cabot Corp. 156,587 11,455,905
HB Fuller Co. 102,600 7,014,762
Intrepid Potash, Inc.(a) 274,622 15,623,246
Kraton Performance Polymers, Inc.(a) 274,500 12,668,175
Orion Engineered Carbons SA 424,032 6,589,457
Total   76,795,351
Construction Materials 0.9%
Summit Materials, Inc., Class A(a) 470,600 14,692,132
Common Stocks (continued)
Issuer Shares Value ($)
Metals & Mining 2.4%
Allegheny Technologies, Inc.(a) 375,500 9,665,370
Arconic Corp.(a) 191,400 5,875,980
Cleveland-Cliffs, Inc.(a) 401,900 8,986,484
Materion Corp. 173,620 14,505,951
Total   39,033,785
Total Materials 130,521,268
Real Estate 7.1%
Equity Real Estate Investment Trusts (REITS) 7.1%
American Assets Trust, Inc. 409,900 14,985,944
Apple Hospitality REIT, Inc. 493,700 8,733,553
Centerspace 204,137 19,186,837
First Industrial Realty Trust, Inc. 395,261 22,759,128
Hudson Pacific Properties, Inc. 233,305 6,159,252
PotlatchDeltic Corp. 174,200 9,563,580
PS Business Parks, Inc. 88,069 14,028,511
Tanger Factory Outlet Centers, Inc. 1,097,969 18,314,123
Total   113,730,928
Total Real Estate 113,730,928
Utilities 5.1%
Electric Utilities 1.2%
Portland General Electric Co. 369,207 18,744,639
Gas Utilities 2.9%
New Jersey Resources Corp. 312,837 13,645,950
ONE Gas, Inc. 165,377 13,741,175
South Jersey Industries, Inc. 550,657 18,683,792
Total   46,070,917
Independent Power and Renewable Electricity Producers 1.0%
Clearway Energy, Inc., Class C 489,180 16,338,612
Total Utilities 81,154,168
Total Common Stocks
(Cost $1,038,042,111)
1,556,718,288
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Small Cap Value Fund II  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Money Market Funds 3.9%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(b),(c) 61,974,365 61,955,773
Total Money Market Funds
(Cost $61,956,536)
61,955,773
Total Investments in Securities
(Cost: $1,099,998,647)
1,618,674,061
Other Assets & Liabilities, Net   (15,662,138)
Net Assets 1,603,011,923
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) The rate shown is the seven-day current annualized yield at February 28, 2022.
(c) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  27,419,887 488,728,973 (454,190,501) (2,586) 61,955,773 (7,019) 28,275 61,974,365
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
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 February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 28,560,882 28,560,882
Consumer Discretionary 115,615,081 115,615,081
Consumer Staples 51,467,771 51,467,771
Energy 129,861,311 129,861,311
Financials 462,030,697 462,030,697
Health Care 84,123,532 84,123,532
Industrials 267,546,191 267,546,191
Information Technology 92,106,459 92,106,459
Materials 130,521,268 130,521,268
Real Estate 113,730,928 113,730,928
Utilities 81,154,168 81,154,168
Total Common Stocks 1,556,718,288 1,556,718,288
Money Market Funds 61,955,773 61,955,773
Total Investments in Securities 1,618,674,061 1,618,674,061
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 Small Cap Value Fund II  | Annual Report 2022

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,038,042,111) $1,556,718,288
Affiliated issuers (cost $61,956,536) 61,955,773
Receivable for:  
Investments sold 4,193,360
Capital shares sold 2,884,904
Dividends 1,009,517
Expense reimbursement due from Investment Manager 8,170
Prepaid expenses 13,581
Total assets 1,626,783,593
Liabilities  
Payable for:  
Investments purchased 20,927,346
Capital shares purchased 2,254,587
Management services fees 105,522
Distribution and/or service fees 2,129
Transfer agent fees 219,367
Compensation of board members 178,458
Compensation of chief compliance officer 240
Other expenses 84,021
Total liabilities 23,771,670
Net assets applicable to outstanding capital stock $1,603,011,923
Represented by  
Paid in capital 1,059,649,213
Total distributable earnings (loss) 543,362,710
Total - representing net assets applicable to outstanding capital stock $1,603,011,923
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
13

Statement of Assets and Liabilities  (continued)
February 28, 2022
Class A  
Net assets $91,223,401
Shares outstanding 4,935,082
Net asset value per share $18.48
Maximum sales charge 5.75%
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) $19.61
Advisor Class  
Net assets $178,598,653
Shares outstanding 9,179,553
Net asset value per share $19.46
Class C  
Net assets $1,470,168
Shares outstanding 96,714
Net asset value per share $15.20
Institutional Class  
Net assets $425,250,229
Shares outstanding 22,503,436
Net asset value per share $18.90
Institutional 2 Class  
Net assets $223,545,221
Shares outstanding 11,447,512
Net asset value per share $19.53
Institutional 3 Class  
Net assets $679,291,485
Shares outstanding 34,640,426
Net asset value per share $19.61
Class R  
Net assets $3,632,766
Shares outstanding 201,749
Net asset value per share $18.01
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Small Cap Value Fund II  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $17,837,481
Dividends — affiliated issuers 28,275
Interfund lending 320
Foreign taxes withheld (39,193)
Total income 17,826,883
Expenses:  
Management services fees 12,213,435
Distribution and/or service fees  
Class A 208,858
Class C 10,166
Class R 19,183
Transfer agent fees  
Class A 201,783
Advisor Class 304,357
Class C 2,465
Institutional Class 953,351
Institutional 2 Class 125,836
Institutional 3 Class 41,159
Class R 9,252
Compensation of board members 55,515
Custodian fees 16,798
Printing and postage fees 151,358
Registration fees 113,997
Audit fees 32,250
Legal fees 27,478
Compensation of chief compliance officer 232
Other 27,385
Total expenses 14,514,858
Fees waived or expenses reimbursed by Investment Manager and its affiliates (588,235)
Fees waived by transfer agent  
Institutional 2 Class (4,888)
Institutional 3 Class (13,071)
Expense reduction (40)
Total net expenses 13,908,624
Net investment income 3,918,259
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 180,516,558
Investments — affiliated issuers (7,019)
Net realized gain 180,509,539
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (17,516,121)
Investments — affiliated issuers (2,586)
Net change in unrealized appreciation (depreciation) (17,518,707)
Net realized and unrealized gain 162,990,832
Net increase in net assets resulting from operations $166,909,091
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
15

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $3,918,259 $6,011,880
Net realized gain 180,509,539 59,415,095
Net change in unrealized appreciation (depreciation) (17,518,707) 411,887,744
Net increase in net assets resulting from operations 166,909,091 477,314,719
Distributions to shareholders    
Net investment income and net realized gains    
Class A (11,132,679) (611,308)
Advisor Class (15,473,174) (797,326)
Class C (172,699) (1,335)
Institutional Class (54,172,778) (2,814,817)
Institutional 2 Class (27,431,969) (1,788,519)
Institutional 3 Class (86,013,104) (4,907,822)
Class R (505,702) (30,100)
Total distributions to shareholders (194,902,105) (10,951,227)
Increase (decrease) in net assets from capital stock activity 295,265,372 (180,292,967)
Total increase in net assets 267,272,358 286,070,525
Net assets at beginning of year 1,335,739,565 1,049,669,040
Net assets at end of year $1,603,011,923 $1,335,739,565
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Small Cap Value Fund II  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 1,904,995 37,448,934 1,542,111 20,637,627
Fund reorganization 102,798 1,822,064
Distributions reinvested 515,548 10,020,650 44,644 568,733
Redemptions (1,280,388) (25,009,568) (5,603,739) (71,864,547)
Net increase (decrease) 1,242,953 24,282,080 (4,016,984) (50,658,187)
Advisor Class        
Subscriptions 3,499,219 71,418,698 4,567,722 63,325,960
Fund reorganization 4,247,560 79,222,767
Distributions reinvested 669,131 13,759,766 48,602 728,394
Redemptions (6,142,833) (124,064,664) (1,975,419) (27,842,556)
Net increase 2,273,077 40,336,567 2,640,905 36,211,798
Class C        
Subscriptions 70,460 1,155,402 23,372 297,882
Distributions reinvested 10,663 171,009 128 1,281
Redemptions (20,474) (333,741) (16,037) (176,734)
Net increase 60,649 992,670 7,463 122,429
Institutional Class        
Subscriptions 8,709,443 176,726,803 4,414,975 61,003,074
Distributions reinvested 2,485,306 49,323,735 192,427 2,638,133
Redemptions (6,068,437) (120,323,290) (13,945,774) (197,508,697)
Net increase (decrease) 5,126,312 105,727,248 (9,338,372) (133,867,490)
Institutional 2 Class        
Subscriptions 4,554,026 92,890,951 5,415,563 70,493,668
Distributions reinvested 1,337,272 27,417,036 121,929 1,786,594
Redemptions (5,903,551) (123,227,966) (4,776,859) (67,521,473)
Net increase (decrease) (12,253) (2,919,979) 760,633 4,758,789
Institutional 3 Class        
Subscriptions 12,888,406 267,021,479 12,937,492 169,180,965
Fund reorganization 50,335 946,037
Distributions reinvested 3,709,447 76,346,220 304,761 4,492,929
Redemptions (10,429,093) (215,750,681) (13,863,637) (209,465,693)
Net increase (decrease) 6,219,095 128,563,055 (621,384) (35,791,799)
Class R        
Subscriptions 43,521 857,511 77,790 1,012,994
Distributions reinvested 26,625 505,702 2,426 30,099
Redemptions (161,147) (3,079,482) (167,432) (2,111,600)
Net decrease (91,001) (1,716,269) (87,216) (1,068,507)
Total net increase (decrease) 14,818,832 295,265,372 (10,654,955) (180,292,967)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
17

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $18.85 (0.02) 2.33 2.31 (0.03) (2.65) (2.68)
Year Ended 2/28/2021 $12.89 0.03 6.04 6.07 (0.05) (0.06) (0.11)
Year Ended 2/29/2020 $15.11 0.06 (1.76) (1.70) (0.09) (0.43) (0.52)
Year Ended 2/28/2019 $17.11 0.03 (0.10) (0.07) (0.01) (1.92) (1.93)
Year Ended 2/28/2018 $18.01 0.01 0.75 0.76 (0.01) (1.65) (1.66)
Advisor Class
Year Ended 2/28/2022 $19.71 0.03 2.45 2.48 (0.08) (2.65) (2.73)
Year Ended 2/28/2021 $13.46 0.06 6.33 6.39 (0.08) (0.06) (0.14)
Year Ended 2/29/2020 $15.75 0.10 (1.83) (1.73) (0.13) (0.43) (0.56)
Year Ended 2/28/2019 $17.75 0.07 (0.11) (0.04) (0.04) (1.92) (1.96)
Year Ended 2/28/2018 $18.61 0.05 0.79 0.84 (0.05) (1.65) (1.70)
Class C
Year Ended 2/28/2022 $16.01 (0.13) 1.97 1.84 (2.65) (2.65)
Year Ended 2/28/2021 $11.00 (0.06) 5.13 5.07 (0.06) (0.06)
Year Ended 2/29/2020 $12.96 (0.04) (1.51) (1.55) (0.41) (0.41)
Year Ended 2/28/2019 $15.06 (0.11) (0.07) (0.18) (1.92) (1.92)
Year Ended 2/28/2018 $16.13 (0.11) 0.68 0.57 (1.64) (1.64)
Institutional Class
Year Ended 2/28/2022 $19.21 0.04 2.38 2.42 (0.08) (2.65) (2.73)
Year Ended 2/28/2021 $13.12 0.07 6.16 6.23 (0.08) (0.06) (0.14)
Year Ended 2/29/2020 $15.37 0.10 (1.79) (1.69) (0.13) (0.43) (0.56)
Year Ended 2/28/2019 $17.37 0.07 (0.11) (0.04) (0.04) (1.92) (1.96)
Year Ended 2/28/2018 $18.25 0.05 0.77 0.82 (0.05) (1.65) (1.70)
Institutional 2 Class
Year Ended 2/28/2022 $19.77 0.06 2.45 2.51 (0.10) (2.65) (2.75)
Year Ended 2/28/2021 $13.48 0.09 6.35 6.44 (0.09) (0.06) (0.15)
Year Ended 2/29/2020 $15.78 0.12 (1.84) (1.72) (0.15) (0.43) (0.58)
Year Ended 2/28/2019 $17.78 0.10 (0.11) (0.01) (0.07) (1.92) (1.99)
Year Ended 2/28/2018 $18.63 0.08 0.79 0.87 (0.07) (1.65) (1.72)
Institutional 3 Class
Year Ended 2/28/2022 $19.84 0.08 2.45 2.53 (0.11) (2.65) (2.76)
Year Ended 2/28/2021 $13.53 0.09 6.38 6.47 (0.10) (0.06) (0.16)
Year Ended 2/29/2020 $15.84 0.13 (1.85) (1.72) (0.16) (0.43) (0.59)
Year Ended 2/28/2019 $17.84 0.11 (0.12) (0.01) (0.07) (1.92) (1.99)
Year Ended 2/28/2018 $18.68 0.09 0.80 0.89 (0.08) (1.65) (1.73)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Small Cap Value Fund II  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $18.48 11.94% 1.34% 1.28%(c) (0.08%) 50% $91,223
Year Ended 2/28/2021 $18.85 47.45% 1.37% 1.29%(c) 0.27% 55% $69,591
Year Ended 2/29/2020 $12.89 (11.58%) 1.36% 1.28%(c) 0.40% 27% $99,356
Year Ended 2/28/2019 $15.11 (0.15%) 1.35% 1.27%(c) 0.17% 38% $144,155
Year Ended 2/28/2018 $17.11 4.45% 1.33% 1.29%(c) 0.04% 45% $165,419
Advisor Class
Year Ended 2/28/2022 $19.46 12.26% 1.09% 1.03%(c) 0.15% 50% $178,599
Year Ended 2/28/2021 $19.71 47.83% 1.12% 1.05%(c) 0.44% 55% $136,110
Year Ended 2/29/2020 $13.46 (11.34%) 1.11% 1.03%(c) 0.64% 27% $57,400
Year Ended 2/28/2019 $15.75 0.09% 1.10% 1.02%(c) 0.42% 38% $85,978
Year Ended 2/28/2018 $17.75 4.73% 1.08% 1.04%(c) 0.30% 45% $71,415
Class C
Year Ended 2/28/2022 $15.20 11.10% 2.09% 2.03%(c) (0.81%) 50% $1,470
Year Ended 2/28/2021 $16.01 46.38% 2.12% 2.05%(c) (0.55%) 55% $577
Year Ended 2/29/2020 $11.00 (12.27%) 2.11% 2.03%(c) (0.33%) 27% $315
Year Ended 2/28/2019 $12.96 (0.93%) 2.09% 2.02%(c) (0.71%) 38% $611
Year Ended 2/28/2018 $15.06 3.72% 2.07% 2.04%(c) (0.72%) 45% $7,785
Institutional Class
Year Ended 2/28/2022 $18.90 12.27% 1.09% 1.03%(c) 0.18% 50% $425,250
Year Ended 2/28/2021 $19.21 47.85% 1.12% 1.04%(c) 0.51% 55% $333,786
Year Ended 2/29/2020 $13.12 (11.36%) 1.11% 1.03%(c) 0.66% 27% $350,469
Year Ended 2/28/2019 $15.37 0.09% 1.10% 1.02%(c) 0.42% 38% $545,568
Year Ended 2/28/2018 $17.37 4.71% 1.07% 1.04%(c) 0.28% 45% $727,418
Institutional 2 Class
Year Ended 2/28/2022 $19.53 12.41% 0.91% 0.88% 0.30% 50% $223,545
Year Ended 2/28/2021 $19.77 48.19% 0.94% 0.90% 0.62% 55% $226,504
Year Ended 2/29/2020 $13.48 (11.26%) 0.92% 0.89% 0.79% 27% $144,260
Year Ended 2/28/2019 $15.78 0.22% 0.91% 0.88% 0.60% 38% $118,654
Year Ended 2/28/2018 $17.78 4.90% 0.90% 0.89% 0.44% 45% $78,479
Institutional 3 Class
Year Ended 2/28/2022 $19.61 12.46% 0.86% 0.83% 0.37% 50% $679,291
Year Ended 2/28/2021 $19.84 48.20% 0.89% 0.85% 0.67% 55% $563,772
Year Ended 2/29/2020 $13.53 (11.23%) 0.87% 0.84% 0.84% 27% $393,074
Year Ended 2/28/2019 $15.84 0.27% 0.85% 0.83% 0.62% 38% $487,282
Year Ended 2/28/2018 $17.84 4.98% 0.86% 0.84% 0.52% 45% $478,580
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
19

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 2/28/2022 $18.44 (0.07) 2.29 2.22 (2.65) (2.65)
Year Ended 2/28/2021 $12.62 (0.00)(d) 5.91 5.91 (0.03) (0.06) (0.09)
Year Ended 2/29/2020 $14.80 0.02 (1.71) (1.69) (0.06) (0.43) (0.49)
Year Ended 2/28/2019 $16.84 (0.01) (0.11) (0.12) (1.92) (1.92)
Year Ended 2/28/2018 $17.77 (0.04) 0.75 0.71 (1.64) (1.64)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Rounds to zero.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Small Cap Value Fund II  | Annual Report 2022

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 R
Year Ended 2/28/2022 $18.01 11.73% 1.59% 1.53%(c) (0.34%) 50% $3,633
Year Ended 2/28/2021 $18.44 47.11% 1.62% 1.55%(c) (0.00%)(d) 55% $5,399
Year Ended 2/29/2020 $12.62 (11.79%) 1.61% 1.53%(c) 0.15% 27% $4,796
Year Ended 2/28/2019 $14.80 (0.46%) 1.60% 1.52%(c) (0.08%) 38% $6,104
Year Ended 2/28/2018 $16.84 4.19% 1.58% 1.54%(c) (0.21%) 45% $8,302
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value Fund II  | Annual Report 2022
21

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Small Cap Value Fund II (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
22 Columbia Small Cap Value Fund II  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Small Cap Value Fund II  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
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 0.87% to 0.75% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.82% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
24 Columbia Small Cap Value Fund II  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, prior to July 1, 2021, Institutional 2 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.05% and 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 each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.24
Advisor Class 0.24
Class C 0.24
Institutional Class 0.24
Institutional 2 Class 0.05
Institutional 3 Class 0.00
Class R 0.24
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $40.
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.
Columbia Small Cap Value Fund II  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 134,663
Class C 1.00(b) 65
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  July 1, 2021
through
June 30, 2024
Prior to
July 1, 2021
Class A 1.27% 1.29%
Advisor Class 1.02 1.04
Class C 2.02 2.04
Institutional Class 1.02 1.04
Institutional 2 Class 0.88 0.89
Institutional 3 Class 0.83 0.84
Class R 1.52 1.54
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitment, prior to July 1, 2021, 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. 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.
26 Columbia Small Cap Value Fund II  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, post-October capital losses, late-year ordinary losses, distribution reclassifications and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
2,018,774 (19,331,881) 17,313,107
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
53,913,346 140,988,759 194,902,105 6,300,189 4,651,038 10,951,227
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
39,516,263 514,836,535
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,103,837,526 547,198,914 (32,362,379) 514,836,535
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on March 1, 2022.
Late year
ordinary losses ($)
Post-October
capital losses ($)
373,541 10,440,056
Columbia Small Cap Value Fund II  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
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 $738,233,637 and $725,910,838, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Transactions to realign the portfolio for the Fund following the reorganization as described in  Note 9 are excluded for purposes of calculating the Fund’s portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $29,565,312 and $0, respectively, for the year ended February 28, 2022.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Lender 1,700,000 0.64 11
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing
28 Columbia Small Cap Value Fund II  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Fund reorganization
At the close of business on January 21, 2022, the Fund acquired the assets and assumed the identified liabilities of BMO Small-Cap Value Fund (the Acquired Fund), a series of BMO Funds Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on January 7, 2022. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $1,435,987,849 and the combined net assets immediately after the reorganization were $1,517,978,717.
The reorganization was accomplished by a tax-free exchange of 6,695,724 shares of the Acquired Fund valued at $81,990,868 (including $4,638,318 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 102,798
Advisor Class 4,247,560
Institutional 3 Class 50,335
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on March 1, 2021, the Fund’s pro-forma results of operations for the year ended February 28, 2022 would have been approximately:
  ($)
Net investment income 4,488,000
Net realized gain 206,826,000
Net change in unrealized appreciation/(depreciation) (31,844,000)
Net increase in net assets from operations 179,470,000
Note 10. Significant risks
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such
Columbia Small Cap Value Fund II  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, two unaffiliated shareholders of record owned 34.5% 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
30 Columbia Small Cap Value Fund II  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
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.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 11. 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 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
Columbia Small Cap Value Fund II  | Annual Report 2022
31

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Small Cap Value Fund II
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Small Cap Value Fund II (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
32 Columbia Small Cap Value Fund II  | Annual Report 2022

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
43.75% 42.71% 4.15% $170,531,519
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
Columbia Small Cap Value Fund II  | Annual Report 2022
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
34 Columbia Small Cap Value Fund II  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
Columbia Small Cap Value Fund II  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
36 Columbia Small Cap Value Fund II  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
Columbia Small Cap Value Fund II  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
38 Columbia Small Cap Value Fund II  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
Columbia Small Cap Value Fund II  | Annual Report 2022
39

Columbia Small Cap Value Fund II
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN230_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Overseas Value Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Overseas Value Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Overseas Value Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks long-term capital appreciation.
Portfolio management
Fred Copper, CFA
Co-Portfolio Manager
Managed Fund since 2008
Daisuke Nomoto, CMA (SAAJ)
Co-Portfolio Manager
Managed Fund since 2013
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A* Excluding sales charges 02/28/13 4.65 6.63 6.07
  Including sales charges   -1.37 5.37 5.45
Advisor Class* 07/01/15 4.93 6.90 6.36
Class C* Excluding sales charges 02/28/13 3.88 5.84 5.27
  Including sales charges   2.88 5.84 5.27
Institutional Class 03/31/08 4.91 6.89 6.36
Institutional 2 Class* 07/01/15 5.02 7.02 6.44
Institutional 3 Class* 07/01/15 5.07 7.05 6.48
Class R* 03/01/16 4.40 6.36 5.84
MSCI EAFE Value Index (Net)   6.33 4.62 4.68
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. 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 MSCI EAFE Value Index (Net) is a subset of the MSCI EAFE Index (Net), and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the MSCI EAFE Index (Net), and consists of those securities classified by MSCI Inc. as most representing the value style, such as, higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI EAFE Value Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Overseas Value Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Overseas Value Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 9.6
Consumer Discretionary 5.6
Consumer Staples 10.5
Energy 11.9
Financials 23.5
Health Care 9.7
Industrials 11.7
Information Technology 4.6
Materials 8.5
Real Estate 1.1
Utilities 3.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at February 28, 2022)
Australia 0.1
Austria 0.4
Brazil 0.5
Canada 7.6
China 0.5
Finland 1.8
France 12.5
Germany 6.5
Greece 0.6
Hong Kong 1.6
Ireland 1.5
Country breakdown (%) (at February 28, 2022)
Israel 0.9
Japan 18.6
Netherlands 6.1
Norway 1.2
Pakistan 0.1
Russian Federation 0.1
Singapore 2.2
South Africa 0.7
South Korea 1.4
Spain 3.4
Sweden 0.8
Switzerland 2.0
Taiwan 1.5
United Kingdom 19.9
United States(a) 7.5
Total 100.0
    
(a) Includes investments in Money Market Funds and Exchange-Traded Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments, excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
 
4 Columbia Overseas Value Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Overseas Value Fund returned 4.65% excluding sales charges. The Fund underperformed its benchmark, the MSCI EAFE Value Index (Net), which returned 6.33% for the same time period.
Market overview
International equity markets delivered positive results during the 12-month period, with the broad developed-market MSCI EAFE Index (Net) finishing up more than 2% in U.S. dollar terms.  Most of the upside came during the first half of the period, as the gradual, though globally uneven, re-opening of the world economy continued to boost sentiment, activity and stock prices.  Positive momentum – which also was driven to some degree by highly speculative behavior among retail investors – stalled somewhat midway through the period, triggered largely by more hawkish policy expectations from the U.S. Federal Reserve in June that weighed on cyclical parts of the market.  Concerns over the emergence of the Delta and Omicron COVID-19 variants added to market choppiness, as did worries over strained U.S.-China trade relations.  Problems in China’s property sector added to global equity market consternation, most notably symbolized by the credit crisis at Evergrande, a systemically important property developer in China with significant amounts of outstanding debt.  Additional headwinds included inflation, which reached almost 7% in the U.S. and caused a further hawkish turn as the Federal Reserve announced a plan to taper the pace of quantitative easing and signaled three interest rate hikes in 2022.  Central banks in other parts of the world tightened monetary policy as well, particularly in emerging markets. Of significance, tensions between Russia and Ukraine near the end of the period roiled global markets and drove significant sell-offs.
The Fund’s notable detractors during the period
The Fund’s underperformance of its benchmark during the period was caused primarily by adverse stock selection, particularly within the United Kingdom, as well as the health care, information technology and consumer discretionary sectors.
Individual holdings that lagged in absolute and relative terms included TP Icap Group PLC (U.K.), Atos (France), Stillfront Group AB (Sweden), Covestro AG (Germany) and Ship Healthcare Holdings, Inc. (Japan).
From a geographical perspective, the Fund’s out-of-benchmark allocations to Korea and Russia hurt relative performance, as did stock selection within the United Kingdom and France.
The Fund’s notable contributors during the period
Relative to its benchmark, the Fund’s overweight positions in Canada, Taiwan and the energy sector helped results.
Individual top performers included Fubon Financial Holding Co., Ltd. (Taiwan), Teck Resources Ltd. (Canada), Alimentation Couche-Tard, Inc. (Canada), Bank Hapoalim BM (Israel) and Cameco Corp. (Canada). The Fund’s position in Bank Hapoalim BM was sold.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Value securities may be unprofitable if the market fails to recognize their intrinsic worth or the portfolio manager misgauged that worth. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different financial and accounting standards. Risks are enhanced for emerging market issuers. Investing in derivatives is a specialized activity that involves special risks that subject the Fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in Fund value. See the Fund’s prospectus for information on these and other risks.
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Overseas Value Fund  | Annual Report 2022
5

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 966.80 1,019.09 5.61 5.76 1.15
Advisor Class 1,000.00 1,000.00 967.90 1,020.33 4.39 4.51 0.90
Class C 1,000.00 1,000.00 962.90 1,015.37 9.25 9.49 1.90
Institutional Class 1,000.00 1,000.00 968.10 1,020.33 4.39 4.51 0.90
Institutional 2 Class 1,000.00 1,000.00 968.60 1,020.73 4.00 4.11 0.82
Institutional 3 Class 1,000.00 1,000.00 969.00 1,020.98 3.76 3.86 0.77
Class R 1,000.00 1,000.00 965.60 1,017.85 6.82 7.00 1.40
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
6 Columbia Overseas Value Fund  | Annual Report 2022

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.1%
Issuer Shares Value ($)
Australia 0.1%
Ansell Ltd. 152,711 2,861,464
Austria 0.4%
Andritz AG 255,413 11,449,961
Brazil 0.5%
Azul SA, ADR(a) 983,877 14,374,443
Canada 7.6%
Alimentation Couche-Tard, Inc. 1,460,305 57,317,691
Cameco Corp.(b) 1,445,023 35,518,665
Teck Resources Ltd., Class B(b) 956,253 34,377,296
Teekay Tankers Ltd., Class A(a) 1,171,856 16,745,822
West Fraser Timber Co., Ltd. 295,719 29,518,239
Yamana Gold, Inc. 7,040,933 34,500,572
Total 207,978,285
China 0.5%
Guangdong Investment Ltd. 10,360,000 13,941,403
Finland 1.8%
UPM-Kymmene OYJ 1,445,024 49,930,239
France 12.5%
AtoS 548,832 19,499,133
AXA SA 2,606,643 70,529,583
BNP Paribas SA 1,213,603 70,418,808
DBV Technologies SA, ADR(a) 335,217 449,191
Eiffage SA 335,314 34,156,432
Sanofi 577,105 60,326,283
TotalEnergies SE 1,700,367 86,625,638
Total 342,005,068
Germany 6.5%
Aroundtown SA 2,113,555 13,032,484
Bayer AG, Registered Shares 296,250 17,112,286
Covestro AG 634,339 33,547,484
Daimler Truck Holding AG(a) 199,431 6,077,774
Duerr AG 744,178 26,800,759
E.ON SE 3,179,620 43,247,763
KION Group AG 307,908 24,683,839
Common Stocks (continued)
Issuer Shares Value ($)
Mercedes-Benz Group AG, Registered Shares 171,938 13,431,720
Total 177,934,109
Greece 0.6%
Piraeus Financial Holdings SA(a) 10,680,950 16,915,990
Hong Kong 1.6%
WH Group Ltd. 60,810,830 42,468,831
Ireland 1.5%
Amarin Corp. PLC, ADR(a) 311,700 1,031,727
Bank of Ireland Group PLC(a) 2,923,836 19,400,394
Flutter Entertainment PLC(a) 139,938 20,152,212
Total 40,584,333
Israel 0.9%
Bezeq Israeli Telecommunication Corp., Ltd.(a) 15,012,482 24,646,930
Japan 18.6%
Dai-ichi Life Holdings, Inc. 1,344,300 27,918,614
Daiwabo Holdings Co., Ltd. 2,115,900 32,752,806
Invincible Investment Corp. 24,212 8,303,002
ITOCHU Corp. 1,992,300 64,926,280
Kinden Corp. 1,252,300 17,760,896
Koito Manufacturing Co., Ltd. 467,000 24,154,590
MatsukiyoCocokara & Co. 1,194,800 46,062,159
Nippon Telegraph & Telephone Corp. 1,151,300 33,089,388
ORIX Corp. 3,138,300 62,210,942
Ship Healthcare Holdings, Inc. 1,255,800 24,997,345
Simplex Holdings, Inc.(a) 233,700 3,355,107
SoftBank Group Corp. 317,900 14,266,089
Sony Group Corp. 160,600 16,408,856
Starts Corp., Inc. 308,400 6,969,852
Sumitomo Mitsui Financial Group, Inc. 1,187,000 42,093,726
Takeda Pharmaceutical Co., Ltd. 910,800 27,770,574
Takuma Co., Ltd. 824,845 10,482,770
Toyota Motor Corp. 2,401,000 43,929,158
Total 507,452,154
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
7

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Netherlands 6.1%
ABN AMRO Bank NV 1,549,421 20,618,492
ASR Nederland NV 1,299,515 56,166,322
ING Groep NV 4,980,931 58,169,822
Signify NV 600,239 30,704,504
Total 165,659,140
Norway 1.2%
Leroy Seafood Group ASA 3,872,354 33,807,128
Pakistan 0.1%
DG Khan Cement Co., Ltd. 6,779,443 2,742,740
Russian Federation 0.1%
Lukoil PJSC, ADR 106,132 1,990,705
Singapore 2.2%
BW LPG Ltd. 2,349,305 14,000,004
Venture Corp., Ltd. 3,544,400 46,234,574
Total 60,234,578
South Africa 0.7%
Sibanye Stillwater Ltd., ADR(b) 980,691 18,750,812
South Korea 1.4%
GS Retail Co., Ltd. 717,418 15,953,549
Hyundai Home Shopping Network Corp. 128,465 6,246,438
Youngone Corp. 479,524 17,053,751
Total 39,253,738
Spain 3.3%
ACS Actividades de Construccion y Servicios SA 632,928 15,380,526
Banco Santander SA 12,518,680 41,687,434
Endesa SA 1,372,174 30,162,345
Tecnicas Reunidas SA(a) 507,767 4,150,812
Total 91,381,117
Sweden 0.7%
Granges AB 504,288 5,390,713
Stillfront Group AB(a) 4,215,258 13,716,748
Total 19,107,461
Switzerland 2.0%
Novartis AG, Registered Shares 633,942 55,718,089
Taiwan 1.5%
Fubon Financial Holding Co., Ltd. 14,770,300 39,880,771
Common Stocks (continued)
Issuer Shares Value ($)
United Kingdom 19.8%
AstraZeneca PLC, ADR 398,791 24,278,396
Barclays Bank PLC 9,322,202 22,779,369
BP PLC 6,832,504 33,302,419
British American Tobacco PLC 1,899,044 83,229,235
BT Group PLC 9,869,862 24,626,241
Crest Nicholson Holdings PLC 1,621,136 6,653,564
DCC PLC 554,988 43,551,835
John Wood Group PLC(a) 2,205,414 5,349,357
Just Group PLC(a) 26,022,357 29,216,138
Liberty Global PLC, Class C(a) 1,678,211 43,415,319
Micro Focus International PLC 1,553,102 8,072,147
Royal Mail PLC 1,956,653 10,283,299
Shell PLC 3,191,518 84,162,876
TP Icap Group PLC 14,668,570 23,593,786
Vodafone Group PLC 40,972,603 72,125,675
WPP PLC 1,975,430 27,784,202
Total 542,423,858
United States 4.9%
Aerie Pharmaceuticals, Inc.(a) 259,720 2,155,676
Burford Capital Ltd. 2,282,597 22,278,147
Diversified Energy Co. PLC 22,799,795 36,091,391
Insmed, Inc.(a) 202,524 4,840,324
Jazz Pharmaceuticals PLC(a) 246,080 33,816,314
Livent Corp.(a) 763,655 17,984,075
Quotient Ltd.(a) 910,623 1,274,872
Sage Therapeutics, Inc.(a) 61,654 2,242,356
TE Connectivity Ltd. 82,366 11,731,389
Total 132,414,544
Total Common Stocks
(Cost $2,622,592,111)
2,655,907,891
Exchange-Traded Equity Funds 2.2%
  Shares Value ($)
United States 2.2%
iShares MSCI EAFE Value ETF 1,201,586 60,019,221
Total Exchange-Traded Equity Funds
(Cost $62,439,403)
60,019,221
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Overseas Value Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Rights 0.1%
Issuer Shares Value ($)
Sweden 0.1%
Stillfront Group AB(a) 4,215,258 1,845,443
Total Rights
(Cost $—)
1,845,443
Money Market Funds 0.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 11,104,200 11,100,869
Total Money Market Funds
(Cost $11,100,287)
11,100,869
Total Investments in Securities
(Cost $2,696,131,801)
2,728,873,424
Other Assets & Liabilities, Net   5,874,104
Net Assets $2,734,747,528
At February 28, 2022, securities and/or cash totaling $53,695,817 were pledged as collateral.
Investments in derivatives
Forward foreign currency exchange contracts
Currency to
be sold
Currency to
be purchased
Counterparty Settlement
date
Unrealized
appreciation ($)
Unrealized
depreciation ($)
167,794,000 CAD 132,403,791 USD Goldman Sachs International 04/07/2022 2,090
10,602,000 GBP 14,339,951 USD Goldman Sachs International 04/07/2022 113,297
92,391,000 ILS 28,700,793 USD Goldman Sachs International 04/07/2022 (102,809)
40,994,616,000 KRW 34,206,165 USD Goldman Sachs International 04/07/2022 131,768
1,116,102,000 TWD 40,125,903 USD Goldman Sachs International 04/07/2022 251,572
137,438,083 USD 191,921,000 AUD Goldman Sachs International 04/07/2022 2,038,201
45,573,306 USD 42,164,000 CHF Goldman Sachs International 04/07/2022 481,806
14,030,110 USD 45,292,000 ILS Goldman Sachs International 04/07/2022 90,018
8,447,315 USD 971,013,000 JPY Goldman Sachs International 04/07/2022 6,206
39,590,347 USD 365,765,000 SEK Goldman Sachs International 04/07/2022 (935,122)
Total       3,114,958 (1,037,931)
    
Call option contracts written
Description Counterparty Trading
currency
Notional
amount
Number of
contracts
Exercise
price/Rate
Expiration
date
Premium
received ($)
Value ($)
Cameco Corp. Morgan Stanley USD (17,759,050) (7,225) 28.00 3/18/2022 (161,773) (299,837)
Sibanye Stillwater Ltd. Morgan Stanley USD (18,749,072) (9,806) 20.00 3/18/2022 (53,647) (661,905)
Teck Resources Ltd. Morgan Stanley USD (17,187,695) (4,781) 43.00 3/18/2022 (88,500) (102,792)
Total             (303,920) (1,064,534)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at February 28, 2022.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Notes to Portfolio of Investments  (continued)
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  12,842,919 777,552,364 (779,294,996) 582 11,100,869 (3,215) 13,529 11,104,200
Abbreviation Legend
ADR American Depositary Receipt
Currency Legend
AUD Australian Dollar
CAD Canada Dollar
CHF Swiss Franc
GBP British Pound
ILS Israeli Shekel
JPY Japanese Yen
KRW South Korean Won
SEK Swedish Krona
TWD New Taiwan Dollar
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange are classified as Level 2. The values of these securities may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation.
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 accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Overseas Value Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Australia 2,861,464 2,861,464
Austria 11,449,961 11,449,961
Brazil 14,374,443 14,374,443
Canada 207,978,285 207,978,285
China 13,941,403 13,941,403
Finland 49,930,239 49,930,239
France 449,191 341,555,877 342,005,068
Germany 177,934,109 177,934,109
Greece 16,915,990 16,915,990
Hong Kong 42,468,831 42,468,831
Ireland 1,031,727 39,552,606 40,584,333
Israel 24,646,930 24,646,930
Japan 507,452,154 507,452,154
Netherlands 165,659,140 165,659,140
Norway 33,807,128 33,807,128
Pakistan 2,742,740 2,742,740
Russian Federation 1,990,705 1,990,705
Singapore 60,234,578 60,234,578
South Africa 18,750,812 18,750,812
South Korea 39,253,738 39,253,738
Spain 91,381,117 91,381,117
Sweden 19,107,461 19,107,461
Switzerland 55,718,089 55,718,089
Taiwan 39,880,771 39,880,771
United Kingdom 67,693,715 474,730,143 542,423,858
United States 96,323,153 36,091,391 132,414,544
Total Common Stocks 406,601,326 2,249,306,565 2,655,907,891
Exchange-Traded Equity Funds 60,019,221 60,019,221
Rights        
Sweden 1,845,443 1,845,443
Total Rights 1,845,443 1,845,443
Money Market Funds 11,100,869 11,100,869
Total Investments in Securities 477,721,416 2,251,152,008 2,728,873,424
Investments in Derivatives        
Asset        
Forward Foreign Currency Exchange Contracts 3,114,958 3,114,958
Liability        
Forward Foreign Currency Exchange Contracts (1,037,931) (1,037,931)
Options Contracts Written (1,064,534) (1,064,534)
Total 476,656,882 2,253,229,035 2,729,885,917
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 Overseas Value Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
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. These assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third party statistical pricing service takes into account a security’s correlation to available market data including, but not limited to, intraday index, ADR, and exchange-traded fund movements.
Forward foreign currency exchange contracts are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Overseas Value Fund  | Annual Report 2022

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $2,685,031,514) $2,717,772,555
Affiliated issuers (cost $11,100,287) 11,100,869
Cash 1,417
Unrealized appreciation on forward foreign currency exchange contracts 3,114,958
Receivable for:  
Investments sold 4,034,361
Capital shares sold 4,151,562
Dividends 2,548,326
Foreign tax reclaims 4,083,583
Expense reimbursement due from Investment Manager 13,641
Prepaid expenses 16,703
Total assets 2,746,837,975
Liabilities  
Option contracts written, at value (premiums received $303,920) 1,064,534
Unrealized depreciation on forward foreign currency exchange contracts 1,037,931
Payable for:  
Investments purchased 6,332,370
Capital shares purchased 2,822,830
Management services fees 177,207
Distribution and/or service fees 9,375
Transfer agent fees 183,242
Compensation of board members 259,829
Compensation of chief compliance officer 420
Other expenses 202,709
Total liabilities 12,090,447
Net assets applicable to outstanding capital stock $2,734,747,528
Represented by  
Paid in capital 2,982,766,228
Total distributable earnings (loss) (248,018,700)
Total - representing net assets applicable to outstanding capital stock $2,734,747,528
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
13

Statement of Assets and Liabilities  (continued)
February 28, 2022
Class A  
Net assets $338,513,347
Shares outstanding 33,489,605
Net asset value per share $10.11
Maximum sales charge 5.75%
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) $10.73
Advisor Class  
Net assets $404,890,833
Shares outstanding 40,156,734
Net asset value per share $10.08
Class C  
Net assets $19,242,862
Shares outstanding 1,917,905
Net asset value per share $10.03
Institutional Class  
Net assets $518,966,092
Shares outstanding 51,240,646
Net asset value per share $10.13
Institutional 2 Class  
Net assets $716,539,371
Shares outstanding 71,180,163
Net asset value per share $10.07
Institutional 3 Class  
Net assets $721,028,423
Shares outstanding 71,530,791
Net asset value per share $10.08
Class R  
Net assets $15,566,600
Shares outstanding 1,581,243
Net asset value per share $9.84
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Overseas Value Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $95,595,757
Dividends — affiliated issuers 13,529
Foreign taxes withheld (9,263,983)
Total income 86,345,303
Expenses:  
Management services fees 20,379,104
Distribution and/or service fees  
Class A 857,120
Class C 209,200
Class R 70,322
Transfer agent fees  
Class A 486,976
Advisor Class 489,007
Class C 29,766
Institutional Class 708,180
Institutional 2 Class 398,006
Institutional 3 Class 45,590
Class R 19,925
Compensation of board members 79,877
Custodian fees 377,026
Printing and postage fees 264,572
Registration fees 147,165
Audit fees 93,243
Legal fees 37,481
Interest on collateral 271
Compensation of chief compliance officer 406
Other 152,268
Total expenses 24,845,505
Fees waived or expenses reimbursed by Investment Manager and its affiliates (1,611,875)
Expense reduction (280)
Total net expenses 23,233,350
Net investment income 63,111,953
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 80,489,676
Investments — affiliated issuers (3,215)
Foreign currency translations (451,162)
Forward foreign currency exchange contracts (8,509,988)
Options purchased (2,630,105)
Options contracts written 1,933,761
Net realized gain 70,828,967
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (45,486,909)
Investments — affiliated issuers 582
Foreign currency translations (232,969)
Forward foreign currency exchange contracts 1,523,925
Options contracts written (872,158)
Net change in unrealized appreciation (depreciation) (45,067,529)
Net realized and unrealized gain 25,761,438
Net increase in net assets resulting from operations $88,873,391
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
15

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $63,111,953 $29,247,431
Net realized gain (loss) 70,828,967 (38,581,286)
Net change in unrealized appreciation (depreciation) (45,067,529) 273,234,581
Net increase in net assets resulting from operations 88,873,391 263,900,726
Distributions to shareholders    
Net investment income and net realized gains    
Class A (11,067,794) (4,679,448)
Advisor Class (11,757,755) (4,113,864)
Class C (504,315) (221,278)
Institutional Class (17,975,864) (6,665,431)
Institutional 2 Class (26,006,694) (8,976,802)
Institutional 3 Class (27,502,053) (4,989,626)
Class R (484,871) (105,374)
Total distributions to shareholders (95,299,346) (29,751,823)
Increase in net assets from capital stock activity 740,751,097 14,195,808
Total increase in net assets 734,325,142 248,344,711
Net assets at beginning of year 2,000,422,386 1,752,077,675
Net assets at end of year $2,734,747,528 $2,000,422,386
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Overseas Value Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 6,233,691 66,476,786 5,649,789 46,683,648
Fund reorganization 4,285 44,736
Distributions reinvested 1,059,055 10,705,814 500,549 4,511,486
Redemptions (5,913,875) (62,548,415) (10,174,739) (84,461,850)
Net increase (decrease) 1,383,156 14,678,921 (4,024,401) (33,266,716)
Advisor Class        
Subscriptions 17,797,576 190,309,034 19,057,164 156,298,198
Fund reorganization 4,039,099 42,049,576
Distributions reinvested 1,162,793 11,726,703 451,710 4,100,981
Redemptions (11,769,913) (123,972,382) (15,215,267) (122,206,468)
Net increase 11,229,555 120,112,931 4,293,607 38,192,711
Class C        
Subscriptions 188,106 1,978,112 430,551 3,615,079
Distributions reinvested 50,165 503,448 25,186 215,435
Redemptions (583,560) (6,147,866) (1,557,708) (12,960,986)
Net decrease (345,289) (3,666,306) (1,101,971) (9,130,472)
Institutional Class        
Subscriptions 21,464,914 228,595,718 19,275,980 159,111,887
Distributions reinvested 1,714,711 17,352,111 700,908 6,375,932
Redemptions (12,203,529) (128,865,133) (31,446,557) (243,935,033)
Net increase (decrease) 10,976,096 117,082,696 (11,469,669) (78,447,214)
Institutional 2 Class        
Subscriptions 44,433,415 467,540,027 19,386,268 162,369,386
Distributions reinvested 2,583,941 25,998,838 984,166 8,975,679
Redemptions (30,847,596) (326,703,923) (23,270,768) (178,520,751)
Net increase (decrease) 16,169,760 166,834,942 (2,900,334) (7,175,686)
Institutional 3 Class        
Subscriptions 49,017,595 518,942,169 32,159,038 286,411,490
Distributions reinvested 1,924,294 19,356,884 549,666 4,980,697
Redemptions (20,635,911) (219,964,259) (22,044,289) (187,438,300)
Net increase 30,305,978 318,334,794 10,664,415 103,953,887
Class R        
Subscriptions 1,098,288 11,569,685 427,100 3,325,459
Distributions reinvested 49,177 483,756 11,815 103,286
Redemptions (452,156) (4,680,322) (417,258) (3,359,447)
Net increase 695,309 7,373,119 21,657 69,298
Total net increase (decrease) 70,414,565 740,751,097 (4,516,696) 14,195,808
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
17

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $9.99 0.23 0.23 0.46 (0.27) (0.07) (0.34)
Year Ended 2/28/2021 $8.55 0.14 1.44 1.58 (0.10) (0.04) (0.14)
Year Ended 2/29/2020 $9.24 0.22 (0.56) (0.34) (0.33) (0.02) (0.35)
Year Ended 2/28/2019 $10.37 0.27 (1.10) (0.83) (0.13) (0.17) (0.30)
Year Ended 2/28/2018 $8.52 0.14 2.04 2.18 (0.15) (0.18) (0.33)
Advisor Class
Year Ended 2/28/2022 $9.96 0.25 0.24 0.49 (0.30) (0.07) (0.37)
Year Ended 2/28/2021 $8.53 0.16 1.43 1.59 (0.12) (0.04) (0.16)
Year Ended 2/29/2020 $9.21 0.22 (0.52) (0.30) (0.36) (0.02) (0.38)
Year Ended 2/28/2019 $10.35 0.28 (1.10) (0.82) (0.15) (0.17) (0.32)
Year Ended 2/28/2018 $8.49 0.15 2.06 2.21 (0.17) (0.18) (0.35)
Class C
Year Ended 2/28/2022 $9.91 0.16 0.22 0.38 (0.19) (0.07) (0.26)
Year Ended 2/28/2021 $8.50 0.08 1.41 1.49 (0.04) (0.04) (0.08)
Year Ended 2/29/2020 $9.20 0.16 (0.57) (0.41) (0.27) (0.02) (0.29)
Year Ended 2/28/2019 $10.31 0.20 (1.09) (0.89) (0.05) (0.17) (0.22)
Year Ended 2/28/2018 $8.48 0.06 2.04 2.10 (0.09) (0.18) (0.27)
Institutional Class
Year Ended 2/28/2022 $10.01 0.26 0.23 0.49 (0.30) (0.07) (0.37)
Year Ended 2/28/2021 $8.57 0.16 1.44 1.60 (0.12) (0.04) (0.16)
Year Ended 2/29/2020 $9.25 0.24 (0.54) (0.30) (0.36) (0.02) (0.38)
Year Ended 2/28/2019 $10.38 0.29 (1.10) (0.81) (0.15) (0.17) (0.32)
Year Ended 2/28/2018 $8.53 0.15 2.05 2.20 (0.17) (0.18) (0.35)
Institutional 2 Class
Year Ended 2/28/2022 $9.95 0.27 0.23 0.50 (0.31) (0.07) (0.38)
Year Ended 2/28/2021 $8.52 0.16 1.44 1.60 (0.13) (0.04) (0.17)
Year Ended 2/29/2020 $9.20 0.25 (0.54) (0.29) (0.37) (0.02) (0.39)
Year Ended 2/28/2019 $10.33 0.30 (1.10) (0.80) (0.16) (0.17) (0.33)
Year Ended 2/28/2018 $8.48 0.18 2.03 2.21 (0.18) (0.18) (0.36)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Overseas Value Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $10.11 4.65% 1.21%(c) 1.15%(c),(d) 2.20% 43% $338,513
Year Ended 2/28/2021 $9.99 18.68% 1.28%(c),(e) 1.18%(c),(d),(e) 1.65% 54% $320,615
Year Ended 2/29/2020 $8.55 (4.10%) 1.24%(c) 1.22%(c),(d) 2.35% 35% $309,065
Year Ended 2/28/2019 $9.24 (7.96%) 1.29%(c),(e) 1.25%(c),(d),(e) 2.80% 58% $341,198
Year Ended 2/28/2018 $10.37 25.72% 1.36%(f) 1.36%(d),(f) 1.41% 47% $363,817
Advisor Class
Year Ended 2/28/2022 $10.08 4.93% 0.96%(c) 0.90%(c),(d) 2.37% 43% $404,891
Year Ended 2/28/2021 $9.96 18.86% 1.03%(c),(e) 0.93%(c),(d),(e) 1.85% 54% $288,182
Year Ended 2/29/2020 $8.53 (3.78%) 0.99%(c) 0.97%(c),(d) 2.41% 35% $210,152
Year Ended 2/28/2019 $9.21 (7.80%) 1.04%(c),(e) 0.99%(c),(d),(e) 2.96% 58% $161,150
Year Ended 2/28/2018 $10.35 26.18% 1.11%(f) 1.10%(d),(f) 1.47% 47% $78,634
Class C
Year Ended 2/28/2022 $10.03 3.88% 1.96%(c) 1.90%(c),(d) 1.50% 43% $19,243
Year Ended 2/28/2021 $9.91 17.66% 2.03%(c),(e) 1.93%(c),(d),(e) 0.98% 54% $22,436
Year Ended 2/29/2020 $8.50 (4.81%) 1.99%(c) 1.97%(c),(d) 1.73% 35% $28,608
Year Ended 2/28/2019 $9.20 (8.60%) 2.04%(c),(e) 2.00%(c),(d),(e) 2.09% 58% $42,165
Year Ended 2/28/2018 $10.31 24.87% 2.11%(f) 2.10%(d),(f) 0.61% 47% $44,594
Institutional Class
Year Ended 2/28/2022 $10.13 4.91% 0.96%(c) 0.90%(c),(d) 2.40% 43% $518,966
Year Ended 2/28/2021 $10.01 18.89% 1.03%(c),(e) 0.93%(c),(d),(e) 1.93% 54% $402,868
Year Ended 2/29/2020 $8.57 (3.76%) 0.99%(c) 0.97%(c),(d) 2.54% 35% $443,217
Year Ended 2/28/2019 $9.25 (7.69%) 1.04%(c),(e) 1.00%(c),(d),(e) 3.05% 58% $432,061
Year Ended 2/28/2018 $10.38 25.94% 1.11%(f) 1.10%(d),(f) 1.46% 47% $309,845
Institutional 2 Class
Year Ended 2/28/2022 $10.07 5.02% 0.88%(c) 0.82%(c) 2.52% 43% $716,539
Year Ended 2/28/2021 $9.95 18.99% 0.93%(c),(e) 0.84%(c),(e) 1.92% 54% $547,159
Year Ended 2/29/2020 $8.52 (3.68%) 0.90%(c) 0.86%(c) 2.70% 35% $493,226
Year Ended 2/28/2019 $9.20 (7.61%) 0.96%(c),(e) 0.88%(c),(e) 3.39% 58% $533,584
Year Ended 2/28/2018 $10.33 26.23% 0.99%(f) 0.98%(f) 1.82% 47% $68,822
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
19

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 2/28/2022 $9.96 0.26 0.24 0.50 (0.31) (0.07) (0.38)
Year Ended 2/28/2021 $8.53 0.16 1.44 1.60 (0.13) (0.04) (0.17)
Year Ended 2/29/2020 $9.21 0.25 (0.54) (0.29) (0.37) (0.02) (0.39)
Year Ended 2/28/2019 $10.35 0.30 (1.10) (0.80) (0.17) (0.17) (0.34)
Year Ended 2/28/2018 $8.49 0.21 2.02 2.23 (0.19) (0.18) (0.37)
Class R
Year Ended 2/28/2022 $9.73 0.19 0.24 0.43 (0.25) (0.07) (0.32)
Year Ended 2/28/2021 $8.34 0.11 1.40 1.51 (0.08) (0.04) (0.12)
Year Ended 2/29/2020 $9.02 0.18 (0.53) (0.35) (0.31) (0.02) (0.33)
Year Ended 2/28/2019 $10.13 0.23 (1.07) (0.84) (0.10) (0.17) (0.27)
Year Ended 2/28/2018 $8.33 0.08 2.03 2.11 (0.13) (0.18) (0.31)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Ratios include interfund lending expense which is less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Overseas Value Fund  | Annual Report 2022

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)
Institutional 3 Class
Year Ended 2/28/2022 $10.08 5.07% 0.83%(c) 0.77%(c) 2.46% 43% $721,028
Year Ended 2/28/2021 $9.96 19.00% 0.88%(c),(e) 0.79%(c),(e) 1.93% 54% $410,541
Year Ended 2/29/2020 $8.53 (3.65%) 0.85%(c) 0.83%(c) 2.67% 35% $260,599
Year Ended 2/28/2019 $9.21 (7.64%) 0.89%(c),(e) 0.85%(c),(e) 3.11% 58% $248,248
Year Ended 2/28/2018 $10.35 26.37% 0.94%(f) 0.93%(f) 2.08% 47% $340,651
Class R
Year Ended 2/28/2022 $9.84 4.40% 1.47%(c) 1.40%(c),(d) 1.84% 43% $15,567
Year Ended 2/28/2021 $9.73 18.29% 1.53%(c),(e) 1.43%(c),(d),(e) 1.36% 54% $8,621
Year Ended 2/29/2020 $8.34 (4.30%) 1.49%(c) 1.47%(c),(d) 2.00% 35% $7,209
Year Ended 2/28/2019 $9.02 (8.20%) 1.55%(c),(e) 1.49%(c),(d),(e) 2.47% 58% $5,864
Year Ended 2/28/2018 $10.13 25.46% 1.61%(f) 1.59%(d),(f) 0.80% 47% $3,099
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund  | Annual Report 2022
21

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Overseas Value Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Effective April 1, 2021, Class C shares automatically convert to Class A shares after 8 years. Prior to April 1, 2021, Class C shares automatically converted to Class A shares after 10 years. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
22 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
Option contracts are valued at the mean of the latest quoted bid and ask prices on their primary exchanges. Option contracts, including over-the-counter option contracts, with no readily available market quotations are valued using mid-market evaluations from independent third-party vendors.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty
Columbia Overseas Value Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
(CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark. These instruments may be used for other purposes in future periods.
24 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund purchased and has written option contracts to decrease the Fund’s exposure to equity market risk and to facilitate buying and selling of securities for investments. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
Columbia Overseas Value Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Foreign exchange risk Unrealized appreciation on forward foreign currency exchange contracts 3,114,958
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Options contracts written, at value 1,064,534
Foreign exchange risk Unrealized depreciation on forward foreign currency exchange contracts 1,037,931
Total   2,102,465
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Options
contracts
written
($)
Options
contracts
purchased
($)
Total
($)
Equity risk 1,933,761 (2,630,105) (696,344)
Foreign exchange risk (8,509,988) (8,509,988)
Total (8,509,988) 1,933,761 (2,630,105) (9,206,332)
    
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Forward
foreign
currency
exchange
contracts
($)
Options
contracts
written
($)
Total
($)
Equity risk (872,158) (872,158)
Foreign exchange risk 1,523,925 1,523,925
Total 1,523,925 (872,158) 651,767
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average
value ($)
Options contracts — purchased 209,534*
Options contracts — written (286,667)**
    
Derivative instrument Average unrealized
appreciation ($)**
Average unrealized
depreciation ($)**
Forward foreign currency exchange contracts 2,057,148 (2,438,290)
    
* Based on the ending daily outstanding amounts for the year ended February 28, 2022.
** Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
26 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of February 28, 2022:
  Goldman
Sachs
International ($)
Morgan
Stanley ($)
Total ($)
Assets      
Forward foreign currency exchange contracts 3,114,958 - 3,114,958
Liabilities      
Forward foreign currency exchange contracts 1,037,931 - 1,037,931
Options contracts written - 1,064,534 1,064,534
Total liabilities 1,037,931 1,064,534 2,102,465
Total financial and derivative net assets 2,077,027 (1,064,534) 1,012,493
Total collateral received (pledged) (a) 460,000 (1,064,534) (604,534)
Net amount (b) 1,617,027 - 1,617,027
    
(a) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(b) Represents the net amount due from/(to) counterparties in the event of default.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Columbia Overseas Value Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
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 0.87% to 0.67% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.78% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
28 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.14
Advisor Class 0.14
Class C 0.14
Institutional Class 0.14
Institutional 2 Class 0.06
Institutional 3 Class 0.01
Class R 0.14
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $280.
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.
Columbia Overseas Value Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended February 28, 2022, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 5.75 0.50 - 1.00(a) 179,114
Class C 1.00(b) 809
    
(a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
June 30, 2024
Class A 1.16%
Advisor Class 0.91
Class C 1.91
Institutional Class 0.91
Institutional 2 Class 0.82
Institutional 3 Class 0.77
Class R 1.41
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
30 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments, late-year ordinary losses, capital loss carryforward, former passive foreign investment company (PFIC) holdings, foreign capital gains tax, foreign currency transactions and PFIC holdings. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Excess of distributions
over net investment
income ($)
Accumulated
net realized
(loss) ($)
Paid in
capital ($)
(7,642,574) 7,454,369 188,205
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
77,253,206 18,046,140 95,299,346 21,683,330 8,068,493 29,751,823
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
26,079,312 (274,747,450) 3,491,240
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
2,726,394,677 256,811,293 (253,320,053) 3,491,240
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at February 28, 2022, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended February 28, 2022, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
(274,747,450) (274,747,450) 35,298,171
Columbia Overseas Value Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
February 28, 2022
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of February 28, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on March 1, 2022.
Late year
ordinary losses ($)
Post-October
capital losses ($)
2,435,594
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 $1,763,705,326 and $1,099,349,914, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is
32 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Fund reorganization
At the close of business on January 21, 2022, the Fund acquired the assets and assumed the identified liabilities of BMO Disciplined International Equity Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on January 7, 2022. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.
The aggregate net assets of the Fund immediately before the reorganization were $2,750,846,061 and the combined net assets immediately after the reorganization were $2,792,940,373.
The reorganization was accomplished by a tax-free exchange of 3,972,476 shares of the Acquired Fund valued at $42,094,312 (including $1,363,189 of unrealized appreciation/(depreciation)).
In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:
  Shares
Class A 4,285
Advisor Class 4,039,099
For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had been completed on March 1, 2021, the Fund’s pro-forma results of operations for the year ended February 28, 2022 would have been approximately:
  ($)
Net investment income 64,507,000
Net realized gain 81,877,000
Net change in unrealized appreciation/(depreciation) (52,161,000)
Net increase in net assets from operations 94,223,000
Note 10. Significant risks
Derivatives risk
Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.
Columbia Overseas Value Fund  | Annual Report 2022
33

Notes to Financial Statements  (continued)
February 28, 2022
Financial sector risk
The Fund is more susceptible to the particular risks that may affect companies in the financial services sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the financial services sector are subject to certain risks, including the risk of regulatory change, decreased liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions that affect such industries or sectors. Performance of such companies may be affected by competitive pressures and exposure to investments, agreements and counterparties, including credit products that, under certain circumstances, may lead to losses (e.g., subprime loans). Companies in the financial services sector are subject to extensive governmental regulation that may limit the amount and types of loans and other financial commitments they can make, and interest rates and fees that they may charge. In addition, profitability of such companies is largely dependent upon the availability and the cost of capital.
Foreign securities and emerging market countries risk
Investing in foreign securities may involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Fund to elevated risks associated with increased inflation, deflation or currency devaluation. To the extent that the Fund concentrates its investment exposure to any one or a few specific countries, the Fund will be particularly susceptible to the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified.
Geographic focus risk
The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.
Asia Pacific Region. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Fund to sell such securities at a desirable time and price.
Europe. The Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe which are often closely connected and interdependent, and events in one European country can have an adverse impact on other European countries. In addition, the private and public sectors’ debt problems of a single European Union (EU) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world. The UK’s departure from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investment in the Fund.
34 Columbia Overseas Value Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, three unaffiliated shareholders of record owned 44.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 10.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 11. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. There were no items requiring adjustment of the financial statements and, other than as noted below, no items requiring additional disclosure.
Columbia Overseas Value Fund  | Annual Report 2022
35

Notes to Financial Statements  (continued)
February 28, 2022
On February 24, 2022, Russia began a large-scale invasion of Ukraine, and economic sanctions against Russia swiftly followed. Following regulatory concerns regarding these economic sanctions, a number of market exchanges halted trading in the stocks of Russia-based companies listed on their exchange. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund. Since the invasion, the value and liquidity of securities with exposure in Russia, Ukraine and Belarus have experienced significant declines.  At February 28, 2022, securities with exposure in these countries represented 0.1% of the Fund’s net assets. Effective March 3, 2022, the value of all equity securities with exposure in these countries represents their fair value as determined in good faith under procedures approved by the Board of Trustees.
Note 12. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
36 Columbia Overseas Value Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Overseas Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Overseas Value Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Overseas Value Fund  | Annual Report 2022
37

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Capital
gain
dividend
Foreign
taxes paid
to foreign
countries
Foreign
taxes paid
per share
to foreign
countries
Foreign
source
income
Foreign
source
income per
share
100.00% $46,331,725 $8,825,234 $0.03 $93,428,222 $0.34
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
Foreign taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided in the table above.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
38 Columbia Overseas Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Overseas Value Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
40 Columbia Overseas Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Overseas Value Fund  | Annual Report 2022
41

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
42 Columbia Overseas Value Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Overseas Value Fund  | Annual Report 2022
43

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
44 Columbia Overseas Value Fund  | Annual Report 2022

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Columbia Overseas Value Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN208_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Large Cap Enhanced Core Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Large Cap Enhanced Core Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Large Cap Enhanced Core Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks total return before fees and expenses that exceeds the total return of the Standard & Poor’s (S&P) 500 Index.
Portfolio management
Raghavendran Sivaraman, Ph.D., CFA
Co-Portfolio Manager
Managed Fund since 2019
Oleg Nusinzon, CFA
Co-Portfolio Manager
Managed Fund since June 2021
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A 07/31/96 20.15 14.72 14.04
Advisor Class* 07/01/15 20.50 15.01 14.23
Institutional Class 07/31/96 20.49 15.01 14.34
Institutional 2 Class* 06/25/14 20.67 15.13 14.36
Institutional 3 Class 07/15/09 20.73 15.19 14.50
Class R 01/23/06 19.85 14.43 13.77
S&P 500 Index   16.39 15.17 14.59
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. Since the Fund launched more than one share class at its inception, Class A shares were used. 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 S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Large Cap Enhanced Core Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 97.5
Money Market Funds 2.5
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 9.7
Consumer Discretionary 11.9
Consumer Staples 6.6
Energy 3.3
Financials 11.0
Health Care 13.8
Industrials 8.5
Information Technology 28.0
Materials 2.4
Real Estate 2.5
Utilities 2.3
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Large Cap Enhanced Core Fund returned 20.15%. The Fund outperformed its benchmark, the S&P 500 Index, which returned 16.39% for the same time period.
Market overview
U.S. equities posted gains through much of the 12-month period that ended February 28, 2022. As pandemic-related restrictions were eased, robust economic growth and corporate earnings drove gains for stocks. Both U.S. monetary and fiscal policy were highly supportive, as Congress approved massive spending packages that included direct payments to citizens and the U.S. Federal Reserve (Fed) maintained its benchmark overnight lending rate near zero while engaging in bond market purchases to keep longer term borrowing costs low. The fourth quarter of 2021 saw the Fed adopt a more hawkish tone in response to persistently high inflation, driven in large part by supply chain constraints and rising commodity prices, which led to increased market volatility. The first two months of 2022 brought a rocky start, with most major indices returning in negative territory as markets grappled with individual stock volatility, the number and timing of interest rate hikes by the Fed, inflation and geopolitical tensions. Of most significance, tensions between Russia and Ukraine near the end of the period, and the subsequent invasion of Ukraine by Russia on February 24, 2022, roiled global markets and drove significant sell-offs.
We divide the metrics for our stock selection model into three broad categories: value (fundamental measures, such as earnings and cash flow, relative to market values), catalyst (price momentum and business momentum) and quality (quality of earnings and financial strength). We then rank the securities within a sector/industry from 1 (most attractive) to 5 (least attractive) based upon the metrics within these categories. For the period, the Fund’s value, quality and catalyst factors were in favor. Value factors contributed the most to the Fund’s relative outperformance.
The Fund’s notable contributors during the period
The Fund’s outperformance of its benchmark during the period was driven by strong stock selection, most notably in the information technology, health care and communication services sectors.
Individual stocks that contributed most to relative performance included online payment company PayPal Holdings, parent company of search engine giant Google Alphabet (Class A), cybersecurity company Fortinet, steel manufacturer Nucor Corporation and entertainment conglomerate Walt Disney.
o The Fund’s holding in PayPal was underweight relative the benchmark’s weight in the company, which benefited the Fund as PayPal delivered weak performance.
The Fund’s notable detractors during the period
An underweight posture in financials and security selection in utilities detracted, resulting in relative underperformance in both sectors during the period.
Individual stocks that detracted most from relative performance during the period included computer graphics semiconductor company NVIDIA, interactive entertainment software company Activision Blizzard, computer software and multimedia tool supplier Autodesk and oil and gas giant Chevron Corp. We sold the Fund’s position in Chevron Corp. before the close of the reporting period.
Not owning Class C shares of Alphabet also weighed on results versus the benchmark during the period.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. The Fund’s net value will generally decline when the performance of its targeted index declines. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
5

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 990.80 1,020.68 4.10 4.16 0.83
Advisor Class 1,000.00 1,000.00 992.10 1,021.92 2.86 2.91 0.58
Institutional Class 1,000.00 1,000.00 992.20 1,021.92 2.86 2.91 0.58
Institutional 2 Class 1,000.00 1,000.00 992.70 1,022.56 2.22 2.26 0.45
Institutional 3 Class 1,000.00 1,000.00 992.80 1,022.81 1.98 2.01 0.40
Class R 1,000.00 1,000.00 989.30 1,019.44 5.33 5.41 1.08
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
6 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.5%
Issuer Shares Value ($)
Communication Services 9.5%
Entertainment 0.4%
Activision Blizzard, Inc. 8,351 680,606
Walt Disney Co. (The)(a) 5,532 821,281
Total   1,501,887
Interactive Media & Services 6.7%
Alphabet, Inc., Class A(a) 7,205 19,461,714
Meta Platforms, Inc., Class A(a) 37,268 7,864,666
Total   27,326,380
Media 2.4%
Charter Communications, Inc., Class A(a) 2,907 1,749,375
Comcast Corp., Class A 16,517 772,335
Fox Corp., Class A 33,760 1,412,181
Interpublic Group of Companies, Inc. (The) 80,559 2,964,571
Omnicom Group, Inc. 36,470 3,059,468
Total   9,957,930
Total Communication Services 38,786,197
Consumer Discretionary 11.6%
Automobiles 1.3%
Tesla Motors, Inc.(a) 5,941 5,171,225
Distributors 0.9%
Genuine Parts Co. 17,858 2,181,533
LKQ Corp. 35,988 1,689,637
Total   3,871,170
Hotels, Restaurants & Leisure 1.4%
Darden Restaurants, Inc. 18,752 2,723,165
Expedia Group, Inc.(a) 8,744 1,714,786
McDonald’s Corp. 5,718 1,399,595
Total   5,837,546
Household Durables 1.7%
Lennar Corp., Class A 27,321 2,455,611
NVR, Inc.(a) 338 1,675,953
PulteGroup, Inc. 55,888 2,775,398
Total   6,906,962
Internet & Direct Marketing Retail 3.0%
Amazon.com, Inc.(a) 3,992 12,260,470
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 1.7%
AutoZone, Inc.(a) 1,356 2,526,757
Home Depot, Inc. (The) 5,581 1,762,647
O’Reilly Automotive, Inc.(a) 3,839 2,492,432
Total   6,781,836
Textiles, Apparel & Luxury Goods 1.6%
Ralph Lauren Corp. 16,700 2,205,068
Tapestry, Inc. 53,794 2,200,175
Under Armour, Inc., Class A(a) 112,607 2,014,539
Total   6,419,782
Total Consumer Discretionary 47,248,991
Consumer Staples 6.4%
Beverages 1.4%
Coca-Cola Co. (The) 89,898 5,595,251
Food & Staples Retailing 0.5%
Kroger Co. (The) 23,260 1,088,568
Walmart, Inc. 8,930 1,206,979
Total   2,295,547
Food Products 0.8%
Tyson Foods, Inc., Class A 34,607 3,206,685
Household Products 1.7%
Procter & Gamble Co. (The) 44,655 6,961,268
Tobacco 2.0%
Altria Group, Inc. 72,872 3,737,605
Philip Morris International, Inc. 44,565 4,504,184
Total   8,241,789
Total Consumer Staples 26,300,540
Energy 3.3%
Oil, Gas & Consumable Fuels 3.3%
ConocoPhillips Co. 42,445 4,026,333
EOG Resources, Inc. 19,103 2,195,317
Exxon Mobil Corp. 75,585 5,927,375
Occidental Petroleum Corp. 25,900 1,132,607
Total   13,281,632
Total Energy 13,281,632
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
7

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Financials 10.7%
Banks 2.8%
Bank of America Corp. 21,678 958,168
Citigroup, Inc. 20,903 1,238,085
JPMorgan Chase & Co. 14,092 1,998,245
Wells Fargo & Co. 94,433 5,039,889
Zions Bancorp 32,010 2,269,189
Total   11,503,576
Capital Markets 2.3%
Cboe Global Markets, Inc. 20,867 2,447,490
Goldman Sachs Group, Inc. (The) 10,381 3,542,932
Morgan Stanley 39,315 3,567,443
Total   9,557,865
Consumer Finance 1.6%
Capital One Financial Corp. 21,164 3,243,806
Discover Financial Services 24,883 3,071,558
Total   6,315,364
Diversified Financial Services 0.9%
Berkshire Hathaway, Inc., Class B(a) 11,252 3,616,955
Insurance 3.1%
Allstate Corp. (The) 19,811 2,424,074
Aon PLC, Class A 4,099 1,197,482
Marsh & McLennan Companies, Inc. 22,219 3,453,055
MetLife, Inc. 51,677 3,490,781
Prudential Financial, Inc. 19,738 2,203,945
Total   12,769,337
Total Financials 43,763,097
Health Care 13.4%
Biotechnology 2.3%
AbbVie, Inc. 28,998 4,285,034
Amgen, Inc. 3,517 796,530
Gilead Sciences, Inc. 10,180 614,872
Regeneron Pharmaceuticals, Inc.(a) 2,039 1,260,836
Vertex Pharmaceuticals, Inc.(a) 10,080 2,318,602
Total   9,275,874
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 2.7%
Abbott Laboratories 36,596 4,414,210
Baxter International, Inc. 37,273 3,167,087
Becton Dickinson and Co. 13,440 3,646,003
Total   11,227,300
Health Care Providers & Services 2.6%
Anthem, Inc. 2,309 1,043,322
CVS Health Corp. 40,439 4,191,502
McKesson Corp. 11,916 3,276,423
UnitedHealth Group, Inc. 4,688 2,230,879
Total   10,742,126
Life Sciences Tools & Services 0.7%
IQVIA Holdings, Inc.(a) 12,951 2,980,284
Pharmaceuticals 5.1%
Bristol-Myers Squibb Co. 69,279 4,757,389
Eli Lilly & Co. 5,001 1,250,000
Johnson & Johnson 31,319 5,154,168
Merck & Co., Inc. 59,677 4,570,064
Pfizer, Inc. 105,033 4,930,249
Total   20,661,870
Total Health Care 54,887,454
Industrials 8.3%
Aerospace & Defense 2.6%
General Dynamics Corp. 15,729 3,687,664
Lockheed Martin Corp. 9,500 4,121,100
Textron, Inc. 38,934 2,847,243
Total   10,656,007
Air Freight & Logistics 1.0%
United Parcel Service, Inc., Class B 18,783 3,952,319
Airlines 0.1%
Southwest Airlines Co.(a) 14,236 623,537
Building Products 0.4%
Allegion PLC 14,950 1,712,074
Commercial Services & Supplies 0.6%
Cintas Corp. 2,385 895,138
Republic Services, Inc. 12,380 1,489,067
Total   2,384,205
 
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Electrical Equipment 0.8%
Emerson Electric Co. 33,491 3,111,984
Industrial Conglomerates 0.8%
Roper Technologies, Inc. 7,211 3,232,114
Machinery 0.6%
Snap-On, Inc. 11,790 2,478,022
Road & Rail 1.4%
Norfolk Southern Corp. 7,039 1,805,644
Union Pacific Corp. 16,023 3,940,857
Total   5,746,501
Total Industrials 33,896,763
Information Technology 27.3%
Communications Equipment 1.3%
Cisco Systems, Inc. 93,232 5,199,549
IT Services 3.5%
Fidelity National Information Services, Inc. 27,523 2,621,015
Gartner, Inc.(a) 9,877 2,769,708
MasterCard, Inc., Class A 2,593 935,606
VeriSign, Inc.(a) 12,326 2,634,313
Visa, Inc., Class A 24,612 5,319,146
Total   14,279,788
Semiconductors & Semiconductor Equipment 5.1%
Advanced Micro Devices, Inc.(a) 30,576 3,771,244
KLA Corp. 2,600 906,100
Lam Research Corp. 5,451 3,059,919
NVIDIA Corp. 18,861 4,599,255
QUALCOMM, Inc. 28,296 4,866,629
Teradyne, Inc. 24,250 2,859,560
Texas Instruments, Inc. 4,751 807,622
Total   20,870,329
Software 9.9%
Adobe, Inc.(a) 9,089 4,250,743
Autodesk, Inc.(a) 11,355 2,500,712
Cadence Design Systems, Inc.(a) 11,024 1,669,364
Fortinet, Inc.(a) 9,286 3,199,213
Common Stocks (continued)
Issuer Shares Value ($)
Intuit, Inc. 6,827 3,238,524
Microsoft Corp.(b) 86,405 25,816,950
Total   40,675,506
Technology Hardware, Storage & Peripherals 7.5%
Apple, Inc. 181,535 29,975,059
HP, Inc. 23,579 810,175
Total   30,785,234
Total Information Technology 111,810,406
Materials 2.3%
Chemicals 1.4%
Celanese Corp., Class A 14,147 1,970,394
Dow, Inc. 47,336 2,790,931
LyondellBasell Industries NV, Class A 11,626 1,130,396
Total   5,891,721
Metals & Mining 0.9%
Nucor Corp. 27,911 3,673,646
Total Materials 9,565,367
Real Estate 2.4%
Equity Real Estate Investment Trusts (REITS) 1.9%
Iron Mountain, Inc. 20,187 992,797
Public Storage 3,280 1,164,465
Simon Property Group, Inc. 21,264 2,925,076
Weyerhaeuser Co. 74,593 2,900,176
Total   7,982,514
Real Estate Management & Development 0.5%
CBRE Group, Inc., Class A(a) 19,747 1,912,497
Total Real Estate 9,895,011
Utilities 2.3%
Electric Utilities 2.3%
Duke Energy Corp. 34,288 3,442,858
Evergy, Inc. 42,052 2,624,465
Exelon Corp. 14,835 631,378
NRG Energy, Inc. 68,501 2,592,078
Total   9,290,779
Total Utilities 9,290,779
Total Common Stocks
(Cost $249,206,610)
398,726,237
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Money Market Funds 2.4%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 10,067,584 10,064,564
Total Money Market Funds
(Cost $10,065,041)
10,064,564
Total Investments in Securities
(Cost: $259,271,651)
408,790,801
Other Assets & Liabilities, Net   225,808
Net Assets 409,016,609
At February 28, 2022, securities and/or cash totaling $860,515 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P 500 Index E-mini 9 03/2022 USD 1,965,600 1,440
S&P 500 Index E-mini 39 03/2022 USD 8,517,600 (222,964)
Total         1,440 (222,964)
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at February 28, 2022.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  7,860,589 70,259,515 (68,054,674) (866) 10,064,564 (655) 5,002 10,067,584
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
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 February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 38,786,197 38,786,197
Consumer Discretionary 47,248,991 47,248,991
Consumer Staples 26,300,540 26,300,540
Energy 13,281,632 13,281,632
Financials 43,763,097 43,763,097
Health Care 54,887,454 54,887,454
Industrials 33,896,763 33,896,763
Information Technology 111,810,406 111,810,406
Materials 9,565,367 9,565,367
Real Estate 9,895,011 9,895,011
Utilities 9,290,779 9,290,779
Total Common Stocks 398,726,237 398,726,237
Money Market Funds 10,064,564 10,064,564
Total Investments in Securities 408,790,801 408,790,801
Investments in Derivatives        
Asset        
Futures Contracts 1,440 1,440
Liability        
Futures Contracts (222,964) (222,964)
Total 408,569,277 408,569,277
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
11

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $249,206,610) $398,726,237
Affiliated issuers (cost $10,065,041) 10,064,564
Cash 693
Receivable for:  
Capital shares sold 98,390
Dividends 622,049
Expense reimbursement due from Investment Manager 13,305
Prepaid expenses 8,733
Total assets 409,533,971
Liabilities  
Payable for:  
Capital shares purchased 258,970
Variation margin for futures contracts 28,800
Management services fees 25,246
Distribution and/or service fees 3,377
Transfer agent fees 43,858
Compensation of board members 134,838
Compensation of chief compliance officer 68
Other expenses 22,205
Total liabilities 517,362
Net assets applicable to outstanding capital stock $409,016,609
Represented by  
Paid in capital 238,699,834
Total distributable earnings (loss) 170,316,775
Total - representing net assets applicable to outstanding capital stock $409,016,609
Class A  
Net assets $61,023,910
Shares outstanding 2,373,116
Net asset value per share $25.71
Advisor Class  
Net assets $8,459,403
Shares outstanding 334,629
Net asset value per share $25.28
Institutional Class  
Net assets $88,027,546
Shares outstanding 3,430,747
Net asset value per share $25.66
Institutional 2 Class  
Net assets $6,628,319
Shares outstanding 259,825
Net asset value per share $25.51
Institutional 3 Class  
Net assets $193,328,680
Shares outstanding 7,528,321
Net asset value per share $25.68
Class R  
Net assets $51,548,751
Shares outstanding 2,012,463
Net asset value per share $25.61
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $7,608,205
Dividends — affiliated issuers 5,002
Total income 7,613,207
Expenses:  
Management services fees 3,444,662
Distribution and/or service fees  
Class A 160,911
Class R 292,241
Transfer agent fees  
Class A 119,330
Advisor Class 15,196
Institutional Class 169,264
Institutional 2 Class 4,707
Institutional 3 Class 14,883
Class R 108,581
Compensation of board members 38,495
Custodian fees 9,881
Printing and postage fees 20,667
Registration fees 91,086
Audit fees 29,500
Legal fees 16,764
Interest on collateral 195
Compensation of chief compliance officer 65
Other 14,287
Total expenses 4,550,715
Fees waived or expenses reimbursed by Investment Manager and its affiliates (1,834,770)
Fees waived by transfer agent  
Institutional 2 Class (411)
Institutional 3 Class (9,012)
Expense reduction (40)
Total net expenses 2,706,482
Net investment income 4,906,725
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 114,636,524
Investments — affiliated issuers (655)
Futures contracts 1,632,226
Net realized gain 116,268,095
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (28,852,770)
Investments — affiliated issuers (866)
Futures contracts (369,858)
Net change in unrealized appreciation (depreciation) (29,223,494)
Net realized and unrealized gain 87,044,601
Net increase in net assets resulting from operations $91,951,326
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
13

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $4,906,725 $5,531,537
Net realized gain 116,268,095 22,648,502
Net change in unrealized appreciation (depreciation) (29,223,494) 91,492,066
Net increase in net assets resulting from operations 91,951,326 119,672,105
Distributions to shareholders    
Net investment income and net realized gains    
Class A (15,720,116) (4,505,290)
Advisor Class (2,090,505) (990,442)
Institutional Class (22,298,922) (6,631,927)
Institutional 2 Class (1,892,219) (761,560)
Institutional 3 Class (53,752,772) (18,311,383)
Class R (13,055,006) (4,161,044)
Total distributions to shareholders (108,809,540) (35,361,646)
Increase (decrease) in net assets from capital stock activity (61,711,493) 810,973
Total increase (decrease) in net assets (78,569,707) 85,121,432
Net assets at beginning of year 487,586,316 402,464,884
Net assets at end of year $409,016,609 $487,586,316
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 324,168 9,387,862 280,091 6,662,555
Distributions reinvested 454,796 12,508,794 158,667 3,675,238
Redemptions (545,889) (15,786,572) (740,543) (18,101,523)
Net increase (decrease) 233,075 6,110,084 (301,785) (7,763,730)
Advisor Class        
Subscriptions 47,974 1,440,214 67,303 1,542,820
Distributions reinvested 77,442 2,090,505 43,533 990,442
Redemptions (86,688) (2,528,250) (341,527) (8,253,798)
Net increase (decrease) 38,728 1,002,469 (230,691) (5,720,536)
Institutional Class        
Subscriptions 477,447 13,232,520 377,887 8,820,872
Distributions reinvested 697,927 19,154,056 244,043 5,661,877
Redemptions (876,756) (25,332,187) (1,709,689) (37,842,447)
Net increase (decrease) 298,618 7,054,389 (1,087,759) (23,359,698)
Institutional 2 Class        
Subscriptions 67,414 1,975,397 122,167 2,861,702
Distributions reinvested 67,519 1,846,529 33,002 761,559
Redemptions (197,380) (5,849,287) (335,196) (7,715,412)
Net decrease (62,447) (2,027,361) (180,027) (4,092,151)
Institutional 3 Class        
Subscriptions 700,226 20,034,893 4,601,237 99,913,321
Distributions reinvested 951,957 26,126,306 405,751 9,469,012
Redemptions (3,806,575) (114,838,980) (2,853,671) (65,358,220)
Net increase (decrease) (2,154,392) (68,677,781) 2,153,317 44,024,113
Class R        
Subscriptions 473,731 13,757,874 658,851 16,092,539
Distributions reinvested 461,727 12,684,637 168,570 3,884,605
Redemptions (1,060,505) (31,615,804) (917,703) (22,254,169)
Net decrease (125,047) (5,173,293) (90,282) (2,277,025)
Total net increase (decrease) (1,771,465) (61,711,493) 262,773 810,973
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
15

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
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $27.58 0.25 5.49 5.74 (0.26) (7.35) (7.61)
Year Ended 2/28/2021 $23.11 0.25 6.18 6.43 (0.26) (1.70) (1.96)
Year Ended 2/29/2020 $23.52 0.27 0.32 0.59 (0.24) (0.76) (1.00)
Year Ended 2/28/2019 $25.12 0.28 0.69 0.97 (0.24) (2.33) (2.57)
Year Ended 2/28/2018 $23.81 0.32 4.16 4.48 (0.32) (2.85) (3.17)
Advisor Class
Year Ended 2/28/2022 $27.21 0.31 5.44 5.75 (0.33) (7.35) (7.68)
Year Ended 2/28/2021 $22.83 0.31 6.09 6.40 (0.32) (1.70) (2.02)
Year Ended 2/29/2020 $23.23 0.33 0.32 0.65 (0.29) (0.76) (1.05)
Year Ended 2/28/2019 $24.85 0.36 0.65 1.01 (0.30) (2.33) (2.63)
Year Ended 2/28/2018 $23.58 0.37 4.13 4.50 (0.38) (2.85) (3.23)
Institutional Class
Year Ended 2/28/2022 $27.53 0.32 5.49 5.81 (0.33) (7.35) (7.68)
Year Ended 2/28/2021 $23.07 0.31 6.17 6.48 (0.32) (1.70) (2.02)
Year Ended 2/29/2020 $23.47 0.32 0.33 0.65 (0.29) (0.76) (1.05)
Year Ended 2/28/2019 $25.07 0.34 0.69 1.03 (0.30) (2.33) (2.63)
Year Ended 2/28/2018 $23.77 0.38 4.15 4.53 (0.38) (2.85) (3.23)
Institutional 2 Class
Year Ended 2/28/2022 $27.40 0.36 5.48 5.84 (0.38) (7.35) (7.73)
Year Ended 2/28/2021 $22.97 0.34 6.14 6.48 (0.35) (1.70) (2.05)
Year Ended 2/29/2020 $23.37 0.35 0.32 0.67 (0.31) (0.76) (1.07)
Year Ended 2/28/2019 $24.98 0.37 0.68 1.05 (0.33) (2.33) (2.66)
Year Ended 2/28/2018 $23.69 0.40 4.14 4.54 (0.40) (2.85) (3.25)
Institutional 3 Class
Year Ended 2/28/2022 $27.54 0.37 5.51 5.88 (0.39) (7.35) (7.74)
Year Ended 2/28/2021 $23.08 0.35 6.17 6.52 (0.36) (1.70) (2.06)
Year Ended 2/29/2020 $23.47 0.38 0.31 0.69 (0.32) (0.76) (1.08)
Year Ended 2/28/2019 $25.07 0.38 0.69 1.07 (0.34) (2.33) (2.67)
Year Ended 2/28/2018 $23.77 0.44 4.13 4.57 (0.42) (2.85) (3.27)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $25.71 20.15% 1.23%(c) 0.84%(c),(d) 0.83% 67% $61,024
Year Ended 2/28/2021 $27.58 29.53% 1.25%(c) 0.85%(c),(d) 1.02% 81% $59,015
Year Ended 2/29/2020 $23.11 2.33% 1.20% 0.88%(d) 1.11% 77% $56,439
Year Ended 2/28/2019 $23.52 4.14% 1.21% 0.89% 1.17% 99% $75,497
Year Ended 2/28/2018 $25.12 19.81% 1.23% 0.89% 1.31% 70% $60,502
Advisor Class
Year Ended 2/28/2022 $25.28 20.50% 0.98%(c) 0.58%(c),(d) 1.08% 67% $8,459
Year Ended 2/28/2021 $27.21 29.79% 1.00%(c) 0.61%(c),(d) 1.29% 81% $8,052
Year Ended 2/29/2020 $22.83 2.60% 0.95% 0.63%(d) 1.38% 77% $12,021
Year Ended 2/28/2019 $23.23 4.38% 0.96% 0.64% 1.53% 99% $5,222
Year Ended 2/28/2018 $24.85 20.12% 0.98% 0.64% 1.48% 70% $663
Institutional Class
Year Ended 2/28/2022 $25.66 20.49% 0.98%(c) 0.59%(c),(d) 1.08% 67% $88,028
Year Ended 2/28/2021 $27.53 29.83% 1.00%(c) 0.60%(c),(d) 1.27% 81% $86,219
Year Ended 2/29/2020 $23.07 2.58% 0.94% 0.63%(d) 1.34% 77% $97,348
Year Ended 2/28/2019 $23.47 4.42% 0.96% 0.64% 1.41% 99% $329,587
Year Ended 2/28/2018 $25.07 20.08% 0.98% 0.64% 1.56% 70% $260,985
Institutional 2 Class
Year Ended 2/28/2022 $25.51 20.67% 0.85%(c) 0.45%(c) 1.21% 67% $6,628
Year Ended 2/28/2021 $27.40 29.96% 0.86%(c) 0.48%(c) 1.40% 81% $8,831
Year Ended 2/29/2020 $22.97 2.66% 0.85% 0.54% 1.46% 77% $11,538
Year Ended 2/28/2019 $23.37 4.50% 0.87% 0.54% 1.56% 99% $26,349
Year Ended 2/28/2018 $24.98 20.20% 0.87% 0.55% 1.63% 70% $11,486
Institutional 3 Class
Year Ended 2/28/2022 $25.68 20.73% 0.80%(c) 0.40%(c) 1.25% 67% $193,329
Year Ended 2/28/2021 $27.54 30.01% 0.81%(c) 0.43%(c) 1.44% 81% $266,693
Year Ended 2/29/2020 $23.08 2.73% 0.81% 0.49% 1.59% 77% $173,757
Year Ended 2/28/2019 $23.47 4.58% 0.81% 0.49% 1.61% 99% $55,689
Year Ended 2/28/2018 $25.07 20.24% 0.82% 0.50% 1.77% 70% $28,180
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
17

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class R
Year Ended 2/28/2022 $27.50 0.17 5.47 5.64 (0.18) (7.35) (7.53)
Year Ended 2/28/2021 $23.05 0.19 6.16 6.35 (0.20) (1.70) (1.90)
Year Ended 2/29/2020 $23.48 0.21 0.31 0.52 (0.19) (0.76) (0.95)
Year Ended 2/28/2019 $25.08 0.22 0.69 0.91 (0.18) (2.33) (2.51)
Year Ended 2/28/2018 $23.78 0.26 4.15 4.41 (0.26) (2.85) (3.11)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interest on collateral expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

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 R
Year Ended 2/28/2022 $25.61 19.85% 1.48%(c) 1.09%(c),(d) 0.57% 67% $51,549
Year Ended 2/28/2021 $27.50 29.22% 1.50%(c) 1.10%(c),(d) 0.77% 81% $58,775
Year Ended 2/29/2020 $23.05 2.04% 1.45% 1.13%(d) 0.86% 77% $51,362
Year Ended 2/28/2019 $23.48 3.88% 1.46% 1.14% 0.93% 99% $53,131
Year Ended 2/28/2018 $25.08 19.51% 1.48% 1.14% 1.06% 70% $38,251
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
19

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Large Cap Enhanced Core Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Advisor Class, Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
20 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
21

Notes to Financial Statements  (continued)
February 28, 2022
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
22 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 1,440*
    
  Liability derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized depreciation on futures contracts 222,964*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category           Futures
contracts
($)
Equity risk           1,632,226
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category           Futures
contracts
($)
Equity risk           (369,858)
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 6,742,090
    
* Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
23

Notes to Financial Statements  (continued)
February 28, 2022
subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.75% to 0.55% as the Fund’s net assets increase. The effective management services fee rate for the year ended February 28, 2022 was 0.75% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain
24 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective July 1, 2021 through June 30, 2022, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.19
Advisor Class 0.19
Institutional Class 0.19
Institutional 2 Class 0.05
Institutional 3 Class 0.00
Class R 0.19
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $40.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
25

Notes to Financial Statements  (continued)
February 28, 2022
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.50% of the average daily net assets attributable to Class R shares of the Fund.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
June 30, 2022
Class A 0.84%
Advisor Class 0.59
Institutional Class 0.59
Institutional 2 Class 0.45
Institutional 3 Class 0.40
Class R 1.09
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitment, effective July 1, 2021 through June 30, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
26 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments, tax straddles, re-characterization of distributions for investments and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(420,055) (11,142,743) 11,562,798
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
39,316,763 69,492,777 108,809,540 6,043,108 29,318,538 35,361,646
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
4,726,909 17,816,232 147,906,920
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
260,662,357 152,878,527 (4,971,607) 147,906,920
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $302,810,342 and $468,964,735, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
27

Notes to Financial Statements  (continued)
February 28, 2022
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Information technology sector risk
The Fund is more susceptible to the particular risks that may affect companies in the information technology sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have
28 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Shareholder concentration risk
At February 28, 2022, two unaffiliated shareholders of record owned 39.5% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 15.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
30 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Large Cap Enhanced Core Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Large Cap Enhanced Core Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
31

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
25.01% 24.20% 0.49% $81,422,625
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
32 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
34 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
35

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
36 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Large Cap Enhanced Core Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
38 Columbia Large Cap Enhanced Core Fund  | Annual Report 2022

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Large Cap Enhanced Core Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN173_02_M01_(04/22)

Annual Report
February 28, 2022
Columbia Mid Cap Index Fund
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
If you elect to receive the shareholder report for Columbia Mid Cap Index Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
290 Congress Street
Boston, MA 02210
Fund distributor
Columbia Management Investment Distributors, Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Mid Cap Index Fund  |  Annual Report 2022

Fund at a Glance
Investment objective
The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard & Poor’s (S&P) MidCap 400® Index.
Portfolio management
Christopher Lo, CFA
Lead Portfolio Manager
Managed Fund since 2014
Kaiyu Zhao
Portfolio Manager
Managed Fund since 2020
Christopher Rowe
Portfolio Manager
Managed Fund since 2020
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2022 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended February 28, 2022)
    Inception 1 Year 5 Years 10 Years
Class A 05/31/00 7.48 10.18 11.73
Institutional Class 03/31/00 7.72 10.45 12.01
Institutional 2 Class* 11/08/12 7.75 10.46 12.03
Institutional 3 Class* 03/01/17 7.78 10.46 12.02
S&P MidCap 400 Index   7.98 10.71 12.26
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 S&P MidCap 400 Index is a market-value weighted index that tracks the performance of 400 mid-cap U.S. companies.
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.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Mid Cap Index Fund  | Annual Report 2022
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (February 29, 2012 — February 28, 2022)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Mid Cap Index Fund during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.
Portfolio breakdown (%) (at February 28, 2022)
Common Stocks 98.7
Money Market Funds 1.3
Total 100.0
Percentages indicated are based upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at February 28, 2022)
Communication Services 1.7
Consumer Discretionary 15.0
Consumer Staples 3.5
Energy 2.7
Financials 14.7
Health Care 9.3
Industrials 18.2
Information Technology 14.4
Materials 7.0
Real Estate 10.1
Utilities 3.4
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
4 Columbia Mid Cap Index Fund  | Annual Report 2022

Manager Discussion of Fund Performance
For the 12-month period that ended February 28, 2022, Class A shares of Columbia Mid Cap Index Fund returned 7.48%. The Fund closely tracked its benchmark, the unmanaged S&P MidCap 400 Index, which returned 7.98% for the same period. Mutual funds, unlike unmanaged indices, incur operating expenses.
Market overview
COVID-19 vaccinations allowed for greater economic reopening during the annual period. In turn, the U.S. equity market, as measured by the S&P 500 Index, achieved double-digit gains. Mid-cap stocks also rose. Still, volatility remained heightened throughout the annual period.
As the annual period began in March 2021, U.S. equities produced healthy gains, boosted by both the passage of a fiscal stimulus package and by investor confidence that the U.S. Federal Reserve (Fed) would maintain its highly accommodative monetary policy. Stocks were then well supported during the second quarter of 2021 by a combination of strong economic growth, gradual rollbacks of COVID-19 lockdowns and robust corporate earnings. Although concerns about rising inflation led to a brief stretch of volatility mid-way through the quarter, the Fed reassured the markets that monetary policy would remain accommodative for an extended period. As a result, most major U.S. equity indices finished June 2021 at or near their then-all-time highs.
U.S. equities posted mixed results in the third quarter, reflecting an increasingly challenging environment. The market performed reasonably well in July and August, during which the prospects of improving economic growth and rising corporate profits outweighed concerns about the COVID-19 Delta variant. The backdrop became less favorable in September, however, fueling a downturn that erased almost all of the advance of the prior two months. The markets were contending with a persistent increase in inflation, worsening supply-chain bottlenecks, instability in China’s property market and the Fed indicating it was likely to announce a tapering of its quantitative easing program before year end. In the fourth quarter, U.S. equities displayed remarkable resilience despite potential headwinds. Investors faced the emergence of the COVID-19 Omicron variant, contagious enough to raise concerns about a possible new wave of lockdowns. Also, the Fed had previously viewed rising inflation as “transitory,” but continued price pressures drove the central bank to announce the tapering of its stimulative quantitative easing program and to prepare the financial markets for the likelihood of multiple interest rate increases in 2022. Still, the S&P 500 Index finished the calendar year with a solid gain on the strength of robust investment inflows and the lack of compelling total return potential in bonds.
U.S. equities fell in January and February 2022. In January the S&P 500 Index experienced its worst month since the COVID-19-induced sell-off of March 2020. Hawkish commentary from the Fed was perhaps the most significant driver of the market’s decline. Heightened inflation concerns also weighed on investor sentiment, more than offsetting the positive news that the Omicron variant appeared to be milder than previous COVID-19 variants. In February, Russia’s invasion of Ukraine, stunning in its magnitude, rattled equity markets, while inflation and shifting Fed policy remained overhangs. Notably, the growing sense that COVID-19 is transitioning from pandemic to endemic in the U.S. supported U.S. small-cap stocks, which significantly outpaced their large-cap peers in a reversal of the recent performance trend.
For the annual period overall, large-cap stocks within the U.S. equity market performed best, followed by mid-cap stocks and then small-cap stocks, each generating a positive total return. From a style perspective, there was a sharp reversal from the prior annual period, as value-oriented stocks significantly outperformed growth-oriented stocks across the capitalization spectrum of the U.S. equity market for the 12 months ended February 28, 2022. Six of the eleven sectors of the S&P MidCap 400 Index posted a positive return during the 12 months ended February 28, 2022.
The Fund’s notable detractors during the period
Communication services, health care and information technology were the weakest sectors in terms of total return.
On the basis of impact, health care, information technology and consumer discretionary were the weakest sectors.
The worst performing industries for the annual period on the basis of total return were Internet and direct marketing retail; beverages; pharmaceuticals; multiline retail; and biotechnology.
Columbia Mid Cap Index Fund  | Annual Report 2022
5

Manager Discussion of Fund Performance  (continued)
Top individual detractors were residential solar energy systems company Sunrun Inc.; high-end alcoholic beverage company and craft brewer Boston Beer Company, Inc.-A; medical technology company Masimo Corp.; online and mobile platform for restaurant pick-up and delivery orders Grubhub, Inc.; and biotechnology company Arrowhead Pharmaceuticals, Inc.
The Fund’s notable contributors during the period
In terms of total return, the energy sector was the best relative performer, followed at some distance by the materials and real estate sectors.
On the basis of impact, which takes weighting and total returns into account, the financials, real estate and materials sectors were the biggest contributors to the Index’s return.
The top performing industries on the basis of total return were oil, gas and consumable fuels; metals and mining; air freight and logistics; paper and forest products; and real estate management and development.
Top individual contributors within the S&P MidCap 400 Index during the annual period included multifamily apartment communities real estate investment trust Camden Property Trust; car rental company Avis Budget Group, Inc.; integrated financial data and software solutions provider Factset Research Systems, Inc.; building materials supplier and manufacturer Builders FirstSource, Inc; and steel producer and metal recycler Steel Dynamics, Inc.
Industrials remained the largest sector by weighting in the S&P MidCap 400 Index, with a weighting of 18.46% as of February 28, 2022.
Each sector and stock in the S&P MidCap 400 Index was represented in the Fund with approximately the same weighting as in the Index and therefore had a similar effect.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund’s net value will generally decline when the performance of its targeted index declines. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks. 
The views expressed in this report reflect the current views of the respective parties who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.
6 Columbia Mid Cap Index Fund  | Annual Report 2022

Understanding Your Fund’s Expenses
(Unaudited)
As an investor, you incur two types of costs. There are shareholder transaction costs, which may include redemption fees. There are also ongoing fund costs, which generally include management fees, distribution and/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Fund’s actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
September 1, 2021 — February 28, 2022
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Class A 1,000.00 1,000.00 970.60 1,022.56 2.20 2.26 0.45
Institutional Class 1,000.00 1,000.00 972.00 1,023.80 0.98 1.00 0.20
Institutional 2 Class 1,000.00 1,000.00 972.20 1,023.80 0.98 1.00 0.20
Institutional 3 Class 1,000.00 1,000.00 972.50 1,023.80 0.98 1.00 0.20
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Mid Cap Index Fund  | Annual Report 2022
7

Portfolio of Investments
February 28, 2022
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.7%
Issuer Shares Value ($)
Communication Services 1.7%
Diversified Telecommunication Services 0.2%
Iridium Communications, Inc.(a) 169,569 6,713,237
Entertainment 0.1%
World Wrestling Entertainment, Inc., Class A 57,358 3,399,035
Interactive Media & Services 0.4%
TripAdvisor, Inc.(a) 127,048 3,232,101
Yelp, Inc.(a) 88,035 2,983,506
Ziff Davis, Inc.(a) 61,851 6,222,211
Total   12,437,818
Media 1.0%
Cable One, Inc. 6,358 9,110,060
John Wiley & Sons, Inc., Class A 55,860 2,810,316
New York Times Co. (The), Class A 214,324 9,428,113
TEGNA, Inc. 283,827 6,505,315
Total   27,853,804
Total Communication Services 50,403,894
Consumer Discretionary 14.7%
Auto Components 1.5%
Adient PLC(a) 120,849 5,407,993
Dana, Inc. 185,002 3,444,737
Fox Factory Holding Corp.(a) 54,005 6,373,670
Gentex Corp. 303,373 9,183,101
Goodyear Tire & Rubber Co. (The)(a) 360,400 5,582,596
Lear Corp. 76,468 12,031,475
Visteon Corp.(a) 35,910 4,315,305
Total   46,338,877
Automobiles 0.5%
Harley-Davidson, Inc. 197,371 8,151,422
Thor Industries, Inc. 71,227 6,446,044
Total   14,597,466
Common Stocks (continued)
Issuer Shares Value ($)
Diversified Consumer Services 0.9%
Graham Holdings Co., Class B 5,117 3,075,982
Grand Canyon Education, Inc.(a) 51,401 4,463,149
H&R Block, Inc. 225,271 5,588,974
Service Corp. International 211,525 12,871,296
Total   25,999,401
Hotels, Restaurants & Leisure 3.0%
Boyd Gaming Corp.(a) 105,194 7,462,462
Choice Hotels International, Inc. 42,098 6,076,846
Churchill Downs, Inc. 44,154 10,635,374
Cracker Barrel Old Country Store, Inc. 30,158 4,049,315
Marriott Vacations Worldwide Corp. 54,635 8,778,205
Papa John’s International, Inc. 41,512 4,434,312
Scientific Games Corp.(a) 123,791 7,788,930
Six Flags Entertainment Corp.(a) 99,258 4,333,604
Texas Roadhouse, Inc. 89,330 8,478,310
Travel + Leisure Co. 110,690 6,204,175
Wendy’s Co. (The) 226,398 5,148,291
Wingstop, Inc. 38,256 5,560,510
Wyndham Hotels & Resorts, Inc. 119,515 10,327,291
Total   89,277,625
Household Durables 1.6%
Helen of Troy Ltd.(a) 30,948 6,365,075
KB Home 109,932 4,244,475
Leggett & Platt, Inc. 171,076 6,343,498
Taylor Morrison Home Corp., Class A(a) 157,627 4,649,997
Tempur Sealy International, Inc. 246,924 8,150,961
Toll Brothers, Inc. 146,753 7,962,818
TopBuild Corp.(a) 42,231 9,066,151
Tri Pointe Homes, Inc.(a) 142,552 3,188,888
Total   49,971,863
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Mid Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Leisure Products 1.3%
Brunswick Corp. 98,886 9,445,591
Callaway Golf Co.(a) 150,313 3,718,743
Mattel, Inc.(a) 449,366 11,225,163
Polaris, Inc. 73,164 8,890,157
YETI Holdings, Inc.(a) 112,414 6,920,206
Total   40,199,860
Multiline Retail 0.9%
Kohl’s Corp. 193,083 10,739,276
Macy’s, Inc. 397,244 10,296,564
Nordstrom, Inc.(a) 142,690 2,959,391
Ollie’s Bargain Outlet Holdings, Inc.(a) 77,621 3,351,675
Total   27,346,906
Specialty Retail 3.2%
American Eagle Outfitters, Inc. 196,789 4,148,312
AutoNation, Inc.(a) 51,278 5,879,535
Dick’s Sporting Goods, Inc. 83,234 8,739,570
Five Below, Inc.(a) 71,857 11,756,524
Foot Locker, Inc. 115,840 3,662,861
GameStop Corp., Class A(a) 79,470 9,801,830
Gap, Inc. (The) 274,975 4,000,886
Lithia Motors, Inc., Class A 38,839 13,237,108
Murphy U.S.A., Inc. 30,248 5,467,023
Restoration Hardware Holdings, Inc.(a) 22,248 8,940,804
Urban Outfitters, Inc.(a) 84,532 2,325,475
Victoria’s Secret & Co.(a) 92,931 4,983,890
Williams-Sonoma, Inc. 95,386 13,817,616
Total   96,761,434
Textiles, Apparel & Luxury Goods 1.8%
Capri Holdings Ltd.(a) 192,987 13,072,939
Carter’s, Inc. 54,213 5,241,313
Columbia Sportswear Co. 44,335 4,110,741
Crocs, Inc.(a) 75,480 6,319,941
Deckers Outdoor Corp.(a) 35,206 10,161,860
Hanesbrands, Inc. 447,909 6,920,194
Skechers U.S.A., Inc., Class A(a) 173,034 7,956,103
Total   53,783,091
Total Consumer Discretionary 444,276,523
Common Stocks (continued)
Issuer Shares Value ($)
Consumer Staples 3.5%
Beverages 0.2%
Boston Beer Co., Inc. (The), Class A(a) 12,041 4,617,242
Food & Staples Retailing 1.3%
BJ’s Wholesale Club Holdings, Inc.(a) 175,139 11,010,989
Casey’s General Stores, Inc. 47,589 8,950,539
Grocery Outlet Holding Corp.(a) 112,072 3,116,722
Performance Food Group, Inc.(a) 197,933 11,092,165
Sprouts Farmers Market, Inc.(a) 143,989 4,100,807
Total   38,271,222
Food Products 1.7%
Darling Ingredients, Inc.(a) 207,544 15,042,789
Flowers Foods, Inc. 254,878 6,986,206
Hain Celestial Group, Inc. (The)(a) 119,134 4,331,712
Ingredion, Inc. 85,343 7,573,338
Lancaster Colony Corp. 25,424 4,276,571
Pilgrim’s Pride Corp.(a) 62,510 1,473,986
Post Holdings, Inc.(a) 75,086 7,894,542
Sanderson Farms, Inc. 27,210 4,859,434
Total   52,438,578
Household Products 0.1%
Energizer Holdings, Inc. 80,682 2,693,972
Personal Products 0.2%
Coty, Inc., Class A(a) 430,427 3,947,016
Nu Skin Enterprises, Inc., Class A 63,906 2,964,599
Total   6,911,615
Total Consumer Staples 104,932,629
Energy 2.7%
Energy Equipment & Services 0.5%
ChampionX Corp.(a) 259,186 5,549,172
NOV, Inc. 501,122 8,594,243
Total   14,143,415
Oil, Gas & Consumable Fuels 2.2%
Antero Midstream Corp. 416,481 4,181,469
CNX Resources Corp.(a) 270,896 4,426,441
DT Midstream, Inc. 124,074 6,588,330
EQT Corp. 387,822 8,974,201
Equitrans Midstream Corp. 521,464 3,342,584
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
9

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
HollyFrontier Corp.(a) 191,752 5,838,848
Murphy Oil Corp. 186,230 6,456,594
PDC Energy, Inc. 124,906 8,058,935
Targa Resources Corp. 293,692 19,198,646
Total   67,066,048
Total Energy 81,209,463
Financials 14.5%
Banks 7.1%
Associated Banc-Corp. 192,493 4,694,904
Bank of Hawaii Corp. 51,919 4,474,379
Bank OZK 155,053 7,290,592
Cadence Bank 251,331 7,947,086
Cathay General Bancorp 99,050 4,658,322
Commerce Bancshares, Inc. 142,377 10,219,821
Cullen/Frost Bankers, Inc. 72,735 10,235,997
East West Bancorp, Inc. 182,017 15,937,409
First Financial Bankshares, Inc. 164,469 7,881,354
First Horizon Corp. 693,595 16,285,611
FNB Corp. 434,409 5,834,113
Fulton Financial Corp. 206,897 3,728,284
Glacier Bancorp, Inc. 139,134 7,708,024
Hancock Whitney Corp. 111,368 6,200,970
Home Bancshares, Inc. 193,344 4,526,183
International Bancshares Corp. 68,273 2,936,422
Old National Bancorp 378,672 6,922,124
PacWest Bancorp 150,401 7,432,817
Pinnacle Financial Partners, Inc. 97,656 9,871,068
Prosperity Bancshares, Inc. 118,216 8,802,363
Synovus Financial Corp. 186,640 9,826,596
Texas Capital Bancshares, Inc.(a) 64,913 4,323,206
UMB Financial Corp. 55,205 5,623,181
Umpqua Holdings Corp. 277,851 5,932,119
United Bankshares, Inc. 174,860 6,403,373
Valley National Bancorp 521,981 7,292,075
Webster Financial Corp. 230,633 13,886,413
Wintrust Financial Corp. 73,120 7,265,203
Total   214,140,009
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 2.0%
Affiliated Managers Group, Inc. 52,141 7,214,229
Evercore, Inc., Class A 50,048 6,356,596
Federated Hermes, Inc., Class B 124,217 4,058,169
Interactive Brokers Group, Inc., Class A 112,071 7,416,859
Janus Henderson Group PLC 218,801 7,345,150
Jefferies Financial Group, Inc. 251,976 8,955,227
SEI Investments Co. 135,941 7,963,424
Stifel Financial Corp. 133,538 9,815,043
Total   59,124,697
Consumer Finance 0.6%
FirstCash Holdings, Inc. 51,862 3,736,138
Navient Corp. 206,728 3,640,480
PROG Holdings, Inc.(a) 72,750 2,229,060
SLM Corp. 376,044 7,408,067
Total   17,013,745
Diversified Financial Services 0.3%
Voya Financial, Inc. 142,368 9,588,485
Insurance 3.8%
Alleghany Corp.(a) 17,571 11,630,596
American Financial Group, Inc. 84,848 11,487,571
Brighthouse Financial, Inc.(a) 102,380 5,350,379
CNO Financial Group, Inc. 158,168 3,822,921
First American Financial Corp. 140,793 9,438,763
Hanover Insurance Group, Inc. (The) 45,637 6,366,818
Kemper Corp. 76,746 4,101,306
Kinsale Capital Group, Inc. 27,513 5,771,127
Mercury General Corp. 34,090 1,874,950
Old Republic International Corp. 366,221 9,649,923
Primerica, Inc. 50,652 6,579,188
Reinsurance Group of America, Inc. 86,707 9,612,338
RenaissanceRe Holdings Ltd. 59,028 8,900,242
RLI Corp. 51,070 5,183,605
Selective Insurance Group, Inc. 77,118 6,415,446
Unum Group 262,242 7,321,797
Total   113,506,970
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Mid Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Thrifts & Mortgage Finance 0.7%
Essent Group Ltd. 141,646 6,257,920
MGIC Investment Corp. 417,610 6,339,320
New York Community Bancorp, Inc. 596,461 6,883,160
Washington Federal, Inc. 83,558 2,972,994
Total   22,453,394
Total Financials 435,827,300
Health Care 9.2%
Biotechnology 1.4%
Arrowhead Pharmaceuticals, Inc.(a) 133,728 5,884,032
Exelixis, Inc.(a) 405,828 8,331,649
Halozyme Therapeutics, Inc.(a) 180,581 6,405,208
Neurocrine Biosciences, Inc.(a) 121,681 10,935,472
United Therapeutics Corp.(a) 57,767 9,600,875
Total   41,157,236
Health Care Equipment & Supplies 2.9%
Envista Holdings Corp.(a) 206,979 9,934,992
Globus Medical, Inc., Class A(a) 101,382 7,129,182
Haemonetics Corp.(a) 65,550 3,782,890
ICU Medical, Inc.(a) 25,608 6,062,182
Integra LifeSciences Holdings Corp.(a) 93,431 6,265,483
LivaNova PLC(a) 68,269 5,380,963
Masimo Corp.(a) 65,164 10,260,072
Neogen Corp.(a) 137,876 4,922,173
NuVasive, Inc.(a) 66,359 3,591,349
Penumbra, Inc.(a) 45,044 9,988,057
Quidel Corp.(a) 48,644 5,146,049
STAAR Surgical Co.(a) 61,054 4,842,803
Tandem Diabetes Care, Inc.(a) 81,491 9,178,331
Total   86,484,526
Health Care Providers & Services 3.1%
Acadia Healthcare Co., Inc.(a) 115,357 6,541,896
Amedisys, Inc.(a) 41,817 6,700,756
Chemed Corp. 19,746 9,444,314
Encompass Health Corp. 127,614 8,425,076
HealthEquity, Inc.(a) 107,113 5,753,039
LHC Group, Inc.(a) 40,623 5,531,634
Molina Healthcare, Inc.(a) 74,907 22,986,711
Common Stocks (continued)
Issuer Shares Value ($)
Option Care Health, Inc.(a) 177,652 4,565,656
Patterson Companies, Inc. 111,099 3,321,860
Progyny, Inc.(a) 89,313 3,515,360
R1 RCM, Inc.(a) 170,913 4,647,125
Tenet Healthcare Corp.(a) 137,406 11,815,542
Total   93,248,969
Life Sciences Tools & Services 1.3%
Bruker Corp. 130,329 9,171,252
Medpace Holdings, Inc.(a) 36,878 5,641,228
Repligen Corp.(a) 65,952 12,972,758
Syneos Health, Inc.(a) 133,001 10,533,679
Total   38,318,917
Pharmaceuticals 0.5%
Jazz Pharmaceuticals PLC(a) 78,845 10,834,880
Perrigo Co. PLC 171,586 6,094,734
Total   16,929,614
Total Health Care 276,139,262
Industrials 18.0%
Aerospace & Defense 1.3%
Axon Enterprise, Inc.(a) 84,240 11,814,660
Curtiss-Wright Corp. 50,331 7,424,829
Hexcel Corp. 107,607 6,230,445
Mercury Systems, Inc.(a) 72,657 4,375,405
Woodward, Inc. 80,864 10,078,080
Total   39,923,419
Air Freight & Logistics 0.4%
GXO Logistics, Inc.(a) 126,461 10,613,872
Airlines 0.2%
JetBlue Airways Corp.(a) 407,924 6,228,999
Building Products 2.6%
Builders FirstSource, Inc.(a) 245,629 18,279,710
Carlisle Companies, Inc. 67,064 15,920,994
Lennox International, Inc. 43,177 11,525,237
Owens Corning 128,890 12,011,259
Simpson Manufacturing Co., Inc. 55,718 6,603,140
Trex Company, Inc.(a) 147,655 13,560,635
Total   77,900,975
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
11

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 1.5%
Brink’s Co. (The) 63,048 4,417,143
Clean Harbors, Inc.(a) 64,208 6,127,369
IAA, Inc.(a) 172,961 6,354,587
MillerKnoll, Inc. 97,192 3,778,825
MSA Safety, Inc. 46,769 6,505,568
Stericycle, Inc.(a) 117,828 6,876,442
Tetra Tech, Inc. 69,354 11,011,335
Total   45,071,269
Construction & Engineering 1.3%
AECOM 184,782 13,426,260
Dycom Industries, Inc.(a) 38,699 3,369,135
EMCOR Group, Inc. 68,460 7,909,869
Fluor Corp.(a) 181,383 3,928,756
MasTec, Inc.(a) 73,386 5,779,881
Valmont Industries, Inc. 27,223 5,892,418
Total   40,306,319
Electrical Equipment 1.8%
Acuity Brands, Inc. 44,797 8,169,629
EnerSys 53,732 3,907,928
Hubbell, Inc. 69,790 12,440,068
nVent Electric PLC 215,790 7,321,755
Regal Rexnord Corp. 86,911 13,936,179
Sunrun, Inc.(a) 265,516 7,243,276
Vicor Corp.(a) 27,509 2,056,848
Total   55,075,683
Machinery 4.3%
AGCO Corp. 78,709 9,457,673
Colfax Corp.(a) 172,723 6,945,192
Crane Co. 64,027 6,471,849
Donaldson Co., Inc. 158,530 8,603,423
Flowserve Corp. 167,089 5,074,493
Graco, Inc. 218,007 15,716,125
ITT, Inc. 109,795 9,647,687
Kennametal, Inc. 107,288 3,402,103
Lincoln Electric Holdings, Inc. 75,738 9,653,566
Middleby Corp. (The)(a) 71,349 12,673,009
Oshkosh Corp. 88,036 9,775,517
Common Stocks (continued)
Issuer Shares Value ($)
Terex Corp. 89,529 3,695,757
Timken Co. (The) 88,545 5,805,010
Toro Co. (The) 136,532 12,808,067
Trinity Industries, Inc. 104,911 3,027,731
Watts Water Technologies, Inc., Class A 35,347 5,088,201
Total   127,845,403
Marine 0.2%
Kirby Corp.(a) 77,102 5,023,195
Professional Services 1.6%
ASGN, Inc.(a) 66,826 7,403,652
CACI International, Inc., Class A(a) 29,920 8,371,317
FTI Consulting, Inc.(a) 43,980 6,421,080
Insperity, Inc. 45,928 4,131,224
KBR, Inc. 179,937 8,932,073
ManpowerGroup, Inc. 69,571 7,394,006
Science Applications International Corp. 73,837 6,474,766
Total   49,128,118
Road & Rail 1.9%
Avis Budget Group, Inc.(a) 51,406 9,429,917
Knight-Swift Transportation Holdings, Inc. 212,865 11,596,885
Landstar System, Inc. 48,881 7,547,715
Ryder System, Inc. 68,870 5,429,711
Saia, Inc.(a) 33,781 9,702,917
Werner Enterprises, Inc. 78,068 3,392,835
XPO Logistics, Inc.(a) 126,536 9,196,636
Total   56,296,616
Trading Companies & Distributors 0.9%
GATX Corp. 45,534 4,855,290
MSC Industrial Direct Co., Inc., Class A 60,054 4,652,984
Univar, Inc.(a) 219,280 6,734,089
Watsco, Inc. 42,361 11,567,095
Total   27,809,458
Total Industrials 541,223,326
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Mid Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 14.2%
Communications Equipment 1.0%
Calix, Inc.(a) 70,328 3,821,624
Ciena Corp.(a) 198,720 13,596,422
Lumentum Holdings, Inc.(a) 92,736 9,167,881
Viasat, Inc.(a) 94,203 4,299,425
Total   30,885,352
Electronic Equipment, Instruments & Components 3.1%
Arrow Electronics, Inc.(a) 89,310 10,885,103
Avnet, Inc. 127,267 5,354,123
Belden, Inc. 57,589 3,245,140
Cognex Corp. 226,772 15,320,716
Coherent, Inc.(a) 31,470 8,318,150
II-VI, Inc.(a) 136,141 9,456,354
Jabil, Inc. 183,849 10,628,311
Littelfuse, Inc. 31,594 8,157,887
National Instruments Corp. 169,159 6,791,734
TD SYNNEX Corp. 52,952 5,392,102
Vishay Intertechnology, Inc. 170,222 3,266,560
Vontier Corp. 216,845 5,269,333
Total   92,085,513
IT Services 2.3%
Alliance Data Systems Corp. 63,857 4,307,155
Concentrix Corp. 55,029 10,999,747
Euronet Worldwide, Inc.(a) 67,796 8,693,481
Genpact Ltd. 221,915 9,284,924
Kyndryl Holdings, Inc.(a) 229,769 3,644,136
LiveRamp Holdings, Inc.(a) 87,340 3,769,594
MAXIMUS, Inc. 78,847 6,217,874
Sabre Corp.(a) 414,858 4,534,398
Western Union Co. (The) 515,636 9,374,263
WEX, Inc.(a) 57,487 9,687,134
Total   70,512,706
Semiconductors & Semiconductor Equipment 3.9%
Amkor Technology, Inc. 128,593 2,915,203
Azenta, Inc. 95,361 8,345,995
Cirrus Logic, Inc.(a) 73,286 6,366,355
CMC Materials, Inc. 36,459 6,760,592
Common Stocks (continued)
Issuer Shares Value ($)
First Solar, Inc.(a) 126,834 9,549,332
Lattice Semiconductor Corp.(a) 175,647 10,999,015
MKS Instruments, Inc. 71,135 10,712,931
Power Integrations, Inc. 77,385 6,964,650
Semtech Corp.(a) 82,599 5,730,719
Silicon Laboratories, Inc.(a) 51,546 7,923,136
SiTime Corp.(a) 19,224 3,885,939
SunPower Corp.(a) 106,504 1,909,617
Synaptics, Inc.(a),(b) 50,371 11,506,247
Universal Display Corp. 55,611 8,614,700
Wolfspeed, Inc.(a) 148,648 15,269,123
Total   117,453,554
Software 3.8%
ACI Worldwide, Inc.(a) 150,796 5,054,682
Aspen Technology, Inc.(a) 85,834 13,081,960
Blackbaud, Inc.(a) 53,143 3,320,906
CDK Global, Inc. 151,783 6,881,841
Cerence, Inc.(a) 48,749 1,760,327
CommVault Systems, Inc.(a) 58,372 3,672,183
Digital Turbine, Inc.(a) 112,783 5,467,720
Envestnet, Inc.(a) 70,089 5,244,059
Fair Isaac Corp.(a) 35,091 16,534,528
Manhattan Associates, Inc.(a) 81,169 10,850,672
Mimecast Ltd.(a) 79,200 6,298,776
NCR Corp.(a) 169,310 6,860,441
Paylocity Holding Corp.(a) 50,817 10,795,564
Qualys, Inc.(a) 42,826 5,366,526
SailPoint Technologies Holdings, Inc.(a) 119,625 4,948,886
Teradata Corp.(a) 139,168 6,957,008
Total   113,096,079
Technology Hardware, Storage & Peripherals 0.1%
Xerox Holdings Corp. 176,306 3,474,991
Total Information Technology 427,508,195
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
13

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Materials 6.9%
Chemicals 2.5%
Ashland Global Holdings, Inc. 72,446 6,685,317
Avient Corp. 117,351 6,148,019
Cabot Corp. 72,761 5,323,195
Chemours Co. LLC (The) 209,022 5,769,007
Ingevity Corp.(a) 50,390 3,438,110
Minerals Technologies, Inc. 42,703 2,988,783
NewMarket Corp. 8,861 2,815,671
Olin Corp. 183,983 9,476,964
RPM International, Inc. 166,381 14,070,841
Scotts Miracle-Gro Co. (The), Class A 52,249 7,317,995
Sensient Technologies Corp. 53,905 4,427,218
Valvoline, Inc. 231,854 7,495,840
Total   75,956,960
Construction Materials 0.2%
Eagle Materials, Inc. 52,171 7,138,558
Containers & Packaging 0.8%
AptarGroup, Inc. 84,433 10,290,694
Greif, Inc., Class A 34,056 1,957,879
Silgan Holdings, Inc. 107,629 4,507,503
Sonoco Products Co. 126,118 7,405,649
Total   24,161,725
Metals & Mining 3.1%
Alcoa Corp. 239,988 18,080,696
Cleveland-Cliffs, Inc.(a) 583,713 13,051,823
Commercial Metals Co. 154,676 5,962,760
Reliance Steel & Aluminum Co. 80,365 15,339,267
Royal Gold, Inc. 84,190 10,208,879
Steel Dynamics, Inc. 241,817 17,067,444
United States Steel Corp. 346,615 9,431,394
Worthington Industries, Inc. 41,492 2,365,874
Total   91,508,137
Paper & Forest Products 0.3%
Louisiana-Pacific Corp. 112,859 8,120,205
Total Materials 206,885,585
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 10.0%
Equity Real Estate Investment Trusts (REITS) 9.5%
American Campus Communities, Inc. 178,490 9,604,547
Apartment Income REIT Corp. 201,357 10,392,035
Brixmor Property Group, Inc. 380,933 9,569,037
Camden Property Trust 131,083 21,643,114
Corporate Office Properties Trust 144,074 3,776,180
Cousins Properties, Inc. 190,715 7,367,320
CyrusOne, Inc. 162,784 14,707,534
Douglas Emmett, Inc. 225,088 7,135,290
EastGroup Properties, Inc. 52,183 9,954,429
EPR Properties 95,949 4,778,260
First Industrial Realty Trust, Inc. 167,117 9,622,597
Healthcare Realty Trust, Inc. 189,245 4,935,510
Highwoods Properties, Inc. 133,887 5,837,473
Hudson Pacific Properties, Inc. 195,576 5,163,206
JBG SMITH Properties 146,425 3,906,619
Kilroy Realty Corp. 134,442 9,628,736
Kite Realty Group Trust 280,924 6,160,663
Lamar Advertising Co., Class A 111,359 12,144,812
Life Storage, Inc. 105,205 13,317,901
Macerich Co. (The) 273,254 4,180,786
Medical Properties Trust, Inc. 764,846 15,556,968
National Retail Properties, Inc. 225,256 9,598,158
National Storage Affiliates Trust 105,105 6,124,468
Omega Healthcare Investors, Inc. 306,521 8,634,697
Park Hotels & Resorts, Inc.(a) 303,321 5,714,568
Pebblebrook Hotel Trust 168,519 3,793,363
Physicians Realty Trust 282,554 4,594,328
PotlatchDeltic Corp. 86,067 4,725,078
PS Business Parks, Inc. 25,797 4,109,204
Rayonier, Inc. 183,614 7,289,476
Rexford Industrial Realty, Inc. 194,305 13,626,610
Sabra Health Care REIT, Inc. 293,315 3,939,220
SL Green Realty Corp. 85,588 6,805,958
Spirit Realty Capital, Inc. 158,172 7,334,436
STORE Capital Corp. 314,772 9,669,796
Total   285,342,377
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Mid Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc.(a) 64,733 15,938,559
Total Real Estate 301,280,936
Utilities 3.3%
Electric Utilities 1.0%
Allete, Inc. 67,432 4,244,170
Hawaiian Electric Industries, Inc. 140,208 5,745,724
IDACORP, Inc. 64,795 6,735,440
OGE Energy Corp. 256,755 9,641,150
PNM Resources, Inc. 110,097 4,973,082
Total   31,339,566
Gas Utilities 1.3%
National Fuel Gas Co. 116,955 7,279,279
New Jersey Resources Corp. 123,691 5,395,401
ONE Gas, Inc. 68,735 5,711,191
Southwest Gas Holdings, Inc. 77,453 5,494,516
Spire, Inc. 66,293 4,448,923
UGI Corp. 268,199 10,309,570
Total   38,638,880
Common Stocks (continued)
Issuer Shares Value ($)
Multi-Utilities 0.5%
Black Hills Corp. 81,859 5,729,311
MDU Resources Group, Inc. 260,829 6,982,392
NorthWestern Corp. 67,537 4,084,638
Total   16,796,341
Water Utilities 0.5%
Essential Utilities, Inc. 295,005 13,897,686
Total Utilities 100,672,473
Total Common Stocks
(Cost $1,795,874,299)
2,970,359,586
Money Market Funds 1.3%
  Shares Value ($)
Columbia Short-Term Cash Fund, 0.168%(c),(d) 38,066,084 38,054,664
Total Money Market Funds
(Cost $38,053,968)
38,054,664
Total Investments in Securities
(Cost: $1,833,928,267)
3,008,414,250
Other Assets & Liabilities, Net   (696,053)
Net Assets 3,007,718,197
 
At February 28, 2022, securities and/or cash totaling $3,517,822 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P Mid 400 Index E-mini 152 03/2022 USD 40,401,600 501,077
Notes to Portfolio of Investments
(a) Non-income producing investment.
(b) This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(c) The rate shown is the seven-day current annualized yield at February 28, 2022.
(d) As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended February 28, 2022 are as follows:
    
Affiliated issuers Beginning
of period($)
Purchases($) Sales($) Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($) End of
period shares
Columbia Short-Term Cash Fund, 0.168%
  42,608,964 561,500,214 (566,055,203) 689 38,054,664 (5,487) 20,181 38,066,084
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
15

Portfolio of Investments  (continued)
February 28, 2022
Currency Legend
USD US Dollar
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at February 28, 2022:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Common Stocks        
Communication Services 50,403,894 50,403,894
Consumer Discretionary 444,276,523 444,276,523
Consumer Staples 104,932,629 104,932,629
Energy 81,209,463 81,209,463
Financials 435,827,300 435,827,300
Health Care 276,139,262 276,139,262
Industrials 541,223,326 541,223,326
Information Technology 427,508,195 427,508,195
Materials 206,885,585 206,885,585
Real Estate 301,280,936 301,280,936
Utilities 100,672,473 100,672,473
Total Common Stocks 2,970,359,586 2,970,359,586
Money Market Funds 38,054,664 38,054,664
Total Investments in Securities 3,008,414,250 3,008,414,250
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Mid Cap Index Fund  | Annual Report 2022

Portfolio of Investments  (continued)
February 28, 2022
Fair value measurements  (continued)
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Derivatives        
Asset        
Futures Contracts 501,077 501,077
Total 3,008,915,327 3,008,915,327
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
17

Statement of Assets and Liabilities
February 28, 2022
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $1,795,874,299) $2,970,359,586
Affiliated issuers (cost $38,053,968) 38,054,664
Receivable for:  
Capital shares sold 2,358,424
Dividends 2,157,745
Foreign tax reclaims 11,153
Expense reimbursement due from Investment Manager 23,167
Prepaid expenses 26,205
Total assets 3,012,990,944
Liabilities  
Payable for:  
Capital shares purchased 4,464,467
Variation margin for futures contracts 58,400
Management services fees 49,506
Distribution and/or service fees 15,817
Transfer agent fees 324,668
Compensation of board members 297,296
Compensation of chief compliance officer 502
Other expenses 62,091
Total liabilities 5,272,747
Net assets applicable to outstanding capital stock $3,007,718,197
Represented by  
Paid in capital 1,708,481,438
Total distributable earnings (loss) 1,299,236,759
Total - representing net assets applicable to outstanding capital stock $3,007,718,197
Class A  
Net assets $768,486,587
Shares outstanding 47,631,002
Net asset value per share $16.13
Institutional Class  
Net assets $1,534,549,667
Shares outstanding 95,716,345
Net asset value per share $16.03
Institutional 2 Class  
Net assets $634,732,233
Shares outstanding 38,426,461
Net asset value per share $16.52
Institutional 3 Class  
Net assets $69,949,710
Shares outstanding 4,476,639
Net asset value per share $15.63
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Mid Cap Index Fund  | Annual Report 2022

Statement of Operations
Year Ended February 28, 2022
Net investment income  
Income:  
Dividends — unaffiliated issuers $41,562,040
Dividends — affiliated issuers 20,181
Total income 41,582,221
Expenses:  
Management services fees 6,746,461
Distribution and/or service fees  
Class A 2,147,729
Transfer agent fees  
Class A 970,748
Institutional Class 1,891,268
Institutional 2 Class 442,114
Institutional 3 Class 6,183
Compensation of board members 94,246
Custodian fees 37,305
Printing and postage fees 81,194
Registration fees 83,517
Licensing fees and expenses 35,084
Audit fees 32,250
Legal fees 47,183
Interest on collateral 432
Interest on interfund lending 58
Compensation of chief compliance officer 478
Other 53,912
Total expenses 12,670,162
Fees waived or expenses reimbursed by Investment Manager and its affiliates (3,771,140)
Expense reduction (60)
Total net expenses 8,898,962
Net investment income 32,683,259
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 519,362,482
Investments — affiliated issuers (5,487)
Futures contracts 3,191,852
Net realized gain 522,548,847
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (282,619,796)
Investments — affiliated issuers 689
Futures contracts 746,083
Net change in unrealized appreciation (depreciation) (281,873,024)
Net realized and unrealized gain 240,675,823
Net increase in net assets resulting from operations $273,359,082
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
19

Statement of Changes in Net Assets
  Year Ended
February 28, 2022
Year Ended
February 28, 2021
Operations    
Net investment income $32,683,259 $35,814,864
Net realized gain 522,548,847 339,867,522
Net change in unrealized appreciation (depreciation) (281,873,024) 655,182,551
Net increase in net assets resulting from operations 273,359,082 1,030,864,937
Distributions to shareholders    
Net investment income and net realized gains    
Class A (135,070,252) (88,045,504)
Institutional Class (273,707,103) (151,169,164)
Institutional 2 Class (116,221,827) (70,141,704)
Institutional 3 Class (12,289,676) (4,906,518)
Total distributions to shareholders (537,288,858) (314,262,890)
Decrease in net assets from capital stock activity (180,940,391) (531,088,162)
Total increase (decrease) in net assets (444,870,167) 185,513,885
Net assets at beginning of year 3,452,588,364 3,267,074,479
Net assets at end of year $3,007,718,197 $3,452,588,364
    
  Year Ended Year Ended
  February 28, 2022 February 28, 2021
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 10,500,248 189,096,084 14,672,411 203,619,796
Distributions reinvested 5,983,974 104,160,218 4,814,076 70,385,948
Redemptions (19,766,784) (360,095,460) (38,633,224) (554,500,739)
Net decrease (3,282,562) (66,839,158) (19,146,737) (280,494,995)
Institutional Class        
Subscriptions 10,884,215 193,765,369 16,972,325 228,747,103
Distributions reinvested 10,834,133 187,145,079 7,184,928 104,888,905
Redemptions (19,167,274) (347,443,155) (43,827,331) (604,187,359)
Net increase (decrease) 2,551,074 33,467,293 (19,670,078) (270,551,351)
Institutional 2 Class        
Subscriptions 11,582,940 213,043,448 20,680,339 302,766,208
Distributions reinvested 5,016,559 89,542,477 3,701,848 55,785,031
Redemptions (24,818,436) (462,546,284) (24,052,108) (352,694,991)
Net increase (decrease) (8,218,937) (159,960,359) 330,079 5,856,248
Institutional 3 Class        
Subscriptions 1,857,561 32,795,913 1,843,887 25,848,897
Distributions reinvested 518,830 8,757,949 263,153 3,809,292
Redemptions (1,652,664) (29,162,029) (1,100,104) (15,556,253)
Net increase 723,727 12,391,833 1,006,936 14,101,936
Total net decrease (8,226,698) (180,940,391) (37,479,800) (531,088,162)
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Mid Cap Index Fund  | Annual Report 2022

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Columbia Mid Cap Index Fund  | Annual Report 2022
21

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
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 2/28/2022 $17.72 0.14(c) 1.30 1.44 (0.13) (2.90) (3.03)
Year Ended 2/28/2021 $14.07 0.14 5.02 5.16 (0.16) (1.35) (1.51)
Year Ended 2/29/2020 $15.47 0.18 (0.71) (0.53) (0.19) (0.68) (0.87)
Year Ended 2/28/2019 $16.25 0.18 0.36 0.54 (0.17) (1.15) (1.32)
Year Ended 2/28/2018 $16.05 0.17 1.26 1.43 (0.16) (1.07) (1.23)
Institutional Class
Year Ended 2/28/2022 $17.63 0.19(c) 1.29 1.48 (0.18) (2.90) (3.08)
Year Ended 2/28/2021 $14.00 0.18 4.99 5.17 (0.19) (1.35) (1.54)
Year Ended 2/29/2020 $15.39 0.22 (0.70) (0.48) (0.23) (0.68) (0.91)
Year Ended 2/28/2019 $16.18 0.22 0.35 0.57 (0.21) (1.15) (1.36)
Year Ended 2/28/2018 $15.99 0.21 1.25 1.46 (0.20) (1.07) (1.27)
Institutional 2 Class
Year Ended 2/28/2022 $18.08 0.19(c) 1.33 1.52 (0.18) (2.90) (3.08)
Year Ended 2/28/2021 $14.32 0.18 5.12 5.30 (0.19) (1.35) (1.54)
Year Ended 2/29/2020 $15.73 0.22 (0.72) (0.50) (0.23) (0.68) (0.91)
Year Ended 2/28/2019 $16.50 0.22 0.37 0.59 (0.21) (1.15) (1.36)
Year Ended 2/28/2018 $16.28 0.22 1.27 1.49 (0.20) (1.07) (1.27)
Institutional 3 Class
Year Ended 2/28/2022 $17.25 0.18(c) 1.28 1.46 (0.18) (2.90) (3.08)
Year Ended 2/28/2021 $13.73 0.17 4.89 5.06 (0.19) (1.35) (1.54)
Year Ended 2/29/2020 $15.11 0.21 (0.68) (0.47) (0.23) (0.68) (0.91)
Year Ended 2/28/2019 $15.91 0.22 0.34 0.56 (0.21) (1.15) (1.36)
Year Ended 2/28/2018(g) $16.00 0.21 0.97 1.18 (0.20) (1.07) (1.27)
    
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) Net investment income per share includes special dividends. The per share effect of these dividends amounted to:
    
Year Ended Class A Institutional
Class
Institutional 2
Class
Institutional 3
Class
02/28/2022 $0.01 $0.01 $0.01 $0.01
    
(d) Ratios include interest on collateral expense which is less than 0.01%.
(e) Ratios include interfund lending expense which is less than 0.01%.
(f) The benefits derived from expense reductions had an impact of less than 0.01%.
(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.
22 Columbia Mid Cap Index Fund  | Annual Report 2022

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Class A
Year Ended 2/28/2022 $16.13 7.48% 0.58%(d),(e) 0.45%(d),(e),(f) 0.78% 16% $768,487
Year Ended 2/28/2021 $17.72 39.13% 0.58%(e) 0.45%(e),(f) 1.01% 14% $902,341
Year Ended 2/29/2020 $14.07 (3.88%) 0.58%(e) 0.45%(e),(f) 1.16% 14% $986,055
Year Ended 2/28/2019 $15.47 3.66% 0.58% 0.45%(f) 1.08% 17% $1,351,153
Year Ended 2/28/2018 $16.25 8.99% 0.58% 0.45%(f) 1.05% 23% $1,543,057
Institutional Class
Year Ended 2/28/2022 $16.03 7.72% 0.33%(d),(e) 0.20%(d),(e),(f) 1.03% 16% $1,534,550
Year Ended 2/28/2021 $17.63 39.49% 0.34%(e) 0.20%(e),(f) 1.25% 14% $1,642,259
Year Ended 2/29/2020 $14.00 (3.59%) 0.33%(e) 0.20%(e),(f) 1.40% 14% $1,579,863
Year Ended 2/28/2019 $15.39 3.89% 0.33% 0.20%(f) 1.33% 17% $1,979,350
Year Ended 2/28/2018 $16.18 9.22% 0.33% 0.20%(f) 1.30% 23% $2,229,366
Institutional 2 Class
Year Ended 2/28/2022 $16.52 7.75% 0.27%(d),(e) 0.20%(d),(e) 1.03% 16% $634,732
Year Ended 2/28/2021 $18.08 39.52% 0.28%(e) 0.20%(e) 1.24% 14% $843,249
Year Ended 2/29/2020 $14.32 (3.65%) 0.28%(e) 0.20%(e) 1.40% 14% $663,451
Year Ended 2/28/2019 $15.73 3.94% 0.27% 0.20% 1.33% 17% $798,386
Year Ended 2/28/2018 $16.50 9.24% 0.28% 0.20% 1.30% 23% $893,473
Institutional 3 Class
Year Ended 2/28/2022 $15.63 7.78% 0.22%(d),(e) 0.20%(d),(e) 1.04% 16% $69,950
Year Ended 2/28/2021 $17.25 39.46% 0.23%(e) 0.20%(e) 1.23% 14% $64,740
Year Ended 2/29/2020 $13.73 (3.59%) 0.23%(e) 0.20%(e) 1.41% 14% $37,706
Year Ended 2/28/2019 $15.11 3.89% 0.23% 0.20% 1.38% 17% $25,066
Year Ended 2/28/2018(g) $15.91 7.47% 0.22% 0.20% 1.33% 23% $8,094
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund  | Annual Report 2022
23

Notes to Financial Statements
February 28, 2022
Note 1. Organization
Columbia Mid Cap Index Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different net investment income distribution amounts to the extent the expenses of distributing such share classes vary. Distributions to shareholders in a liquidation will be proportional to the net asset value of each share class.
As described in the Fund’s prospectus, Class A shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
24 Columbia Mid Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.
A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
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25

Notes to Financial Statements  (continued)
February 28, 2022
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown on the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
Certain ISDA Master Agreements allow counterparties of over-the-counter derivatives transactions to terminate derivatives contracts prior to maturity in the event the Fund’s net asset value declines by a stated percentage over a specified time period or if the Fund fails to meet certain terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.  The Fund also has termination rights if the counterparty fails to meet certain terms of the ISDA Master Agreement.  In determining whether to exercise such termination rights, the Fund would consider, in addition to counterparty credit risk, whether termination would result in a net liability owed from the counterparty.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Futures contracts
Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
26 Columbia Mid Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at February 28, 2022:
  Asset derivatives  
Risk exposure
category
Statement
of assets and liabilities
location
Fair value ($)
Equity risk Component of total distributable earnings (loss) — unrealized appreciation on futures contracts 501,077*
    
* Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended February 28, 2022:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 3,191,852
 
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category Futures
contracts
($)
Equity risk 746,083
The following table is a summary of the average outstanding volume by derivative instrument for the year ended February 28, 2022:
Derivative instrument Average notional
amounts ($)*
Futures contracts — long 40,289,098
    
* Based on the ending quarterly outstanding amounts for the year ended February 28, 2022.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
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27

Notes to Financial Statements  (continued)
February 28, 2022
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability on the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s daily net assets.
28 Columbia Mid Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
For the year ended February 28, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.11
Institutional Class 0.11
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 year ended February 28, 2022, these minimum account balance fees reduced total expenses of the Fund by $60.
Columbia Mid Cap Index Fund  | Annual Report 2022
29

Notes to Financial Statements  (continued)
February 28, 2022
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.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
  Fee rate(s) contractual
through
June 30, 2022
Class A 0.45%
Institutional Class 0.20
Institutional 2 Class 0.20
Institutional 3 Class 0.20
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At February 28, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, derivative investments and earnings and profits distributed to shareholders on the redemption of shares. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The following reclassifications were made:
Undistributed net
investment
income ($)
Accumulated
net realized
gain ($)
Paid in
capital ($)
(1,823,185) (48,987,253) 50,810,438
30 Columbia Mid Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by this reclassification.
The tax character of distributions paid during the years indicated was as follows:
Year Ended February 28, 2022 Year Ended February 28, 2021
Ordinary
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Long-term
capital gains ($)
Total ($)
87,782,065 449,506,793 537,288,858 42,504,690 271,758,200 314,262,890
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At February 28, 2022, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
6,920,126 126,721,338 1,165,889,975
At February 28, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
1,843,025,352 1,271,498,916 (105,608,941) 1,165,889,975
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $536,377,647 and $1,211,970,997, respectively, for the year ended February 28, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. In addition, the Board of Trustees of the Affiliated MMF may impose a fee on redemptions (sometimes referred to as a liquidity fee) or temporarily suspend redemptions (sometimes referred to as imposing a redemption gate) in the event its liquidity falls below regulatory limits.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Columbia Mid Cap Index Fund  | Annual Report 2022
31

Notes to Financial Statements  (continued)
February 28, 2022
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 year ended February 28, 2022 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Borrower 3,000,000 0.69 1
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at February 28, 2022.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 28, 2021 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 28, 2021 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%.
The Fund had no borrowings during the year ended February 28, 2022.
Note 9. Significant risks
Market risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock and commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser
32 Columbia Mid Cap Index Fund  | Annual Report 2022

Notes to Financial Statements  (continued)
February 28, 2022
preferences, cyberattacks and espionage) could have a severe adverse impact on regional and/or global securities and commodities markets, including markets for oil and natural gas. These and other related events could have a negative impact on Fund performance and the value of an investment in the Fund.
The pandemic caused by coronavirus disease 2019 and its variants (COVID-19) has resulted in, and may continue to result in, significant global economic and societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The uncertainty surrounding the magnitude, duration, reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.
Passive investment risk
The Fund is not “actively” managed and may be affected by a general decline in market segments related to its tracking index. The Fund invests in securities or instruments included in, or believed by the Investment Manager to be representative of, its tracking index, regardless of their investment merits. The Fund does not seek temporary defensive positions when markets decline or appear overvalued. The decision of whether to remove a security from the tracking index is made by an independent index provider who is not affiliated with the Fund or the Investment Manager.
Shareholder concentration risk
At February 28, 2022, one unaffiliated shareholder of record owned 25.7% 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. Affiliated shareholders of record owned 15.4% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Small- and mid-cap company risk
Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of its activities as a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently
Columbia Mid Cap Index Fund  | Annual Report 2022
33

Notes to Financial Statements  (continued)
February 28, 2022
the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Fund. Further, although we believe proceedings are not likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to the Fund.
34 Columbia Mid Cap Index Fund  | Annual Report 2022

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Mid Cap Index Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Mid Cap Index Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the five years in the period ended February 28, 2022 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
April 21, 2022
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Mid Cap Index Fund  | Annual Report 2022
35

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended February 28, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.
Qualified
dividend
income
Dividends
received
deduction
Section
199A
dividends
Capital
gain
dividend
52.29% 51.78% 6.15% $522,308,750
Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.
Dividends received deduction. The percentage of ordinary income distributed during the fiscal year that qualifies for the corporate dividends received deduction.
Section 199A dividends. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents Section 199A dividends potentially eligible for a 20% deduction.
Capital gain dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period.
 TRUSTEES AND OFFICERS
The Board oversees the Fund’s operations and appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Fund’s Trustees as of the printing of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. The year set forth beneath Length of Service in the table below is the year in which the Trustee was first appointed or elected as Trustee to any Fund currently in the Columbia Funds Complex or a predecessor thereof. Under current Board policy, each Trustee generally serves until December 31 of the year such Trustee turns seventy-five (75).
Independent trustees
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
George S. Batejan
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1953
Trustee since 2017 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 177 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
36 Columbia Mid Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2006 Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021 177 Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2007 President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982 177 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1957
Trustee since 1996 Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018 175 Director, EQT Corporation (natural gas producer) since 2019; Director, Whiting Petroleum Corporation (independent oil and gas company) since 2020
J. Kevin Connaughton
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2020 Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015 175 Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017
Columbia Mid Cap Index Fund  | Annual Report 2022
37

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Olive M. Darragh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since 2020 Managing Director of Darragh Inc. (strategy and talent management consulting firm) since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform) since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988 175 Former Director, University of Edinburgh Business School (Member of US Board); former Director, Boston Public Library Foundation
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1950
Trustee since 2004 Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002 177 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative, 2010-2020; former Board of Directors, The MA Business Roundtable, 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1954
Trustee since 2017 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 177 Trustee, Catholic Schools Foundation since 2004
Douglas A. Hacker
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1955
Co-Chair since 2021; Chair of CFST I and CFVIT since 2014; Trustee of CFST I and CFVIT since 1996 and CFST, CFST II, CFVST II, CET I and CET II since 2021 Independent business executive since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001 177 Director, Spartan Nash Company (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing); former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1956
Trustee since 2011 Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007 -2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010 175 None
38 Columbia Mid Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
David M. Moffett
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Trustee since 2011 Retired; Consultant to Bridgewater and Associates 175 Director, CSX Corporation (transportation suppliers); Director, Genworth Financial, Inc. (financial and insurance products and services); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1952
Co-Chair since 2021; Chair of CFST, CFST II, CFVST II, CET I and CET II since 2020; Trustee of CFST, CFST II and CFVST II since 2004 and CFST I and CFVIT since 2021 Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 177 Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1947
Trustee since 2003 President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 177 Director, Blue Cross Blue Shield of South Carolina (Chair of Compensation Committee) since April 2008; Trustee, Hollingsworth Funds (on the Investment Committee) since 2016 (previously Board Chair from 2016-2019); Former Advisory Board member, Duke Energy Corp., 2016-2020; Chair of the Duke Endowment; Chair of Greenville – Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016; former Director, National Association of Corporate Directors, Carolinas Chapter, 2013-2018; Chair, Daniel-Mickel Foundation since 1998
Columbia Mid Cap Index Fund  | Annual Report 2022
39

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Columbia Funds and
length of service
Principal occupation(s)
during past five years
and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex*
overseen
Other directorships
held by Trustee
during the past
five years
Natalie A. Trunow
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1967
Trustee since 2020 Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2021; Advisor, Paradigm Asset Management, November 2016-December 2021; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008 175 Former Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2012-2019; Director, Chair of Audit Committee, Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2019; Independent Director, Investment Committee and Valuation Committee, Sarona Asset Management, since 2019
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1964
Trustee since 2017 Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004 177 Former Director, NAPE Education Foundation, October 2016-October 2020
* The term “Columbia Funds Complex” as used herein includes Columbia Seligman Premium Technology Growth Fund, Tri-Continental Corporation and each series of Columbia Fund Series Trust (CFST), Columbia Funds Series Trust I (CFST I), Columbia Funds Series Trust II (CFST II), Columbia ETF Trust I (CET I), Columbia ETF Trust II (CET II), Columbia Funds Variable Insurance Trust (CFVIT) and Columbia Funds Variable Series Trust II (CFVST II). Messrs. Batejan, Beckman, Gallagher and Hacker and Mses. Blatz, Carlton, Flynn, Paglia, Shaw and Yeager serve as Directors of Columbia Seligman Premium Technology Growth Fund and Tri-Continental Corporation.
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Columbia Funds and length of service Principal occupation(s) during the
past five years and other relevant
professional experience
Number of
Funds in the
Columbia Funds
Complex overseen
Other directorships
held by Trustee
during the past
five years
Daniel J. Beckman
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
1962
Trustee since November 2021 and President since June 2021 Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC since April 2015; President and Principal Executive Officer of the Columbia Funds since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021 177 Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since January 2022
* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.
The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.
40 Columbia Mid Cap Index Fund  | Annual Report 2022

TRUSTEES AND OFFICERS  (continued)
 
The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Fund as of the printing of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Beckman, who is President and Principal Executive Officer, the Fund’s other officers are:
Fund officers
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael G. Clarke
290 Congress Street
Boston, MA 02210
1969
Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019) Senior Vice President and Head of Global Operations & Investor Services, Columbia Management Investment Advisers, LLC, since March 2022 (previously Vice President, Head of North American Operations, and Co-Head of Global Operations, June 2019 to February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds since 2002.
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
1965
Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively (previously Vice President – Pricing and Corporate Actions, May 2010 - March 2017).
Marybeth Pilat
290 Congress Street
Boston, MA 02210
1968
Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017; Director - Fund Administration, Calvert Investments, August 2015 – March 2017; Vice President - Fund Administration, Legg Mason, May 2015 - July 2015; Vice President - Fund Administration, Columbia Management Investment Advisers, LLC, May 2010 - April 2015.
William F. Truscott
290 Congress Street
Boston, MA 02210
1960
Senior Vice President (2001) Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen
5228 Ameriprise Financial Center
Minneapolis, MN 55474
1970
Senior Vice President and Assistant Secretary Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds since 2007.
Thomas P. McGuire
290 Congress Street
Boston, MA 02210
1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015; Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga
290 Congress Street
Boston, MA 02210
1970
Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015) Vice President and Chief Counsel, Ameriprise Financial, Inc. since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds since 2005.
Columbia Mid Cap Index Fund  | Annual Report 2022
41

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Michael E. DeFao
290 Congress Street
Boston, MA 02210
1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
1960
Vice President (2015) President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.
42 Columbia Mid Cap Index Fund  | Annual Report 2022

[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Mid Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2022 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN196_02_M01_(04/22)

Item 2. Code of Ethics.

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

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the ten series of the registrant whose reports to stockholders are included in this annual filing.

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended February 28, 2022 and February 28, 2021 are approximately as follows:

20222021

$295,000     $322,000

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

 

(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended February 28, 2022 and February 28, 2021 are approximately as follows:

20222021

$13,500           $10,800

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

During the fiscal years ended February 28, 2022 and February 28, 2021, there were no Audit-Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended February 28, 2022 and February 28, 2021 are approximately as follows:

20222021

$5,500          $1,600

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal year 2021 and 2022 include Tax Fees for foreign tax filings.

During the fiscal years ended February 28, 2022 and February 28, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended February 28,

2022 and February 28, 2021 are approximately as follows:

2022

2021

$0

$0

 

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

Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended February 28, 2022 and February 28, 2021 are approximately as follows:

20222021

$520,000    $550,700

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

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

The registrant's Audit Committee is required to pre-approve the engagement of the

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

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

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

 

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

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

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

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended February 28, 2022 and February 28, 2021 are approximately as follows:

20222021

$539,000     $563,100

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

 

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

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

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

 


SIGNATURES

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

authorized.

 

 

(registrant)

 

Columbia Funds Series Trust

 

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

 

 

Daniel J. Beckman, President and Principal Executive Officer

 

Date

 

April 21, 2022

 

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

By (Signature and Title)

/s/ Daniel J. Beckman

 

 

Daniel J. Beckman, President and Principal Executive Officer

Date

 

April 21, 2022

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer, Principal Financial Officer

 

 

and Senior Vice President

Date

 

April 21, 2022

 

By (Signature and Title)

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

April 21, 2022