Manager Discussion of Fund Performance

Columbia Management Investment Advisers, LLC (CMIA) serves as the investment manager for the Fund and attempts to achieve the Fund’s objective by managing a portion of the Fund’s assets and selecting one or more subadvisers to manage other sleeves independently of each other and CMIA. A portion of the Fund’s assets is subadvised by Loomis, Sayles & Company, L.P. (Loomis Sayles) and Los Angeles Capital Management and Equity Research, Inc. (Los Angeles Capital). As of March 31, 2020, CMIA, Loomis Sayles and Los Angeles Capital managed approximately xx.x%, xx.x% and xx.x% of the portfolio, respectively

For the 12-month period ended March 31, 2020, the Fund’s Institutional Class shares returned -1.88%, underperforming its benchmark, the Russell 1000 Growth Index, which returned 0.91%. The CMIA and Los Angeles Capital segments lagged the benchmark while the Loomis Sayles segment outperformed.

COVID-19 pandemic weighed on global economies, financial markets

Optimism prevailed early in 2019, buoyed by solid U.S. economic growth and a recovery from meaningful stock market losses in 2018. Strong job gains drove the unemployment rate down to 3.5%, annually, and consumer spending and export trade supported growth. However, the pace of growth stalled as COVID-19 spread from China and South Korea through Europe, the United States and most parts of the world. With much of the world’s population on lockdown, the decline in business activity and surge in layoffs have pushed the global economy toward recession.

Central banks responded aggressively to global recession fears, cutting interest rates and restarting quantitative easing and other measures to provide liquidity to financial markets. In the United States, the Federal Reserve reduced the federal funds target rate, a key short-term borrowing rate, essentially to zero. The U.S. government passed sweeping legislation to help diminish the impact of lost paychecks and declining business activity.

Against this backdrop, the S&P 500 Index returned -6.98% for the 12-month period, giving up substantial gains during the last five weeks of the period. The Bloomberg Barclays U.S. Aggregate Bond Index gained 8.93%, as the yield on the 10-year U.S. Treasury fell to 0.64%. (Bond yields and prices move in opposite directions.)

Contributors and detractors

CMIA: In the financials sector, a position in MSCI, Inc., which provides global equity, fixed-income, and hedge fund stock market indexes, as well as other portfolio analysis tools, accounted for the bulk of the Fund’s outperformance relative to the benchmark’s return for the sector. MSCI executed well in its index and environmental, social and governance offerings. The firm also announced that it extended its relationship with global investment manager BlackRock, Inc., with terms that were viewed positively. In November, Charles Schwab Corp. announced that it would acquire rival TD Ameritrade, sending shares higher. We exited Charles Schwab, as it had reached our price objective.

In the consumer discretionary sector, results were mixed. The Fund benefited from positions in the Chinese e-commerce firm Alibaba Group Holdings Ltd. and its education-for-profit leader, New Oriental Education & Technology Group, Inc., which offered online classes during China’s coronavirus isolation measures. These positives were overshadowed by notable underperformance from holdings in Canada Goose Holdings, Inc., Booking Holdings, Inc. and Planet Fitness, Inc. In March 2020, we exited Canada Goose and Planet Fitness, as we believed the current environment of stay-at-home orders and quarantine would take some time to play out. Canada Goose is a retailer of premium winter outerwear. As the business is generally seasonal, we believed that recent closures of retail stores across many parts of the world was likely to hurt business for some time. We believed that Planet Fitness, which operates fitness gyms, would be affected as well. Booking Holdings, a leader in booking global travel, was vulnerable as global travel was expected to slow dramatically with much of the world on lockdown. However, we saw the company’s share price drop as an opportunity to add to the Fund’s position in this high quality established growth business, keeping a longer term perspective.

In the information technology sector, NVIDIA Corp. and Applied Materials, Inc. were notable contributors to gains in the semiconductor industry. NVIDIA rebounded from a challenging end of 2018. Investor sentiment improved as management reiterated guidance and highlighted its strong ecosystem. The firm laid out its long-term secular growth opportunities, including the growth of eSports, data centers and autonomous drive, where the firm had over 80 partners. Semiconductor

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Manager Discussion of Fund Performance  (continued)

capital equipment firm Applied Materials also benefited results, as the company exceeded expectations and increased earnings guidance in the fourth quarter of 2019 on prospects that sales of logic and foundry equipment had the potential to improve while the broader semiconductor industry continued to recover.

These gains were offset by lack of exposure to Microsoft Corp. and Apple Inc., which rallied strongly throughout the year and detracted from relative returns. In addition, a position in payment processor Square, Inc. was a notable detractor for the period. After a volatile 2019, Square shares got off to a strong start in 2020, but shares sold off as the United States and Europe began to quarantine, as it would weigh on consumer/small business transactions through its devices in the near term. We maintained the portfolio’s position in the name, as we continued to like Square’s long-term growth story.

In December 2019, we initiated a new position in software firm Intuit Inc., a company that delivers financial management products and services to consumers, small businesses and the self-employed. The firm also provides specialized tax products to accounting professionals who serve as key partners in serving small business customers. We believed Intuit had the potential to sustain low double-digit revenue growth and a steady, moderate increase in operating margins over time. We also believed Intuit had the potential to increase operating leverage.

In health care, positioning in the biotechnology and health care equipment & supplies industries accounted for the majority of the shortfall in the sector. In biotechnology, Alexion Pharmaceuticals, Inc. detracted from relative returns. Alexion shares came under pressure on two patent-related updates on Soliris. Exact Sciences Corp. pulled back on concerns that the spread of coronavirus would affect at-home colon cancer screening test Cologuard volumes in the short term. We added to the Fund’s position on the weakness, as we believe that Exact Science’s long term total addressable market was unchanged. Shares of Align Technologies, Inc. also came under pressure, as stay-at-home orders were likely to reduce the number of dental appointments domestically as it did in China a few months ago — weighing on the firm’s international business. We added to Align Technologies, as we continued to like the firm’s longer term business model and the addressable market of traditional wire braces remained large. These detractors outweighed positive results from a position in IDEXX Laboratories, Inc., a global leader in companion animal veterinary, livestock and poultry, dairy and water-testing markets. IDEXX continued to beat revenue and earnings estimates from the strong results of its companion animal division, which was largely immune to the broader health care debate.

Loomis Sayles: Stock selection in the health care, consumer discretionary, industrials, and communication services sectors, as well as our allocations to the industrials and health care sectors contributed to relative results. Microsoft, NVIDIA and Amazon.com, Inc. were the top three contributors to our portion of the portfolio’s performance for the period. Microsoft reported financial results that were above expectations on all key metrics. Microsoft has an installed base of more than one billion customers for both its Windows operating system and Office software products, which are deeply embedded into enterprise workflows, resulting in significant switching costs and high customer retention, all significant competitive advantages. Growth in Microsoft’s cloud business has been strong, with revenue rising approximately 40% year over year. We believed commercial cloud computing is the largest growth opportunity for Microsoft. NVIDIA is the world leader in visual computing and the market leader in GPUs, where it forms a duopoly with competitor Advanced Micro Devices, Inc. The company is focused on building out its GPU computing-based ecosystem and enabling breakthroughs in fields such as artificial intelligence, autonomous driving and virtual reality, while continuing to lead in its legacy gaming market. NVIDIA reported better-than-expected financial results for the year, driven by recovery in its gaming business and rising demand in its data center business. Online retailer Amazon offers millions of products with the value proposition to consumers of selection, price, and convenience. Amazon Web Services (AWS), offers a suite of secure, on-demand cloud-computing services, with a value proposition to clients of speed, agility, and savings. In both core markets, we believed Amazon possesses strong competitive advantages that would be difficult for competitors to replicate. The company reported strong fundamentals, posting solid revenue growth and expanded gross margins. The secular shift in consumer preference from brick-and-mortar to online retail and e-commerce spending has been the primary growth driver for Amazon. We believed this secular growth trend was still in its early stages. We believed the shares of all three contributors were selling at significant discounts to our estimates of intrinsic value and offered compelling reward-to-risk opportunities.

Stock selection in the information technology, energy and consumer staples sectors as well as our allocations to the information technology, energy, consumer staples, and consumer discretionary sectors detracted from relative return. Schlumberger Ltd., Cisco Systems, Inc. and Yum! Brands, Inc. were the three largest detractors from performance. Schlumberger is the world’s leading oilfield services company. Schlumberger reported financial results that were in-line with

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Manager Discussion of Fund Performance  (continued)

to slightly better than consensus expectations. However, softening global demand and sharply declining prices weighed on the company and the industry overall. Secular growth in the long-term demand for oil, arising primarily from the need to replace naturally depleting reserves, has driven the need to extract hydrocarbons from harsher environments. We believed Schlumberger’s products remain a necessary part of the solution for profitability extracting energy resources, even in times of substantial commodity price compression. While networking giant Cisco Systems continued to execute well during the period, the company experienced substantial end-market weakness, first among global internet service providers, and later among its typically more-resilient enterprise and commercial customer segments. We believed that this end-market weakness would likely be compounded by the impact of Covid-19. However, we believed the issues affecting Cisco’s end markets would likely be felt industry wide and that Cisco had the potential to continue to increase its market share. We believed that Cisco Systems is uniquely positioned to benefit from the growth in internet traffic, which will require a corresponding exponential increase in bandwidth capacity. Yum! Brands operates as an asset-light trademark owner with franchised quick-serve restaurants, including iconic brands such as KFC, Pizza Hut, and Taco Bell. The position was among the largest detractors from performance during the year as shares were hurt by investor uncertainty related to the spread of Covid-19, which prompted the closure of 30% of stores in China. However, we believed Yum remains well positioned to benefit from long-term secular growth in restaurant spending, especially in emerging markets where a growing middle class has increased disposable income and the need for convenience. We believed the shares of all three detractors traded at discounts to our estimates of intrinsic value and offered attractive reward-to-risk opportunities.

Los Angeles Capital: Over the 12-month period ended March 31, 2020, our portion of the portfolio benefited from its tilt toward growth companies with strong profit margins and positive analyst sentiment. While exposure to higher quality businesses with greater operating skill detracted from performance early in the period, an overweight in these same companies aided performance near the end of the period as investors became increasingly concerned over the spread of COVID-19 and its impact on the global economy.

Stock selection in the retail sector aided relative performance as did an underweight in transportation and lack of exposure to energy, the worst performing sector in the benchmark. In capital goods, our portion of the portfolio was underweight in Boeing Co., which aided results as the company lost significant ground during the year. Overweights in both Booking Holdings and AbbVie, Inc. aided relative results. Even though Booking Holdings was down and Abbvie was flat for the year, both did better than their respective sectors, buoyed by organic earnings growth and positive analyst sentiment.

Stock selection within consumer cyclicals, capital goods and communication services detracted from relative results. An overweight in capital goods and consumer cyclicals and an underweight in communication services also weighed on relative returns. All three market sectors delivered losses for the reporting period. An underweight in Tesla Motors, Inc. and overweights in Rockwell Automation, Inc. and NVR, Inc. detracted from relative performance for the period. Despite their strong fundamentals and solid management, both Rockwell Automation and NVR lost ground while Tesla delivered a positive return for the period.

During the reporting period, we invested in Scotts Miracle-Gro Co. and S&P Global, Inc. on the strength of improving fundamentals, robust cash flows and support from the analyst community. We sold Boeing and Simon Property Group, Inc. on weakened fundamentals.

At period’s end

CMIA: We continue to monitor the global spread of COVID-19 and timing expectations for an economic recovery and continue to evaluate our portion of the portfolio on a name-by-name basis. On the margin, we made some changes to our portion of the portfolio, but overall positioning and exposure to long-term secular growth trends remain the same. Our portion of the portfolio remained overweight at the close of the reporting period in the consumer discretionary sector, with meaningful exposure to e-commerce models and certain areas such as online learning and strong global brands. However, we recently reduced some of our portion of the portfolio’s overweight in this sector, consolidating positions into our highest conviction names and buying stocks from our benchwarmers list. The portfolio remained underweight in information technology names dependent on capital expenditures and overweight in health care.

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Manager Discussion of Fund Performance  (continued)

Loomis Sayles: We remain committed to our long-term investment approach to invest in high quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value. We use bottom-up, fundamental research to select stocks and maintain a long-term investment time horizon, which historically has led to low portfolio turnover. Sector positioning is generally the result of stock selection.

At the end of the period, our portion of the portfolio was overweight in the health care, consumer staples, consumer discretionary, financials, and energy sectors and underweight in the information technology, industrials and communication services sectors. Our portion of the portfolio had no exposure to stocks in the real estate or materials sectors.

Los Angeles Capital: Over the 12-month period, we increased our portion of the portfolio’s active weights in biotechnology, basic materials, consumer staples and retail, while reducing weights in health care, communication services and capital goods. As of March 31, 2020, our portion of the portfolio had a significant overweight in the technology sector relative to its benchmark. The largest sector underweights at the end of the period were communication services and transportation.

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. Risks are enhanced for emerging market issuers. The Fund’s use of leverage allows for investment exposure in excess of net assets, thereby magnifying volatility of returns and risk of loss. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Convertible securities are subject to issuer default risk. A rise in interest rates may result in a price decline of convertible securities held by the Fund. Falling rates may result in the Fund investing in lower yielding securities, lowering the Fund’s income and yield. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Fund’s return. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties. 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.

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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

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

Compare with other funds

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

October 1, 2019 — March 31, 2020
	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
Institutional Class	1,000.00	1,000.00	959.30	1,021.40	3.53	3.64	0.72
Institutional 3 Class	1,000.00	1,000.00	873.10(a)	1,022.00	1.58(a)	3.03	0.60(a)

(a) Based on operations from December 18, 2019 (commencement of operations) through the stated period end.

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

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

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

The Fund is offered only through certain wrap fee programs sponsored and/or managed by Ameriprise Financial, Inc. or its affiliates. Participants in wrap fee programs pay other fees that are not included in the above table. Please refer to the wrap program documents for information about the fees charged.

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