Columbia Funds Series Trust II

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

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

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	29
Statement of Operations	31
Statement of Changes in Net Assets	32
Financial Highlights	34
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	49
Federal Income Tax Information	50
Trustees and Officers	50
Liquidity Risk Management Program	56
Approval of Management Agreement	57

If you elect to receive the shareholder report for Columbia Floating Rate 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, is available on columbiathreadneedleus.com/investor/ or 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 Floating Rate Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of current income and, as a secondary objective, preservation of capital.

Portfolio management

Vesa Tontti, CFA

Lead Portfolio Manager

Managed Fund since 2019

Daniel DeYoung

Portfolio Manager

Managed Fund since 2020

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	02/16/06	-2.70	2.11	3.19
	Including sales charges		-5.63	1.49	2.87
Advisor Class*		02/28/13	-2.48	2.35	3.43
Class C	Excluding sales charges	02/16/06	-3.43	1.35	2.41
	Including sales charges		-4.38	1.35	2.41
Institutional Class		09/27/10	-2.47	2.35	3.45
Institutional 2 Class		08/01/08	-2.44	2.41	3.50
Institutional 3 Class*		06/01/15	-2.41	2.44	3.44
Class R		09/27/10	-2.95	1.85	2.93
Credit Suisse Leveraged Loan Index			-0.86	3.20	3.99

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

The 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 Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market.

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Floating Rate 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 July 31, 2022)
Common Stocks	0.3
Convertible Bonds	0.1
Convertible Preferred Stocks	0.0^(a)
Corporate Bonds & Notes	4.5
Exchange-Traded Fixed Income Funds	0.2
Money Market Funds	3.7
Senior Loans	90.8
Warrants	0.4
Total	100.0

(a)	Rounds to zero.

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

Quality breakdown (%) (at July 31, 2022)
BBB rating	0.8
BB rating	23.9
B rating	69.5
CCC rating	5.3
CC rating	0.0^(a)
Not rated	0.5
Total	100.0

(a)	Rounds to zero.

Percentages indicated are based upon total fixed income investments.

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

4	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, Class A shares of Columbia Floating Rate Fund returned -2.70% excluding sales charges. The Fund underperformed its benchmark, the unmanaged Credit Suisse Leveraged Loan Index, which returned -0.86%.

Market overview

Despite the slightly negative return, the U.S. leveraged loan market was a relative safe haven for investors during the highly challenging annual period for fixed-income markets around the globe. This is primarily because, given its floating rate nature, the leveraged loan market typically benefits from rising interest rates. Thus, the leveraged loan market did not encounter the same headwinds from rising interest rates as most other fixed-income sectors did during the annual period. Volatility in the leveraged loan market was also considerably more muted than in the U.S. fixed-income market as a whole. Additionally, technicals, or the supply/demand scenario, within the leveraged bank loan market remained relatively well balanced during most of the annual period, further supporting the market.

Driven by strong levels of private equity-backed leveraged buyouts and other mergers and acquisition activity, total institutional loan volume was high, with robust supply met with an equally impressive increase in demand. The third and fourth quarters of 2021, the first several months of the annual period, saw successive record-setting high levels of primary collateralized loan obligation (CLO) issuance. The high pace of issuance of new loans continued into the early months of 2022, though CLO issuance slowed. CLOs are, by far, the largest source of demand for bank loans. The demand created by CLO issuance was supported by strong inflows to retail floating rate funds, which accelerated through the first calendar quarter of 2022, as U.S. Federal Reserve (Fed) commentary trended increasingly hawkish and policy movement toward interest rate hikes actualized. (Hawkish tends to suggest higher interest rates; opposite of dovish.) Following nine months of strong performance, the leveraged loan market took a significant downturn in May 2022. The benchmark posted its second-weakest quarterly total return for the second quarter of 2022 since the Great Financial Crisis, surpassed only by the first quarter of 2020 at the onset of the COVID-19 pandemic. The market was pushed lower by outflows from floating rate retail funds as the expectations of improving distributions available to investors were outweighed by a flurry of negative headlines. Among the concerns were the ability of both corporations and consumers to withstand both persistently high inflation and tighter monetary policy, ongoing global supply chain issues and the war in Ukraine. These second quarter 2022 trends continued into the first weeks of July 2022 but then reversed during the last two weeks of the month as more active new CLO formation created heightened demand for loans, in turn improving the technical picture of the market again.

Commodity-driven industries within the benchmark, including energy and metals/minerals, performed best during the annual period. Also relatively strong were industries that are typically less impacted by economic cycles, such as utilities and food and drug. Among the industries with the weakest performance during the annual period were consumer durables, retail and housing, as there were growing concerns about the impact of inflation and higher interest rates on consumer spending. Broadcasting, healthcare and shipping were also weak, driven lower by issuer-specific, rather than industry-wide, concerns. From a credit quality perspective, those issues with higher ratings significantly outperformed lower rated issues during the annual period.

At the end of July 2022, the trailing 12-month loan default rate, examined by principal amount and inclusive of distressed exchanges, was 1.12%, as measured by JP Morgan. This was virtually equal to the rate at the end of July 2021, still meaningfully below the five-year high of 4.2% at the end of June 2020 and significantly below the historical average rate of approximately 3.1%.

The Fund’s notable detractors during the period

•	Selection among issues rated B3/B- and CCC detracted most from the Fund’s relative results.
•	Credit selection in the information technology, broadcasting, cable/wireless video and financials industries further dampened Fund performance.
•	Having a position in cash, albeit a modest one, detracted during the first nine months of the annual period when the benchmark rallied. From May through July 2022, the benchmark fell, and so while the Fund’s cash position contributed positively during that period, holding a larger cash balance would have benefited the Fund’s relative performance more.

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable contributors during the period

•	Having more exposure to higher rated loans than the benchmark contributed positively to the Fund’s relative results, as higher rated loans outperformed lower rated loans during the annual period.
•	Credit selection among higher quality loans also boosted Fund performance.
•	From an industry perspective, credit selection in gaming/leisure helped the Fund’s relative results most. Selection in the telecommunications, utilities and metals/minerals industries added value as well.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities and loan investments present 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. Non-investment-grade (high-yield or junk) securities or other similarly rated instruments present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Investment in loans may include highly leveraged transactions whereby the borrower assumes large amounts of debt in order to have the financial resources to attempt to achieve its business objectives. These transactions involve greater risk (including default and bankruptcy) than other investments. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. 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 Floating Rate Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

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

Analyzing your Fund’s expenses

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

Compare with other funds

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

February 1, 2022 — July 31, 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	958.80	1,019.52	4.90	5.05	1.02
Advisor Class	1,000.00	1,000.00	959.90	1,020.74	3.70	3.82	0.77
Class C	1,000.00	1,000.00	955.30	1,015.84	8.49	8.75	1.77
Institutional Class	1,000.00	1,000.00	959.90	1,020.74	3.70	3.82	0.77
Institutional 2 Class	1,000.00	1,000.00	960.10	1,020.94	3.51	3.62	0.73
Institutional 3 Class	1,000.00	1,000.00	960.20	1,021.19	3.27	3.37	0.68
Class R	1,000.00	1,000.00	957.70	1,018.29	6.10	6.29	1.27

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 Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 0.2%
Issuer	Shares	Value ($)
Communication Services 0.0%
Media 0.0%
Clear Channel Outdoor Holdings, Inc.^(a)	198,952	308,376
Star Tribune Co. (The)^(a),(b),(c)	1,098	—
Total		308,376
Total Communication Services		308,376
Consumer Discretionary 0.0%
Multiline Retail 0.0%
Belk, Inc.^(a)	231	2,252
Total Consumer Discretionary		2,252
Energy 0.1%
Energy Equipment & Services 0.1%
Covia Holdings Corp.^(a)	57,253	819,434
McDermott International, Inc.^(a)	184,336	94,380
Total		913,814
Oil, Gas & Consumable Fuels 0.0%
New Frontera Holdings^(a)	64,498	20,156
Southcross Energy Partners LLC^(a),(c)	107,918	3,237
Southcross Energy Partners LLC, Class A^(a),(c)	2,041,444	153,108
Total		176,501
Total Energy		1,090,315
Industrials 0.1%
Machinery 0.1%
TNT Crane and Rigging, Inc.^(a)	60,744	895,974
Total Industrials		895,974
Information Technology 0.0%
Communications Equipment 0.0%
Riverbed Technology, Inc.^(a)	8,710	13,866
Total Information Technology		13,866
Total Common Stocks (Cost $3,102,949)		2,310,783

Convertible Bonds 0.1%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Cable and Satellite 0.1%
DISH Network Corp.
Subordinated
08/15/2026	3.375%	1,500,000	1,067,317
Total Convertible Bonds (Cost $1,433,901)			1,067,317

Convertible Preferred Stocks 0.0%
Issuer		Shares	Value ($)
Information Technology 0.0%
Communications Equipment 0.0%
Riverbed Technology, Inc.	7.000%	9,297	51,134
Total Information Technology			51,134
Total Convertible Preferred Stocks (Cost $201,434)			51,134

Corporate Bonds & Notes 4.5%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Brokerage/Asset Managers/Exchanges 0.4%
NFP Corp.^(d)
08/15/2028	6.875%	3,750,000	3,288,760
Cable and Satellite 0.5%
DISH DBS Corp.
07/01/2026	7.750%	2,500,000	2,064,583
Radiate Holdco LLC/Finance, Inc.^(d)
09/15/2026	4.500%	2,500,000	2,313,675
Total			4,378,258
Chemicals 0.1%
Herens Holdco Sarl^(d)
05/15/2028	4.750%	1,053,000	869,239
Environmental 0.3%
Waste Pro USA, Inc.^(d)
02/15/2026	5.500%	3,000,000	2,775,650
Finance Companies 0.2%
Provident Funding Associates LP/Finance Corp.^(d)
06/15/2025	6.375%	2,500,000	2,262,944
Food and Beverage 0.2%
FAGE International SA/USA Dairy Industry, Inc.^(d)
08/15/2026	5.625%	2,102,000	1,878,189

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

8	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Gaming 0.5%
Wynn Las Vegas LLC/Capital Corp.^(d)
05/30/2023	4.250%	3,000,000	2,978,765
03/01/2025	5.500%	2,000,000	1,968,339
Total			4,947,104
Health Care 0.0%
Mozart Debt Merger Sub, Inc.^(d)
04/01/2029	3.875%	355,000	320,511
Lodging 0.1%
Marriott Ownership Resorts, Inc.
01/15/2028	4.750%	1,250,000	1,134,345
Media and Entertainment 0.2%
Diamond Sports Group LLC/Finance Co.^(d)
08/15/2026	5.375%	2,591,000	564,557
iHeartCommunications, Inc.
05/01/2026	6.375%	478,473	465,313
05/01/2027	8.375%	867,232	775,619
Total			1,805,489
Midstream 0.2%
EQM Midstream Partners LP^(d)
07/01/2027	6.500%	2,000,000	1,998,943
Other REIT 0.4%
Ladder Capital Finance Holdings LLLP/Corp.^(d)
10/01/2025	5.250%	1,000,000	944,452
02/01/2027	4.250%	3,000,000	2,676,695
Total			3,621,147
Property & Casualty 0.9%
Alliant Holdings Intermediate LLC/Co-Issuer^(d)
10/15/2027	6.750%	6,614,000	6,275,958
BroadStreet Partners, Inc.^(d)
04/15/2029	5.875%	3,000,000	2,593,773
Total			8,869,731
Technology 0.5%
Logan Merger Sub, Inc.^(d)
09/01/2027	5.500%	2,500,000	1,835,959
NCR Corp.^(d)
04/15/2029	5.125%	2,000,000	1,922,188
Sabre GLBL, Inc.^(d)
09/01/2025	7.375%	500,000	495,784
Total			4,253,931
Total Corporate Bonds & Notes (Cost $48,238,490)			42,404,241

Exchange-Traded Fixed Income Funds 0.2%
	Shares	Value ($)
Floating Rate 0.2%
First Trust Senior Loan ETF	25,000	1,131,750
Invesco Senior Loan ETF	50,000	1,048,500
Total		2,180,250
Total Exchange-Traded Fixed Income Funds (Cost $2,318,250)		2,180,250

Senior Loans 90.7%
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Aerospace & Defense 0.3%
TransDigm, Inc.^(e),(f)
Tranche F Term Loan
1-month USD LIBOR + 2.250% 12/09/2025	4.622%	2,734,534	2,651,650
Airlines 2.6%
AAdvantage Loyalty IP Ltd./American Airlines, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% Floor 0.750% 04/20/2028	7.460%	3,919,708	3,856,013
Air Canada^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.750% 08/11/2028	4.250%	3,500,000	3,363,745
American Airlines, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 1.750% 06/27/2025	4.050%	6,643,122	6,067,362
1-month USD LIBOR + 1.750% 01/29/2027	4.122%	980,000	893,202
Kestrel Bidco, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% Floor 1.000% 12/11/2026	5.030%	4,783,483	4,182,247
United AirLines, Inc.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 3.750% Floor 0.750% 04/21/2028	6.533%	6,292,403	6,045,426
Total			24,407,995
Automotive 1.4%
Clarios Global LP^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% 04/30/2026	5.622%	4,608,283	4,426,440

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
First Brands Group LLC^(e),(f)
1st Lien Term Loan
1-month Term SOFR + 5.000% Floor 1.000% 03/30/2027	8.368%	6,366,846	6,045,320
Truck Hero, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.750% 01/31/2028	5.872%	3,203,049	2,883,834
Total			13,355,594
Brokerage/Asset Managers/Exchanges 1.2%
AlixPartners LLP^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 02/04/2028	5.122%	2,473,712	2,415,729
Allspring Buyer LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 11/01/2028	5.563%	1,327,319	1,290,817
Citadel Securities LP^(e),(f)
Term Loan
1-month Term SOFR + 2.500% 02/02/2028	4.941%	1,461,300	1,431,709
Russell Investments US Institutional Holdco, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 1.000% 05/30/2025	5.000%	3,966,439	3,722,265
VFH Parent LLC^(e),(f)
Term Loan
SOFR + 3.000% 01/13/2029	5.201%	2,211,687	2,127,820
Total			10,988,340
Building Materials 3.6%
Beacon Roofing Supply, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 2.250% 05/19/2028	4.622%	2,056,154	1,977,629
Cornerstone Building Brands, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.250% 04/12/2028	5.249%	3,137,137	2,669,704
Covia Holdings LLC^(e),(f)
Term Loan
1-month USD LIBOR + 4.000% Floor 1.000% 07/31/2026	6.285%	3,080,573	2,882,893

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
CPG International LLC^(e),(f)
Term Loan
1-month Term SOFR + 2.500% Floor 0.500% 04/28/2029	4.092%	3,323,459	3,173,903
Hunter Douglas Holding BV^(e),(f)
Tranche B1 Term Loan
1-month Term SOFR + 3.500% Floor 0.500% 02/26/2029	4.842%	5,030,866	4,474,955
Park River Holdings, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 12/28/2027	5.527%	2,172,213	1,924,581
QUIKRETE Holdings, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 2.625% 02/01/2027	4.997%	1,974,684	1,862,778
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 3.000% 06/11/2028	5.372%	1,525,588	1,448,043
SRS Distribution, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 3.500% Floor 0.500% 06/02/2028	6.177%	1,717,998	1,633,885
1-month USD LIBOR + 3.500% Floor 0.500% 06/02/2028	6.306%	3,964,962	3,771,670
Standard Industries, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 2.500% Floor 0.500% 09/22/2028	3.788%	1,799,409	1,765,670
US Silica Co.^(e),(f)
Term Loan
3-month USD LIBOR + 4.000% Floor 1.000% 05/01/2025	6.375%	1,160,448	1,128,536
White Cap Supply Holdings LLC^(e),(f)
Term Loan
1-month Term SOFR + 3.750% Floor 0.500% 10/19/2027	6.077%	3,947,600	3,764,194
Wilsonart LLC^(e),(f)
Tranche E Term Loan
1-month USD LIBOR + 3.250% Floor 1.000% 12/31/2026	5.510%	2,242,979	2,074,755
Total			34,553,196

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

10	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Cable and Satellite 3.2%
Charter Communications Operating LLC^(e),(f)
Tranche B2 Term Loan
3-month USD LIBOR + 1.750% 02/01/2027	4.130%	1,529,527	1,477,584
Cogeco Communications Finance LP^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.000% 01/03/2025	4.372%	1,973,737	1,914,525
CSC Holdings LLC^(e),(f)
Term Loan
3-month USD LIBOR + 2.250% 07/17/2025	4.249%	3,865,839	3,719,247
3-month USD LIBOR + 2.250% 01/15/2026	4.249%	1,939,946	1,859,322
3-month USD LIBOR + 2.500% 04/15/2027	4.499%	972,563	926,774
Direct TV Financing LLC^(e),(f)
Term Loan
1-month USD LIBOR + 5.000% Floor 0.750% 08/02/2027	7.372%	3,996,416	3,764,943
Iridium Satellite LLC^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 2.500% Floor 1.000% 11/04/2026	4.872%	2,970,676	2,937,999
Radiate Holdco LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 09/25/2026	5.622%	4,117,307	3,888,014
Telesat Canada^(e),(f)
Tranche B5 Term Loan
3-month USD LIBOR + 2.750% 12/07/2026	5.340%	3,156,122	2,153,328
UPC Financing Partnership^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% 01/31/2029	4.999%	3,250,000	3,161,437
Virgin Media Bristol LLC^(e),(f)
Tranche N Term Loan
3-month USD LIBOR + 2.500% 01/31/2028	4.499%	2,000,000	1,947,220
Tranche Q Term Loan
1-month USD LIBOR + 3.250% 01/31/2029	5.249%	2,175,000	2,141,984
Total			29,892,377

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Chemicals 5.5%
Aruba Investments Holdings LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.000% Floor 0.750% 11/24/2027	6.259%	3,471,281	3,219,613
Ascend Performance Materials Operations LLC^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% Floor 0.750% 08/27/2026	7.000%	3,472,691	3,422,059
ColourOz Investment 1 GmbH^(e),(f)
Tranche C 1st Lien Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023	5.250%	823,548	677,368
ColourOz Investment 2 LLC^(e),(f)
Tranche B2 1st Lien Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 09/21/2023	5.250%	4,981,786	4,097,519
Diamond BV^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 09/29/2028	5.555%	6,146,757	5,854,786
Herens Holdco SARL^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 4.000% Floor 0.750% 07/03/2028	6.250%	3,603,344	3,118,694
INEOS Styrolution Group GmbH^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 01/29/2026	5.096%	2,178,000	2,062,980
INEOS US Finance LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.500% Floor 0.500% 11/08/2028	5.093%	2,438,333	2,345,872
Innophos Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% 02/05/2027	5.872%	2,714,241	2,626,029
Messer Industries GmbH^(e),(f)
Tranche B1 Term Loan
3-month USD LIBOR + 2.500% 03/02/2026	4.760%	3,994,370	3,867,389

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Nouryon Finance BV^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% 10/01/2025	5.250%	3,209,703	3,106,993
Olympus Water US Holding Corp.^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 11/09/2028	6.063%	2,714,570	2,564,427
PMHC II, Inc.^(e),(f)
Term Loan
3-month Term SOFR + 4.250% Floor 0.500% 04/23/2029	6.977%	5,598,920	4,819,270
Schenectady International Group, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 4.750% 10/15/2025	7.205%	4,493,771	4,209,181
Sparta US Holdco LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 08/02/2028	5.037%	1,990,000	1,902,102
Tronox Finance LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 2.250% 03/10/2028	4.521%	1,301,296	1,247,825
Tronox Pigments^(e),(f),(g)
Term Loan B
1-month Term SOFR + 3.250% Floor 0.500% 04/04/2029	2.250%	1,995,000	1,953,863
WR Grace Holdings LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 09/22/2028	6.063%	938,093	899,396
Total			51,995,366
Construction Machinery 0.3%
Columbus McKinnon Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 05/14/2028	5.063%	1,341,964	1,300,028
PECF USS Intermediate Holding III Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 4.250% Floor 0.500% 12/15/2028	6.622%	1,836,645	1,675,939
Total			2,975,967

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Consumer Cyclical Services 4.7%
Allied Universal Holdco LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 05/12/2028	6.122%	3,469,938	3,236,966
Amentum Government Services Holdings LLC^(e),(f)
Tranche 1 1st Lien Term Loan
1-month USD LIBOR + 3.750% 01/29/2027	6.122%	1,473,684	1,424,876
Tranche 3 1st Lien Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 02/15/2029	5.016%	2,175,533	2,105,502
APX Group, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 07/10/2028	5.658%	2,335,292	2,193,423
Cast & Crew LLC^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.500% 02/09/2026	5.872%	1,989,717	1,925,609
1-month Term SOFR + 3.750% Floor 0.500% 12/29/2028	6.077%	2,151,972	2,084,723
Conservice Midco LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.250% 05/13/2027	6.622%	4,446,155	4,251,636
Cushman & Wakefield U.S. Borrower LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% 08/21/2025	5.122%	2,352,720	2,274,163
IRI Holdings, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 4.500% 12/01/2025	8.000%	3,133,832	3,128,441
Prime Security Services Borrower LLC^(e),(f)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 2.750% Floor 0.750% 09/23/2026	4.463%	3,291,586	3,193,299
Sotheby’s^(c),(e),(f)
Term Loan
1-month USD LIBOR + 4.500% Floor 0.500% 01/15/2027	7.012%	4,165,227	4,019,444
Staples, Inc.^(e),(f)
Tranche B1 Term Loan
3-month USD LIBOR + 5.000% 04/16/2026	6.286%	1,674,847	1,445,778

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

12	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
TruGreen LP^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.000% Floor 0.750% 11/02/2027	6.372%	1,954,924	1,871,840
Uber Technologies, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 04/04/2025	5.075%	4,210,717	4,131,766
1-month USD LIBOR + 3.500% 02/25/2027	5.075%	3,532,709	3,459,300
WaterBridge Midstream Operating LLC^(e),(f)
Term Loan
3-month USD LIBOR + 5.750% Floor 1.000% 06/22/2026	9.127%	1,028,550	989,660
WW International, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 04/13/2028	5.880%	4,271,875	3,169,219
Total			44,905,645
Consumer Products 1.3%
Energizer Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 2.250% Floor 0.500% 12/22/2027	4.500%	1,641,667	1,571,896
Serta Simmons Bedding LLC^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 11/08/2023	6.223%	1,325,856	336,065
SRAM LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 05/18/2028	5.170%	2,329,091	2,233,994
SWF Holdings I Corp.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.000% Floor 0.750% 10/06/2028	6.162%	3,482,366	2,903,423
Thor Industries, Inc.^(c),(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 3.000% 02/01/2026	5.375%	1,426,691	1,412,424

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Weber-Stephen Products LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 10/30/2027	5.622%	5,134,637	4,133,383
Total			12,591,185
Diversified Manufacturing 2.7%
Bright Bidco BV^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 06/30/2024	4.774%	989,598	378,333
Brookfield WEC Holdings, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 08/01/2025	5.122%	1,484,925	1,430,250
Term Loan
1-month Term SOFR + 3.750% Floor 0.500% 08/01/2025	6.036%	2,125,000	2,057,085
DXP Enterprises, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% Floor 1.000% 12/23/2027	7.122%	2,413,250	2,289,571
Filtration Group Corp.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% 03/31/2025	5.372%	2,265,319	2,212,650
1-month USD LIBOR + 3.500% Floor 0.500% 10/21/2028	5.872%	701,651	673,760
Gates Global LLC^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 2.500% Floor 0.750% 03/31/2027	4.872%	2,622,068	2,522,246
Madison IAQ LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 06/21/2028	4.524%	3,716,493	3,528,030
TK Elevator Midco GmbH^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 07/30/2027	6.857%	5,573,380	5,374,132

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Vertiv Group Corp.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.750% 03/02/2027	4.548%	4,927,774	4,680,498
Total			25,146,555
Electric 1.5%
Carroll County Energy LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.500% 02/16/2026	5.750%	1,240,370	1,148,372
EFS Cogen Holdings I LLC^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 10/01/2027	5.760%	911,796	858,229
Invenergy Thermal Operating I LLC^(e),(f)
Term Loan
1-month Term SOFR + 3.750% 08/28/2025	6.191%	1,837,286	1,740,828
Lightstone Holdco LLC^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 5.750% Floor 1.000% 02/01/2027	7.024%	1,748,937	1,550,940
Tranche C Term Loan
1-month Term SOFR + 5.750% Floor 1.000% 02/01/2027	7.024%	98,919	87,720
LMBE-MC Holdco II LLC^(e),(f)
Term Loan
3-month USD LIBOR + 4.000% Floor 1.000% 12/03/2025	6.285%	2,143,268	2,052,179
Nautilus Power LLC^(e),(f)
Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 05/16/2024	6.622%	1,268,658	969,927
New Frontera Holdings LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 13.000% 07/28/2026	15.250%	979,319	940,146
New Frontera Holdings LLC^(c),(e),(f)
2nd Lien Term Loan
1-month USD LIBOR + 1.500% 07/28/2028	3.750%	339,370	101,811
PG&E Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 1.000% 06/23/2025	5.375%	1,959,963	1,889,522

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
West Deptford Energy Holdings LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 08/03/2026	6.122%	1,496,404	1,074,508
WIN Waste Innovations Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 03/24/2028	5.000%	1,980,000	1,918,125
Total			14,332,307
Environmental 0.8%
EnergySolutions LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% Floor 1.000% 05/09/2025	6.000%	3,310,713	3,029,302
GFL Environmental, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% Floor 1.000% 05/30/2025	5.806%	2,029,230	2,008,654
Harsco Corp.^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 2.250% Floor 0.500% 03/10/2028	4.625%	2,140,540	1,969,297
Rockwood Service Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 4.250% 01/23/2027	6.622%	1,054,389	1,028,029
Total			8,035,282
Food and Beverage 2.4%
Aramark Intermediate HoldCo Corp.^(e),(f)
Tranche B5 Term Loan
1-month USD LIBOR + 2.500% 04/06/2028	4.872%	2,023,518	1,968,499
B&G Foods, Inc.^(e),(f)
Tranche B4 Term Loan
3-month USD LIBOR + 2.500% 10/10/2026	4.872%	1,700,000	1,607,214
Del Monte Foods, Inc.^(e),(f),(g)
1st Lien Term Loan
1-month Term SOFR + 4.250% Floor 0.500% 05/16/2029	6.451%	4,278,687	4,107,539
Naked Juice LLC^(e),(f)
1st Lien Term Loan
3-month Term SOFR + 3.250% Floor 0.500% 01/24/2029	5.405%	3,750,000	3,574,687

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

14	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
2nd Lien Term Loan
1-month Term SOFR + 6.000% Floor 0.500% 01/24/2030	8.154%	1,000,000	906,670
Primary Products Finance LLC^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 04/01/2029	6.077%	4,161,302	4,052,733
Triton Water Holdings, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 03/31/2028	5.750%	4,357,440	3,853,633
United Natural Foods, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 3.250% 10/22/2025	5.691%	1,975,213	1,946,415
US Foods, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.750% 11/22/2028	4.325%	1,081,750	1,055,723
Total			23,073,113
Gaming 3.5%
Caesars Resort Collection LLC^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.750% 12/23/2024	5.122%	1,863,531	1,819,272
Tranche B1 Term Loan
1-month USD LIBOR + 3.500% 07/21/2025	5.872%	4,476,412	4,379,139
CBAC Borrower LLC^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 4.000% 07/08/2024	6.372%	3,832,350	3,714,390
Fertitta Entertainment LLC^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 01/27/2029	6.327%	4,000,901	3,807,378
Flutter Entertainment PLC^(e),(f)
Term Loan
SOFR + 2.250% 07/21/2026	4.500%	3,367,428	3,299,474
HRNI Holdings LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 4.250% Floor 0.750% 12/11/2028	6.622%	4,822,944	4,551,653

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
PCI Gaming Authority^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.500% 05/29/2026	4.872%	2,956,220	2,869,987
Scientific Games Holdings LP^(e),(f),(g)
1st Lien Term Loan
1-month Term SOFR + 3.500% Floor 0.500% 04/04/2029	5.617%	4,881,330	4,655,568
Scientific Games International, Inc.^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 3.000% Floor 0.500% 04/14/2029	5.044%	3,928,120	3,834,828
Total			32,931,689
Health Care 4.1%
Change Healthcare Holdings LLC^(e),(f)
Term Loan
3-month USD LIBOR + 2.500% Floor 1.000% 03/01/2024	4.872%	3,022,592	2,980,094
CHG Healthcare Services, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 09/29/2028	4.750%	1,985,000	1,922,254
Element Materials^(e),(f),(g)
Delayed Draw Term Loan
1-month Term SOFR + 4.250% Floor 0.500% 06/22/2029	3.250%	1,038,066	996,544
Element Materials Technology Group US Holdings, Inc.^(e),(f),(g)
1st Lien Term Loan B
1-month Term SOFR + 4.250% Floor 0.500% 06/22/2029	6.360%	2,249,144	2,159,178
Envision Healthcare Corp.^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 10/10/2025	6.122%	2,789,666	721,240
ICON PLC^(e),(f)
Term Loan
3-month USD LIBOR + 2.250% 07/03/2028	4.563%	3,206,292	3,144,442
3-month USD LIBOR + 2.250% 07/03/2028	4.563%	798,850	783,440
LifePoint Health, Inc.^(e),(f)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750% 11/16/2025	6.122%	2,171,525	2,047,054

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Medline Borrower LP^(e),(f)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 10/23/2028	5.622%	5,590,464	5,330,172
National Mentor Holdings, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 03/02/2028	6.064%	2,604,705	2,201,913
Tranche C 1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 03/02/2028	6.010%	82,843	70,032
Owens & Minor, Inc.^(e),(f)
Tranche B1 Term Loan
1-month Term SOFR + 3.750% Floor 0.500% 03/29/2029	6.177%	2,862,090	2,847,780
Phoenix Guarantor, Inc.^(e),(f)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 3.250% 03/05/2026	5.622%	2,231,287	2,140,296
Tranche B3 1st Lien Term Loan
1-month USD LIBOR + 3.500% 03/05/2026	5.759%	987,500	948,958
Pluto Acquisition I, Inc.^(c),(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.000% 06/22/2026	6.076%	1,933,594	1,585,547
Radiology Partners, Inc.^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.250% 07/09/2025	6.464%	3,500,000	3,195,010
Select Medical Corp.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.500% 03/06/2025	4.880%	2,571,818	2,508,603
Team Health Holdings, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 5.250% Floor 1.000% 03/02/2027	7.577%	1,648,679	1,345,041
Upstream Newco, Inc.^(e),(f)
1st Lien Term Loan
1-month Term SOFR + 4.250% 11/20/2026	6.691%	1,970,025	1,832,123
Total			38,759,721

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Independent Energy 0.9%
Hamilton Projects Acquiror LLC^(e),(f)
Term Loan
1-month USD LIBOR + 4.500% Floor 1.000% 06/17/2027	6.750%	1,666,350	1,607,328
Oryx Midstream Services Permian Basin LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 10/05/2028	4.705%	2,502,166	2,432,005
Parkway Generation LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 4.750% Floor 0.750% 02/18/2029	7.122%	3,643,129	3,509,536
Tranche C Term Loan
1-month USD LIBOR + 4.750% Floor 0.750% 02/18/2029	7.122%	511,316	492,566
Total			8,041,435
Leisure 3.4%
Alterra Mountain Co.^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 08/17/2028	5.872%	6,545,526	6,305,501
Carnival Corp.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 10/18/2028	6.127%	7,976,917	7,388,619
Crown Finance US, Inc.^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 7.000% 05/23/2024	7.000%	823,307	906,881
Formula One Management Ltd.^(e),(f)
Tranche B3 Term Loan
3-month USD LIBOR + 2.500% Floor 1.000% 02/01/2024	4.872%	4,000,000	3,951,440
Life Time, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% Floor 1.000% 12/16/2024	6.325%	2,684,339	2,644,074
NAI Entertainment Holdings LLC^(c),(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.500% Floor 1.000% 05/08/2025	4.880%	2,941,192	2,882,368

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

16	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
UFC Holdings LLC^(e),(f)
Tranche B3 1st Lien Term Loan
1-month USD LIBOR + 2.750% Floor 0.750% 04/29/2026	5.520%	4,006,943	3,870,026
William Morris Endeavor Entertainment LLC^(e),(f)
Tranche B1 1st Lien Term Loan
3-month USD LIBOR + 2.750% 05/18/2025	5.130%	3,988,305	3,815,492
Total			31,764,401
Lodging 1.1%
Hilton Grand Vacations Borrower LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 0.500% 08/02/2028	5.372%	4,240,202	4,150,097
Playa Resorts Holding BV^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 1.000% 04/29/2024	5.120%	6,379,307	6,124,135
Total			10,274,232
Media and Entertainment 6.7%
AppLovin Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 0.500% 10/25/2028	5.250%	5,091,497	4,938,752
Cengage Learning, Inc.^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.750% Floor 1.000% 07/14/2026	7.814%	6,280,447	5,743,971
Clear Channel Outdoor Holdings, Inc.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 3.500% 08/21/2026	6.305%	5,419,522	4,932,470
CMG Media Corp.^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 3.500% 12/17/2026	5.872%	2,808,481	2,630,845
Creative Artists Agency LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 11/27/2026	6.122%	2,934,849	2,869,871
Tranche B Term Loan
1-month Term SOFR + 4.250% Floor 1.000% 11/27/2026	6.577%	1,618,595	1,586,223

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Diamond Sports Group LLC^(e),(f)
1st Lien Term Loan
1-month Term SOFR + 8.000% Floor 1.000% 05/25/2026	9.786%	1,304,574	1,236,084
Dotdash Meredith, Inc.^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 12/01/2028	5.699%	3,317,475	2,994,021
E.W. Scripps Co. (The)^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 2.563% 05/01/2026	4.935%	1,466,080	1,421,732
Tranche B3 Term Loan
1-month USD LIBOR + 2.750% Floor 0.750% 01/07/2028	5.122%	994,500	968,812
Emerald Expositions Holding, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 2.500% 05/22/2024	4.872%	2,766,670	2,645,629
Entravision Communications Corp.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.750% 11/29/2024	5.122%	1,053,750	1,032,022
Gray Television, Inc.^(e),(f)
Tranche D Term Loan
1-month USD LIBOR + 3.000% 12/01/2028	4.713%	2,985,000	2,913,479
Hubbard Radio LLC^(e),(f)
Term Loan
3-month USD LIBOR + 4.250% Floor 1.000% 03/28/2025	6.630%	2,555,508	2,376,622
iHeartCommunications, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% 05/01/2026	5.372%	1,703,205	1,607,399
Indy US Bidco LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% 03/06/2028	6.065%	2,993,473	2,815,751
Learfield Communications LLC^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.250% Floor 1.000% 12/01/2023	5.630%	4,159,019	3,601,877
Lions Gate Capital Holdings LLC^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.250% 03/24/2025	4.622%	1,388,947	1,343,806

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
NASCAR Holdings LLC^(e),(f)
Term Loan
3-month USD LIBOR + 2.500% 10/19/2026	4.872%	1,460,275	1,434,720
NEP Group, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.250% 10/20/2025	5.622%	1,488,432	1,397,265
Playtika Holding Corp.^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 2.750% 03/13/2028	5.122%	3,118,421	3,029,265
Pug LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.500% 02/12/2027	5.872%	4,004,868	3,697,815
Sinclair Television Group, Inc.^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 3.000% 04/01/2028	5.380%	1,473,331	1,340,997
Univision Communications, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 03/15/2026	5.622%	990,000	964,636
1-month USD LIBOR + 3.250% Floor 0.750% 01/31/2029	5.622%	4,239,375	4,051,274
1st Lien Term Loan B
1-month Term SOFR + 4.250% Floor 0.500% 06/24/2029	6.254%	300,000	289,251
Total			63,864,589
Midstream 2.1%
AL GCX Holdings Ltd.^(e),(f),(g)
Term Loan
1-month Term SOFR + 3.750% Floor 0.500% 05/17/2029	6.040%	3,823,458	3,763,736
Buckeye Partners LP^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 2.250% 11/01/2026	3.916%	1,979,665	1,938,726
CQP Holdco LP^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 06/05/2028	6.000%	2,376,000	2,302,415

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
GIP III Stetson I LP^(e),(f)
Term Loan
3-month USD LIBOR + 4.250% 07/18/2025	6.622%	4,093,031	3,842,332
ITT Holdings LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 07/10/2028	5.122%	4,365,838	4,147,546
Prairie ECI Acquiror LP^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% 03/11/2026	7.122%	1,637,500	1,512,133
Traverse Midstream Partners LLC^(e),(f)
Term Loan
1-month Term SOFR + 4.250% Floor 1.000% 09/27/2024	5.250%	2,613,556	2,569,988
Total			20,076,876
Oil Field Services 0.7%
Apergy Corp.^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 3.250% Floor 0.500% 06/07/2029	5.080%	4,000,000	3,965,000
Lealand Finance Company BV^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% 06/28/2024	5.372%	33,314	19,988
Lealand Finance Company BV^(c),(e),(f)
Term Loan
3-month USD LIBOR + 1.000% 06/30/2025	3.372%	439,620	206,621
MRC Global, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% 09/20/2024	5.372%	2,159,483	2,086,061
Total			6,277,670
Other Financial Institutions 1.5%
FinCo I LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.500% 06/27/2025	4.872%	1,851,362	1,830,534
Freeport LNG Investments LLP^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 12/21/2028	6.210%	5,977,125	5,596,083

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

18	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
IGT Holding IV AB^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 3.400% Floor 0.500% 03/31/2028	5.650%	4,332,033	4,191,242
Trans Union LLC^(e),(f)
Tranche B6 Term Loan
1-month USD LIBOR + 2.250% Floor 0.500% 12/01/2028	4.622%	2,641,001	2,573,339
Total			14,191,198
Other Industry 1.1%
APi Group, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 2.500% 10/01/2026	4.872%	1,664,755	1,629,379
1-month USD LIBOR + 2.750% 01/03/2029	5.122%	1,590,655	1,555,660
Hillman Group, Inc. (The)^{(e),(f),(g),(h)}
Delayed Draw Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 07/14/2028	2.929%	421,688	402,889
Hillman Group, Inc. (The)^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 07/14/2028	5.009%	1,748,391	1,670,448
Husky Injection Molding Systems Ltd.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% 03/28/2025	5.877%	1,994,792	1,869,120
Vericast Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 7.750% Floor 1.000% 06/16/2026	10.000%	1,077,822	819,145
WireCo WorldGroup, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 4.250% Floor 0.500% 11/13/2028	5.688%	2,967,517	2,833,979
Total			10,780,620
Packaging 3.0%
Altium Packaging LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 02/03/2028	5.130%	1,373,913	1,301,041

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Anchor Glass Container Corp.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 2.750% Floor 1.000% 12/07/2023	5.099%	1,559,662	1,240,321
1-month USD LIBOR + 5.000% Floor 1.000% 12/07/2023	7.372%	472,800	374,694
2nd Lien Term Loan
3-month USD LIBOR + 7.750% Floor 1.000% 12/07/2024	10.098%	333,333	133,333
Charter Next Generation, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 12/01/2027	6.556%	4,753,927	4,558,588
Clydesdale Acquisition Holdings, Inc.^(e),(f)
1st Lien Term Loan B
1-month Term SOFR + 4.175% Floor 0.500% 04/13/2029	6.602%	3,900,000	3,739,125
Graham Packaging Co., Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 0.750% 08/04/2027	5.372%	2,055,757	1,978,379
Mauser Packaging Solutions Holding Co.^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 04/03/2024	5.037%	1,979,167	1,889,689
Packaging Coordinators Midco, Inc.^(e),(f)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750% 11/30/2027	6.000%	3,687,602	3,542,089
Pactiv Evergreen, Inc.^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 3.250% 02/05/2026	5.622%	1,034,250	1,001,071
Tranche B3 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 09/24/2028	5.872%	2,815,760	2,721,742
Tosca Services LLC^(e),(f)
Term Loan
1-month Term SOFR + 3.500% Floor 0.750% 08/18/2027	5.872%	3,964,937	3,524,829

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Trident TPI Holdings, Inc.^{(e),(f),(g),(h)}
Delayed Draw Tranche B3 Term Loan
1-month USD LIBOR + 4.000% Floor 0.500% 09/15/2028	5.410%	296,609	281,594
Trident TPI Holdings, Inc.^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 4.000% Floor 0.500% 09/15/2028	6.250%	2,084,034	1,978,540
Twist Beauty International Holdings S.A.^(c),(e),(f)
Tranche B2 Term Loan
3-month USD LIBOR + 3.000% Floor 1.000% 04/20/2024	4.000%	621,783	553,387
Total			28,818,422
Pharmaceuticals 1.7%
Bausch Health Companies, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 5.250% Floor 0.500% 02/01/2027	7.174%	2,000,000	1,677,500
Elanco Animal Health, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 1.750% 08/01/2027	3.463%	1,913,837	1,848,345
Grifols Worldwide Operations Ltd.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.000% 11/15/2027	4.372%	2,164,770	2,065,559
Jazz Pharmaceuticals PLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 05/05/2028	5.872%	2,376,000	2,317,598
Mallinckrodt International Finance SA^(e),(f)
Term Loan
3-month USD LIBOR + 5.500% Floor 0.750% 09/30/2027	7.503%	1,677,619	1,390,629
Organon & Co.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 0.500% 06/02/2028	4.625%	2,546,103	2,498,363
Sunshine Luxembourg VII SARL^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 10/01/2026	6.000%	4,907,391	4,677,382
Total			16,475,376

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Property & Casualty 2.6%
Asurion LLC^(e),(f)
Tranche B3 2nd Lien Term Loan
1-month USD LIBOR + 5.250% 01/31/2028	7.622%	1,600,000	1,368,000
Tranche B4 2nd Lien Term Loan
1-month USD LIBOR + 5.250% 01/20/2029	7.622%	2,355,981	2,012,008
Tranche B6 Term Loan
3-month USD LIBOR + 3.125% 11/03/2023	5.497%	832,063	816,761
Tranche B7 Term Loan
3-month USD LIBOR + 3.000% 11/03/2024	5.372%	1,315,188	1,266,960
Tranche B8 Term Loan
1-month USD LIBOR + 3.250% 12/23/2026	5.622%	1,994,880	1,871,038
Tranche B9 Term Loan
1-month USD LIBOR + 3.250% 07/31/2027	5.622%	1,481,250	1,390,153
Hub International Ltd.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 0.750% 04/25/2025	5.766%	4,457,563	4,339,259
Tranche B3 Term Loan
1-month USD LIBOR + 3.250% Floor 0.750% 04/25/2025	5.981%	2,125,718	2,076,571
Sedgwick Claims Management Services, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 12/31/2025	5.622%	2,399,125	2,320,026
Sedgwick Claims Management Services, Inc. ^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 09/03/2026	6.122%	1,237,245	1,200,128
USI, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.000% 05/16/2024	5.250%	4,539,194	4,455,491
1-month USD LIBOR + 3.250% 12/02/2026	5.500%	1,964,784	1,909,771
Total			25,026,166
Railroads 0.2%
Genesee & Wyoming, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 2.000% 12/30/2026	4.250%	1,969,773	1,931,205

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

20	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Restaurants 1.4%
1011778 BC ULC^(e),(f)
Tranche B4 Term Loan
3-month USD LIBOR + 1.750% 11/19/2026	4.122%	4,168,366	4,036,813
Carrols Restaurant Group, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 04/30/2026	5.550%	1,466,943	1,273,189
IRB Holding Corp.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.750% Floor 1.000% 02/05/2025	5.122%	1,237,080	1,204,384
1-month Term SOFR + 3.000% Floor 0.750% 12/15/2027	4.836%	1,970,000	1,886,275
Whatabrands LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 08/03/2028	5.622%	4,762,785	4,526,360
Total			12,927,021
Retailers 2.2%
Belk, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 7.500% Floor 1.000% 07/31/2025	9.006%	532,052	473,862
Great Outdoors Group LLC^(e),(f)
Tranche B2 Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 03/06/2028	6.122%	6,328,641	5,774,885
Harbor Freight Tools USA, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% Floor 0.500% 10/19/2027	5.122%	4,927,575	4,554,163
PetSmart LLC^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 02/11/2028	6.120%	5,949,950	5,724,328
Restoration Hardware^(e),(f)
Term Loan
1-month Term SOFR + 3.250% Floor 0.500% 10/20/2028	5.677%	4,461,889	4,056,615
Total			20,583,853

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Technology 21.1%
Arches Buyer, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 12/06/2027	5.622%	5,366,150	4,919,418
Ascend Learning LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 12/11/2028	5.872%	2,189,461	2,068,361
2nd Lien Term Loan
1-month USD LIBOR + 5.750% Floor 0.500% 12/10/2029	8.122%	4,746,828	4,177,209
athenahealth Group, Inc.^{(e),(f),(g),(h)}
Delayed Draw Term Loan
1-month Term SOFR + 3.500% Floor 0.500% 02/15/2029	3.500%	956,581	909,948
athenahealth Group, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 3.500% Floor 0.500% 02/15/2029	5.653%	5,643,828	5,368,692
Atlas CC Acquisition Corp.^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.250% Floor 0.750% 05/25/2028	5.825%	3,796,743	3,545,209
Tranche C 1st Lien Term Loan
1-month USD LIBOR + 4.250% Floor 0.750% 05/25/2028	5.825%	772,219	721,059
Atlas Purchaser, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 5.250% Floor 0.750% 05/08/2028	6.621%	3,964,975	3,187,681
Avaya, Inc.^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 4.250% 12/15/2027	6.249%	2,982,808	1,457,848
Tranche B2 Term Loan
1-month USD LIBOR + 4.000% 12/15/2027	5.999%	1,695,555	835,909
Barracuda Networks, Inc.^(e),(f),(g)
Tranche B Term Loan
1-month Term SOFR + 4.500% Floor 0.500% 05/17/2029	5.534%	2,666,667	2,568,880

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Camelot U.S. Acquisition 1 Co.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% Floor 1.000% 10/30/2026	5.372%	2,711,219	2,638,910
1-month USD LIBOR + 3.000% 10/30/2026	5.372%	2,234,752	2,176,783
Celestica, Inc.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.125% 06/27/2025	4.425%	2,531,786	2,481,150
Central Parent Inc.^(e),(f)
1st Lien Term Loan B
1-month Term SOFR + 4.500% Floor 0.500% 07/06/2029	6.610%	1,020,941	990,956
Cloudera, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 10/08/2028	6.122%	2,727,071	2,577,082
CommScope, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 04/06/2026	5.622%	1,998,581	1,878,666
CoreLogic, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 06/02/2028	5.875%	3,721,875	3,121,723
Cornerstone OnDemand, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 10/16/2028	6.122%	4,670,777	4,352,604
Cyxtera DC Holdings, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.000% Floor 1.000% 05/01/2024	5.790%	1,928,730	1,853,298
Dawn Acquisition LLC^(e),(f)
Term Loan
3-month USD LIBOR + 3.750% 12/31/2025	6.000%	5,239,097	4,123,903
DCert Buyer, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 4.000% 10/16/2026	6.372%	5,954,045	5,747,796
Dun & Bradstreet Corp. (The)^(e),(f)
Term Loan
3-month USD LIBOR + 3.250% 02/06/2026	5.550%	3,589,504	3,487,813

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Tranche B2 Term Loan
1-month Term SOFR + 3.250% 01/18/2029	5.536%	1,001,317	967,212
Endurance International Group Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.750% 02/10/2028	5.291%	3,235,822	2,966,181
Everi Holdings, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.500% 08/03/2028	4.750%	2,513,469	2,452,517
Evertec Group LLC^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 3.500% 11/27/2024	5.872%	2,317,165	2,276,615
GoTo Group, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.750% 08/31/2027	6.912%	5,449,861	4,143,966
Idemia Group SAS^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 4.250% Floor 0.750% 01/10/2026	6.750%	4,333,441	4,062,601
Idera, Inc.^(e),(f)
Tranche B1 1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 03/02/2028	5.470%	3,169,045	2,944,581
II-VI, Inc.^(e),(f)
Term Loan B
1-month USD LIBOR + 2.750% Floor 0.500% 07/02/2029	4.463%	2,341,613	2,273,308
Informatica LLC^(e),(f)
Term Loan
1-month USD LIBOR + 2.750% 10/27/2028	5.125%	3,715,667	3,606,537
Ingram Micro, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 06/30/2028	5.750%	4,679,239	4,585,654
ION Trading Finance Ltd.^(e),(f)
Term Loan
1-month USD LIBOR + 4.750% 04/01/2028	7.000%	3,916,727	3,750,266

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

22	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Loyalty Ventures, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 4.500% Floor 0.500% 11/03/2027	6.872%	2,997,875	2,208,445
Lummus Technology Holdings V LLC^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.500% Floor 1.000% 06/30/2027	5.872%	3,864,240	3,630,453
MA FinanceCo LLC^(e),(f)
Tranche B4 Term Loan
1-month USD LIBOR + 4.250% Floor 1.000% 06/05/2025	5.915%	2,087,512	1,831,792
McAfee LLC^(e),(f)
Tranche B1 Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 03/01/2029	5.699%	5,098,149	4,858,128
Misys Ltd.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.500% Floor 1.000% 06/13/2024	6.871%	5,918,568	5,515,750
Mitchell International, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 10/15/2028	5.912%	4,835,544	4,573,216
Mitnick Corporate Purchaser, Inc.^(e),(f)
Term Loan
1-month Term SOFR + 4.750% Floor 0.500% 05/02/2029	6.047%	1,207,919	1,170,678
MKS Instruments, inc.^(e),(f),(g)
Term Loan
1-month USD LIBOR + 2.251% Floor 0.500% 04/11/2029	2.750%	1,698,010	1,659,805
Monotype Imaging Holdings, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 5.000% Floor 0.750% 10/09/2026	7.250%	1,910,563	1,819,811
MYOB US Borrower LLC^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 4.000% 05/06/2026	6.372%	1,600,500	1,522,476

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Natel Engineering Co., Inc.^(c),(e),(f)
Term Loan
3-month USD LIBOR + 6.250% Floor 1.000% 04/30/2026	7.743%	2,875,558	2,645,514
NCR Corp.^(e),(f)
Term Loan
1-month USD LIBOR + 2.500% 08/28/2026	5.310%	1,947,184	1,896,888
NortonLifeLock, Inc.^(e),(f),(g)
Term Loan
SOFR + 2.000% Floor 0.500% 01/28/2029	2.500%	3,620,943	3,521,367
Peraton Corp.^(e),(f)
Tranche B 1st Lien Term Loan
3-month USD LIBOR + 3.750% Floor 0.750% 02/01/2028	6.122%	4,964,344	4,818,542
Pitney Bowes, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 4.000% 03/17/2028	6.380%	2,058,374	1,831,953
Presidio Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.500% 01/22/2027	6.291%	1,727,960	1,680,441
Proofpoint, Inc.^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 08/31/2028	4.825%	1,990,000	1,908,191
Rackspace Technology Global, Inc.^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 2.750% Floor 0.750% 02/15/2028	4.160%	4,216,824	3,865,647
Riverbed Technology LLC^(e),(f)
Term Loan
1-month USD LIBOR + 6.000% Floor 1.000% 12/07/2026	7.630%	1,063,007	486,995
Sabre GLBL, Inc.^(e),(f)
Tranche B Term Loan
1-month Term SOFR + 4.250% Floor 0.500% 06/30/2028	6.677%	282,663	274,449
Tranche B1 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 12/17/2027	5.872%	731,672	697,466

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Tranche B2 Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 12/17/2027	5.872%	1,166,329	1,111,803
Seattle SpinCo, Inc.^(e),(f)
Term Loan
3-month USD LIBOR + 2.750% 06/21/2024	5.122%	2,965,720	2,750,705
Seattle SpinCo, Inc.^(c),(e),(f)
Tranche B1 Term Loan
1-month Term SOFR + 4.000% Floor 0.500% 02/26/2027	6.253%	1,861,767	1,624,392
Sitel Group^(e),(f)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.500% 08/28/2028	6.010%	2,050,143	1,996,326
Sophia LP^(e),(f)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 3.250% Floor 0.500% 10/07/2027	5.500%	1,773,101	1,703,950
Sovos Compliance LLC^(e),(f)
1st Lien Term Loan
1-month USD LIBOR + 4.500% 08/11/2028	6.872%	2,920,302	2,842,418
SS&C Technologies Holdings, Inc.^(e),(f)
Tranche B3 Term Loan
1-month USD LIBOR + 1.750% 04/16/2025	4.122%	665,464	649,140
Tranche B4 Term Loan
1-month USD LIBOR + 1.750% 04/16/2025	4.122%	540,215	526,964
Tempo Acquisition LLC^(e),(f)
Tranche B1 Term Loan
1-month Term SOFR + 3.000% Floor 0.500% 08/31/2028	5.327%	4,945,037	4,832,538
TIBCO Software, Inc.^(e),(f)
2nd Lien Term Loan
1-month USD LIBOR + 7.250% 03/03/2028	9.630%	1,250,000	1,238,125
Tranche B3 Term Loan
1-month USD LIBOR + 3.750% 06/30/2026	6.130%	2,178,728	2,159,664
TTM Technologies, Inc.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 2.500% 09/28/2024	4.213%	1,020,496	1,012,842

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
UKG, Inc.^(e),(f)
1st Lien Term Loan
3-month USD LIBOR + 3.750% 05/04/2026	6.122%	2,200,435	2,137,173
1-month USD LIBOR + 3.250% Floor 0.500% 05/04/2026	5.535%	2,955,206	2,860,551
2nd Lien Term Loan
1-month USD LIBOR + 5.250% Floor 0.500% 05/03/2027	7.535%	2,517,589	2,405,203
Ultra Clean Holdings, Inc.^(e),(f),(g)
Tranche B Term Loan
1-month USD LIBOR + 3.750% 08/27/2025	6.122%	2,958,328	2,903,777
Veritas US, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 5.000% Floor 1.000% 09/01/2025	7.250%	3,919,617	3,302,277
Verscend Holdings Corp.^(e),(f)
Tranche B1 Term Loan
1-month USD LIBOR + 4.000% 08/27/2025	6.372%	4,474,730	4,348,901
Virtusa Corp.^(e),(f)
Term Loan B
1-month USD LIBOR + 3.750% Floor 0.750% 02/11/2028	6.122%	1,496,212	1,436,364
Tranche B1 Term Loan
1-month Term SOFR + 3.750% Floor 0.750% 02/15/2029	6.078%	3,469,743	3,317,941
Xperi Holding Corp.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 3.500% 06/08/2028	5.872%	3,134,356	3,027,600
Total			199,826,997
Transportation Services 0.6%
First Student Bidco, Inc.^(e),(f)
Term Loan B
1-month Term SOFR + 4.000% Floor 0.500% 07/21/2028	6.154%	2,588,987	2,401,285
Term Loan C
1-month Term SOFR + 4.000% Floor 0.500% 07/21/2028	6.154%	179,791	166,756

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

24	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Tranche B Term Loan
1-month USD LIBOR + 3.000% Floor 0.500% 07/21/2028	5.232%	2,140,688	1,983,091
Tranche C Term Loan
1-month USD LIBOR + 3.000% Floor 0.500% 07/21/2028	5.232%	794,158	735,692
Total			5,286,824
Wireless 0.7%
Numericable US LLC^(e),(f)
Tranche B11 Term Loan
3-month USD LIBOR + 2.750% 07/31/2025	5.556%	4,360,993	4,069,897
SBA Senior Finance II LLC^(e),(f)
Term Loan
3-month USD LIBOR + 1.750% 04/11/2025	4.130%	2,795,046	2,728,077
Total			6,797,974
Wirelines 0.6%
Level 3 Financing, Inc.^(e),(f)
Tranche B Term Loan
3-month USD LIBOR + 1.750% 03/01/2027	4.122%	2,395,028	2,299,226
Lumen Technologies, Inc.^(e),(f)
Tranche B Term Loan
1-month USD LIBOR + 2.250% 03/15/2027	4.622%	1,462,500	1,390,940
Zayo Group Holdings, Inc.^(e),(f)
Term Loan
1-month USD LIBOR + 3.000% 03/09/2027	5.372%	2,447,533	2,256,185
Total			5,946,351
Total Senior Loans (Cost $911,803,218)			859,487,192

Warrants 0.4%
Issuer	Shares	Value ($)
Communication Services 0.3%
Diversified Telecommunication Services 0.2%
Windstream Corp.^(a)	139,708	2,270,255
Entertainment 0.0%
Cineworld Finance US, Inc.^(a)	239,433	38,309
Media 0.1%
iHeartCommunications, Inc.^(a)	84,607	687,432
Total Communication Services		2,995,996
Financials 0.1%
Capital Markets 0.1%
Spectacle BidCo Holdings, Inc.^(a)	190,476	427,643
Total Financials		427,643
Total Warrants (Cost $2,941,136)		3,423,639

Money Market Funds 3.7%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(i),(j)	35,420,482	35,402,772
Total Money Market Funds (Cost $35,400,415)		35,402,772
Total Investments in Securities (Cost: $1,005,439,793)		946,327,328
Other Assets & Liabilities, Net		1,640,325
Net Assets		947,967,653

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 July 31, 2022, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets.
(c)	Valuation based on significant unobservable inputs.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $37,964,381, which represents 4.00% of total net assets.

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Notes to Portfolio of Investments (continued)

(e)	The stated interest rate represents the weighted average interest rate at July 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(f)	Variable rate security. The interest rate shown was the current rate as of July 31, 2022.
(g)	Represents a security purchased on a forward commitment basis.
(h)	At July 31, 2022, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

Borrower	Unfunded Commitment ($)
athenahealth Group, Inc. Delayed Draw Term Loan 02/15/2029 3.500%	956,581
Hillman Group, Inc. (The) Delayed Draw Term Loan 07/14/2028 2.929%	388,186
Trident TPI Holdings, Inc. Delayed Draw Tranche B3 Term Loan 09/15/2028 5.410%	110,797

(i)	The rate shown is the seven-day current annualized yield at July 31, 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 July 31, 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, 1.712%
	49,900,918	430,379,813	(444,880,316)	2,357	35,402,772	(33,093)	206,141	35,420,482

Abbreviation Legend

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

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.

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

26	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Fair value measurements (continued)
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 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 July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	308,376	—	—	308,376
Consumer Discretionary	—	2,252	—	2,252
Energy	—	933,970	156,345	1,090,315
Industrials	—	895,974	—	895,974
Information Technology	—	13,866	—	13,866
Total Common Stocks	308,376	1,846,062	156,345	2,310,783
Convertible Bonds	—	1,067,317	—	1,067,317
Convertible Preferred Stocks
Information Technology	—	51,134	—	51,134
Total Convertible Preferred Stocks	—	51,134	—	51,134
Corporate Bonds & Notes	—	42,404,241	—	42,404,241
Exchange-Traded Fixed Income Funds	2,180,250	—	—	2,180,250
Senior Loans	—	844,455,684	15,031,508	859,487,192
Warrants
Communication Services	—	2,995,996	—	2,995,996
Financials	—	427,643	—	427,643
Total Warrants	—	3,423,639	—	3,423,639
Money Market Funds	35,402,772	—	—	35,402,772
Total Investments in Securities	37,891,398	893,248,077	15,187,853	946,327,328

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. 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.

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Fair value measurements (continued)
The following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

	Balance as of 07/31/2021 ($)	Increase (decrease) in accrued discounts/ premiums ($)	Realized gain (loss) ($)	Change in unrealized appreciation (depreciation)^(a) ($)	Purchases ($)	Sales ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Balance as of 07/31/2022 ($)
Common Stocks	1,387,813	—	(993,212)	2,257,099	—	(2,279,216)	9,604	(225,743)	156,345
Senior Loans	18,647,106	79,228	45,866	(1,072,816)	6,064,971	(6,964,457)	10,379,732	(12,148,122)	15,031,508
Total	20,034,919	79,228	(947,346)	1,184,283	6,064,971	(9,243,673)	10,389,336	(12,373,865)	15,187,853

(a) Change in unrealized appreciation (depreciation) relating to securities held at July 31, 2022 was $(280,841), which is comprised of Common Stocks of $657,102 and Senior Loans of $(937,943).

The Fund’s assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stocks and senior loans classified as Level 3 securities are valued using the market approach and utilize single market quotations from broker dealers which may have included, but were not limited to, observable transactions for identical or similar assets in the market and the distressed nature of the security. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, manual price reviews and other control procedures. Significant increases (decreases) to any of these inputs would have resulted in a significantly higher (lower) fair value measurement.

Financial assets were transferred from Level 2 to Level 3 due to utilizing a single market quotation from a broker dealer. As a result, management concluded that the market input(s) were generally unobservable.

Financial assets were transferred from Level 3 to Level 2 as observable market inputs were utilized and management determined that there was sufficient, reliable and observable market data to value these assets as of period end.

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

28	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$267,878
Dividends — affiliated issuers	206,141
Interest	37,672,572
Interfund lending	724
Total income	38,147,315
Expenses:
Management services fees	5,627,756
Distribution and/or service fees
Class A	573,129
Class C	307,356
Class R	6,578
Transfer agent fees
Class A	210,166
Advisor Class	24,263
Class C	28,177
Institutional Class	312,889
Institutional 2 Class	46,724
Institutional 3 Class	9,368
Class R	1,206
Compensation of board members	12,609
Custodian fees	204,967
Printing and postage fees	55,087
Registration fees	141,873
Audit fees	42,000
Legal fees	19,507
Compensation of chief compliance officer	126
Other	20,623
Total expenses	7,644,404
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(192,057)
Fees waived by transfer agent
Institutional 2 Class	(3,205)
Institutional 3 Class	(6,362)
Expense reduction	(40)
Total net expenses	7,442,740
Net investment income	30,704,575
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(5,329,249)
Investments — affiliated issuers	(33,093)
Net realized loss	(5,362,342)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(56,261,953)
Investments — affiliated issuers	2,357
Net change in unrealized appreciation (depreciation)	(56,259,596)
Net realized and unrealized loss	(61,621,938)
Net decrease in net assets resulting from operations	$(30,917,363)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares^(a)	Dollars ($)
Capital stock activity
Class A
Subscriptions	3,132,965	108,901,968	1,360,315	47,505,483
Distributions reinvested	200,174	6,921,144	168,573	5,863,512
Redemptions	(1,841,680)	(63,550,710)	(1,671,320)	(57,672,560)
Net increase (decrease)	1,491,459	52,272,402	(142,432)	(4,303,565)
Advisor Class
Subscriptions	783,961	27,158,942	254,730	8,909,862
Distributions reinvested	26,097	898,803	17,881	621,353
Redemptions	(429,823)	(14,763,435)	(250,733)	(8,619,954)
Net increase	380,235	13,294,310	21,878	911,261
Class C
Subscriptions	415,816	14,467,714	153,611	5,385,087
Distributions reinvested	17,992	622,461	21,338	740,211
Redemptions	(352,201)	(12,176,027)	(769,479)	(26,746,574)
Net increase (decrease)	81,607	2,914,148	(594,530)	(20,621,276)
Institutional Class
Subscriptions	11,790,540	408,766,910	3,469,850	121,185,885
Distributions reinvested	281,212	9,668,290	164,826	5,726,721
Redemptions	(5,617,405)	(192,021,963)	(2,992,997)	(103,255,233)
Net increase	6,454,347	226,413,237	641,679	23,657,373
Institutional 2 Class
Subscriptions	1,391,028	49,059,007	1,298,817	45,577,648
Distributions reinvested	80,616	2,813,163	72,918	2,550,776
Redemptions	(2,621,346)	(90,824,940)	(735,768)	(25,496,012)
Net increase (decrease)	(1,149,702)	(38,952,770)	635,967	22,632,412
Institutional 3 Class
Subscriptions	1,957,384	68,522,188	1,770,785	61,786,829
Distributions reinvested	161,429	5,595,970	99,985	3,485,481
Redemptions	(2,135,974)	(72,638,690)	(192,248)	(6,682,908)
Net increase (decrease)	(17,161)	1,479,468	1,678,522	58,589,402
Class R
Subscriptions	34,709	1,171,125	18,777	659,715
Distributions reinvested	980	33,952	1,060	36,894
Redemptions	(26,414)	(899,024)	(29,877)	(1,044,064)
Net increase (decrease)	9,275	306,053	(10,040)	(347,455)
Total net increase	7,250,060	257,726,848	2,231,044	80,518,152

(a)	Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

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

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Financial Highlights

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

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A^(c)
Year Ended 7/31/2022	$35.28	1.15	(2.08)	(0.93)	(1.08)	(1.08)
Year Ended 7/31/2021	$33.22	1.12	1.98	3.10	(1.04)	(1.04)
Year Ended 7/31/2020	$35.88	1.48	(2.62)	(1.14)	(1.52)	(1.52)
Year Ended 7/31/2019	$36.61	1.68	(0.69)	0.99	(1.72)	(1.72)
Year Ended 7/31/2018	$36.24	1.40	0.29	1.69	(1.32)	(1.32)
Advisor Class^(c)
Year Ended 7/31/2022	$35.23	1.25	(2.09)	(0.84)	(1.17)	(1.17)
Year Ended 7/31/2021	$33.17	1.21	1.97	3.18	(1.12)	(1.12)
Year Ended 7/31/2020	$35.82	1.56	(2.61)	(1.05)	(1.60)	(1.60)
Year Ended 7/31/2019	$36.55	1.76	(0.69)	1.07	(1.80)	(1.80)
Year Ended 7/31/2018	$36.18	1.52	0.29	1.81	(1.44)	(1.44)
Class C^(c)
Year Ended 7/31/2022	$35.29	0.89	(2.08)	(1.19)	(0.82)	(0.82)
Year Ended 7/31/2021	$33.23	0.87	1.97	2.84	(0.78)	(0.78)
Year Ended 7/31/2020	$35.89	1.24	(2.62)	(1.38)	(1.28)	(1.28)
Year Ended 7/31/2019	$36.62	1.40	(0.69)	0.71	(1.44)	(1.44)
Year Ended 7/31/2018	$36.25	1.12	0.29	1.41	(1.04)	(1.04)
Institutional Class^(c)
Year Ended 7/31/2022	$35.23	1.26	(2.10)	(0.84)	(1.17)	(1.17)
Year Ended 7/31/2021	$33.18	1.21	1.96	3.17	(1.12)	(1.12)
Year Ended 7/31/2020	$35.83	1.56	(2.61)	(1.05)	(1.60)	(1.60)
Year Ended 7/31/2019	$36.56	1.76	(0.69)	1.07	(1.80)	(1.80)
Year Ended 7/31/2018	$36.20	1.48	0.32	1.80	(1.44)	(1.44)
Institutional 2 Class^(c)
Year Ended 7/31/2022	$35.42	1.22	(2.05)	(0.83)	(1.19)	(1.19)
Year Ended 7/31/2021	$33.35	1.22	1.99	3.21	(1.14)	(1.14)
Year Ended 7/31/2020	$36.01	1.52	(2.54)	(1.02)	(1.64)	(1.64)
Year Ended 7/31/2019	$36.74	1.76	(0.69)	1.07	(1.80)	(1.80)
Year Ended 7/31/2018	$36.38	1.56	0.24	1.80	(1.44)	(1.44)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A^(c)
Year Ended 7/31/2022	$33.27	(2.70%)	1.04%	1.02%^(d)	3.33%	35%	$249,880
Year Ended 7/31/2021	$35.28	9.35%	1.06%	1.02%^(d)	3.24%	75%	$212,382
Year Ended 7/31/2020	$33.22	(3.11%)	1.05%	1.02%^(d)	4.32%	37%	$204,715
Year Ended 7/31/2019	$35.88	2.79%	1.02%	1.02%	4.68%	32%	$323,191
Year Ended 7/31/2018	$36.61	4.75%	1.04%	1.03%^(d)	3.85%	67%	$386,052
Advisor Class^(c)
Year Ended 7/31/2022	$33.22	(2.48%)	0.79%	0.77%^(d)	3.63%	35%	$33,290
Year Ended 7/31/2021	$35.23	9.73%	0.81%	0.77%^(d)	3.48%	75%	$21,910
Year Ended 7/31/2020	$33.17	(2.99%)	0.80%	0.77%^(d)	4.56%	37%	$19,905
Year Ended 7/31/2019	$35.82	3.05%	0.77%	0.77%	4.95%	32%	$29,255
Year Ended 7/31/2018	$36.55	5.01%	0.80%	0.78%^(d)	4.14%	67%	$35,048
Class C^(c)
Year Ended 7/31/2022	$33.28	(3.43%)	1.79%	1.77%^(d)	2.56%	35%	$31,167
Year Ended 7/31/2021	$35.29	8.56%	1.81%	1.77%^(d)	2.52%	75%	$30,173
Year Ended 7/31/2020	$33.23	(3.83%)	1.80%	1.77%^(d)	3.56%	37%	$48,167
Year Ended 7/31/2019	$35.89	2.02%	1.77%	1.77%	3.93%	32%	$75,406
Year Ended 7/31/2018	$36.62	3.96%	1.79%	1.78%^(d)	3.09%	67%	$89,274
Institutional Class^(c)
Year Ended 7/31/2022	$33.22	(2.47%)	0.79%	0.77%^(d)	3.66%	35%	$449,743
Year Ended 7/31/2021	$35.23	9.73%	0.81%	0.77%^(d)	3.49%	75%	$249,552
Year Ended 7/31/2020	$33.18	(2.99%)	0.80%	0.77%^(d)	4.59%	37%	$213,695
Year Ended 7/31/2019	$35.83	3.05%	0.77%	0.77%	4.93%	32%	$446,512
Year Ended 7/31/2018	$36.56	5.01%	0.79%	0.78%^(d)	4.09%	67%	$534,756
Institutional 2 Class^(c)
Year Ended 7/31/2022	$33.40	(2.44%)	0.75%	0.73%	3.50%	35%	$51,720
Year Ended 7/31/2021	$35.42	9.70%	0.77%	0.73%	3.51%	75%	$95,567
Year Ended 7/31/2020	$33.35	(2.80%)	0.77%	0.73%	4.51%	37%	$68,780
Year Ended 7/31/2019	$36.01	2.98%	0.74%	0.74%	4.91%	32%	$56,376
Year Ended 7/31/2018	$36.74	5.16%	0.76%	0.74%	4.23%	67%	$103,392

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

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Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class^(c)
Year Ended 7/31/2022	$35.27	1.25	(2.07)	(0.82)	(1.20)	(1.20)
Year Ended 7/31/2021	$33.21	1.23	1.99	3.22	(1.16)	(1.16)
Year Ended 7/31/2020	$35.87	1.60	(2.62)	(1.02)	(1.64)	(1.64)
Year Ended 7/31/2019	$36.60	1.80	(0.69)	1.11	(1.84)	(1.84)
Year Ended 7/31/2018	$36.23	1.52	0.29	1.81	(1.44)	(1.44)
Class R^(c)
Year Ended 7/31/2022	$35.31	1.07	(2.08)	(1.01)	(1.00)	(1.00)
Year Ended 7/31/2021	$33.25	1.04	1.97	3.01	(0.95)	(0.95)
Year Ended 7/31/2020	$35.91	1.40	(2.62)	(1.22)	(1.44)	(1.44)
Year Ended 7/31/2019	$36.64	1.60	(0.73)	0.87	(1.60)	(1.60)
Year Ended 7/31/2018	$36.27	1.28	0.33	1.61	(1.24)	(1.24)

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)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
(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.

36	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Floating Rate Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

The Fund’s Board of Trustees approved reverse stock splits of the issued and outstanding shares of the Fund (the Reverse Stock Split). The Reverse Stock Split was completed after the close of business on September 11, 2020. The impact of the Reverse Stock Split was to decrease the number of shares outstanding and increase the net asset value per share for each share class of the Fund by the ratio of 4 to 1, resulting in no effect on the net assets of each share class or the value of each affected shareholder’s investment. Capital stock share activity reflected in the Statement of Changes in Net Assets and per share data in the Financial Highlights have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split.

Fund shares

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

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, Institutional 2 Class, 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.

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Notes to Financial Statements (continued)
July 31, 2022

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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.

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.

Investments in senior loans

The Fund may invest in senior loan participations and assignments of all or a portion of a loan. When the Fund purchases a senior loan participation, the Fund typically enters into a contractual relationship with the lender or third party selling such participations (Selling Participant), but not the borrower, and assumes the credit risk of the borrower, Selling Participant and any other parties positioned between the Fund and the borrower. In addition, the Fund may not directly benefit from the collateral supporting the senior loan that it has purchased from the Selling Participant. In contrast, when the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan participations or assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan participations and assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for loan participations and assignments and certain loan participations and assignments which were liquid when purchased, may become illiquid.

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Notes to Financial Statements (continued)
July 31, 2022

The Fund may enter into senior loan participations and assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

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.

The trade date for senior loans purchased in the primary market is the date on which the loan is allocated. The trade date for senior loans purchased in the secondary market is the date on which the transaction is entered into.

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.

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 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.

The Fund may receive other income from senior loans, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statement of Operations.

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Notes to Financial Statements (continued)
July 31, 2022

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

Guarantees and indemnifications

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

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 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 December 1, 2021 through November 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 July 31, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 2 Class	0.05
Institutional 3 Class	0.00
Class R	0.09

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 July 31, 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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25%, 1.00% and 0.50% of the Fund’s average daily net assets attributable to Class A, Class C and Class R shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses. For Class R shares, of the 0.50% fee, up to 0.25% can be reimbursed for shareholder servicing expenses.

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Notes to Financial Statements (continued)
July 31, 2022

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $968,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.50 - 1.00^(a)	284,978
Class C	—	1.00^(b)	4,752

(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 November 30, 2022
Class A	1.02%
Advisor Class	0.77
Class C	1.77
Institutional Class	0.77
Institutional 2 Class	0.73
Institutional 3 Class	0.68
Class R	1.27

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 December 1, 2021 through November 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.

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Notes to Financial Statements (continued)
July 31, 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 July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, passive foreign investment company (pfic) holdings, investments in partnerships and/or grantor trusts, principal and/or interest from fixed income securities, capital loss carryforwards, trustees’ deferred compensation, distributions and defaulted securities/troubled debt. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(1,088,106)	1,088,573	(467)

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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
28,873,236	—	28,873,236	20,479,332	—	20,479,332

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
4,507,044	—	(73,443,911)	(58,084,689)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
1,004,412,017	2,543,995	(60,628,684)	(58,084,689)

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 July 31, 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 July 31, 2022, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(10,369,619)	(63,074,292)	(73,443,911)	—

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Notes to Financial Statements (continued)
July 31, 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 $545,402,873 and $302,084,245, respectively, for the year ended July 31, 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 July 31, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	6,500,000	0.77	6

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

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Notes to Financial Statements (continued)
July 31, 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 July 31, 2022.

Note 9. Significant risks

Credit risk

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

Floating rate loan risk

Floating rate loans are generally subject to legal or contractual restrictions on resale, may trade infrequently on the secondary market, may trade only in the over-the-counter market and are typically subject to extended settlement periods. Each of these factors may result in increased liquidity risk and impaired value when the Fund needs to liquidate such loans. Additionally, portfolio managers may avoid the receipt of material, non-public information (Confidential Information) about the issuers of floating rate loans (including from the issuer itself) being considered for acquisition by the Fund, or held in the Fund. A decision not to receive Confidential Information may disadvantage the Fund and could adversely affect the Fund’s performance. Certain floating rate and other loans may not be fully collateralized and may decline in value. Because rates on certain floating rate loans reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can cause fluctuations in the Fund’s NAV.

High-yield investments risk

Securities and other debt instruments held by the Fund that are rated below investment grade (commonly called "high-yield" or "junk" bonds) and unrated debt instruments of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

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, though the values of floating rate instruments tend to move less in response to changes in interest rates than the values of fixed rate instruments. Debt instruments with floating coupon rates are typically less sensitive to interest rate changes, but these debt instruments may decline in value if their coupon rates do not keep pace with increases in interest rates. Because rates on certain floating rate loans and floating rate debt instruments reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause fluctuations in the Fund’s NAV. Because the Fund invests primarily in floating rate loans and floating rate debt securities, a decrease in interest rates will typically reduce the amount of income the Fund receives from such loans. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such

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Notes to Financial Statements (continued)
July 31, 2022

authorities to raise interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.

LIBOR replacement risk

The elimination of London Inter-Bank Offered Rate (LIBOR), among other "inter-bank offered" reference rates, may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority and the ICE Benchmark Administration have announced that a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. A subset of non-U.S. dollar LIBOR settings is continuing to be published on a “synthetic” basis and it is possible that a subset of U.S. dollar LIBOR settings will also be published after June 30, 2023 on a “synthetic” basis. Any such publications are, or would be considered, non-representative of the underlying market. Markets are slowly developing in response to the elimination of LIBOR. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Fund. These risks are likely to persist until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become more settled. Alternatives to LIBOR have been established or are in development in most major currencies, including the Secured Overnight Financing Rate (SOFR), which the U.S. Federal Reserve is promoting as the alternative reference rate to U.S. dollar LIBOR.

Liquidity risk

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

Market risk

The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.

The large-scale invasion of Ukraine by Russia in February 2022 has resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter-measures or responses thereto (including international sanctions, a downgrade in the country’s credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. These developments and other related events could negatively impact Fund performance.

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Notes to Financial Statements (continued)
July 31, 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 objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 44.8% 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Floating Rate Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Floating Rate Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended July 31, 2022. Shareholders will be notified in early 2023 of the amounts for use in preparing 2022 income tax returns.

Section 163(j) Interest Dividends
95.90%

Section 163(j) Interest Dividends. The percentage of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section 163(j), subject to holding period requirements and other limitations.

TRUSTEES AND OFFICERS

(Unaudited)

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

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

52	Columbia Floating Rate Fund \| Annual Report 2022

Table of Contents

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

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

54	Columbia Floating Rate Fund \| Annual Report 2022

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TRUSTEES AND OFFICERS (continued)
(Unaudited)
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.

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

Fund officers

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

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

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

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

Liquidity Risk Management Program

(Unaudited)

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

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period December 1, 2018, through December 31, 2019, including:

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

•

the Fund’s highly liquid investment minimum (defined as the minimum percentage of net assets that must be invested in cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment) was assessed and continues to be appropriate;]

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

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

•	the Program operated adequately during the period.

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

56	Columbia Floating Rate Fund \| Annual Report 2022

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Approval of Management Agreement

(Unaudited)

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

On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in November 2021 and March, April and June 2022, including reports providing the results of analyses performed by an independent third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses to written requests for information by independent legal counsels to the Independent Trustees (Independent Legal Counsel) to the Investment Manager, to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees, such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee in determining whether to continue the Management Agreement.

The Board, at its June 23, 2022 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered all information that they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Approval of Management Agreement (continued)
(Unaudited)
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

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

The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2021 in the performance of administrative services, and noted the various enhancements anticipated for 2022. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.

After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of their overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.

58	Columbia Floating Rate Fund \| Annual Report 2022

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Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund

The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, to groups of related funds and to the Investment Manager as a whole, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement provided for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Floating Rate Fund | Annual Report 2022

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	6
Understanding Your Fund’s Expenses	8
Portfolio of Investments	9
Statement of Assets and Liabilities	21
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	26
Notes to Financial Statements	30
Report of Independent Registered Public Accounting Firm	48
Federal Income Tax Information	49
Trustees and Officers	49
Liquidity Risk Management Program	55
Approval of Management Agreement	56

If you elect to receive the shareholder report for Columbia Global Opportunities Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders maximum total return through a combination of growth of capital and current income.

Portfolio management

Anwiti Bahuguna, Ph.D.

Lead Portfolio Manager

Managed Fund since 2010

Dan Boncarosky, CFA

Portfolio Manager

Managed Fund since 2017

Thomas Nakamura

Portfolio Manager

Managed Fund since August 2022

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	01/23/85	-16.59	2.46	4.67
	Including sales charges		-21.40	1.26	4.06
Advisor Class*		11/08/12	-16.34	2.73	4.91
Class C	Excluding sales charges	06/26/00	-17.17	1.70	3.89
	Including sales charges		-17.93	1.70	3.89
Institutional Class		09/27/10	-16.38	2.72	4.93
Institutional 2 Class*		11/08/12	-16.33	2.77	5.00
Institutional 3 Class*		03/01/17	-16.27	2.81	4.86
Class R		12/11/06	-16.76	2.22	4.39
Blended Benchmark			-12.68	3.77	4.88
MSCI ACWI All Cap Index (Net)			-11.09	7.57	9.32
Bloomberg Global Aggregate Index			-14.58	-0.47	0.20

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 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 Fund’s performance prior to December 14, 2012 reflects returns achieved pursuant to different principal investment strategies.

The Blended Benchmark consists of 50% MSCI ACWI All Cap Index (Net) and 50% Bloomberg Global Aggregate Index.

The MSCI ACWI All Cap Index (Net) captures large-, mid-, small- and micro-cap representation across 24 developed markets countries and large-, mid- and small-cap representation across 21 emerging markets countries.

The Bloomberg Global Aggregate Index is a broad-based benchmark that measures the global investment-grade fixed-rate debt markets.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes (except the MSCI ACWI All Cap 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.

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Country breakdown (%) (at July 31, 2022)
Israel	0.4
Italy	0.1
Japan	4.8
Kazakhstan	0.0^(a)
Malaysia	0.0^(a)
Malta	0.0^(a)
Mexico	0.2
Netherlands	2.5
Norway	0.4
Pakistan	0.0^(a)
Philippines	0.1
Poland	0.1
Puerto Rico	0.2
Russian Federation	0.0^(a)
Singapore	0.4
South Africa	0.2
South Korea	1.8
Spain	1.1
Sweden	0.4
Switzerland	1.0
Taiwan	1.7
Thailand	0.2
United Kingdom	3.0
United States	66.7
Uruguay	0.1
Total	100.0

(a)	Rounds to zero.

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.

The Fund may use place of organization/incorporation or other factors in determining whether an issuer is domestic (U.S.) or foreign for purposes of its investment policies. At July 31, 2022, the Fund invested at least 40% of its net assets in foreign companies in accordance with its principal investment strategy.

Market exposure through derivatives investments (% of notional exposure) (at July 31, 2022)^(a)
	Long	Short	Net
Fixed Income Derivative Contracts	103.9	(3.2)	100.7
Equity Derivative Contracts	8.4	(43.0)	(34.6)
Foreign Currency Derivative Contracts	55.1	(21.2)	33.9
Total Notional Market Value of Derivative Contracts	167.4	(67.4)	100.0

(a) The Fund has market exposure (long and/or short) to fixed income and equity asset classes and foreign currency through its investments in derivatives. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in individual markets. For a description of the Fund’s investments in derivatives, see Investments in derivatives following the Portfolio of Investments, and Note 2 of the Notes to Financial Statements.

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, Class A shares of Columbia Global Opportunities Fund returned -16.59% excluding sales charges. The Fund underperformed its Blended Benchmark, which returned -12.68% for the same time period. Over the same 12 months, the MSCI ACWI All Cap Index (Net) returned -11.09% and the Bloomberg Global Aggregate Index returned -14.58%.

Market overview

While U.S. equities continued to chase record highs in the first half of the period, that course would be reversed in the following six months as volatility levels spiked and stocks across capitalization size, sectors, and investing styles fell, ultimately posting negative returns for the 12-month period ending July 31, 2022. International equities faced a similar fate and, in some cases, experienced even more severe market declines, which can be seen in the returns of emerging markets equities. Commodity-related markets were the exception, generating positive returns over the period and significantly outperforming the overall equity market as measured by the S&P 500 Index.

Worries were heightened throughout the period as investors faced record-high inflation readings, lingering Omicron cases, continued supply-chain disruptions, and, on top of all this, Russia’s invasion of Ukraine. Additionally, investors would also have to process the end of more than a decade of easing monetary policy coming from the U.S. Federal Reserve (Fed), as the Fed took on a more hawkish tone and in March of 2022 announced the first interest rate hike in more than three years with plans for additional hikes to come. Tightening implications were surely felt by bond investors, as the first quarter of 2022 proved to be the worst quarter for bond returns since the 1980’s. This made for an increasingly difficult investing environment as both stocks and bonds fell in unison. There would be some reprieve for both markets as Fed Chairman Jerome Powell aimed to calm investors with a more neutral tone and his assessment that the U.S. economy is generally strong and well-positioned to handle tighter monetary policy. However, any positive sentiment faded at the end of the period, as investors increasingly focused on persistent inflation and slowing economic growth, which were exacerbated by yet more supply-chain snarls.

The Fund’s notable detractors during the period

•	Emerging markets equities were the largest detractor to performance during the period primarily due to weak security selection which was intensified by Russia’s invasion of Ukraine.
•	The use of leverage detracted from performance as having more exposure to the market ultimately hurt relative performance.

The Fund’s notable contributors during the period

•	Commodities proved to be the largest contributor to performance during the period, fueled by strong asset allocation decisions as well as security selection.
•	Although U.S. large-cap equities experienced negative absolute returns over the period, the asset class contributed to relative performance due to strong security selection and style decisions.
•	The use of currency hedging positions proved beneficial and aided relative performance over the period.

Derivative Usage

During the period, the Fund used forward contracts, futures, options and swaps in an effort to enhance returns, to hedge existing positions, to manage the Fund’s overall risk exposure, to increase market and credit exposure, to increase investment and/or to change the effective duration of the Fund’s portfolio. Overall, the Fund’s use of derivatives, on a stand-alone basis, had a negative impact on Fund performance.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund’s investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. There are risks associated with fixed-income investments, including credit risk, interest rate risk, and prepayment and extension risk. In general, bond prices rise when interest rates fall and vice versa. This effect is usually more pronounced for longer term securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. 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

6	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

and yield. These risks may be heightened for longer maturity and duration securities. 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. 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. 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 more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties who 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 Global Opportunities Fund | Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	861.80	1,018.83	5.30	5.74	1.16
Advisor Class	1,000.00	1,000.00	863.20	1,020.06	4.16	4.51	0.91
Class C	1,000.00	1,000.00	859.00	1,015.20	8.66	9.39	1.90
Institutional Class	1,000.00	1,000.00	862.80	1,020.06	4.16	4.51	0.91
Institutional 2 Class	1,000.00	1,000.00	863.60	1,020.25	3.98	4.31	0.87
Institutional 3 Class	1,000.00	1,000.00	863.70	1,020.45	3.79	4.11	0.83
Class R	1,000.00	1,000.00	861.40	1,017.61	6.44	6.98	1.41

8	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Alternative Strategies Funds 3.2%
	Shares	Value ($)
United States 3.2%
Columbia Commodity Strategy Fund, Institutional 3 Class^(a)	634,637	13,505,068
Total Alternative Strategies Funds (Cost $11,971,649)		13,505,068

Common Stocks 64.5%
Issuer	Shares	Value ($)
Argentina 0.3%
Globant SA^(b)	3,807	758,507
MercadoLibre, Inc.^(b)	876	712,810
Total		1,471,317
Australia 0.7%
Ansell Ltd.	34,498	633,371
Northern Star Resources Ltd.	78,226	429,901
Paladin Energy Ltd.^(b)	631,099	330,078
Santos Ltd.	256,485	1,333,307
Total		2,726,657
Austria 0.1%
Kontron AG	24,650	367,296
Brazil 0.7%
Afya Ltd., Class A^(b)	15,238	159,999
Itaú Unibanco Holding SA, ADR	108,376	487,692
JBS SA	86,390	532,956
Localiza Rent a Car SA	56,909	640,351
NU Holdings Ltd., Class A^(b)	38,874	163,660
Pagseguro Digital Ltd., Class A^(b)	26,562	288,198
Petro Rio SA^(b)	89,666	420,594
XP, Inc., Class A^(b)	19,184	404,782
Total		3,098,232
Canada 1.3%
Alimentation Couche-Tard, Inc.	36,303	1,621,877
Cameco Corp.^(c)	44,035	1,134,782
Gildan Activewear, Inc.	8,822	258,661
Parex Resources, Inc.	20,935	389,747
Ritchie Bros. Auctioneers, Inc.	3,314	238,840
West Fraser Timber Co., Ltd.	4,866	455,573
Whitecap Resources, Inc.	78,184	597,729

Common Stocks (continued)
Issuer	Shares	Value ($)
Yamana Gold, Inc.	154,067	736,440
Total		5,433,649
China 2.8%
Alibaba Group Holding Ltd.^(b)	34,700	390,149
Alibaba Group Holding Ltd., ADR^(b)	1,876	167,658
Bafang Electric Suzhou Co., Ltd., Class A	10,275	267,254
Beijing Kingsoft Office Software, Inc., Class A	4,022	104,672
Bilibili, Inc.^(b)	3,600	87,996
China Tourism Group Duty Free Corp., Ltd., Class A	10,200	318,597
Contemporary Amperex Technology Co., Ltd., Class A^(b)	3,600	273,536
Full Truck Alliance Co., Ltd., ADR^(b)	23,276	197,613
JD.com, Inc., ADR	18,320	1,090,040
JD.com, Inc., Class A	12,373	369,118
KE Holdings, Inc., ADR^(b)	13,975	197,187
Kingdee International Software Group Co., Ltd.^(b)	93,885	202,709
Kuaishou Technology^(b)	37,300	375,031
Li Ning Co., Ltd.	113,500	920,670
Meituan, Class B^(b)	62,800	1,408,815
Midea Group Co., Ltd., Class A	55,600	454,433
NetEase, Inc.	9,500	177,714
NetEase, Inc., ADR	5,761	535,658
Pinduoduo, Inc., ADR^(b)	4,207	206,185
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A	9,200	396,014
Shenzhou International Group Holdings Ltd.	33,300	350,255
Silergy Corp.	8,000	149,715
Tencent Holdings Ltd.	42,400	1,638,710
WuXi AppTec Co., Ltd., Class H	31,100	376,751
WuXi Biologics Cayman, Inc.^(b)	104,500	1,000,286
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A	38,100	184,142
Total		11,840,908
Denmark 0.2%
Novo Nordisk A/S, Class B	6,313	735,300
Finland 0.3%
UPM-Kymmene OYJ	38,730	1,227,345

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
France 0.8%
DBV Technologies SA, ADR^(b)	13,907	35,463
Eiffage SA	15,145	1,421,193
Sanofi	7,925	787,535
TotalEnergies SE	16,091	821,886
Worldline SA^(b)	8,658	382,148
Total		3,448,225
Germany 0.7%
Aroundtown SA	114,422	366,955
Covestro AG	10,949	369,259
Duerr AG	15,646	389,002
E.ON SE	102,180	918,507
KION Group AG	11,964	545,710
TeamViewer AG^(b)	41,228	429,253
Total		3,018,686
Hong Kong 0.6%
AIA Group Ltd.	62,400	626,911
Hong Kong Exchanges and Clearing Ltd.	22,800	1,046,302
Techtronic Industries Co., Ltd.	47,500	527,090
WH Group Ltd.	636,546	482,080
Total		2,682,383
India 1.2%
Apollo Hospitals Enterprise Ltd.	7,615	406,424
Bajaj Finance Ltd.	2,545	232,932
Balkrishna Industries Ltd.	13,697	401,236
Cholamandalam Investment and Finance Co., Ltd.	51,330	456,011
Eicher Motors Ltd.	8,238	322,740
HDFC Bank Ltd., ADR	10,795	677,926
HDFC Life Insurance Co., Ltd.	25,574	179,754
ICICI Bank Ltd., ADR^(b)	45,829	952,327
Infosys Ltd., ADR	28,344	552,424
Reliance Industries Ltd.^(b)	19,563	622,188
Total		4,803,962

Common Stocks (continued)
Issuer	Shares	Value ($)
Indonesia 0.7%
PT Astra International Tbk	706,700	301,830
PT Bank BTPN Syariah Tbk	1,433,200	271,930
PT Bank Central Asia Tbk	1,997,300	993,178
PT Bank Rakyat Indonesia Persero Tbk	4,207,042	1,241,889
Total		2,808,827
Ireland 0.3%
Amarin Corp. PLC, ADR^(b)	10,081	13,408
Flutter Entertainment PLC^(b)	10,320	1,036,122
Trinseo PLC	8,631	308,731
Total		1,358,261
Israel 0.4%
Bank Hapoalim BM	89,399	833,200
Check Point Software Technologies Ltd.^(b)	7,997	996,426
Total		1,829,626
Japan 3.6%
Amano Corp.	29,500	567,586
BayCurrent Consulting, Inc.	3,600	1,126,313
COMSYS Holdings Corp.	38,600	775,484
Denso Corp.	8,500	464,908
ExaWizards, Inc.^(b)	22,200	73,364
Invincible Investment Corp.	1,755	552,092
ITOCHU Corp.	50,300	1,464,216
JustSystems Corp.	9,300	287,121
Kinden Corp.	29,200	344,744
Koito Manufacturing Co., Ltd.	18,100	594,978
MatsukiyoCocokara & Co.	35,900	1,355,430
Meitec Corp.	24,600	463,748
Mitsubishi UFJ Financial Group, Inc.	80,100	451,323
Net Protections Holdings, Inc.^(b)	16,300	76,981
Nihon M&A Center Holdings, Inc.	55,900	748,056
Nippon Telegraph & Telephone Corp.	12,000	342,784
ORIX Corp.	61,500	1,096,042
Round One Corp.	75,500	850,908
Ship Healthcare Holdings, Inc.	46,700	892,484
Takeda Pharmaceutical Co., Ltd.	54,951	1,612,274
Takuma Co., Ltd.	31,200	330,087
Uchida Yoko Co., Ltd.	9,200	346,766

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

10	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
ValueCommerce Co., Ltd.	12,600	262,193
Total		15,079,882
Kazakhstan 0.0%
Kaspi.KZ JSC, GDR^(d),(e),(f)	2,558	134,295
Malaysia 0.0%
Public Bank Bhd	95,500	99,636
Malta 0.0%
BGP Holdings PLC^(b),(e),(f)	581,000	1
Mexico 0.1%
Wal-Mart de Mexico SAB de CV, Class V	112,527	409,084
Netherlands 1.6%
ABN AMRO Bank NV	58,168	593,191
Adyen NV^(b)	129	232,042
ASR Nederland NV	18,876	788,969
ING Groep NV	83,603	812,106
Koninklijke Ahold Delhaize NV	33,469	921,694
Prosus NV^(b)	15,274	996,399
Shell PLC	71,053	1,895,433
Signify NV	11,445	371,711
Total		6,611,545
Norway 0.4%
SalMar ASA	13,370	957,676
Yara International ASA	12,991	553,642
Total		1,511,318
Pakistan 0.0%
Lucky Cement Ltd.^(b)	31,692	54,623
Philippines 0.1%
Ayala Land, Inc.	704,100	323,137
Poland 0.1%
Dino Polska SA^(b)	3,322	259,746
Puerto Rico 0.2%
Popular, Inc.	11,145	865,632
Russian Federation —%
Detsky Mir PJSC^(e),(f),(g)	290,936	—
Fix Price Group Ltd., GDR^{(d),(e),(f),(g)}	95,918	0
Lukoil PJSC^(e),(f),(g)	2,750	—
Ozon Holdings PLC, ADR^{(b),(e),(f),(g)}	12,674	0

Common Stocks (continued)
Issuer	Shares	Value ($)
TCS Group Holding PLC, GDR^{(b),(e),(f),(g)}	4,834	—
Yandex NV, Class A^{(b),(e),(f),(g)}	12,272	0
Total		0
Singapore 0.4%
BW LPG Ltd.	42,824	352,255
Venture Corp., Ltd.	92,800	1,182,293
Total		1,534,548
South Africa 0.2%
Capitec Bank Holdings Ltd.	2,924	351,394
Impala Platinum Holdings Ltd.	33,638	372,962
Total		724,356
South Korea 1.5%
Coupang, Inc.^(b)	17,030	294,449
Hana Financial Group, Inc.	8,748	250,687
Hyundai Home Shopping Network Corp.	6,426	258,905
NAVER Corp.	1,308	261,654
Samsung Biologics Co., Ltd.^(b)	310	206,481
Samsung Electro-Mechanics Co., Ltd.	2,836	312,298
Samsung Electronics Co., Ltd.	59,487	2,815,827
Samsung SDI Co., Ltd.	913	401,309
SK Hynix, Inc.	9,591	725,049
Youngone Corp.	22,607	703,498
Total		6,230,157
Spain 0.2%
ACS Actividades de Construccion y Servicios SA	24,273	583,467
Tecnicas Reunidas SA^(b)	21,434	142,298
Total		725,765
Sweden 0.4%
Granges AB	22,778	211,204
Samhallsbyggnadsbolaget i Norden AB	351,789	652,731
Sandvik AB	21,247	391,501
Stillfront Group AB^(b)	100,843	264,250
Total		1,519,686

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Switzerland 0.9%
Landis+Gyr Group AG^(b)	10,380	685,126
Nestlé SA, Registered Shares	6,733	824,976
Roche Holding AG, Genusschein Shares	3,070	1,019,254
UBS AG	86,602	1,415,105
Total		3,944,461
Taiwan 1.7%
ASMedia Technology, Inc.	6,000	196,744
Cathay Financial Holding Co., Ltd.	293,000	446,988
Fubon Financial Holding Co., Ltd.	613,800	1,152,970
MediaTek, Inc.	12,000	276,481
Parade Technologies Ltd.	29,000	1,092,093
Sea Ltd. ADR^(b)	2,319	176,986
Taiwan Semiconductor Manufacturing Co., Ltd.	180,530	3,096,011
Tripod Technology Corp.	85,000	291,643
Unimicron Technology Corp.	57,684	307,727
Total		7,037,643
Thailand 0.2%
Kasikornbank PCL, Foreign Registered Shares	82,500	330,711
Muangthai Capital PCL, Foreign Registered Shares	346,500	462,418
Total		793,129
United Kingdom 2.7%
AstraZeneca PLC, ADR	39,040	2,585,619
British American Tobacco PLC	38,230	1,497,991
Crest Nicholson Holdings PLC	76,866	258,441
DCC PLC	16,409	1,071,333
Intermediate Capital Group PLC	22,991	428,586
JD Sports Fashion PLC	599,581	952,352
John Wood Group PLC^(b)	87,612	167,935
Just Group PLC	303,768	264,614
Liberty Global PLC, Class C^(b)	61,419	1,405,881
TP Icap Group PLC	521,520	755,778
Vodafone Group PLC	1,192,895	1,757,920
Total		11,146,450

Common Stocks (continued)
Issuer	Shares	Value ($)
United States 39.0%
AbbVie, Inc.	15,058	2,160,974
ACADIA Pharmaceuticals, Inc.^(b)	10,569	155,259
Acushnet Holdings Corp.	3,646	177,670
Adobe, Inc.^(b)	5,204	2,134,264
Aerie Pharmaceuticals, Inc.^(b)	19,348	135,629
AGCO Corp.	1,611	175,470
Allogene Therapeutics, Inc.^(b)	14,188	184,160
Alphabet, Inc., Class C^(b)	58,095	6,776,201
Amazon.com, Inc.^(b)	45,649	6,160,332
Ameren Corp.	24,049	2,239,443
American Electric Power Co., Inc.	23,192	2,285,803
Apple, Inc.	45,264	7,355,853
Applied Materials, Inc.	17,210	1,823,916
Aris Water Solution, Inc.	9,083	192,287
Ascent Resources, Class B^{(b),(e),(f),(g)}	195,286	43,744
AT&T, Inc.	102,797	1,930,528
Avista Corp.	24,710	1,044,245
Axalta Coating Systems Ltd.^(b)	9,369	236,286
Axos Financial, Inc.^(b)	10,743	448,628
Bank of America Corp.	72,459	2,449,839
BioMarin Pharmaceutical, Inc.^(b)	9,623	828,059
Bloom Energy Corp., Class A^(b)	8,158	165,036
Boston Scientific Corp.^(b)	39,694	1,629,439
Bright Horizons Family Solutions, Inc.^(b)	3,249	304,334
Brixmor Property Group, Inc.	26,460	613,343
Broadcom, Inc.	5,128	2,745,941
Burford Capital Ltd.	72,900	777,114
Carriage Services, Inc.	26,382	957,139
Casella Waste Systems, Inc., Class A^(b)	1,857	150,324
Cintas Corp.	3,787	1,611,331
Cirrus Logic, Inc.^(b)	3,860	329,876
Cisco Systems, Inc.	47,467	2,153,578
Comcast Corp., Class A	58,773	2,205,163
CONMED Corp.	10,555	1,030,485
ConocoPhillips Co.	25,188	2,454,067
Constellation Brands, Inc., Class A	8,480	2,088,709
Darling Ingredients, Inc.^(b)	6,042	418,590
Discover Financial Services	16,548	1,671,348

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

12	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Diversified Energy Co. PLC	1,012,247	1,524,868
Electronic Arts, Inc.	14,273	1,873,046
Elevance Health, Inc.	3,689	1,760,022
Eli Lilly & Co.	6,937	2,287,059
Empire State Realty Trust, Inc., Class A	40,192	342,838
Envestnet, Inc.^(b)	4,870	283,775
Essent Group Ltd.	12,046	503,041
Evo Payments, Inc., Class A^(b)	26,131	714,421
Extra Space Storage, Inc.	8,057	1,526,963
FTI Consulting, Inc.^(b)	3,024	494,605
Hanover Insurance Group, Inc. (The)	3,365	459,222
Herc Holdings Inc	1,437	178,217
Hershey Co. (The)	9,181	2,092,901
Hilton Worldwide Holdings, Inc.	12,743	1,631,996
Home Depot, Inc. (The)	8,568	2,578,454
Houlihan Lokey, Inc., Class A	8,785	742,860
ICF International, Inc.	3,795	358,058
Insmed, Inc.^(b)	14,982	331,402
Intuit, Inc.	4,556	2,078,310
Invitation Homes, Inc.	39,106	1,526,307
IQVIA Holdings, Inc.^(b)	7,245	1,740,756
Jazz Pharmaceuticals PLC^(b)	4,630	722,558
Johnson & Johnson	17,528	3,058,987
Kontoor Brands, Inc.	17,458	637,217
Lamb Weston Holdings, Inc.	7,527	599,601
Livent Corp.^(b)	63,171	1,572,326
Lyft, Inc., Class A^(b)	9,471	131,268
Madison Square Garden Entertainment Corp.^(b)	8,563	498,623
MasTec, Inc.^(b)	16,849	1,329,892
MasterCard, Inc., Class A	8,232	2,912,399
Matthews International Corp., Class A	25,510	713,004
MetLife, Inc.	34,185	2,162,201
Microsoft Corp.	34,317	9,634,155
Mirati Therapeutics, Inc.^(b)	4,334	279,110
Moelis & Co., ADR, Class A	16,725	779,050
Morgan Stanley	26,166	2,205,794
nCino, Inc.^(b)	14,618	472,015
Newpark Resources, Inc.^(b)	276,549	973,452
Nkarta, Inc.^(b)	13,860	187,249

Common Stocks (continued)
Issuer	Shares	Value ($)
Nordic American Tankers Ltd.	118,657	284,777
NOV, Inc.	28,450	529,454
NVIDIA Corp.	13,050	2,370,271
Palo Alto Networks, Inc.^(b)	2,939	1,466,855
Parker-Hannifin Corp.	5,421	1,567,157
Patterson Companies, Inc.	23,697	736,029
Primo Water Corp.	78,131	1,032,892
Procter & Gamble Co. (The)	22,381	3,108,945
Qualys, Inc.^(b)	2,347	287,085
Quanex Building Products Corp.	31,174	767,192
Quotient Ltd.^(b)	41,633	10,825
Ranpak Holdings Corp.^(b)	46,397	237,089
Raytheon Technologies Corp.	20,392	1,900,738
Regis Corp.^(b)	100,372	76,734
Republic Services, Inc.	11,579	1,605,544
Revolution Medicines, Inc.^(b)	10,552	238,370
S&P Global, Inc.	5,181	1,952,874
Sage Therapeutics, Inc.^(b)	8,749	301,053
Sandy Spring Bancorp, Inc.	15,898	656,587
Schnitzer Steel Industries, Inc., Class A	18,518	658,500
ServiceNow, Inc.^(b)	3,740	1,670,508
Sharecare, Inc.^(b)	167,345	239,303
State Street Corp.	23,819	1,692,102
Stryker Corp.	6,952	1,492,942
Target Corp.	10,719	1,751,270
TE Connectivity Ltd.	13,144	1,757,747
Teradata Corp.^(b)	14,072	538,817
Tesla Motors, Inc.^(b)	1,381	1,231,092
Toast, Inc., Class A^(b)	3,910	62,482
Trane Technologies PLC	10,394	1,527,814
Union Pacific Corp.	8,984	2,042,063
United Parcel Service, Inc., Class B	9,908	1,930,970
UnitedHealth Group, Inc.	6,123	3,320,748
Utz Brands, Inc.	19,377	325,921
Valero Energy Corp.	17,125	1,896,936
Vertex Pharmaceuticals, Inc.^(b)	4,348	1,219,223
Virtu Financial, Inc. Class A	28,990	676,337
Voya Financial, Inc.	8,828	531,092
WillScot Mobile Mini Holdings Corp.^(b)	35,817	1,382,894

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Wingstop, Inc.	4,281	540,177
Xponential Fitness, Inc., Cllass A^(b)	35,280	523,555
Zoetis, Inc.	9,007	1,644,228
Total		161,929,621
Uruguay 0.1%
Dlocal Ltd.^(b)	9,281	257,826
Total Common Stocks (Cost $256,712,697)		268,043,215

Exchange-Traded Equity Funds 1.8%
	Shares	Value ($)
United States 1.8%
iShares MSCI Canada ETF	156,328	5,519,942
Xtrackers Harvest CSI 300 China A-Shares ETF	69,345	2,171,885
Total		7,691,827
Total Exchange-Traded Equity Funds (Cost $6,034,161)		7,691,827

Foreign Government Obligations^(h),(i) 7.3%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Austria 0.8%
Republic of Austria Government Bond^(d)
10/20/2026	0.750%	EUR	1,787,000	1,836,797
05/23/2034	2.400%	EUR	400,000	450,698
Republic of Austria Government Bond^(d),(j)
02/20/2030	0.000%	EUR	1,193,000	1,123,215
Total				3,410,710
Belgium 0.6%
Kingdom of Belgium Government Bond^(d)
06/22/2031	1.000%	EUR	550,000	551,537
03/28/2035	5.000%	EUR	1,355,000	1,915,230
Total				2,466,767
China 1.9%
China Development Bank
06/18/2030	3.090%	CNY	17,000,000	2,537,888
China Government Bond
11/21/2029	3.130%	CNY	30,220,000	4,592,931
05/21/2030	2.680%	CNY	5,000,000	736,319
Total				7,867,138
France 0.2%
French Republic Government Bond OAT^(d)
05/25/2045	3.250%	EUR	644,000	824,469

Foreign Government Obligations^(h),(i) (continued)
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Indonesia 0.2%
Indonesia Treasury Bond
09/15/2030	7.000%	IDR	12,104,000,000	810,109
Japan 1.1%
Japan Government 20-Year Bond
09/20/2041	0.500%	JPY	64,000,000	452,744
Japan Government 30-Year Bond
03/20/2047	0.800%	JPY	363,100,000	2,579,537
06/20/2048	0.700%	JPY	161,650,000	1,105,726
09/20/2048	0.900%	JPY	78,600,000	562,966
Total				4,700,973
Mexico 0.2%
Mexico Government International Bond
05/29/2031	7.750%	MXN	12,500,000	582,906
Netherlands 0.9%
Netherlands Government Bond^(d)
07/15/2026	0.500%	EUR	2,540,000	2,590,285
Netherlands Government Bond^(d),(j)
07/15/2031	0.000%	EUR	1,035,000	970,391
Total				3,560,676
South Korea 0.3%
Korea Treasury Bond
06/10/2029	1.875%	KRW	1,709,000,000	1,221,403
Spain 0.9%
Spain Government Bond^(d)
04/30/2030	0.500%	EUR	2,280,000	2,163,144
07/30/2035	1.850%	EUR	1,056,000	1,052,980
07/30/2041	4.700%	EUR	472,000	662,435
Total				3,878,559
United Kingdom 0.2%
United Kingdom Gilt^(d)
01/22/2044	3.250%	GBP	612,297	841,344
Total Foreign Government Obligations (Cost $34,291,483)				30,165,054

Inflation-Indexed Bonds^(h) 1.2%

Italy 0.1%
Italy Buoni Poliennali Del Tesoro^(d)
09/15/2035	2.350%	EUR	241,535	285,463
United Kingdom 0.1%
United Kingdom Gilt Inflation-Linked Bond^(d)
03/22/2052	0.250%	GBP	229,683	385,926

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

14	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Inflation-Indexed Bonds^(h) (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States 1.0%
U.S. Treasury Inflation-Indexed Bond
07/15/2027	0.375%	2,066,935	2,122,225
01/15/2028	0.500%	1,957,400	2,008,484
Total			4,130,709
Total Inflation-Indexed Bonds (Cost $4,682,998)			4,802,098

Preferred Stocks 0.1%
Issuer	Shares	Value ($)
Brazil 0.1%
Azul SA^(b)	126,385	287,988
Total Preferred Stocks (Cost $673,938)		287,988

Residential Mortgage-Backed Securities - Agency 4.5%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
United States 4.5%
Government National Mortgage Association TBA^(k)
08/18/2052	3.500%	3,700,000	3,687,791
08/18/2052	4.000%	2,280,000	2,305,828

Residential Mortgage-Backed Securities - Agency (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Uniform Mortgage-Backed Security TBA^(k)
08/16/2037	2.500%	1,000,000	974,297
08/16/2037 - 08/11/2052	3.000%	2,725,000	2,656,985
08/11/2052	3.500%	1,350,000	1,337,741
08/11/2052	4.000%	1,175,000	1,181,701
08/11/2052	4.500%	1,500,000	1,526,953
08/11/2052	5.000%	4,800,000	4,932,910
Total			18,604,206
Total Residential Mortgage-Backed Securities - Agency (Cost $18,081,136)			18,604,206

Money Market Funds 16.5%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(a),(l)	68,567,691	68,533,408
Total Money Market Funds (Cost $68,553,980)		68,533,408
Total Investments in Securities (Cost $401,002,042)		411,632,864
Other Assets & Liabilities, Net		3,848,067
Net Assets		$415,480,931

At July 31, 2022, securities and/or cash totaling $10,278,394 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 ($)	Unrealized depreciation ($)
9,317,000 CHF	9,653,422 USD	Citi	08/26/2022	—	(154,679)
6,395,956,000 IDR	425,631 USD	Citi	08/26/2022	—	(5,546)
213,626,000 KRW	162,108 USD	Citi	08/26/2022	—	(1,935)
44,102,000 SEK	4,312,367 USD	Citi	08/26/2022	—	(32,409)
551,210 USD	532,000 CHF	Citi	08/26/2022	8,832	—
124,543 USD	3,000,000 CZK	Citi	08/26/2022	—	(380)
21,086,101 USD	20,511,572 EUR	Citi	08/26/2022	—	(86,477)
161,631 USD	555,000 ILS	Citi	08/26/2022	1,867	—
168,854 USD	790,000 PLN	Citi	08/26/2022	744	—
596,986 USD	6,100,000 SEK	Citi	08/26/2022	3,965	—
321,749 USD	1,435,000 MYR	Goldman Sachs International	08/26/2022	554	—
3,724,896 USD	36,882,803 NOK	Goldman Sachs International	08/26/2022	93,578	—
541,000 EUR	556,374 USD	HSBC	08/26/2022	2,501	—
6,997,000 MXN	340,525 USD	HSBC	08/26/2022	—	(1,169)
19,124,552 USD	2,629,593,365 JPY	HSBC	08/26/2022	630,303	—
577,943 USD	928,000 NZD	HSBC	08/26/2022	5,647	—
224,176 USD	312,000 SGD	HSBC	08/26/2022	1,693	—
294,056 USD	10,747,000 THB	HSBC	08/26/2022	—	(1,588)
625,000 AUD	423,930 USD	Morgan Stanley	09/01/2022	—	(13,001)

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Forward foreign currency exchange contracts (continued)
Currency to be sold	Currency to be purchased	Counterparty	Settlement date	Unrealized appreciation ($)	Unrealized depreciation ($)
4,478,000 CAD	3,445,747 USD	Morgan Stanley	09/01/2022	—	(51,051)
1,352,000 GBP	1,620,333 USD	Morgan Stanley	09/01/2022	—	(27,282)
246,955,000 JPY	1,820,567 USD	Morgan Stanley	09/01/2022	—	(35,516)
2,101,986,000 KRW	1,615,794 USD	Morgan Stanley	09/01/2022	2,666	—
7,786,000 NOK	769,053 USD	Morgan Stanley	09/01/2022	—	(37,158)
60,396,000 TWD	2,033,535 USD	Morgan Stanley	09/01/2022	18,892	—
1,975,199 USD	2,887,000 AUD	Morgan Stanley	09/01/2022	43,074	—
211,401 USD	274,000 CAD	Morgan Stanley	09/01/2022	2,561	—
1,050,934 USD	1,018,000 CHF	Morgan Stanley	09/01/2022	21,265	—
770,866 USD	5,612,000 DKK	Morgan Stanley	09/01/2022	1,339	—
4,275,309 USD	4,183,000 EUR	Morgan Stanley	09/01/2022	9,045	—
212,478 USD	2,158,000 NOK	Morgan Stanley	09/01/2022	10,974	—
1,192,002 USD	1,934,000 NZD	Morgan Stanley	09/01/2022	24,214	—
1,612,450 USD	16,972,000 SEK	Morgan Stanley	09/01/2022	60,051	—
1,757,472 USD	2,462,000 SGD	Morgan Stanley	09/01/2022	24,894	—
1,621,000 CNY	240,077 USD	Standard Chartered	08/26/2022	—	(296)
18,405,000 TWD	616,273 USD	Standard Chartered	08/26/2022	2,179	—
7,876,777 USD	53,184,000 CNY	Standard Chartered	08/26/2022	9,720	—
6,217,000 AUD	4,321,661 USD	UBS	08/26/2022	—	(24,097)
6,054,000 NZD	3,769,220 USD	UBS	08/26/2022	—	(37,946)
8,133,809 USD	11,791,000 AUD	UBS	08/26/2022	108,240	—
8,028,601 USD	10,338,000 CAD	UBS	08/26/2022	44,241	—
198,635 USD	1,441,000 DKK	UBS	08/26/2022	—	(442)
5,449,832 USD	4,535,000 GBP	UBS	08/26/2022	75,975	—
4,321,800 USD	6,913,000 NZD	UBS	08/26/2022	25,564	—
Total				1,234,578	(510,972)

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Australian 10-Year Bond	183	09/2022	AUD	22,869,082	738,329	—
Canadian Government 10-Year Bond	56	09/2022	CAD	7,305,200	89,437	—
Euro-Bobl	17	09/2022	EUR	2,173,790	44,331	—
Euro-BTP	38	09/2022	EUR	4,800,540	56,212	—
Euro-Bund	5	09/2022	EUR	788,200	28,110	—
Euro-Buxl	2	09/2022	EUR	371,600	24,862	—
Euro-OAT	95	09/2022	EUR	13,914,650	414,895	—
FTSE 100 Index	99	09/2022	GBP	7,303,725	131,062	—
Japanese 10-Year Government Bond	14	09/2022	JPY	2,107,140,000	155,930	—
Long Gilt	57	09/2022	GBP	6,736,260	9,726	—
S&P/TSX 60 Index	29	09/2022	CAD	6,884,600	—	(215,978)
U.S. Long Bond	39	09/2022	USD	5,616,000	180,600	—
U.S. Treasury 10-Year Note	248	09/2022	USD	30,042,875	478,066	—
U.S. Treasury 5-Year Note	232	09/2022	USD	26,384,563	258,747	—
U.S. Treasury Ultra 10-Year Note	13	09/2022	USD	1,706,250	33,049	—
U.S. Ultra Treasury Bond	50	09/2022	USD	7,915,625	117,864	—
Total					2,761,220	(215,978)

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
EURO STOXX 50 Index	(225)	09/2022	EUR	(8,329,500)	—	(279,647)
Euro-Bund	(20)	09/2022	EUR	(3,152,800)	—	(110,776)
Japanese 10-Year Government Bond	(2)	09/2022	JPY	(301,020,000)	—	(22,188)
MSCI EAFE Index	(69)	09/2022	USD	(6,734,745)	—	(121,617)
MSCI Emerging Markets Index	(204)	09/2022	USD	(10,184,700)	317,718	—

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

16	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Short futures contracts (continued)
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
Russell 2000 Index E-mini	(106)	09/2022	USD	(9,992,090)	—	(183,378)
S&P 500 Index E-mini	(139)	09/2022	USD	(28,727,825)	—	(2,049,677)
TOPIX Index	(61)	09/2022	JPY	(1,181,875,000)	37,246	—
Total					354,964	(2,767,283)

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	(389,127)	(151)	30.00	8/19/2022	(2,395)	(1,888)

Cleared credit default swap contracts - sell protection
Reference entity	Counterparty	Maturity date	Receive fixed rate (%)	Payment frequency	Implied credit spread (%)*	Notional currency	Notional amount	Value ($)	Upfront payments ($)	Upfront receipts ($)	Unrealized appreciation ($)	Unrealized depreciation ($)
Markit CDX Emerging Markets Index, Series 37	Morgan Stanley	06/20/2027	1.000	Quarterly	3.272	USD	4,000,000	(154,443)	—	—	—	(154,443)
Markit CDX North America High Yield Index, Series 38	Morgan Stanley	06/20/2027	5.000	Quarterly	4.691	USD	6,086,520	(157,074)	—	—	—	(157,074)
Markit CDX North America Investment Grade Index, Series 38	Morgan Stanley	06/20/2027	1.000	Quarterly	0.801	USD	13,275,000	(46,406)	—	—	—	(46,406)
Markit iTraxx Europe Crossover Index, Series 37	Morgan Stanley	06/20/2027	5.000	Quarterly	5.094	EUR	4,400,000	(263,828)	—	—	—	(263,828)
Markit iTraxx Europe Main Index, Series 37	Morgan Stanley	06/20/2027	1.000	Quarterly	1.001	EUR	9,550,000	(98,707)	—	—	—	(98,707)
Total								(720,458)	—	—	—	(720,458)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

Notes to Portfolio of Investments

(a)

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 July 31, 2022 are as follows:

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Capital gain distributions($)	Realized gain (loss)($)	Dividends — affiliated issuers ($)	End of period shares
Columbia Commodity Strategy Fund, Institutional 3 Class
	5,010,839	8,207,905	—	286,324	13,505,068	—	—	2,837,906	634,637
Columbia Short-Term Cash Fund, 1.712%
	97,352,731	262,468,276	(291,271,533)	(16,066)	68,533,408	—	(21,145)	297,943	68,567,691
Total	102,363,570			270,258	82,038,476	—	(21,145)	3,135,849

(b)	Non-income producing investment.
(c)	This security or a portion of this security has been pledged as collateral in connection with derivative contracts.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $15,788,209, which represents 3.80% of total net assets.
(e)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2022, the total value of these securities amounted to $178,040, which represents 0.04% of total net assets.

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Notes to Portfolio of Investments (continued)

(f)

Valuation based on significant unobservable inputs.

(g)

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 July 31, 2022, the total market value of these securities amounted to $43,744, which represents 0.01% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares	Cost ($)	Value ($)
Yandex NV, Class A	03/22/2017-04/02/2020	12,272	425,484	—
Ascent Resources, Class B	02/20/2014-03/01/2016	195,286	8,147	43,744
Lukoil PJSC	01/25/2022-01/26/2022	2,750	225,708	—
Detsky Mir PJSC	02/08/2017-09/21/2020	290,936	422,858	—
TCS Group Holding PLC, GDR	12/28/2017-04/29/2021	4,834	154,597	—
Ozon Holdings PLC, ADR	12/17/2020-09/21/2021	12,674	637,448	—
Fix Price Group Ltd., GDR	03/05/2021-03/08/2021	95,918	935,775	—
			2,810,017	43,744

(h)	Principal amounts are denominated in United States Dollars unless otherwise noted.
(i)	Principal and interest may not be guaranteed by a governmental entity.
(j)	Zero coupon bond.
(k)	Represents a security purchased on a when-issued basis.
(l)	The rate shown is the seven-day current annualized yield at July 31, 2022.

Abbreviation Legend

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
TBA	To Be Announced

Currency Legend

AUD	Australian Dollar
CAD	Canada Dollar
CHF	Swiss Franc
CNY	China Yuan Renminbi
CZK	Czech Koruna
DKK	Danish Krone
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Shekel
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thailand Baht
TWD	New Taiwan Dollar

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

18	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Currency Legend (continued)

USD

US Dollar

Fair value measurements

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

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

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

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

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.

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Alternative Strategies Funds	13,505,068	—	—	13,505,068
Common Stocks
Argentina	1,471,317	—	—	1,471,317
Australia	—	2,726,657	—	2,726,657
Austria	—	367,296	—	367,296
Brazil	3,098,232	—	—	3,098,232
Canada	5,433,649	—	—	5,433,649
China	2,394,341	9,446,567	—	11,840,908
Denmark	—	735,300	—	735,300
Finland	—	1,227,345	—	1,227,345
France	35,463	3,412,762	—	3,448,225
Germany	—	3,018,686	—	3,018,686
Hong Kong	—	2,682,383	—	2,682,383
India	2,182,677	2,621,285	—	4,803,962
Indonesia	—	2,808,827	—	2,808,827
Ireland	322,139	1,036,122	—	1,358,261

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Fair value measurements (continued)

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Israel	996,426	833,200	—	1,829,626
Japan	—	15,079,882	—	15,079,882
Kazakhstan	—	—	134,295	134,295
Malaysia	—	99,636	—	99,636
Malta	—	—	1	1
Mexico	409,084	—	—	409,084
Netherlands	—	6,611,545	—	6,611,545
Norway	—	1,511,318	—	1,511,318
Pakistan	—	54,623	—	54,623
Philippines	—	323,137	—	323,137
Poland	—	259,746	—	259,746
Puerto Rico	865,632	—	—	865,632
Russian Federation	—	—	0*	0*
Singapore	—	1,534,548	—	1,534,548
South Africa	—	724,356	—	724,356
South Korea	294,449	5,935,708	—	6,230,157
Spain	—	725,765	—	725,765
Sweden	—	1,519,686	—	1,519,686
Switzerland	—	3,944,461	—	3,944,461
Taiwan	176,986	6,860,657	—	7,037,643
Thailand	—	793,129	—	793,129
United Kingdom	3,991,500	7,154,950	—	11,146,450
United States	160,361,009	1,524,868	43,744	161,929,621
Uruguay	257,826	—	—	257,826
Total Common Stocks	182,290,730	85,574,445	178,040	268,043,215
Exchange-Traded Equity Funds	7,691,827	—	—	7,691,827
Foreign Government Obligations	—	30,165,054	—	30,165,054
Inflation-Indexed Bonds	—	4,802,098	—	4,802,098
Preferred Stocks
Brazil	287,988	—	—	287,988
Total Preferred Stocks	287,988	—	—	287,988
Residential Mortgage-Backed Securities - Agency	—	18,604,206	—	18,604,206
Money Market Funds	68,533,408	—	—	68,533,408
Total Investments in Securities	272,309,021	139,145,803	178,040	411,632,864
Investments in Derivatives
Asset
Forward Foreign Currency Exchange Contracts	—	1,234,578	—	1,234,578
Futures Contracts	3,116,184	—	—	3,116,184
Liability
Forward Foreign Currency Exchange Contracts	—	(510,972)	—	(510,972)
Futures Contracts	(2,983,261)	—	—	(2,983,261)
Options Contracts Written	(1,888)	—	—	(1,888)
Swap Contracts	—	(720,458)	—	(720,458)
Total	272,440,056	139,148,951	178,040	411,767,047

*	Rounds to zero.

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

Forward foreign currency exchange contracts, futures contracts and swap contracts are valued at unrealized appreciation (depreciation).

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

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

20	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
July 31, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $320,476,413)	$329,594,388
Affiliated issuers (cost $80,525,629)	82,038,476
Foreign currency (cost $654,134)	656,365
Cash collateral held at broker for:
Forward foreign currency exchange contracts	40,000
Margin deposits on:
Futures contracts	7,744,595
Swap contracts	2,104,672
Unrealized appreciation on forward foreign currency exchange contracts	1,234,578
Receivable for:
Investments sold	10,476,097
Capital shares sold	11,935
Dividends	440,964
Interest	180,222
Foreign tax reclaims	306,334
Variation margin for futures contracts	681,742
Variation margin for swap contracts	101,011
Prepaid expenses	11,025
Total assets	435,622,404
Liabilities
Option contracts written, at value (premiums received $2,395)	1,888
Due to custodian	6,804
Unrealized depreciation on forward foreign currency exchange contracts	510,972
Payable for:
Investments purchased	356,178
Investments purchased on a delayed delivery basis	18,106,447
Capital shares purchased	137,295
Variation margin for futures contracts	734,455
Foreign capital gains taxes deferred	46,188
Management services fees	7,876
Distribution and/or service fees	2,731
Transfer agent fees	33,931
Compensation of board members	102,607
Other expenses	94,101
Total liabilities	20,141,473
Net assets applicable to outstanding capital stock	$415,480,931
Represented by
Paid in capital	406,778,971
Total distributable earnings (loss)	8,701,960
Total - representing net assets applicable to outstanding capital stock	$415,480,931

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$6,558,419
Dividends — affiliated issuers	3,135,849
Interest	1,060,538
Foreign taxes withheld	(511,736)
Total income	10,243,070
Expenses:
Management services fees	3,492,229
Distribution and/or service fees
Class A	1,136,232
Class C	61,623
Class R	7,544
Transfer agent fees
Class A	429,353
Advisor Class	6,512
Class C	5,791
Institutional Class	20,951
Institutional 2 Class	3,268
Institutional 3 Class	26
Class R	1,432
Compensation of board members	5,438
Custodian fees	157,834
Printing and postage fees	52,802
Registration fees	110,338
Audit fees	69,971
Legal fees	15,393
Interest on collateral	43,488
Interest on interfund lending	96
Compensation of chief compliance officer	82
Other	27,813
Total expenses	5,648,216
Net investment income	4,594,854
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	35,120,090
Investments — affiliated issuers	(21,145)
Foreign currency translations	(635,221)
Forward foreign currency exchange contracts	(10,645,043)
Futures contracts	(8,380,211)
Options purchased	(350,052)
Options contracts written	369,816
Swap contracts	(560,891)
Net realized gain	14,897,343
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(100,422,451)
Investments — affiliated issuers	270,258
Foreign currency translations	(39,932)
Forward foreign currency exchange contracts	937,299
Futures contracts	(5,915,072)
Options contracts written	507
Swap contracts	(1,053,954)
Foreign capital gains tax	197,526
Net change in unrealized appreciation (depreciation)	(106,025,819)
Net realized and unrealized loss	(91,128,476)
Net decrease in net assets resulting from operations	$(86,533,622)

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

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Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	405,146	6,128,599	728,805	11,493,464
Distributions reinvested	2,419,046	36,043,786	1,377,172	21,332,395
Redemptions	(3,913,707)	(57,369,485)	(3,600,013)	(56,423,070)
Net decrease	(1,089,515)	(15,197,100)	(1,494,036)	(23,597,211)
Advisor Class
Subscriptions	36,987	562,508	76,531	1,208,380
Distributions reinvested	34,705	522,310	19,564	305,393
Redemptions	(49,408)	(728,178)	(81,361)	(1,303,066)
Net increase	22,284	356,640	14,734	210,707
Class C
Subscriptions	26,238	375,384	59,216	888,775
Distributions reinvested	35,382	502,066	28,116	418,082
Redemptions	(168,555)	(2,346,574)	(379,252)	(5,737,551)
Net decrease	(106,935)	(1,469,124)	(291,920)	(4,430,694)
Institutional Class
Subscriptions	473,257	6,934,505	554,485	8,751,937
Distributions reinvested	113,714	1,706,853	59,271	922,845
Redemptions	(673,252)	(9,817,447)	(520,614)	(8,195,582)
Net increase (decrease)	(86,281)	(1,176,089)	93,142	1,479,200
Institutional 2 Class
Subscriptions	85,511	1,283,077	111,477	1,769,351
Distributions reinvested	27,938	422,139	13,437	210,419
Redemptions	(106,140)	(1,579,370)	(69,280)	(1,111,991)
Net increase	7,309	125,846	55,634	867,779
Institutional 3 Class
Subscriptions	6,088	98,702	1,289	20,056
Distributions reinvested	830	12,477	221	3,448
Redemptions	(1,059)	(17,328)	(1,383)	(22,185)
Net increase	5,859	93,851	127	1,319
Class R
Subscriptions	14,477	205,812	11,487	178,229
Distributions reinvested	7,791	114,689	4,034	61,841
Redemptions	(9,945)	(152,352)	(9,339)	(147,535)
Net increase	12,323	168,149	6,182	92,535
Total net decrease	(1,234,956)	(17,097,827)	(1,616,137)	(25,376,365)

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2022	$16.49	0.14	(2.70)	(2.56)	(0.12)	(1.09)	(1.21)
Year Ended 7/31/2021	$14.66	0.06	2.46	2.52	(0.34)	(0.35)	(0.69)
Year Ended 7/31/2020	$14.01	0.13	0.77	0.90	(0.25)	—	(0.25)
Year Ended 7/31/2019	$13.80	0.23	0.03	0.26	(0.05)	—	(0.05)
Year Ended 7/31/2018	$12.99	0.10	0.71	0.81	—	—	—
Advisor Class
Year Ended 7/31/2022	$16.64	0.17	(2.71)	(2.54)	(0.14)	(1.09)	(1.23)
Year Ended 7/31/2021	$14.79	0.10	2.47	2.57	(0.37)	(0.35)	(0.72)
Year Ended 7/31/2020	$14.13	0.18	0.78	0.96	(0.30)	—	(0.30)
Year Ended 7/31/2019	$13.93	0.25	0.03	0.28	(0.08)	—	(0.08)
Year Ended 7/31/2018	$13.07	0.16	0.70	0.86	—	—	—
Class C
Year Ended 7/31/2022	$15.75	0.02	(2.55)	(2.53)	(0.07)	(1.09)	(1.16)
Year Ended 7/31/2021	$14.04	(0.05)	2.34	2.29	(0.23)	(0.35)	(0.58)
Year Ended 7/31/2020	$13.40	0.02	0.74	0.76	(0.12)	—	(0.12)
Year Ended 7/31/2019	$13.25	0.12	0.03	0.15	—	—	—
Year Ended 7/31/2018	$12.57	(0.00)^(e)	0.68	0.68	—	—	—
Institutional Class
Year Ended 7/31/2022	$16.60	0.17	(2.71)	(2.54)	(0.14)	(1.09)	(1.23)
Year Ended 7/31/2021	$14.75	0.10	2.47	2.57	(0.37)	(0.35)	(0.72)
Year Ended 7/31/2020	$14.10	0.17	0.78	0.95	(0.30)	—	(0.30)
Year Ended 7/31/2019	$13.89	0.27	0.02	0.29	(0.08)	—	(0.08)
Year Ended 7/31/2018	$13.04	0.14	0.71	0.85	—	—	—
Institutional 2 Class
Year Ended 7/31/2022	$16.70	0.18	(2.73)	(2.55)	(0.14)	(1.09)	(1.23)
Year Ended 7/31/2021	$14.84	0.11	2.48	2.59	(0.38)	(0.35)	(0.73)
Year Ended 7/31/2020	$14.18	0.18	0.78	0.96	(0.30)	—	(0.30)
Year Ended 7/31/2019	$13.97	0.27	0.02	0.29	(0.08)	—	(0.08)
Year Ended 7/31/2018	$13.11	0.13	0.73	0.86	—	—	—

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

26	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$12.72	(16.59%)	1.15%^(c),(d)	1.15%^(c),(d)	0.92%	98%	$380,766
Year Ended 7/31/2021	$16.49	17.46%	1.16%^(c)	1.16%^(c)	0.40%	107%	$511,405
Year Ended 7/31/2020	$14.66	6.49%	1.15%^(c)	1.15%^(c)	0.92%	125%	$476,670
Year Ended 7/31/2019	$14.01	1.88%	1.13%	1.13%	1.70%	104%	$504,182
Year Ended 7/31/2018	$13.80	6.24%	1.10%^(d)	1.10%^(d)	0.72%	97%	$556,184
Advisor Class
Year Ended 7/31/2022	$12.87	(16.34%)	0.90%^(c),(d)	0.90%^(c),(d)	1.17%	98%	$6,015
Year Ended 7/31/2021	$16.64	17.70%	0.91%^(c)	0.91%^(c)	0.65%	107%	$7,407
Year Ended 7/31/2020	$14.79	6.83%	0.90%^(c)	0.90%^(c)	1.27%	125%	$6,365
Year Ended 7/31/2019	$14.13	2.06%	0.88%	0.88%	1.79%	104%	$5,606
Year Ended 7/31/2018	$13.93	6.58%	0.85%^(d)	0.85%^(d)	1.20%	97%	$5,113
Class C
Year Ended 7/31/2022	$12.06	(17.17%)	1.89%^(c),(d)	1.89%^(c),(d)	0.16%	98%	$4,499
Year Ended 7/31/2021	$15.75	16.56%	1.90%^(c)	1.90%^(c)	(0.36%)	107%	$7,562
Year Ended 7/31/2020	$14.04	5.68%	1.90%^(c)	1.90%^(c)	0.13%	125%	$10,839
Year Ended 7/31/2019	$13.40	1.13%	1.88%	1.88%	0.95%	104%	$12,935
Year Ended 7/31/2018	$13.25	5.41%	1.85%^(d)	1.85%^(d)	(0.02%)	97%	$17,299
Institutional Class
Year Ended 7/31/2022	$12.83	(16.38%)	0.89%^(c),(d)	0.89%^(c),(d)	1.16%	98%	$18,151
Year Ended 7/31/2021	$16.60	17.75%	0.91%^(c)	0.91%^(c)	0.65%	107%	$24,909
Year Ended 7/31/2020	$14.75	6.78%	0.90%^(c)	0.90%^(c)	1.18%	125%	$20,763
Year Ended 7/31/2019	$14.10	2.14%	0.88%	0.88%	1.95%	104%	$22,219
Year Ended 7/31/2018	$13.89	6.52%	0.85%^(d)	0.85%^(d)	0.99%	97%	$22,863
Institutional 2 Class
Year Ended 7/31/2022	$12.92	(16.33%)	0.86%^(c),(d)	0.86%^(c),(d)	1.21%	98%	$4,496
Year Ended 7/31/2021	$16.70	17.75%	0.88%^(c)	0.88%^(c)	0.69%	107%	$5,688
Year Ended 7/31/2020	$14.84	6.86%	0.86%^(c)	0.86%^(c)	1.27%	125%	$4,229
Year Ended 7/31/2019	$14.18	2.17%	0.84%	0.84%	1.97%	104%	$3,864
Year Ended 7/31/2018	$13.97	6.56%	0.81%^(d)	0.81%^(d)	0.97%	97%	$2,522

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

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2022	$16.62	0.20	(2.73)	(2.53)	(0.14)	(1.09)	(1.23)
Year Ended 7/31/2021	$14.77	0.11	2.47	2.58	(0.38)	(0.35)	(0.73)
Year Ended 7/31/2020	$14.12	0.23	0.73	0.96	(0.31)	—	(0.31)
Year Ended 7/31/2019	$13.91	0.25	0.05	0.30	(0.09)	—	(0.09)
Year Ended 7/31/2018	$13.05	0.15	0.71	0.86	—	—	—
Class R
Year Ended 7/31/2022	$16.30	0.10	(2.66)	(2.56)	(0.10)	(1.09)	(1.19)
Year Ended 7/31/2021	$14.50	0.02	2.43	2.45	(0.30)	(0.35)	(0.65)
Year Ended 7/31/2020	$13.85	0.07	0.79	0.86	(0.21)	—	(0.21)
Year Ended 7/31/2019	$13.64	0.20	0.02	0.22	(0.01)	—	(0.01)
Year Ended 7/31/2018	$12.87	0.06	0.71	0.77	—	—	—

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. For the periods indicated below, if interest on collateral expense had been excluded, expenses would have been lower by:

Class	7/31/2022	7/31/2021	7/31/2020
Class A	0.01%	0.01%	less than 0.01%
Advisor Class	0.01%	0.01%	less than 0.01%
Class C	0.01%	0.01%	less than 0.01%
Institutional Class	0.01%	0.01%	less than 0.01%
Institutional 2 Class	0.01%	0.01%	less than 0.01%
Institutional 3 Class	0.01%	0.01%	—%
Class R	0.01%	0.01%	less than 0.01%

(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	Rounds to zero.

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

28	Columbia Global Opportunities Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Global Opportunities Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

30	Columbia Global Opportunities Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 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 in the Underlying Funds (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.

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.

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.

Swap transactions are valued through an independent pricing service or broker, or if neither is available, through an internal model based upon observable inputs.

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.

Columbia Global Opportunities Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

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 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

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Notes to Financial Statements (continued)
July 31, 2022

broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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

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 foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, to recover an underweight country exposure in its portfolio, to generate total return through long and short positions versus the U.S. dollar and primarily for gaining market exposure to various foreign currencies. These instruments may be used for other purposes in future periods.

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.

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 produce incremental earnings, to manage the duration and yield curve exposure of the Fund versus the benchmark, to manage exposure to movements in interest rates, to manage exposure to the securities market, to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions and primarily for the purpose of gaining market exposure to various currency, interest rate and equity markets. 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.

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Notes to Financial Statements (continued)
July 31, 2022

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 produce incremental earnings, to decrease the Fund’s exposure to equity market risk and to increase return on investments, to protect gains 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.

Swap contracts

Swap contracts are negotiated in the over-the-counter market and may be entered into as a bilateral contract or centrally cleared (centrally cleared swap contract). In a centrally cleared swap contract, immediately following execution of the swap contract with a broker, the swap contract is novated to a central counterparty (the CCP) and the CCP becomes the Fund’s counterparty to the centrally cleared swap contract. The Fund is required to deposit initial margin with the futures commission merchant (FCM), which pledges it through to the CCP in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap contract. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is recorded in the Statement of Assets and Liabilities as margin deposits. For a bilateral swap contract, the Fund has credit exposure to the broker, but exchanges daily variation margin with the broker based on the mark-to-market value of the swap contract to minimize that exposure. For centrally cleared swap contracts, the Fund has minimal credit exposure to the FCM because the CCP stands between the Fund and the relevant buyer/seller on the other side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Entering into these contracts involves, to varying degrees, elements of interest, liquidity and counterparty credit risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there may be unfavorable changes in interest rates, market conditions or other conditions, that it may be difficult to initiate a swap transaction or liquidate a position at an advantageous time or price which may result in significant losses, and that the FCM or CCP may not fulfill its obligation under the contract.

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Notes to Financial Statements (continued)
July 31, 2022

Credit default swap contracts

The Fund entered into credit default swap contracts to increase or decrease its credit exposure to an index. These instruments may be used for other purposes in future periods. Credit default swap contracts are transactions in which one party pays fixed periodic payments to a counterparty in consideration for an agreement from the counterparty to make a specific payment should a specified credit event(s) take place. Although specified credit events are contract specific, credit events are typically bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium.

As the purchaser of a credit default swap contract, the Fund purchases protection by paying a periodic interest rate on the notional amount to the counterparty. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized loss upon payment. If a credit event as specified in the contract occurs, the Fund may have the option either to deliver the reference obligation to the seller in exchange for a cash payment of its par amount, or to receive a net cash settlement equal to the par amount less an agreed-upon value of the reference obligation as of the date of the credit event. The difference between the value of the obligation or cash delivered and the notional amount received will be recorded as a realized gain (loss).

As the seller of a credit default swap contract, the Fund sells protection to a buyer and will generally receive a periodic interest rate on a notional amount. The interest amount is accrued daily as a component of unrealized appreciation (depreciation) and is recorded as a realized gain upon receipt of the payment. If a credit event as specified in the contract with the counterparty occurs, the Fund may either be required to accept the reference obligation from the buyer in exchange for a cash payment of its notional amount, or to pay the buyer a net cash settlement equal to the notional amount less an agreed-upon value of the reference obligation (recovery value) as of the date of the credit event. The difference between the value of the obligation or cash received and the notional amount paid will be recorded as a realized gain (loss). The maximum potential amount of undiscounted future payments the Fund could be required to make as the seller of protection under a credit default swap contract is equal to the notional amount of the reference obligation. These potential amounts may be partially offset by any recovery values of the respective reference obligations or upfront receipts upon entering into the agreement. The notional amounts and market values of all credit default swap contracts in which the Fund is the seller of protection, if any, are disclosed in the Credit Default Swap Contracts Outstanding schedule following the Portfolio of Investments.

As a protection seller, the Fund bears the risk of loss from the credit events specified in the contract with the counterparty. For credit default swap contracts on credit indices, quoted market prices and resulting market values serve as an indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract.

Any upfront payment or receipt by the Fund upon entering into a credit default swap contract is recorded as an asset or liability, respectively, and amortized daily as a component of realized gain (loss) in the Statement of Operations. Credit default swap contracts are valued daily, and the change in value is recorded as unrealized appreciation (depreciation) until the termination of the swap, at which time a realized gain (loss) is recorded.

Credit default swap contracts can involve greater risks than if a fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk and liquidity risk.

Interest rate and inflation rate swap contracts

The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to manage interest rate and market risk exposure to produce incremental earnings. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby

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Notes to Financial Statements (continued)
July 31, 2022

the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Interest rate swaps are valued daily and unrealized appreciation (depreciation) is recorded. Certain interest rate swaps may accrue periodic interest on a daily basis as a component of unrealized appreciation (depreciation); the Fund will realize a gain or loss upon the payment or receipt of accrued interest. The Fund will realize a gain or a loss when the interest rate swap is terminated.

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 July 31, 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	486,026*
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts	1,234,578
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	2,630,158*
Total		4,350,762

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Credit risk	Component of total distributable earnings (loss) — unrealized depreciation on swap contracts	720,458*
Equity risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	2,850,297*
Equity risk	Options contracts written, at value	1,888
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	510,972
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	132,964*
Total		4,216,579

*	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.

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Notes to Financial Statements (continued)
July 31, 2022

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 July 31, 2022:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts written ($)	Options contracts purchased ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	—	(648,095)	(648,095)
Equity risk	—	9,236,889	369,816	(350,052)	—	9,256,653
Foreign exchange risk	(10,645,043)	—	—	—	—	(10,645,043)
Interest rate risk	—	(17,617,100)	—	—	87,204	(17,529,896)
Total	(10,645,043)	(8,380,211)	369,816	(350,052)	(560,891)	(19,566,381)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Forward foreign currency exchange contracts ($)	Futures contracts ($)	Options contracts written ($)	Swap contracts ($)	Total ($)
Credit risk	—	—	—	(1,053,954)	(1,053,954)
Equity risk	—	(3,470,684)	507	—	(3,470,177)
Foreign exchange risk	937,299	—	—	—	937,299
Interest rate risk	—	(2,444,388)	—	—	(2,444,388)
Total	937,299	(5,915,072)	507	(1,053,954)	(6,031,220)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	187,991,616
Futures contracts — short	70,803,019
Credit default swap contracts — sell protection	47,326,600

Derivative instrument	Average value ($)*
Options contracts — purchased	7,722
Options contracts — written	(5,484)

Derivative instrument	Average unrealized appreciation ($)*	Average unrealized depreciation ($)*
Forward foreign currency exchange contracts	709,759	(1,026,383)
Interest rate swap contracts	23,678	—

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Asset- and mortgage-backed securities

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

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Notes to Financial Statements (continued)
July 31, 2022

Delayed delivery securities

To be announced securities

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

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

Mortgage dollar roll transactions

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

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

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

Treasury inflation protected securities

The Fund may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as interest income in the Statement of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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Notes to Financial Statements (continued)
July 31, 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 July 31, 2022:

	Citi ($)	Goldman Sachs International ($)	HSBC ($)	Morgan Stanley ($)(a)	Morgan Stanley ($)(a)	Standard Chartered ($)	UBS ($)	Total ($)
Assets
Centrally cleared credit default swap contracts ^(b)	-	-	-	-	101,011	-	-	101,011
Forward foreign currency exchange contracts	15,408	94,132	640,144	218,975	-	11,899	254,020	1,234,578
Total assets	15,408	94,132	640,144	218,975	101,011	11,899	254,020	1,335,589
Liabilities
Forward foreign currency exchange contracts	281,426	-	2,757	164,008	-	296	62,485	510,972
Options contracts written	-	-	-	1,888	-	-	-	1,888
Total liabilities	281,426	-	2,757	165,896	-	296	62,485	512,860
Total financial and derivative net assets	(266,018)	94,132	637,387	53,079	101,011	11,603	191,535	822,729
Total collateral received (pledged) ^(c)	-	-	-	-	-	-	-	-
Net amount ^(d)	(266,018)	94,132	637,387	53,079	101,011	11,603	191,535	822,729

(a)	Exposure can only be netted across transactions governed under the same master agreement with the same legal entity.
(b)	Centrally cleared swaps are included within payable/receivable for variation margin in the Statement of Assets and Liabilities.
(c)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
(d)	Represents the net amount due from/(to) counterparties in the event of default.

Security transactions

Income recognition

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

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Notes to Financial Statements (continued)
July 31, 2022

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.

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

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

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

Distributions to shareholders

Distributions from net investment income, if any, are declared and paid 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

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Notes to Financial Statements (continued)
July 31, 2022

Note 3. Fees and other transactions with affiliates

Management services fees and underlying fund 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 a blend of (i) 0.00% on assets invested in Columbia proprietary funds, including exchange-traded funds, that pay an investment management fee to the Investment Manager, and (ii) a fee that declines from 0.72% to 0.52%, depending on asset levels, on assets invested in securities, instruments and other assets not described above, including other funds advised by the Investment Manager that do not pay a management services fee, derivatives and individual securities. The effective management services fee rate for the year ended July 31, 2022 was 0.70% of the Fund’s average daily net assets.

In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the Underlying Funds in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. These expenses are not reflected in the expenses shown in the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
July 31, 2022

For the year ended July 31, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 2 Class	0.06
Institutional 3 Class	0.02
Class R	0.09

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 July 31, 2022, no minimum account balance fees were charged by the Fund.

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $388,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	90,092
Class C	—	1.00^(b)	595

(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.

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Notes to Financial Statements (continued)
July 31, 2022

Expenses waived/reimbursed by the Investment Manager and its affiliates

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	1.35%	1.35%
Advisor Class	1.10	1.10
Class C	2.10	2.10
Institutional Class	1.10	1.10
Institutional 2 Class	1.07	1.07
Institutional 3 Class	1.03	1.02
Class R	1.60	1.60

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, foreign currency transactions, derivative investments, swap investments, passive foreign investment company (pfic) holdings, tax straddles, late-year ordinary losses, trustees’ deferred compensation, distribution reclassifications, foreign capital gains tax and miscellaneous adjustments. 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 ($)
(25,229,831)	25,229,831	—

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

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Notes to Financial Statements (continued)
July 31, 2022

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

Year Ended July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
12,192,950	27,384,170	39,577,120	13,855,202	9,611,738	23,466,940

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	26,253,504	—	8,289,372

At July 31, 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) ($)	Net unrealized appreciation ($)
403,477,675	48,023,807	(39,734,435)	8,289,372

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 July 31, 2022, the Fund will elect to treat the following late-year ordinary losses and post-October capital losses as arising on August 1, 2022.

Late year ordinary losses ($)	Post-October capital losses ($)
25,657,057	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $409,953,784 and $476,422,779, respectively, for the year ended July 31, 2022, of which $233,777,726 and $233,737,466, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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Notes to Financial Statements (continued)
July 31, 2022

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended July 31, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,025,000	0.77	4

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2022.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 9. 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.

Foreign securities and emerging market countries risk

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Notes to Financial Statements (continued)
July 31, 2022

occurring in the country or region, which may result in significant market volatility. In addition, certain foreign securities may be more volatile and less liquid than 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. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

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

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Notes to Financial Statements (continued)
July 31, 2022

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 86.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Global Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Global Opportunities Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 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

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
73.56%	36.25%	0.28%	$36,440,798

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

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	20
Statement of Operations	21
Statement of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	40
Federal Income Tax Information	41
Trustees and Officers	41
Liquidity Risk Management Program	47
Approval of Management Agreement	48

If you elect to receive the shareholder report for Columbia Minnesota Tax-Exempt Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high level of income generally exempt from federal income tax as well as from Minnesota state and local tax.

Portfolio management

Douglas White, CFA

Lead Portfolio Manager

Managed Fund since 2018

Catherine Stienstra

Portfolio Manager

Managed Fund since 2007

Anders Myhran, CFA*

Portfolio Manager

Managed Fund since 2016

* Following his retirement on September 30, 2022, Mr. Myhran will no longer serve as portfolio manager of the Fund.

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	08/18/86	-8.97	1.12	2.10
	Including sales charges		-11.71	0.51	1.80
Advisor Class*		03/19/13	-8.74	1.37	2.36
Class C	Excluding sales charges	06/26/00	-9.65	0.37	1.34
	Including sales charges		-10.54	0.37	1.34
Institutional Class		09/27/10	-8.70	1.37	2.37
Institutional 2 Class*		12/11/13	-8.76	1.37	2.33
Institutional 3 Class*		03/01/17	-8.73	1.39	2.25
Bloomberg Minnesota Municipal Bond Index			-6.41	1.60	2.10
Bloomberg Municipal Bond Index			-6.93	1.88	2.49

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

The Bloomberg Minnesota Municipal Bond Index is a market capitalization-weighted index of Minnesota Investment-grade bonds with maturities of one year or more.

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

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

Quality breakdown (%) (at July 31, 2022)
AAA rating	17.8
AA rating	28.3
A rating	26.6
BBB rating	6.3
BB rating	4.7
D rating	0.8
Not rated	15.5
Total	100.0

Percentages indicated are based upon total fixed income investments.

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

4	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, the Fund’s Class A shares returned -8.97% excluding sales charges. Institutional Class shares of the Fund returned -8.70%. The Fund underperformed the -6.41% return of its primary benchmark, the Bloomberg Minnesota Municipal Bond Index, as well as the -6.93% return of its broad-based benchmark, the Bloomberg Municipal Bond Index.

Market overview

Consistent with the weak performance across the fixed-income market, municipal bonds lost ground in the annual period. Rising inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its quantitative easing program and beginning to raise interest rates. The Fed hiked rates by 25 basis points (one-quarter of one percentage point) in March 2022, followed by increases of 50 basis points in May and another 75 basis points at each of its meetings in June and July. In addition, futures markets indicated that several more rate hikes were likely to occur over the remainder of 2022. Together, these developments led to a sharp rise in yields (and a corresponding decline in prices) across the municipal bond market. An increase in municipals’ yield spreads relative to U.S. Treasuries also contributed to the negative returns.

Minnesota municipal bonds outperformed the national market in the annual period. Minnesota bonds tend to be of higher quality than their typical national counterparts, which was a tailwind for relative performance at a time in which investors gravitated to higher-rated debt.

Minnesota is currently experiencing one of the most favorable economic and budget backdrops in generations. Unemployment hit a record low of 1.8%, the lowest in the nation, and the labor force participation rate is one of the country’s highest. State gross domestic product exceeded the pre-pandemic level, and the state budget was flush with unallocated resources following robust tax revenue collections. While both the economy and tax revenues are anticipated to slow in the coming fiscal year, Minnesota has ample resources to cushion against this scenario thanks in part to its budget surplus of $2.7 billion in the 2022 fiscal year. These factors contributed to the rating agency Moody’s decision to upgrade Minnesota’s rating to Aaa from Aa1 in July 2022. The state now has two AAA public credit ratings for the first time in nearly 20 years.

Since there is frequently a lack of higher income issues available in Minnesota due to its above-average credit quality, we tend to take a longer term view and keep the portfolio’s structure largely intact during stretches of short-term volatility. We typically emphasize longer maturity and mid- to lower-rated issues. The income component provides the vast majority of total return for bond portfolios — up to 90% over the long term — compared to the price component, so we have maintained a focus on these higher yielding areas through periods of short-term market disruptions.

The Fund’s notable detractors during the period

·	Security selection in AAA and AA rated bonds, the 8- to 12-year maturity range, and state and local general obligations detracted from the Fund’s results during the period.
·	With respect to allocation, overweight exposures to bonds with maturities of 12 years and longer, the charter school sector, and BB rated issues hurt results.
·	Underweight allocations in state general obligations, AAA rated securities, and bonds with maturities under eight years also detracted.

The Fund’s notable contributors during the period

·	Security selection in the A and BB rating categories and in the 22- to 25-year maturity range helped Fund performance versus its primary benchmark.
·	Overweight allocations to the leasing and education sectors, both of which performed better than the overall market, also contributed.

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

investment opportunities and potential returns. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Federal and state tax rules apply to capital gain distributions and any gains or losses on sales. Income may be subject to state or local taxes. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	937.70	1,020.70	3.71	3.86	0.78
Advisor Class	1,000.00	1,000.00	938.80	1,021.92	2.52	2.63	0.53
Class C	1,000.00	1,000.00	934.30	1,017.02	7.26	7.57	1.53
Institutional Class	1,000.00	1,000.00	939.30	1,021.97	2.47	2.58	0.52
Institutional 2 Class	1,000.00	1,000.00	938.80	1,021.92	2.52	2.63	0.53
Institutional 3 Class	1,000.00	1,000.00	938.70	1,022.17	2.28	2.38	0.48

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 99.1%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 3.0%
Minneapolis-St. Paul Metropolitan Airports Commission
Refunding Revenue Bonds
Senior Lien
Series 2016C
01/01/2046	5.000%	3,000,000	3,211,506
Subordinated Series 2014A
01/01/2034	5.000%	1,000,000	1,030,715
Subordinated Series 2019A
01/01/2049	5.000%	2,095,000	2,312,278
Minneapolis-St. Paul Metropolitan Airports Commission^(a)
Refunding Revenue Bonds
Subordinated Series 2019B
01/01/2035	5.000%	2,295,000	2,502,373
01/01/2044	5.000%	5,000,000	5,327,676
01/01/2049	5.000%	5,000,000	5,284,083
Total			19,668,631
Assisted Living 0.4%
St. Cloud Housing & Redevelopment Authority^(b)
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016A
08/01/2036	0.000%	3,000,000	2,550,000
Charter Schools 6.7%
City of Bethel
Refunding Revenue Bonds
Spectrum High School Project
Series 2017
07/01/2027	3.500%	1,490,000	1,424,923
07/01/2047	4.250%	1,000,000	893,790
07/01/2052	4.375%	2,255,000	2,021,303
City of Cologne
Revenue Bonds
Cologne Academy Charter School Project
Series 2014A
07/01/2034	5.000%	500,000	504,973
07/01/2045	5.000%	2,070,000	2,079,275
City of Deephaven
Refunding Revenue Bonds
Eagle Ridge Academy Project
Series 2015
07/01/2050	5.500%	1,500,000	1,537,592
Revenue Bonds
Seven Hills Preparatory Academy Project
Series 2017
10/01/2049	5.000%	1,700,000	1,565,019

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Forest Lake
Revenue Bonds
Lakes International Language Academy
Series 2019
08/01/2050	5.375%	3,600,000	3,706,708
City of Independence
Revenue Bonds
Global Academy Charter Schools
Series 2021A
07/01/2041	4.000%	1,500,000	1,330,640
Global Academy Project
Series 2021A
07/01/2051	4.000%	1,400,000	1,166,540
07/01/2056	4.000%	1,080,000	880,310
Paladin Career & Technical High School
Series 2021
06/01/2056	4.000%	2,305,000	1,706,405
City of Minneapolis^(c)
Revenue Bonds
Friendship Academy of the Arts
Series 2019
12/01/2052	5.250%	2,000,000	1,878,865
City of Minneapolis
Revenue Bonds
Hennepin Schools Project
Series 2021
07/01/2051	4.000%	3,585,000	2,931,236
07/01/2056	4.000%	1,170,000	934,757
Northeast College Prep Project
Series 2020A
07/01/2040	5.000%	435,000	417,574
07/01/2055	5.000%	1,410,000	1,279,475
City of Spring Lake Park
Revenue Bonds
Academy for Higher Learning Project
Series 2019
06/15/2049	5.000%	2,000,000	2,002,683
06/15/2054	5.000%	1,000,000	996,777
City of Woodbury
Refunding Revenue Bonds
Charter School Lease
Series 2020
12/01/2040	4.000%	400,000	378,485
12/01/2050	4.000%	550,000	491,369
Revenue Bonds
Woodbury Leadership Project
Series 2021
07/01/2056	4.000%	1,150,000	920,306

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

8	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Hmong College Prep Academy Project
Series 2020
09/01/2055	5.000%	1,500,000	1,487,938
Hope Community Academy Project
Series 2015A
12/01/2043	5.000%	2,000,000	1,825,991
Nova Classical Academy Project
Series 2016
09/01/2036	4.000%	1,000,000	928,463
09/01/2047	4.125%	1,400,000	1,225,949
Series 2021
09/01/2026	2.000%	355,000	328,254
09/01/2031	4.000%	350,000	346,052
St. Paul Conservatory
Series 2013A
03/01/2028	4.000%	200,000	195,977
03/01/2043	4.625%	1,000,000	930,217
Housing & Redevelopment Authority of The City of St. Paul^(c)
Revenue Bonds
Minnesota Math & Science Academy
Series 2021
06/01/2041	4.000%	1,120,000	925,587
06/01/2051	4.000%	1,250,000	945,126
06/01/2056	4.000%	1,080,000	794,461
Township of Baytown
Refunding Revenue Bonds
Series 2016A
08/01/2041	4.000%	750,000	663,204
08/01/2046	4.250%	2,935,000	2,600,344
Total			44,246,568
Health Services 0.2%
City of Center City
Refunding Revenue Bonds
Hazelden Betty Ford Foundation Project
Series 2019
11/01/2041	4.000%	1,000,000	990,670
Revenue Bonds
Hazelden Betty Ford Foundation Project
Series 2014
11/01/2044	5.000%	500,000	512,128
Total			1,502,798
Higher Education 8.7%
City of Moorhead
Refunding Revenue Bonds
Concordia College Corp. Project
Series 2016
12/01/2034	5.000%	1,155,000	1,208,121
12/01/2040	5.000%	1,350,000	1,401,395

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Minnesota Higher Education Facilities Authority
Refunding Revenue Bonds
Carleton College
Series 2017
03/01/2037	4.000%	500,000	516,202
03/01/2039	4.000%	500,000	513,887
03/01/2040	4.000%	1,000,000	1,024,652
03/01/2047	4.000%	2,500,000	2,520,175
College of St. Scholastica
Series 2019
12/01/2040	4.000%	1,200,000	1,208,204
Gustavus Adolphus College
Series 2017
10/01/2041	4.000%	3,000,000	3,007,628
Macalester College
Series 2017
03/01/2029	5.000%	150,000	168,108
03/01/2030	5.000%	175,000	195,897
03/01/2042	4.000%	900,000	915,832
03/01/2048	4.000%	600,000	604,569
Series 2021
03/01/2040	3.000%	365,000	328,870
03/01/2043	3.000%	325,000	280,831
St. Catherine University
Series 2018
10/01/2037	4.000%	580,000	587,924
10/01/2038	4.000%	920,000	930,907
10/01/2045	5.000%	2,500,000	2,664,497
St. Olaf College
8th Series 2015G
12/01/2031	5.000%	740,000	800,040
12/01/2032	5.000%	1,000,000	1,079,470
Series 2016-8N
10/01/2034	4.000%	1,500,000	1,537,492
10/01/2035	4.000%	500,000	511,651
University of St. Thomas
Series 2016-8-L
04/01/2035	5.000%	750,000	801,241
04/01/2039	4.000%	2,000,000	2,008,309
Series 2017A
10/01/2035	4.000%	800,000	806,929
10/01/2037	4.000%	750,000	754,181
Revenue Bonds
College of St. Benedict
Series 2016-8-K
03/01/2043	4.000%	1,000,000	996,066
College of St. Scholastica
Series 2012
12/01/2027	4.250%	350,000	351,581
12/01/2032	4.000%	350,000	350,492

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
St. John’s University
Series 2015-8-1
10/01/2031	5.000%	370,000	392,640
10/01/2032	5.000%	645,000	683,165
10/01/2033	5.000%	350,000	369,944
10/01/2034	5.000%	380,000	401,036
St. Olaf College
Series 2021
10/01/2046	4.000%	1,750,000	1,777,502
10/01/2050	4.000%	1,600,000	1,622,235
University of St. Thomas
Series 2019
10/01/2040	5.000%	1,250,000	1,354,554
10/01/2041	4.000%	1,000,000	994,106
10/01/2044	4.000%	2,750,000	2,687,142
Series 2022B
10/01/2052	5.000%	7,895,000	8,384,414
University of Minnesota
Revenue Bonds
Series 2014B
01/01/2044	4.000%	3,750,000	3,757,130
Series 2016A
04/01/2034	5.000%	1,855,000	2,017,819
Series 2019A
04/01/2036	5.000%	1,300,000	1,480,479
04/01/2038	5.000%	2,945,000	3,335,922
Total			57,333,239
Hospital 20.3%
City of Crookston
Revenue Bonds
Riverview Health Project
Series 2019
05/01/2044	5.000%	500,000	495,372
05/01/2051	5.000%	1,500,000	1,458,339
City of Glencoe
Refunding Revenue Bonds
Glencoe Regional Health Services Project
Series 2013
04/01/2023	4.000%	400,000	400,540
04/01/2024	4.000%	745,000	745,910
04/01/2026	4.000%	500,000	500,268
04/01/2031	4.000%	1,450,000	1,450,079
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2037	4.000%	10,500,000	10,373,899
North Memorial Health Care
Series 2015
09/01/2032	5.000%	1,000,000	1,042,010
09/01/2035	4.000%	1,500,000	1,484,872

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Minneapolis
Refunding Revenue Bonds
Fairview Health Services
Series 2015A
11/15/2034	5.000%	4,000,000	4,195,768
11/15/2044	5.000%	6,475,000	6,700,691
Series 2018A
11/15/2033	5.000%	2,920,000	3,176,922
Revenue Bonds
Allina Health Systems
Series 2021
11/15/2040	4.000%	1,000,000	1,014,601
Fairview Health Services
Series 2018A
11/15/2037	4.000%	7,000,000	7,085,548
11/15/2038	4.000%	3,630,000	3,649,530
11/15/2048	4.000%	2,000,000	1,937,782
City of Plato
Revenue Bonds
Glencoe Regional Health Services
Series 2017
04/01/2037	4.000%	1,810,000	1,772,731
04/01/2041	5.000%	675,000	704,179
City of Rochester
Refunding Revenue Bonds
Mayo Clinic
Series 2016B
11/15/2036	5.000%	12,255,000	15,426,579
Series 2022
11/15/2057	5.000%	2,500,000	2,817,298
City of Shakopee
Refunding Revenue Bonds
St. Francis Regional Medical Center
Series 2014
09/01/2034	5.000%	1,000,000	1,026,307
City of St. Cloud
Refunding Revenue Bonds
CentraCare Health System
Series 2014B
05/01/2024	5.000%	1,400,000	1,470,757
Series 2016A
05/01/2028	5.000%	1,745,000	1,868,804
05/01/2037	4.000%	3,175,000	3,195,849
05/01/2046	5.000%	3,500,000	3,622,815
Series 2019
05/01/2048	5.000%	5,000,000	5,266,762
County of Chippewa
Refunding Revenue Bonds
Montevideo Hospital Project
Series 2016
03/01/2026	4.000%	1,445,000	1,495,026
03/01/2037	4.000%	7,660,000	7,454,111

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

10	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Duluth Economic Development Authority
Refunding Revenue Bonds
Essentia Health Obligation Group
Series 2018
02/15/2043	4.250%	5,000,000	5,034,275
02/15/2043	5.000%	1,615,000	1,699,536
02/15/2048	4.250%	1,000,000	995,353
02/15/2048	5.000%	1,300,000	1,360,931
02/15/2058	5.000%	6,000,000	6,235,387
St. Luke Hospital of Duluth
Series 2022
06/15/2037	4.000%	350,000	345,009
06/15/2038	4.000%	375,000	368,417
06/15/2039	4.000%	225,000	220,230
Revenue Bonds
St. Luke’s Hospital
Series 2022
06/15/2052	5.250%	2,420,000	2,543,901
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Fairview Health Services
Series 2017
11/15/2030	5.000%	1,825,000	1,995,441
11/15/2034	5.000%	1,900,000	2,033,393
11/15/2036	4.000%	1,200,000	1,216,476
11/15/2037	4.000%	600,000	605,128
11/15/2043	4.000%	3,000,000	2,983,630
HealthPartners Obligation Group
Series 2015
07/01/2033	5.000%	3,000,000	3,131,263
07/01/2035	4.000%	10,630,000	10,706,977
Total			133,308,696
Joint Power Authority 3.5%
Hutchinson Utilities Commission
Revenue Bonds
Series 2012A
12/01/2022	5.000%	250,000	252,907
12/01/2025	5.000%	400,000	404,597
Minnesota Municipal Power Agency
Refunding Revenue Bonds
Series 2014
10/01/2032	5.000%	250,000	267,376
10/01/2033	5.000%	250,000	267,265
Series 2014A
10/01/2035	5.000%	1,000,000	1,067,958
Revenue Bonds
Series 2016
10/01/2041	4.000%	1,000,000	1,025,223
10/01/2047	5.000%	500,000	550,848

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Northern Municipal Power Agency
Refunding Revenue Bonds
Series 2017
01/01/2034	5.000%	210,000	230,534
01/01/2035	5.000%	170,000	186,268
01/01/2036	5.000%	180,000	197,031
01/01/2041	5.000%	400,000	434,831
Revenue Bonds
Series 2013A
01/01/2030	5.000%	340,000	344,514
01/01/2031	5.000%	460,000	466,107
Southern Minnesota Municipal Power Agency
Refunding Revenue Bonds
Series 2015A
01/01/2035	5.000%	1,000,000	1,096,681
01/01/2041	5.000%	2,550,000	2,785,071
01/01/2046	5.000%	2,000,000	2,174,735
Revenue Bonds
Series 2017A
01/01/2042	5.000%	1,000,000	1,106,584
Southern Minnesota Municipal Power Agency^(d)
Revenue Bonds
Capital Appreciation
Series 1994A (NPFGC)
01/01/2026	0.000%	10,000,000	9,257,551
Western Minnesota Municipal Power Agency
Refunding Revenue Bonds
Series 2015A
01/01/2036	5.000%	1,000,000	1,084,284
Total			23,200,365
Local Appropriation 2.5%
Anoka-Hennepin Independent School District No. 11
Certificate of Participation
Series 2014A
02/01/2034	5.000%	1,700,000	1,774,679
Duluth Independent School District No. 709
Refunding Certificate of Participation
School District Credit Enhancement Project
Series 2019B
02/01/2027	5.000%	740,000	830,842
Northeastern Metropolitan Intermediate School District No. 916
Certificate of Participation
Series 2015B
02/01/2034	5.000%	1,000,000	1,070,229
02/01/2042	4.000%	5,250,000	5,295,216
Plymouth Intermediate District No. 287
Refunding Certificate of Participation
Series 2016A
05/01/2030	4.000%	450,000	469,152
05/01/2031	4.000%	450,000	468,363

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
St. Paul Independent School District No. 625
Certificate of Participation
Series 2019 (School District Credit Enhancement Program)
02/01/2037	4.000%	515,000	539,792
02/01/2038	4.000%	1,000,000	1,033,949
02/01/2039	3.000%	565,000	517,320
Series 2020C
02/01/2040	2.500%	4,285,000	3,543,080
Zumbro Education District
Certificate of Participation
Series 2021A
02/01/2038	4.000%	390,000	394,719
02/01/2041	4.000%	635,000	636,627
Total			16,573,968
Local General Obligation 22.8%
Anoka-Hennepin Independent School District No. 11
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2045	3.000%	5,000,000	4,555,958
Series 2018A
02/01/2039	4.000%	8,905,000	9,131,299
Becker Independent School District No. 726^(d)
Unlimited General Obligation Bonds
Series 2022A
02/01/2037	0.000%	1,335,000	798,255
02/01/2038	0.000%	1,335,000	764,259
02/01/2039	0.000%	1,150,000	627,486
Blooming Prairie Independent School District No. 756
Unlimited General Obligation Refunding Bonds
Series 2022A
02/01/2045	2.250%	1,375,000	992,800
Brainerd Independent School District No. 181
Unlimited General Obligation Bonds
School Building
Series 2018A (School District Credit Enhancement Program)
02/01/2037	4.000%	9,800,000	10,097,379
Burnsville-Eagan-Savage Independent School District No. 191
Unlimited General Obligation Bonds
School Building
Series 2015A
02/01/2031	4.000%	4,820,000	5,029,531
Centennial Independent School District No. 12^(d)
Unlimited General Obligation Bonds
Series 2015A (School District Credit Enhancement Program)
02/01/2032	0.000%	1,225,000	896,272
02/01/2033	0.000%	750,000	524,540

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Chisago Lakes Independent School District No. 2144
Unlimited General Obligation Bonds
Minnesota School District Credit Enhancement Program
Series 2017A
02/01/2030	4.000%	3,145,000	3,396,695
City of Elk River
Unlimited General Obligation Bonds
Series 2019A
12/01/2042	3.000%	1,755,000	1,679,838
Dilworth Glyndon Felton Independent School District No. 2164
Unlimited General Obligation Bonds
Series 2020A
02/01/2038	3.000%	1,025,000	1,018,482
02/01/2040	3.000%	1,000,000	983,750
02/01/2041	3.000%	1,230,000	1,203,579
Duluth Independent School District No. 709
Refunding Certificate of Participation
Series 2016A (School District Credit Enhancement Program)
02/01/2028	4.000%	1,500,000	1,597,887
Duluth Independent School District No. 709^(d)
Unlimited General Obligation Bonds
Series 2021C
02/01/2032	0.000%	1,080,000	758,223
02/01/2033	0.000%	1,075,000	719,038
Eden Prairie Independent School District No. 272
Unlimited General Obligation Bonds
Series 2019B (School District Credit Enhancement Program)
02/01/2040	3.000%	3,000,000	2,829,228
Elk River Independent School District No. 728
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2034	2.000%	7,000,000	6,051,268
Hastings Independent School District No. 200^(d)
Unlimited General Obligation Bonds
School Building
Series 2018A (School District Credit Enhancement Program)
02/01/2032	0.000%	1,305,000	972,602
02/01/2033	0.000%	2,140,000	1,528,070
Hennepin County Regional Railroad Authority
Limited General Obligation Bonds
Series 2019A
12/01/2037	5.000%	4,685,000	5,364,045
12/01/2038	5.000%	3,965,000	4,524,019
Lac Qui Parle Valley Independent School District No. 2853
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	2.500%	2,525,000	2,081,428
Litchfield Independent School District No. 465
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	3.000%	2,260,000	2,208,338

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

12	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
MACCRAY Independent School District No. 2180
Unlimited General Obligation Bonds
Series 2020A
02/01/2038	2.250%	2,525,000	2,055,545
02/01/2039	2.250%	2,580,000	2,073,175
Mahtomedi Independent School District No. 832
Unlimited General Obligation Refunding Bonds
School Building
Series 2014A (School District Credit Enhancement Program)
02/01/2030	5.000%	500,000	533,980
02/01/2031	5.000%	1,140,000	1,215,468
Mankato Independent School District No. 77
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2036	4.000%	585,000	620,274
Maple River Independent School District No. 2135
Unlimited General Obligation Bonds
School District Credit Enhancement Program
Series 2020A
02/01/2050	4.000%	3,230,000	3,335,041
Marshall Independent School District No. 413
Unlimited General Obligation Bonds
Series 2019B (School District Credit Enhancement Program)
02/01/2039	3.000%	2,440,000	2,341,952
02/01/2040	3.000%	2,515,000	2,399,245
Metropolitan Council
Unlimited General Obligation Bonds
Minneapolis-Saint Paul Metropolitan Area
Series 2022
03/01/2040	4.000%	3,275,000	3,428,655
03/01/2041	4.000%	3,410,000	3,560,646
03/01/2042	4.000%	3,550,000	3,690,294
Monticello Independent School District No. 882
Unlimited General Obligation Bonds
School Building
Series 2016A (School District Credit Enhancement Program)
02/01/2030	4.000%	1,000,000	1,063,765
Moorhead Independent School District No. 152
Unlimited General Obligation Bonds
Series 2020A
02/01/2041	3.000%	5,600,000	5,183,678
Mounds View Independent School District No. 621
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2043	4.000%	6,455,000	6,607,641
Mountain Iron-Buhl Independent School District No. 712
Unlimited General Obligation Bonds
School Building
Series 2016A (School District Credit Enhancement Program)
02/01/2032	4.000%	1,775,000	1,873,893

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North St. Paul-Maplewood-Oakdale Independent School District No. 622
Unlimited General Obligation Bonds
Series 2019A
02/01/2042	3.000%	7,050,000	6,234,730
Norwood Young America Independent School District No. 108
Unlimited General Obligation Bonds
Series 2022A
02/01/2045	2.250%	1,600,000	1,173,162
Richfield Independent School District No. 280
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2040	4.000%	5,000,000	5,119,677
Roseville Independent School District No. 623
Unlimited General Obligation Bonds
School Building
Series 2018A
02/01/2038	4.000%	10,000,000	10,226,053
Russell Tyler Ruthton Independent School District No. 2902
Unlimited General Obligation Bonds
Series 2019A (School District Credit Enhancement Program)
02/01/2035	3.000%	1,950,000	1,959,286
02/01/2036	3.000%	1,000,000	999,651
02/01/2037	3.000%	1,035,000	1,021,922
Sartell-St. Stephen Independent School District No. 748^(d)
Unlimited General Obligation Bonds
School Building
Series 2016B (School District Credit Enhancement Program)
02/01/2032	0.000%	1,565,000	1,149,062
02/01/2033	0.000%	2,585,000	1,814,881
02/01/2034	0.000%	1,500,000	1,005,122
Sauk Rapids-Rice Independent School District No. 47
Unlimited General Obligation Bonds
Series 2020A
02/01/2040	2.625%	2,250,000	1,913,281
St. Francis Independent School District No. 15
Unlimited General Obligation Bonds
Series 2018A
02/01/2033	4.000%	450,000	453,952
02/01/2034	4.000%	325,000	327,250
Watertown-Mayer Independent School District No. 111^(d)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2020A
02/01/2035	0.000%	2,420,000	1,578,403
02/01/2039	0.000%	2,175,000	1,173,389
Worthington Independent School District No. 518
Unlimited General Obligation Bonds
Series 2020A
02/01/2035	3.000%	700,000	703,262
02/01/2036	3.000%	470,000	471,348
02/01/2037	3.000%	500,000	500,182
02/01/2038	3.000%	1,000,000	993,641

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
02/01/2039	3.000%	1,000,000	986,393
Total			150,122,168
Multi-Family 2.9%
Anoka Housing & Redevelopment Authority
Revenue Bonds
Woodland Park Apartments Project
Series 2011A
04/01/2027	5.000%	2,500,000	2,504,730
City of Crystal
Revenue Bonds
Crystal Leased Housing Association
Series 2014
06/01/2031	5.250%	2,500,000	2,499,839
City of Minneapolis
Revenue Bonds
14th and Central Project
Series 2020A (FNMA)
02/01/2038	2.350%	5,000,000	4,404,976
City of St. Anthony
Revenue Bonds
Multifamily Housing Landings Silver Lake Village
Series 2013
12/01/2030	6.000%	3,000,000	3,075,916
Housing & Redevelopment Authority of The City of St. Paul
Revenue Bonds
848 Payne Ave. Apartments Green Bonds
Series 2020
06/01/2038	2.330%	5,000,000	4,324,754
Northwest Multi-County Housing & Redevelopment Authority
Refunding Revenue Bonds
Pooled Housing Program
Series 2015
07/01/2045	5.500%	2,500,000	2,505,159
Total			19,315,374
Municipal Power 1.6%
City of Rochester Electric Utility
Refunding Revenue Bonds
Series 2015E
12/01/2027	4.000%	1,000,000	1,066,553
12/01/2028	4.000%	950,000	1,009,696
Guam Power Authority^(e)
Refunding Revenue Bonds
Series 2022A
10/01/2044	5.000%	3,000,000	3,227,973
Puerto Rico Electric Power Authority^(b),(e)
Revenue Bonds
Series 2010XX
07/01/2040	5.250%	1,000,000	817,500

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2012A
07/01/2042	5.000%	5,050,000	4,128,375
Total			10,250,097
Nursing Home 3.1%
City of Chatfield
Refunding Revenue Bonds
Chosen Valley Care Center
Series 2019
09/01/2044	5.000%	500,000	450,525
09/01/2052	5.000%	1,500,000	1,301,482
City of Oak Park Heights
Refunding Revenue Bonds
Boutwells Landing Care Center
Series 2013
08/01/2025	5.250%	1,480,000	1,480,849
City of Sauk Rapids
Refunding Revenue Bonds
Good Shepherd Lutheran Home
Series 2013
01/01/2039	5.125%	2,500,000	2,337,815
Dakota County Community Development Agency
Revenue Bonds
Ebenezer Ridges Care Center TCU Project
Series 2014S
09/01/2046	5.000%	2,000,000	1,770,035
Duluth Economic Development Authority
Revenue Bonds
Benedictine Health System
Series 2021
07/01/2031	4.000%	1,625,000	1,620,129
07/01/2041	4.000%	3,755,000	3,441,147
Housing & Redevelopment Authority of The City of St. Paul^(c)
Refunding Revenue Bonds
Episcopal Homes Obligation Group
Series 2021
11/01/2042	4.000%	1,000,000	830,981
Housing & Redevelopment Authority of The City of St. Paul
Revenue Bonds
Episcopal Homes Project
Series 2013
05/01/2038	5.000%	1,200,000	1,199,907
05/01/2048	5.125%	6,250,000	6,113,958
Total			20,546,828
Other Bond Issue 0.7%
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Series 2017A
08/01/2032	3.000%	500,000	485,774
08/01/2033	3.000%	500,000	480,628
08/01/2034	3.125%	850,000	817,349
08/01/2035	3.125%	800,000	763,745

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

14	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2020A
12/01/2036	5.000%	1,580,000	1,682,850
Total			4,230,346
Other Utility 0.7%
Housing & Redevelopment Authority of The City of St. Paul
Refunding Revenue Bonds
Series 2017A
10/01/2031	4.000%	875,000	930,883
10/01/2032	4.000%	800,000	842,654
10/01/2033	4.000%	655,000	680,624
St. Paul Port Authority
Revenue Bonds
Series 2017-3
10/01/2042	4.000%	1,360,000	1,383,030
St. Paul Port Authority^(a)
Revenue Bonds
Series 2017-4
10/01/2040	4.000%	1,000,000	1,022,728
Total			4,859,919
Prepaid Gas 0.8%
Minnesota Municipal Gas Agency
Revenue Bonds
Series 2022A (Mandatory Put 12/01/27)
12/01/2052	4.000%	5,000,000	5,194,902
Refunded / Escrowed 3.4%
City of Rochester
Prerefunded 07/01/23 Revenue Bonds
Olmsted Medical Center Project
Series 2013
07/01/2024	5.000%	300,000	309,069
07/01/2027	5.000%	245,000	252,406
07/01/2028	5.000%	225,000	231,801
07/01/2033	5.000%	650,000	669,649
Goodhue County Education District No. 6051
Prerefunded 02/01/24 Certificate of Participation
Series 2014
02/01/2034	5.000%	1,200,000	1,257,623
02/01/2039	5.000%	1,300,000	1,362,425
Hermantown Independent School District No. 700
Prerefunded 02/01/24 Unlimited General Obligation Bonds
School Building
Series 2014A (School District Credit Enhancement Program)
02/01/2037	5.000%	4,740,000	4,971,213
Housing & Redevelopment Authority of The City of St. Paul
Prerefunded 11/15/25 Revenue Bonds
HealthEast Care System Project
Series 2015
11/15/2027	5.000%	2,500,000	2,737,132
11/15/2044	5.000%	1,000,000	1,094,853

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Refunding Revenue Bonds
HealthEast Care System Project
Series 2015 Escrowed to Maturity
11/15/2023	5.000%	1,000,000	1,042,499
Minnesota Higher Education Facilities Authority
Prerefunded 10/01/22 Revenue Bonds
St. Catherine University
7th Series 2012Q
10/01/2025	5.000%	325,000	326,907
10/01/2026	5.000%	280,000	281,643
10/01/2027	5.000%	200,000	201,173
St. Paul Port Authority^(a)
Prerefunded 08/01/22 Revenue Bonds
Energy Park Utility Co. Project
Series 2012
08/01/2028	5.450%	250,000	250,000
08/01/2036	5.700%	1,250,000	1,250,000
University of Minnesota
Prerefunded 08/01/23 Revenue Bonds
State Supported Biomed Science Research Facilities
Series 2013
08/01/2038	5.000%	5,000,000	5,171,917
Western Minnesota Municipal Power Agency
Prerefunded 01/01/24 Revenue Bonds
Series 2014A
01/01/2040	5.000%	1,000,000	1,046,953
Total			22,457,263
Retirement Communities 5.2%
City of Anoka
Refunding Revenue Bonds
Homestead at Anoka, Inc. Project
Series 2017
11/01/2035	4.750%	1,000,000	949,872
11/01/2046	5.000%	1,500,000	1,398,199
City of Apple Valley
Refunding Revenue Bonds
Apple Valley Senior Housing
Series 2018
09/01/2053	4.500%	3,000,000	2,791,315
Revenue Bonds
Orchard Path Phase II Project
Series 2021
09/01/2051	4.000%	500,000	415,751
09/01/2061	4.000%	870,000	698,643
City of Blaine
Refunding Revenue Bonds
Crest View Senior Community Project
Series 2015
07/01/2035	5.750%	1,500,000	1,219,738
07/01/2050	6.125%	2,500,000	1,873,840

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Cloquet
Refunding Revenue Bonds
HADC Cloquet LLC Project
Series 2021
08/01/2041	4.000%	500,000	408,187
08/01/2048	4.000%	500,000	382,129
City of Maple Plain
Revenue Bonds
Haven Homes, Inc. Project
Series 2019
07/01/2057	4.650%	1,250,000	1,096,286
City of Moorhead
Refunding Revenue Bonds
Evercare Senior Living LLC
Series 2012
09/01/2037	5.125%	1,000,000	915,769
City of North Oaks
Refunding Revenue Bonds
Waverly Gardens Project
Series 2016
10/01/2041	4.250%	5,000,000	5,049,190
10/01/2047	5.000%	2,000,000	2,063,512
City of Red Wing
Revenue Bonds
Benedictine Living Community
Series 2018
08/01/2047	5.000%	1,500,000	1,375,921
08/01/2053	5.000%	600,000	536,827
City of Rochester
Revenue Bonds
Homestead Rochester, Inc. Project
Series 2015
12/01/2049	5.000%	2,400,000	2,144,175
City of Sartell
Refunding Revenue Bonds
Country Manor Campus LLC
Series 2017
09/01/2042	4.500%	2,000,000	1,732,305
09/01/2042	5.000%	875,000	815,128
City of St. Joseph
Revenue Bonds
Woodcrest of Country Manor Project
Series 2019
07/01/2055	5.000%	1,500,000	1,384,292
City of St. Paul Park
Refunding Revenue Bonds
Presbyterian Homes Bloomington
Series 2017
09/01/2036	4.200%	275,000	268,136
09/01/2037	4.250%	300,000	292,806
09/01/2042	5.000%	1,000,000	1,007,418

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2033	5.000%	150,000	153,708
08/01/2034	5.000%	125,000	127,952
08/01/2035	5.000%	140,000	143,151
08/01/2054	5.000%	1,625,000	1,636,104
Dakota County Community Development Agency^(c)
Refunding Revenue Bonds
Walker Highviews Hills LLC
Series 2016
08/01/2051	5.000%	1,500,000	1,500,190
Woodbury Housing & Redevelopment Authority
Revenue Bonds
St. Therese of Woodbury
Series 2014
12/01/2049	5.250%	2,000,000	1,886,475
Total			34,267,019
Sales Tax 1.8%
City of St. Paul
Revenue Bonds
Series 2014G
11/01/2032	5.000%	1,250,000	1,335,682
Commonwealth of Puerto Rico^(d),(e)
Revenue Notes
Series 2022
11/01/2051	0.000%	1,161,264	570,471
Subordinated Series 2022
11/01/2043	0.000%	924,532	493,469
Puerto Rico Sales Tax Financing Corp.^(d),(e)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	24,501,000	7,110,962
Puerto Rico Sales Tax Financing Corp.^(e)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	2,000,000	2,017,343
Total			11,527,927
Single Family 3.4%
Minneapolis/St. Paul Housing Finance Board
Mortgage-Backed Revenue Bonds
City Living
Series 2011A (GNMA)
12/01/2027	4.450%	135,000	135,045
Minnesota Housing Finance Agency
Refunding Revenue Bonds
Series 2021D (GNMA)
07/01/2041	2.200%	1,700,000	1,395,261

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

16	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Mortgage-Backed Securities Pass-Through Program
Series 2019 (GNMA)
03/01/2049	3.450%	659,881	655,688
06/01/2049	3.150%	847,815	835,411
Series 2016 (GNMA / FNMA)
02/01/2046	2.950%	2,104,402	2,047,694
Series 2019F
07/01/2044	2.750%	1,390,000	1,327,098
Series 2020B (GNMA)
01/01/2044	2.800%	2,670,000	2,560,552
Series 2020E (GNMA)
07/01/2044	2.700%	1,320,000	1,121,457
Series 2021B (GNMA)
07/01/2046	2.450%	2,510,000	2,070,708
07/01/2051	2.500%	3,445,000	2,764,788
Social Bonds
Series 2021F
07/01/2046	2.400%	4,390,000	3,512,910
Series 2021H
01/01/2046	2.550%	2,730,000	2,313,528
Series 2022A (GNMA)
07/01/2042	2.750%	2,240,000	1,888,191
Total			22,628,331
Special Non Property Tax 0.1%
Puerto Rico Highway & Transportation Authority^(b),(e)
Unrefunded Revenue Bonds
Series 2003G
07/01/2042	0.000%	2,000,000	600,000
State Appropriated 2.3%
State of Minnesota
Refunding Revenue Bonds
Appropriation
Series 2012B
03/01/2029	5.000%	4,250,000	4,285,167
Revenue Bonds
Appropriation
Series 2014A
06/01/2038	5.000%	8,880,000	9,110,842
University of Minnesota
Refunding Revenue Bonds
State Supported Biomedical Science Research Facilities Funding Program
Series 2021
08/01/2036	5.000%	570,000	701,074
State Supported Stadium Debt
Series 2015
08/01/2027	5.000%	1,185,000	1,286,605
Total			15,383,688

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State General Obligation 4.7%
Commonwealth of Puerto Rico^(d),(e)
Unlimited General Obligation Bonds
Series 2021A
07/01/2024	0.000%	61,827	57,499
Commonwealth of Puerto Rico^(e)
Unlimited General Obligation Bonds
Series 2021-A1
07/01/2031	5.750%	595,264	667,959
07/01/2033	4.000%	185,161	177,240
07/01/2035	4.000%	166,435	157,097
07/01/2037	4.000%	142,845	133,371
07/01/2041	4.000%	194,215	178,211
07/01/2046	4.000%	641,981	577,826
State of Minnesota
Unlimited General Obligation Bonds
Bidding Group 2
Series 2021A
09/01/2038	4.000%	10,000,000	10,632,552
Series 2018A
08/01/2031	5.000%	5,000,000	5,758,907
08/01/2033	5.000%	7,500,000	8,580,987
Series 2021B
09/01/2040	2.000%	5,000,000	3,805,919
Total			30,727,568
Student Loan 0.3%
Minnesota Office of Higher Education^(a)
Refunding Revenue Bonds
Series 2020
11/01/2038	2.650%	2,010,000	1,799,174
Total Municipal Bonds (Cost $683,888,616)			652,294,869

Money Market Funds 0.0%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.986%^(f)	265,957	265,931
Total Money Market Funds (Cost $265,957)		265,931
Total Investments in Securities (Cost: $684,154,573)		652,560,800
Other Assets & Liabilities, Net		5,620,234
Net Assets		658,181,034

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Notes to Portfolio of Investments

(a)	Income from this security may be subject to alternative minimum tax.
(b)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At July 31, 2022, the total value of these securities amounted to $8,095,875, which represents 1.23% of total net assets.
(c)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $6,875,210, which represents 1.04% of total net assets.
(d)	Zero coupon bond.
(e)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At July 31, 2022, the total value of these securities amounted to $20,915,296, which represents 3.18% of total net assets.
(f)	The rate shown is the seven-day current annualized yield at July 31, 2022.

Abbreviation Legend

FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	652,294,869	—	652,294,869
Money Market Funds	265,931	—	—	265,931
Total Investments in Securities	265,931	652,294,869	—	652,560,800

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

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Statement of Assets and Liabilities
July 31, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $684,154,573)	$652,560,800
Cash	4,566
Receivable for:
Capital shares sold	3,058,607
Interest	7,521,701
Prepaid expenses	12,710
Total assets	663,158,384
Liabilities
Payable for:
Capital shares purchased	1,459,782
Distributions to shareholders	1,573,273
Management services fees	8,184
Distribution and/or service fees	3,536
Transfer agent fees	30,058
Compensation of board members	73,515
Interfund lending	1,800,000
Other expenses	29,002
Total liabilities	4,977,350
Net assets applicable to outstanding capital stock	$658,181,034
Represented by
Paid in capital	703,549,702
Total distributable earnings (loss)	(45,368,668)
Total - representing net assets applicable to outstanding capital stock	$658,181,034
Class A
Net assets	$357,807,521
Shares outstanding	17,598,442
Net asset value per share	$20.33
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$20.96
Advisor Class
Net assets	$21,305,179
Shares outstanding	1,048,315
Net asset value per share	$20.32
Class C
Net assets	$39,885,895
Shares outstanding	1,961,629
Net asset value per share	$20.33
Institutional Class
Net assets	$215,892,280
Shares outstanding	10,626,918
Net asset value per share	$20.32
Institutional 2 Class
Net assets	$8,936,666
Shares outstanding	440,185
Net asset value per share	$20.30
Institutional 3 Class
Net assets	$14,353,493
Shares outstanding	705,516
Net asset value per share	$20.34

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

20	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$5,630
Interest	22,897,347
Total income	22,902,977
Expenses:
Management services fees	3,457,396
Distribution and/or service fees
Class A	1,054,296
Class C	455,757
Transfer agent fees
Class A	216,887
Advisor Class	11,359
Class C	23,454
Institutional Class	132,283
Institutional 2 Class	4,482
Institutional 3 Class	1,231
Compensation of board members	13,812
Custodian fees	14,848
Printing and postage fees	31,469
Registration fees	26,850
Audit fees	29,500
Legal fees	18,164
Interest on interfund lending	1,061
Compensation of chief compliance officer	128
Other	20,337
Total expenses	5,513,314
Expense reduction	(40)
Total net expenses	5,513,274
Net investment income	17,389,703
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(11,939,517)
Futures contracts	51,170
Net realized loss	(11,888,347)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(81,210,344)
Net change in unrealized appreciation (depreciation)	(81,210,344)
Net realized and unrealized loss	(93,098,691)
Net decrease in net assets resulting from operations	$(75,708,988)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares^(a)	Dollars ($)
Capital stock activity
Class A
Subscriptions	2,827,601	59,709,697	3,197,625	72,304,346
Distributions reinvested	465,213	10,004,049	422,466	9,541,542
Redemptions	(5,677,289)	(117,834,520)	(2,316,195)	(52,340,624)
Net increase (decrease)	(2,384,475)	(48,120,774)	1,303,896	29,505,264
Advisor Class
Subscriptions	1,104,949	22,853,745	405,286	9,177,352
Distributions reinvested	27,304	584,883	18,057	407,864
Redemptions	(1,045,297)	(21,511,716)	(79,961)	(1,808,858)
Net increase	86,956	1,926,912	343,382	7,776,358
Class C
Subscriptions	434,477	9,383,550	437,970	9,909,887
Distributions reinvested	34,621	743,222	34,370	776,020
Redemptions	(674,590)	(14,361,509)	(914,953)	(20,709,529)
Net decrease	(205,492)	(4,234,737)	(442,613)	(10,023,622)
Institutional Class
Subscriptions	5,249,253	110,912,003	3,867,293	87,342,708
Distributions reinvested	311,932	6,701,166	248,287	5,604,655
Redemptions	(6,428,241)	(132,167,853)	(1,862,768)	(42,024,710)
Net increase (decrease)	(867,056)	(14,554,684)	2,252,812	50,922,653
Institutional 2 Class
Subscriptions	456,513	9,573,828	86,562	1,955,967
Distributions reinvested	9,463	201,519	6,806	153,520
Redemptions	(331,764)	(6,785,476)	(32,317)	(729,173)
Net increase	134,212	2,989,871	61,051	1,380,314
Institutional 3 Class
Subscriptions	315,473	6,705,144	256,267	5,789,316
Distributions reinvested	19,954	429,189	16,003	361,825
Redemptions	(361,055)	(7,600,751)	(84,776)	(1,918,329)
Net increase (decrease)	(25,628)	(466,418)	187,494	4,232,812
Total net increase (decrease)	(3,261,483)	(62,459,830)	3,706,022	83,793,779

(a)	Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A^(c)
Year Ended 7/31/2022	$22.88	0.48	(2.51)	(2.03)	(0.48)	(0.04)	(0.52)
Year Ended 7/31/2021	$22.56	0.48	0.34	0.82	(0.49)	(0.01)	(0.50)
Year Ended 7/31/2020	$22.22	0.56	0.34	0.90	(0.56)	—	(0.56)
Year Ended 7/31/2019	$21.49	0.64	0.73	1.37	(0.64)	—	(0.64)
Year Ended 7/31/2018	$22.01	0.64	(0.44)	0.20	(0.64)	(0.08)	(0.72)
Advisor Class^(c)
Year Ended 7/31/2022	$22.87	0.53	(2.51)	(1.98)	(0.53)	(0.04)	(0.57)
Year Ended 7/31/2021	$22.55	0.54	0.34	0.88	(0.55)	(0.01)	(0.56)
Year Ended 7/31/2020	$22.21	0.60	0.34	0.94	(0.60)	—	(0.60)
Year Ended 7/31/2019	$21.47	0.68	0.78	1.46	(0.72)	—	(0.72)
Year Ended 7/31/2018	$22.00	0.68	(0.41)	0.27	(0.72)	(0.08)	(0.80)
Class C^(c)
Year Ended 7/31/2022	$22.88	0.31	(2.50)	(2.19)	(0.32)	(0.04)	(0.36)
Year Ended 7/31/2021	$22.56	0.32	0.33	0.65	(0.32)	(0.01)	(0.33)
Year Ended 7/31/2020	$22.22	0.40	0.34	0.74	(0.40)	—	(0.40)
Year Ended 7/31/2019	$21.49	0.48	0.73	1.21	(0.48)	—	(0.48)
Year Ended 7/31/2018	$22.01	0.48	(0.44)	0.04	(0.48)	(0.08)	(0.56)
Institutional Class^(c)
Year Ended 7/31/2022	$22.86	0.53	(2.50)	(1.97)	(0.53)	(0.04)	(0.57)
Year Ended 7/31/2021	$22.54	0.54	0.34	0.88	(0.55)	(0.01)	(0.56)
Year Ended 7/31/2020	$22.20	0.60	0.34	0.94	(0.60)	—	(0.60)
Year Ended 7/31/2019	$21.47	0.68	0.77	1.45	(0.72)	—	(0.72)
Year Ended 7/31/2018	$21.99	0.68	(0.40)	0.28	(0.72)	(0.08)	(0.80)

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

24	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A^(c)
Year Ended 7/31/2022	$20.33	(8.97%)	0.77%^(d)	0.77%^(d),(e)	2.20%	19%	$357,808
Year Ended 7/31/2021	$22.88	3.69%	0.77%	0.77%^(e)	2.15%	7%	$457,218
Year Ended 7/31/2020	$22.56	4.17%	0.77%	0.77%^(e)	2.49%	25%	$421,457
Year Ended 7/31/2019	$22.22	6.50%	0.78%	0.78%	2.95%	18%	$414,107
Year Ended 7/31/2018	$21.49	0.98%	0.78%	0.78%^(e)	2.90%	17%	$402,818
Advisor Class^(c)
Year Ended 7/31/2022	$20.32	(8.74%)	0.52%^(d)	0.52%^(d),(e)	2.48%	19%	$21,305
Year Ended 7/31/2021	$22.87	3.90%	0.52%	0.52%^(e)	2.39%	7%	$21,987
Year Ended 7/31/2020	$22.55	4.44%	0.52%	0.52%^(e)	2.74%	25%	$13,938
Year Ended 7/31/2019	$22.21	6.77%	0.53%	0.53%	3.19%	18%	$12,205
Year Ended 7/31/2018	$21.47	1.23%	0.54%	0.54%^(e)	3.16%	17%	$7,443
Class C^(c)
Year Ended 7/31/2022	$20.33	(9.65%)	1.52%^(d)	1.52%^(d),(e)	1.45%	19%	$39,886
Year Ended 7/31/2021	$22.88	2.91%	1.52%	1.52%^(e)	1.41%	7%	$49,588
Year Ended 7/31/2020	$22.56	3.40%	1.53%	1.53%^(e)	1.74%	25%	$58,885
Year Ended 7/31/2019	$22.22	5.70%	1.53%	1.53%	2.20%	18%	$58,620
Year Ended 7/31/2018	$21.49	0.22%	1.53%	1.53%^(e)	2.14%	17%	$63,680
Institutional Class^(c)
Year Ended 7/31/2022	$20.32	(8.70%)	0.52%^(d)	0.52%^(d),(e)	2.45%	19%	$215,892
Year Ended 7/31/2021	$22.86	3.86%	0.52%	0.52%^(e)	2.39%	7%	$262,778
Year Ended 7/31/2020	$22.54	4.44%	0.52%	0.52%^(e)	2.74%	25%	$208,340
Year Ended 7/31/2019	$22.20	6.76%	0.53%	0.53%	3.19%	18%	$156,662
Year Ended 7/31/2018	$21.47	1.23%	0.53%	0.53%^(e)	3.15%	17%	$119,138

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

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 2 Class^(c)
Year Ended 7/31/2022	$22.85	0.53	(2.51)	(1.98)	(0.53)	(0.04)	(0.57)
Year Ended 7/31/2021	$22.53	0.54	0.33	0.87	(0.54)	(0.01)	(0.55)
Year Ended 7/31/2020	$22.18	0.60	0.35	0.95	(0.60)	—	(0.60)
Year Ended 7/31/2019	$21.45	0.68	0.73	1.41	(0.68)	—	(0.68)
Year Ended 7/31/2018	$21.98	0.68	(0.41)	0.27	(0.72)	(0.08)	(0.80)
Institutional 3 Class^(c)
Year Ended 7/31/2022	$22.90	0.54	(2.52)	(1.98)	(0.54)	(0.04)	(0.58)
Year Ended 7/31/2021	$22.58	0.55	0.34	0.89	(0.56)	(0.01)	(0.57)
Year Ended 7/31/2020	$22.23	0.60	0.35	0.95	(0.60)	—	(0.60)
Year Ended 7/31/2019	$21.50	0.68	0.77	1.45	(0.72)	—	(0.72)
Year Ended 7/31/2018	$22.04	0.68	(0.42)	0.26	(0.72)	(0.08)	(0.80)

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)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	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.

26	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Minnesota Tax-Exempt Fund (the Fund), a series of Columbia Funds Series Trust II (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Fund shares

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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

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Notes to Financial Statements (continued)
July 31, 2022

Derivative instruments

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

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 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.

Effects of derivative transactions in the financial statements

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Notes to Financial Statements (continued)
July 31, 2022

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	51,170

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	23,913,070

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

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

Distributions to shareholders

Columbia Minnesota Tax-Exempt Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transactions with affiliates

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

For the year ended July 31, 2022, the Fund engaged in cross-trades as follows:

Purchases ($)	Sales ($)	Net realized gain (loss) ($)
446,682	—	—

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Notes to Financial Statements (continued)
July 31, 2022

Transfer agency fees

For the year ended July 31, 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	0.05
Advisor Class	0.05
Class C	0.05
Institutional Class	0.05
Institutional 2 Class	0.06
Institutional 3 Class	0.01

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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund’s average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $484,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

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Notes to Financial Statements (continued)
July 31, 2022

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	222,124
Class C	—	1.00^(b)	2,928

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

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	0.84%	0.85%
Advisor Class	0.59	0.60
Class C	1.59	1.60
Institutional Class	0.59	0.60
Institutional 2 Class	0.60	0.61
Institutional 3 Class	0.55	0.56

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation, distributions, re-characterization of distributions for investments and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

34	Columbia Minnesota Tax-Exempt Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 2022

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(50,168)	50,167	1

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 July 31, 2022				Year Ended July 31, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
1,320,351	17,579,857	51,749	18,951,957	410,997	16,646,903	61,679	17,119,579

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	2,112,484	—	(12,828,348)	(33,006,837)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
685,567,637	4,144,889	(37,151,726)	(33,006,837)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(5,057,896)	(7,770,452)	(12,828,348)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $147,641,818 and $198,577,445, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
July 31, 2022

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the year ended July 31, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,620,000	1.89	15

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had an outstanding interfund loan balance at July 31, 2022 as shown in the Statement of Assets and Liabilities. The loans are unsecured.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 8. Significant risks

Credit risk

High-yield investments risk

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Notes to Financial Statements (continued)
July 31, 2022

have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

Municipal securities risk

Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility, and include obligations of the governments of the U.S. territories, commonwealths and possessions such as Guam, Puerto Rico and the U.S. Virgin Islands to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

Issuers in a state, territory, commonwealth or possession in which the Fund invests may experience significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled such as economic downturns or similar periods of economic stress, social conflict or unrest, labor disruption and natural disasters. Such financial difficulties may lead to credit rating downgrades or defaults of such issuers which in turn, could affect the market values and marketability of many or all municipal obligations of issuers in such state, territory, commonwealth or possession. The value of the Fund’s shares will be negatively impacted to the extent it invests in such securities. The Fund’s annual and semiannual reports show the Fund’s investment exposures at a point in time. The risk of investing in the Fund is directly correlated to the Fund’s investment exposures.

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

Non-diversification risk

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

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 65.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
July 31, 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.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Minnesota Tax-Exempt Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Minnesota Tax-Exempt Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.99%

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

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Understanding Your Fund’s Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	14
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	27
Federal Income Tax Information	28
Trustees and Officers	28
Liquidity Risk Management Program	34
Approval of Management Agreement	35

If you elect to receive the shareholder report for Columbia Government Money Market 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

Monthly schedule of portfolio holdings

The Fund’s portfolio holdings are filed with the SEC monthly on Form N-MFP. The Fund’s Form N-MFP filings are available on the SEC’s website at sec.gov and can be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with maximum current income consistent with liquidity and stability of principal.

Portfolio management

John McColley

Average annual total returns (%) (for the period ended July 31, 2022)
	Inception	1 Year	5 Years	10 Years
Class A	10/06/75	0.17	0.76	0.39
Class C	06/26/00	0.16	0.76	0.39
Institutional Class	04/30/10	0.17	0.76	0.40
Institutional 2 Class	12/11/06	0.20	0.85	0.46
Institutional 3 Class*	03/01/17	0.21	0.87	0.46
Class R	08/03/09	0.17	0.76	0.39

The Fund’s 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 fees associated with each share class.

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. The performance of different share classes may vary from that shown because of differences in fees and expenses. The Fund’s returns reflect the effect of fee waivers/expense reimbursements, if any. Without such waivers/reimbursements, the Fund’s returns would be lower. 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.

Prior to October 1, 2016, the Fund operated as a prime money market fund and invested in certain types of securities that the Fund is no longer permitted to hold to any significant extent (i.e., over 0.5% of total assets). Consequently, the performance information may have been different if the current investment limitations had been in effect during the period prior to the Fund’s conversion to a government money market fund.

The Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Fund seeks to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Columbia Government Money Market Fund | Annual Report 2022

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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

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.

February 1, 2022 — July 31, 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	1,001.50	1,023.05	1.47	1.49	0.30
Class C	1,000.00	1,000.00	1,001.50	1,022.95	1.57	1.59	0.32
Institutional Class	1,000.00	1,000.00	1,001.50	1,023.05	1.47	1.49	0.30
Institutional 2 Class	1,000.00	1,000.00	1,001.80	1,023.15	1.37	1.39	0.28
Institutional 3 Class	1,000.00	1,000.00	1,001.90	1,023.49	1.03	1.04	0.21
Class R	1,000.00	1,000.00	1,001.50	1,023.10	1.42	1.44	0.29

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.

Effective July 1, 2022, the management services fee is an annual fee that declines from 0.33% to 0.12% as net assets increase. Also, from time to time, the Investment Manager and its affiliates may limit the expenses of the Fund for the purpose of increasing the yield. This expense limitation policy may be revised or terminated at any time without notice. If the management services fee change had been in place for the entire six months and had the Investment Manager and its affiliates not limited the expenses of the Fund as a result of the yield during the six months ended July 31, 2022, the annualized expense ratios would have been 0.35% for Class A, 0.35% for Institutional Class and 0.35% for Class R. The actual expenses paid would have been $1.72 for Class A, $1.72 for Institutional Class and $1.72 for Class R; the hypothetical expenses paid would have been $1.74 for Class A, $1.74 for Institutional Class and $1.74 for Class R.

Other share classes may have had expense changes; however, the changes were not considered material.

Columbia Government Money Market Fund | Annual Report 2022

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Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Repurchase Agreements 9.8%
Issuer	Yield	Principal Amount ($)	Value ($)
Tri-party RBC Dominion Securities, Inc.
dated 07/29/2022, matures 08/01/2022,
repurchase price $30,005,675 (collateralized by U.S. Treasury Securities, Total Market Value $30,600,036)
	2.270%	30,000,000	30,000,000
Tri-party TD Securities (USA) LLC
dated 07/29/2022, matures 08/01/2022,
repurchase price $30,005,750 (collateralized by U.S. Treasury Securities, Total Market Value $30,600,050)
	2.300%	30,000,000	30,000,000
Total Repurchase Agreements (Cost $60,000,000)			60,000,000

Treasury Bills 14.8%

United States 14.8%
U.S. Treasury Bills
08/02/2022	0.770%	20,000,000	19,998,311
08/09/2022	1.350%	40,000,000	39,983,698
08/11/2022	0.830%	7,000,000	6,997,939
08/16/2022	1.360%	23,000,000	22,984,580
Total			89,964,528
Total Treasury Bills (Cost $89,964,528)			89,964,528

U.S. Government & Agency Obligations 65.3%

Federal Agricultural Mortgage Corp.
11/17/2022	1.350%	5,000,000	5,000,000
05/12/2023	2.300%	4,500,000	4,500,000
Federal Agricultural Mortgage Corp. Discount Notes
09/01/2022	2.220%	10,000,000	9,979,375
10/31/2022	1.230%	3,000,000	2,990,545
Federal Farm Credit Banks Discount Notes
08/09/2022	1.380%	6,000,000	5,997,500
08/11/2022	1.400%	10,000,000	9,995,000
08/24/2022	2.150%	6,000,000	5,990,833
Federal Farm Credit Banks Funding Corp.
10/13/2022	0.090%	5,750,000	5,749,748
01/18/2023	0.460%	5,000,000	5,000,000
Federal Home Loan Banks^(a)
SOFR + 0.000% 08/19/2022	2.280%	10,000,000	10,000,000
SOFR + 0.010% 09/21/2022	2.290%	12,000,000	12,000,000
SOFR + 0.020% 12/16/2022	2.300%	10,000,000	10,000,000

U.S. Government & Agency Obligations (continued)
Issuer	Yield	Principal Amount ($)	Value ($)
Federal Home Loan Banks
12/12/2022	0.210%	5,250,000	5,250,000
03/21/2023	1.250%	3,000,000	3,000,000
03/21/2023	1.300%	3,000,000	3,000,000
Federal Home Loan Banks^(b)
03/30/2023	1.120%	3,500,000	3,500,000
Federal Home Loan Banks Discount Notes
08/01/2022	0.930%	25,000,000	24,998,083
08/03/2022	1.240%	29,000,000	28,995,088
08/04/2022	1.650%	6,100,000	6,098,348
08/05/2022	1.240%	39,000,000	38,990,708
08/08/2022	1.370%	39,285,000	39,270,288
08/10/2022	1.520%	19,700,000	19,690,132
08/12/2022	1.300%	30,000,000	29,985,045
08/16/2022	1.500%	5,000,000	4,996,293
08/17/2022	0.960%	9,000,000	8,995,523
08/18/2022	1.520%	19,000,000	18,984,156
Federal Home Loan Mortgage Corp.^(a)
SOFR + 0.095% 08/19/2022	2.370%	7,000,000	7,000,365
SOFR + 0.100% 08/19/2022	2.380%	12,000,000	12,000,000
Federal Home Loan Mortgage Corp.^(b)
04/05/2023	1.250%	3,750,000	3,750,000
Federal Home Loan Mortgage Corp. Discount Notes
08/17/2022	1.040%	9,000,000	8,995,140
08/24/2022	1.090%	1,000,000	999,222
Federal National Mortgage Association Discount Notes
08/10/2022	0.940%	15,500,000	15,495,219
08/31/2022	1.170%	14,913,000	14,897,271
Tennesse Valley Authority Discount Notes
08/03/2022	1.690%	12,000,000	11,997,224
Total U.S. Government & Agency Obligations (Cost $398,091,106)			398,091,106

U.S. Treasury Obligations 8.7%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury^(a)
3-month U.S. Treasury Index + 0.049% 01/31/2023	2.585%	16,000,000	16,000,164
3-month U.S. Treasury Index + 0.034% 04/30/2023	2.570%	8,000,000	8,000,244
3-month U.S. Treasury Index + -0.015% 01/31/2024	2.521%	19,000,000	19,012,760

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

6	Columbia Government Money Market Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

U.S. Treasury Obligations (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury^(a),(c)
3-month U.S. Treasury Index + 0.037% 07/31/2024	2.573%	10,000,000	9,999,995
Total U.S. Treasury Obligations (Cost $53,013,163)			53,013,163

Total Investments in Securities (Cost: $601,068,797)		601,068,797
Other Assets & Liabilities, Net		8,690,880
Net Assets		609,759,677

Notes to Portfolio of Investments

(a)	Variable rate security. The interest rate shown was the current rate as of July 31, 2022.
(b)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2022.
(c)	Represents a security purchased on a when-issued basis.

Abbreviation Legend

SOFR	Secured Overnight Financing Rate

Fair value measurements

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

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

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

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

Short-term securities are valued using amortized cost, as permitted under Rule 2a-7 of the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of these securities, but because the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

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

Columbia Government Money Market Fund | Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
July 31, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $541,068,797)	$541,068,797
Repurchase agreements (cost $60,000,000)	60,000,000
Cash	17,414,672
Receivable for:
Capital shares sold	2,841,272
Interest	387,607
Expense reimbursement due from Investment Manager	2,217
Prepaid expenses	11,796
Total assets	621,726,361
Liabilities
Payable for:
Investments purchased	1,415
Investments purchased on a delayed delivery basis	10,000,710
Capital shares purchased	1,054,741
Distributions to shareholders	599,304
Management services fees	5,490
Transfer agent fees	54,574
Compensation of board members	182,230
Other expenses	68,220
Total liabilities	11,966,684
Net assets applicable to outstanding capital stock	$609,759,677
Represented by
Paid in capital	610,007,097
Total distributable earnings (loss)	(247,420)
Total - representing net assets applicable to outstanding capital stock	$609,759,677
Class A
Net assets	$367,495,630
Shares outstanding	367,447,134
Net asset value per share	$1.00
Class C
Net assets	$17,683,596
Shares outstanding	17,686,827
Net asset value per share	$1.00
Institutional Class
Net assets	$91,816,852
Shares outstanding	91,850,736
Net asset value per share	$1.00
Institutional 2 Class
Net assets	$71,924,773
Shares outstanding	71,928,344
Net asset value per share	$1.00
Institutional 3 Class
Net assets	$57,021,067
Shares outstanding	57,036,119
Net asset value per share	$1.00
Class R
Net assets	$3,817,759
Shares outstanding	3,817,735
Net asset value per share	$1.00

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

Columbia Government Money Market Fund | Annual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	122,477,570	122,477,570	102,556,085	102,556,086
Distributions reinvested	597,837	597,837	37,865	37,865
Redemptions	(114,573,092)	(114,573,093)	(139,180,191)	(139,184,986)
Net increase (decrease)	8,502,315	8,502,314	(36,586,241)	(36,591,035)
Class C
Subscriptions	15,149,503	15,149,502	10,222,418	10,222,418
Distributions reinvested	26,015	26,015	1,501	1,501
Redemptions	(8,307,486)	(8,307,486)	(16,004,821)	(16,004,821)
Net increase (decrease)	6,868,032	6,868,031	(5,780,902)	(5,780,902)
Institutional Class
Subscriptions	42,765,056	42,765,056	50,840,483	50,840,482
Distributions reinvested	150,864	150,864	8,962	8,962
Redemptions	(36,762,655)	(36,762,655)	(59,629,575)	(59,629,575)
Net increase (decrease)	6,153,265	6,153,265	(8,780,130)	(8,780,131)
Institutional 2 Class
Subscriptions	86,490,850	86,490,850	18,105,202	18,105,202
Distributions reinvested	129,098	129,098	885	885
Redemptions	(22,337,086)	(22,337,086)	(18,813,518)	(18,813,518)
Net increase (decrease)	64,282,862	64,282,862	(707,431)	(707,431)
Institutional 3 Class
Subscriptions	58,820,671	58,820,670	55,574,209	55,574,209
Distributions reinvested	120,527	120,527	5,021	5,021
Redemptions	(52,869,413)	(52,869,413)	(67,864,364)	(67,859,668)
Net increase (decrease)	6,071,785	6,071,784	(12,285,134)	(12,280,438)
Class R
Subscriptions	1,797,153	1,797,154	5,699,020	5,699,020
Distributions reinvested	6,533	6,533	515	515
Redemptions	(3,370,341)	(3,370,341)	(4,920,586)	(4,920,489)
Net increase (decrease)	(1,566,655)	(1,566,654)	778,949	779,046
Total net increase (decrease)	90,311,604	90,311,602	(63,360,889)	(63,360,891)

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

12	Columbia Government Money Market Fund \| Annual Report 2022

Table of Contents

Financial Highlights

	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 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)
Class C
Year Ended 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)
Institutional Class
Year Ended 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)
Institutional 2 Class
Year Ended 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)
Institutional 3 Class
Year Ended 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)

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

14	Columbia Government Money Market Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets	Total net expense ratio to average net assets^(a)	Net investment income ratio to average net assets	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$1.00	0.17%	0.61%	0.17%^(c),(d)	0.15%	$367,496
Year Ended 7/31/2021	$1.00	0.01%	0.63%	0.08%^(c),(d)	0.01%	$359,058
Year Ended 7/31/2020	$1.00	0.90%	0.63%	0.39%^(c),(d)	0.82%	$395,640
Year Ended 7/31/2019	$1.00	1.83%	0.65%	0.50%	1.83%	$380,309
Year Ended 7/31/2018	$1.00	0.90%	0.66%	0.51%^(c)	0.86%	$433,330
Class C
Year Ended 7/31/2022	$1.00	0.16%	0.61%	0.20%^(c),(d)	0.20%	$17,684
Year Ended 7/31/2021	$1.00	0.01%	0.63%	0.08%^(c),(d)	0.01%	$10,818
Year Ended 7/31/2020	$1.00	0.90%	0.62%	0.34%^(c),(d)	0.58%	$16,598
Year Ended 7/31/2019	$1.00	1.83%	0.65%	0.50%	1.85%	$7,541
Year Ended 7/31/2018	$1.00	0.90%	0.66%	0.51%^(c)	0.85%	$7,042
Institutional Class
Year Ended 7/31/2022	$1.00	0.17%	0.61%	0.17%^(c),(d)	0.15%	$91,817
Year Ended 7/31/2021	$1.00	0.01%	0.63%	0.08%^(c),(d)	0.01%	$85,679
Year Ended 7/31/2020	$1.00	0.90%	0.63%	0.37%^(c),(d)	0.74%	$94,458
Year Ended 7/31/2019	$1.00	1.83%	0.65%	0.50%	1.82%	$69,331
Year Ended 7/31/2018	$1.00	0.90%	0.65%	0.51%^(c)	0.90%	$94,239
Institutional 2 Class
Year Ended 7/31/2022	$1.00	0.20%	0.49%	0.25%^(d)	0.45%	$71,925
Year Ended 7/31/2021	$1.00	0.01%	0.52%	0.07%^(d)	0.01%	$7,647
Year Ended 7/31/2020	$1.00	1.00%	0.51%	0.29%^(d)	0.82%	$8,354
Year Ended 7/31/2019	$1.00	1.96%	0.52%	0.36%	2.06%	$4,674
Year Ended 7/31/2018	$1.00	1.07%	0.49%	0.34%	1.12%	$1,919
Institutional 3 Class
Year Ended 7/31/2022	$1.00	0.21%	0.46%	0.13%^(d)	0.20%	$57,021
Year Ended 7/31/2021	$1.00	0.01%	0.47%	0.08%^(d)	0.01%	$50,960
Year Ended 7/31/2020	$1.00	1.04%	0.46%	0.26%^(d)	0.97%	$63,239
Year Ended 7/31/2019	$1.00	2.02%	0.47%	0.31%	2.06%	$69,061
Year Ended 7/31/2018	$1.00	1.08%	0.46%	0.33%	1.38%	$10,312

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

Columbia Government Money Market Fund | Annual Report 2022

Table of Contents

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 7/31/2022	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	(0.00)^(b)	(0.00)^(b)
Year Ended 7/31/2021	$1.00	0.00^(b)	0.00^(b)	0.00^(b)	(0.00)^(b)	—	(0.00)^(b)
Year Ended 7/31/2020	$1.00	0.01	0.00^(b)	0.01	(0.01)	(0.00)^(b)	(0.01)
Year Ended 7/31/2019	$1.00	0.02	0.00^(b)	0.02	(0.02)	—	(0.02)
Year Ended 7/31/2018	$1.00	0.01	0.00^(b)	0.01	(0.01)	—	(0.01)

Notes to Financial Highlights
(a)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(b)	Rounds to zero.
(c)	The benefits derived from expense reductions had an impact of less than 0.01%.
(d)	Ratios include the impact of voluntary waivers paid by the Investment Manager. For the periods indicated below, if the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by:

	7/31/2022	7/31/2021	7/31/2020
Class A	0.24%	0.36%	0.08%
Class C	0.21%	0.36%	0.11%
Institutional Class	0.24%	0.36%	0.09%
Institutional 2 Class	0.04%	0.27%	0.06%
Institutional 3 Class	0.13%	0.21%	0.03%
Class R	0.26%	0.37%	0.09%

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

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Government Money Market Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class R shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Certain securities in the Fund are valued utilizing the amortized cost valuation method permitted in accordance with Rule 2a-7 under the 1940 Act provided certain conditions are met, including that the Board of Trustees continues to believe that the amortized cost valuation method fairly reflects the market-based net asset value per share of the Fund. This method involves valuing a portfolio security initially at its cost and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively. The Board of Trustees has established procedures intended to stabilize the Fund’s net asset value for purposes of purchases and redemptions of Fund shares at $1.00 per share. These procedures include determinations, at such intervals as the Board of Trustees deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Fund’s market-based net asset value deviates from $1.00 per share. In the event such deviation exceeds 1/2 of 1%, the Board of Trustees will promptly consider what action, if any, should be initiated.

Repurchase agreements

The Fund may invest in repurchase agreement transactions with institutions that management has determined are creditworthy. The Fund, through the custodian, receives delivery of the underlying securities collateralizing a repurchase agreement. Management is responsible for determining that the collateral is at least equal, at all times, to the value of the repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or

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Notes to Financial Statements (continued)
July 31, 2022

insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Delayed delivery securities

Offsetting of assets and liabilities

	RBC Dominion Securities ($)	TD Securities ($)	Total ($)
Assets
Repurchase agreements	30,000,000	30,000,000	60,000,000
Total financial and derivative net assets	30,000,000	30,000,000	60,000,000
Total collateral received (pledged) ^(a)	30,000,000	30,000,000	60,000,000
Net amount ^(b)	-	-	-

(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

Income recognition

Interest income, including amortization of premium and discount, is recognized daily.

Expenses

Determination of class net asset value

Federal income tax status

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Notes to Financial Statements (continued)
July 31, 2022

Distributions to shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned or more frequently to seek to maintain a net asset value of $1.00 per share, unless such capital gains are offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. Effective July 1, 2022, the management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.33% to 0.12% as the Fund’s net assets increase. Prior to July 1, 2022, the management services fee was equal to a percentage of the Fund’s daily net assets that declined from 0.39% to 0.18% as the Fund’s net assets increased. The effective management services fee rate for the year ended July 31, 2022 was 0.38% of the Fund’s average daily net assets.

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
July 31, 2022

For the year ended July 31, 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	0.17
Class C	0.17
Institutional Class	0.17
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.17

The Fund and certain other affiliated investment companies had severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expired on January 31, 2019. Prior to being dissolved on March 17, 2022, SDC was owned by six associated investment companies, including the Fund.

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. Under a Plan and Agreement of Distribution, the Fund pays a fee at an annual rate of up to 0.10% of the Fund’s average daily net assets attributable to Class A shares, and a fee at an annual rate of up to 0.75% and 0.50% of the Fund’s average daily net assets attributable to Class C and Class R shares, respectively. For the year ended July 31, 2022, the Fund did not pay fees for Class A, Class C and Class R shares. The contractual fee suspension on Class A, Class C and Class R shares is effective through November 30, 2022.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $297,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or Contingent Deferred Sales Charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

CDSCs received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below. These CDSCs are from the sale of shares issued by the Fund in exchange for shares of a non-money market fund subject to a CDSC that were subsequently redeemed within the CDSC timeframe imposed from the original purchase.

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Notes to Financial Statements (continued)
July 31, 2022

	Front End (%)	CDSC (%)	Amount ($)
Class A	—	—	545
Class C	—	—	3,542

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	0.50%	0.55%
Class C	1.15	1.20
Institutional Class	0.40	0.45
Institutional 2 Class	0.29	0.34
Institutional 3 Class	0.25	0.29
Class R	0.90	0.95

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, from time to time, the Investment Manager and its affiliates may waive or absorb expenses of the Fund with the intent of allowing the Fund to avoid a negative net yield or to increase the Fund’s positive net yield. The Fund’s yield would be negative if Fund expenses exceed Fund income. Any such expense limitation is voluntary and may be revised or terminated at any time without notice to shareholders and, accordingly, any positive net yield resulting therefrom will cease. 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. The contractual expense cap includes distribution and shareholder services fees. As discussed above, the distribution and/or shareholder services fee is not charged to Class A, Class C and Class R shares.

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
(45,258)	45,258	—

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Notes to Financial Statements (continued)
July 31, 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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
1,040,011	8,156	1,048,167	55,817	—	55,817

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
533,286	—	—	—

At July 31, 2022, the cost of all investments for federal income tax purposes was $601,068,797. Tax cost of investments may also include timing differences that do not constitute adjustments to tax basis.

Note 5. Interfund lending

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the year ended July 31, 2022.

Note 6. Line of credit

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Notes to Financial Statements (continued)
July 31, 2022

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 July 31, 2022.

Note 7. Significant risks

Credit risk

Government money market fund risk

Although government money market funds (such as the Fund) may seek to preserve the value of shareholders’ investment at $1.00 per share, the net asset values of such money market fund shares can fall, and in infrequent cases in the past have fallen, below $1.00 per share, potentially causing shareholders who redeem their shares at such net asset values to lose money from their original investment.

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund’s portfolio to satisfy redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund and cause the net asset value of Fund shares to fall below $1.00 per share. Additionally, in some cases, the default of a single portfolio security could cause the net asset value of Fund shares to fall below $1.00 per share. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

It is possible that, during periods of low prevailing interest rates or otherwise, the income from portfolio securities may be less than the amount needed to pay ongoing Fund operating expenses and may prevent payment of any dividends or distributions to Fund shareholders or cause the net asset value of Fund shares to fall below $1.00 per share. In such cases, the Fund may reduce or eliminate the payment of such dividends or distributions or seek to reduce certain of its operating expenses. There is no guarantee that such actions would enable the Fund to maintain a constant net asset value of $1.00 per share.

Interest rate risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

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

Shareholder concentration risk

At July 31, 2022, one unaffiliated shareholder of record owned 12.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 45.0% 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 8. Subsequent events

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Notes to Financial Statements (continued)
July 31, 2022

Note 9. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Government Money Market Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Government Money Market Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Section 163(j) Interest Dividends
100.00%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the percentage ranking of the Fund among its comparison group, and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median based on information provided by Broadridge.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Understanding Your Fund’s Expenses	4
Portfolio of Investments	5
Statement of Assets and Liabilities	9
Statement of Operations	10
Statement of Changes in Net Assets	11
Financial Highlights	12
Notes to Financial Statements	13
Report of Independent Registered Public Accounting Firm	20
Federal Income Tax Information	21
Trustees and Officers	21
Liquidity Risk Management Program	27
Approval of Management Agreement	28

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which Columbia Short-Term Cash Fund (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 or searching the website of the 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.

Monthly schedule of portfolio holdings

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors 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.

February 1, 2022 — July 31, 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
Columbia Short-Term Cash Fund	1,000.00	1,000.00	1,003.40	1,024.52	0.00^(a)	0.00^(a)	0.00^(a)

(a)	Rounds to zero.

Expenses paid during the period are equal to the annualized expense ratio 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.

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Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Asset-Backed Commercial Paper 2.9%
Issuer	Yield	Principal Amount ($)	Value ($)
MetLife Short Term Funding LLC^(a)
08/02/2022	1.990%	45,000,000	44,990,190
08/03/2022	1.990%	23,000,000	22,993,721
08/08/2022	1.910%	50,000,000	49,973,850
08/11/2022	1.830%	65,000,000	64,957,685
08/17/2022	1.820%	14,872,000	14,857,931
08/18/2022	1.830%	60,000,000	59,940,000
08/19/2022	1.830%	77,000,000	76,918,842
09/08/2022	2.560%	151,566,000	151,131,764
Total Asset-Backed Commercial Paper (Cost $485,839,604)			485,763,983

Asset-Backed Securities — Non-Agency 2.7%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
AmeriCredit Automobile Receivables Trust
Series 2022-2 Class A1
06/19/2023	2.192%	36,123,428	36,097,036
ARI Fleet Lease Trust^(a)
Series 2022-A Class A1
04/17/2023	1.495%	30,730,459	30,590,549
Carvana Auto Receivables Trust
Series 2022-P1 Class A1
04/12/2023	1.218%	5,888,049	5,885,797
Dell Equipment Finance Trust^(a)
Series 2022-1 Class A1
03/22/2023	1.217%	63,434,407	63,235,895
Enterprise Fleet Financing LLC^(a)
Series 2022-1 Class A1
04/20/2023	1.485%	90,048,049	89,757,779
HPEFS Equipment Trust^(a)
Series 2022-1A Class A1
01/20/2023	0.427%	39,631,571	39,512,998
Series 2022-2A Class A1
05/22/2023	1.905%	47,448,304	47,271,322
NMEF Funding LLC^(a)
Series 2022-A Class A1
03/15/2023	0.968%	24,588,476	24,504,305
SCF Equipment Leasing^(a)
Series 2022-1A Class A1
03/13/2023	0.632%	5,114,741	5,109,051
Westlake Automobile Receivables Trust^(a)
Series 2022-2A Class A1
06/15/2023	1.808%	110,104,169	109,932,130
Total Asset-Backed Securities — Non-Agency (Cost $453,111,653)			451,896,862

Certificates of Deposit 6.3%
Issuer	Yield	Principal Amount ($)	Value ($)
Australia & New Zealand Banking Group Ltd.
08/01/2022	2.320%	500,000,000	500,000,000
BNP Paribas SA
08/01/2022	1.350%	90,000,000	90,007,099
Canadian Imperial Bank of Commerce
08/01/2022	2.300%	100,000,000	100,000,000
Cooperatieve Rabobank UA
08/01/2022	1.350%	290,000,000	290,022,872
Royal Bank of Canada
12/02/2022	3.020%	100,000,000	99,716,500
Total Certificates of Deposit (Cost $1,080,000,000)			1,079,746,471

Commercial Paper 25.4%

Banking 13.1%
Bank of Montreal
08/04/2022	2.400%	190,000,000	189,925,140
08/04/2022	2.400%	50,000,000	49,980,300
08/08/2022	2.420%	50,000,000	49,966,900
08/29/2022	2.520%	100,000,000	99,786,400
08/30/2022	2.520%	50,000,000	49,889,600
10/07/2022	2.710%	50,000,000	49,741,650
DNB Bank ASA^(a)
08/08/2022	2.400%	100,000,000	99,934,200
08/29/2022	2.430%	175,000,000	174,640,200
09/08/2022	2.450%	20,000,000	19,945,020
09/28/2022	2.510%	200,000,000	199,164,000
Nordea Bank Abp^(a)
08/08/2022	2.380%	50,000,000	49,967,400
Royal Bank of Canada^(a)
08/16/2022	2.280%	32,000,000	31,964,128
10/05/2022	2.330%	75,000,000	74,675,175
10/17/2022	2.410%	100,000,000	99,475,300
10/25/2022	2.450%	50,000,000	49,705,850
Skandinaviska Enskilda Banken AB^(a)
08/10/2022	2.530%	30,000,000	29,975,040
08/12/2022	2.490%	100,000,000	99,904,500
08/15/2022	2.460%	100,000,000	99,885,600
08/18/2022	2.480%	30,000,000	29,959,350
08/24/2022	2.460%	125,000,000	124,781,250
09/12/2022	2.500%	25,000,000	24,923,125
10/13/2022	2.570%	50,000,000	49,733,500
Toronto-Dominion Bank (The)^(a)
08/16/2022	1.980%	40,000,000	39,961,000
08/22/2022	2.020%	100,000,000	99,867,100
08/30/2022	2.150%	250,000,000	249,529,500
11/23/2022	2.710%	100,000,000	99,138,200
Total			2,236,419,428

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

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Portfolio of Investments (continued)
July 31, 2022

Commercial Paper (continued)
Issuer	Yield	Principal Amount ($)	Value ($)
Construction Machinery 1.1%
Caterpillar Financial Services Corp.
08/25/2022	2.400%	130,000,000	129,769,900
08/31/2022	2.410%	50,000,000	49,891,200
Total			179,661,100
Consumer Products 0.6%
Procter & Gamble Co. (The)^(a)
08/22/2022	2.210%	100,000,000	99,855,200
Life Insurance 1.5%
New York Life Capital Corp.^(a)
08/18/2022	2.300%	13,327,000	13,310,221
09/01/2022	2.390%	35,160,000	35,082,015
09/13/2022	2.470%	45,196,000	45,055,759
10/27/2022	2.800%	52,453,000	52,093,855
Pricoa Short Term Funding LLC^(a)
10/03/2022	2.180%	50,000,000	49,803,650
Prudential Funding LLC
08/01/2022	2.130%	65,000,000	64,988,625
Total			260,334,125
Pharmaceuticals 4.5%
Novartis Finance Corp.^(a)
08/01/2022	2.230%	97,000,000	96,982,249
08/02/2022	2.240%	29,050,000	29,042,883
08/03/2022	2.250%	33,000,000	32,989,836
08/17/2022	2.490%	45,000,000	44,941,680
Roche Holdings, Inc.^(a)
08/01/2022	2.240%	80,000,000	79,985,280
08/02/2022	2.250%	40,000,000	39,990,160
08/10/2022	2.190%	74,000,000	73,946,868
08/17/2022	2.180%	25,000,000	24,971,675
Sanofi SA^(a)
09/22/2022	2.440%	200,000,000	199,266,600
09/27/2022	2.460%	30,950,000	30,825,364
09/29/2022	2.470%	116,350,000	115,863,192
Total			768,805,787
Retailers 1.8%
Walmart, Inc.^(a)
08/09/2022	2.010%	100,000,000	99,939,500
08/15/2022	1.980%	209,750,000	209,556,820
Total			309,496,320
Technology 2.8%
Apple, Inc.^(a)
08/03/2022	2.190%	150,000,000	149,955,000
08/04/2022	2.190%	50,000,000	49,982,000
08/10/2022	2.210%	25,000,000	24,981,825
08/26/2022	2.270%	143,000,000	142,751,180

Commercial Paper (continued)
Issuer	Yield	Principal Amount ($)	Value ($)
09/12/2022	2.330%	100,000,000	99,713,100
Total			467,383,105
Total Commercial Paper (Cost $4,323,957,161)			4,321,955,065

Repurchase Agreements 28.5%

Tri-party Federal Reserve Bank of New York
dated 07/29/2022, matures 08/01/2022,
repurchase price $4,450,852,917 (collateralized by U.S. Treasury Securities, Total Market Value $4,450,852,965)
	2.300%	4,450,000,000	4,450,000,000
Tri-party RBC Dominion Securities, Inc.
dated 07/29/2022, matures 08/01/2022,
repurchase price $300,056,750 (collateralized by U.S. Treasury Securities, Total Market Value $306,000,079)
	2.310%	300,000,000	299,999,000
Tri-party TD Securities (USA) LLC
dated 07/29/2022, matures 08/01/2022,
repurchase price $100,019,167 (collateralized by U.S. Treasury Securities, Total Market Value $102,000,060)
	2.310%	100,000,000	99,999,917
Total Repurchase Agreements (Cost $4,850,000,000)			4,849,998,917

Treasury Bills 1.7%

United States 1.7%
U.S. Treasury Bills
08/02/2022	0.490%	97,000,000	96,994,789
08/04/2022	0.980%	100,000,000	99,983,934
08/09/2022	1.530%	100,000,000	99,954,043
Total			296,932,766
Total Treasury Bills (Cost $296,956,942)			296,932,766

U.S. Government & Agency Obligations 23.8%

Federal Agricultural Mortgage Corp.
05/12/2023	3.130%	17,000,000	16,890,563
Federal Farm Credit Banks Funding Corp.
01/18/2023	3.000%	74,000,000	73,131,211
Federal Home Loan Banks^(b)
SOFR + 0.010% 09/21/2022	2.290%	151,000,000	150,937,320
SOFR + 0.030% 10/20/2022	2.310%	165,000,000	164,978,748
SOFR + 0.020% 12/16/2022	2.300%	160,000,000	159,940,864
SOFR + 0.040% 12/27/2022	2.320%	200,000,000	199,958,944

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

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Portfolio of Investments (continued)
July 31, 2022

U.S. Government & Agency Obligations (continued)
Issuer	Yield	Principal Amount ($)	Value ($)
Federal Home Loan Banks Discount Notes
08/05/2022	2.130%	281,200,000	281,085,178
08/08/2022	3.050%	100,000,000	99,916,561
08/09/2022	3.050%	200,000,000	199,816,354
08/10/2022	3.050%	150,000,000	149,849,941
08/11/2022	3.050%	250,000,000	249,728,710
08/12/2022	3.050%	200,000,000	199,766,666
08/15/2022	3.050%	50,000,000	49,929,139
08/16/2022	3.040%	100,000,000	99,850,079
08/22/2022	3.050%	100,000,000	99,799,921
08/23/2022	3.050%	300,000,000	299,374,905
08/24/2022	2.920%	200,000,000	199,585,154
08/25/2022	3.050%	200,000,000	199,549,502
08/26/2022	3.000%	150,000,000	149,650,462
09/02/2022	3.050%	171,450,000	170,950,825
09/07/2022	3.040%	281,700,000	280,763,911
09/07/2022	3.050%	66,300,000	66,078,936
09/09/2022	2.460%	150,000,000	149,577,156
Federal Home Loan Mortgage Corp.^(b)
SOFR + 0.070% 08/12/2022	2.350%	131,000,000	130,993,753
SOFR + 0.100% 08/19/2022	2.380%	150,000,000	149,950,873
Federal National Mortgage Association Discount Notes
08/10/2022	3.010%	13,000,000	12,987,134
08/31/2022	3.010%	50,000,000	49,864,150
Total U.S. Government & Agency Obligations (Cost $4,058,702,019)			4,054,906,960

U.S. Treasury Obligations 6.3%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
U.S. Treasury^(b)
3-month U.S. Treasury Index + 0.049% 01/31/2023	2.585%	400,000,000	400,372,560
3-month U.S. Treasury Index + 0.034% 04/30/2023	2.570%	152,862,500	153,043,367
3-month U.S. Treasury Index + -0.015% 01/31/2024	2.521%	361,500,000	361,438,378
U.S. Treasury^(b),(c)
3-month U.S. Treasury Index + 0.037% 07/31/2024	2.573%	160,000,000	160,385,072
Total U.S. Treasury Obligations (Cost $1,074,614,100)			1,075,239,377

Total Investments in Securities (Cost: $16,623,181,479)		16,616,440,401
Other Assets & Liabilities, Net		406,577,960
Net Assets		17,023,018,361

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $4,708,503,610, which represents 26.34% of total net assets.
(b)	Variable rate security. The interest rate shown was the current rate as of July 31, 2022.
(c)	Represents a security purchased on a when-issued basis.

Abbreviation Legend

SOFR	Secured Overnight Financing Rate

Fair value measurements

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

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

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

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

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Portfolio of Investments (continued)
July 31, 2022

Fair value measurements (continued)

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Asset-Backed Commercial Paper	—	485,763,983	—	485,763,983
Asset-Backed Securities — Non-Agency	—	451,896,862	—	451,896,862
Certificates of Deposit	—	1,079,746,471	—	1,079,746,471
Commercial Paper	—	4,321,955,065	—	4,321,955,065
Repurchase Agreements	—	4,849,998,917	—	4,849,998,917
Treasury Bills	296,932,766	—	—	296,932,766
U.S. Government & Agency Obligations	—	4,054,906,960	—	4,054,906,960
U.S. Treasury Obligations	1,075,239,377	—	—	1,075,239,377
Total Investments in Securities	1,372,172,143	15,244,268,258	—	16,616,440,401

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.

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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 held for the periods shown. Total return assumes reinvestment of all dividends and distributions, if any. Total return is not annualized for periods of less than one year.

	Year Ended July 31,
	2022	2021	2020	2019	2018
Per share data
Net asset value, beginning of period	$0.9999	$1.0000	$0.9999	$0.9999	$1.0000
Income from investment operations:
Net investment income	0.0035	0.0009	0.0132	0.0234	0.0152
Net realized and unrealized gain (loss)	(0.0001)	(0.0000)^(a)	0.0001	0.0001	(0.0002)
Total from investment operations	0.0034	0.0009	0.0133	0.0235	0.0150
Less distributions to shareholders from:
Net investment income	(0.0038)	(0.0010)	(0.0132)	(0.0235)	(0.0151)
Total distributions to shareholders	(0.0038)	(0.0010)	(0.0132)	(0.0235)	(0.0151)
Net asset value, end of period	$0.9995	$0.9999	$1.0000	$0.9999	$0.9999
Total return	0.38%	0.10%	1.32%	2.37%	1.52%
Ratios to average net assets
Total gross expenses	0.00%^(a)	0.01%	0.00%^(a)	0.00%^(a)	0.00%^(a)
Total net expenses	0.00%^(a)	0.01%	0.00%^(a)	0.00%^(a)	0.00%^(a)
Net investment income	0.35%	0.09%	1.32%	2.34%	1.52%
Supplemental data
Net assets, end of period (in thousands)	$17,023,018	$20,154,518	$14,286,658	$13,799,707	$14,040,107

Notes to Financial Highlights
(a)	Rounds to zero.

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

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Short-Term Cash Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

The Trust may issue an unlimited number of shares (without par value). Investments in the Fund may be made only by investment companies, common or commingled trust funds, or similar organizations or persons that are accredited investors within the meaning of Regulation D under the Securities Act of 1933, as amended.

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

The Fund calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. Although the Fund is a money market fund, the net asset value of the Fund will fluctuate with changes in the values of the Fund’s portfolio securities. As a result, the Fund’s net asset value may be above or below $1.0000. Prior to October 1, 2016, the Fund maintained a stable net asset value.

Repurchase agreements

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Notes to Financial Statements (continued)
July 31, 2022

repurchase obligation including interest. A repurchase agreement transaction involves certain risks in the event of default or insolvency of the counterparty. These risks include possible delays in or restrictions on the Fund’s ability to dispose of the underlying securities and a possible decline in the value of the underlying securities during the period while the Fund seeks to assert its rights.

Asset- and mortgage-backed securities

Delayed delivery securities

Offsetting of assets and liabilities

	Federal Reserve Bank ($)	RBC Dominion Securities ($)	TD Securities ($)	Total ($)
Assets
Repurchase agreements	4,450,000,000	299,999,000	99,999,917	4,849,998,917
Total financial and derivative net assets	4,450,000,000	299,999,000	99,999,917	4,849,998,917
Total collateral received (pledged) ^(a)	4,450,000,000	299,999,000	99,999,917	4,849,998,917
Net amount ^(b)	-	-	-	-

(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

Income recognition

Dividend income is recorded on the ex-dividend date.

Interest income, including amortization of premium and discount, is recognized daily.

Expenses

Federal income tax status

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Notes to Financial Statements (continued)
July 31, 2022

Distributions to shareholders

Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually after the fiscal year in which the capital gains were earned, unless offset by any available capital loss carryforward. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Fund has a Transfer and Dividend Disbursing Agent Agreement with Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, under which the Fund does not pay an annual fee to the Transfer Agent.

Distribution and service fees

The Fund has 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 Fund does not pay the Distributor a fee for the distribution services it provides to the Fund.

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Notes to Financial Statements (continued)
July 31, 2022

Note 4. Federal tax information

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
71,293	(71,293)	—

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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
63,454,663	—	63,454,663	16,026,322	—	16,026,322

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
19,724,022	—	—	(6,741,079)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
16,623,181,480	970,898	(7,711,977)	(6,741,079)

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

Note 5. Interfund lending

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Notes to Financial Statements (continued)
July 31, 2022

As noted above, the Fund may only participate in the Interfund Program as a lending fund. The Fund did not lend money under the Interfund Program during the year ended July 31, 2022.

Note 6. 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 disclosed as Commitment fees for bank credit facility 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 July 31, 2022.

Note 7. Significant risks

Credit risk

Foreign securities and emerging market countries risk

Investing in foreign securities may involve heightened risks relative to investments in U.S. securities. Investing in foreign securities subjects the Fund to the risks associated with the issuer’s country of organization and places of business operations, including 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 be more volatile and less liquid than 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. The financial information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

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Notes to Financial Statements (continued)
July 31, 2022

Interest rate risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

Money market fund risk

At times of (i) significant redemption activity by shareholders, including, for example, when a single investor or a few large investors make a significant redemption of Fund shares, (ii) insufficient levels of cash in the Fund’s portfolio to satisfy redemption activity, and (iii) disruption in the normal operation of the markets in which the Fund buys and sells portfolio securities, the Fund could be forced to sell portfolio securities at unfavorable prices in order to generate sufficient cash to pay redeeming shareholders. Sales of portfolio securities at such times could result in losses to the Fund. In addition, neither the Investment Manager nor any of its affiliates has a legal obligation to provide financial support to the Fund, and you should not expect that they or any person will provide financial support to the Fund at any time. The Fund may suspend redemptions or the payment of redemption proceeds when permitted by applicable regulations.

If, at any time, the Fund’s weekly liquid assets fall below 30% of its total assets and the Board of Trustees determines it is in the best interests of the Fund, the Fund may, as early as the same day and at any time during the day, impose a fee of up to 2% of the value of all shares redeemed and/or temporarily suspend redemptions (sometimes referred to as imposing redemption gates) for up to 10 business days. If, at the end of any business day, the Fund’s weekly liquid assets fall below 10% of its total assets, the Fund must impose a fee, as of the beginning of the next business day, of 1% of the value of all shares redeemed, unless the Board of Trustees determines that imposing such a fee is not in the best interests of the Fund or the Board of Trustees determines that a lower or higher fee (not to exceed 2% of the value of all shares redeemed) would be in the best interests of the Fund. These determinations may affect the composition of the investment portfolio, performance and operating expenses of the Fund.

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 100.0% 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 8. Subsequent events

Note 9. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Short-Term Cash Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Short-Term Cash Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Section 163(j) Interest Dividends
98.72%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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 or contacting your financial intermediary.

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

Fund officers

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

26	Columbia Short-Term Cash Fund \| Annual Report 2022

Table of Contents

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

Columbia Short-Term Cash Fund | Annual Report 2022

Table of Contents

Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund;

•	Information on the Fund’s management fees and total expenses;

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

28	Columbia Short-Term Cash Fund \| Annual Report 2022

Table of Contents

Approval of Management Agreement (continued)
(Unaudited)
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight, over the past several years, as well as planned 2022 initiatives in this regard. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel. The Board also observed that the Investment Manager has been able to effectively manage, operate and distribute the Funds through the COVID-19 pandemic period with no disruptions in services provided. The Board also considered added personnel and resources obtained by Columbia Threadneedle through Ameriprise Financial’s acquisition of BMO Financial Group’s Europe, Middle East, and Africa (EMEA) asset management business.

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund for various periods (including since manager inception) and the net assets of the Fund for various periods. The Board observed that the Fund’s investment performance met expectations.

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

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Table of Contents

Approval of Management Agreement (continued)
(Unaudited)
The Board observed that the Fund, commonly referred to as a “cash pool fund,” was established for the exclusive use of managing the cash positions of other funds managed by Columbia Threadneedle and, because Columbia Threadneedle collects management fees on funds that invest in the Fund, the Fund does not pay management fees. The Board also noted that the Fund does not pay transfer agency or distribution fees.

The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

Because the Fund does not pay management fees, the Board did not believe it necessary to consider potential economies of scale associated with the growth of the Fund.

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable by the Fund were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

30	Columbia Short-Term Cash Fund \| Annual Report 2022

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	34
Liquidity Risk Management Program	41
Approval of Management Agreement	41

If you elect to receive the shareholder report for Columbia Limited Duration Credit Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a level of current income consistent with preservation of capital.

Portfolio management

Tom Murphy, CFA

Lead Portfolio Manager

Managed Fund since 2003

Royce D. Wilson, CFA

Portfolio Manager

Managed Fund since 2012

John Dawson, CFA

Portfolio Manager

Managed Fund since 2020

Shannon Rinehart, CFA

Portfolio Manager

Managed Fund since February 2022

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	06/19/03	-6.02	1.24	1.58
	Including sales charges		-8.82	0.62	1.27
Advisor Class*		02/28/13	-5.88	1.47	1.82
Class C	Excluding sales charges	06/19/03	-6.73	0.48	0.83
	Including sales charges		-7.66	0.48	0.83
Institutional Class		09/27/10	-5.78	1.49	1.84
Institutional 2 Class*		11/08/12	-5.73	1.55	1.89
Institutional 3 Class*		03/19/13	-5.69	1.60	1.93
Bloomberg U.S. 1-5 Year Corporate Index			-5.05	1.69	2.04

The Bloomberg U.S. 1-5 Year Corporate Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 years.

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Limited Duration Credit 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 July 31, 2022)
Corporate Bonds & Notes	91.6
Money Market Funds	2.5
U.S. Treasury Obligations	5.9
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.

Quality breakdown (%) (at July 31, 2022)
AAA rating	6.1
A rating	29.6
BBB rating	56.4
BB rating	7.9
Total	100.0

Percentages indicated are based upon total fixed income investments.

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

4	Columbia Limited Duration Credit Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, the Fund’s Class A shares returned -6.02% excluding sales charges. The Fund underperformed its benchmark, the Bloomberg U.S. 1-5 Year Corporate Index, which returned -5.05% for the same period.

Market overview

The markets faced a significant shift in U.S. Federal Reserve (Fed) policy during the fourth quarter of 2021. The Fed had previously viewed rising inflation as a “transitory” development as global supply chains recovered from pandemic-driven shutdowns. However, continued price pressures caused the central bank to announce in November 2021 its intention to taper the bond purchases it had used to keep longer term borrowing costs low (known as “quantitative easing”). In addition, the Fed began to prepare the financial markets for the likelihood of multiple increases in its benchmark overnight lending rate in 2022 as opposed to the previously signaled 2023 fed funds target rate lift-off, leading short-term U.S. Treasury yields to drift higher.

As inflationary pressures persisted in early 2022, investors focused on the Fed’s increasingly hawkish monetary policy stance and the potential for a resulting recession. Russia’s late-February invasion of Ukraine spurred further increases in commodity prices and disruptions to supply chains, even as renewed COVID-19 lockdowns in China intensified fears of a global recession. Against this backdrop, investors fled credit-sensitive assets. With inflation posting 40-year highs, Treasury yields moved sharply higher with the yield on the 10-year bond peaking at 3.49% in mid-June.

As the period drew to a close, risk assets rebounded, supported in part by stronger-than-expected corporate earnings. In addition, longer term Treasury yields retraced some of their earlier rise on hopes that inflation had peaked. As of July 31, 2022, the yield on the 10-year Treasury was 2.67%, an increase of 143 basis points relative to its starting point of 1.24% 12 months earlier. (A basis point is 1/100 of a percent.)

The Fund’s notable detractors during the period

·	In broad terms, the Fund was overweight credit risk relative to the benchmark during the period. This stance detracted from performance as risk sentiment deteriorated in the first half of 2022 given persistent inflationary pressures and the Fed’s pivot to more restrictive policy.
·	The Fund’s security selection was the primary detractor from performance relative to the benchmark over the 12 months. Selection weighed most notably on return within the food & beverage, communication services and financial industries.
·	The Fund’s duration and yield curve positioning also weighed on performance relative to the benchmark as interest rates rose over the period. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.)

The Fund’s notable contributors during the period

·	Positive contributions to the Fund’s performance relative to the benchmark during the period were led by industry allocations.
·	Most notably, underweight allocations to both finance and gaming companies and an overweight to food & beverage proved additive relative to the benchmark

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities present 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. Non-investment-grade securities (high-yield or junk bonds) are volatile and carry more risk to principal and income than investment-grade securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. As a non-diversified fund, fewer investments could have a greater effect on performance. 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. Risks are enhanced for emerging market issuers. Market or other (e.g., interest rate) environments may adversely affect the liquidity of Fund investments, negatively

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

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. 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 more information on these and other risks.

6	Columbia Limited Duration Credit Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 2022
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	963.50	1,020.79	3.66	3.77	0.76
Advisor Class	1,000.00	1,000.00	964.60	1,022.02	2.46	2.53	0.51
Class C	1,000.00	1,000.00	960.50	1,017.12	7.26	7.47	1.51
Institutional Class	1,000.00	1,000.00	965.60	1,022.02	2.46	2.53	0.51
Institutional 2 Class	1,000.00	1,000.00	964.90	1,022.26	2.22	2.28	0.46
Institutional 3 Class	1,000.00	1,000.00	965.10	1,022.46	2.02	2.08	0.42

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 Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Corporate Bonds & Notes 89.8%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Aerospace & Defense 3.6%
Boeing Co. (The)
02/01/2026	2.750%	9,240,000	8,838,665
02/04/2026	2.196%	12,858,000	11,974,058
Howmet Aerospace, Inc.
01/15/2029	3.000%	5,670,000	5,075,620
Total			25,888,343
Automotive 0.4%
General Motors Financial Co., Inc.
04/09/2027	5.000%	2,930,000	2,940,241
Banking 16.8%
Bank of America Corp.^(a)
07/22/2027	1.734%	21,975,000	19,935,091
12/20/2028	3.419%	16,055,000	15,359,089
HSBC Holdings PLC^(a)
11/22/2027	2.251%	21,787,000	19,697,157
JPMorgan Chase & Co.^(a)
06/14/2030	4.565%	26,782,000	26,976,146
Morgan Stanley^(a)
07/22/2025	2.720%	14,725,000	14,350,553
05/04/2027	1.593%	4,435,000	4,045,276
01/21/2028	2.475%	7,358,000	6,849,954
Wells Fargo & Co.^(a)
06/17/2027	3.196%	10,241,000	9,848,767
06/02/2028	2.393%	4,179,000	3,834,596
Total			120,896,629
Building Materials 0.6%
Ferguson Finance PLC^(b)
04/20/2027	4.250%	4,422,000	4,389,628
Cable and Satellite 4.1%
Charter Communications Operating LLC/Capital
01/15/2029	2.250%	15,735,000	13,429,793
Sky PLC^(b)
09/16/2024	3.750%	16,125,000	16,168,844
Total			29,598,637
Construction Machinery 1.7%
United Rentals North America, Inc.
11/15/2027	3.875%	7,195,000	6,910,982
01/15/2028	4.875%	5,340,000	5,333,478
Total			12,244,460

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Diversified Manufacturing 0.8%
General Electric Co.^(c)
Junior Subordinated
3-month USD LIBOR + 3.330% 12/31/2049	5.159%	4,630,000	4,347,354
Honeywell International, Inc.
08/19/2022	0.483%	1,143,000	1,141,905
Total			5,489,259
Electric 18.9%
AES Corp. (The)
01/15/2026	1.375%	11,485,000	10,364,920
American Electric Power Co., Inc.
11/01/2025	1.000%	1,924,000	1,753,764
CenterPoint Energy, Inc.
09/01/2024	2.500%	10,676,000	10,345,951
CMS Energy Corp.
03/01/2024	3.875%	2,158,000	2,156,860
11/15/2025	3.600%	10,450,000	10,348,203
DTE Energy Co.
03/15/2027	3.800%	8,625,000	8,535,966
Edison International
11/15/2024	3.550%	1,850,000	1,827,958
Emera U.S. Finance LP
06/15/2024	0.833%	3,555,000	3,340,076
Emera US Finance LP
06/15/2026	3.550%	12,581,000	12,214,697
Eversource Energy
10/01/2024	2.900%	9,570,000	9,394,871
01/15/2025	3.150%	1,215,000	1,196,861
08/15/2025	0.800%	3,730,000	3,406,943
FirstEnergy Transmission LLC^(b)
01/15/2025	4.350%	5,450,000	5,414,555
Georgia Power Co.
07/30/2023	2.100%	16,520,000	16,292,134
NextEra Energy Capital Holdings, Inc.^(c)
SOFR + 0.400% 11/03/2023	2.680%	9,135,000	9,021,747
NextEra Energy Operating Partners LP^(b)
07/15/2024	4.250%	5,630,000	5,575,175
NRG Energy, Inc.^(b)
12/02/2027	2.450%	7,563,000	6,647,670
Pacific Gas and Electric Co.
07/01/2025	3.450%	5,040,000	4,833,185
06/15/2028	3.000%	5,465,000	4,799,688

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

8	Columbia Limited Duration Credit Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pinnacle West Capital Corp.
06/15/2025	1.300%	2,638,000	2,439,554
Public Service Enterprise Group, Inc.
11/08/2023	0.841%	2,322,000	2,243,544
WEC Energy Group, Inc.
09/15/2023	0.550%	3,380,000	3,276,376
06/15/2025	3.550%	783,000	776,431
Total			136,207,129
Environmental 0.8%
GFL Environmental, Inc.^(b)
08/01/2025	3.750%	5,880,000	5,705,850
Food and Beverage 3.2%
Bacardi Ltd.^(b)
05/15/2028	4.700%	22,948,000	23,015,204
Health Care 5.0%
Becton Dickinson and Co.
06/06/2027	3.700%	2,160,000	2,139,634
HCA, Inc.
02/01/2025	5.375%	9,460,000	9,669,253
06/15/2026	5.250%	2,985,000	3,037,115
HCA, Inc.^(b)
03/15/2027	3.125%	3,452,000	3,255,404
Thermo Fisher Scientific, Inc.^(c)
SOFR + 0.390% 10/18/2023	2.670%	17,890,000	17,735,410
Total			35,836,816
Healthcare Insurance 2.6%
Aetna, Inc.
11/15/2024	3.500%	3,051,000	3,040,700
Centene Corp.
12/15/2027	4.250%	5,524,000	5,433,096
07/15/2028	2.450%	11,015,000	9,855,465
Total			18,329,261
Independent Energy 0.8%
Canadian Natural Resources Ltd.
07/15/2025	2.050%	4,635,000	4,375,327
Occidental Petroleum Corp.
09/01/2028	6.375%	1,408,000	1,517,538
Total			5,892,865
Integrated Energy 1.0%
Cenovus Energy, Inc.
04/15/2027	4.250%	7,265,000	7,260,952

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Life Insurance 9.9%
CoreBridge Financial, Inc.^(b)
04/05/2027	3.650%	1,723,000	1,658,958
Five Corners Funding Trust^(b)
11/15/2023	4.419%	13,085,000	13,151,476
Peachtree Corners Funding Trust^(b)
02/15/2025	3.976%	25,334,000	25,395,915
Principal Life Global Funding II^(b)
11/21/2024	2.250%	22,590,000	21,705,259
08/16/2026	1.250%	10,292,000	9,247,179
Total			71,158,787
Media and Entertainment 4.8%
Magallanes, Inc.^(b)
03/15/2029	4.054%	20,070,000	19,102,420
Netflix, Inc.^(b)
11/15/2029	5.375%	11,280,000	11,361,926
Walt Disney Co. (The)
09/01/2022	1.650%	3,691,000	3,688,383
Total			34,152,729
Metals and Mining 0.4%
Alcoa Nederland Holding BV^(b)
12/15/2027	5.500%	2,270,000	2,252,143
Freeport-McMoRan, Inc.
11/14/2024	4.550%	688,000	691,924
Total			2,944,067
Midstream 3.3%
Colorado Interstate Gas Co. LLC/Issuing Corp.^(b)
08/15/2026	4.150%	3,709,000	3,700,266
Energy Transfer Partners LP
01/15/2026	4.750%	2,090,000	2,105,625
MPLX LP
12/01/2027	4.250%	2,380,000	2,358,024
Plains All American Pipeline LP/Finance Corp.
12/15/2026	4.500%	10,900,000	10,861,685
Western Gas Partners LP
07/01/2026	4.650%	4,815,000	4,774,207
Total			23,799,807
Natural Gas 0.7%
NiSource, Inc.
09/01/2029	2.950%	5,400,000	4,959,765
Packaging 1.5%
Berry Global, Inc.
01/15/2026	1.570%	11,441,000	10,419,547

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

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Technology 4.0%
Fidelity National Information Services, Inc.
03/01/2024	0.600%	1,979,000	1,884,374
07/15/2025	4.500%	4,540,000	4,614,559
Microchip Technology, Inc.
09/01/2023	2.670%	2,480,000	2,445,993
02/15/2024	0.972%	7,305,000	6,971,128
09/01/2024	0.983%	4,188,000	3,922,146
NXP BV/Funding LLC/USA, Inc.
05/01/2025	2.700%	2,225,000	2,141,485
06/01/2027	4.400%	2,736,000	2,744,623
Oracle Corp.
10/15/2022	2.500%	1,982,000	1,979,054
VeriSign, Inc.
04/01/2025	5.250%	2,245,000	2,286,806
Total			28,990,168
Tobacco 1.0%
BAT Capital Corp.
08/15/2027	3.557%	7,985,000	7,454,677
Wireless 3.9%
American Tower Corp.
01/15/2027	2.750%	6,315,000	5,920,439
Sprint Spectrum Co. I/II/III LLC^(b)
03/20/2028	5.152%	5,336,000	5,406,327

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
T-Mobile USA, Inc.
02/15/2026	2.250%	18,101,000	16,898,470
Total			28,225,236
Total Corporate Bonds & Notes (Cost $682,433,623)			645,800,057

U.S. Treasury Obligations 5.8%

U.S. Treasury
08/15/2022	1.500%	609,200	609,140
06/15/2025	2.875%	16,526,700	16,542,194
07/15/2025	3.000%	10,809,700	10,864,593
10/31/2025	0.250%	15,000,000	13,808,203
Total U.S. Treasury Obligations (Cost $42,724,992)			41,824,130

Money Market Funds 2.5%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(d),(e)	17,557,465	17,548,686
Total Money Market Funds (Cost $17,548,476)		17,548,686
Total Investments in Securities (Cost: $742,707,091)		705,172,873
Other Assets & Liabilities, Net		13,872,291
Net Assets		719,045,164

At July 31, 2022, securities and/or cash totaling $1,249,947 were pledged as collateral.

Investments in derivatives

Long futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 2-Year Note	451	09/2022	USD	94,917,883	72,306	—
U.S. Treasury 5-Year Note	304	09/2022	USD	34,572,875	285,037	—
Total					357,343	—

Short futures contracts
Description	Number of contracts	Expiration date	Trading currency	Notional amount	Value/Unrealized appreciation ($)	Value/Unrealized depreciation ($)
U.S. Treasury 10-Year Note	(747)	09/2022	USD	(90,492,047)	—	(1,665,416)
U.S. Treasury Ultra 10-Year Note	(10)	09/2022	USD	(1,312,500)	—	(29,428)
Total					—	(1,694,844)

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

10	Columbia Limited Duration Credit Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Notes to Portfolio of Investments

(a)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2022.
(b)	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 July 31, 2022, the total value of these securities amounted to $183,154,199, which represents 25.47% of total net assets.
(c)	Variable rate security. The interest rate shown was the current rate as of July 31, 2022.
(d)	The rate shown is the seven-day current annualized yield at July 31, 2022.
(e)	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 July 31, 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, 1.712%
	93,144,265	655,735,238	(731,331,027)	210	17,548,686	(15,687)	141,920	17,557,465

Abbreviation Legend

LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

Currency Legend

USD

US Dollar

Fair value measurements

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

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

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

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

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

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Portfolio of Investments (continued)
July 31, 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 July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Corporate Bonds & Notes	—	645,800,057	—	645,800,057
U.S. Treasury Obligations	41,824,130	—	—	41,824,130
Money Market Funds	17,548,686	—	—	17,548,686
Total Investments in Securities	59,372,816	645,800,057	—	705,172,873
Investments in Derivatives
Asset
Futures Contracts	357,343	—	—	357,343
Liability
Futures Contracts	(1,694,844)	—	—	(1,694,844)
Total	58,035,315	645,800,057	—	703,835,372

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.

12	Columbia Limited Duration Credit Fund \| Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — affiliated issuers	$141,920
Interest	17,696,037
Total income	17,837,957
Expenses:
Management services fees	4,309,472
Distribution and/or service fees
Class A	549,390
Class C	184,978
Transfer agent fees
Class A	232,667
Advisor Class	77,318
Class C	19,450
Institutional Class	467,734
Institutional 2 Class	45,972
Institutional 3 Class	10,323
Compensation of board members	14,442
Custodian fees	8,820
Printing and postage fees	83,742
Registration fees	127,658
Audit fees	29,500
Legal fees	20,702
Compensation of chief compliance officer	172
Other	23,349
Total expenses	6,205,689
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(484,805)
Expense reduction	(20)
Total net expenses	5,720,864
Net investment income	12,117,093
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(27,396,666)
Investments — affiliated issuers	(15,687)
Futures contracts	5,211,313
Net realized loss	(22,201,040)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(55,005,663)
Investments — affiliated issuers	210
Futures contracts	218,808
Net change in unrealized appreciation (depreciation)	(54,786,645)
Net realized and unrealized loss	(76,987,685)
Net decrease in net assets resulting from operations	$(64,870,592)

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

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	3,696,529	37,587,260	9,049,107	94,155,546
Distributions reinvested	343,931	3,447,168	188,112	1,956,566
Redemptions	(6,096,618)	(60,846,549)	(5,046,386)	(52,495,822)
Net increase (decrease)	(2,056,158)	(19,812,121)	4,190,833	43,616,290
Advisor Class
Subscriptions	2,329,296	23,259,364	4,491,631	46,722,878
Distributions reinvested	139,876	1,402,355	83,394	867,834
Redemptions	(3,709,834)	(36,941,272)	(2,454,587)	(25,547,894)
Net increase (decrease)	(1,240,662)	(12,279,553)	2,120,438	22,042,818
Class C
Subscriptions	361,837	3,673,483	1,482,741	15,386,739
Distributions reinvested	14,992	151,391	4,569	47,439
Redemptions	(1,544,799)	(15,307,691)	(1,423,654)	(14,833,287)
Net increase (decrease)	(1,167,970)	(11,482,817)	63,656	600,891
Institutional Class
Subscriptions	13,495,137	135,897,800	36,955,310	384,523,818
Distributions reinvested	769,300	7,733,870	437,958	4,559,990
Redemptions	(30,610,510)	(303,031,741)	(20,584,342)	(214,284,934)
Net increase (decrease)	(16,346,073)	(159,400,071)	16,808,926	174,798,874
Institutional 2 Class
Subscriptions	3,008,545	30,491,727	5,195,554	54,116,837
Distributions reinvested	172,681	1,736,424	92,129	959,385
Redemptions	(10,233,374)	(99,167,098)	(2,354,160)	(24,528,555)
Net increase (decrease)	(7,052,148)	(66,938,947)	2,933,523	30,547,667
Institutional 3 Class
Subscriptions	5,087,076	51,661,635	8,363,106	87,056,171
Distributions reinvested	340,351	3,418,336	182,747	1,901,653
Redemptions	(9,377,988)	(92,670,207)	(7,024,279)	(73,219,848)
Net increase (decrease)	(3,950,561)	(37,590,236)	1,521,574	15,737,976
Total net increase (decrease)	(31,813,572)	(307,503,745)	27,638,950	287,344,516

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

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2022	$10.43	0.10	(0.72)	(0.62)	(0.10)	(0.07)	(0.17)
Year Ended 7/31/2021	$10.38	0.09	0.06	0.15	(0.10)	—	(0.10)
Year Ended 7/31/2020	$9.97	0.19	0.41	0.60	(0.19)	—	(0.19)
Year Ended 7/31/2019	$9.66	0.23	0.32	0.55	(0.24)	—	(0.24)
Year Ended 7/31/2018	$9.88	0.17	(0.22)	(0.05)	(0.17)	—	(0.17)
Advisor Class
Year Ended 7/31/2022	$10.44	0.13	(0.74)	(0.61)	(0.12)	(0.07)	(0.19)
Year Ended 7/31/2021	$10.38	0.12	0.06	0.18	(0.12)	—	(0.12)
Year Ended 7/31/2020	$9.97	0.21	0.42	0.63	(0.22)	—	(0.22)
Year Ended 7/31/2019	$9.66	0.25	0.32	0.57	(0.26)	—	(0.26)
Year Ended 7/31/2018	$9.89	0.19	(0.23)	(0.04)	(0.19)	—	(0.19)
Class C
Year Ended 7/31/2022	$10.43	0.02	(0.72)	(0.70)	(0.02)	(0.07)	(0.09)
Year Ended 7/31/2021	$10.38	0.02	0.05	0.07	(0.02)	—	(0.02)
Year Ended 7/31/2020	$9.97	0.11	0.41	0.52	(0.11)	—	(0.11)
Year Ended 7/31/2019	$9.66	0.15	0.32	0.47	(0.16)	—	(0.16)
Year Ended 7/31/2018	$9.88	0.10	(0.23)	(0.13)	(0.09)	—	(0.09)
Institutional Class
Year Ended 7/31/2022	$10.44	0.12	(0.72)	(0.60)	(0.12)	(0.07)	(0.19)
Year Ended 7/31/2021	$10.39	0.12	0.05	0.17	(0.12)	—	(0.12)
Year Ended 7/31/2020	$9.98	0.21	0.42	0.63	(0.22)	—	(0.22)
Year Ended 7/31/2019	$9.67	0.25	0.32	0.57	(0.26)	—	(0.26)
Year Ended 7/31/2018	$9.89	0.19	(0.22)	(0.03)	(0.19)	—	(0.19)
Institutional 2 Class
Year Ended 7/31/2022	$10.44	0.13	(0.72)	(0.59)	(0.13)	(0.07)	(0.20)
Year Ended 7/31/2021	$10.39	0.12	0.06	0.18	(0.13)	—	(0.13)
Year Ended 7/31/2020	$9.98	0.22	0.41	0.63	(0.22)	—	(0.22)
Year Ended 7/31/2019	$9.67	0.26	0.32	0.58	(0.27)	—	(0.27)
Year Ended 7/31/2018	$9.89	0.20	(0.22)	(0.02)	(0.20)	—	(0.20)

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

18	Columbia Limited Duration Credit Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$9.64	(6.02%)	0.81%	0.76%^(c)	1.02%	79%	$195,763
Year Ended 7/31/2021	$10.43	1.43%	0.82%	0.77%^(c)	0.89%	98%	$233,349
Year Ended 7/31/2020	$10.38	6.09%	0.83%	0.79%^(c)	1.88%	88%	$188,642
Year Ended 7/31/2019	$9.97	5.75%	0.84%	0.80%	2.34%	99%	$173,843
Year Ended 7/31/2018	$9.66	(0.55%)	0.84%^(d)	0.80%^(c),(d)	1.74%	79%	$179,474
Advisor Class
Year Ended 7/31/2022	$9.64	(5.88%)	0.56%	0.51%^(c)	1.27%	79%	$63,244
Year Ended 7/31/2021	$10.44	1.78%	0.57%	0.52%^(c)	1.14%	98%	$81,406
Year Ended 7/31/2020	$10.38	6.36%	0.58%	0.54%^(c)	2.12%	88%	$58,965
Year Ended 7/31/2019	$9.97	6.02%	0.59%	0.55%	2.59%	99%	$48,340
Year Ended 7/31/2018	$9.66	(0.40%)	0.59%^(d)	0.55%^(c),(d)	1.99%	79%	$49,745
Class C
Year Ended 7/31/2022	$9.64	(6.73%)	1.56%	1.51%^(c)	0.20%	79%	$10,658
Year Ended 7/31/2021	$10.43	0.68%	1.57%	1.52%^(c)	0.16%	98%	$23,715
Year Ended 7/31/2020	$10.38	5.30%	1.58%	1.54%^(c)	1.13%	88%	$22,932
Year Ended 7/31/2019	$9.97	4.96%	1.59%	1.55%	1.59%	99%	$22,797
Year Ended 7/31/2018	$9.66	(1.29%)	1.59%^(d)	1.55%^(c),(d)	0.97%	79%	$29,079
Institutional Class
Year Ended 7/31/2022	$9.65	(5.78%)	0.56%	0.51%^(c)	1.24%	79%	$307,759
Year Ended 7/31/2021	$10.44	1.68%	0.57%	0.52%^(c)	1.13%	98%	$503,810
Year Ended 7/31/2020	$10.39	6.35%	0.58%	0.54%^(c)	2.07%	88%	$326,594
Year Ended 7/31/2019	$9.98	6.01%	0.59%	0.55%	2.59%	99%	$166,238
Year Ended 7/31/2018	$9.67	(0.30%)	0.59%^(d)	0.55%^(c),(d)	1.98%	79%	$163,477
Institutional 2 Class
Year Ended 7/31/2022	$9.65	(5.73%)	0.51%	0.46%	1.29%	79%	$17,257
Year Ended 7/31/2021	$10.44	1.73%	0.52%	0.48%	1.18%	98%	$92,315
Year Ended 7/31/2020	$10.39	6.41%	0.52%	0.48%	2.20%	88%	$61,362
Year Ended 7/31/2019	$9.98	6.08%	0.53%	0.49%	2.65%	99%	$66,741
Year Ended 7/31/2018	$9.67	(0.25%)	0.53%^(d)	0.50%^(d)	2.06%	79%	$74,279

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

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Limited Duration Credit Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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

22	Columbia Limited Duration Credit Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 2022

Derivative instruments

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker. Any interest expense paid by the Fund is shown in the Statement of Operations. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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.

Effects of derivative transactions in the financial statements

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 2022:

	Asset derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized appreciation on futures contracts	357,343*

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Notes to Financial Statements (continued)
July 31, 2022

	Liability derivatives
Risk exposure category	Statement of assets and liabilities location	Fair value ($)
Interest rate risk	Component of total distributable earnings (loss) — unrealized depreciation on futures contracts	1,694,844*

*	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.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	5,211,313

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	218,808

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	149,783,284
Futures contracts — short	100,510,106

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

26	Columbia Limited Duration Credit Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 2022

Transfer agency fees

For the year ended July 31, 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

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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund’s average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $516,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Columbia Limited Duration Credit Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.50 - 1.00^(a)	129,136
Class C	—	1.00^(b)	1,322

(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

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	0.76%	0.77%
Advisor Class	0.51	0.52
Class C	1.51	1.52
Institutional Class	0.51	0.52
Institutional 2 Class	0.46	0.48
Institutional 3 Class	0.42	0.43

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, principal and/or interest from fixed income securities, capital loss carryforwards, trustees’ deferred compensation, distributions and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

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Notes to Financial Statements (continued)
July 31, 2022

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
264,305	(264,305)	—

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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
17,096,439	1,941,188	19,037,627	10,889,441	—	10,889,441

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
2,164,894	—	(22,796,584)	(39,327,790)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
743,163,162	1,129,943	(40,457,733)	(39,327,790)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(14,030,734)	(8,765,850)	(22,796,584)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $751,215,945 and $986,862,300, respectively, for the year ended July 31, 2022, of which $39,972,040 and $90,586,800, respectively, were U.S. government securities. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
July 31, 2022

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2022.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 9. Significant risks

Credit risk

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Notes to Financial Statements (continued)
July 31, 2022

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

and epidemics in emerging market countries may be greater due to generally less established healthcare systems, governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused by COVID-19 could prevent the Fund from executing advantageous investment decisions in a timely manner and negatively impact the Fund’s ability to achieve its investment objective. Any such events could have a significant adverse impact on the value and risk profile of the Fund.

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 49.8% 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

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Limited Duration Credit Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Limited Duration Credit Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Section 163(j) Interest Dividends
75.37%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
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.
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.

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Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

Approval of Management Agreement

(Unaudited)

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

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Approval of Management Agreement (continued)
(Unaudited)

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.

Nature, extent and quality of services provided by the Investment Manager

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Approval of Management Agreement (continued)
(Unaudited)
into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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

The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.

took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.

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Approval of Management Agreement (continued)
(Unaudited)
Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that in 2021 the Board had considered 2020 profitability and that the 2022 information showed that the profitability generated by the Investment Manager in 2021 increased from 2020 levels, due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of their overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

On June 23, 2022, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	18
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	39
Federal Income Tax Information	40
Trustees and Officers	40
Liquidity Risk Management Program	46
Approval of Management Agreement	47

If you elect to receive the shareholder report for Columbia Income Opportunities Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with a high total return through current income and capital appreciation.

Portfolio management

Brian Lavin, CFA

Lead Portfolio Manager

Managed Fund since 2003

Daniel DeYoung

Portfolio Manager

Managed Fund since 2019

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	06/19/03	-6.99	1.99	3.77
	Including sales charges		-11.44	1.00	3.26
Advisor Class*		11/08/12	-6.73	2.25	4.03
Class C	Excluding sales charges	06/19/03	-7.70	1.22	3.02
	Including sales charges		-8.56	1.22	3.02
Institutional Class		09/27/10	-6.74	2.25	4.03
Institutional 2 Class*		11/08/12	-6.66	2.35	4.13
Institutional 3 Class		03/07/11	-6.64	2.38	4.19
Class R		09/27/10	-7.23	1.73	3.51
ICE BofA BB-B US Cash Pay High Yield Constrained Index			-7.18	3.08	4.76

Returns for Class A shares are shown with and without the maximum initial sales charge of 4.75%. 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 ICE BofA BB-B US Cash Pay High Yield Constrained Index is an unmanaged index of high yield bonds. The index is subject to a 2% cap on allocation to any one issuer. The 2% cap is intended to provide broad diversification and better reflect the overall character of the high yield market.

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Income Opportunities 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 July 31, 2022)
Common Stocks	0.0^(a)
Convertible Bonds	0.9
Corporate Bonds & Notes	91.9
Foreign Government Obligations	0.5
Money Market Funds	3.5
Senior Loans	3.2
Total	100.0

(a)	Rounds to zero.

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

Quality breakdown (%) (at July 31, 2022)
BBB rating	1.2
BB rating	44.7
B rating	49.7
CCC rating	4.4
Total	100.0

Percentages indicated are based upon total fixed income investments.

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

4	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, the Fund’s Class A shares returned -6.99% excluding sales charges. The Fund outperformed its benchmark, the unmanaged ICE BofA BB-B US Cash Pay High Yield Constrained Index, which returned -7.18% for the same period.

Market overview

The markets faced a significant shift in U.S. Federal Reserve (Fed) policy during the fourth quarter of 2021. The Fed had previously viewed rising inflation as a “transitory” development as global supply chains recovered from pandemic-driven shutdowns. However, continued price pressures caused the Fed to announce in November its intention to taper the bond purchases it had used to keep longer term borrowing costs low (known as “quantitative easing”). In addition, the Fed began to prepare the financial markets for the likelihood of multiple increases in its benchmark overnight lending rate in 2022, as opposed to the previously signaled 2023 federal funds target rate lift-off, leading short-term U.S. Treasury yields to drift higher.

As inflationary pressures persisted in early 2022, investors focused on the Fed’s increasingly hawkish monetary policy stance and the potential for a resulting recession. Russia’s late-February invasion of Ukraine spurred further increases in commodity prices and disruptions to supply chains, as renewed COVID-19 lockdowns in China intensified fears of a global recession. Against this backdrop, investors fled credit-sensitive assets including high-yield corporate bonds. With inflation posting 40-year highs, Treasury yields moved sharply higher with the yield on the 10-year bond peaking at 3.49% in mid-June.

The Fund’s notable contributors during the period

•	Positive contributions to the Fund’s performance relative to the benchmark over the period were driven by both industry allocation and security selection.
•	Security selection was materially positive across several sectors including pharmaceuticals, support services, telecommunication-wirelines and technology hardware & equipment.

○	Within pharmaceuticals, outperformance was primarily driven by the Fund’s underweight allocation to Bausch Health Companies Inc., along with higher quality positioning within the company’s capital structure.
○	With respect to other sectors, outperformance was the result of positive contributions from several issuers in each case.

•

From an industry allocation perspective, underweight allocations to specialty retail and banking highlighted positive contributions.

•

The Fund held an allocation of more than 4% on average during the period in out-of-benchmark CCC-rated issuers. While issues in the CCC ratings category notably underperformed the BB/B portion of the market, the issues held by the Fund materially outperformed both their CCC-rated peers and the BB and B issues in the benchmark. As a reminder, the Fund is not a forced seller of downgraded issues and will continue to hold high conviction names.

The Fund’s notable detractors during the period

•	Detractors from relative performance included security selection within cable & satellite TV, metals & mining, and recreation & travel.

○	Within cable & satellite TV, the Fund’s overweight allocation to Dish weighed on return, while within metals & mining an overweight to HudBay Minerals, Inc. constrained performance.
○	Within recreation & travel, the Fund’s overweight allocation to cruise line operators was the primary headwind to performance.

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

•	The Fund’s stance with respect to duration (and corresponding interest rate sensitivity) and positioning along the yield curve were essentially neutral relative to the benchmark and did not have a material impact on performance.

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. Fixed-income securities present 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. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. 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. 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.See the Fund’s prospectus for more information on these and other risks.

6	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	948.40	1,019.81	4.59	4.75	0.96
Advisor Class	1,000.00	1,000.00	948.70	1,021.04	3.39	3.52	0.71
Class C	1,000.00	1,000.00	944.80	1,016.13	8.15	8.45	1.71
Institutional Class	1,000.00	1,000.00	949.70	1,021.04	3.39	3.52	0.71
Institutional 2 Class	1,000.00	1,000.00	950.10	1,021.38	3.06	3.17	0.64
Institutional 3 Class	1,000.00	1,000.00	949.10	1,021.63	2.82	2.92	0.59
Class R	1,000.00	1,000.00	947.20	1,018.59	5.78	5.99	1.21

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 Income Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 0.0%
Issuer	Shares	Value ($)
Communication Services 0.0%
Media 0.0%
Haights Cross Communications, Inc.^(a),(b),(c)	275,078	1
Telesat Corp.^(b)	101	1,226
Ziff Davis Holdings, Inc.^(a),(b),(c)	6,107	61
Total		1,288
Total Communication Services		1,288
Consumer Discretionary 0.0%
Auto Components 0.0%
Lear Corp.	581	87,812
Total Consumer Discretionary		87,812
Industrials 0.0%
Commercial Services & Supplies 0.0%
Quad/Graphics, Inc.^(b)	1,298	4,128
Total Industrials		4,128
Utilities —%
Independent Power and Renewable Electricity Producers —%
Calpine Corp. Escrow^(a),(b),(c)	23,187,000	0
Total Utilities		0
Total Common Stocks (Cost $3,191,147)		93,228

Convertible Bonds 0.9%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Cable and Satellite 0.9%
DISH Network Corp.
Subordinated
08/15/2026	3.375%	9,741,000	6,931,155
Total Convertible Bonds (Cost $8,513,899)			6,931,155

Corporate Bonds & Notes 91.1%

Aerospace & Defense 1.5%
TransDigm, Inc.^(d)
12/15/2025	8.000%	851,000	880,877
03/15/2026	6.250%	5,430,000	5,452,432

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
TransDigm, Inc.
11/15/2027	5.500%	3,839,000	3,622,002
01/15/2029	4.625%	885,000	796,146
05/01/2029	4.875%	1,136,000	1,016,848
Total			11,768,305
Airlines 1.9%
Air Canada^(d)
08/15/2026	3.875%	2,026,000	1,863,980
American Airlines, Inc.^(d)
07/15/2025	11.750%	807,000	895,770
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(d)
04/20/2026	5.500%	6,734,341	6,641,956
04/20/2029	5.750%	149,009	142,685
Hawaiian Brand Intellectual Property Ltd./Miles Loyalty Ltd.^(d)
01/20/2026	5.750%	2,719,511	2,648,336
Mileage Plus Holdings LLC/Intellectual Property Assets Ltd.^(d)
06/20/2027	6.500%	2,711,538	2,739,328
Total			14,932,055
Automotive 4.8%
American Axle & Manufacturing, Inc.
03/15/2026	6.250%	1,087,000	1,029,803
Clarios Global LP^(d)
05/15/2025	6.750%	1,239,000	1,243,961
Ford Motor Co.
02/12/2032	3.250%	1,627,000	1,357,361
01/15/2043	4.750%	2,224,000	1,816,783
Ford Motor Credit Co. LLC
03/18/2024	5.584%	1,920,000	1,936,133
11/01/2024	4.063%	1,439,000	1,414,853
06/16/2025	5.125%	2,268,000	2,260,452
11/13/2025	3.375%	123,000	117,356
01/08/2026	4.389%	1,730,000	1,691,740
05/28/2027	4.950%	707,000	694,577
08/17/2027	4.125%	3,098,000	2,935,471
02/10/2029	2.900%	1,363,000	1,146,288
11/13/2030	4.000%	1,780,000	1,575,518
Goodyear Tire & Rubber Co. (The)
07/15/2029	5.000%	775,000	706,335
IAA Spinco, Inc.^(d)
06/15/2027	5.500%	3,571,000	3,569,032
IHO Verwaltungs GmbH^(d),(e)
09/15/2026	4.750%	1,551,000	1,338,120
Jaguar Land Rover Automotive PLC^(d)
07/15/2029	5.500%	1,361,000	1,052,232

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

8	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
KAR Auction Services, Inc.^(d)
06/01/2025	5.125%	6,511,000	6,419,899
Panther BF Aggregator 2 LP/Finance Co., Inc.^(d)
05/15/2027	8.500%	1,881,000	1,897,344
Tenneco, Inc.^(d)
01/15/2029	7.875%	2,595,000	2,573,481
Total			36,776,739
Brokerage/Asset Managers/Exchanges 0.8%
AG Issuer LLC^(d)
03/01/2028	6.250%	865,000	779,573
NFP Corp.^(d)
08/15/2028	4.875%	5,630,000	5,129,209
Total			5,908,782
Building Materials 1.1%
American Builders & Contractors Supply Co., Inc.^(d)
01/15/2028	4.000%	2,090,000	1,945,793
Beacon Roofing Supply, Inc.^(d)
11/15/2026	4.500%	3,525,000	3,414,736
SRS Distribution, Inc.^(d)
07/01/2028	4.625%	3,064,000	2,861,090
Total			8,221,619
Cable and Satellite 6.6%
CCO Holdings LLC/Capital Corp.^(d)
06/01/2029	5.375%	3,355,000	3,205,329
03/01/2030	4.750%	5,761,000	5,240,104
08/15/2030	4.500%	3,250,000	2,891,864
02/01/2032	4.750%	2,106,000	1,859,281
CSC Holdings LLC^(d)
02/01/2028	5.375%	2,194,000	2,083,415
02/01/2029	6.500%	4,255,000	4,111,574
01/15/2030	5.750%	1,247,000	1,006,370
02/15/2031	3.375%	3,931,000	3,144,800
DISH DBS Corp.^(d)
12/01/2028	5.750%	2,996,000	2,429,670
DISH DBS Corp.
06/01/2029	5.125%	3,379,000	2,212,847
Radiate Holdco LLC/Finance, Inc.^(d)
09/15/2026	4.500%	3,932,000	3,638,948
Sirius XM Radio, Inc.^(d)
09/01/2026	3.125%	1,729,000	1,627,986
07/01/2030	4.125%	3,996,000	3,585,514
Videotron Ltd.^(d)
06/15/2029	3.625%	1,844,000	1,610,391
Virgin Media Finance PLC^(d)
07/15/2030	5.000%	3,884,000	3,296,555

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
VZ Secured Financing BV^(d)
01/15/2032	5.000%	3,940,000	3,517,359
Ziggo BV^(d)
01/15/2030	4.875%	5,856,000	5,415,000
Total			50,877,007
Chemicals 3.1%
Avient Corp.^(d),(f)
08/01/2030	7.125%	1,435,000	1,481,614
Axalta Coating Systems LLC^(d)
02/15/2029	3.375%	1,877,000	1,642,909
Axalta Coating Systems LLC/Dutch Holding B BV^(d)
06/15/2027	4.750%	1,738,000	1,666,654
Element Solutions, Inc.^(d)
09/01/2028	3.875%	2,766,000	2,554,634
HB Fuller Co.
10/15/2028	4.250%	1,919,000	1,712,650
Herens Holdco Sarl^(d)
05/15/2028	4.750%	2,001,000	1,651,802
Illuminate Buyer LLC/Holdings IV, Inc.^(d)
07/01/2028	9.000%	1,591,000	1,253,338
INEOS Quattro Finance 2 Plc^(d)
01/15/2026	3.375%	679,000	598,206
Ingevity Corp.^(d)
11/01/2028	3.875%	1,868,000	1,656,441
Innophos Holdings, Inc.^(d)
02/15/2028	9.375%	1,674,000	1,538,722
Olympus Water US Holding Corp.^(d)
10/01/2028	4.250%	1,379,000	1,173,907
SPCM SA^(d)
03/15/2027	3.125%	854,000	728,053
Unifrax Escrow Issuer Corp.^(d)
09/30/2028	5.250%	859,000	720,711
WR Grace Holdings LLC^(d)
06/15/2027	4.875%	3,036,000	2,909,009
08/15/2029	5.625%	3,258,000	2,747,997
Total			24,036,647
Construction Machinery 1.3%
H&E Equipment Services, Inc.^(d)
12/15/2028	3.875%	5,390,000	4,700,590
Herc Holdings, Inc.^(d)
07/15/2027	5.500%	1,737,000	1,738,119
Ritchie Bros. Auctioneers, Inc.^(d)
01/15/2025	5.375%	3,510,000	3,515,399
Total			9,954,108

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

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Consumer Cyclical Services 1.9%
APX Group, Inc.^(d)
02/15/2027	6.750%	1,365,000	1,353,932
Arches Buyer, Inc.^(d)
06/01/2028	4.250%	1,916,000	1,636,536
Match Group, Inc.^(d)
06/01/2028	4.625%	381,000	361,849
Staples, Inc.^(d)
04/15/2026	7.500%	1,305,000	1,155,041
Uber Technologies, Inc.^(d)
05/15/2025	7.500%	3,225,000	3,303,653
08/15/2029	4.500%	7,841,000	7,006,881
Total			14,817,892
Consumer Products 1.1%
CD&R Smokey Buyer, Inc.^(d)
07/15/2025	6.750%	2,387,000	2,248,792
Prestige Brands, Inc.^(d)
01/15/2028	5.125%	3,353,000	3,237,771
Spectrum Brands, Inc.
07/15/2025	5.750%	1,818,000	1,816,386
Tempur Sealy International, Inc.^(d)
10/15/2031	3.875%	1,346,000	1,092,098
Total			8,395,047
Diversified Manufacturing 1.0%
Madison IAQ LLC^(d)
06/30/2028	4.125%	1,468,000	1,300,061
Resideo Funding, Inc.^(d)
09/01/2029	4.000%	1,615,000	1,373,605
Vertical US Newco, Inc.^(d)
07/15/2027	5.250%	1,249,000	1,198,074
WESCO Distribution, Inc.^(d)
06/15/2025	7.125%	3,603,000	3,727,000
Total			7,598,740
Electric 5.5%
Atlantica Sustainable Infrastructure PLC^(d)
06/15/2028	4.125%	1,320,000	1,205,927
Clearway Energy Operating LLC^(d)
03/15/2028	4.750%	1,767,000	1,715,027
02/15/2031	3.750%	6,550,000	5,744,028
01/15/2032	3.750%	2,834,000	2,415,876
FirstEnergy Corp.
11/15/2031	7.375%	1,142,000	1,332,194
FirstEnergy Corp.^(g)
07/15/2047	5.100%	1,712,000	1,525,912

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Leeward Renewable Energy Operations LLC^(d)
07/01/2029	4.250%	2,646,000	2,210,888
NextEra Energy Operating Partners LP^(d)
10/15/2026	3.875%	5,194,000	5,134,730
09/15/2027	4.500%	6,418,000	6,343,450
NRG Energy, Inc.^(d)
06/15/2029	5.250%	3,876,000	3,638,697
02/15/2031	3.625%	2,532,000	2,146,795
Pattern Energy Operations LP/Inc.^(d)
08/15/2028	4.500%	1,261,000	1,162,851
PG&E Corp.
07/01/2028	5.000%	1,193,000	1,088,586
TerraForm Power Operating LLC^(d)
01/31/2028	5.000%	2,922,000	2,808,508
01/15/2030	4.750%	2,207,000	2,052,597
Vistra Operations Co. LLC^(d)
05/01/2029	4.375%	1,781,000	1,643,097
Total			42,169,163
Environmental 1.4%
GFL Environmental, Inc.^(d)
06/01/2025	4.250%	3,590,000	3,577,394
08/01/2028	4.000%	2,531,000	2,282,410
Waste Pro USA, Inc.^(d)
02/15/2026	5.500%	5,179,000	4,791,697
Total			10,651,501
Finance Companies 2.0%
Navient Corp.
06/25/2025	6.750%	2,470,000	2,411,850
Provident Funding Associates LP/Finance Corp.^(d)
06/15/2025	6.375%	5,855,000	5,299,815
Quicken Loans LLC/Co-Issuer, Inc.^(d)
03/01/2029	3.625%	715,000	610,771
03/01/2031	3.875%	2,761,000	2,276,939
Rocket Mortgage LLC/Co-Issuer, Inc.^(d)
10/15/2033	4.000%	5,495,000	4,445,997
Total			15,045,372
Food and Beverage 2.6%
Darling Ingredients, Inc.^(d)
04/15/2027	5.250%	1,872,000	1,876,065
FAGE International SA/USA Dairy Industry, Inc.^(d)
08/15/2026	5.625%	6,220,000	5,557,725
Lamb Weston Holdings, Inc.^(d)
01/31/2032	4.375%	1,178,000	1,113,153
Performance Food Group, Inc.^(d)
05/01/2025	6.875%	824,000	836,812

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

10	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Pilgrim’s Pride Corp.^(d)
04/15/2031	4.250%	1,463,000	1,309,701
03/01/2032	3.500%	456,000	384,922
Post Holdings, Inc.^(d)
03/01/2027	5.750%	928,000	928,367
01/15/2028	5.625%	1,446,000	1,427,086
04/15/2030	4.625%	909,000	813,672
09/15/2031	4.500%	1,380,000	1,234,058
Primo Water Holdings, Inc.^(d)
04/30/2029	4.375%	1,407,000	1,216,628
Simmons Foods, Inc./Prepared Foods, Inc./Pet Food, Inc./Feed^(d)
03/01/2029	4.625%	1,787,000	1,623,444
US Foods, Inc.^(d)
06/01/2030	4.625%	1,417,000	1,299,219
Total			19,620,852
Gaming 2.8%
Boyd Gaming Corp.
12/01/2027	4.750%	894,000	860,247
Boyd Gaming Corp.^(d)
06/15/2031	4.750%	884,000	813,879
Colt Merger Sub, Inc.^(d)
07/01/2025	5.750%	1,346,000	1,345,905
07/01/2025	6.250%	4,539,000	4,533,215
International Game Technology PLC^(d)
02/15/2025	6.500%	3,329,000	3,397,748
04/15/2026	4.125%	1,252,000	1,195,098
Midwest Gaming Borrower LLC^(d)
05/01/2029	4.875%	3,427,000	3,128,171
Penn National Gaming, Inc.^(d)
07/01/2029	4.125%	1,057,000	879,148
Scientific Games Holdings LP/US FinCo, Inc.^(d)
03/01/2030	6.625%	2,339,000	2,099,565
Scientific Games International, Inc.^(d)
05/15/2028	7.000%	1,338,000	1,358,694
Wynn Las Vegas LLC/Capital Corp.^(d)
03/01/2025	5.500%	2,172,000	2,137,616
Total			21,749,286
Health Care 7.2%
180 Medical, Inc.^(d)
10/15/2029	3.875%	557,000	507,064
Acadia Healthcare Co., Inc.^(d)
07/01/2028	5.500%	670,000	662,808
AdaptHealth LLC^(d)
08/01/2029	4.625%	475,000	423,539
03/01/2030	5.125%	2,804,000	2,576,658

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Avantor Funding, Inc.^(d)
07/15/2028	4.625%	2,632,000	2,537,864
11/01/2029	3.875%	3,787,000	3,492,792
Catalent Pharma Solutions, Inc.^(d)
07/15/2027	5.000%	980,000	981,451
04/01/2030	3.500%	1,141,000	1,020,618
Change Healthcare Holdings LLC/Finance, Inc.^(d)
03/01/2025	5.750%	840,000	836,006
Charles River Laboratories International, Inc.^(d)
05/01/2028	4.250%	884,000	863,851
03/15/2029	3.750%	923,000	855,023
03/15/2031	4.000%	989,000	911,056
CHS/Community Health Systems, Inc.^(d)
03/15/2026	8.000%	1,883,000	1,797,814
05/15/2030	5.250%	3,945,000	3,313,880
02/15/2031	4.750%	244,000	196,557
Hologic, Inc.^(d)
02/01/2028	4.625%	748,000	730,770
Indigo Merger Sub, Inc.^(d)
07/15/2026	2.875%	832,000	785,655
IQVIA, Inc.^(d)
05/15/2027	5.000%	2,436,000	2,439,550
Mozart Debt Merger Sub, Inc.^(d)
10/01/2029	5.250%	859,000	776,099
Owens & Minor, Inc.^(d)
03/31/2029	4.500%	925,000	834,905
04/01/2030	6.625%	1,506,000	1,507,245
RP Escrow Issuer LLC^(d)
12/15/2025	5.250%	5,150,000	4,639,256
Select Medical Corp.^(d)
08/15/2026	6.250%	4,485,000	4,487,601
Syneos Health, Inc.^(d)
01/15/2029	3.625%	1,240,000	1,110,151
Teleflex, Inc.
11/15/2027	4.625%	2,825,000	2,778,014
Teleflex, Inc.^(d)
06/01/2028	4.250%	1,089,000	1,033,492
Tenet Healthcare Corp.^(d)
01/01/2026	4.875%	4,325,000	4,260,468
02/01/2027	6.250%	5,764,000	5,820,444
01/15/2030	4.375%	897,000	835,866
US Acute Care Solutions LLC^(d)
03/01/2026	6.375%	2,120,000	1,970,942
Total			54,987,439

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

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Healthcare Insurance 0.5%
Centene Corp.
10/15/2030	3.000%	3,918,000	3,498,616
08/01/2031	2.625%	794,000	680,097
Total			4,178,713
Home Construction 0.3%
Shea Homes LP/Funding Corp.^(d)
02/15/2028	4.750%	3,172,000	2,651,905
Independent Energy 5.5%
Apache Corp.
01/15/2030	4.250%	907,000	874,753
09/01/2040	5.100%	1,813,000	1,616,756
02/01/2042	5.250%	840,000	730,804
04/15/2043	4.750%	1,839,000	1,506,131
01/15/2044	4.250%	600,000	465,852
Callon Petroleum Co.
07/01/2026	6.375%	3,427,000	3,293,125
Callon Petroleum Co.^(d)
08/01/2028	8.000%	4,000	4,044
06/15/2030	7.500%	785,000	753,636
CNX Resources Corp.^(d)
03/14/2027	7.250%	2,580,000	2,612,142
01/15/2029	6.000%	1,450,000	1,409,606
Colgate Energy Partners III LLC^(d)
07/01/2029	5.875%	2,609,000	2,384,656
Comstock Resources, Inc.^(d)
03/01/2029	6.750%	891,000	881,983
CrownRock LP/Finance, Inc.^(d)
05/01/2029	5.000%	903,000	839,032
Hilcorp Energy I LP/Finance Co.^(d)
11/01/2028	6.250%	3,081,000	2,984,152
02/01/2029	5.750%	2,565,000	2,332,056
04/15/2030	6.000%	739,000	677,388
Matador Resources Co.
09/15/2026	5.875%	3,220,000	3,271,015
Occidental Petroleum Corp.
09/01/2030	6.625%	2,838,000	3,148,458
01/01/2031	6.125%	3,502,000	3,751,575
09/15/2036	6.450%	1,766,000	1,963,385
SM Energy Co.
07/15/2028	6.500%	1,596,000	1,576,337
Southwestern Energy Co.
02/01/2032	4.750%	5,293,000	4,937,719
Total			42,014,605

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Leisure 2.4%
Carnival Corp.^(d)
03/01/2026	7.625%	6,052,000	5,207,148
03/01/2027	5.750%	2,642,000	2,093,909
05/01/2029	6.000%	881,000	678,185
Cinemark USA, Inc.^(d)
03/15/2026	5.875%	2,374,000	2,279,947
Live Nation Entertainment, Inc.^(d)
10/15/2027	4.750%	843,000	808,186
Royal Caribbean Cruises Ltd.^(d)
06/01/2025	11.500%	461,000	492,546
07/01/2026	4.250%	3,360,000	2,585,982
08/31/2026	5.500%	4,084,000	3,271,004
07/15/2027	5.375%	898,000	692,828
04/01/2028	5.500%	882,000	664,174
Total			18,773,909
Lodging 0.2%
Hilton Domestic Operating Co., Inc.^(d)
05/01/2025	5.375%	1,769,000	1,774,450
Media and Entertainment 2.2%
Clear Channel International BV^(d)
08/01/2025	6.625%	1,773,000	1,754,016
Clear Channel Worldwide Holdings, Inc.^(d)
08/15/2027	5.125%	6,342,000	5,887,819
Outfront Media Capital LLC/Corp.^(d)
08/15/2027	5.000%	1,335,000	1,255,149
01/15/2029	4.250%	1,222,000	1,050,345
03/15/2030	4.625%	3,133,000	2,661,215
Playtika Holding Corp.^(d)
03/15/2029	4.250%	2,452,000	2,194,354
Roblox Corp.^(d)
05/01/2030	3.875%	2,070,000	1,824,769
Univision Communications, Inc.^(d)
06/30/2030	7.375%	339,000	342,734
Total			16,970,401
Metals and Mining 2.9%
Allegheny Technologies, Inc.
10/01/2029	4.875%	603,000	522,484
10/01/2031	5.125%	2,509,000	2,096,167
Constellium SE^(d)
06/15/2028	5.625%	1,467,000	1,321,605
04/15/2029	3.750%	6,618,000	5,643,453
Hudbay Minerals, Inc.^(d)
04/01/2026	4.500%	424,000	351,719
04/01/2029	6.125%	7,705,000	5,992,555

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

12	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Kaiser Aluminum Corp.^(d)
03/01/2028	4.625%	321,000	280,735
06/01/2031	4.500%	3,822,000	3,069,685
Novelis Corp.^(d)
11/15/2026	3.250%	1,452,000	1,352,145
01/30/2030	4.750%	1,329,000	1,229,094
08/15/2031	3.875%	735,000	636,302
Total			22,495,944
Midstream 7.6%
Cheniere Energy Partners LP
03/01/2031	4.000%	1,427,000	1,321,867
01/31/2032	3.250%	3,832,000	3,340,279
Cheniere Energy, Inc.
10/15/2028	4.625%	3,615,000	3,525,057
CNX Midstream Partners LP^(d)
04/15/2030	4.750%	1,841,000	1,578,935
DCP Midstream Operating LP
04/01/2044	5.600%	2,452,000	2,135,946
Delek Logistics Partners LP/Finance Corp.
05/15/2025	6.750%	2,404,000	2,292,544
DT Midstream, Inc.^(d)
06/15/2029	4.125%	1,412,000	1,300,748
06/15/2031	4.375%	2,239,000	2,023,079
EQM Midstream Partners LP
12/01/2026	4.125%	840,000	776,328
07/15/2048	6.500%	1,197,000	1,005,868
EQM Midstream Partners LP^(d)
06/01/2027	7.500%	619,000	633,057
07/01/2027	6.500%	2,379,000	2,377,742
01/15/2029	4.500%	2,163,000	1,935,915
06/01/2030	7.500%	739,000	761,142
01/15/2031	4.750%	5,911,000	5,353,787
Holly Energy Partners LP/Finance Corp.^(d)
04/15/2027	6.375%	904,000	895,213
02/01/2028	5.000%	3,553,000	3,314,785
NuStar Logistics LP
10/01/2025	5.750%	1,770,000	1,720,128
06/01/2026	6.000%	1,402,000	1,379,872
04/28/2027	5.625%	3,054,000	2,924,211
Rockpoint Gas Storage Canada Ltd.^(d)
03/31/2023	7.000%	4,435,000	4,402,567
TransMontaigne Partners LP/TLP Finance Corp.
02/15/2026	6.125%	4,225,000	3,604,159
Venture Global Calcasieu Pass LLC^(d)
08/15/2029	3.875%	2,560,000	2,370,682
08/15/2031	4.125%	3,987,000	3,684,792
11/01/2033	3.875%	2,170,000	1,893,498

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Western Gas Partners LP
07/01/2026	4.650%	1,753,000	1,738,148
Total			58,290,349
Oil Field Services 0.6%
Transocean Sentry Ltd.^(d)
05/15/2023	5.375%	4,774,790	4,566,419
Other REIT 1.6%
Blackstone Mortgage Trust, Inc.^(d)
01/15/2027	3.750%	2,461,000	2,186,256
Ladder Capital Finance Holdings LLLP/Corp.^(d)
02/01/2027	4.250%	4,038,000	3,602,831
06/15/2029	4.750%	879,000	751,523
Park Intermediate Holdings LLC/Domestic Property/Finance Co-Issuer^(d)
10/01/2028	5.875%	1,120,000	1,098,629
Park Intermediate Holdings LLC/PK Domestic Property LLC/Finance Co-Issuer^(d)
05/15/2029	4.875%	1,416,000	1,304,174
RLJ Lodging Trust LP^(d)
07/01/2026	3.750%	969,000	909,151
09/15/2029	4.000%	463,000	410,362
Service Properties Trust
03/15/2024	4.650%	1,652,000	1,508,341
10/01/2024	4.350%	771,000	691,090
Total			12,462,357
Packaging 2.5%
Ardagh Metal Packaging Finance USA LLC/PLC^(d)
06/15/2027	6.000%	682,000	701,517
09/01/2029	4.000%	4,842,000	4,188,936
Ardagh Packaging Finance PLC/Holdings USA, Inc.^(d)
04/30/2025	5.250%	2,694,000	2,641,426
08/15/2026	4.125%	2,302,000	2,078,211
Canpack SA/US LLC^(d)
11/15/2029	3.875%	3,208,000	2,614,520
Trivium Packaging Finance BV^(d)
08/15/2026	5.500%	6,695,000	6,607,936
Total			18,832,546
Pharmaceuticals 1.7%
Bausch Health Companies, Inc.^(d)
02/01/2027	6.125%	1,580,000	1,347,338
06/01/2028	4.875%	1,744,000	1,393,040
02/15/2029	6.250%	1,048,000	558,634
Grifols Escrow Issuer SA^(d)
10/15/2028	4.750%	1,356,000	1,204,248
Jazz Securities DAC^(d)
01/15/2029	4.375%	1,315,000	1,265,886

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

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Organon Finance 1 LLC^(d)
04/30/2028	4.125%	3,647,000	3,460,471
04/30/2031	5.125%	3,930,000	3,681,844
Total			12,911,461
Property & Casualty 1.1%
Alliant Holdings Intermediate LLC/Co-Issuer^(d)
10/15/2027	4.250%	7,095,000	6,626,403
Lumbermens Mutual Casualty Co.^(d),(h)
12/01/2097	0.000%	4,600,000	3,391
Subordinated
12/01/2037	0.000%	180,000	133
Lumbermens Mutual Casualty Co.^(h)
Subordinated
07/01/2026	0.000%	9,865,000	5,424
MGIC Investment Corp.
08/15/2028	5.250%	491,000	472,576
Radian Group, Inc.
03/15/2025	6.625%	197,000	200,772
03/15/2027	4.875%	1,162,000	1,134,754
Total			8,443,453
Restaurants 1.1%
IRB Holding Corp.^(d)
06/15/2025	7.000%	6,560,000	6,688,173
Yum! Brands, Inc.
04/01/2032	5.375%	1,827,000	1,803,226
Total			8,491,399
Retailers 1.1%
Asbury Automotive Group, Inc.^(d)
11/15/2029	4.625%	567,000	501,595
02/15/2032	5.000%	567,000	495,883
Group 1 Automotive, Inc.^(d)
08/15/2028	4.000%	663,000	593,116
L Brands, Inc.^(d)
10/01/2030	6.625%	2,005,000	1,941,286
LCM Investments Holdings II LLC^(d)
05/01/2029	4.875%	2,257,000	1,899,997
Penske Automotive Group, Inc.
09/01/2025	3.500%	916,000	883,060
PetSmart, Inc./Finance Corp.^(d)
02/15/2028	4.750%	2,294,000	2,172,913
Total			8,487,850
Supermarkets 0.3%
Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(d)
01/15/2027	4.625%	1,326,000	1,258,589

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
SEG Holding LLC/Finance Corp.^(d)
10/15/2028	5.625%	838,000	759,460
Total			2,018,049
Technology 7.1%
Black Knight InfoServ LLC^(d)
09/01/2028	3.625%	4,055,000	3,754,412
Block, Inc.
06/01/2031	3.500%	890,000	772,210
Boxer Parent Co., Inc.^(d)
10/02/2025	7.125%	1,027,000	1,016,351
Camelot Finance SA^(d)
11/01/2026	4.500%	1,779,000	1,702,703
Clarivate Science Holdings Corp.^(d)
07/01/2028	3.875%	1,124,000	1,023,364
Entegris Escrow Corp.^(d)
04/15/2029	4.750%	618,000	596,020
06/15/2030	5.950%	2,153,000	2,134,051
Everi Holdings, Inc.^(d)
07/15/2029	5.000%	241,000	219,307
Gartner, Inc.^(d)
06/15/2029	3.625%	852,000	778,348
HealthEquity, Inc.^(d)
10/01/2029	4.500%	2,336,000	2,167,918
Helios Software Holdings, Inc.^(d)
05/01/2028	4.625%	2,775,000	2,206,139
ION Trading Technologies Sarl^(d)
05/15/2028	5.750%	2,719,000	2,205,526
Iron Mountain, Inc.^(d)
09/15/2027	4.875%	845,000	807,239
Logan Merger Sub, Inc.^(d)
09/01/2027	5.500%	5,227,000	3,838,623
Microchip Technology, Inc.
09/01/2025	4.250%	2,205,000	2,194,131
NCR Corp.^(d)
10/01/2028	5.000%	1,793,000	1,717,945
04/15/2029	5.125%	3,520,000	3,383,050
Nielsen Finance LLC/Co.^(d)
10/01/2028	5.625%	2,525,000	2,474,063
07/15/2029	4.500%	1,134,000	1,072,270
10/01/2030	5.875%	112,000	109,841
07/15/2031	4.750%	1,416,000	1,346,170
Plantronics, Inc.^(d)
03/01/2029	4.750%	5,918,000	5,968,628
PTC, Inc.^(d)
02/15/2028	4.000%	911,000	865,429
Shift4 Payments LLC/Finance Sub, Inc.^(d)
11/01/2026	4.625%	3,288,000	3,084,974

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

14	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Corporate Bonds & Notes (continued)
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Switch Ltd.^(d)
09/15/2028	3.750%	1,212,000	1,211,827
06/15/2029	4.125%	2,214,000	2,238,498
Tempo Acquisition LLC/Finance Corp.^(d)
06/01/2025	5.750%	1,675,000	1,669,787
ZoomInfo Technologies LLC/Finance Corp.^(d)
02/01/2029	3.875%	4,607,000	4,123,396
Total			54,682,220
Wireless 3.2%
Altice France SA^(d)
02/01/2027	8.125%	3,063,000	3,024,871
01/15/2028	5.500%	3,438,000	3,020,894
07/15/2029	5.125%	2,921,000	2,499,833
10/15/2029	5.500%	927,000	800,874
SBA Communications Corp.
02/15/2027	3.875%	3,615,000	3,448,805
Sprint Capital Corp.
11/15/2028	6.875%	5,588,000	6,271,635
Vmed O2 UK Financing I PLC^(d)
01/31/2031	4.250%	3,244,000	2,848,705
07/15/2031	4.750%	3,314,000	3,027,373
Total			24,942,990
Wirelines 2.6%
CenturyLink, Inc.
04/01/2024	7.500%	8,209,000	8,417,438
CenturyLink, Inc.^(d)
12/15/2026	5.125%	623,000	567,280
Front Range BidCo, Inc.^(d)
03/01/2027	4.000%	3,329,000	2,915,817
Frontier Communications Holdings LLC^(d)
05/15/2030	8.750%	623,000	661,383
Iliad Holding SAS^(d)
10/15/2026	6.500%	4,588,000	4,402,751
10/15/2028	7.000%	3,302,000	3,171,614
Total			20,136,283
Total Corporate Bonds & Notes (Cost $755,252,708)			700,635,857

Foreign Government Obligations⁽ⁱ⁾ 0.5%
Issuer	Coupon Rate	Principal Amount ($)	Value ($)
Canada 0.5%
NOVA Chemicals Corp.^(d)
06/01/2027	5.250%	3,587,000	3,438,222
05/15/2029	4.250%	624,000	541,639
Total			3,979,861
Total Foreign Government Obligations (Cost $3,847,075)			3,979,861

Senior Loans 3.2%
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
Consumer Cyclical Services 0.5%
8th Avenue Food & Provisions, Inc.^(j),(k)
1st Lien Term Loan
1-month USD LIBOR + 3.750% 10/01/2025	6.122%	4,669,209	3,992,173
Consumer Products 0.3%
SWF Holdings I Corp.^(j),(k)
1st Lien Term Loan
1-month USD LIBOR + 4.000% Floor 0.750% 10/06/2028	6.162%	2,818,935	2,350,287
Health Care 0.4%
Surgery Center Holdings, Inc.^(j),(k)
Term Loan
1-month USD LIBOR + 3.750% Floor 0.750% 08/31/2026	5.630%	3,232,534	3,099,192
Media and Entertainment 0.5%
Cengage Learning, Inc.^(j),(k)
Tranche B 1st Lien Term Loan
1-month USD LIBOR + 4.750% Floor 1.000% 07/14/2026	7.814%	3,713,380	3,396,183
Technology 1.5%
Ascend Learning LLC^(j),(k)
1st Lien Term Loan
1-month USD LIBOR + 3.500% Floor 0.500% 12/11/2028	5.872%	4,108,355	3,881,122
Loyalty Ventures, Inc.^(j),(k)
Tranche B Term Loan
1-month USD LIBOR + 4.500% Floor 0.500% 11/03/2027	6.872%	1,387,925	1,022,442

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

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Senior Loans (continued)
Borrower	Coupon Rate	Principal Amount ($)	Value ($)
UKG, Inc.^(j),(k)
1st Lien Term Loan
3-month USD LIBOR + 3.750% 05/04/2026	6.122%	1,505,430	1,462,149
1-month USD LIBOR + 3.250% Floor 0.500% 05/04/2026	5.535%	5,401,291	5,228,288
Total			11,594,001
Total Senior Loans (Cost $26,775,027)			24,431,836

Money Market Funds 3.5%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(l),(m)	26,802,098	26,788,697
Total Money Market Funds (Cost $26,786,619)		26,788,697
Total Investments in Securities (Cost: $824,366,475)		762,860,634
Other Assets & Liabilities, Net		6,423,000
Net Assets		769,283,634

Notes to Portfolio of Investments

(a)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2022, the total value of these securities amounted to $62, which represents less than 0.01% of total net assets.
(b)	Non-income producing investment.
(c)	Valuation based on significant unobservable inputs.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $577,258,223, which represents 75.04% of total net assets.
(e)	Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash.
(f)	Represents a security purchased on a when-issued basis.
(g)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2022.
(h)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At July 31, 2022, the total value of these securities amounted to $8,948, which represents less than 0.01% of total net assets.
(i)	Principal and interest may not be guaranteed by a governmental entity.
(j)	The stated interest rate represents the weighted average interest rate at July 31, 2022 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(k)	Variable rate security. The interest rate shown was the current rate as of July 31, 2022.
(l)	The rate shown is the seven-day current annualized yield at July 31, 2022.
(m)	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 July 31, 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, 1.712%
	41,587,022	243,784,470	(258,584,873)	2,078	26,788,697	(14,291)	89,203	26,802,098

Abbreviation Legend

LIBOR

London Interbank Offered Rate

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

16	Columbia Income Opportunities Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	1,226	—	62	1,288
Consumer Discretionary	87,812	—	—	87,812
Industrials	4,128	—	—	4,128
Utilities	—	—	0*	0*
Total Common Stocks	93,166	—	62	93,228
Convertible Bonds	—	6,931,155	—	6,931,155
Corporate Bonds & Notes	—	700,635,857	—	700,635,857
Foreign Government Obligations	—	3,979,861	—	3,979,861
Senior Loans	—	24,431,836	—	24,431,836
Money Market Funds	26,788,697	—	—	26,788,697
Total Investments in Securities	26,881,863	735,978,709	62	762,860,634

*	Rounds to zero.

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

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.

Columbia Income Opportunities Fund | Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$3,036
Dividends — affiliated issuers	89,203
Interest	43,725,183
Interfund lending	207
Foreign taxes withheld	(802)
Total income	43,816,827
Expenses:
Management services fees	5,589,627
Distribution and/or service fees
Class A	660,760
Class C	103,849
Class R	1,987
Transfer agent fees
Class A	325,122
Advisor Class	35,419
Class C	12,776
Institutional Class	297,817
Institutional 2 Class	77,644
Institutional 3 Class	10,881
Class R	489
Compensation of board members	(5,346)
Custodian fees	16,593
Printing and postage fees	52,352
Registration fees	120,834
Audit fees	32,000
Legal fees	18,587
Compensation of chief compliance officer	142
Other	24,664
Total expenses	7,376,197
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(860,108)
Fees waived by transfer agent
Institutional 2 Class	(5,638)
Institutional 3 Class	(6,891)
Expense reduction	(380)
Total net expenses	6,503,180
Net investment income	37,313,647
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	3,156,015
Investments — affiliated issuers	(14,291)
Net realized gain	3,141,724
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(101,509,843)
Investments — affiliated issuers	2,078
Net change in unrealized appreciation (depreciation)	(101,507,765)
Net realized and unrealized loss	(98,366,041)
Net decrease in net assets resulting from operations	$(61,052,394)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	7,368,457	67,505,118	3,357,163	32,914,957
Distributions reinvested	1,830,589	17,101,778	1,268,338	12,448,865
Redemptions	(11,051,880)	(101,559,839)	(7,818,428)	(76,499,405)
Net decrease	(1,852,834)	(16,952,943)	(3,192,927)	(31,135,583)
Advisor Class
Subscriptions	1,300,199	12,198,938	2,589,073	25,261,747
Distributions reinvested	225,904	2,122,191	128,385	1,269,071
Redemptions	(2,218,615)	(20,724,951)	(513,282)	(5,055,214)
Net increase (decrease)	(692,512)	(6,403,822)	2,204,176	21,475,604
Class C
Subscriptions	146,098	1,392,343	99,008	972,551
Distributions reinvested	71,843	672,157	71,402	698,381
Redemptions	(416,402)	(3,808,889)	(1,740,717)	(17,145,880)
Net decrease	(198,461)	(1,744,389)	(1,570,307)	(15,474,948)
Institutional Class
Subscriptions	2,458,343	23,235,066	15,404,544	150,620,765
Distributions reinvested	1,689,905	15,833,340	2,762,614	27,107,976
Redemptions	(8,120,179)	(75,695,735)	(62,914,197)	(623,463,397)
Net decrease	(3,971,931)	(36,627,329)	(44,747,039)	(445,734,656)
Institutional 2 Class
Subscriptions	4,661,464	43,564,103	5,442,638	53,679,624
Distributions reinvested	1,100,200	10,274,442	569,336	5,608,439
Redemptions	(2,922,277)	(26,628,737)	(4,023,674)	(39,368,225)
Net increase	2,839,387	27,209,808	1,988,300	19,919,838
Institutional 3 Class
Subscriptions	2,342,608	22,177,383	3,590,432	35,248,369
Distributions reinvested	502,161	4,707,435	619,756	6,036,129
Redemptions	(4,860,961)	(44,069,827)	(25,442,614)	(251,337,784)
Net decrease	(2,016,192)	(17,185,009)	(21,232,426)	(210,053,286)
Class R
Subscriptions	7,155	68,608	20,845	202,493
Distributions reinvested	2,507	23,414	1,950	19,135
Redemptions	(11,705)	(114,848)	(26,368)	(256,542)
Net decrease	(2,043)	(22,826)	(3,573)	(34,914)
Total net decrease	(5,894,586)	(51,726,510)	(66,553,796)	(661,037,945)

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

22	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2022	$9.96	0.38	(1.04)	(0.66)	(0.37)	(0.30)	(0.67)
Year Ended 7/31/2021	$9.67	0.41	0.33	0.74	(0.45)	—	(0.45)
Year Ended 7/31/2020	$9.87	0.43	(0.21)^(d)	0.22	(0.42)	—	(0.42)
Year Ended 7/31/2019	$9.61	0.45	0.26	0.71	(0.45)	—	(0.45)
Year Ended 7/31/2018	$10.06	0.44	(0.45)	(0.01)	(0.44)	—	(0.44)
Advisor Class
Year Ended 7/31/2022	$9.99	0.40	(1.04)	(0.64)	(0.39)	(0.30)	(0.69)
Year Ended 7/31/2021	$9.70	0.43	0.34	0.77	(0.48)	—	(0.48)
Year Ended 7/31/2020	$9.91	0.46	(0.23)^(d)	0.23	(0.44)	—	(0.44)
Year Ended 7/31/2019	$9.64	0.48	0.27	0.75	(0.48)	—	(0.48)
Year Ended 7/31/2018	$10.09	0.46	(0.45)	0.01	(0.46)	—	(0.46)
Class C
Year Ended 7/31/2022	$9.95	0.31	(1.04)	(0.73)	(0.30)	(0.30)	(0.60)
Year Ended 7/31/2021	$9.66	0.34	0.33	0.67	(0.38)	—	(0.38)
Year Ended 7/31/2020	$9.86	0.36	(0.21)^(d)	0.15	(0.35)	—	(0.35)
Year Ended 7/31/2019	$9.60	0.38	0.26	0.64	(0.38)	—	(0.38)
Year Ended 7/31/2018	$10.05	0.36	(0.45)	(0.09)	(0.36)	—	(0.36)
Institutional Class
Year Ended 7/31/2022	$9.98	0.40	(1.04)	(0.64)	(0.39)	(0.30)	(0.69)
Year Ended 7/31/2021	$9.69	0.44	0.33	0.77	(0.48)	—	(0.48)
Year Ended 7/31/2020	$9.89	0.45	(0.21)^(d)	0.24	(0.44)	—	(0.44)
Year Ended 7/31/2019	$9.63	0.48	0.26	0.74	(0.48)	—	(0.48)
Year Ended 7/31/2018	$10.08	0.46	(0.45)	0.01	(0.46)	—	(0.46)
Institutional 2 Class
Year Ended 7/31/2022	$9.99	0.41	(1.04)	(0.63)	(0.40)	(0.30)	(0.70)
Year Ended 7/31/2021	$9.70	0.45	0.33	0.78	(0.49)	—	(0.49)
Year Ended 7/31/2020	$9.90	0.46	(0.21)^(d)	0.25	(0.45)	—	(0.45)
Year Ended 7/31/2019	$9.63	0.48	0.27	0.75	(0.48)	—	(0.48)
Year Ended 7/31/2018	$10.08	0.47	(0.45)	0.02	(0.47)	—	(0.47)

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

24	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$8.63	(6.99%)	1.05%	0.95%^(c)	4.10%	34%	$236,681
Year Ended 7/31/2021	$9.96	7.85%	1.15%	1.01%^(c)	4.18%	58%	$291,523
Year Ended 7/31/2020	$9.67	2.32%	1.09%	1.04%^(c)	4.45%	56%	$314,014
Year Ended 7/31/2019	$9.87	7.62%	1.04%	1.04%	4.69%	43%	$373,159
Year Ended 7/31/2018	$9.61	(0.12%)	1.04%	1.03%^(c)	4.45%	46%	$421,366
Advisor Class
Year Ended 7/31/2022	$8.66	(6.73%)	0.80%	0.70%^(c)	4.33%	34%	$23,192
Year Ended 7/31/2021	$9.99	8.11%	0.90%	0.76%^(c)	4.42%	58%	$33,674
Year Ended 7/31/2020	$9.70	2.48%	0.84%	0.79%^(c)	4.70%	56%	$11,317
Year Ended 7/31/2019	$9.91	7.99%	0.79%	0.79%	4.93%	43%	$15,240
Year Ended 7/31/2018	$9.64	0.15%	0.79%	0.79%^(c)	4.73%	46%	$15,072
Class C
Year Ended 7/31/2022	$8.62	(7.70%)	1.80%	1.70%^(c)	3.33%	34%	$8,365
Year Ended 7/31/2021	$9.95	7.04%	1.90%	1.77%^(c)	3.43%	58%	$11,626
Year Ended 7/31/2020	$9.66	1.55%	1.84%	1.79%^(c)	3.70%	56%	$26,465
Year Ended 7/31/2019	$9.86	6.82%	1.79%	1.79%	3.95%	43%	$36,860
Year Ended 7/31/2018	$9.60	(0.87%)	1.78%	1.78%^(c)	3.69%	46%	$53,674
Institutional Class
Year Ended 7/31/2022	$8.65	(6.74%)	0.80%	0.70%^(c)	4.34%	34%	$205,801
Year Ended 7/31/2021	$9.98	8.11%	0.91%	0.77%^(c)	4.46%	58%	$277,062
Year Ended 7/31/2020	$9.69	2.58%	0.87%	0.78%^(c)	4.76%	56%	$702,635
Year Ended 7/31/2019	$9.89	7.89%	0.79%	0.79%	4.94%	43%	$323,071
Year Ended 7/31/2018	$9.63	0.14%	0.78%	0.78%^(c)	4.65%	46%	$340,274
Institutional 2 Class
Year Ended 7/31/2022	$8.66	(6.66%)	0.73%	0.63%	4.44%	34%	$138,972
Year Ended 7/31/2021	$9.99	8.24%	0.74%	0.64%	4.55%	58%	$131,971
Year Ended 7/31/2020	$9.70	2.65%	0.73%	0.71%	4.79%	56%	$108,883
Year Ended 7/31/2019	$9.90	8.08%	0.72%	0.72%	5.01%	43%	$80,781
Year Ended 7/31/2018	$9.63	0.21%	0.72%	0.71%	4.77%	46%	$76,460

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

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2022	$9.97	0.41	(1.04)	(0.63)	(0.40)	(0.30)	(0.70)
Year Ended 7/31/2021	$9.69	0.45	0.32	0.77	(0.49)	—	(0.49)
Year Ended 7/31/2020	$9.89	0.47	(0.21)^(d)	0.26	(0.46)	—	(0.46)
Year Ended 7/31/2019	$9.62	0.49	0.27	0.76	(0.49)	—	(0.49)
Year Ended 7/31/2018	$10.07	0.47	(0.45)	0.02	(0.47)	—	(0.47)
Class R
Year Ended 7/31/2022	$9.96	0.36	(1.05)	(0.69)	(0.34)	(0.30)	(0.64)
Year Ended 7/31/2021	$9.67	0.38	0.34	0.72	(0.43)	—	(0.43)
Year Ended 7/31/2020	$9.87	0.41	(0.22)^(d)	0.19	(0.39)	—	(0.39)
Year Ended 7/31/2019	$9.61	0.43	0.26	0.69	(0.43)	—	(0.43)
Year Ended 7/31/2018	$10.06	0.41	(0.45)	(0.04)	(0.41)	—	(0.41)

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)	Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.

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

26	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Income Opportunities Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Senior loan securities for which reliable market quotations are readily available are generally valued by pricing services at the average of the bids received.

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Notes to Financial Statements (continued)
July 31, 2022

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.

Investments in senior loans

The Fund may invest in senior loan assignments. When the Fund purchases an assignment of a senior loan, the Fund typically has direct rights against the borrower; provided, however, that the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through an administrative agent. Although certain senior loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing such collateral or have its interest subordinated to other indebtedness of the obligor. In the event that the administrator or collateral agent of a loan becomes insolvent or enters into receivership or bankruptcy, the Fund may incur costs and delays in realizing payment or may suffer a loss of principal and/or interest. The risk of loss is greater for unsecured or subordinated loans. In addition, senior loan assignments are vulnerable to market, economic or other conditions or events that may reduce the demand for senior loan assignments and certain senior loan assignments which were liquid when purchased, may become illiquid.

The Fund may enter into senior loan assignments where all or a portion of the loan may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are generally traded and priced in the same manner as other senior loan securities and are disclosed as unfunded senior loan commitments in the Fund’s Portfolio of Investments with a corresponding payable for investments purchased. The Fund designates cash or liquid securities to cover these commitments.

Delayed delivery securities

Security transactions

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Income recognition

The value of additional securities received as an income payment through a payment in kind, if any, is recorded as interest income and increases the cost basis of such securities.

Expenses

Determination of class net asset value

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Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Columbia Income Opportunities Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Compensation of Chief Compliance Officer

Transfer agency fees

For the year ended July 31, 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	0.12
Advisor Class	0.12
Class C	0.12
Institutional Class	0.12
Institutional 2 Class	0.05
Institutional 3 Class	0.00
Class R	0.12

Distribution and service fees

32	Columbia Income Opportunities Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $945,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	4.75	0.50 - 1.00^(a)	44,960
Class C	—	1.00^(b)	3,940

(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

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	0.96%	1.00%
Advisor Class	0.71	0.75
Class C	1.71	1.75
Institutional Class	0.71	0.75
Institutional 2 Class	0.64	0.61
Institutional 3 Class	0.59	0.56
Class R	1.21	1.25

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 commitment, effective December 1, 2021 through November 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

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Notes to Financial Statements (continued)
July 31, 2022

Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for principal and/or interest from fixed income securities, defaulted securities/troubled debt, post-October capital losses, trustees’ deferred compensation, distributions and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
380,185	(380,185)	—

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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
42,684,727	21,531,040	64,215,767	63,379,512	—	63,379,512

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
3,760,204	—	—	(62,627,401)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
825,488,035	4,834,637	(67,462,038)	(62,627,401)

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

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Notes to Financial Statements (continued)
July 31, 2022

Late year ordinary losses ($)	Post-October capital losses ($)
—	2,870,959

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $281,646,413 and $355,276,361, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund’s activity in the Interfund Program during the year ended July 31, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Lender	1,214,286	0.76	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 July 31, 2022.

Note 8. Line of credit

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Notes to Financial Statements (continued)
July 31, 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 July 31, 2022.

Note 9. Significant risks

Credit risk

High-yield investments risk

Interest rate risk

Liquidity risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

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.

Shareholder concentration risk

At July 31, 2022, two unaffiliated shareholders of record owned 31.7% 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 35.7% 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

Note 11. Information regarding pending and settled legal proceedings

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Notes to Financial Statements (continued)
July 31, 2022

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Income Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Income Opportunities Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Capital gain dividend	Section 163(j) Interest Dividends
$4,435,128	81.96%

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

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

In this connection, the Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the performance of a benchmark index, (iii) the percentage ranking of the Fund among its comparison group, (iv) the Fund’s performance relative to peers and benchmarks and (v) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	34
Federal Income Tax Information	35
Trustees and Officers	35
Liquidity Risk Management Program	41
Approval of Management Agreement	42

If you elect to receive the shareholder report for Columbia Disciplined 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

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Disciplined Core Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

Raghavendran Sivaraman, Ph.D., CFA

Co-Portfolio Manager

Managed Fund since 2019

Oleg Nusinzon, CFA

Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box^TM

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 July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	04/24/03	-5.00	11.64	12.84
	Including sales charges		-10.45	10.32	12.16
Advisor Class*		03/19/13	-4.78	11.90	13.10
Class C	Excluding sales charges	04/24/03	-5.69	10.78	11.99
	Including sales charges		-6.49	10.78	11.99
Institutional Class		09/27/10	-4.73	11.91	13.12
Institutional 2 Class		12/11/06	-4.74	11.92	13.19
Institutional 3 Class*		06/01/15	-4.66	12.00	13.12
Class R		12/11/06	-5.19	11.35	12.55
S&P 500 Index			-4.64	12.83	13.80

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.

Columbia Disciplined Core Fund | Annual Report 2022

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, Class A shares of Columbia Disciplined Core Fund returned -5.00% excluding sales charges. The Fund underperformed its benchmark, the S&P 500 Index, which returned -4.64% for the same time period.

Market overview

U.S. equities fell in 2022 from record highs, ending three consecutive years of robust gains. Lingering Omicron-related worries were a headwind, as were fears around inflation, durability of growth and the end of more than a decade of easy monetary policy coming from the U.S. Federal Reserve (Fed) and other global central banks. Volatility and risk-off sentiment spiked as investor concerns expanded to include ramifications of a prolonged Russia-Ukraine conflict. Commodity prices surged, particularly for oil and wheat, as the conflict in Eastern Europe escalated into war and further complicated global supply chains. Oil prices, which already were elevated on supply-demand imbalances, shot through a decade-high of more than $120 per barrel before retreating somewhat.

Despite mostly resilient corporate earnings reports, equities continued a choppy decline. The Fed raised interest rates by 25 basis points (bps) at its March 2022 meeting, 50 bps in May 2022, 75 bps in June 2022 and 75 bps in July 2022, ending at a target rate of 2.25-2.50% by July 31, 2022. (A basis point is 1/100 of a percent.) Investor sentiment was dominated by an increasing focus on persistent inflation, the ongoing war in Ukraine, slowing economic growth leading to a possible recession and continued supply-chain snarls.

For the annual period that ended July 31, 2022, value strategies outperformed growth strategies across the capitalization spectrum. Within the benchmark, returns were led by the energy sector which was up over 67%. The utilities, consumer staples and health care sectors followed, all returning within positive territory. The communication services sector was the bottom-performing sector, followed by the consumer discretionary, industrials, financials, information technology and real estate sectors, all of which delivered negative results for the benchmark during the period. Stocks characterized by high EBITDA (earnings before interest, taxes, depreciation and amortization)-to-enterprise value, high dividend yield, and high operating cash flow-to-price were in favor during the annual period. Conversely, high volatility and high growth characteristics detracted during the annual period.

We divide the metrics for our stock selection model into three broad themes: quality, valuation, and catalyst. We then rank the securities within a sector/industry from “1” (most attractive) to “5” (least attractive) based upon an aggregation of the metrics within these themes. We followed our portfolio construction process that allocates capital to the models’ ideas while integrating risk management. Changes in individual security positions during the annual period were primarily the result of the Fund’s bottom-up stock selection process. While there were some changes in sector allocations over time, all changes were quite modest, as we maintained our sector neutral investment approach.

The Fund’s notable detractors during the period

•	None of the stock selection model themes provided negative guidance during the period. Consumer discretionary-consumer services, consumer discretionary-auto & durables and energy - equipment & services were the biggest detractors during the annual period.
•	Stock selection within the financials and consumer discretionary sectors detracted most from performance versus the benchmark during the period.
•	A combination of allocation and stock selection within utilities also weighed on relative returns.
•	Meta Platforms, Inc., parent company of social media platforms Facebook and Instagram, reported quarterly results in line with consensus expectations during the period. However, its 2022 guidance relating to revenue growth, margins and free cash flow disappointed investors. The company also faces ongoing risks around data privacy, regulatory/legislative issues, elevated legal fees and/or fines. The portfolio’s overweight in Meta Platforms was established based on our quality and value theme scores, but the models provided negative guidance.
•	Under Armour, Inc., a leading athletic apparel brand, reported underwhelming results, as inflation, supply-chain delays and COVID-19 effect overhangs caused its stock to sell off late in the period. While the company continued to focus on

Columbia Disciplined Core Fund | Annual Report 2022

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Manager Discussion of Fund Performance (continued)
(Unaudited)

	reining in costs, it was faced with increasing freight expenses and was forced to reduce and cancel orders due to supply-chain disruptions. The portfolio’s overweight in Under Armour was established based on our quality and value theme scores, but the models provided negative guidance.
•	Autodesk, Inc., a design software company providing solutions to the architecture, engineering and construction industries, lost ground along with many tech names during the period as investors rotated away from growth into value.

The Fund’s notable contributors during the period

•	The stock selection model performed well overall during the period, driven by the strong positive guidance provided by the value, quality and catalyst themes. Of our 22 industry-specific models, 11 outperformed the benchmark, with energy-refining & distribution, health care-products and materials the biggest contributors.
•	Stock selection, particularly within the health care, information technology and real estate sectors was beneficial to Fund performance relative to the benchmark during the period.
•	EOG Resources, an oil and natural gas exploration and production company, traded higher on the increase in global energy prices, driven, in turn, by geopolitical conflict and reduced global supply. Further, the company announced earnings in line with consensus expectations with forward guidance of disciplined capital expenditures growth, which boded well for free cash flow generation. The company also announced a larger-than-expected special dividend. The portfolio’s overweight in EOG Resources was driven by our valuation and catalyst themes, and the models delivered effective stock selection guidance.
•	McKesson Corp., one of the top drug distributors in the U.S., announced that the company, along with Johnson & Johnson and two other leading drug distributors, reached an agreement to settle state and local government lawsuits against them for their involvement in the nation’s opioid crisis. The settlements cleared an overhang on McKesson that had weighed on its shares for years. The portfolio’s overweight to McKesson was driven by attractive metrics in all three components of our stock selection model—quality, value and catalyst, which proved effective.
•	Not owning PayPal Holdings, a benchmark component, contributed to relative results as the payment firm was down significantly 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. See the Fund’s prospectus for more information on these and other risks.

6	Columbia Disciplined Core Fund \| Annual Report 2022

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	912.30	1,019.81	4.50	4.75	0.96
Advisor Class	1,000.00	1,000.00	913.50	1,021.04	3.33	3.52	0.71
Class C	1,000.00	1,000.00	909.00	1,016.13	8.00	8.45	1.71
Institutional Class	1,000.00	1,000.00	913.70	1,021.04	3.33	3.52	0.71
Institutional 2 Class	1,000.00	1,000.00	914.00	1,021.09	3.29	3.47	0.70
Institutional 3 Class	1,000.00	1,000.00	914.50	1,021.33	3.05	3.22	0.65
Class R	1,000.00	1,000.00	911.50	1,018.59	5.67	5.99	1.21

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Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.4%
Issuer	Shares	Value ($)
Communication Services 8.7%
Diversified Telecommunication Services 0.5%
Verizon Communications, Inc.	455,075	21,019,914
Interactive Media & Services 7.1%
Alphabet, Inc., Class A^(a)	1,925,220	223,941,591
Meta Platforms, Inc., Class A^(a)	484,243	77,043,061
Total		300,984,652
Media 1.1%
Interpublic Group of Companies, Inc. (The)	1,600,495	47,806,785
Total Communication Services		369,811,351
Consumer Discretionary 10.9%
Automobiles 0.8%
Tesla Motors, Inc.^(a)	36,078	32,161,733
Hotels, Restaurants & Leisure 1.2%
Expedia Group, Inc.^(a)	477,582	50,647,571
Household Durables 1.8%
Lennar Corp., Class A	509,042	43,268,570
PulteGroup, Inc.	806,434	35,176,651
Total		78,445,221
Internet & Direct Marketing Retail 2.0%
Amazon.com, Inc.^(a)	622,580	84,017,171
Specialty Retail 3.3%
AutoZone, Inc.^(a)	29,027	62,042,020
O’Reilly Automotive, Inc.^(a)	93,575	65,838,434
Ulta Beauty, Inc.^(a)	31,500	12,250,665
Total		140,131,119
Textiles, Apparel & Luxury Goods 1.8%
Ralph Lauren Corp.	503,998	49,709,323
Tapestry, Inc.	182,320	6,131,421
Under Armour, Inc., Class A^(a)	2,350,592	21,766,482
Total		77,607,226
Total Consumer Discretionary		463,010,041
Consumer Staples 6.4%
Food & Staples Retailing 0.6%
Kroger Co. (The)	580,207	26,944,813

Common Stocks (continued)
Issuer	Shares	Value ($)
Food Products 1.8%
General Mills, Inc.	99,300	7,426,647
Tyson Foods, Inc., Class A	758,628	66,766,850
Total		74,193,497
Household Products 1.8%
Procter & Gamble Co. (The)	558,990	77,649,301
Tobacco 2.2%
Altria Group, Inc.	1,329,069	58,292,966
Philip Morris International, Inc.	345,469	33,562,314
Total		91,855,280
Total Consumer Staples		270,642,891
Energy 4.3%
Oil, Gas & Consumable Fuels 4.3%
ConocoPhillips Co.	166,247	16,197,445
Devon Energy Corp.	196,900	12,375,165
Exxon Mobil Corp.	1,161,646	112,598,347
Marathon Petroleum Corp.	450,813	41,321,519
Total		182,492,476
Total Energy		182,492,476
Financials 10.2%
Banks 2.1%
Wells Fargo & Co.	1,995,905	87,560,352
Capital Markets 2.3%
Bank of New York Mellon Corp. (The)	231,555	10,063,381
CME Group, Inc.	132,900	26,510,892
Morgan Stanley	736,287	62,068,994
Total		98,643,267
Consumer Finance 2.0%
Capital One Financial Corp.	527,970	57,986,945
Discover Financial Services	277,014	27,978,414
Total		85,965,359
Diversified Financial Services 0.2%
Voya Financial, Inc.	128,985	7,759,738

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

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Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Insurance 3.6%
Aon PLC, Class A	35,435	10,313,002
Marsh & McLennan Companies, Inc.	459,590	75,354,376
MetLife, Inc.	1,090,106	68,949,205
Total		154,616,583
Total Financials		434,545,299
Health Care 14.5%
Biotechnology 2.3%
AbbVie, Inc.	255,797	36,709,427
Amgen, Inc.	16,499	4,083,008
BioMarin Pharmaceutical, Inc.^(a)	142,507	12,262,727
Regeneron Pharmaceuticals, Inc.^(a)	25,756	14,982,008
Vertex Pharmaceuticals, Inc.^(a)	105,602	29,611,857
Total		97,649,027
Health Care Equipment & Supplies 1.5%
Abbott Laboratories	486,734	52,976,129
Hologic, Inc.^(a)	191,400	13,662,132
Total		66,638,261
Health Care Providers & Services 3.9%
CVS Health Corp.	534,762	51,166,028
McKesson Corp.	203,304	69,444,580
Molina Healthcare, Inc.^(a)	133,765	43,837,466
Total		164,448,074
Life Sciences Tools & Services 2.0%
IQVIA Holdings, Inc.^(a)	349,229	83,909,252
Pharmaceuticals 4.8%
Bristol-Myers Squibb Co.	1,204,849	88,893,759
Pfizer, Inc.	2,131,519	107,663,025
Viatris, Inc.	641,282	6,214,022
Total		202,770,806
Total Health Care		615,415,420
Industrials 7.6%
Aerospace & Defense 3.5%
General Dynamics Corp.	321,212	72,809,124
Lockheed Martin Corp.	115,624	47,846,367
Textron, Inc.	415,759	27,290,421
Total		147,945,912

Common Stocks (continued)
Issuer	Shares	Value ($)
Air Freight & Logistics 0.8%
United Parcel Service, Inc., Class B	171,562	33,435,718
Airlines 0.2%
Delta Air Lines, Inc.^(a)	114,291	3,634,454
Southwest Airlines Co.^(a)	105,674	4,028,293
Total		7,662,747
Commercial Services & Supplies 1.0%
Cintas Corp.	79,114	33,662,216
Republic Services, Inc.	60,267	8,356,622
Total		42,018,838
Electrical Equipment 0.6%
Emerson Electric Co.	291,063	26,216,044
Machinery 0.9%
Otis Worldwide Corp.	328,975	25,715,976
Snap-On, Inc.	64,686	14,492,898
Total		40,208,874
Professional Services 0.3%
Robert Half International, Inc.	154,312	12,212,252
Road & Rail 0.3%
Norfolk Southern Corp.	50,515	12,687,853
Total Industrials		322,388,238
Information Technology 28.2%
Communications Equipment 2.0%
Cisco Systems, Inc.	1,837,198	83,353,673
IT Services 2.3%
Accenture PLC, Class A	55,784	17,084,408
Gartner, Inc.^(a)	67,700	17,972,996
MasterCard, Inc., Class A	106,051	37,519,783
VeriSign, Inc.^(a)	137,799	26,066,059
Total		98,643,246
Semiconductors & Semiconductor Equipment 5.3%
Advanced Micro Devices, Inc.^(a)	745,692	70,445,523
Lam Research Corp.	148,251	74,201,108
QUALCOMM, Inc.	541,178	78,503,281
Total		223,149,912

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

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Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Software 11.0%
Adobe, Inc.^(a)	110,873	45,471,235
Autodesk, Inc.^(a)	105,524	22,826,951
Fortinet, Inc.^(a)	1,290,815	76,997,115
Microsoft Corp.^(b)	1,152,331	323,505,405
Total		468,800,706
Technology Hardware, Storage & Peripherals 7.6%
Apple, Inc.	1,989,889	323,376,862
Total Information Technology		1,197,324,399
Materials 2.9%
Chemicals 1.8%
CF Industries Holdings, Inc.	108,600	10,370,214
Dow, Inc.	1,233,710	65,645,709
Total		76,015,923
Metals & Mining 1.1%
Nucor Corp.	340,142	46,191,284
Total Materials		122,207,207
Real Estate 3.2%
Equity Real Estate Investment Trusts (REITS) 3.2%
SBA Communications Corp.	142,000	47,682,180
Simon Property Group, Inc.	98,384	10,688,438
Weyerhaeuser Co.	2,103,616	76,403,333
Total		134,773,951
Total Real Estate		134,773,951

Common Stocks (continued)
Issuer	Shares	Value ($)
Utilities 2.5%
Electric Utilities 2.5%
American Electric Power Co., Inc.	390,147	38,452,888
Evergy, Inc.	497,914	33,987,610
NRG Energy, Inc.	898,031	33,900,670
Total		106,341,168
Total Utilities		106,341,168
Total Common Stocks (Cost $3,201,058,865)		4,218,952,441

Money Market Funds 0.6%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(c),(d)	24,704,478	24,692,126
Total Money Market Funds (Cost $24,691,791)		24,692,126
Total Investments in Securities (Cost: $3,225,750,656)		4,243,644,567
Other Assets & Liabilities, Net		1,797,294
Net Assets		4,245,441,861

At July 31, 2022, securities and/or cash totaling $3,804,027 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	160	09/2022	USD	33,068,000	966,713	—

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 July 31, 2022.

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

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Portfolio of Investments (continued)
July 31, 2022

Notes to Portfolio of Investments (continued)

(d)

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, 1.712%
	47,031,222	327,305,525	(349,639,595)	(5,026)	24,692,126	(27,270)	167,973	24,704,478

Currency Legend

USD

US Dollar

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	369,811,351	—	—	369,811,351
Consumer Discretionary	463,010,041	—	—	463,010,041
Consumer Staples	270,642,891	—	—	270,642,891
Energy	182,492,476	—	—	182,492,476
Financials	434,545,299	—	—	434,545,299

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

Columbia Disciplined Core Fund | Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$74,378,813
Dividends — affiliated issuers	167,973
Total income	74,546,786
Expenses:
Management services fees	29,279,467
Distribution and/or service fees
Class A	10,470,506
Class C	362,309
Class R	13,838
Transfer agent fees
Class A	2,726,362
Advisor Class	11,365
Class C	23,550
Institutional Class	219,539
Institutional 2 Class	23,589
Institutional 3 Class	3,903
Class R	1,801
Compensation of board members	28,753
Custodian fees	27,868
Printing and postage fees	213,558
Registration fees	206,249
Audit fees	29,500
Legal fees	58,765
Interest on collateral	1,617
Compensation of chief compliance officer	775
Other	68,520
Total expenses	43,771,834
Expense reduction	(920)
Total net expenses	43,770,914
Net investment income	30,775,872
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	405,813,595
Investments — affiliated issuers	(27,270)
Foreign currency translations	(175)
Futures contracts	(2,730,546)
Net realized gain	403,055,604
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(651,688,810)
Investments — affiliated issuers	(5,026)
Futures contracts	(1,095,717)
Net change in unrealized appreciation (depreciation)	(652,789,553)
Net realized and unrealized loss	(249,733,949)
Net decrease in net assets resulting from operations	$(218,958,077)

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	2,963,146	41,708,775	2,931,394	39,966,625
Distributions reinvested	48,587,824	684,116,562	14,272,642	179,121,652
Redemptions	(30,290,069)	(422,979,498)	(29,194,825)	(392,617,035)
Net increase (decrease)	21,260,901	302,845,839	(11,990,789)	(173,528,758)
Advisor Class
Subscriptions	146,587	2,083,803	235,113	3,202,474
Distributions reinvested	200,181	2,858,586	58,197	738,521
Redemptions	(319,196)	(4,436,324)	(281,066)	(3,751,506)
Net increase	27,572	506,065	12,244	189,489
Class C
Subscriptions	360,511	5,002,715	300,919	4,060,091
Distributions reinvested	433,396	5,933,190	144,020	1,765,688
Redemptions	(896,827)	(12,190,740)	(1,331,497)	(17,515,905)
Net decrease	(102,920)	(1,254,835)	(886,558)	(11,690,126)
Institutional Class
Subscriptions	4,517,590	63,256,343	7,026,395	94,162,290
Distributions reinvested	3,817,819	54,174,850	1,268,249	16,017,991
Redemptions	(6,166,310)	(87,020,755)	(21,998,005)	(289,392,737)
Net increase (decrease)	2,169,099	30,410,438	(13,703,361)	(179,212,456)
Institutional 2 Class
Subscriptions	624,457	9,007,849	643,854	8,775,444
Distributions reinvested	431,796	6,096,959	137,799	1,732,131
Redemptions	(1,137,842)	(16,860,871)	(528,824)	(7,034,399)
Net increase (decrease)	(81,589)	(1,756,063)	252,829	3,473,176
Institutional 3 Class
Subscriptions	493,022	6,979,017	1,694,480	21,610,331
Distributions reinvested	762,919	10,841,083	1,612,081	20,376,702
Redemptions	(1,129,567)	(16,510,747)	(29,978,302)	(378,796,858)
Net increase (decrease)	126,374	1,309,353	(26,671,741)	(336,809,825)
Class R
Subscriptions	37,659	518,119	33,034	443,669
Distributions reinvested	30,011	422,248	9,861	123,657
Redemptions	(52,786)	(735,026)	(88,444)	(1,244,667)
Net increase (decrease)	14,884	205,341	(45,549)	(677,341)
Total net increase (decrease)	23,414,321	332,266,138	(53,032,925)	(698,255,841)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income (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 7/31/2022	$15.64	0.09	(0.60)	(0.51)	(0.12)	(2.42)	(2.54)
Year Ended 7/31/2021	$12.09	0.12	4.07	4.19	(0.13)	(0.51)	(0.64)
Year Ended 7/31/2020	$12.26	0.14	0.90	1.04	(0.15)	(1.06)	(1.21)
Year Ended 7/31/2019	$12.76	0.14	0.27	0.41	(0.11)	(0.80)	(0.91)
Year Ended 7/31/2018	$11.43	0.11	1.95	2.06	(0.18)	(0.55)	(0.73)
Advisor Class
Year Ended 7/31/2022	$15.84	0.13	(0.62)	(0.49)	(0.15)	(2.42)	(2.57)
Year Ended 7/31/2021	$12.24	0.16	4.11	4.27	(0.16)	(0.51)	(0.67)
Year Ended 7/31/2020	$12.40	0.17	0.91	1.08	(0.18)	(1.06)	(1.24)
Year Ended 7/31/2019	$12.89	0.17	0.28	0.45	(0.14)	(0.80)	(0.94)
Year Ended 7/31/2018	$11.54	0.14	1.97	2.11	(0.21)	(0.55)	(0.76)
Class C
Year Ended 7/31/2022	$15.20	(0.02)	(0.58)	(0.60)	(0.00)^(e)	(2.42)	(2.42)
Year Ended 7/31/2021	$11.77	0.02	3.96	3.98	(0.04)	(0.51)	(0.55)
Year Ended 7/31/2020	$11.97	0.05	0.87	0.92	(0.06)	(1.06)	(1.12)
Year Ended 7/31/2019	$12.47	0.05	0.27	0.32	(0.02)	(0.80)	(0.82)
Year Ended 7/31/2018	$11.20	0.02	1.90	1.92	(0.10)	(0.55)	(0.65)
Institutional Class
Year Ended 7/31/2022	$15.76	0.13	(0.61)	(0.48)	(0.15)	(2.42)	(2.57)
Year Ended 7/31/2021	$12.18	0.15	4.10	4.25	(0.16)	(0.51)	(0.67)
Year Ended 7/31/2020	$12.34	0.17	0.91	1.08	(0.18)	(1.06)	(1.24)
Year Ended 7/31/2019	$12.84	0.17	0.27	0.44	(0.14)	(0.80)	(0.94)
Year Ended 7/31/2018	$11.50	0.14	1.96	2.10	(0.21)	(0.55)	(0.76)
Institutional 2 Class
Year Ended 7/31/2022	$15.69	0.13	(0.60)	(0.47)	(0.16)	(2.42)	(2.58)
Year Ended 7/31/2021	$12.13	0.16	4.07	4.23	(0.16)	(0.51)	(0.67)
Year Ended 7/31/2020	$12.30	0.17	0.91	1.08	(0.19)	(1.06)	(1.25)
Year Ended 7/31/2019	$12.80	0.17	0.28	0.45	(0.15)	(0.80)	(0.95)
Year Ended 7/31/2018	$11.47	0.15	1.95	2.10	(0.22)	(0.55)	(0.77)

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

18	Columbia Disciplined Core Fund \| Annual Report 2022

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$12.59	(5.00%)	0.95%^(c)	0.95%^(c),(d)	0.64%	48%	$3,792,747
Year Ended 7/31/2021	$15.64	35.98%	0.97%^(c)	0.97%^(c),(d)	0.88%	69%	$4,379,045
Year Ended 7/31/2020	$12.09	8.86%	0.98%	0.98%^(d)	1.18%	65%	$3,530,283
Year Ended 7/31/2019	$12.26	4.01%	0.98%	0.98%	1.16%	75%	$3,602,298
Year Ended 7/31/2018	$12.76	18.55%	0.98%	0.98%^(d)	0.90%	71%	$3,749,864
Advisor Class
Year Ended 7/31/2022	$12.78	(4.78%)	0.70%^(c)	0.70%^(c),(d)	0.89%	48%	$15,186
Year Ended 7/31/2021	$15.84	36.25%	0.72%^(c)	0.72%^(c),(d)	1.13%	69%	$18,382
Year Ended 7/31/2020	$12.24	9.11%	0.73%	0.73%^(d)	1.44%	65%	$14,050
Year Ended 7/31/2019	$12.40	4.33%	0.74%	0.74%	1.38%	75%	$17,613
Year Ended 7/31/2018	$12.89	18.83%	0.73%	0.73%^(d)	1.15%	71%	$9,665
Class C
Year Ended 7/31/2022	$12.18	(5.69%)	1.70%^(c)	1.70%^(c),(d)	(0.11%)	48%	$30,361
Year Ended 7/31/2021	$15.20	34.98%	1.72%^(c)	1.72%^(c),(d)	0.13%	69%	$39,464
Year Ended 7/31/2020	$11.77	8.00%	1.73%	1.73%^(d)	0.43%	65%	$41,003
Year Ended 7/31/2019	$11.97	3.23%	1.73%	1.73%	0.42%	75%	$50,697
Year Ended 7/31/2018	$12.47	17.56%	1.73%	1.73%^(d)	0.17%	71%	$47,968
Institutional Class
Year Ended 7/31/2022	$12.71	(4.73%)	0.70%^(c)	0.70%^(c),(d)	0.89%	48%	$310,399
Year Ended 7/31/2021	$15.76	36.26%	0.72%^(c)	0.72%^(c),(d)	1.14%	69%	$350,842
Year Ended 7/31/2020	$12.18	9.16%	0.73%	0.73%^(d)	1.43%	65%	$437,928
Year Ended 7/31/2019	$12.34	4.26%	0.74%	0.74%	1.42%	75%	$493,840
Year Ended 7/31/2018	$12.84	18.80%	0.73%	0.73%^(d)	1.15%	71%	$217,861
Institutional 2 Class
Year Ended 7/31/2022	$12.64	(4.74%)	0.70%^(c)	0.70%^(c)	0.89%	48%	$34,927
Year Ended 7/31/2021	$15.69	36.28%	0.70%^(c)	0.70%^(c)	1.15%	69%	$44,645
Year Ended 7/31/2020	$12.13	9.15%	0.70%	0.70%	1.50%	65%	$31,437
Year Ended 7/31/2019	$12.30	4.31%	0.70%	0.70%	1.44%	75%	$53,464
Year Ended 7/31/2018	$12.80	18.82%	0.70%	0.70%	1.22%	71%	$52,336

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

Columbia Disciplined Core Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2022	$15.78	0.13	(0.60)	(0.47)	(0.16)	(2.42)	(2.58)
Year Ended 7/31/2021	$12.19	0.16	4.11	4.27	(0.17)	(0.51)	(0.68)
Year Ended 7/31/2020	$12.36	0.17	0.91	1.08	(0.19)	(1.06)	(1.25)
Year Ended 7/31/2019	$12.85	0.18	0.28	0.46	(0.15)	(0.80)	(0.95)
Year Ended 7/31/2018	$11.51	0.15	1.96	2.11	(0.22)	(0.55)	(0.77)
Class R
Year Ended 7/31/2022	$15.60	0.05	(0.59)	(0.54)	(0.08)	(2.42)	(2.50)
Year Ended 7/31/2021	$12.07	0.08	4.06	4.14	(0.10)	(0.51)	(0.61)
Year Ended 7/31/2020	$12.24	0.11	0.90	1.01	(0.12)	(1.06)	(1.18)
Year Ended 7/31/2019	$12.74	0.11	0.27	0.38	(0.08)	(0.80)	(0.88)
Year Ended 7/31/2018	$11.42	0.08	1.94	2.02	(0.15)	(0.55)	(0.70)

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)	Rounds to zero.

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

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Disciplined Core Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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Notes to Financial Statements (continued)
July 31, 2022

Foreign currency transactions and translations

Derivative instruments

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Notes to Financial Statements (continued)
July 31, 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.

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.

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Notes to Financial Statements (continued)
July 31, 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 table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 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	966,713*

*	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.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category						Futures contracts ($)
Equity risk						(2,730,546)
Total						(2,730,546)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category						Futures contracts ($)
Equity risk						(1,095,717)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	61,313,782

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Security transactions

Income recognition

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Notes to Financial Statements (continued)
July 31, 2022

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

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Notes to Financial Statements (continued)
July 31, 2022

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

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Notes to Financial Statements (continued)
July 31, 2022

For the year ended July 31, 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	0.07
Advisor Class	0.07
Class C	0.06
Institutional Class	0.07
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.07

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $1,121,000 for Class C shares. This amount is based on the most recent information available as of March 31, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	630,714
Class C	—	1.00^(b)	2,898

(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.

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Notes to Financial Statements (continued)
July 31, 2022

Expenses waived/reimbursed by the Investment Manager and its affiliates

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	1.02%	1.02%
Advisor Class	0.77	0.77
Class C	1.77	1.77
Institutional Class	0.77	0.77
Institutional 2 Class	0.76	0.75
Institutional 3 Class	0.72	0.70
Class R	1.27	1.27

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, post-October capital losses, trustees’ deferred compensation, foreign currency transactions and miscellaneous adjustments. 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 ($)
(693,715)	693,715	—

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

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Notes to Financial Statements (continued)
July 31, 2022

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

Year Ended July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
303,618,480	471,079,821	774,698,301	81,056,362	141,436,816	222,493,178

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
15,053,847	242,069,820	—	1,010,694,516

At July 31, 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) ($)	Net unrealized appreciation ($)
3,233,916,764	1,147,966,878	(137,272,362)	1,010,694,516

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

Late year ordinary losses ($)	Post-October capital losses ($)
—	37,813,126

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $2,236,295,312 and $2,618,823,469, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

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Notes to Financial Statements (continued)
July 31, 2022

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2022.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 9. Significant risks

Information technology sector risk

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

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

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 81.2% 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

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Notes to Financial Statements (continued)
July 31, 2022

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Disciplined Core Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Disciplined Core Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
41.66%	40.47%	0.25%	$404,103,250

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

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	12
Statement of Operations	14
Statement of Changes in Net Assets	15
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	34
Liquidity Risk Management Program	40
Approval of Management Agreement	41

If you elect to receive the shareholder report for Columbia Disciplined Growth Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

Raghavendran Sivaraman, Ph.D., CFA

Co-Portfolio Manager

Managed Fund since 2019

Oleg Nusinzon, CFA

Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box^TM

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/17/07	-8.64	13.57	14.57
	Including sales charges		-13.89	12.23	13.89
Advisor Class*		06/01/15	-8.42	13.85	14.78
Class C	Excluding sales charges	05/17/07	-9.25	12.73	13.73
	Including sales charges		-9.95	12.73	13.73
Institutional Class		09/27/10	-8.38	13.84	14.86
Institutional 2 Class*		11/08/12	-8.38	13.91	14.97
Institutional 3 Class*		06/01/15	-8.32	13.96	14.88
Class R		05/17/07	-8.83	13.27	14.29
Russell 1000 Growth Index			-11.93	16.30	15.95

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.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Disciplined Growth 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 July 31, 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 July 31, 2022)
Communication Services	8.1
Consumer Discretionary	16.8
Consumer Staples	4.9
Energy	1.0
Financials	2.4
Health Care	11.6
Industrials	7.0
Information Technology	45.1
Materials	1.9
Real Estate	1.2
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 July 31, 2022)
Information Technology
Application Software	5.1
Data Processing & Outsourced Services	3.4
IT Consulting & Other Services	1.7
Semiconductor Equipment	1.7
Semiconductors	5.5
Systems Software	14.5
Technology Hardware, Storage & Peripherals	13.2
Total	45.1

Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-months ended July 31, 2022, Class A shares of Columbia Disciplined Growth Fund returned -8.64% excluding sales charges. The Fund outperformed its benchmark, the Russell 1000 Growth Fund, which returned -11.93% for the same time period.

Market overview

For the annual period that ended July 31, 2022, value strategies outperformed growth strategies across the capitalization spectrum. The energy sector led the benchmark during the period, delivering a return in excess of 68%. The consumer staples and utilities sectors also delivered positive, though single digit, returns. The communication services sector was the bottom-performing sector for the benchmark, down over 33%. The materials, consumer discretionary, health care, financials, information technology, industrials and real estate sectors all delivered negative returns during the period. Stocks characterized by high operating cash flow-to-price, high return on invested capital, and high return on equity were in favor during the annual period. Conversely, high volatility and high growth characteristics detracted during the annual period.

The Fund’s notable contributors during the period

•	The stock selection model performed well overall during the period, driven by the strong positive guidance provided by the value, quality and catalyst themes. Of our 21 industry-specific models, 13 outperformed the benchmark, with energy-refining & distribution, health care-services and info tech-software the biggest contributors.
•	The Fund’s outperformance of its benchmark during the period was driven by strong stock selection, particularly within the information technology, health care and consumer discretionary sectors.
•	PayPal Holdings, Inc. proved to be a top contributor given the portfolio’s underweight position in the weakly performing online payment firm. During the period, PayPal Holdings reported earnings in line with consensus expectations but lowered its forward guidance for revenue and earnings, pressuring its stock. On this reduced guidance, investors became uneasy about the stock’s rich valuation, as PayPal Holdings’ stock had more than doubled in 2020 as a major beneficiary of the surging e-commerce volume during the pandemic. The portfolio’s underweight in PayPal Holdings was based on low scores by our quality and catalyst themes, and the models provided positive guidance. The position was sold in the first half of the period.
•	Nexstar Media Group, Inc., a television broadcasting and digital media company, released better-than-consensus expected results and robust free cash flow guidance. Additionally, many investors appeared to believe the company was

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Manager Discussion of Fund Performance (continued)
(Unaudited)

poised to benefit from the upcoming mid-term elections given high expectations for increased political advertising. The portfolio’s overweight in Nexstar Media Group was driven by our catalyst and value themes, and the models delivered effective stock selection guidance.

•

AutoZone, Inc. engages in the retailing and distribution of automotive replacement parts and accessories. During the second quarter of 2022, the company enjoyed a share price gain, as it continued to be viewed as a secular winner in the growing auto parts retail industry. Further, the company’s performance highlighted the industry’s resiliency, as both its top-line and margin trends held steady, whereas many other retailers saw meaningful deterioration. The portfolio’s overweight in AutoZone was based on strong scores across all three themes — quality, value and catalyst, and the models delivered effective stock selection guidance.

The Fund’s notable detractors during the period

•	None of the stock selection model themes provided negative guidance during the period. Financials-intermediaries, info tech-semis and real estate were the biggest detractors during the annual period.
•	Sector allocations detracted from the Fund’s results versus its benchmark, particularly a slight underweight to the top-performing energy sector and a modest overweight to the bottom-performing communication services sector.
•	Selections within the consumer staples, industrials and financials sectors also dampened relative results.
•	Meta Platforms, Inc., parent company of social media platforms Facebook and Instagram, released its 2022 guidance relating to revenue growth, margins and free cash flow, which disappointed investors. The company also faces ongoing risks around data privacy, regulatory/legislative issues, elevated legal fees and/or fines. The portfolio’s overweight in Meta Platforms was established based on our quality and value theme scores, but the models provided negative guidance.
•	Tesla Motors, Inc. was an underweight position in the portfolio but its stock performed well during the period. Shares of the electric vehicle giant rose after releasing earnings that showed strong margin gains and revenue in line with consensus expectations. The company’s ability to deliver vehicles amid the global supply chain disruption especially helped overcome a difficult December 2021, when its shares were pressured on widely publicized reports of CEO Elon Musk selling shares. The portfolio’s underweight in Tesla was driven by our quality and value themes, but the models delivered negative guidance.
•	Autodesk, Inc., a design software company providing solutions to the architecture, engineering and construction industries, lost ground along with many tech names during the period as investors rotated away from growth into value.

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. 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.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	889.40	1,019.27	4.96	5.30	1.07
Advisor Class	1,000.00	1,000.00	891.10	1,020.50	3.80	4.06	0.82
Class C	1,000.00	1,000.00	887.00	1,015.60	8.42	9.00	1.82
Institutional Class	1,000.00	1,000.00	890.70	1,020.50	3.80	4.06	0.82
Institutional 2 Class	1,000.00	1,000.00	891.10	1,020.60	3.71	3.96	0.80
Institutional 3 Class	1,000.00	1,000.00	891.40	1,020.89	3.43	3.67	0.74
Class R	1,000.00	1,000.00	889.30	1,018.05	6.12	6.53	1.32

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

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Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 99.0%
Issuer	Shares	Value ($)
Communication Services 8.1%
Interactive Media & Services 6.6%
Alphabet, Inc., Class A^(a)	85,500	9,945,360
Meta Platforms, Inc., Class A^(a)	27,760	4,416,616
Total		14,361,976
Media 1.5%
Nexstar Media Group, Inc., Class A	16,948	3,192,495
Total Communication Services		17,554,471
Consumer Discretionary 16.6%
Automobiles 3.0%
Tesla Motors, Inc.^(a)	7,266	6,477,276
Diversified Consumer Services 0.1%
H&R Block, Inc.	8,221	328,511
Hotels, Restaurants & Leisure 1.4%
Boyd Gaming Corp.	25,735	1,428,550
Travel + Leisure Co.	29,064	1,252,949
Wyndham Hotels & Resorts, Inc.	6,921	480,386
Total		3,161,885
Household Durables 1.6%
PulteGroup, Inc.	65,947	2,876,608
Toll Brothers, Inc.	11,200	550,816
Total		3,427,424
Internet & Direct Marketing Retail 4.8%
Amazon.com, Inc.^(a)	77,648	10,478,598
Multiline Retail 0.4%
Nordstrom, Inc.	34,402	808,791
Specialty Retail 4.1%
AutoZone, Inc.^(a)	1,548	3,308,680
O’Reilly Automotive, Inc.^(a)	4,396	3,092,981
Ulta Beauty, Inc.^(a)	6,768	2,632,143
Total		9,033,804
Textiles, Apparel & Luxury Goods 1.2%
NIKE, Inc., Class B	21,979	2,525,827
Total Consumer Discretionary		36,242,116

Common Stocks (continued)
Issuer	Shares	Value ($)
Consumer Staples 4.8%
Beverages 2.1%
Coca-Cola Co. (The)	72,977	4,682,934
Food Products 0.1%
Darling Ingredients, Inc.^(a)	2,867	198,626
Household Products 2.1%
Procter & Gamble Co. (The)	32,583	4,526,104
Tobacco 0.5%
Altria Group, Inc.	24,724	1,084,395
Total Consumer Staples		10,492,059
Energy 1.0%
Oil, Gas & Consumable Fuels 1.0%
Devon Energy Corp.	3,361	211,239
Occidental Petroleum Corp.	29,771	1,957,443
Total		2,168,682
Total Energy		2,168,682
Financials 2.4%
Capital Markets 0.2%
Factset Research Systems, Inc.	1,026	440,852
Consumer Finance 0.3%
Discover Financial Services	6,557	662,257
Insurance 1.9%
Lincoln National Corp.	22,245	1,142,058
Marsh & McLennan Companies, Inc.	17,477	2,865,529
Total		4,007,587
Total Financials		5,110,696
Health Care 11.5%
Biotechnology 3.4%
AbbVie, Inc.	22,076	3,168,127
ACADIA Pharmaceuticals, Inc.^(a)	10,105	148,442
Amgen, Inc.	1,432	354,377
BioMarin Pharmaceutical, Inc.^(a)	9,562	822,810
Iovance Biotherapeutics, Inc.^(a)	13,104	152,662
Mirati Therapeutics, Inc.^(a)	3,111	200,348
Regeneron Pharmaceuticals, Inc.^(a)	815	474,077

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

8	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Sage Therapeutics, Inc.^(a)	6,109	210,211
Vertex Pharmaceuticals, Inc.^(a)	6,589	1,847,622
Total		7,378,676
Health Care Equipment & Supplies 1.8%
Abbott Laboratories	35,344	3,846,840
Health Care Providers & Services 2.6%
McKesson Corp.	1,458	498,024
Molina Healthcare, Inc.^(a)	12,409	4,066,677
UnitedHealth Group, Inc.	1,980	1,073,833
Total		5,638,534
Life Sciences Tools & Services 3.5%
IQVIA Holdings, Inc.^(a)	16,035	3,852,730
Mettler-Toledo International, Inc.^(a)	1,607	2,169,016
Syneos Health, Inc.^(a)	21,066	1,667,163
Total		7,688,909
Pharmaceuticals 0.2%
Merck & Co., Inc.	5,650	504,771
Total Health Care		25,057,730
Industrials 6.9%
Aerospace & Defense 1.9%
Lockheed Martin Corp.	9,975	4,127,755
Building Products 0.3%
Trex Company, Inc.^(a)	11,765	759,078
Commercial Services & Supplies 0.8%
Cintas Corp.	3,944	1,678,132
Construction & Engineering 0.5%
AECOM	14,731	1,060,632
Machinery 1.2%
Allison Transmission Holdings, Inc.	64,982	2,720,796
Professional Services 0.6%
Robert Half International, Inc.	15,156	1,199,446
Road & Rail 1.6%
Union Pacific Corp.	15,313	3,480,645
Total Industrials		15,026,484

Common Stocks (continued)
Issuer	Shares	Value ($)
Information Technology 44.6%
IT Services 5.1%
Gartner, Inc.^(a)	13,998	3,716,189
MasterCard, Inc., Class A	19,149	6,774,725
Visa, Inc., Class A	2,711	575,030
Total		11,065,944
Semiconductors & Semiconductor Equipment 7.1%
Advanced Micro Devices, Inc.^(a)	56,102	5,299,956
Lam Research Corp.	6,514	3,260,322
NVIDIA Corp.	17,665	3,208,494
QUALCOMM, Inc.	23,527	3,412,827
Teradyne, Inc.	3,801	383,483
Total		15,565,082
Software 19.3%
Adobe, Inc.^(a)	6,541	2,682,595
Cadence Design Systems, Inc.^(a)	24,609	4,579,243
Fortinet, Inc.^(a)	68,796	4,103,681
Microsoft Corp.	92,520	25,974,065
Synopsys, Inc.^(a)	10,018	3,681,615
Zscaler, Inc.^(a)	7,259	1,125,580
Total		42,146,779
Technology Hardware, Storage & Peripherals 13.1%
Apple, Inc.^(b)	175,567	28,531,393
Total Information Technology		97,309,198
Materials 1.9%
Chemicals 0.6%
CF Industries Holdings, Inc.	13,457	1,285,009
Metals & Mining 0.2%
Steel Dynamics, Inc.	5,370	418,216
Paper & Forest Products 1.1%
Louisiana-Pacific Corp.	38,148	2,427,357
Total Materials		4,130,582

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

Columbia Disciplined Growth Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Real Estate 1.2%
Equity Real Estate Investment Trusts (REITS) 1.2%
SBA Communications Corp.	643	215,913
Simon Property Group, Inc.	22,946	2,492,854
Total		2,708,767
Total Real Estate		2,708,767
Total Common Stocks (Cost $125,938,004)		215,800,785

Money Market Funds 0.9%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(c),(d)	2,045,453	2,044,430
Total Money Market Funds (Cost $2,044,157)		2,044,430
Total Investments in Securities (Cost: $127,982,161)		217,845,215
Other Assets & Liabilities, Net		159,036
Net Assets		218,004,251

At July 31, 2022, securities and/or cash totaling $217,763 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	11	09/2022	USD	2,273,425	149,537	—

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 July 31, 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 July 31, 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, 1.712%
	3,201,710	35,813,189	(36,970,678)	209	2,044,430	(1,421)	7,477	2,045,453

Currency Legend

USD

US Dollar

Fair value measurements

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

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

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

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

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

10	Columbia Disciplined Growth Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 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.

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Common Stocks
Communication Services	17,554,471	—	—	17,554,471
Consumer Discretionary	36,242,116	—	—	36,242,116
Consumer Staples	10,492,059	—	—	10,492,059
Energy	2,168,682	—	—	2,168,682
Financials	5,110,696	—	—	5,110,696
Health Care	25,057,730	—	—	25,057,730
Industrials	15,026,484	—	—	15,026,484
Information Technology	97,309,198	—	—	97,309,198
Materials	4,130,582	—	—	4,130,582
Real Estate	2,708,767	—	—	2,708,767
Total Common Stocks	215,800,785	—	—	215,800,785
Money Market Funds	2,044,430	—	—	2,044,430
Total Investments in Securities	217,845,215	—	—	217,845,215
Investments in Derivatives
Asset
Futures Contracts	149,537	—	—	149,537
Total	217,994,752	—	—	217,994,752

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 Disciplined Growth Fund | Annual Report 2022

Table of Contents

Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$2,380,613
Dividends — affiliated issuers	7,477
Total income	2,388,090
Expenses:
Management services fees	1,970,655
Distribution and/or service fees
Class A	380,939
Class C	138,829
Class R	2,912
Transfer agent fees
Class A	130,077
Advisor Class	6,408
Class C	11,851
Institutional Class	46,484
Institutional 2 Class	3,025
Institutional 3 Class	1,679
Class R	497
Compensation of board members	6,586
Custodian fees	8,161
Printing and postage fees	23,140
Registration fees	117,626
Audit fees	33,750
Legal fees	13,878
Interest on collateral	12
Compensation of chief compliance officer	44
Other	14,725
Total expenses	2,911,278
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(260,001)
Expense reduction	(40)
Total net expenses	2,651,237
Net investment loss	(263,147)
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	28,234,727
Investments — affiliated issuers	(1,421)
Futures contracts	119,834
Net realized gain	28,353,140
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(46,269,133)
Investments — affiliated issuers	209
Futures contracts	77,309
Net change in unrealized appreciation (depreciation)	(46,191,615)
Net realized and unrealized loss	(17,838,475)
Net decrease in net assets resulting from operations	$(18,101,622)

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

14	Columbia Disciplined Growth Fund \| Annual Report 2022

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,225,449	12,292,712	1,624,480	18,112,082
Distributions reinvested	3,290,428	34,845,634	1,599,948	16,095,471
Redemptions	(3,659,508)	(37,078,655)	(2,611,725)	(28,659,234)
Net increase	856,369	10,059,691	612,703	5,548,319
Advisor Class
Subscriptions	10,394	117,496	38,245	428,240
Distributions reinvested	154,551	1,661,427	100,530	1,021,384
Redemptions	(154,817)	(1,859,784)	(204,702)	(2,415,877)
Net increase (decrease)	10,128	(80,861)	(65,927)	(966,253)
Class C
Subscriptions	113,558	1,016,098	137,559	1,392,288
Distributions reinvested	365,385	3,485,771	210,627	1,958,831
Redemptions	(582,934)	(5,491,816)	(535,675)	(5,403,513)
Net decrease	(103,991)	(989,947)	(187,489)	(2,052,394)
Institutional Class
Subscriptions	865,114	9,134,399	755,754	8,351,219
Distributions reinvested	1,042,468	11,269,073	556,620	5,683,090
Redemptions	(1,606,135)	(16,575,618)	(2,881,823)	(32,220,931)
Net increase (decrease)	301,447	3,827,854	(1,569,449)	(18,186,622)
Institutional 2 Class
Subscriptions	72,787	833,524	62,573	726,818
Distributions reinvested	91,757	1,048,782	50,570	539,585
Redemptions	(152,775)	(1,546,711)	(162,558)	(1,898,715)
Net increase (decrease)	11,769	335,595	(49,415)	(632,312)
Institutional 3 Class
Subscriptions	780,269	8,054,407	603,259	6,776,431
Distributions reinvested	384,995	4,227,243	2,412,568	24,921,832
Redemptions	(3,143,120)	(41,753,343)	(18,326,440)	(191,746,196)
Net decrease	(1,977,856)	(29,471,693)	(15,310,613)	(160,047,933)
Class R
Subscriptions	10,024	99,630	3,820	41,350
Distributions reinvested	12,962	136,105	7,566	75,662
Redemptions	(9,335)	(92,492)	(25,711)	(297,711)
Net increase (decrease)	13,651	143,243	(14,325)	(180,699)
Total net decrease	(888,483)	(16,176,118)	(16,584,515)	(176,517,894)

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

16	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2022	$12.30	(0.02)	(0.61)	(0.63)	—	(2.74)	(2.74)
Year Ended 7/31/2021	$10.34	(0.01)	3.29	3.28	(0.00)^(e)	(1.32)	(1.32)
Year Ended 7/31/2020	$9.24	0.01	1.83	1.84	(0.04)	(0.70)	(0.74)
Year Ended 7/31/2019	$10.11	0.03	0.31	0.34	—	(1.21)	(1.21)
Year Ended 7/31/2018	$9.50	0.01	1.85	1.86	(0.03)	(1.22)	(1.25)
Advisor Class
Year Ended 7/31/2022	$12.45	0.01	(0.63)	(0.62)	—	(2.75)	(2.75)
Year Ended 7/31/2021	$10.44	0.02	3.33	3.35	(0.02)	(1.32)	(1.34)
Year Ended 7/31/2020	$9.32	0.04	1.84	1.88	(0.06)	(0.70)	(0.76)
Year Ended 7/31/2019	$10.18	0.06	0.30	0.36	(0.01)	(1.21)	(1.22)
Year Ended 7/31/2018	$9.56	0.03	1.87	1.90	(0.06)	(1.22)	(1.28)
Class C
Year Ended 7/31/2022	$11.32	(0.09)	(0.52)	(0.61)	—	(2.70)	(2.70)
Year Ended 7/31/2021	$9.67	(0.09)	3.06	2.97	—	(1.32)	(1.32)
Year Ended 7/31/2020	$8.71	(0.05)	1.71	1.66	—	(0.70)	(0.70)
Year Ended 7/31/2019	$9.67	(0.03)	0.28	0.25	—	(1.21)	(1.21)
Year Ended 7/31/2018	$9.18	(0.06)	1.77	1.71	—	(1.22)	(1.22)
Institutional Class
Year Ended 7/31/2022	$12.50	0.01	(0.63)	(0.62)	—	(2.75)	(2.75)
Year Ended 7/31/2021	$10.48	0.02	3.34	3.36	(0.02)	(1.32)	(1.34)
Year Ended 7/31/2020	$9.36	0.04	1.84	1.88	(0.06)	(0.70)	(0.76)
Year Ended 7/31/2019	$10.21	0.06	0.31	0.37	(0.01)	(1.21)	(1.22)
Year Ended 7/31/2018	$9.59	0.04	1.86	1.90	(0.06)	(1.22)	(1.28)
Institutional 2 Class
Year Ended 7/31/2022	$13.08	0.01	(0.68)	(0.67)	—	(2.75)	(2.75)
Year Ended 7/31/2021	$10.91	0.02	3.50	3.52	(0.03)	(1.32)	(1.35)
Year Ended 7/31/2020	$9.71	0.05	1.92	1.97	(0.07)	(0.70)	(0.77)
Year Ended 7/31/2019	$10.55	0.07	0.32	0.39	(0.02)	(1.21)	(1.23)
Year Ended 7/31/2018	$9.87	0.04	1.92	1.96	(0.06)	(1.22)	(1.28)

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

18	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$8.93	(8.64%)	1.17%^(c)	1.07%^(c),(d)	(0.16%)	71%	$129,906
Year Ended 7/31/2021	$12.30	34.51%	1.17%^(c)	1.10%^(c),(d)	(0.09%)	87%	$168,331
Year Ended 7/31/2020	$10.34	21.22%	1.17%	1.16%	0.16%	78%	$135,119
Year Ended 7/31/2019	$9.24	4.98%	1.17%	1.17%	0.37%	78%	$129,678
Year Ended 7/31/2018	$10.11	20.79%	1.17%	1.17%^(d)	0.12%	82%	$130,693
Advisor Class
Year Ended 7/31/2022	$9.08	(8.42%)	0.92%^(c)	0.82%^(c),(d)	0.09%	71%	$6,624
Year Ended 7/31/2021	$12.45	34.98%	0.92%^(c)	0.85%^(c),(d)	0.16%	87%	$8,951
Year Ended 7/31/2020	$10.44	21.56%	0.92%	0.91%	0.41%	78%	$8,198
Year Ended 7/31/2019	$9.32	5.17%	0.92%	0.92%	0.62%	78%	$8,471
Year Ended 7/31/2018	$10.18	21.06%	0.92%	0.92%^(d)	0.34%	82%	$7,947
Class C
Year Ended 7/31/2022	$8.01	(9.25%)	1.92%^(c)	1.82%^(c),(d)	(0.91%)	71%	$10,877
Year Ended 7/31/2021	$11.32	33.62%	1.92%^(c)	1.85%^(c),(d)	(0.84%)	87%	$16,557
Year Ended 7/31/2020	$9.67	20.29%	1.92%	1.91%	(0.59%)	78%	$15,962
Year Ended 7/31/2019	$8.71	4.19%	1.92%	1.92%	(0.38%)	78%	$17,964
Year Ended 7/31/2018	$9.67	19.77%	1.92%	1.92%^(d)	(0.62%)	82%	$21,203
Institutional Class
Year Ended 7/31/2022	$9.13	(8.38%)	0.92%^(c)	0.82%^(c),(d)	0.09%	71%	$45,968
Year Ended 7/31/2021	$12.50	34.93%	0.92%^(c)	0.85%^(c),(d)	0.16%	87%	$59,164
Year Ended 7/31/2020	$10.48	21.46%	0.92%	0.91%	0.42%	78%	$66,065
Year Ended 7/31/2019	$9.36	5.26%	0.92%	0.92%	0.61%	78%	$86,537
Year Ended 7/31/2018	$10.21	20.99%	0.92%	0.92%^(d)	0.37%	82%	$123,250
Institutional 2 Class
Year Ended 7/31/2022	$9.66	(8.38%)	0.90%^(c)	0.80%^(c)	0.11%	71%	$3,718
Year Ended 7/31/2021	$13.08	35.00%	0.89%^(c)	0.82%^(c)	0.18%	87%	$4,879
Year Ended 7/31/2020	$10.91	21.59%	0.86%	0.85%	0.51%	78%	$4,611
Year Ended 7/31/2019	$9.71	5.27%	0.86%	0.85%	0.70%	78%	$10,235
Year Ended 7/31/2018	$10.55	21.10%	0.87%	0.85%	0.38%	82%	$12,184

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

Columbia Disciplined Growth Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2022	$12.66	0.02	(0.65)	(0.63)	—	(2.75)	(2.75)
Year Ended 7/31/2021	$10.60	0.02	3.39	3.41	(0.03)	(1.32)	(1.35)
Year Ended 7/31/2020	$9.46	0.05	1.86	1.91	(0.07)	(0.70)	(0.77)
Year Ended 7/31/2019	$10.31	0.07	0.31	0.38	(0.02)	(1.21)	(1.23)
Year Ended 7/31/2018	$9.67	0.05	1.88	1.93	(0.07)	(1.22)	(1.29)
Class R
Year Ended 7/31/2022	$12.21	(0.04)	(0.61)	(0.65)	—	(2.72)	(2.72)
Year Ended 7/31/2021	$10.34	(0.04)	3.27	3.23	(0.04)	(1.32)	(1.36)
Year Ended 7/31/2020	$9.24	(0.01)	1.83	1.82	(0.02)	(0.70)	(0.72)
Year Ended 7/31/2019	$10.13	0.01	0.31	0.32	—	(1.21)	(1.21)
Year Ended 7/31/2018	$9.53	(0.01)	1.84	1.83	(0.01)	(1.22)	(1.23)

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)	Rounds to zero.

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

20	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Disciplined Growth Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

22	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Derivative instruments

Columbia Disciplined Growth Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

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.

Effects of derivative transactions in the financial statements

The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at July 31, 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	149,537*

*	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.

24	Columbia Disciplined Growth Fund \| Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	119,834

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	77,309

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	3,374,822

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Security transactions

Income recognition

Expenses

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Notes to Financial Statements (continued)
July 31, 2022

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

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Notes to Financial Statements (continued)
July 31, 2022

Transfer agency fees

For the year ended July 31, 2022, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.09
Advisor Class	0.09
Class C	0.09
Institutional Class	0.09
Institutional 2 Class	0.06
Institutional 3 Class	0.01
Class R	0.09

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $31,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

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Notes to Financial Statements (continued)
July 31, 2022

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	115,916
Class C	—	1.00^(b)	354

(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

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	1.07%	1.10%
Advisor Class	0.82	0.85
Class C	1.82	1.85
Institutional Class	0.82	0.85
Institutional 2 Class	0.80	0.81
Institutional 3 Class	0.74	0.75
Class R	1.32	1.35

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, late-year ordinary losses, post-October capital losses, trustees’ deferred compensation, re-characterization of distributions for investments, net operating loss reclassification 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.

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Notes to Financial Statements (continued)
July 31, 2022

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized gain ($)	Paid in capital ($)
179,233	(4,238,233)	4,059,000

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

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

Year Ended July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
24,368,739	34,640,747	59,009,486	5,882,939	46,349,118	52,232,057

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
—	19,400,521	—	88,766,902

At July 31, 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) ($)	Net unrealized appreciation ($)
129,227,850	93,849,117	(5,082,215)	88,766,902

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

Late year ordinary losses ($)	Post-October capital losses ($)
93,795	5,597,617

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $185,034,041 and $259,445,313, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
July 31, 2022

Note 6. Affiliated money market fund

Note 7. Interfund lending

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2022.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 9. Significant risks

Information technology sector risk

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Notes to Financial Statements (continued)
July 31, 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

Shareholder concentration risk

At July 31, 2022, one unaffiliated shareholder of record owned 11.1% 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 58.2% 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

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Notes to Financial Statements (continued)
July 31, 2022

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

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Disciplined Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Disciplined Growth Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 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

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
18.77%	18.40%	0.39%	$32,782,360

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

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	22
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	34
Liquidity Risk Management Program	40
Approval of Management Agreement	41

If you elect to receive the shareholder report for Columbia Disciplined 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

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Disciplined Value Fund | Annual Report 2022

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks to provide shareholders with long-term capital growth.

Portfolio management

Raghavendran Sivaraman, Ph.D., CFA

Co-Portfolio Manager

Managed Fund since 2019

Oleg Nusinzon, CFA

Co-Portfolio Manager

Managed Fund since 2021

Morningstar style box^TM

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	08/01/08	2.26	8.42	11.18
	Including sales charges		-3.59	7.14	10.53
Advisor Class*		06/01/15	2.62	8.71	11.40
Class C	Excluding sales charges	08/01/08	1.52	7.63	10.35
	Including sales charges		0.75	7.63	10.35
Institutional Class		09/27/10	2.53	8.69	11.46
Institutional 2 Class*		06/01/15	2.60	8.85	11.47
Institutional 3 Class*		06/01/15	2.62	8.88	11.51
Class R		08/01/08	2.11	8.18	10.92
Class V	Excluding sales charges	03/07/11	2.29	8.45	11.17
	Including sales charges		-3.58	7.17	10.52
Russell 1000 Value Index			-1.43	8.26	11.10

Returns for Class A and Class V 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 Russell 1000 Value Index, an unmanaged index, measures the performance of those stocks in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values.

Columbia Disciplined Value Fund | Annual Report 2022

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-months ended July 31, 2022, Class A shares of Columbia Disciplined Value Fund returned 2.26% excluding sales charges. The Fund outperformed its benchmark, the Russell 1000 Value Fund, which returned -1.43% for the same time period.

Market overview

For the annual period that ended July 31, 2022, value strategies outperformed growth strategies across the capitalization spectrum. The energy sector led the benchmark during the period, delivering a return in excess of 67%. The utilities, health care and consumer staples sectors also delivered positive returns. The communication services sector was the bottom-performing sector for the benchmark, followed by the information technology, consumer discretionary, industrials, financials, materials and real estate sectors, all of which delivered negative returns during the period. Stocks characterized by high free cash flow-to-enterprise value, high EBITDA (earnings before interest, taxes, depreciation and amortization)-to-enterprise value, and high dividend yield were in favor during the annual period. Conversely, high volatility and high growth characteristics detracted during the annual period.

The Fund’s notable contributors during the period

•	The stock selection model performed well overall during the period, driven by the strong positive guidance provided by the value, quality and catalyst themes. Of our 22 industry-specific models, 13 outperformed the benchmark, with consumer discretionary-consumer services, materials and consumer discretionary-retail & apparel the biggest contributors.
•	Strong broad-based stock selection drove the Fund’s outperformance of its benchmark during the period, most notably within the industrials, information technology and consumer discretionary sectors.
•	EOG Resource, Inc., an oil and natural gas exploration and production company, traded higher on the increase in global energy prices, driven, in turn, by geopolitical conflict and reduced global supply. Further, the company announced earnings in line with consensus expectations with forward guidance of disciplined capital expenditures growth, which boded well for free cash flow generation. The company also announced a larger-than-expected special dividend. The portfolio’s overweight in EOG Resources was driven by our valuation and catalyst themes, and the models delivered effective stock selection guidance.
•	McKesson Corp, one of the top drug distributors in the U.S., announced that the company, along with Johnson & Johnson and two other leading drug distributors, reached an agreement to settle state and local government lawsuits

Columbia Disciplined Value Fund | Annual Report 2022

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Manager Discussion of Fund Performance (continued)
(Unaudited)

	against them for their involvement in the nation’s opioid crisis. The settlements cleared an overhang on McKesson that had weighed on its shares for years. The portfolio’s overweight to McKesson was driven by attractive metrics in all three components of our stock selection model—quality, value and catalyst, which proved effective.
•	National Fuel Gas Co., a gas utility, saw its stock price climb throughout the period on higher global energy prices. The company raised its guidance for fiscal year 2022 revenue and increased its annual dividend payment to shareholders. The company has taken significant measures to improve its pipeline infrastructure.

The Fund’s notable detractors during the period

•	None of the stock selection model themes provided negative guidance during the period. Energy-equipment & services, financials-lending and financials-intermediaries were the biggest detractors during the annual period.
•	Security selection was negative in just two sectors during the measured period – financials and consumer staples.
•	UnitedHealth Group, Inc. proved to be a top detractor, given the portfolio’s underweight versus the benchmark in its strongly performing stock. The health insurer significantly beat consensus earnings estimates and raised its forward guidance, boosting its share price. The results reinforced the thesis that despite some near-term uncertainty around medical costs, the fundamentals of UnitedHealth Group appeared to be strong, as evidenced by the company’s medical loss ratio, which measures the percentage of premiums paid out to cover costs. The insurer’s medical loss ratio was lower than analysts expected. The portfolio’s underweight in UnitedHealth Group was driven by low value and quality theme scores, but the models delivered negative guidance.
•	Capital One Financial Corp. saw its stock trade lower as inflationary concerns and rising interest rates drove an expectation of a slowdown in consumer spending.
•	Shares of Goldman Sachs Group, Inc. fell, along with many in the banking industry, disrupted by the conflict in Russia-Ukraine, volatile commodity markets and the specter of rising interest rates.

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. 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.

6	Columbia Disciplined Value Fund \| Annual Report 2022

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	967.70	1,019.42	5.02	5.15	1.04
Advisor Class	1,000.00	1,000.00	970.30	1,020.65	3.82	3.91	0.79
Class C	1,000.00	1,000.00	965.20	1,015.74	8.63	8.85	1.79
Institutional Class	1,000.00	1,000.00	969.20	1,020.65	3.81	3.91	0.79
Institutional 2 Class	1,000.00	1,000.00	970.20	1,020.89	3.57	3.67	0.74
Institutional 3 Class	1,000.00	1,000.00	970.30	1,021.19	3.29	3.37	0.68
Class R	1,000.00	1,000.00	967.80	1,018.19	6.22	6.38	1.29
Class V	1,000.00	1,000.00	968.60	1,019.42	5.02	5.15	1.04

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 Disciplined Value Fund | Annual Report 2022

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Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 98.8%
Issuer	Shares	Value ($)
Communication Services 8.2%
Diversified Telecommunication Services 1.6%
Verizon Communications, Inc.	65,204	3,011,773
Entertainment 0.3%
Activision Blizzard, Inc.	7,312	584,594
Interactive Media & Services 4.9%
Alphabet, Inc., Class A^(a)	43,060	5,008,739
Meta Platforms, Inc., Class A^(a)	27,250	4,335,475
Total		9,344,214
Media 1.4%
Interpublic Group of Companies, Inc. (The)	91,627	2,736,899
Total Communication Services		15,677,480
Consumer Discretionary 5.5%
Diversified Consumer Services 1.0%
H&R Block, Inc.	49,867	1,992,685
Hotels, Restaurants & Leisure 0.2%
Travel + Leisure Co.	10,232	441,102
Household Durables 1.4%
Lennar Corp., Class A	5,822	494,870
PulteGroup, Inc.	47,620	2,077,184
Total		2,572,054
Multiline Retail 0.2%
Macy’s, Inc.	18,000	317,700
Specialty Retail 2.7%
AutoNation, Inc.^(a)	22,326	2,650,989
AutoZone, Inc.^(a)	837	1,788,995
O’Reilly Automotive, Inc.^(a)	1,062	747,213
Total		5,187,197
Total Consumer Discretionary		10,510,738
Consumer Staples 7.1%
Beverages 0.8%
Coca-Cola Co. (The)	23,209	1,489,321

Common Stocks (continued)
Issuer	Shares	Value ($)
Food Products 0.5%
General Mills, Inc.	6,400	478,656
Tyson Foods, Inc., Class A	5,923	521,283
Total		999,939
Household Products 2.6%
Procter & Gamble Co. (The)	36,233	5,033,126
Tobacco 3.2%
Altria Group, Inc.	62,388	2,736,338
Philip Morris International, Inc.	34,267	3,329,039
Total		6,065,377
Total Consumer Staples		13,587,763
Energy 7.1%
Oil, Gas & Consumable Fuels 7.1%
Chevron Corp.^(b)	7,778	1,273,881
ConocoPhillips Co.	7,795	759,467
EOG Resources, Inc.	15,331	1,705,114
Exxon Mobil Corp.	78,532	7,612,106
Marathon Petroleum Corp.	7,900	724,114
Phillips 66	15,900	1,415,100
Valero Energy Corp.	1,600	177,232
Total		13,667,014
Total Energy		13,667,014
Financials 19.1%
Banks 5.4%
Bank of America Corp.	6,300	213,003
Citigroup, Inc.	18,865	979,094
JPMorgan Chase & Co.	2,640	304,550
Popular, Inc.	41,840	3,249,713
Wells Fargo & Co.	115,597	5,071,240
Zions Bancorp	10,755	586,685
Total		10,404,285

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

8	Columbia Disciplined Value Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Capital Markets 4.8%
Cboe Global Markets, Inc.	8,958	1,105,238
CME Group, Inc.	11,850	2,363,838
Goldman Sachs Group, Inc. (The)	4,147	1,382,568
Morgan Stanley	52,025	4,385,708
Total		9,237,352
Consumer Finance 2.4%
Ally Financial, Inc.	14,187	469,164
Capital One Financial Corp.	32,150	3,531,035
Discover Financial Services	5,100	515,100
Total		4,515,299
Diversified Financial Services 1.1%
Berkshire Hathaway, Inc., Class B^(a)	7,045	2,117,727
Insurance 5.4%
Marsh & McLennan Companies, Inc.	22,505	3,689,920
MetLife, Inc.	58,189	3,680,454
Prudential Financial, Inc.	30,023	3,002,000
Total		10,372,374
Total Financials		36,647,037
Health Care 16.8%
Biotechnology 1.6%
BioMarin Pharmaceutical, Inc.^(a)	4,800	413,040
Gilead Sciences, Inc.	8,383	500,884
Horizon Therapeutics PLC^(a)	1,980	164,281
Iovance Biotherapeutics, Inc.^(a)	11,098	129,292
Mirati Therapeutics, Inc.^(a)	2,481	159,776
Regeneron Pharmaceuticals, Inc.^(a)	1,294	752,707
Vertex Pharmaceuticals, Inc.^(a)	3,683	1,032,750
Total		3,152,730
Health Care Equipment & Supplies 1.5%
Abbott Laboratories	25,565	2,782,495
Health Care Providers & Services 4.2%
CVS Health Corp.	34,953	3,344,303
McKesson Corp.	7,387	2,523,251
Molina Healthcare, Inc.^(a)	6,372	2,088,232
Total		7,955,786

Common Stocks (continued)
Issuer	Shares	Value ($)
Life Sciences Tools & Services 1.7%
Syneos Health, Inc.^(a)	42,400	3,355,536
Pharmaceuticals 7.8%
Bristol-Myers Squibb Co.	64,465	4,756,228
Johnson & Johnson	24,129	4,210,993
Pfizer, Inc.	117,898	5,955,028
Total		14,922,249
Total Health Care		32,168,796
Industrials 10.5%
Aerospace & Defense 3.6%
General Dynamics Corp.	17,837	4,043,113
Lockheed Martin Corp.	2,037	842,931
Textron, Inc.	30,725	2,016,789
Total		6,902,833
Building Products 2.0%
Builders FirstSource, Inc.^(a)	48,200	3,277,600
Owens Corning	7,169	664,853
Total		3,942,453
Commercial Services & Supplies 1.4%
Republic Services, Inc.	13,444	1,864,145
Waste Management, Inc.	4,929	811,116
Total		2,675,261
Electrical Equipment 1.9%
Emerson Electric Co.	40,751	3,670,443
Road & Rail 1.6%
CSX Corp.	72,577	2,346,414
Norfolk Southern Corp.	2,675	671,880
Total		3,018,294
Total Industrials		20,209,284
Information Technology 9.7%
Communications Equipment 2.6%
Cisco Systems, Inc.	111,060	5,038,792
IT Services 0.4%
Fidelity National Information Services, Inc.	8,085	825,964
Semiconductors & Semiconductor Equipment 3.2%
Advanced Micro Devices, Inc.^(a)	32,600	3,079,722
Intel Corp.	31,678	1,150,228

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

Columbia Disciplined Value Fund | Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Common Stocks (continued)
Issuer	Shares	Value ($)
Micron Technology, Inc.	8,900	550,554
Texas Instruments, Inc.	7,014	1,254,735
Total		6,035,239
Software 3.5%
Roper Technologies, Inc.	7,872	3,437,466
Salesforce, Inc.^(a)	9,582	1,763,280
Synopsys, Inc.^(a)	2,755	1,012,462
Zoom Video Communications, Inc., Class A^(a)	4,400	456,984
Total		6,670,192
Total Information Technology		18,570,187
Materials 4.7%
Chemicals 1.2%
Dow, Inc.	42,551	2,264,139
Metals & Mining 1.6%
Nucor Corp.	15,727	2,135,727
Steel Dynamics, Inc.	11,905	927,161
Total		3,062,888
Paper & Forest Products 1.9%
Louisiana-Pacific Corp.	57,111	3,633,973
Total Materials		8,961,000
Real Estate 4.6%
Equity Real Estate Investment Trusts (REITS) 4.6%
Public Storage	6,794	2,217,630
SBA Communications Corp.	2,175	730,343
Simon Property Group, Inc.	23,659	2,570,314
Weyerhaeuser Co.	91,364	3,318,340
Total		8,836,627
Total Real Estate		8,836,627

Common Stocks (continued)
Issuer	Shares	Value ($)
Utilities 5.5%
Electric Utilities 2.3%
American Electric Power Co., Inc.	37,100	3,656,576
Duke Energy Corp.	6,563	721,470
Total		4,378,046
Gas Utilities 1.5%
National Fuel Gas Co.	40,341	2,918,268
Independent Power and Renewable Electricity Producers 1.7%
Vistra Corp.	126,300	3,264,855
Total Utilities		10,561,169
Total Common Stocks (Cost $165,863,039)		189,397,095

Money Market Funds 1.0%
	Shares	Value ($)
Columbia Short-Term Cash Fund, 1.712%^(c),(d)	1,918,701	1,917,742
Total Money Market Funds (Cost $1,917,601)		1,917,742
Total Investments in Securities (Cost: $167,780,640)		191,314,837
Other Assets & Liabilities, Net		358,246
Net Assets		191,673,083

At July 31, 2022, securities and/or cash totaling $263,686 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	12	09/2022	USD	2,480,100	93,754	—

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

10	Columbia Disciplined Value Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 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)	The rate shown is the seven-day current annualized yield at July 31, 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 July 31, 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, 1.712%
	1,196,891	18,271,786	(17,551,045)	110	1,917,742	(1,438)	9,536	1,918,701

Currency Legend

USD

US Dollar

Fair value measurements

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

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

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

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

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

Columbia Disciplined Value Fund | Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$4,741,643
Dividends — affiliated issuers	9,536
Foreign taxes withheld	(4,403)
Total income	4,746,776
Expenses:
Management services fees	1,512,249
Distribution and/or service fees
Class A	140,238
Class C	84,063
Class R	6,621
Class V	202,722
Transfer agent fees
Class A	62,520
Advisor Class	1,879
Class C	9,397
Institutional Class	41,448
Institutional 2 Class	514
Institutional 3 Class	1,064
Class R	1,481
Class V	90,516
Compensation of board members	6,793
Custodian fees	8,870
Printing and postage fees	23,039
Registration fees	122,909
Audit fees	35,200
Legal fees	13,211
Compensation of chief compliance officer	32
Other	14,695
Total expenses	2,379,461
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(405,628)
Fees waived by transfer agent
Institutional 3 Class	(607)
Expense reduction	(1,390)
Total net expenses	1,971,836
Net investment income	2,774,940
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	26,441,920
Investments — affiliated issuers	(1,438)
Futures contracts	(180,875)
Net realized gain	26,259,607
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(23,971,418)
Investments — affiliated issuers	110
Futures contracts	38,169
Net change in unrealized appreciation (depreciation)	(23,933,139)
Net realized and unrealized gain	2,326,468
Net increase in net assets resulting from operations	$5,101,408

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,137,028	10,540,578	1,182,048	11,582,618
Distributions reinvested	1,328,522	11,757,420	65,135	595,337
Redemptions	(2,112,533)	(22,157,151)	(2,400,043)	(23,548,706)
Net increase (decrease)	353,017	140,847	(1,152,860)	(11,370,751)
Advisor Class
Subscriptions	18,726	175,408	50,248	511,399
Distributions reinvested	50,181	450,126	2,986	27,556
Redemptions	(83,039)	(782,773)	(73,797)	(705,411)
Net decrease	(14,132)	(157,239)	(20,563)	(166,456)
Class C
Subscriptions	265,974	2,297,210	76,860	768,997
Distributions reinvested	240,376	2,048,000	7,389	65,686
Redemptions	(181,575)	(1,644,758)	(216,784)	(2,010,291)
Net increase (decrease)	324,775	2,700,452	(132,535)	(1,175,608)
Institutional Class
Subscriptions	648,160	6,117,610	925,921	8,909,439
Distributions reinvested	985,509	8,840,019	114,918	1,061,837
Redemptions	(914,850)	(8,737,501)	(7,861,197)	(77,923,712)
Net increase (decrease)	718,819	6,220,128	(6,820,358)	(67,952,436)
Institutional 2 Class
Subscriptions	3,910	37,962	12,360	114,905
Distributions reinvested	23,905	213,710	1,389	12,793
Redemptions	(47,069)	(419,853)	(10,265)	(92,219)
Net increase (decrease)	(19,254)	(168,181)	3,484	35,479
Institutional 3 Class
Subscriptions	564,821	5,535,484	1,738,620	16,326,230
Distributions reinvested	326,304	2,926,943	714,523	6,595,050
Redemptions	(961,068)	(9,228,876)	(38,664,360)	(360,236,200)
Net decrease	(69,943)	(766,449)	(36,211,217)	(337,314,920)
Class R
Subscriptions	31,554	320,659	35,870	358,795
Distributions reinvested	36,394	323,178	2,221	20,368
Redemptions	(45,143)	(402,257)	(143,014)	(1,379,684)
Net increase (decrease)	22,805	241,580	(104,923)	(1,000,521)
Class V
Subscriptions	81,990	762,488	96,400	892,999
Distributions reinvested	2,068,665	18,224,943	106,284	968,249
Redemptions	(622,672)	(6,068,722)	(699,352)	(6,595,971)
Net increase (decrease)	1,527,983	12,918,709	(496,668)	(4,734,723)
Total net increase (decrease)	2,844,070	21,129,847	(44,935,640)	(423,679,936)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 7/31/2022	$11.21	0.13	0.18	0.31	(0.26)	(2.58)	(2.84)
Year Ended 7/31/2021	$8.09	0.14	3.12	3.26	(0.14)	—	(0.14)
Year Ended 7/31/2020	$9.63	0.16	(0.70)	(0.54)	(0.17)	(0.83)	(1.00)
Year Ended 7/31/2019	$10.82	0.15	(0.31)	(0.16)	(0.16)	(0.87)	(1.03)
Year Ended 7/31/2018	$10.32	0.14	1.14	1.28	(0.21)	(0.57)	(0.78)
Advisor Class
Year Ended 7/31/2022	$11.34	0.16	0.18	0.34	(0.28)	(2.58)	(2.86)
Year Ended 7/31/2021	$8.18	0.17	3.15	3.32	(0.16)	—	(0.16)
Year Ended 7/31/2020	$9.73	0.19	(0.72)	(0.53)	(0.19)	(0.83)	(1.02)
Year Ended 7/31/2019	$10.92	0.18	(0.32)	(0.14)	(0.18)	(0.87)	(1.05)
Year Ended 7/31/2018	$10.41	0.16	1.16	1.32	(0.24)	(0.57)	(0.81)
Class C
Year Ended 7/31/2022	$10.86	0.06	0.17	0.23	(0.18)	(2.58)	(2.76)
Year Ended 7/31/2021	$7.84	0.07	3.03	3.10	(0.08)	—	(0.08)
Year Ended 7/31/2020	$9.36	0.09	(0.68)	(0.59)	(0.10)	(0.83)	(0.93)
Year Ended 7/31/2019	$10.54	0.08	(0.32)	(0.24)	(0.07)	(0.87)	(0.94)
Year Ended 7/31/2018	$10.07	0.06	1.11	1.17	(0.13)	(0.57)	(0.70)
Institutional Class
Year Ended 7/31/2022	$11.35	0.16	0.17	0.33	(0.28)	(2.58)	(2.86)
Year Ended 7/31/2021	$8.19	0.17	3.15	3.32	(0.16)	—	(0.16)
Year Ended 7/31/2020	$9.74	0.18	(0.71)	(0.53)	(0.19)	(0.83)	(1.02)
Year Ended 7/31/2019	$10.93	0.18	(0.32)	(0.14)	(0.18)	(0.87)	(1.05)
Year Ended 7/31/2018	$10.42	0.17	1.15	1.32	(0.24)	(0.57)	(0.81)
Institutional 2 Class
Year Ended 7/31/2022	$11.33	0.16	0.18	0.34	(0.29)	(2.58)	(2.87)
Year Ended 7/31/2021	$8.17	0.18	3.16	3.34	(0.18)	—	(0.18)
Year Ended 7/31/2020	$9.72	0.20	(0.71)	(0.51)	(0.21)	(0.83)	(1.04)
Year Ended 7/31/2019	$10.91	0.19	(0.31)	(0.12)	(0.20)	(0.87)	(1.07)
Year Ended 7/31/2018	$10.39	0.18	1.15	1.33	(0.24)	(0.57)	(0.81)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 7/31/2022	$8.68	2.26%	1.22%	1.02%^(c)	1.32%	66%	$53,946
Year Ended 7/31/2021	$11.21	40.74%	1.31%^(d)	1.09%^(c),(d)	1.46%	79%	$65,698
Year Ended 7/31/2020	$8.09	(6.75%)	1.26%	1.12%^(c)	1.83%	80%	$56,748
Year Ended 7/31/2019	$9.63	(0.87%)	1.23%	1.15%	1.57%	90%	$74,650
Year Ended 7/31/2018	$10.82	12.62%	1.22%	1.15%^(c)	1.33%	86%	$78,335
Advisor Class
Year Ended 7/31/2022	$8.82	2.62%	0.97%	0.77%^(c)	1.59%	66%	$1,347
Year Ended 7/31/2021	$11.34	41.09%	1.06%^(d)	0.84%^(c),(d)	1.71%	79%	$1,893
Year Ended 7/31/2020	$8.18	(6.55%)	1.01%	0.87%^(c)	2.12%	80%	$1,534
Year Ended 7/31/2019	$9.73	(0.57%)	0.98%	0.90%	1.81%	90%	$3,026
Year Ended 7/31/2018	$10.92	12.87%	0.98%	0.90%^(c)	1.51%	86%	$7,986
Class C
Year Ended 7/31/2022	$8.33	1.52%	1.97%	1.77%^(c)	0.60%	66%	$9,139
Year Ended 7/31/2021	$10.86	39.78%	2.06%^(d)	1.84%^(c),(d)	0.71%	79%	$8,389
Year Ended 7/31/2020	$7.84	(7.45%)	2.01%	1.87%^(c)	1.09%	80%	$7,100
Year Ended 7/31/2019	$9.36	(1.66%)	1.98%	1.90%	0.83%	90%	$11,835
Year Ended 7/31/2018	$10.54	11.82%	1.97%	1.90%^(c)	0.59%	86%	$14,761
Institutional Class
Year Ended 7/31/2022	$8.82	2.53%	0.97%	0.77%^(c)	1.59%	66%	$35,943
Year Ended 7/31/2021	$11.35	41.04%	1.07%^(d)	0.84%^(c),(d)	1.75%	79%	$38,094
Year Ended 7/31/2020	$8.19	(6.53%)	1.01%	0.87%^(c)	2.07%	80%	$83,333
Year Ended 7/31/2019	$9.74	(0.57%)	0.98%	0.90%	1.80%	90%	$111,873
Year Ended 7/31/2018	$10.93	12.86%	0.97%	0.90%^(c)	1.58%	86%	$206,950
Institutional 2 Class
Year Ended 7/31/2022	$8.80	2.60%	0.92%	0.72%	1.63%	66%	$494
Year Ended 7/31/2021	$11.33	41.32%	0.90%^(d)	0.70%^(d)	1.84%	79%	$855
Year Ended 7/31/2020	$8.17	(6.42%)	0.84%	0.73%	2.20%	80%	$588
Year Ended 7/31/2019	$9.72	(0.44%)	0.83%	0.76%	1.96%	90%	$1,213
Year Ended 7/31/2018	$10.91	13.09%	0.83%	0.78%	1.70%	86%	$1,286

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 7/31/2022	$11.35	0.17	0.18	0.35	(0.30)	(2.58)	(2.88)
Year Ended 7/31/2021	$8.19	0.19	3.15	3.34	(0.18)	—	(0.18)
Year Ended 7/31/2020	$9.74	0.20	(0.71)	(0.51)	(0.21)	(0.83)	(1.04)
Year Ended 7/31/2019	$10.93	0.20	(0.32)	(0.12)	(0.20)	(0.87)	(1.07)
Year Ended 7/31/2018	$10.41	0.19	1.15	1.34	(0.25)	(0.57)	(0.82)
Class R
Year Ended 7/31/2022	$11.23	0.10	0.19	0.29	(0.23)	(2.58)	(2.81)
Year Ended 7/31/2021	$8.11	0.12	3.12	3.24	(0.12)	—	(0.12)
Year Ended 7/31/2020	$9.65	0.14	(0.70)	(0.56)	(0.15)	(0.83)	(0.98)
Year Ended 7/31/2019	$10.83	0.13	(0.31)	(0.18)	(0.13)	(0.87)	(1.00)
Year Ended 7/31/2018	$10.33	0.12	1.13	1.25	(0.18)	(0.57)	(0.75)
Class V
Year Ended 7/31/2022	$11.18	0.13	0.18	0.31	(0.26)	(2.58)	(2.84)
Year Ended 7/31/2021	$8.07	0.14	3.11	3.25	(0.14)	—	(0.14)
Year Ended 7/31/2020	$9.60	0.16	(0.69)	(0.53)	(0.17)	(0.83)	(1.00)
Year Ended 7/31/2019	$10.79	0.15	(0.31)	(0.16)	(0.16)	(0.87)	(1.03)
Year Ended 7/31/2018	$10.29	0.14	1.14	1.28	(0.21)	(0.57)	(0.78)

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

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2022	$8.82	2.62%	0.87%	0.66%	1.68%	66%	$12,381
Year Ended 7/31/2021	$11.35	41.28%	0.80%^(d)	0.66%^(d)	2.12%	79%	$16,725
Year Ended 7/31/2020	$8.19	(6.36%)	0.79%	0.68%	2.28%	80%	$308,660
Year Ended 7/31/2019	$9.74	(0.37%)	0.78%	0.71%	2.01%	90%	$428,447
Year Ended 7/31/2018	$10.93	13.13%	0.77%	0.72%	1.76%	86%	$461,028
Class R
Year Ended 7/31/2022	$8.71	2.11%	1.47%	1.27%^(c)	1.09%	66%	$1,123
Year Ended 7/31/2021	$11.23	40.32%	1.57%^(d)	1.34%^(c),(d)	1.23%	79%	$1,193
Year Ended 7/31/2020	$8.11	(6.96%)	1.51%	1.37%^(c)	1.58%	80%	$1,711
Year Ended 7/31/2019	$9.65	(1.05%)	1.48%	1.40%	1.33%	90%	$2,750
Year Ended 7/31/2018	$10.83	12.34%	1.47%	1.40%^(c)	1.08%	86%	$3,074
Class V
Year Ended 7/31/2022	$8.65	2.29%	1.22%	1.02%^(c)	1.34%	66%	$77,299
Year Ended 7/31/2021	$11.18	40.72%	1.31%^(d)	1.09%^(c),(d)	1.45%	79%	$82,848
Year Ended 7/31/2020	$8.07	(6.66%)	1.26%	1.12%^(c)	1.83%	80%	$63,800
Year Ended 7/31/2019	$9.60	(0.87%)	1.23%	1.15%	1.57%	90%	$75,537
Year Ended 7/31/2018	$10.79	12.66%	1.22%	1.15%^(c)	1.33%	86%	$83,747

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

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Disciplined Value Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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Notes to Financial Statements (continued)
July 31, 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.

Derivative instruments

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Notes to Financial Statements (continued)
July 31, 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.

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.

Effects of derivative transactions in the financial statements

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Notes to Financial Statements (continued)
July 31, 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 July 31, 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	93,754*

*	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.

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	(180,875)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Equity risk	38,169

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — long	3,035,853

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.

Security transactions

Income recognition

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Notes to Financial Statements (continued)
July 31, 2022

Expenses

Determination of class net asset value

Federal income tax status

Foreign taxes

Distributions to shareholders

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

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Notes to Financial Statements (continued)
July 31, 2022

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 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 December 1, 2021 through November 30, 2022, 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 that share class.

For the year ended July 31, 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	0.06
Institutional 3 Class	0.00
Class R	0.11
Class V	0.11

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Notes to Financial Statements (continued)
July 31, 2022

Distribution and service fees

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $50,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Shareholder services fees

The Fund has adopted a shareholder services plan that permits it to pay for certain services provided to Class V shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund’s average daily net assets attributable to Class V shares (comprised of up to 0.25% for shareholder services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.25% of the Fund’s average daily net assets attributable to Class V shares.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	5.75	0.50 - 1.00^(a)	57,735
Class C	—	1.00^(b)	396
Class V	5.75	0.50 - 1.00^(a)	—

(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.

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Notes to Financial Statements (continued)
July 31, 2022

Expenses waived/reimbursed by the Investment Manager and its affiliates

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	1.04%	1.08%
Advisor Class	0.79	0.83
Class C	1.79	1.83
Institutional Class	0.79	0.83
Institutional 2 Class	0.74	0.70
Institutional 3 Class	0.68	0.64
Class R	1.29	1.33
Class V	1.04	1.08

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 commitment, effective December 1, 2021 through November 30, 2022, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, derivative investments, trustees’ deferred compensation and miscellaneous adjustments. 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 ($)
(56,687)	56,688	(1)

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Notes to Financial Statements (continued)
July 31, 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 July 31, 2022			Year Ended July 31, 2021
Ordinary income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Long-term capital gains ($)	Total ($)
22,035,129	28,216,404	50,251,533	9,998,263	—	9,998,263

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized appreciation ($)
2,044,388	15,402,708	—	23,281,584

At July 31, 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) ($)	Net unrealized appreciation ($)
168,127,007	28,837,148	(5,555,564)	23,281,584

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

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $130,674,601 and $157,807,909, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Affiliated money market fund

Note 7. Interfund lending

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Notes to Financial Statements (continued)
July 31, 2022

The Fund did not borrow or lend money under the Interfund Program during the year ended July 31, 2022.

Note 8. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 9. Significant risks

Market risk

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Notes to Financial Statements (continued)
July 31, 2022

Shareholder concentration risk

At July 31, 2022, one unaffiliated shareholder of record owned 13.1% 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 18.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Disciplined Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Disciplined Value Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 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

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Qualified dividend income	Dividends received deduction	Section 199A dividends	Capital gain dividend
27.30%	25.99%	0.51%	$25,499,718

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

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

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Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

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The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current "pricing philosophy" such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

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Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	34
Statement of Operations	35
Statement of Changes in Net Assets	36
Financial Highlights	38
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	55
Federal Income Tax Information	56
Trustees and Officers	56
Liquidity Risk Management Program	62
Approval of Management Agreement	63

If you elect to receive the shareholder report for Columbia Strategic Municipal Income Fund (the Fund) in paper, mailed to you, the Fund mails one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Columbia funds’ website (columbiathreadneedleus.com/investor/). If you would like more than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks total return, with a focus on income exempt from federal income tax and capital appreciation.

Portfolio management

Catherine Stienstra

Lead Portfolio Manager

Managed Fund since 2007

Douglas White, CFA

Portfolio Manager

Managed Fund since 2018

Average annual total returns (%) (for the period ended July 31, 2022)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/24/76	-10.43	1.74	2.77
	Including sales charges		-13.09	1.15	2.45
Advisor Class*		03/19/13	-10.28	1.96	3.02
Class C	Excluding sales charges	06/26/00	-11.09	0.95	2.01
	Including sales charges		-11.96	0.95	2.01
Institutional Class		09/27/10	-10.22	1.96	3.03
Institutional 2 Class*		12/11/13	-10.22	1.97	3.00
Institutional 3 Class*		03/01/17	-10.21	1.99	2.93
Bloomberg Municipal Bond Index			-6.93	1.88	2.49
Bloomberg High Yield Municipal Bond Index			-8.16	4.26	4.57

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

The Bloomberg Municipal Bond Index is an unmanaged index considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.

The Bloomberg High Yield Municipal Bond Index measures the non-investment-grade and non-rated US dollar-denominated, fixed-rate, tax-exempt bond market within the 50 United States and four other qualifying regions (Washington DC, Puerto Rico, Guam and the Virgin Islands).

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (July 31, 2012 — July 31, 2022)

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

Quality breakdown (%) (at July 31, 2022)
AAA rating	5.2
AA rating	23.2
A rating	30.2
BBB rating	22.5
BB rating	4.1
B rating	0.0^(a)
D rating	1.0
Not rated	13.8
Total	100.0

(a)	Rounds to zero.

Percentages indicated are based upon total fixed income investments.

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

Top Ten States/Territories (%) (at July 31, 2022)
Illinois	10.9
New York	8.5
Texas	8.2
Pennsylvania	6.3
Colorado	4.8
Florida	4.7
Puerto Rico	4.4
California	4.1
Georgia	3.9
Michigan	3.7

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

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

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

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended July 31, 2022, Class A shares of Columbia Strategic Municipal Income Fund returned -10.43% excluding sales charges. Institutional Class shares of the Fund returned -10.22%. The Fund underperformed its primary benchmark, the Bloomberg Municipal Bond Index, which returned -6.93%. The Fund also underperformed its secondary benchmark, the Bloomberg High Yield Municipal Bond Index, which returned -8.16%.

Market overview

As the annual period began in August 2021, a Delta-variant-driven resurgence in COVID-19 cases was weighing on investors’ minds. Initially, the expectation of slower economic growth pushed U.S. Treasury yields lower. By the end of September, though, data were supportive of the view that the Delta variant should be a speed bump rather than a roadblock, and U.S. Treasury yields had risen well off the August low. Such interest rate volatility led most fixed-income sectors to negative returns for the third calendar quarter, but municipal bond performance remained one of the few positive corners of the U.S. fixed-income market. Inflows remained positive, and, on the supply side, approximately $89 billion of tax-exempt issuance came to market, in line with the prior quarter. Tax revenue performance in most locales outpaced expectations, driving improved credit fundamentals and leaving many municipal issuers in healthy fiscal positions.

The year 2021 ended with yet another new COVID-19 variant emerging, but despite higher transmissibility, Omicron appeared to be less severe than originally feared. With economic growth and employment seemingly on track, the U.S. Federal Reserve (Fed) began tapering its asset purchases while acknowledging conditions pushing inflation higher could persist. This served to elevate interest rate volatility for the fourth calendar quarter. Municipal bonds were not immune to the volatility yet still outperformed U.S. Treasuries. Congressional passage of an infrastructure spending plan provided support to the municipal bond sector via federal spending. Fund inflows remained positive. On the supply side, approximately $81 billon of tax-exempt issuance arrived in the market during the quarter, complemented by another $34 billion on the taxable side. A combination of tax revenue outperformance, driven by ongoing economic expansion, and additional federal spending from the infrastructure bill, left most municipal issuers in healthy fiscal positions to start the new calendar year. However, entering 2022 with relatively full valuations and low absolute yields left little margin for error within the municipal bond market, and as messaging from the Fed grew increasingly hawkish, municipal bonds no longer remained immune from rising interest rates. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

The first quarter of 2022 closed with the Fund’s primary benchmark down 6.23% in the worst drawdown since the COVID-19 sell-off and the worst first quarter return since 1980. As is often the case with municipal bonds, negative returns precipitated outflows, which, in turn, led to more negative returns. After 2021’s record inflows, Lipper reported 12 consecutive weeks of investor redemptions during the first calendar quarter. Long and intermediate national funds, as well as high-yield funds, experienced the heaviest pressure. A silver lining to the sell-off was that credit fundamentals were not a concern, as evidenced by the modest differential between below-investment-grade and investment-grade returns. A lack of high-yield supply helped to keep those returns relatively tight, and lower new issue supply avoided exacerbating the returns.

The municipal bond market continued to sell off as the second quarter of 2022 began, with April returns the third worst for the month on record. Interest rate volatility drove persistent outflows, which kept prices from finding a floor despite relative value measures appearing quite attractive. By mid-May, a stabilization of outflows, coupled with a recognition of attractive valuations, sparked a sharp reversal, driving the primary benchmark back into positive territory for the month. However, this rally proved short-lived, as June brought with it fresh highs for U.S. Treasury yields. Though pressure on U.S. Treasuries was most pronounced at the short-term end, long-maturity municipal yields rose more and pressed the municipal bond yield curve to its steepest levels since March 2021. (A steep yield curve means yields on longer maturity bonds are higher than those on shorter maturity bonds.) Through the last full week of June 2022, Lipper reported fund outflows of $17.3 billion for the month and $75.5 billion calendar year-to-date, a new record for a municipal outflow cycle. While this sell-off was primarily rate-driven, a more pronounced divergence between credit quality segments emerged as concerns around slowing economic growth spilled into municipal sectors. In June 2022, for example, high yield municipal bonds posted the weakest performance, while high quality municipal bonds fared much better by comparison. In a significant reversal, July 2022 was a positive month for municipal bonds, with all sectors posting gains amid still strong demand and slightly decreased supply.

For the annual period overall, absolute returns disappointed, but the municipal bond market outperformed both U.S. Treasuries and the broad U.S. fixed-income market. Within the municipal bond market, highly rated bonds outperformed their lower rated counterparts.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable detractors during the period

•	The Fund’s duration and yield curve positioning detracted most from the Fund’s relative results during the annual period.

○	The Fund had a longer duration profile than that of its primary benchmark, which hurt as municipal yields rose significantly during the annual period.
○	The Fund had an overweight to municipal bonds with maturities of 12 years or more, but bonds with shorter maturities outperformed those with longer maturities during the annual period.

•	Security selection overall detracted from the Fund’s relative results, especially within the hospital, airport, toll roads, special tax and state general obligation sectors. The combination of lower coupon, longer duration and lower investment-grade or below-investment-grade/non-rated characteristics of selections within the sectors hurt given the significant increase in municipal bond yields and underperformance of lower quality issues during the annual period.
•	Having overweighted allocations to the continuing care retirement communities (CCRC), hospitals, airports, tolls and housing sectors, which each underperformed the primary benchmark during the annual period, and an underweight to the state general obligation sector, which outperformed the primary benchmark during the annual period, hurt the Fund’s performance relative to its primary benchmark.
•	From a credit quality perspective, the Fund’s overweight to BBB-rated bonds and underweights to bonds rated AAA and AA detracted, as BBB-rated municipal bonds were the weakest performers within the investment-grade segment of the market during the annual period.
•	Exposure to below-investment-grade and non-rated municipal bonds, which are not components of the primary benchmark, also dampened results, as high yield underperformed higher quality bonds overall during the annual period.

The Fund’s notable contributors during the period

•	Having underweighted allocations to the special tax, education and local general obligation sectors contributed positively to the Fund’s relative results, as each underperformed the Bloomberg Index primary benchmark during the annual period.
•	Security selection within the industrial development revenue/pollution control revenue (IDR/PCR) and water and sewer sectors boosted relative results.

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

6	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

February 1, 2022 — July 31, 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	931.40	1,020.70	3.69	3.86	0.78
Advisor Class	1,000.00	1,000.00	931.80	1,021.92	2.51	2.63	0.53
Class C	1,000.00	1,000.00	928.00	1,017.02	7.23	7.57	1.53
Institutional Class	1,000.00	1,000.00	932.40	1,021.92	2.51	2.63	0.53
Institutional 2 Class	1,000.00	1,000.00	932.40	1,021.92	2.51	2.63	0.53
Institutional 3 Class	1,000.00	1,000.00	932.20	1,022.17	2.27	2.38	0.48

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments
July 31, 2022

(Percentages represent value of investments compared to net assets)

Investments in securities

Municipal Bonds 100.2%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 1.5%
Alabama Special Care Facilities Financing Authority
Refunding Revenue Bonds
Children’s Hospital of Alabama
Series 2015
06/01/2034	5.000%	4,000,000	4,199,693
Black Belt Energy Gas District
Refunding Revenue Bonds
Series 2021 (Mandatory Put 12/01/31)
06/01/2051	4.000%	10,000,000	10,278,208
Series 2022D1 (Mandatory Put 06/01/27)
07/01/2052	4.000%	1,250,000	1,299,587
Revenue Bonds
Project No. 7
Series 2021 (Mandatory Put 12/01/26)
10/01/2052	4.000%	3,005,000	3,067,432
Lower Alabama Gas District (The)
Revenue Bonds
Gas Project
Series 2020 (Mandatory Put 12/01/25)
12/01/2050	4.000%	6,400,000	6,539,366
Southeast Energy Authority A Cooperative District
Revenue Bonds
Project #1
Series 2021A (Mandatory Put 10/01/28)
11/01/2051	4.000%	7,000,000	7,128,032
Total			32,512,318
Arizona 1.3%
Arizona Board of Regents
Revenue Bonds
Series 2020A
07/01/2036	5.000%	1,000,000	1,154,695
Arizona Industrial Development Authority
Revenue Bonds
Lincoln South Beltway Project
Series 2020
08/01/2030	5.000%	2,000,000	2,345,862
02/01/2031	5.000%	1,500,000	1,766,395
05/01/2031	5.000%	1,500,000	1,770,797
08/01/2031	5.000%	1,500,000	1,775,028
Macombs Facility Project Social Bonds
Series 2021A
07/01/2041	4.000%	775,000	714,427
07/01/2051	4.000%	850,000	734,118
Phoenix Children’s Hospital
Series 2020
02/01/2050	4.000%	1,200,000	1,185,588

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Industrial Development Authority of the City of Phoenix (The)
Revenue Bonds
Downtown Phoenix Student Housing II LLC - Arizona State University Project
Series 2019
07/01/2054	5.000%	1,330,000	1,350,129
07/01/2059	5.000%	1,000,000	1,012,195
Industrial Development Authority of the County of Pima (The)^(a)
Refunding Revenue Bonds
American Leadership Academy
Series 2022
06/15/2051	4.000%	1,700,000	1,426,046
06/15/2057	4.000%	500,000	406,162
La Paz County Industrial Development Authority
Revenue Bonds
Charter School Solutions - Harmony Public Schools Project
Series 2016
02/15/2046	5.000%	6,500,000	6,611,214
Series 2018
02/15/2048	5.000%	870,000	891,256
Maricopa County Industrial Development Authority
Revenue Bonds
Banner Health
Series 2017A
01/01/2041	4.000%	4,000,000	4,030,099
Total			27,174,011
California 4.1%
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2021 (Mandatory Put 12/01/27)
10/01/2052	4.000%	3,000,000	3,103,541
California Health Facilities Financing Authority
Revenue Bonds
Kaiser Permanente
Subordinated Series 2017A-2
11/01/2044	4.000%	4,280,000	4,316,413
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2042	4.000%	3,000,000	3,010,985
02/01/2042	5.000%	1,500,000	1,583,263
Revenue Bonds
HumanGood California Obligated Group
Series 2021
10/01/2049	4.000%	2,500,000	2,431,579

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

8	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Municipal Finance Authority^(a)
Revenue Bonds
California Baptist University
Series 2016A
11/01/2046	5.000%	1,000,000	1,037,062
California Public Finance Authority^(a)
Revenue Bonds
Enso Village Project - Green Bonds
Series 2021
11/15/2036	5.000%	500,000	508,136
11/15/2051	5.000%	1,000,000	978,846
Enso Village Project - TEMPS 85
Series 2021
05/15/2029	3.125%	2,510,000	2,349,176
California School Finance Authority^(a)
Prerefunded 07/01/25 Revenue Bonds
River Springs Charter School Project
Series 2015
07/01/2046	6.375%	1,000,000	1,124,725
07/01/2046	6.375%	150,000	167,347
California Statewide Communities Development Authority
Refunding Revenue Bonds
Front Porch Communities & Services
Series 2017
04/01/2042	4.000%	1,905,000	1,866,661
California Statewide Communities Development Authority^(a)
Revenue Bonds
Loma Linda University Medical Center
Series 2016A
12/01/2046	5.000%	500,000	501,850
City of Los Angeles Department of Airports^(b)
Refunding Revenue Bonds
Los Angeles International Airport
Subordinated Series 2022
05/15/2040	4.000%	750,000	754,121
05/15/2041	4.000%	800,000	802,914
05/15/2042	4.000%	500,000	500,764
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2018
05/15/2044	5.000%	2,000,000	2,150,537
Compton Unified School District^(c)
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2037	0.000%	2,125,000	1,216,105
06/01/2038	0.000%	1,830,000	994,157
Foothill-Eastern Transportation Corridor Agency
Refunding Revenue Bonds
Senior Lien
Series 2021A
01/15/2046	4.000%	4,346,000	4,325,654

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Glendale Unified School District^(c)
Prerefunded 09/01/25 Unlimited General Obligation Refunding Bonds
Series 2015B
09/01/2032	0.000%	1,000,000	690,651
09/01/2033	0.000%	1,100,000	720,987
Golden State Tobacco Securitization Corp.^(c)
Refunding Revenue Bonds
Subordinated Series 2021B-2
06/01/2066	0.000%	5,000,000	636,064
Hastings Campus Housing Finance Authority
Revenue Bonds
Senior Green Bonds
Series 2020
07/01/2045	5.000%	3,500,000	3,560,690
Norman Y. Mineta San Jose International Airport^(b)
Refunding Revenue Bonds
Series 2017A
03/01/2041	5.000%	2,000,000	2,130,763
Poway Unified School District^(c)
Unlimited General Obligation Bonds
Improvement District No. 2007-1-A
Series 2009
08/01/2030	0.000%	4,475,000	3,600,282
Riverside County Transportation Commission^(c)
Revenue Bonds
Senior Lien
Series 2013 Escrowed to Maturity
06/01/2029	0.000%	1,235,000	1,046,735
Unrefunded Revenue Bonds
Senior Lien
Series 2013
06/01/2029	0.000%	1,265,000	990,989
San Diego County Regional Airport Authority^(b)
Revenue Bonds
Subordinated Series 2021B
07/01/2046	4.000%	1,600,000	1,570,702
07/01/2056	5.000%	1,670,000	1,776,334
San Francisco City & County Airport Commission - San Francisco International Airport^(b)
Revenue Bonds
Series 2019A
05/01/2035	5.000%	14,310,000	15,789,829
05/01/2036	5.000%	5,000,000	5,506,655
State Center Community College District
Unlimited General Obligation Bonds
Series 2020B
08/01/2034	3.000%	2,895,000	2,894,866
08/01/2035	3.000%	1,600,000	1,593,595
08/01/2036	3.000%	2,275,000	2,231,838

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of California
Unlimited General Obligation Refunding Bonds
Various Purpose
Series 2020
03/01/2037	4.000%	5,000,000	5,320,339
03/01/2040	4.000%	1,500,000	1,579,387
Unrefunded Unlimited General Obligation Bonds
Series 2004
04/01/2029	5.300%	2,000	2,005
University of California
Refunding Revenue Bonds
Series 2018AZ
05/15/2043	5.000%	3,455,000	3,848,884
Total			89,215,431
Colorado 4.8%
Aerotropolis Regional Transportation Authority
Revenue Bonds
Series 2021
12/01/2052	4.375%	4,365,000	3,660,956
City & County of Denver^(c)
Revenue Bonds
Series 2018-A-2
08/01/2034	0.000%	6,000,000	3,932,910
City & County of Denver Airport System^(b)
Refunding Revenue Bonds
Series 2018-A
12/01/2037	5.000%	5,000,000	5,482,133
Subordinated Series 2018A
12/01/2048	4.000%	3,500,000	3,401,914
Revenue Bonds
Series 2022A
11/15/2047	5.000%	3,350,000	3,676,332
11/15/2053	5.500%	2,000,000	2,276,511
Colorado Bridge Enterprise^(b)
Revenue Bonds
Central 70 Project
Series 2017
06/30/2051	4.000%	6,690,000	6,637,213
Colorado Educational & Cultural Facilities Authority^(a)
Improvement Refunding Revenue Bonds
Skyview Charter School
Series 2014
07/01/2044	5.375%	750,000	757,900
07/01/2049	5.500%	700,000	708,316
Colorado Health Facilities Authority
Improvement Refunding Revenue Bonds
Bethesda Project
Series 2018
09/15/2053	5.000%	10,000,000	10,338,865

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Refunding Revenue Bonds
AdventHealth Obligated
Series 2019
11/15/2043	4.000%	1,910,000	1,936,687
CommonSpirit Health
Series 2019A
08/01/2044	4.000%	17,000,000	16,686,124
08/01/2049	4.000%	2,595,000	2,516,143
Covenant Retirement Communities
Series 2015
12/01/2035	5.000%	850,000	871,620
Revenue Bonds
Aberdeen Ridge
Series 2021A
05/15/2049	5.000%	1,500,000	1,352,742
NJH-SJH Center for Outpatient Health
Series 2019
01/01/2037	4.000%	800,000	811,839
01/01/2038	4.000%	1,300,000	1,315,637
01/01/2040	4.000%	1,000,000	1,007,561
Parkview Medical Center, Inc. Project
Series 2020
09/01/2045	4.000%	1,000,000	947,648
09/01/2050	4.000%	1,500,000	1,387,136
Colorado Health Facilities Authority^(d)
Refunding Revenue Bonds
Intermountain Healthcare
Series 2022
05/15/2052	5.000%	13,000,000	14,491,456
Colorado Housing & Finance Authority
Revenue Bonds
Multi-Family Project
Series 2019B-1
10/01/2039	3.000%	470,000	423,667
10/01/2049	3.250%	1,000,000	861,633
10/01/2054	3.400%	1,000,000	861,399
Fiddlers Business Improvement District^(a)
Unlimited General Obligation Refunding Bonds
Series 2022
12/01/2047	5.550%	1,200,000	1,262,798
Jefferson Center Metropolitan District No. 1
Refunding Revenue Bonds
Subordinated Series 2020B
12/15/2050	5.750%	3,500,000	3,522,726
State of Colorado
Certificate of Participation
Series 2020A
12/15/2035	4.000%	750,000	779,214
12/15/2039	4.000%	750,000	764,960
Series 2021A
12/15/2039	4.000%	6,000,000	6,150,805

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

10	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Transport Metropolitan District No. 3
Limited General Obligation Bonds
Series 2021A-1
12/01/2041	5.000%	1,750,000	1,726,409
Windler Public Improvement Authority
Revenue Bonds
Series 2021A-1
12/01/2051	4.125%	5,000,000	3,931,347
Total			104,482,601
Connecticut 1.0%
Connecticut State Health & Educational Facilities Authority
Revenue Bonds
Sacred Heart University
Series 2020K
07/01/2045	4.000%	2,000,000	2,009,130
State of Connecticut
Revenue Bonds
Special Tax Obligation Bonds
Series 2020A
05/01/2033	5.000%	2,750,000	3,219,458
05/01/2039	4.000%	1,700,000	1,743,838
Unlimited General Obligation Bonds
Series 2018C
06/15/2035	5.000%	1,000,000	1,118,115
Series 2018-E
09/15/2035	5.000%	2,000,000	2,244,449
Series 2019A
04/15/2037	4.000%	10,000,000	10,383,636
Series 2020C
06/01/2033	4.000%	300,000	321,124
06/01/2035	4.000%	770,000	803,255
Total			21,843,005
District of Columbia 0.6%
District of Columbia
Prerefunded 07/01/23 Revenue Bonds
KIPP Charter School
Series 2013
07/01/2048	6.000%	300,000	311,722
Refunding Revenue Bonds
Children’s Hospital
Series 2015
07/15/2044	5.000%	2,910,000	3,009,701
Revenue Bonds
KIPP DC Project
Series 2019
07/01/2039	4.000%	1,275,000	1,244,906
07/01/2049	4.000%	695,000	644,240

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Washington Airports Authority^(b)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2035	5.000%	4,745,000	5,258,030
Metropolitan Washington Airports Authority Dulles Toll Road
Refunding Revenue Bonds
Dulles Metrorail
Subordinated Series 2019
10/01/2049	4.000%	2,275,000	2,159,497
Total			12,628,096
Florida 4.7%
Capital Trust Agency, Inc.^(a)
04/27/2021
07/01/2056	5.000%	2,125,000	2,088,770
Revenue Bonds
Wonderful Foundations Charter School Portfolio Projects
Series 2020
01/01/2055	5.000%	3,250,000	3,056,630
Capital Trust Agency, Inc.^(a),(e)
Revenue Bonds
1st Mortgage Tallahassee Tapestry Senior Housing Project
Series 2015
12/01/2045	0.000%	3,430,000	1,200,500
12/01/2050	0.000%	1,000,000	350,000
Capital Trust Agency, Inc.^(a),(c)
Subordinated
07/01/2061	0.000%	93,140,000	5,656,150
Central Florida Expressway Authority
Refunding Revenue Bonds
Senior Lien
Series 2017 (BAM)
07/01/2041	4.000%	5,000,000	5,062,315
City of Atlantic Beach
Revenue Bonds
Fleet Landing Project
Series 2018A
11/15/2053	5.000%	3,000,000	3,116,082
City of Pompano Beach
Revenue Bonds
John Knox Village Project
Series 2021A
09/01/2056	4.000%	4,000,000	3,607,932
City of Tampa^(c)
Revenue Bonds
Capital Appreciation
Series 2020A
09/01/2035	0.000%	650,000	397,248
09/01/2036	0.000%	700,000	407,353
09/01/2037	0.000%	700,000	386,992

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
County of Broward Airport System^(b)
Revenue Bonds
Series 2019A
10/01/2030	5.000%	1,375,000	1,557,526
County of Miami-Dade Aviation^(b)
Refunding Revenue Bonds
Series 2019A
10/01/2049	5.000%	14,490,000	15,274,190
County of Osceola Transportation^(c)
Refunding Revenue Bonds
Series 2020A-2
10/01/2035	0.000%	2,700,000	1,515,431
10/01/2037	0.000%	4,000,000	2,030,405
10/01/2038	0.000%	1,500,000	723,300
10/01/2039	0.000%	3,300,000	1,507,510
Florida Development Finance Corp.^(a)
Refunding Revenue Bonds
Mayflower Retirement Community Center
Series 2021
06/01/2027	2.375%	830,000	763,343
Renaissance Charter School, Inc. Projects
Series 2020
09/15/2040	5.000%	1,050,000	1,057,481
Florida Development Finance Corp.^(a),(b)
Revenue Bonds
Green Bonds - Brightline Florida Passenger Rail Project
Series 2020
01/01/2049	7.375%	5,000,000	4,995,483
Greater Orlando Aviation Authority^(b)
Revenue Bonds
Series 2016A
10/01/2046	5.000%	5,000,000	5,268,014
Hillsborough County Aviation Authority^(b)
Revenue Bonds
Tampa International Airport
Series 2022
10/01/2047	5.000%	2,500,000	2,729,432
10/01/2052	4.000%	2,645,000	2,622,842
Subordinated Series 2018
10/01/2048	5.000%	3,450,000	3,709,536
Lee County Industrial Development Authority
Revenue Bonds
Cypress Cove at HealthPark Florida, Inc. Project
Series 2022
10/01/2057	5.250%	2,000,000	1,965,192
Miami-Dade County Educational Facilities Authority
Revenue Bonds
Series 2018A
04/01/2053	5.000%	8,000,000	8,485,469

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Miami-Dade County Health Facilities Authority
Refunding Revenue Bonds
Nicklaus Childrens Hospital
Series 2017
08/01/2047	4.000%	2,250,000	2,203,358
Mid-Bay Bridge Authority
Refunding Revenue Bonds
Series 2015C
10/01/2040	5.000%	1,000,000	1,029,052
Orange County Health Facilities Authority
Prerefunded 08/01/23 Revenue Bonds
Presbyterian Retirement Communities
Series 2016
08/01/2036	5.000%	2,000,000	2,112,345
08/01/2041	5.000%	2,000,000	2,112,345
Palm Beach County Health Facilities Authority
Refunding Revenue Bonds
Toby & Leon Cooperman Sinai
Series 2022
06/01/2041	4.000%	1,100,000	959,430
Toby & Leon Cooperman Sinai Residences of Boca Raton
Series 2022
06/01/2056	4.250%	1,000,000	846,623
Revenue Bonds
ACTS Retirement
Series 2020B
11/15/2041	4.000%	500,000	484,273
Polk County Industrial Development Authority
Refunding Revenue Bonds
Carpenter’s Home Estates
Series 2019
01/01/2049	5.000%	2,350,000	2,391,124
Putnam County Development Authority
Refunding Revenue Bonds
Seminole Project
Series 2018A
03/15/2042	5.000%	3,335,000	3,669,692
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2039	5.250%	5,030,000	4,662,778
11/15/2049	5.500%	2,300,000	2,123,165
Total			102,129,311
Georgia 3.9%
Brookhaven Development Authority
Revenue Bonds
Children’s Healthcare of Atlanta
Series 2019
07/01/2044	4.000%	7,000,000	7,050,940

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

12	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032	2.250%	1,800,000	1,793,978
City of Atlanta Department of Aviation^(b)
Revenue Bonds
Airport
Series 2019B
07/01/2037	4.000%	8,930,000	9,032,619
Subordinated Series 2019
07/01/2040	4.000%	2,500,000	2,510,251
Series 2022B
07/01/2052	5.000%	8,810,000	9,624,398
Dalton Whitfield County Joint Development Authority
Revenue Bonds
Hamilton Health Care System Obligation
Series 2017
08/15/2041	4.000%	1,000,000	1,008,686
Floyd County Development Authority
Revenue Bonds
Spires Berry College Project
Series 2018
12/01/2048	6.250%	2,000,000	1,966,826
Fulton County Development Authority
Revenue Bonds
RAC Series 2017
04/01/2042	5.000%	1,000,000	1,063,525
Gainesville & Hall County Hospital Authority
Refunding Revenue Bonds
Northeast Georgia Health System, Inc. Project
Series 2017
02/15/2037	5.000%	4,280,000	4,554,651
Georgia Housing & Finance Authority
Refunding Revenue Bonds
Series 2020A
12/01/2040	3.050%	1,000,000	898,984
Revenue Bonds
Single Family Mortgage Bonds
Series 2017C
06/01/2048	3.750%	4,495,000	4,456,884
Main Street Natural Gas, Inc.^(a)
Revenue Bonds
Gas Supply
Series 2022C (Mandatory Put 11/01/27)
08/01/2052	4.000%	12,500,000	12,395,430
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019C (Mandatory Put 09/01/26)
03/01/2050	4.000%	2,500,000	2,555,402

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Main Street Natural Gas, Inc.^(d)
Revenue Bonds
Series 2022B (Mandatory Put 06/01/29)
12/01/2052	5.000%	10,000,000	10,711,826
Municipal Electric Authority of Georgia
Revenue Bonds
Plant Vogtle Units 3&4 Project
Series 2022
07/01/2063	5.500%	4,700,000	5,042,008
Series 2022 (AGM)
07/01/2052	5.000%	4,700,000	5,026,533
Oconee County Industrial Development Authority
Revenue Bonds
Presbyterian Village Athens Project
Series 2018
12/01/2038	6.125%	3,515,000	3,167,546
12/01/2048	6.250%	1,960,000	1,694,601
Total			84,555,088
Hawaii 0.0%
State of Hawaii Department of Budget & Finance
Refunding Revenue Bonds
Special Purpose - Kahala Nui
Series 2012
11/15/2037	5.250%	705,000	710,474
Idaho 0.4%
Idaho Health Facilities Authority
Refunding Revenue Bonds
St. Luke’s Health System Project
Series 2021
03/01/2046	4.000%	3,000,000	2,972,347
Revenue Bonds
Terraces of Boise Project
Series 2014
10/01/2056	4.550%	1,635,000	1,284,393
Series 2021
10/01/2050	4.500%	4,365,000	3,485,057
Spring Valley Community Infrastructure District No. 1^(a)
Special Assessment Bonds
Series 2021
09/01/2051	3.750%	2,000,000	1,568,165
Total			9,309,962
Illinois 10.9%
Chicago Board of Education
Special Tax Bonds
Series 2017
04/01/2042	5.000%	1,600,000	1,662,399

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Unlimited General Obligation Bonds
Dedicated
Series 2017H
12/01/2046	5.000%	3,000,000	3,113,910
Project
Series 2015C
12/01/2039	5.250%	2,000,000	2,053,865
Series 2018
12/01/2046	5.000%	2,500,000	2,605,791
Series 2021A
12/01/2035	5.000%	2,560,000	2,729,251
12/01/2040	5.000%	1,000,000	1,053,493
Series 2022A
12/01/2047	4.000%	4,000,000	3,703,696
Unlimited General Obligation Refunding Bonds
Series 2018A (AGM)
12/01/2034	5.000%	500,000	539,499
Series 2022B
12/01/2037	4.000%	8,000,000	7,849,592
Chicago Board of Education^(a)
Unlimited General Obligation Bonds
Dedicated
Series 2017A
12/01/2046	7.000%	3,615,000	4,122,238
Chicago Board of Education^(c)
Unlimited General Obligation Refunding Bonds
Series 2019A
12/01/2025	0.000%	2,000,000	1,813,705
Chicago Midway International Airport
Refunding Revenue Bonds
2nd Lien
Series 2013B
01/01/2035	5.250%	3,000,000	3,032,211
Series 2014B
01/01/2035	5.000%	5,000,000	5,148,102
Chicago O’Hare International Airport^(b)
Refunding Revenue Bonds
Senior Lien
Series 2018
01/01/2037	5.000%	2,000,000	2,157,969
Revenue Bonds
General Senior Lien
Series 2017D
01/01/2042	5.000%	8,895,000	9,309,837
01/01/2052	5.000%	8,030,000	8,339,149
Senior Lien
Series 2017G
01/01/2042	5.000%	2,650,000	2,773,588
01/01/2047	5.000%	1,000,000	1,041,137

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2017J
01/01/2037	5.000%	2,000,000	2,112,521
TriPs Obligated Group
Series 2018
07/01/2038	5.000%	1,000,000	1,050,996
07/01/2048	5.000%	800,000	826,990
Chicago O’Hare International Airport
Revenue Bonds
Customer Facility Charge Senior Lien
Series 2013
01/01/2043	5.750%	2,285,000	2,308,387
Series 2015D
01/01/2046	5.000%	4,390,000	4,565,721
Chicago Park District
Limited General Obligation Bonds
Series 2016A
01/01/2040	5.000%	1,650,000	1,734,302
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2015C
01/01/2039	5.000%	530,000	551,401
Revenue Bonds
2nd Lien
Series 2012
01/01/2042	5.000%	5,000,000	5,005,560
Series 2014
01/01/2039	5.000%	2,000,000	2,039,696
City of Chicago Waterworks
Revenue Bonds
2nd Lien
Series 2012
11/01/2031	5.000%	2,000,000	2,012,311
Series 2014
11/01/2044	5.000%	650,000	667,762
Series 2016
11/01/2030	5.000%	10,775,000	11,473,666
City of Springfield Electric
Refunding Revenue Bonds
Senior Lien
Series 2015 (AGM)
03/01/2040	4.000%	5,000,000	5,071,735
County of Cook
Prerefunded 11/15/26 Unlimited General Obligation Bonds
Series 2018
11/15/2035	5.000%	900,000	978,149
Illinois Finance Authority
Refunding Revenue Bonds
LEARN Charter School Project Social Bonds
Series 2021
11/01/2051	4.000%	1,000,000	906,230

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

14	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Northshore University Health System
Series 2020A
08/15/2033	5.000%	1,250,000	1,425,696
08/15/2037	4.000%	3,000,000	3,024,833
Rush University Medical Center
Series 2015B
11/15/2039	5.000%	1,810,000	1,892,847
Silver Cross Hospital & Medical Centers
Series 2015C
08/15/2035	5.000%	1,500,000	1,563,430
Illinois State Toll Highway Authority
Revenue Bonds
Series 2021A
01/01/2046	4.000%	4,250,000	4,262,471
Metropolitan Pier & Exposition Authority^(c)
Refunding Revenue Bonds
Capital Appreciation - McCormick Place Expansion Project
Series 2002A (BAM)
12/15/2054	0.000%	5,000,000	1,158,825
McCormick Place Expansion
Series 2022
12/15/2035	0.000%	1,200,000	671,565
12/15/2036	0.000%	2,500,000	1,329,383
Revenue Bonds
Capital Appreciation - McCormick Place Expansion Project
Series 2002A (AGM)
12/15/2040	0.000%	10,000,000	4,642,433
McCormick Place Expansion
Series 2017
12/15/2056	0.000%	11,110,000	2,043,158
Metropolitan Pier & Exposition Authority
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
12/15/2047	4.000%	2,000,000	1,902,854
06/15/2052	4.000%	3,000,000	2,815,704
McCormick Place Expansion Project
Series 2020
06/15/2050	4.000%	2,400,000	2,262,460
Revenue Bonds
McCormick Place Expansion Project
Series 2017
06/15/2057	5.000%	3,025,000	3,120,994
State of Illinois
Unlimited General Obligation Bonds
Rebuild Illinois Program
Series 2019B
11/01/2038	4.000%	5,000,000	4,867,513

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2013
07/01/2026	5.500%	1,955,000	2,016,268
07/01/2033	5.500%	5,000,000	5,130,908
07/01/2038	5.500%	875,000	897,107
Series 2016
01/01/2026	5.000%	2,965,000	3,202,116
11/01/2027	5.000%	2,785,000	3,019,208
Series 2017A
12/01/2035	5.000%	1,345,000	1,430,197
12/01/2036	5.000%	5,000,000	5,290,397
Series 2018A
05/01/2032	5.000%	2,500,000	2,699,600
05/01/2033	5.000%	5,000,000	5,366,537
05/01/2039	5.000%	4,320,000	4,572,329
05/01/2040	5.000%	6,005,000	6,344,977
05/01/2041	5.000%	6,000,000	6,328,627
Series 2018B
05/01/2027	5.000%	4,950,000	5,431,727
Series 2019B
11/01/2034	4.000%	8,795,000	8,817,888
Series 2020
05/01/2039	5.500%	2,700,000	3,011,183
05/01/2045	5.750%	1,750,000	1,963,318
Series 2021A
03/01/2032	5.000%	3,245,000	3,600,464
03/01/2041	4.000%	4,650,000	4,460,124
Series 2022A
03/01/2042	5.500%	12,700,000	14,387,067
03/01/2047	5.500%	3,300,000	3,701,766
Unlimited General Obligation Refunding Bonds
Series 2018-A
10/01/2031	5.000%	2,500,000	2,717,957
Total			235,728,790
Indiana 0.2%
City of Whiting^(b)
Refunding Revenue Bonds
BP Products North America
Series 2019 (Mandatory Put 06/05/26)
12/01/2044	5.000%	3,200,000	3,467,973
Iowa 1.7%
Iowa Finance Authority
Refunding Revenue Bonds
Iowa Fertilizer Co. Project
Series 2022
12/01/2050	5.000%	10,400,000	10,895,320
Lifespace Communities, Inc.
Series 2021
05/15/2046	4.000%	9,395,000	7,698,958

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Council Bluffs, Inc. Project
Series 2018
08/01/2048	5.125%	1,750,000	1,526,885
Lifespace Communities, Inc.
Series 2018A
05/15/2043	5.000%	5,000,000	4,961,313
PEFA, Inc.
Revenue Bonds
Series 2019 (Mandatory Put 09/01/26)
09/01/2049	5.000%	10,000,000	10,561,987
Total			35,644,463
Kansas 0.6%
University of Kansas Hospital Authority
Improvement Refunding Revenue Bonds
Kansas University Health System
Series 2015
09/01/2045	5.000%	3,725,000	3,883,194
Refunding Revenue Bonds
University of Kansas Health System
Series 2019
03/01/2036	4.000%	2,750,000	2,834,179
03/01/2037	4.000%	2,500,000	2,567,618
03/01/2038	4.000%	2,500,000	2,560,460
Total			11,845,451
Kentucky 0.2%
City of Henderson^(a),(b)
Revenue Bonds
Pratt Paper LLC Project
Series 2022
01/01/2052	4.700%	1,500,000	1,513,584
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2037	5.000%	1,200,000	1,264,083
Kentucky Municipal Power Agency
Refunding Revenue Bonds
Forward Delivery Prairie State Project
Series 2020
09/01/2034	5.000%	1,035,000	1,160,282
Kentucky State Property & Building Commission
Revenue Bonds
Project #119
Series 2018
05/01/2036	5.000%	1,000,000	1,095,358
Total			5,033,307

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Louisiana 1.1%
Ascension Parish Industrial Development Board, Inc.
Revenue Bonds
Impala Warehousing LLC
Series 2011
07/01/2036	6.000%	3,950,000	3,990,635
Lake Charles Harbor & Terminal District^(b),(f)
Revenue Bonds
Big Lake Fuels LLC Project
Series 2021 (Mandatory Put 12/01/24)
12/01/2051	1.000%	13,000,000	12,355,454
Louisiana Public Facilities Authority
Refunding Revenue Bonds
Ochsner Clinic Foundation Project
Series 2017
05/15/2042	5.000%	2,000,000	2,099,511
Revenue Bonds
Provident Group - Flagship Properties
Series 2017
07/01/2057	5.000%	1,500,000	1,546,009
New Orleans Aviation Board^(b)
Revenue Bonds
General Airport-North Terminal
Series 2017B
01/01/2048	5.000%	1,275,000	1,325,755
Parish of St. James^(a)
Revenue Bonds
NuStar Logistics LP Project
Series 2020-2
07/01/2040	6.350%	1,250,000	1,410,778
Total			22,728,142
Maryland 2.5%
Maryland Community Development Administration
Refunding Revenue Bonds
Series 2019B
09/01/2039	3.200%	7,475,000	7,062,856
Revenue Bonds
Series 2019C
09/01/2039	3.000%	7,500,000	7,033,668
Maryland Economic Development Corp.^(b)
Revenue Bonds
Green Bonds - Purple Line Light Rail Project
Series 2022
06/30/2055	5.250%	9,500,000	10,327,164
Maryland Economic Development Corp.
Tax Allocation Bonds
Port Covington Project
Series 2020
09/01/2040	4.000%	875,000	813,846

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

16	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Meritus Medical Center Issue
Series 2015
07/01/2040	5.000%	1,200,000	1,236,279
Revenue Bonds
University of Maryland Medical System
Series 2017
07/01/2048	4.000%	3,665,000	3,614,696
State of Maryland
Unlimited General Obligation Bonds
State & Local Facilities
Series 2022A
06/01/2036	5.000%	20,000,000	24,365,274
Total			54,453,783
Massachusetts 1.7%
Commonwealth of Massachusetts
Refunding Revenue Bonds
Series 2005 (NPFGC)
01/01/2027	5.500%	500,000	568,596
Massachusetts Development Finance Agency
Refunding Revenue Bonds
UMass Memorial Healthcare
Series 2017
07/01/2044	4.000%	7,500,000	7,308,800
Revenue Bonds
Series 2021V
07/01/2055	5.000%	2,000,000	2,497,694
UMass Boston Student Housing Project
Series 2016
10/01/2041	5.000%	2,000,000	2,007,019
Massachusetts Educational Financing Authority^(b)
Refunding Revenue Bonds
Issue K
Series 2017A
07/01/2026	5.000%	1,650,000	1,803,899
Subordinated Series 2017B
07/01/2046	4.250%	3,000,000	3,071,197
Massachusetts Port Authority^(b)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2044	4.000%	1,500,000	1,476,583
Series 2019A
Series 2019
07/01/2031	5.000%	7,065,000	8,011,280
Revenue Bonds
Series 2019C
07/01/2044	5.000%	10,000,000	10,780,956
Total			37,526,024

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan 3.7%
City of Detroit
Unlimited General Obligation Bonds
Social Bonds
Series 2021A
04/01/2031	5.000%	425,000	472,223
04/01/2032	5.000%	300,000	328,900
04/01/2033	5.000%	400,000	435,430
04/01/2034	5.000%	400,000	432,616
04/01/2035	5.000%	350,000	376,054
04/01/2036	5.000%	600,000	640,890
04/01/2037	5.000%	700,000	745,045
Grand Traverse County Hospital Finance Authority
Revenue Bonds
Munson Healthcare
Series 2014A
07/01/2047	5.000%	505,000	519,043
Great Lakes Water Authority Water Supply System
Revenue Bonds
2nd Lien
Series 2016B
07/01/2046	5.000%	6,615,000	7,079,526
Michigan Finance Authority
Refunding Revenue Bonds
Senior Lien - Great Lakes Water Authority
Series 2014C-6
07/01/2033	5.000%	430,000	449,463
Series 2015
11/15/2045	5.000%	1,220,000	1,268,709
Trinity Health Corp.
Series 2017
12/01/2042	5.000%	500,000	540,951
Trinity Health Credit Group
Series 2019
12/01/2036	4.000%	3,000,000	3,054,826
Revenue Bonds
Beaumont Health Credit Group
Series 2016S
11/01/2044	5.000%	7,500,000	7,877,728
Henry Ford Health System
Series 2019A
11/15/2048	5.000%	1,320,000	1,391,560
Local Government Loan Program - Great Lakes Water Authority
Series 2015
07/01/2034	5.000%	1,000,000	1,065,452
07/01/2035	5.000%	5,000,000	5,322,916
Michigan State Hospital Finance Authority
Refunding Revenue Bonds
Ascension Health Senior Care Group
Series 2010F-4
11/15/2047	5.000%	835,000	903,473

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Michigan State Housing Development Authority
Revenue Bonds
Series 2018A
10/01/2043	4.000%	2,300,000	2,307,562
Series 2019A-1
10/01/2044	3.250%	1,500,000	1,356,458
Series 2019B
12/01/2044	3.100%	6,000,000	5,281,540
Social Bond
Series 2022A
06/01/2043	4.100%	4,210,000	4,193,374
U.S. Department of Housing and Urban Development
Series 2017A
10/01/2042	3.750%	4,060,000	4,008,657
10/01/2047	3.850%	4,315,000	4,264,189
Michigan Strategic Fund^(b)
Revenue Bonds
Green Bonds
Series 2021 (Mandatory Put 10/01/26)
10/01/2061	4.000%	2,000,000	1,998,393
I-75 Improvement Project
Series 2018
12/31/2043	5.000%	15,500,000	15,764,500
Wayne County Airport Authority
Revenue Bonds
Series 2015D
12/01/2045	5.000%	6,455,000	6,812,355
Wayne County Airport Authority^(b)
Revenue Bonds
Series 2017B
12/01/2042	5.000%	700,000	742,219
Total			79,634,052
Minnesota 1.5%
City of Blaine
Refunding Revenue Bonds
Crest View Senior Community Project
Series 2015
07/01/2045	6.125%	1,000,000	770,179
07/01/2050	6.125%	3,000,000	2,248,608
City of Forest Lake
Revenue Bonds
Lakes International Language Academy
Series 2019
08/01/2036	5.000%	835,000	857,302
08/01/2043	5.250%	500,000	513,239
City of North Oaks
Refunding Revenue Bonds
Waverly Gardens Project
Series 2016
10/01/2047	5.000%	4,000,000	4,127,025

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2044	4.000%	1,500,000	1,345,594
Duluth Economic Development Authority
Refunding Revenue Bonds
Essentia Health Obligation Group
Series 2018
02/15/2043	5.000%	2,000,000	2,104,689
02/15/2048	4.250%	5,000,000	4,976,762
02/15/2053	5.000%	8,000,000	8,378,227
Hastings Independent School District No. 200^(c)
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2031	0.000%	2,340,000	1,820,098
02/01/2034	0.000%	1,565,000	1,069,553
Housing & Redevelopment Authority of The City of St. Paul
Prerefunded 11/15/25 Revenue Bonds
HealthEast Care System Project
Series 2015
11/15/2040	5.000%	400,000	437,941
Minneapolis-St. Paul Metropolitan Airports Commission^(b)
Refunding Revenue Bonds
Subordinated Series 2016D
01/01/2041	5.000%	750,000	786,102
St. Cloud Housing & Redevelopment Authority^(e)
Revenue Bonds
Sanctuary St. Cloud Project
Series 2016A
08/01/2036	0.000%	2,845,000	2,418,250
Total			31,853,569
Mississippi 0.4%
County of Lowndes
Refunding Revenue Bonds
International Paper Company Project
Series 2022 (Mandatory Put 04/01/27)
04/01/2037	2.650%	8,200,000	7,954,226
Missouri 2.3%
Cape Girardeau County Industrial Development Authority
Refunding Revenue Bonds
SoutheastHEALTH
Series 2017
03/01/2036	5.000%	750,000	789,880
Health & Educational Facilities Authority
Refunding Revenue Bonds
Mosaic Health System
Series 2019
02/15/2044	4.000%	2,000,000	2,008,142

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

18	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Health & Educational Facilities Authority of the State of Missouri
Refunding Revenue Bonds
Mercy Health
Series 2017C
11/15/2036	4.000%	1,500,000	1,511,985
Revenue Bonds
Lutheran Senior Services
Series 2014
02/01/2044	5.000%	2,275,000	2,299,167
Medical Research Lutheran Services
Series 2016A
02/01/2036	5.000%	1,000,000	1,032,664
Kansas City Industrial Development Authority^(b)
Revenue Bonds
Kansas City International Airport
Series 2019
03/01/2044	5.000%	12,500,000	13,269,625
Series 2020A
03/01/2036	4.000%	1,675,000	1,687,416
03/01/2045	4.000%	16,000,000	15,622,663
Kirkwood Industrial Development Authority
Refunding Revenue Bonds
Aberdeen Heights Project
Series 2017
05/15/2042	5.250%	1,260,000	1,235,587
Missouri Housing Development Commission
Revenue Bonds
First Place Homeownership Loan Program
Series 2020A (GNMA)
05/01/2050	2.850%	1,000,000	813,649
Missouri Joint Municipal Electric Utility Commission
Refunding Revenue Bonds
Series 2016A
12/01/2041	4.000%	5,000,000	5,075,143
St. Louis County Industrial Development Authority
Refunding Revenue Bonds
St. Andrew’s Resources for Seniors Obligated Group
Series 2015
12/01/2035	5.000%	1,500,000	1,527,045
Revenue Bonds
Friendship Village Sunset Hills
Series 2012
09/01/2032	5.000%	1,120,000	1,114,697
09/01/2042	5.000%	2,000,000	1,931,096
Total			49,918,759
Montana 0.1%
City of Kalispell
Refunding Revenue Bonds
Immanuel Lutheran Corp. Project
Series 2017
05/15/2052	5.250%	520,000	513,780

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Montana Board of Housing
Revenue Bonds
Series 2017B-2
12/01/2042	3.500%	355,000	356,433
12/01/2047	3.600%	455,000	457,639
Total			1,327,852
Nebraska 1.6%
Central Plains Energy Project
Revenue Bonds
Gas Project No. 5 Series
Series 2022-1 (Mandatory Put 10/01/29)
05/01/2053	5.000%	5,400,000	5,813,966
Douglas County Hospital Authority No. 2
Revenue Bonds
Madonna Rehabilitation Hospital
Series 2014
05/15/2044	5.000%	4,350,000	4,429,383
Douglas County Hospital Authority No. 3
Refunding Revenue Bonds
Health Facilities - Nebraska Methodist Health System
Series 2015
11/01/2036	4.125%	2,000,000	2,026,978
Nebraska Educational Health Cultural & Social Services Finance Authority
Refunding Revenue Bonds
Immanuel Obligated Group
Series 2019
01/01/2037	4.000%	1,000,000	1,013,600
01/01/2038	4.000%	1,300,000	1,313,032
01/01/2039	4.000%	1,810,000	1,822,585
01/01/2044	4.000%	15,000,000	14,769,171
Nebraska Investment Finance Authority
Revenue Bonds
Series 2019D
09/01/2039	2.850%	3,090,000	2,857,448
09/01/2042	3.050%	375,000	372,521
Total			34,418,684
Nevada 0.2%
City of Carson City
Refunding Revenue Bonds
Carson Tahoe Regional Medical Center
Series 2017
09/01/2042	5.000%	845,000	889,014
Clark County School District
Limited General Obligation Bonds
Series 2020A (AGM)
06/15/2037	4.000%	850,000	898,042
06/15/2040	4.000%	1,225,000	1,259,343

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Nevada Department of Business & Industry^(a)
Revenue Bonds
Somerset Academy
Series 2015A
12/15/2035	5.000%	570,000	580,606
Series 2018A
12/15/2038	5.000%	415,000	421,034
Total			4,048,039
New Hampshire 0.3%
New Hampshire Business Finance Authority^(b)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 07/01/24)
07/01/2027	2.150%	3,000,000	2,971,050
New Hampshire Business Finance Authority^(a)
Revenue Bonds
The Vista Project
Series 2019A
07/01/2046	5.625%	2,000,000	1,985,596
New Hampshire Health & Education Facilities Authority Act
Refunding Revenue Bonds
Elliot Hospital
Series 2016
10/01/2038	5.000%	850,000	891,509
Total			5,848,155
New Jersey 3.6%
City of Atlantic City
Unlimited General Obligation Bonds
Tax Appeal
Series 2017B (AGM)
03/01/2037	5.000%	340,000	370,733
03/01/2042	4.000%	1,250,000	1,270,403
Unlimited General Obligation Refunding Bonds
Build America Mutual Assurance Co. Tax Appeal
Series 2017A
03/01/2042	5.000%	1,000,000	1,080,955
New Jersey Economic Development Authority^(b)
Refunding Revenue Bonds
New Jersey Natural Gas Co. Project
Series 2019
08/01/2041	3.000%	6,000,000	5,132,166
New Jersey Economic Development Authority
Refunding Revenue Bonds
Subordinated Series 2017A
07/01/2030	3.375%	2,000,000	1,988,660
Revenue Bonds
School Facilities Construction
Series 2019
06/15/2044	5.000%	1,800,000	1,923,042

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Self-Designated Social Bonds
Series 2021
06/15/2046	4.000%	1,500,000	1,471,035
Series 2017DDD
06/15/2042	5.000%	1,000,000	1,056,174
Transportation Project
Series 2020
11/01/2044	5.000%	3,000,000	3,202,082
Unrefunded Revenue Bonds
Series 2015WW
06/15/2040	5.250%	355,000	370,546
New Jersey Educational Facilities Authority
Revenue Bonds
Green Bonds
Series 2020A
07/01/2038	5.000%	1,980,000	2,144,989
07/01/2039	5.000%	2,080,000	2,248,262
07/01/2045	5.000%	700,000	747,948
New Jersey Higher Education Student Assistance Authority^(b)
Revenue Bonds
Series 2018A
12/01/2034	4.000%	300,000	305,711
12/01/2035	4.000%	300,000	305,594
New Jersey Housing & Mortgage Finance Agency^(b)
Refunding Revenue Bonds
Series 2017D
11/01/2037	4.250%	1,525,000	1,542,889
Single Family Housing
Series 2018
10/01/2032	3.800%	1,975,000	2,028,976
New Jersey Housing & Mortgage Finance Agency
Refunding Revenue Bonds
Single Family Housing
Series 2019C
10/01/2039	3.850%	2,885,000	2,894,214
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Transportation System
Series 2018A
12/15/2035	5.000%	5,000,000	5,430,841
Series 2019
12/15/2039	5.000%	1,460,000	1,576,584
Revenue Bonds
Series 2020AA
06/15/2045	4.000%	4,000,000	3,970,203
06/15/2045	5.000%	8,500,000	9,134,170
Transportation Program
Series 2013AA
06/15/2044	5.000%	8,090,000	8,202,210
Series 2015AA
06/15/2041	5.250%	6,000,000	6,257,791

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

20	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2019
06/15/2046	5.000%	3,500,000	3,726,264
New Jersey Transportation Trust Fund Authority^(c)
Revenue Bonds
Capital Appreciation Transportation System
Series 2010A
12/15/2030	0.000%	6,000,000	4,533,064
South Jersey Port Corp.^(b)
Revenue Bonds
Marine Terminal
Subordinated Series 2017B
01/01/2048	5.000%	2,900,000	2,984,283
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Subordinated Series 2018B
06/01/2046	5.000%	2,000,000	2,039,356
Total			77,939,145
New Mexico 0.2%
New Mexico Hospital Equipment Loan Council
Revenue Bonds
La Vida Expansion Project
Series 2019
07/01/2039	5.000%	1,225,000	1,216,659
New Mexico Mortgage Finance Authority
Revenue Bonds
Series 2020 (GNMA)
07/01/2040	2.700%	2,080,000	1,880,283
Single Family Mortgage Program
Series 2019D Class I (GNMA)
07/01/2044	3.250%	2,345,000	2,158,063
Total			5,255,005
New York 8.5%
City of New York
Unlimited General Obligation Bonds
Series 2020C
08/01/2042	5.000%	2,500,000	2,790,939
Subordinated Series 2018F-1
04/01/2037	5.000%	5,390,000	6,001,236
Unlimited General Obligation Refunding Bonds
Series 2020A-1
08/01/2034	4.000%	1,000,000	1,054,222
Glen Cove Local Economic Assistance Corp.^(g)
Revenue Bonds
Garvies Point
Series 2016 CABS
01/01/2055	0.000%	2,500,000	2,233,989

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2017G
11/01/2042	3.600%	4,000,000	3,838,103
Hudson Yards Infrastructure Corp.
Refunding Revenue Bonds
Green Bonds
Series 2021
02/15/2040	4.000%	3,250,000	3,323,462
Long Island Power Authority
Revenue Bonds
General
Series 2017
09/01/2042	5.000%	2,000,000	2,199,975
Metropolitan Transportation Authority^(c)
Refunding Revenue Bonds
Series 2012A
11/15/2032	0.000%	2,605,000	1,876,853
Metropolitan Transportation Authority
Revenue Bonds
Green Bonds
Series 2020C-1
11/15/2050	5.000%	10,935,000	11,481,275
New York City Housing Development Corp.
Revenue Bonds
Sustainable Neighborhood
Series 2018
11/01/2048	3.900%	2,000,000	1,909,262
Series 2019
11/01/2049	3.250%	7,310,000	6,307,617
New York City Municipal Water Finance Authority
Revenue Bonds
Series 2022CC-1
06/15/2052	4.000%	8,015,000	8,028,319
New York City Transitional Finance Authority
Refunding Revenue Bonds
Future Tax Secured
Subordinated Series 2021
11/01/2036	4.000%	1,000,000	1,042,032
11/01/2037	4.000%	1,500,000	1,551,574
Revenue Bonds
Future Tax Bonds
Subordinated Series 2020C
05/01/2038	4.000%	700,000	721,723
05/01/2039	4.000%	1,000,000	1,030,007
Future Tax Secured
Subordinated Series 2020D
11/01/2042	4.000%	5,000,000	5,091,156
Subordinated Series 2022F-1
02/01/2051	4.000%	2,000,000	2,011,785
02/01/2051	5.000%	1,375,000	1,537,479

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York City Transitional Finance Authority^(d)
Revenue Bonds
Future Tax Secured
Subordinated Series 2022A-1
08/01/2044	5.000%	1,600,000	1,809,850
08/01/2048	4.000%	2,100,000	2,119,643
New York Liberty Development Corp.
Refunding Revenue Bonds
Series 2021-1WTC
02/15/2042	3.000%	3,610,000	3,115,282
New York State Dormitory Authority
Revenue Bonds
NYU Langone Hospitals Obligated Group
Series 2020A
07/01/2050	4.000%	2,000,000	1,975,727
New York State Environmental Facilities Corp.^(a),(b)
Revenue Bonds
Casella Waste Systems, Inc.
Series 2019 (Mandatory Put 12/03/29)
12/01/2044	2.875%	1,000,000	889,545
New York State Housing Finance Agency
Revenue Bonds
Affordable Housing
Series 2017M
11/01/2047	3.750%	3,585,000	3,402,819
New York State Thruway Authority
Refunding Revenue Bonds
Personal Income Tax - Bidding Group
Series 2022A
03/15/2050	4.000%	13,000,000	13,007,042
Revenue Bonds
Green Bonds - Bidding Group
Series 2022
03/15/2055	5.000%	5,000,000	5,617,026
New York Transportation Development Corp.^(b)
Refunding Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2025	5.000%	1,100,000	1,173,608
Revenue Bonds
Delta Air Lines, Inc. LaGuardia
Series 2020
10/01/2040	5.000%	12,290,000	12,780,839
10/01/2045	4.375%	2,500,000	2,448,145
New York State Thruway Service Areas Project
Series 2021
04/30/2053	4.000%	1,500,000	1,328,265
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2041	5.000%	2,000,000	2,132,153
12/01/2042	4.000%	4,360,000	4,104,431

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New York Transportation Development Corp.
Refunding Revenue Bonds
Terminal 4 John F. Kennedy International Airport Project
Series 2020
12/01/2031	5.000%	1,100,000	1,226,785
12/01/2032	5.000%	1,400,000	1,554,202
Port Authority of New York & New Jersey^(b)
Refunding Revenue Bonds
Consolidated 197th
Series 2016-197
11/15/2036	5.000%	2,000,000	2,123,803
Consolidated 206th
Series 2017-206
11/15/2047	5.000%	1,500,000	1,567,560
Series 2018-207
09/15/2032	5.000%	12,235,000	13,398,309
Revenue Bonds
Consolidated Bonds
Series 221
07/15/2045	4.000%	7,775,000	7,776,455
State of New York Mortgage Agency
Refunding Revenue Bonds
Series 2017-203
10/01/2041	3.500%	3,730,000	3,465,698
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2022
05/15/2052	5.000%	4,000,000	4,796,356
05/15/2057	5.000%	10,500,000	11,741,402
Revenue Bonds
MTA Bridges and Tunnels
Series 2020A
11/15/2049	5.000%	3,000,000	3,335,007
Ulster County Capital Resource Corp.^(a)
Refunding Revenue Bonds
Woodland Pond at New Paltz
Series 2017
09/15/2042	5.250%	5,095,000	4,255,230
09/15/2047	5.250%	1,475,000	1,186,340
09/15/2053	5.250%	3,045,000	2,385,613
Westchester County Local Development Corp.^(a)
Refunding Revenue Bonds
Purchase Senior Learning Community
Series 2021
07/01/2029	3.600%	5,000,000	4,657,129
Revenue Bonds
Purchase Senior Learning Community
Series 2021
07/01/2056	5.000%	1,000,000	876,532
Total			184,281,804

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

22	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
North Carolina 1.3%
North Carolina Housing Finance Agency
Revenue Bonds
Series 2019-42
01/01/2043	2.850%	2,390,000	2,030,477
North Carolina Medical Care Commission
Refunding Revenue Bonds
Series 2021C
03/01/2036	4.000%	2,320,000	2,057,393
Southminster, Inc.
Series 2016
10/01/2037	5.000%	1,800,000	1,819,414
Revenue Bonds
REX Health Care
Series 2020A
07/01/2049	4.000%	5,000,000	5,009,729
Twin Lakes Community
Series 2019A
01/01/2044	5.000%	2,000,000	2,072,005
North Carolina Turnpike Authority
Revenue Bonds
Senior Lien - Triangle Expressway
Series 2019
01/01/2043	5.000%	5,650,000	5,961,677
01/01/2049	5.000%	2,000,000	2,093,299
North Carolina Turnpike Authority^(c)
Revenue Bonds
Series 2017C
07/01/2032	0.000%	2,000,000	1,300,106
Series 2019
01/01/2040	0.000%	3,950,000	2,025,923
01/01/2041	0.000%	5,500,000	2,688,961
Triangle Expressway System
Series 2019
01/01/2043	0.000%	4,500,000	1,993,626
Total			29,052,610
North Dakota 0.2%
North Dakota Housing Finance Agency
Revenue Bonds
Home Mortgage Finance Program
Series 2018
01/01/2042	3.850%	720,000	719,350
Housing Finance Program
Series 2017 (FHA)
07/01/2040	3.550%	405,000	407,012
Housing Finance Program-Home Mortgage Finance
Series 2018
07/01/2042	3.950%	1,090,000	1,085,455

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2019C
07/01/2039	3.200%	1,625,000	1,545,930
Total			3,757,747
Ohio 3.0%
American Municipal Power, Inc.
Refunding Revenue Bonds
Fremont Energy Center Project
Series 2021
02/15/2037	4.000%	2,750,000	2,843,513
Buckeye Tobacco Settlement Financing Authority
Refunding Senior Revenue Bonds
Series 2020B-2
06/01/2055	5.000%	36,505,000	36,450,042
County of Marion
Refunding Revenue Bonds
United Church Homes, Inc.
Series 2019
12/01/2039	5.000%	1,650,000	1,657,930
Lake County Port & Economic Development Authority^(a),(e)
Revenue Bonds
1st Mortgage - Tapestry Wickliffe LLC
Series 2017
12/01/2052	0.000%	7,500,000	2,400,000
Northeast Ohio Regional Sewer District
Refunding Revenue Bonds
Series 2019
11/15/2037	4.000%	2,000,000	2,075,619
Ohio Air Quality Development Authority^(b),(f)
Refunding Revenue Bonds
American Electric Power Co. Project
Series 2019 (Mandatory Put 10/01/24)
12/01/2027	2.100%	2,500,000	2,445,800
Ohio Air Quality Development Authority^(b)
Refunding Revenue Bonds
American Electric Power Co. Project
Series 2019 (Mandatory Put 10/01/24)
07/01/2028	2.100%	7,000,000	6,848,241
Revenue Bonds
Ohio Valley Electric Crop.
Series 2019 (Mandatory Put 10/01/29)
06/01/2041	2.600%	1,500,000	1,404,571
Ohio Higher Educational Facility Commission
Revenue Bonds
Ashtabula County Medical Center Obligated Group
Series 2022
01/01/2052	5.250%	250,000	266,660
Ohio Housing Finance Agency
Revenue Bonds
Series 2019B
09/01/2044	3.250%	2,140,000	2,008,308

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Ohio Water Development Authority Water Pollution Control
Revenue Bonds
Loan Fund
Series 2020A
12/01/2050	5.000%	4,000,000	4,520,780
State of Ohio
Refunding Revenue Bonds
Cleveland Clinic Health System
Series 2017
01/01/2036	4.000%	1,500,000	1,542,589
Total			64,464,053
Oklahoma 0.2%
Tulsa County Industrial Authority
Refunding Revenue Bonds
Montereau, Inc. Project
Series 2017
11/15/2037	5.250%	1,250,000	1,313,200
11/15/2045	5.250%	1,885,000	1,959,708
Total			3,272,908
Oregon 0.6%
Clackamas County Hospital Facility Authority
Refunding Revenue Bonds
Rose Villa Project
Series 2020A
11/15/2055	5.375%	1,500,000	1,508,217
Hospital Facilities Authority of Multnomah County
Refunding Revenue Bonds
Mirabella at South Waterfront
Series 2014A
10/01/2044	5.400%	525,000	532,658
Medford Hospital Facilities Authority
Refunding Revenue Bonds
Asante Project
Series 2020A
08/15/2045	5.000%	4,660,000	5,070,340
Port of Portland Airport^(b)
Revenue Bonds
Series 2017-24B
07/01/2042	5.000%	1,000,000	1,054,112
State of Oregon Housing & Community Services Department
Revenue Bonds
Series 2017D
01/01/2038	3.450%	2,365,000	2,378,411
Yamhill County Hospital Authority
Refunding Revenue Bonds
Friendsview
Series 2021A
11/15/2046	5.000%	1,540,000	1,389,677
11/15/2051	5.000%	1,100,000	976,615
Total			12,910,030

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania 6.3%
Allegheny County Hospital Development Authority
Refunding Revenue Bonds
University of Pittsburgh Medical Center
Series 2019
07/15/2038	4.000%	1,750,000	1,761,409
City of Philadelphia Airport^(b)
Refunding Revenue Bonds
Private Activity
Series 2021
07/01/2051	5.000%	3,000,000	3,212,509
Series 2021 (AGM)
07/01/2046	4.000%	1,750,000	1,736,379
Series 2017B
07/01/2042	5.000%	2,250,000	2,363,698
Commonwealth Financing Authority
Revenue Bonds
Series 2015A
06/01/2035	5.000%	1,950,000	2,102,665
Tobacco Master Settlement Payment
Series 2018
06/01/2035	5.000%	2,000,000	2,180,973
Commonwealth of Pennsylvania
Refunding Certificate of Participation
Series 2018A
07/01/2037	5.000%	1,600,000	1,776,479
Cumberland County Municipal Authority
Prerefunded 01/01/25 Revenue Bonds
Diakon Lutheran Social Ministries
Series 2015
01/01/2038	5.000%	160,000	172,464
Refunding Revenue Bonds
Diakon Lutheran
Series 2015
01/01/2038	5.000%	805,000	829,116
East Hempfield Township Industrial Development Authority
Prerefunded 07/01/24 Revenue Bonds
Student Service, Inc. Student Housing Project
Series 2014
07/01/2046	5.000%	1,000,000	1,061,083
Franklin County Industrial Development Authority
Refunding Revenue Bonds
Menno-Haven, Inc. Project
Series 2018
12/01/2043	5.000%	1,200,000	1,167,693
Geisinger Authority
Refunding Revenue Bonds
Geisinger Health System
Series 2017
02/15/2047	4.000%	5,000,000	4,943,025

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

24	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lancaster County Hospital Authority
Refunding Revenue Bonds
Masonic Villages of the Grand Lodge of Pennsylvania
Series 2015
11/01/2035	5.000%	700,000	731,249
Luzerne County Industrial Development Authority^(b)
Refunding Revenue Bonds
Pennsylvania-American Water Co. Project
Series 2019 (Mandatory Put 12/03/29)
12/01/2039	2.450%	3,500,000	3,417,832
Montgomery County Industrial Development Authority
Prerefunded 01/15/25 Revenue Bonds
Albert Einstein HealthCare Network
Series 2015
01/15/2045	5.250%	1,850,000	1,995,861
Refunding Revenue Bonds
Meadowood Senior Living Project
Series 2018
12/01/2038	5.000%	1,270,000	1,330,357
Revenue Bonds
ACTS Retirement - Life Communities
Series 2020
11/15/2043	4.000%	1,000,000	965,156
11/15/2045	5.000%	3,500,000	3,754,790
Northampton County General Purpose Authority
Refunding Revenue Bonds
St. Luke’s University Health Network
Series 2018
08/15/2043	5.000%	675,000	714,652
08/15/2048	5.000%	1,500,000	1,579,205
Pennsylvania Economic Development Financing Authority
Refunding Revenue Bonds
Series 2017A
11/15/2042	4.000%	10,000,000	9,957,668
Pennsylvania Economic Development Financing Authority^(a),(e)
Refunding Revenue Bonds
Tapestry Moon Senior Housing Project
Series 2018
12/01/2053	0.000%	5,625,000	2,137,500
Pennsylvania Economic Development Financing Authority^(b)
Revenue Bonds
PA Bridges Finco LP
Series 2015
12/31/2038	5.000%	4,125,000	4,281,642
06/30/2042	5.000%	11,000,000	11,353,848
Pennsylvania Housing Finance Agency
Refunding Revenue Bonds
Series 2016-120
10/01/2046	3.500%	655,000	660,588
Series 2017-124B
10/01/2042	3.650%	7,180,000	6,948,989

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Series 2019-130A
10/01/2034	2.500%	4,000,000	3,548,890
10/01/2039	2.700%	3,000,000	2,560,648
Series 2019-131A
04/01/2049	3.500%	2,205,000	2,230,544
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Mass Transit Projects
Subordinated Series 2016A-1
12/01/2041	5.000%	4,800,000	5,017,481
Revenue Bonds
Series 2014C
12/01/2044	5.000%	2,500,000	2,594,556
Series 2015B
12/01/2040	5.000%	2,500,000	2,615,908
Subordinated Series 2017B-1
06/01/2042	5.000%	3,000,000	3,187,236
Subordinated Series 2018B
12/01/2048	5.000%	5,000,000	5,376,414
Subordinated Series 2019A
12/01/2044	5.000%	10,000,000	10,841,846
Philadelphia Authority for Industrial Development
Refunding Revenue Bonds
Thomas Jefferson University
Series 2017
09/01/2042	5.000%	2,500,000	2,652,978
Revenue Bonds
First Philadelphia Preparatory Charter School
Series 2014
06/15/2043	7.250%	750,000	799,020
Pocono Mountains Industrial Park Authority
Revenue Bonds
St. Luke’s Hospital-Monroe Project
Series 2015
08/15/2040	5.000%	1,450,000	1,491,273
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2038	5.000%	1,135,000	1,231,255
Series 2018B
09/01/2043	5.000%	515,000	554,975
Series 2021A
09/01/2040	4.000%	6,250,000	6,418,552
State Public School Building Authority
Prerefunded 12/01/26 Revenue Bonds
Philadelphia School District Project
Series 2016
06/01/2036	5.000%	5,000	5,660

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Refunding Revenue Bonds
Philadelphia School District
Series 2016
06/01/2034	5.000%	3,000,000	3,293,591
School District of Philadelphia
Series 2016
06/01/2036	5.000%	4,795,000	5,256,013
Union County Hospital Authority
Revenue Bonds
Evangelical Community Hospital
Series 2018
08/01/2038	5.000%	3,065,000	3,317,402
Total			136,131,072
Puerto Rico 4.4%
Commonwealth of Puerto Rico^(c),(h)
Revenue Notes
Series 2022
11/01/2051	0.000%	6,036,277	2,965,321
Subordinated Series 2022
11/01/2043	0.000%	4,530,207	2,417,998
Unlimited General Obligation Bonds
Series 2021A
07/01/2024	0.000%	302,953	281,746
Commonwealth of Puerto Rico^(h)
Unlimited General Obligation Bonds
Series 2021-A1
07/01/2031	5.750%	2,956,794	3,317,886
07/01/2033	4.000%	907,292	868,479
07/01/2035	4.000%	815,535	769,780
07/01/2037	4.000%	699,944	653,521
07/01/2041	4.000%	951,656	873,237
07/01/2046	4.000%	2,984,709	2,686,440
Puerto Rico Commonwealth Aqueduct & Sewer Authority^(h)
Refunding Revenue Bonds
Senior Lien
Series 2020A
07/01/2047	5.000%	3,000,000	3,033,088
Puerto Rico Electric Power Authority^(e),(h)
Revenue Bonds
Series 2007TT
07/01/2022	5.000%	2,735,000	2,235,863
Series 2010XX
07/01/2040	5.250%	8,500,000	6,948,750
Series 2012A
07/01/2042	5.000%	6,505,000	5,317,837
Puerto Rico Electric Power Authority^(h)
Revenue Bonds
Series 2007TT
07/01/2032	5.000%	2,420,000	1,978,350

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2008WW
07/01/2033	5.250%	1,750,000	1,430,625
07/01/2038	5.500%	1,750,000	1,437,188
Series 2010CCC
07/01/2028	5.250%	6,000,000	4,905,000
Puerto Rico Highway & Transportation Authority^(e),(h)
Refunding Revenue Bonds
Series 2007N
07/01/2025	0.000%	2,000,000	600,000
Revenue Bonds
Series 2005K
07/01/2030	0.000%	2,000,000	600,000
Series 2007M
07/01/2037	0.000%	4,225,000	1,267,500
Unrefunded Revenue Bonds
Series 2003G
07/01/2042	0.000%	1,935,000	580,500
Puerto Rico Sales Tax Financing Corp.^(c),(h)
Revenue Bonds
Series 2018A-1
07/01/2046	0.000%	88,683,000	25,738,600
07/01/2051	0.000%	8,000,000	1,722,056
Puerto Rico Sales Tax Financing Corp.^(h)
Revenue Bonds
Series 2019A1
07/01/2058	5.000%	22,535,000	22,730,405
Total			95,360,170
Rhode Island 0.1%
Rhode Island Student Loan Authority^(b)
Refunding Revenue Bonds
Series 2018A
12/01/2025	5.000%	1,200,000	1,296,962
South Carolina 1.4%
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/24 Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2045	7.250%	1,315,000	1,471,485
Refunding Revenue Bonds
Bon Secours Mercy Health, Inc.
Series 2020
12/01/2046	5.000%	2,800,000	3,043,191
South Carolina Jobs-Economic Development Authority^(a),(b)
Revenue Bonds
Green Bonds - Last Step Recycling Project
Series 2021
06/01/2051	6.500%	2,250,000	1,863,117

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

26	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina Ports Authority^(b)
Revenue Bonds
Series 2018
07/01/2043	5.000%	1,570,000	1,670,770
Series 2019B
07/01/2044	5.000%	4,080,000	4,372,918
South Carolina Public Service Authority
Revenue Bonds
Series 2022A
12/01/2052	4.000%	18,000,000	17,301,083
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2020A
07/01/2040	3.000%	915,000	811,578
Total			30,534,142
South Dakota 0.7%
South Dakota Health & Educational Facilities Authority
Refunding Revenue Bonds
Avera Health
Series 2017
07/01/2042	4.000%	10,000,000	9,958,374
Sanford Obligated Group
Series 2015
11/01/2045	5.000%	1,580,000	1,654,446
South Dakota Housing Development Authority
Refunding Revenue Bonds
Homeownership Mortgage
Series 2021A
11/01/2041	2.050%	5,755,000	4,255,693
Total			15,868,513
Tennessee 1.6%
Chattanooga Health Educational & Housing Facility Board
Refunding Revenue Bonds
Student Housing - CDFI Phase I
Series 2015
10/01/2035	5.000%	355,000	362,679
Greeneville Health & Educational Facilities Board
Refunding Revenue Bonds
Ballad Health Obligation Group
Series 2018
07/01/2037	5.000%	2,300,000	2,460,098
07/01/2040	4.000%	1,800,000	1,795,104
Knox County Health Educational & Housing Facility Board
Refunding Revenue Bonds
East Tennessee Children’s Hospital
Series 2019
11/15/2048	4.000%	5,235,000	5,072,144

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board
Revenue Bonds
Vanderbilt University Medical Center
Series 2016
07/01/2046	5.000%	1,200,000	1,270,181
Series 2017A
07/01/2048	5.000%	835,000	886,183
New Memphis Arena Public Building Authority^(c)
Revenue Bonds
City of Memphis Project
Series 2021
04/01/2032	0.000%	200,000	140,066
04/01/2033	0.000%	2,000,000	1,333,090
04/01/2038	0.000%	1,150,000	588,611
04/01/2039	0.000%	1,625,000	786,048
Shelby County Health Educational & Housing Facilities Board
Revenue Bonds
Farms at Bailey Station (The)
Series 2019
10/01/2049	5.750%	9,000,000	9,020,122
Farms at Bailey Station Project (The)
Series 2019
10/01/2059	5.750%	3,000,000	2,927,829
Tennessee Housing Development Agency
Revenue Bonds
3rd Issue
Series 2017
07/01/2042	3.600%	480,000	481,677
07/01/2047	3.650%	950,000	954,192
Series 2017-2B
07/01/2036	3.700%	1,385,000	1,386,047
Series 2018-1
07/01/2042	3.900%	470,000	465,683
Social Bond
Series 2022-2
07/01/2042	4.250%	4,500,000	4,536,316
Total			34,466,070
Texas 8.2%
Angelina & Neches River Authority^(a),(b)
Revenue Bonds
Jefferson Enterprise Energy LLC Project
Series 2021
12/01/2045	7.500%	7,000,000	5,812,031
Arlington Higher Education Finance Corp.
Revenue Bonds
Brooks Academies of Texas
Series 2021
01/15/2051	5.000%	875,000	808,445

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Bexar County Health Facilities Development Corp.
Refunding Revenue Bonds
Army Retirement Residence Foundation
Series 2016
07/15/2031	4.000%	2,000,000	1,922,656
07/15/2036	4.000%	3,000,000	2,766,530
Series 2018
07/15/2033	5.000%	1,000,000	1,020,078
07/15/2037	5.000%	2,100,000	2,130,155
Central Texas Regional Mobility Authority
Refunding Revenue Bonds
Subordinated Series 2016
01/01/2041	4.000%	2,295,000	2,270,105
Central Texas Turnpike System^(c)
Refunding Revenue Bonds
Series 2015B
08/15/2037	0.000%	2,000,000	1,044,764
Central Texas Turnpike System
Refunding Revenue Bonds
Subordinated Series 2015C
08/15/2042	5.000%	2,500,000	2,567,079
City of Austin Airport System^(b)
Revenue Bonds
Series 2017B
11/15/2041	5.000%	1,000,000	1,061,454
11/15/2046	5.000%	1,000,000	1,055,055
Series 2019B
11/15/2038	5.000%	6,175,000	6,806,830
11/15/2048	5.000%	7,850,000	8,503,325
City of Houston Airport System^(b)
Refunding Revenue Bonds
Subordinated Series 2018C
07/01/2031	5.000%	1,525,000	1,687,253
Revenue Bonds
Subordinated Series 2018A
07/01/2041	5.000%	1,250,000	1,337,337
Subordinated Series 2020A
07/01/2047	4.000%	4,200,000	4,112,984
Subordinated Series 2021A
07/01/2046	4.000%	2,000,000	1,963,377
City of San Antonio Airport System^(b)
Refunding Revenue Bonds
Lien
Subordinated Series 2019A
07/01/2030	5.000%	1,250,000	1,406,603
07/01/2031	5.000%	1,000,000	1,116,648
07/01/2032	5.000%	750,000	832,340

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Clifton Higher Education Finance Corp.
Revenue Bonds
Idea Public Schools
Series 2012
08/15/2032	5.000%	580,000	580,874
08/15/2042	5.000%	1,500,000	1,501,553
Series 2013
08/15/2033	6.000%	260,000	268,200
International Leadership
Series 2015
08/15/2038	5.750%	2,015,000	2,067,094
Series 2015A
12/01/2045	5.000%	400,000	409,056
Conroe Independent School District
Unlimited General Obligation Bonds
Series 2022A
02/15/2047	4.000%	3,465,000	3,552,389
Cypress-Fairbanks Independent School District
Unlimited General Obligation Refunding Bonds
Series 2020A
02/15/2033	3.000%	1,000,000	1,005,144
02/15/2034	3.000%	2,420,000	2,407,082
Dallas Love Field^(b)
Revenue Bonds
Series 2017
11/01/2033	5.000%	1,000,000	1,070,545
11/01/2036	5.000%	1,000,000	1,065,626
Frisco Independent School District
Unlimited General Obligation Refunding Bonds
Texas Permanent School Fund Program
Series 2019
08/15/2039	4.000%	1,000,000	1,051,295
Humble Independent School District^(d)
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	4,800,000	4,880,328
Katy Independent School District
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	1,700,000	1,726,045
New Hope Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Texas Children’s Health System
Series 2017A
08/15/2040	4.000%	3,610,000	3,654,129
Revenue Bonds
MRC Senior Living-Langford Project
Series 2016
11/15/2036	5.375%	500,000	484,218
11/15/2046	5.500%	750,000	708,697

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

28	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Westminster Project
Series 2021
11/01/2049	4.000%	1,600,000	1,447,289
New Hope Cultural Education Facilities Finance Corp.^(e)
Revenue Bonds
4-K Housing, Inc. Stoney Brook Project
Series 2017
07/01/2042	0.000%	1,000,000	690,000
07/01/2047	0.000%	1,000,000	690,000
07/01/2052	0.000%	1,500,000	1,035,000
Bridgemoor Plano Project
Series 2018
12/01/2053	0.000%	4,500,000	4,050,000
Cardinal Bay, Inc. - Village on the Park
Series 2016
07/01/2036	0.000%	1,500,000	825,000
07/01/2051	0.000%	5,235,000	2,879,250
Cardinal Bay, Inc. - Village on the Park/Carriage Inn Project
Series 2016
07/01/2046	0.000%	2,535,000	1,394,250
North Texas Tollway Authority
Refunding Revenue Bonds
2nd Tier
Series 2015A
01/01/2038	5.000%	1,730,000	1,818,124
Series 2019A
01/01/2044	4.000%	13,500,000	13,656,302
Northside Independent School District
Unlimited General Obligation Refunding Bonds
Texas Permanent School Fund Program
Series 2019
08/15/2038	4.000%	1,235,000	1,306,083
Northwest Independent School District
Unlimited General Obligation Refunding Bonds
Series 2020
02/15/2039	4.000%	2,000,000	2,109,774
Port Authority of Houston of Harris County^(b)
Unlimited General Obligation Refunding Bonds
Series 2018A
10/01/2036	5.000%	4,000,000	4,500,761
Port Beaumont Navigation District^(a),(b)
Revenue Bonds
Jefferson Gulf Coast Energy Project
Series 2021
01/01/2041	2.875%	1,500,000	1,094,229
Pottsboro Higher Education Finance Corp.
Revenue Bonds
Series 2016A
08/15/2036	5.000%	385,000	387,787

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Prosper Independent School District
Unlimited General Obligation Bonds
Series 2022
02/15/2052	4.000%	3,700,000	3,764,010
San Antonio Independent School District^(d)
Unlimited General Obligation Bonds
Series 2022
08/15/2052	5.000%	10,000,000	11,470,943
Tarrant County Cultural Education Facilities Finance Corp.
Refunding Revenue Bonds
Trinity Terrace Project
Series 2014
10/01/2049	5.000%	750,000	761,795
Revenue Bonds
Methodist Hospitals of Dallas
Series 2022
10/01/2039	5.000%	1,650,000	1,853,386
10/01/2047	4.000%	1,250,000	1,252,552
Texas Municipal Gas Acquisition & Supply Corp. III
Refunding Revenue Bonds
Senior
Series 2021
12/15/2031	5.000%	1,250,000	1,378,503
Texas Private Activity Bond Surface Transportation Corp.
Refunding Revenue Bonds
LBJ Infrastructure Group LLC I-635 Managed Lanes Project
Series 2020
06/30/2036	4.000%	1,500,000	1,511,037
06/30/2040	4.000%	500,000	498,007
Senior Lien - North Tarrant Express
Series 2019
12/31/2039	4.000%	2,000,000	1,959,109
Texas Private Activity Bond Surface Transportation Corp.^(b)
Revenue Bonds
Segment 3C Project
Series 2019
06/30/2058	5.000%	18,450,000	18,947,886
Senior Lien - Blueridge Transportation Group LLC
Series 2016
12/31/2040	5.000%	2,000,000	2,038,135
12/31/2045	5.000%	2,250,000	2,281,457
12/31/2050	5.000%	1,930,000	1,952,051
12/31/2055	5.000%	6,515,000	6,584,296
Texas Transportation Commission^(c)
Revenue Bonds
First Tier Toll
Series 2019
08/01/2036	0.000%	950,000	511,441
08/01/2039	0.000%	600,000	272,725

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tomball Independent School District
Unlimited General Obligation Bonds
School Building
Series 2020
02/15/2037	4.000%	1,670,000	1,785,491
02/15/2045	4.000%	3,765,000	3,913,543
Total			177,277,540
Utah 1.5%
Mida Golf and Equestrian Center Public Infrastructure District^(a)
Limited General Obligation Bonds
Series 2021
06/01/2051	4.500%	5,000,000	4,095,608
Salt Lake City Corp. Airport^(b)
Revenue Bonds
Series 2017A
07/01/2042	5.000%	6,700,000	7,156,023
Series 2018-A
07/01/2043	5.000%	13,000,000	14,020,123
UIPA Crossroads Public Infrastructure District^(a)
Tax Allocation Bonds
Series 2021
06/01/2052	4.375%	3,260,000	2,858,890
Utah Charter School Finance Authority^(a)
Revenue Bonds
Ascent Academies Charter Schools
Series 2022
06/15/2057	5.000%	3,840,000	3,361,618
Total			31,492,262
Virginia 1.7%
Chesapeake Bay Bridge & Tunnel District
Revenue Bonds
1st Tier General Resolution
Series 2016
07/01/2046	5.000%	7,255,000	7,611,430
City of Chesapeake Expressway Toll Road
Revenue Bonds
Transportation System
Series 2012A
07/15/2047	5.000%	3,250,000	3,253,854
Virginia Small Business Financing Authority^(b)
Refunding Revenue Bonds
Senior Lien - 95 Express Lanes LLC Project
Series 2022
01/01/2048	4.000%	3,750,000	3,540,315
Senior Lien - I-495 HOT Lanes Project
Series 2022
12/31/2057	5.000%	2,500,000	2,643,832

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Transform 66 P3 Project
Series 2017
12/31/2052	5.000%	19,125,000	19,814,081
Total			36,863,512
Washington 3.1%
Central Puget Sound Regional Transit Authority
Refunding Revenue Bonds
Green Bonds
Series 2021S-1
11/01/2046	4.000%	7,000,000	7,123,880
King County Housing Authority
Refunding Revenue Bonds
Series 2018
05/01/2038	3.750%	3,890,000	3,866,116
King County Public Hospital District No. 4
Revenue Bonds
Series 2015A
12/01/2035	6.000%	1,000,000	1,040,887
Port of Seattle^(b)
Refunding Revenue Bonds
Intermediate Lien
Series 2017
05/01/2037	5.000%	6,000,000	6,567,141
State of Washington
Unlimited General Obligation Bonds
Motor Vehicle Fuel Tax
Series 2019D
06/01/2040	5.000%	5,000,000	5,645,891
Series 2017D
02/01/2036	5.000%	6,505,000	7,188,765
Unlimited General Obligation Refunding Bonds
Series 2021D
07/01/2038	4.000%	10,435,000	10,993,395
Washington Health Care Facilities Authority
Refunding Revenue Bonds
Seattle Cancer Care Alliance
Series 2020
09/01/2055	5.000%	10,000,000	10,544,384
Virginia Mason Medical Center
Series 2017
08/15/2042	4.000%	5,000,000	4,773,681
Washington State Convention Center Public Facilities District
Revenue Bonds
Junior Lodging Tax Green Notes
Series 2021
07/01/2031	4.000%	2,000,000	1,981,983

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

30	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington State Housing Finance Commission^(a)
Refunding Revenue Bonds
Presbyterian Retirement Co.
Series 2016
01/01/2046	5.000%	4,000,000	3,839,925
Skyline 1st Hill Project
Series 2015
01/01/2035	5.750%	425,000	430,890
01/01/2045	6.000%	595,000	600,937
Revenue Bonds
Heron’s Key
Series 2015A
07/01/2050	7.000%	2,550,000	2,661,976
Total			67,259,851
Wisconsin 2.3%
Public Finance Authority
Refunding Revenue Bonds
Friends Homes
Series 2019
09/01/2039	5.000%	2,230,000	2,273,849
09/01/2054	5.000%	1,000,000	1,001,731
WakeMed Hospital
Series 2019A
10/01/2044	5.000%	3,000,000	3,186,698
10/01/2049	4.000%	2,690,000	2,578,355
Revenue Bonds
ACTS Retirement - Life Communities
Series 2020
11/15/2037	4.000%	2,000,000	1,972,879
Coral Academy Science Las Vegas
Series 2018
07/01/2055	5.000%	2,500,000	2,515,388
Rose Villa Project
Series 2014A
11/15/2049	6.000%	1,645,000	1,679,619
Public Finance Authority^(a)
Refunding Revenue Bonds
Mary’s Woods at Marylhurst
Series 2017
05/15/2042	5.250%	410,000	400,596
05/15/2047	5.250%	220,000	211,723
Revenue Bonds
WFCS Portfolio Project
Series 2021
01/01/2056	5.000%	1,000,000	931,077
Wonderful Foundations Charter School Portfolio Projects
Series 2020
01/01/2055	5.000%	3,500,000	3,266,445

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
University of Wisconsin Hospitals & Clinics
Refunding Revenue Bonds
Green Bonds - University of Wisconsin Hospital
Series 2021
04/01/2046	4.000%	7,000,000	6,862,123
Wisconsin Center District^(c)
Revenue Bonds
Junior Dedicated
Series 2020D (AGM)
12/15/2055	0.000%	15,000,000	3,570,351
Wisconsin Health & Educational Facilities Authority
Prerefunded 08/15/23 Revenue Bonds
Beaver Dam Community Hospitals
Series 2013A
08/15/2028	5.125%	3,375,000	3,494,511
Refunding Revenue Bonds
Cedar Crest, Inc. Project
Series 2022
04/01/2057	5.125%	5,000,000	4,351,351
Revenue Bonds
Covenant Communities, Inc. Project
Series 2018A
07/01/2048	4.000%	4,665,000	4,371,031
Series 2018B
07/01/2033	4.250%	1,250,000	1,021,421
07/01/2043	4.500%	1,375,000	1,009,980
07/01/2048	5.000%	500,000	386,520
PHW Muskego, Inc. Project
Series 2021
10/01/2061	4.000%	4,465,000	3,584,884
Wisconsin Housing & Economic Development Authority
Refunding Revenue Bonds
Series 2020A
09/01/2035	2.700%	1,000,000	953,359
03/01/2039	3.000%	195,000	190,357
Total			49,814,248
Total Municipal Bonds (Cost $2,284,148,631)			2,163,289,210

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Portfolio of Investments (continued)
July 31, 2022

Money Market Funds 1.2%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.986%⁽ⁱ⁾	228,101	228,078
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 1.001%⁽ⁱ⁾	25,912,426	25,912,426
Total Money Market Funds (Cost $26,140,512)		26,140,504
Total Investments in Securities ^(j) (Cost $2,310,289,143)		2,189,429,714
Other Assets & Liabilities, Net		(31,130,232)
Net Assets		$2,158,299,482

Notes to Portfolio of Investments

(a)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2022, the total value of these securities amounted to $104,611,103, which represents 4.85% of total net assets.
(b)	Income from this security may be subject to alternative minimum tax.
(c)	Zero coupon bond.
(d)	Represents a security purchased on a when-issued basis.
(e)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At July 31, 2022, the total value of these securities amounted to $37,620,200, which represents 1.74% of total net assets.
(f)	Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of July 31, 2022.
(g)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of July 31, 2022.
(h)	Municipal obligations include debt obligations issued by or on behalf of territories, possessions, or sovereign nations within the territorial boundaries of the United States. At July 31, 2022, the total value of these securities amounted to $95,360,170, which represents 4.42% of total net assets.
(i)	The rate shown is the seven-day current annualized yield at July 31, 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 July 31, 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 Multi-Sector Municipal Income ETF
	19,388,468	—	(17,754,951)	(1,633,517)	—	190,912	150,745	—

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Co.
FHA	Federal Housing Authority
GNMA	Government National Mortgage Association
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

32	Columbia Strategic Municipal Income Fund \| Annual Report 2022

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Portfolio of Investments (continued)
July 31, 2022

Fair value measurements (continued)
pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2022:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Municipal Bonds	—	2,163,289,210	—	2,163,289,210
Money Market Funds	26,140,504	—	—	26,140,504
Total Investments in Securities	26,140,504	2,163,289,210	—	2,189,429,714

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 Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Statement of Assets and Liabilities
July 31, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $2,310,289,143)	$2,189,429,714
Cash	100,782
Receivable for:
Capital shares sold	11,076,831
Interest	18,315,192
Expense reimbursement due from Investment Manager	1,090
Prepaid expenses	25,435
Total assets	2,218,949,044
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	44,612,515
Capital shares purchased	10,052,396
Distributions to shareholders	5,658,881
Management services fees	26,962
Distribution and/or service fees	7,070
Transfer agent fees	119,317
Compensation of board members	115,569
Other expenses	56,852
Total liabilities	60,649,562
Net assets applicable to outstanding capital stock	$2,158,299,482
Represented by
Paid in capital	2,351,443,653
Total distributable earnings (loss)	(193,144,171)
Total - representing net assets applicable to outstanding capital stock	$2,158,299,482
Class A
Net assets	$760,677,098
Shares outstanding	50,489,799
Net asset value per share	$15.07
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$15.54
Advisor Class
Net assets	$53,510,065
Shares outstanding	3,556,716
Net asset value per share	$15.04
Class C
Net assets	$69,643,260
Shares outstanding	4,619,419
Net asset value per share	$15.08
Institutional Class
Net assets	$1,068,841,953
Shares outstanding	71,085,611
Net asset value per share	$15.04
Institutional 2 Class
Net assets	$40,186,903
Shares outstanding	2,672,416
Net asset value per share	$15.04
Institutional 3 Class
Net assets	$165,440,203
Shares outstanding	10,985,079
Net asset value per share	$15.06

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

34	Columbia Strategic Municipal Income Fund \| Annual Report 2022

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Statement of Operations
Year Ended July 31, 2022

Net investment income
Income:
Dividends — unaffiliated issuers	$161,770
Dividends — affiliated issuers	150,745
Interest	80,351,194
Total income	80,663,709
Expenses:
Management services fees	12,140,451
Distribution and/or service fees
Class A	2,128,617
Class C	815,541
Transfer agent fees
Class A	525,731
Advisor Class	39,547
Class C	50,364
Institutional Class	900,510
Institutional 2 Class	32,599
Institutional 3 Class	15,543
Compensation of board members	32,957
Custodian fees	24,287
Printing and postage fees	82,703
Registration fees	245,615
Audit fees	39,500
Legal fees	37,498
Interest on collateral	27
Interest on interfund lending	5,628
Compensation of chief compliance officer	468
Other	44,260
Total expenses	17,161,846
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(116,008)
Fees waived by transfer agent
Institutional 2 Class	(1,465)
Institutional 3 Class	(5,563)
Expense reduction	(40)
Total net expenses	17,038,770
Net investment income	63,624,939
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(45,570,270)
Investments — affiliated issuers	190,912
Futures contracts	(4,886,454)
Swap contracts	1,021,500
Net realized loss	(49,244,312)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(330,975,305)
Investments — affiliated issuers	(1,633,517)
Futures contracts	2,380,630
Net change in unrealized appreciation (depreciation)	(330,228,192)
Net realized and unrealized loss	(379,472,504)
Net decrease in net assets resulting from operations	$(315,847,565)

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	July 31, 2022		July 31, 2021
	Shares	Dollars ($)	Shares^(a)	Dollars ($)
Capital stock activity
Class A
Subscriptions	10,441,838	163,542,769	8,312,667	140,389,560
Distributions reinvested	1,363,034	21,920,344	1,097,938	18,509,831
Redemptions	(14,336,534)	(222,273,825)	(6,926,687)	(116,752,409)
Net increase (decrease)	(2,531,662)	(36,810,712)	2,483,918	42,146,982
Advisor Class
Subscriptions	2,534,113	39,299,927	1,991,471	33,554,914
Distributions reinvested	115,598	1,861,738	97,522	1,642,584
Redemptions	(3,288,205)	(50,780,468)	(1,500,376)	(25,341,212)
Net increase (decrease)	(638,494)	(9,618,803)	588,617	9,856,286
Class C
Subscriptions	784,505	12,526,763	1,064,984	17,964,301
Distributions reinvested	86,780	1,397,235	69,766	1,175,683
Redemptions	(1,466,026)	(22,972,742)	(1,410,831)	(23,821,415)
Net decrease	(594,741)	(9,048,744)	(276,081)	(4,681,431)
Institutional Class
Subscriptions	46,854,422	745,069,761	37,149,596	626,137,684
Distributions reinvested	2,297,911	37,017,887	1,694,992	28,541,550
Redemptions	(68,482,086)	(1,055,729,577)	(21,568,835)	(362,833,455)
Net increase (decrease)	(19,329,753)	(273,641,929)	17,275,753	291,845,779
Institutional 2 Class
Subscriptions	2,504,081	39,031,395	1,862,609	31,598,112
Distributions reinvested	105,080	1,697,403	72,208	1,215,777
Redemptions	(3,565,590)	(54,256,211)	(1,386,663)	(23,113,391)
Net increase (decrease)	(956,429)	(13,527,413)	548,154	9,700,498
Institutional 3 Class
Subscriptions	6,287,425	99,644,453	5,486,456	92,208,101
Distributions reinvested	193,030	3,106,446	128,924	2,175,487
Redemptions	(6,026,252)	(92,973,571)	(1,356,562)	(22,925,081)
Net increase	454,203	9,777,328	4,258,818	71,458,507
Total net increase (decrease)	(23,596,876)	(332,870,273)	24,879,179	420,326,621

(a)	Share activity has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A^(c)
Year Ended 7/31/2022	$17.28	0.36	(2.14)	(1.78)	(0.37)	(0.06)	(0.43)
Year Ended 7/31/2021	$16.69	0.37	0.59	0.96	(0.37)	—	(0.37)
Year Ended 7/31/2020	$16.48	0.44	0.25	0.69	(0.44)	(0.04)	(0.48)
Year Ended 7/31/2019	$15.98	0.52	0.54	1.06	(0.52)	(0.04)	(0.56)
Year Ended 7/31/2018	$16.10	0.56	(0.08)	0.48	(0.56)	(0.04)	(0.60)
Advisor Class^(c)
Year Ended 7/31/2022	$17.26	0.40	(2.15)	(1.75)	(0.41)	(0.06)	(0.47)
Year Ended 7/31/2021	$16.67	0.41	0.59	1.00	(0.41)	—	(0.41)
Year Ended 7/31/2020	$16.46	0.48	0.25	0.73	(0.48)	(0.04)	(0.52)
Year Ended 7/31/2019	$15.95	0.56	0.55	1.11	(0.56)	(0.04)	(0.60)
Year Ended 7/31/2018	$16.08	0.56	(0.05)	0.51	(0.60)	(0.04)	(0.64)
Class C^(c)
Year Ended 7/31/2022	$17.29	0.24	(2.14)	(1.90)	(0.25)	(0.06)	(0.31)
Year Ended 7/31/2021	$16.71	0.25	0.58	0.83	(0.25)	—	(0.25)
Year Ended 7/31/2020	$16.49	0.32	0.26	0.58	(0.32)	(0.04)	(0.36)
Year Ended 7/31/2019	$15.99	0.40	0.54	0.94	(0.40)	(0.04)	(0.44)
Year Ended 7/31/2018	$16.11	0.40	(0.04)	0.36	(0.44)	(0.04)	(0.48)
Institutional Class^(c)
Year Ended 7/31/2022	$17.25	0.40	(2.14)	(1.74)	(0.41)	(0.06)	(0.47)
Year Ended 7/31/2021	$16.66	0.41	0.59	1.00	(0.41)	—	(0.41)
Year Ended 7/31/2020	$16.45	0.48	0.25	0.73	(0.48)	(0.04)	(0.52)
Year Ended 7/31/2019	$15.94	0.56	0.55	1.11	(0.56)	(0.04)	(0.60)
Year Ended 7/31/2018	$16.07	0.56	(0.05)	0.51	(0.60)	(0.04)	(0.64)
Institutional 2 Class^(c)
Year Ended 7/31/2022	$17.25	0.40	(2.14)	(1.74)	(0.41)	(0.06)	(0.47)
Year Ended 7/31/2021	$16.66	0.41	0.60	1.01	(0.42)	—	(0.42)
Year Ended 7/31/2020	$16.45	0.48	0.25	0.73	(0.48)	(0.04)	(0.52)
Year Ended 7/31/2019	$15.94	0.56	0.55	1.11	(0.56)	(0.04)	(0.60)
Year Ended 7/31/2018	$16.07	0.56	(0.05)	0.51	(0.60)	(0.04)	(0.64)

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

38	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A^(c)
Year Ended 7/31/2022	$15.07	(10.43%)	0.78%^(d),(e)	0.78%^{(d),(e),(f),(g)}	2.24%	29%	$760,677
Year Ended 7/31/2021	$17.28	5.91%	0.78%^(h)	0.78%^(g),(h)	2.21%	14%	$916,301
Year Ended 7/31/2020	$16.69	4.25%	0.80%⁽ⁱ⁾	0.80%^(f),(g),(i)	2.66%	32%	$843,707
Year Ended 7/31/2019	$16.48	7.05%	0.81%	0.81%^(g)	3.23%	30%	$792,540
Year Ended 7/31/2018	$15.98	2.98%	0.81%	0.81%^(f)	3.37%	19%	$718,879
Advisor Class^(c)
Year Ended 7/31/2022	$15.04	(10.28%)	0.53%^(d),(e)	0.53%^{(d),(e),(f),(g)}	2.47%	29%	$53,510
Year Ended 7/31/2021	$17.26	6.06%	0.53%^(h)	0.53%^(g),(h)	2.46%	14%	$72,397
Year Ended 7/31/2020	$16.67	4.77%	0.55%⁽ⁱ⁾	0.55%^(f),(g),(i)	2.91%	32%	$60,124
Year Ended 7/31/2019	$16.46	7.06%	0.56%	0.56%^(g)	3.47%	30%	$46,584
Year Ended 7/31/2018	$15.95	3.24%	0.57%	0.57%^(f)	3.63%	19%	$31,934
Class C^(c)
Year Ended 7/31/2022	$15.08	(11.09%)	1.53%^(d),(e)	1.53%^{(d),(e),(f),(g)}	1.48%	29%	$69,643
Year Ended 7/31/2021	$17.29	4.93%	1.53%^(h)	1.53%^(g),(h)	1.46%	14%	$90,170
Year Ended 7/31/2020	$16.71	3.73%	1.55%⁽ⁱ⁾	1.55%^(f),(g),(i)	1.91%	32%	$91,717
Year Ended 7/31/2019	$16.49	5.98%	1.56%	1.56%^(g)	2.48%	30%	$72,283
Year Ended 7/31/2018	$15.99	2.22%	1.56%	1.56%^(f)	2.61%	19%	$59,720
Institutional Class^(c)
Year Ended 7/31/2022	$15.04	(10.22%)	0.53%^(d),(e)	0.53%^{(d),(e),(f),(g)}	2.45%	29%	$1,068,842
Year Ended 7/31/2021	$17.25	6.00%	0.53%^(h)	0.53%^(g),(h)	2.46%	14%	$1,559,431
Year Ended 7/31/2020	$16.66	4.77%	0.55%⁽ⁱ⁾	0.55%^(f),(g),(i)	2.91%	32%	$1,218,644
Year Ended 7/31/2019	$16.45	7.06%	0.56%	0.56%^(g)	3.46%	30%	$930,894
Year Ended 7/31/2018	$15.94	3.24%	0.57%	0.57%^(f)	3.62%	19%	$556,945
Institutional 2 Class^(c)
Year Ended 7/31/2022	$15.04	(10.22%)	0.52%^(d),(e)	0.52%^(d),(e),(g)	2.44%	29%	$40,187
Year Ended 7/31/2021	$17.25	6.01%	0.53%^(h)	0.52%^(g),(h)	2.47%	14%	$62,604
Year Ended 7/31/2020	$16.66	4.78%	0.54%⁽ⁱ⁾	0.54%^(g),(i)	2.91%	32%	$51,339
Year Ended 7/31/2019	$16.45	7.06%	0.55%	0.55%^(g)	3.45%	30%	$39,068
Year Ended 7/31/2018	$15.94	3.23%	0.57%	0.57%	3.61%	19%	$12,762

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

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class^(c)
Year Ended 7/31/2022	$17.28	0.41	(2.15)	(1.74)	(0.42)	(0.06)	(0.48)
Year Ended 7/31/2021	$16.69	0.42	0.60	1.02	(0.43)	—	(0.43)
Year Ended 7/31/2020	$16.47	0.48	0.26	0.74	(0.48)	(0.04)	(0.52)
Year Ended 7/31/2019	$15.97	0.56	0.58	1.14	(0.60)	(0.04)	(0.64)
Year Ended 7/31/2018	$16.10	0.60	(0.09)	0.51	(0.60)	(0.04)	(0.64)

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)	Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020.
(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)	Ratios include the impact of voluntary waivers paid by the Investment Manager. If the Investment Manager had not paid these voluntary waivers, the Fund’s net expense ratio would increase by less than 0.01%.
(h)	Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by less than 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.
(i)	Ratios include interest and fee expense related to the participation in certain inverse floater programs. If interest and fee expense related to the participation in certain inverse floater programs had been excluded, expenses would have been lower by 0.01%. Due to an equal increase in interest income from fixed rate municipal bonds held in trust, there is no impact on the Fund’s net assets, net asset value per share, total return or net investment income.

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

40	Columbia Strategic Municipal Income Fund \| Annual Report 2022

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Notes to Financial Statements
July 31, 2022

Note 1. Organization

Columbia Strategic Municipal Income Fund (the Fund), a series of Columbia Funds Series Trust II (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 Massachusetts business trust.

Fund shares

As described in the Fund’s prospectus, Class A and Class C shares are offered to the general public for investment. Class C shares automatically convert to Class A shares after 8 years. Advisor Class, Institutional Class, 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 following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security valuation

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

42	Columbia Strategic Municipal Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 2022

Derivative instruments

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

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 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.

Swap contracts

44	Columbia Strategic Municipal Income Fund \| Annual Report 2022

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Notes to Financial Statements (continued)
July 31, 2022

side of the contract. Swap contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). The daily change in valuation of centrally cleared swap contracts, if any, is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities.

Interest rate and inflation rate swap contracts

The Fund entered into interest rate swap transactions and/or inflation rate swap contracts to hedge the portfolio risk associated with some or all of the Fund’s securities. These instruments may be used for other purposes in future periods. An interest rate swap or inflation rate swap, as applicable, is an agreement between two parties where there are two flows and payments are made between the two counterparties and the payments are dependent upon changes in an interest rate, inflation rate or inflation index calculated on a nominal amount. Interest rate swaps are agreements between two parties that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future, based on a predetermined, specified notional amount. Certain interest rate swaps are considered forward-starting, whereby the accrual for the exchange of cash flows does not begin until a specified date in the future. The net cash flow for a standard interest rate swap transaction is generally the difference between a floating market interest rate versus a fixed interest rate.

Effects of derivative transactions in the financial statements

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)	Swap contracts ($)	Total ($)
Interest rate risk	(4,886,454)	1,021,500	(3,864,954)

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	2,380,630

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Notes to Financial Statements (continued)
July 31, 2022

The following table is a summary of the average outstanding volume by derivative instrument for the year ended July 31, 2022:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	131,582,723

Derivative instrument	Average unrealized appreciation ($)**	Average unrealized depreciation ($)**
Interest rate swap contracts	51,183	18,470

*	Based on the ending quarterly outstanding amounts for the year ended July 31, 2022.
**	Based on the ending daily outstanding amounts for the year ended July 31, 2022.

Delayed delivery securities

Security transactions

Income recognition

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

Expenses

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Notes to Financial Statements (continued)
July 31, 2022

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Note 3. Fees and other transactions with affiliates

Management services fees

To the extent the Fund invests a portion of its assets in affiliated mutual funds, exchange-traded funds and closed-end funds that pay a management services fee or, where applicable, an advisory fee to the Investment Manager, the Investment Manager has voluntarily agreed to waive net management services fees (management services fees, less reimbursements/waivers) or, where applicable, the net investment advisory services fees, (investment advisory services fees, less reimbursements/waivers) charged to such affiliated fund(s). The Investment Manager, in its discretion, may revise or discontinue this arrangement at any time.

Compensation of board members

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Notes to Financial Statements (continued)
July 31, 2022

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 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 each share class. In addition, prior to December 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 July 31, 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	0.06
Advisor Class	0.06
Class C	0.06
Institutional Class	0.06
Institutional 2 Class	0.05
Institutional 3 Class	0.01

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. Under a Plan and Agreement of Distribution, the Fund pays a fee at the maximum annual rates of up to 0.25% and 1.00% of the Fund’s average daily net assets attributable to Class A and Class C shares, respectively. For Class C shares, of the 1.00% fee, up to 0.75% can be reimbursed for distribution expenses and up to an additional 0.25% can be reimbursed for shareholder servicing expenses.

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Notes to Financial Statements (continued)
July 31, 2022

The amount of distribution and shareholder services expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) was approximately $359,000 for Class C shares. This amount is based on the most recent information available as of June 30, 2022, and may be recovered from future payments under the distribution plan or contingent deferred sales charges (CDSCs). To the extent the unreimbursed expense has been fully recovered, the distribution and/or shareholder services fee is reduced.

Sales charges (unaudited)

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the year ended July 31, 2022, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	387,889
Class C	—	1.00^(b)	11,685

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

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

Expenses waived/reimbursed by the Investment Manager and its affiliates

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

	December 1, 2021 through November 30, 2022	Prior to December 1, 2021
Class A	0.78%	0.80%
Advisor Class	0.53	0.55
Class C	1.53	1.55
Institutional Class	0.53	0.55
Institutional 2 Class	0.53	0.54
Institutional 3 Class	0.48	0.49

Note 4. Federal tax information

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Notes to Financial Statements (continued)
July 31, 2022

At July, 31, 2022, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, tax straddles, principal and/or interest from fixed income securities, defaulted securities/troubled debt, capital loss carryforwards, trustees’ deferred compensation, distributions, re-characterization of distributions for investments and distribution reclassifications. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
1,586,702	(1,586,703)	1

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 July 31, 2022				Year Ended July 31, 2021
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
7,757,391	64,946,840	3,110,025	75,814,256	21,253	60,795,429	—	60,816,682

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

At July 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income ($)	Undistributed tax- exempt income ($)	Undistributed long-term capital gains ($)	Capital loss carryforwards ($)	Net unrealized (depreciation) ($)
—	11,812,305	—	(66,557,409)	(132,625,307)

At July 31, 2022, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Federal tax cost ($)	Gross unrealized appreciation ($)	Gross unrealized (depreciation) ($)	Net unrealized (depreciation) ($)
2,322,055,021	18,576,147	(151,201,454)	(132,625,307)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(57,526,831)	(9,030,578)	(66,557,409)	—

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Notes to Financial Statements (continued)
July 31, 2022

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $779,029,643 and $1,071,340,615, respectively, for the year ended July 31, 2022. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the year ended July 31, 2022 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	7,108,333	1.35	24

Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at July 31, 2022.

Note 7. Line of credit

The Fund had no borrowings during the year ended July 31, 2022.

Note 8. Significant risks

Credit risk

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Notes to Financial Statements (continued)
July 31, 2022

Interest rate risk

Liquidity risk

Market risk

Municipal securities risk

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Notes to Financial Statements (continued)
July 31, 2022

to the extent such obligations are exempt from state and U.S. federal income taxes. The value of municipal securities can be significantly affected by actual or expected political and legislative changes at the federal or state level. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market.

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

Shareholder concentration risk

At July 31, 2022, affiliated shareholders of record owned 49.1% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust II and Shareholders of Columbia Strategic Municipal Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Strategic Municipal Income Fund (one of the funds constituting Columbia Funds Series Trust II, referred to hereafter as the "Fund") as of July 31, 2022, the related statement of operations for the year ended July 31, 2022, the statement of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 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 July 31, 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 July 31, 2022 and the financial highlights for each of the five years in the period ended July 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

September 22, 2022

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.89%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

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

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January 2017-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	176	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	176	Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of People Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee) since 2019; Director, Apollo Commercial Real Estate Finance, Inc. since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer) since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	Member, FINRA National Adjudicatory Council since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	174	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios, January 2015-December 2017

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

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

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

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

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

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

Interested trustee affiliated with Investment Manager*

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

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

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Fund officers

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

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

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

Liquidity Risk Management Program

(Unaudited)

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

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

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

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

•	the Program operated adequately during the period.

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Approval of Management Agreement

(Unaudited)

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

•	Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to benchmarks;

•	Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;

•

•	Terms of the Management Agreement;

•	Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;

•	Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;

•	Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;

•	Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;

•	Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;

•	The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and

•	Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).

Columbia Strategic Municipal Income Fund | Annual Report 2022

Table of Contents

Nature, extent and quality of services provided by the Investment Manager

Investment performance

The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.

64	Columbia Strategic Municipal Income Fund \| Annual Report 2022

Table of Contents

Economies of scale

Conclusion

The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.

Columbia Strategic Municipal Income Fund | Annual Report 2022

Item 2. Code of Ethics.

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

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the eleven 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 July 31, 2022 and July 31, 2021 are approximately as follows:

20222021

$364,500 $364,500

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 July 31, 2022 and July 31, 2021 are approximately as follows:

2022	2021
$0	$12,700

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 July 31, 2022 and July 31, 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 July 31, 2022 and July 31,

2021 are approximately as follows:

20222021

$147,500 $7,100

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.

During the fiscal years ended July 31, 2022 and July 31, 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 July 31, 2022 and July 31, 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 July 31,

2022 and July 31, 2021 are approximately as follows:

20222021

$535,000 $520,000

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

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

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

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

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

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

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

*****

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

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2022 and July 31,

2021 are approximately as follows:

20222021

$682,500 $539,800

(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 II
By (Signature and Title)			/s/ Daniel J. Beckman
			Daniel J. Beckman, President and Principal Executive Officer
Date			September 22, 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		September 22, 2022
By (Signature and Title)		/s/ Michael G. Clarke
		Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
		and Senior Vice President
Date		September 22, 2022
By (Signature and Title)		/s/ Joseph Beranek
		Joseph Beranek, Treasurer, Chief Accounting Officer and Principal
		Financial Officer
Date		September 22, 2022

Assets
Investments in securities, at value
Unaffiliated issuers (cost $970,039,378)	$910,924,556
Affiliated issuers (cost $35,400,415)	35,402,772
Cash	2,534,343
Receivable for:
Investments sold	750,739
Investments sold on a delayed delivery basis	19,563,215
Capital shares sold	3,193,739
Dividends	35,433
Interest	3,147,883
Expense reimbursement due from Investment Manager	919
Prepaid expenses	13,263
Total assets	975,566,862
Liabilities
Payable for:
Investments purchased	420,368
Investments purchased on a delayed delivery basis	21,556,584
Capital shares purchased	2,286,420
Distributions to shareholders	3,048,121
Management services fees	16,666
Distribution and/or service fees	2,582
Transfer agent fees	70,220
Compensation of board members	89,382
Other expenses	108,866
Total liabilities	27,599,209
Net assets applicable to outstanding capital stock	$947,967,653
Represented by
Paid in capital	1,078,125,920
Total distributable earnings (loss)	(130,158,267)
Total - representing net assets applicable to outstanding capital stock	$947,967,653

Class A
Net assets	$249,880,244
Shares outstanding	7,510,904
Net asset value per share	$33.27
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$34.30
Advisor Class
Net assets	$33,290,196
Shares outstanding	1,002,175
Net asset value per share	$33.22
Class C
Net assets	$31,166,702
Shares outstanding	936,619
Net asset value per share	$33.28
Institutional Class
Net assets	$449,743,167
Shares outstanding	13,537,009
Net asset value per share	$33.22
Institutional 2 Class
Net assets	$51,719,641
Shares outstanding	1,548,574
Net asset value per share	$33.40
Institutional 3 Class
Net assets	$130,618,743
Shares outstanding	3,927,965
Net asset value per share	$33.25
Class R
Net assets	$1,548,960
Shares outstanding	46,521
Net asset value per share	$33.30

	Year Ended July 31, 2022	Year Ended July 31, 2021
Operations
Net investment income	$30,704,575	$22,057,410
Net realized loss	(5,362,342)	(17,901,291)
Net change in unrealized appreciation (depreciation)	(56,259,596)	53,730,011
Net increase (decrease) in net assets resulting from operations	(30,917,363)	57,886,130
Distributions to shareholders
Net investment income and net realized gains
Class A	(7,177,290)	(6,036,999)
Advisor Class	(898,900)	(621,624)
Class C	(728,593)	(837,484)
Institutional Class	(11,619,932)	(6,902,732)
Institutional 2 Class	(2,814,601)	(2,551,217)
Institutional 3 Class	(5,595,976)	(3,488,582)
Class R	(37,944)	(40,694)
Total distributions to shareholders	(28,873,236)	(20,479,332)
Increase in net assets from capital stock activity	257,726,848	80,518,152
Total increase in net assets	197,936,249	117,924,950
Net assets at beginning of year	750,031,404	632,106,454
Net assets at end of year	$947,967,653	$750,031,404

Class A
Net assets	$380,766,146
Shares outstanding	29,928,940
Net asset value per share	$12.72
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)	$13.50
Advisor Class
Net assets	$6,015,271
Shares outstanding	467,421
Net asset value per share	$12.87
Class C
Net assets	$4,499,202
Shares outstanding	373,091
Net asset value per share	$12.06
Institutional Class
Net assets	$18,151,464
Shares outstanding	1,414,520
Net asset value per share	$12.83
Institutional 2 Class
Net assets	$4,495,727
Shares outstanding	348,029
Net asset value per share	$12.92
Institutional 3 Class
Net assets	$145,030
Shares outstanding	11,280
Net asset value per share	$12.86
Class R
Net assets	$1,408,091
Shares outstanding	112,236
Net asset value per share	$12.55

Portfolio breakdown (%) (at July 31, 2022)
Repurchase Agreements	10.0
Treasury Bills	15.0
U.S. Government & Agency Obligations	66.2
U.S. Treasury Obligations	8.8
Total	100.0

Portfolio breakdown (%) (at July 31, 2022)
Asset-Backed Commercial Paper	2.9
Asset-Backed Securities — Non-Agency^(a)	2.7
Certificates of Deposit	6.5
Commercial Paper	26.0
Repurchase Agreements	29.2
Treasury Bills	1.8
U.S. Government & Agency Obligations	24.4
U.S. Treasury Obligations	6.5
Total	100.0

Assets
Investments in securities, at value
Unaffiliated issuers (cost $11,773,181,479)	$11,766,441,484
Repurchase agreements (cost $4,850,000,000)	4,849,998,917
Cash	580,164,880
Receivable for:
Interest	6,668,989
Prepaid expenses	132,359
Total assets	17,203,406,629
Liabilities
Payable for:
Investments purchased	22,641
Investments purchased on a delayed delivery basis	160,011,362
Distributions to shareholders	19,733,637
Compensation of board members	517,153
Other expenses	103,475
Total liabilities	180,388,268
Net assets applicable to outstanding capital stock	$17,023,018,361
Represented by
Paid in capital	17,030,286,208
Total distributable earnings (loss)	(7,267,847)
Total - representing net assets applicable to outstanding capital stock	$17,023,018,361
Shares outstanding	17,031,556,243
Net asset value per share	0.9995

Assets
Investments in securities, at value
Unaffiliated issuers (cost $725,158,615)	$687,624,187
Affiliated issuers (cost $17,548,476)	17,548,686
Margin deposits on:
Futures contracts	1,249,947
Receivable for:
Investments sold	11,015,853
Capital shares sold	1,924,840
Dividends	33,325
Interest	4,800,072
Variation margin for futures contracts	1,312
Expense reimbursement due from Investment Manager	1,306
Prepaid expenses	14,177
Total assets	724,213,705
Liabilities
Due to custodian	27,187
Payable for:
Investments purchased	1,405,894
Capital shares purchased	1,995,102
Distributions to shareholders	1,317,916
Variation margin for futures contracts	182,200
Management services fees	8,446
Distribution and/or service fees	1,636
Transfer agent fees	90,892
Compensation of board members	93,836
Other expenses	45,432
Total liabilities	5,168,541
Net assets applicable to outstanding capital stock	$719,045,164
Represented by
Paid in capital	780,415,592
Total distributable earnings (loss)	(61,370,428)
Total - representing net assets applicable to outstanding capital stock	$719,045,164

Class A
Net assets	$195,762,882
Shares outstanding	20,309,061
Net asset value per share	$9.64
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$9.94
Advisor Class
Net assets	$63,243,546
Shares outstanding	6,558,825
Net asset value per share	$9.64
Class C
Net assets	$10,657,768
Shares outstanding	1,105,714
Net asset value per share	$9.64
Institutional Class
Net assets	$307,758,896
Shares outstanding	31,906,209
Net asset value per share	$9.65
Institutional 2 Class
Net assets	$17,257,438
Shares outstanding	1,788,903
Net asset value per share	$9.65
Institutional 3 Class
Net assets	$124,364,634
Shares outstanding	12,891,879
Net asset value per share	$9.65

Assets
Investments in securities, at value
Unaffiliated issuers (cost $797,579,856)	$736,071,937
Affiliated issuers (cost $26,786,619)	26,788,697
Cash	13,078
Receivable for:
Investments sold	1,143,526
Capital shares sold	2,722,227
Dividends	29,756
Interest	11,011,543
Foreign tax reclaims	13,070
Expense reimbursement due from Investment Manager	1,839
Prepaid expenses	15,823
Total assets	777,811,496
Liabilities
Payable for:
Investments purchased	1,818,595
Investments purchased on a delayed delivery basis	1,443,689
Capital shares purchased	1,874,236
Distributions to shareholders	3,043,422
Management services fees	13,556
Distribution and/or service fees	1,841
Transfer agent fees	58,161
Compensation of board members	227,343
Other expenses	47,019
Total liabilities	8,527,862
Net assets applicable to outstanding capital stock	$769,283,634
Represented by
Paid in capital	834,291,742
Total distributable earnings (loss)	(65,008,108)
Total - representing net assets applicable to outstanding capital stock	$769,283,634

Class A
Net assets	$236,681,289
Shares outstanding	27,422,808
Net asset value per share	$8.63
Maximum sales charge	4.75%
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)	$9.06
Advisor Class
Net assets	$23,191,919
Shares outstanding	2,677,838
Net asset value per share	$8.66
Class C
Net assets	$8,365,423
Shares outstanding	970,170
Net asset value per share	$8.62
Institutional Class
Net assets	$205,801,149
Shares outstanding	23,793,992
Net asset value per share	$8.65
Institutional 2 Class
Net assets	$138,972,070
Shares outstanding	16,054,743
Net asset value per share	$8.66
Institutional 3 Class
Net assets	$155,886,852
Shares outstanding	18,034,741
Net asset value per share	$8.64
Class R
Net assets	$384,932
Shares outstanding	44,607
Net asset value per share	$8.63

Portfolio breakdown (%) (at July 31, 2022)
Common Stocks	99.4
Money Market Funds	0.6
Total	100.0

Assets
Investments in securities, at value
Unaffiliated issuers (cost $3,201,058,865)	$4,218,952,441
Affiliated issuers (cost $24,691,791)	24,692,126
Receivable for:
Capital shares sold	256,134
Dividends	5,243,865
Foreign tax reclaims	22,101
Variation margin for futures contracts	582,000
Prepaid expenses	39,606
Total assets	4,249,788,273
Liabilities
Payable for:
Capital shares purchased	3,495,555
Variation margin for futures contracts	73,732
Management services fees	72,436
Distribution and/or service fees	26,522
Transfer agent fees	228,070
Compensation of board members	343,487
Other expenses	106,610
Total liabilities	4,346,412
Net assets applicable to outstanding capital stock	$4,245,441,861
Represented by
Paid in capital	3,015,779,780
Total distributable earnings (loss)	1,229,662,081
Total - representing net assets applicable to outstanding capital stock	$4,245,441,861

Class A
Net assets	$3,792,746,923
Shares outstanding	301,296,960
Net asset value per share	$12.59
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)	$13.36
Advisor Class
Net assets	$15,186,133
Shares outstanding	1,187,929
Net asset value per share	$12.78
Class C
Net assets	$30,360,778
Shares outstanding	2,492,799
Net asset value per share	$12.18
Institutional Class
Net assets	$310,398,522
Shares outstanding	24,427,483
Net asset value per share	$12.71
Institutional 2 Class
Net assets	$34,927,152
Shares outstanding	2,763,235
Net asset value per share	$12.64
Institutional 3 Class
Net assets	$59,289,939
Shares outstanding	4,659,221
Net asset value per share	$12.73
Class R
Net assets	$2,532,414
Shares outstanding	201,695
Net asset value per share	$12.56

Assets
Investments in securities, at value
Unaffiliated issuers (cost $125,938,004)	$215,800,785
Affiliated issuers (cost $2,044,157)	2,044,430
Receivable for:
Capital shares sold	205,286
Dividends	106,070
Variation margin for futures contracts	33,000
Expense reimbursement due from Investment Manager	839
Prepaid expenses	9,206
Total assets	218,199,616
Liabilities
Payable for:
Capital shares purchased	71,934
Management services fees	4,402
Distribution and/or service fees	1,173
Transfer agent fees	14,032
Compensation of board members	80,811
Audit fees	14,750
Other expenses	8,263
Total liabilities	195,365
Net assets applicable to outstanding capital stock	$218,004,251
Represented by
Paid in capital	115,608,187
Total distributable earnings (loss)	102,396,064
Total - representing net assets applicable to outstanding capital stock	$218,004,251

Class A
Net assets	$129,905,684
Shares outstanding	14,541,074
Net asset value per share	$8.93
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)	$9.47
Advisor Class
Net assets	$6,623,913
Shares outstanding	729,243
Net asset value per share	$9.08
Class C
Net assets	$10,877,228
Shares outstanding	1,358,721
Net asset value per share	$8.01
Institutional Class
Net assets	$45,968,495
Shares outstanding	5,034,041
Net asset value per share	$9.13
Institutional 2 Class
Net assets	$3,717,682
Shares outstanding	384,951
Net asset value per share	$9.66
Institutional 3 Class
Net assets	$20,360,893
Shares outstanding	2,194,378
Net asset value per share	$9.28
Class R
Net assets	$550,356
Shares outstanding	62,263
Net asset value per share	$8.84

Portfolio breakdown (%) (at July 31, 2022)
Common Stocks	99.0
Money Market Funds	1.0
Total	100.0

Assets
Investments in securities, at value
Unaffiliated issuers (cost $165,863,039)	$189,397,095
Affiliated issuers (cost $1,917,601)	1,917,742
Receivable for:
Capital shares sold	186,335
Dividends	388,561
Foreign tax reclaims	576
Variation margin for futures contracts	36,000
Expense reimbursement due from Investment Manager	1,199
Prepaid expenses	8,930
Total assets	191,936,438
Liabilities
Payable for:
Capital shares purchased	151,013
Management services fees	3,905
Distribution and/or service fees	1,155
Transfer agent fees	12,705
Compensation of board members	72,125
Audit fees	14,750
Other expenses	7,702
Total liabilities	263,355
Net assets applicable to outstanding capital stock	$191,673,083
Represented by
Paid in capital	151,015,665
Total distributable earnings (loss)	40,657,418
Total - representing net assets applicable to outstanding capital stock	$191,673,083

Class A
Net assets	$53,946,123
Shares outstanding	6,211,599
Net asset value per share	$8.68
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)	$9.21
Advisor Class
Net assets	$1,346,726
Shares outstanding	152,745
Net asset value per share	$8.82
Class C
Net assets	$9,139,209
Shares outstanding	1,097,434
Net asset value per share	$8.33
Institutional Class
Net assets	$35,943,322
Shares outstanding	4,074,183
Net asset value per share	$8.82
Institutional 2 Class
Net assets	$494,395
Shares outstanding	56,192
Net asset value per share	$8.80
Institutional 3 Class
Net assets	$12,381,459
Shares outstanding	1,403,139
Net asset value per share	$8.82
Class R
Net assets	$1,122,929
Shares outstanding	128,970
Net asset value per share	$8.71
Class V
Net assets	$77,298,920
Shares outstanding	8,941,221
Net asset value per share	$8.65
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 V shares)	$9.18