UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-09645

Columbia Funds Series Trust

(Exact name of registrant as specified in charter)

225 Franklin Street

Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, Massachusetts 02110

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: April 30

Date of reporting period: April 30, 2020

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate

and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Annual Report
April 30, 2020
Columbia California Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia California Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia California Intermediate Municipal Bond Fund  |  Annual Report 2020

Table of Contents
Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and California individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2012
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 09/09/02 0.17 2.03 3.23
  Including sales charges   -2.81 1.42 2.92
Advisor Class* 03/19/13 0.41 2.30 3.49
Class C Excluding sales charges 09/11/02 -0.68 1.27 2.45
  Including sales charges   -1.66 1.27 2.45
Institutional Class 08/19/02 0.31 2.28 3.48
Institutional 2 Class* 11/08/12 0.37 2.36 3.54
Institutional 3 Class* 03/01/17 0.52 2.37 3.52
Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index   2.64 2.74 3.81
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of investment-grade bonds issued from the state of California and its municipalities.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
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Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia California Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 0.9
AA rating 53.9
A rating 29.6
BBB rating 11.5
BB rating 1.9
Not rated 2.2
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
4 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Manager Discussion of Fund Performance
During the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 0.17% excluding sales charges. Institutional Class shares of the Fund returned 0.31%. During the same time period, the Bloomberg Barclays California 3-15 Year Blend Municipal Bond Index returned 2.64%, and the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index returned 2.40%. The Fund’s underperformance was primarily the result of the relative weakness of its positions in lower rated investment-grade issues during the sell-off late in the period.
Market overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Munis were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
California’s higher quality market outperformed
California intermediate-term municipal bonds slightly exceeded the return of the national intermediate index, primarily as a result of the state’s higher average credit quality. In particular, the national index was hurt by steep price declines in bonds related to Illinois, the city of Chicago, and New Jersey. In contrast, the California intermediate municipal market benefited from its large weighting in state general obligation and state appropriated debt, both of which fared well. Additionally, the repeal of state and local tax deductions provided a source of continued investor demand in high-tax states such as California. Although the state’s already-volatile revenue streams were exacerbated by COVID-19, investors appeared confident that its economy would continue to grow at a pace above the national average once the virus subsides and activity returns to normal.
Contributors and detractors
The Fund’s underperformance was primarily the result of the relative weakness of its positions in lower rated investment-grade issues during the sell-off. At the sector level, overweights in the transportation and education sectors detracted from Fund performance. Both sectors lagged due to their higher vulnerability to revenue declines stemming from efforts to mitigate COVID-19. Travel by airplane or automobile fell sharply as states implemented stay-at-home protocols, while many colleges had to refund housing charges after closing campuses and conducting classes remotely.
On the positive side, the Fund benefited from an overweight in special property tax related issues. Bonds with special property tax pledges continued to be well supported on expectations that tax delinquencies stay in check and property values would remain relatively stable. Essential-service bonds in the water/sewer and public power sectors also performed well. Investors generally viewed these areas as being insulated from economic downturns and market stress on the expectation that customers would continue to pay their water and electricity bills.
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Table of Contents
Manager Discussion of Fund Performance  (continued)
Fund positioning
Our strategy remained largely consistent throughout the period. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those we believed would be refinanced. Our new purchases for the Fund averaged maturities of 12 years and ratings of A1, and they encompassed a variety of sectors. Reflecting our goal of moving the Fund up in quality, we increased the Fund’s allocation to AA rated bonds and reduced its weighting in those rated A and BBB. The Fund’s average maturity stood at 9.3 years at the close of the period, compared with 9.5 at the close of the previous reporting period.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the year. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that we believed were most susceptible to mitigation efforts, and we reduced allocations to those we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 or local taxes. Liquidity risk is associated with the difficulty of selling investments at a desirable time or price. 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.
6 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 971.20 1,021.13 3.68 3.77 0.75
Advisor Class 1,000.00 1,000.00 971.40 1,022.38 2.45 2.51 0.50
Class C 1,000.00 1,000.00 966.70 1,017.40 7.33 7.52 1.50
Institutional Class 1,000.00 1,000.00 971.40 1,022.38 2.45 2.51 0.50
Institutional 2 Class 1,000.00 1,000.00 971.60 1,022.68 2.16 2.21 0.44
Institutional 3 Class 1,000.00 1,000.00 972.90 1,022.92 1.91 1.96 0.39
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
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Table of Contents
Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Floating Rate Notes 1.3%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
Variable Rate Demand Notes 1.3%
State of California(a),(b)
Unlimited General Obligation Bonds
Kindergarten
Series 2013A2 (State Street)
05/01/2034 0.100%   5,785,000 5,785,000
Total Floating Rate Notes
(Cost $5,785,000)
5,785,000
Municipal Bonds 96.6%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 9.3%
City of Los Angeles Department of Airports
Refunding Revenue Bonds
Subordinated Series 2019C
05/15/2035 5.000%   3,975,000 4,749,568
05/15/2037 5.000%   2,250,000 2,667,262
Revenue Bonds
Subordinated Series 2017B
05/15/2029 5.000%   330,000 394,172
05/15/2030 5.000%   500,000 592,310
Subordinated Refunding Revenue Bonds
Series 2015C
05/15/2029 5.000%   2,410,000 2,749,714
City of Los Angeles Department of Airports(c)
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2019
05/15/2038 5.000%   3,500,000 3,994,480
County of Orange Airport
Refunding Revenue Bonds
Series 2019A
07/01/2029 5.000%   200,000 237,750
Series 2019B
07/01/2029 5.000%   275,000 326,906
County of Sacramento Airport System
Refunding Revenue Bonds
Subordinated Series 2016B
07/01/2036 5.000%   1,750,000 1,956,447
Subordinated Series 2018E
07/01/2034 5.000%   1,000,000 1,157,570
Norman Y. Mineta San Jose International Airport
Refunding Revenue Bonds
Series 2014B
03/01/2027 5.000%   2,000,000 2,230,340
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2014C
03/01/2030 5.000%   2,500,000 2,764,500
San Diego County Regional Airport Authority
Refunding Revenue Bonds
Subordinated Series 2017A
07/01/2033 5.000%   1,000,000 1,150,290
07/01/2034 5.000%   700,000 802,977
San Diego County Regional Airport Authority(c)
Refunding Revenue Bonds
Subordinated Series 2019B
07/01/2036 5.000%   1,540,000 1,752,705
Subordinated Series 2020
07/01/2036 5.000%   495,000 569,691
07/01/2039 5.000%   400,000 455,724
San Francisco City & County Airport Commission - San Francisco International Airport
Refunding Revenue Bonds
2nd Series 2011
05/01/2026 5.250%   555,000 575,463
2nd Series 2016A
05/01/2026 5.000%   1,975,000 2,338,775
San Francisco Airport Commission Project
Series 2019
05/01/2036 5.000%   3,205,000 3,827,764
San Francisco City & County Airport Commission - San Francisco International Airport(c)
Refunding Revenue Bonds
Series 2019H
05/01/2026 5.000%   1,140,000 1,320,439
Revenue Bonds
Series 2019E
05/01/2037 5.000%   4,000,000 4,594,800
Total 41,209,647
Charter Schools 3.7%
California Infrastructure & Economic Development Bank
Revenue Bonds
Equitable School Revolving Fund
Series 2019
11/01/2039 5.000%   275,000 323,232
California School Finance Authority(d)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
08/01/2029 5.000%   1,100,000 1,148,334
08/01/2030 5.000%   1,505,000 1,562,310
08/01/2031 5.000%   925,000 955,636
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2030 5.000%   3,400,000 3,543,106
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Green Dot Public School Project
Series 2015A
08/01/2035 5.000%   1,010,000 1,020,070
Series 2018
08/01/2038 5.000%   1,000,000 1,004,260
KIPP Los Angeles Projects
Series 2015A
07/01/2035 5.000%   1,250,000 1,295,525
Series 2017
07/01/2037 5.000%   3,090,000 3,200,684
River Springs Charter School Project
Series 2015
07/01/2025 5.250%   1,595,000 1,646,806
California School Finance Authority
Revenue Bonds
KIPP Los Angeles Projects
Series 2014A
07/01/2034 5.000%   600,000 619,182
Total 16,319,145
Disposal 0.2%
California Municipal Finance Authority(d)
Revenue Bonds
Waste Management, Inc.
Series 2009A (Mandatory Put 02/03/25)
02/01/2039 1.300%   750,000 699,667
Health Services 0.1%
California Municipal Finance Authority
Revenue Bonds
Clincas Del Camino Real, Inc.
Series 2020
03/01/2035 4.000%   500,000 527,190
Higher Education 4.7%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2034 5.000%   1,485,000 1,612,101
04/01/2035 5.000%   2,000,000 2,164,660
Series 2018-A
12/01/2036 5.000%   1,000,000 1,062,740
Revenue Bonds
Chapman University
Series 2015
04/01/2026 5.000%   1,000,000 1,132,900
Green Bond - Loyola Marymount University
Series 2018
10/01/2036 5.000%   760,000 858,595
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Municipal Finance Authority
Refunding Revenue Bonds
Azusa Pacific University
Series 2015B
04/01/2025 5.000%   395,000 412,969
04/01/2026 5.000%   1,000,000 1,034,670
Biola University
Series 2017
10/01/2031 5.000%   540,000 582,071
10/01/2032 5.000%   615,000 658,118
10/01/2033 5.000%   625,000 665,587
10/01/2034 5.000%   570,000 605,112
California Lutheran University
Series 2018
10/01/2035 5.000%   225,000 240,408
10/01/2036 5.000%   250,000 266,117
Revenue Bonds
Biola University
Series 2013
10/01/2024 5.000%   505,000 538,825
10/01/2028 5.000%   840,000 889,350
National University
Series 2019A
04/01/2035 5.000%   1,780,000 2,014,693
04/01/2036 5.000%   1,120,000 1,262,083
University of San Diego
Series 2019A
10/01/2037 5.000%   1,200,000 1,424,568
California Municipal Finance Authority(d)
Revenue Bonds
California Baptist University
Series 2016A
11/01/2026 4.000%   1,000,000 996,600
California Statewide Communities Development Authority(d)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2032 5.000%   1,135,000 1,153,421
Revenue Bonds
California Baptist University
Series 2014A
11/01/2023 5.125%   605,000 619,629
Lancer Plaza Project
Series 2013
11/01/2023 5.125%   460,000 470,102
Total 20,665,319
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
9

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Hospital 12.6%
ABAG Finance Authority for Nonprofit Corps.
Revenue Bonds
Sharp Healthcare
Series 2011A
08/01/2024 5.250%   2,750,000 2,876,665
California Health Facilities Financing Authority
Refunding Revenue Bonds
Cedars Sinai Medical Center
Series 2015
11/15/2028 5.000%   1,000,000 1,157,610
Children’s Hospital of Orange County
Series 2019
11/01/2030 5.000%   810,000 1,017,417
El Camino Hospital
Series 2015A
02/01/2027 5.000%   1,500,000 1,707,270
Marshall Medical Center
Series 2015
11/01/2023 5.000%   325,000 368,956
Providence St. Joseph Health System
Series 2019 (Mandatory Put 10/01/25)
10/01/2039 5.000%   2,500,000 2,863,075
Series 2019 (Mandatory Put 10/01/27)
10/01/2039 5.000%   2,775,000 3,280,466
Sutter Health
Series 2017A
11/15/2033 5.000%   1,000,000 1,157,700
Sutter Health Obligation Group
Series 2011D
08/15/2026 5.000%   2,250,000 2,344,387
Revenue Bonds
City of Hope Obligation Group
Series 2012A
11/15/2021 5.000%   600,000 637,782
El Camino Hospital
Series 2017
02/01/2033 5.000%   2,500,000 2,872,125
02/01/2034 5.000%   500,000 572,665
Kaiser Permanente
Subordinated Series 2017A-1-G
11/01/2027 5.000%   1,875,000 2,287,144
Lucile Salter Packard Children’s Hospital
Series 2014
08/15/2028 5.000%   300,000 336,390
Series 2017
11/15/2034 5.000%   250,000 287,160
11/15/2035 5.000%   270,000 308,921
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Providence Health & Services
Series 2014A
10/01/2030 5.000%   1,500,000 1,698,105
Sutter Health
Series 2018A
11/15/2034 5.000%   1,000,000 1,153,770
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2015A
02/01/2027 5.000%   1,200,000 1,342,692
Series 2017A
02/01/2033 5.000%   2,770,000 3,066,584
California Statewide Communities Development Authority
Refunding Revenue Bonds
Enloe Medical Center
Series 2015
08/15/2030 5.000%   1,990,000 2,371,125
Huntington Memorial Hospital
Series 2014B
07/01/2033 5.000%   2,300,000 2,501,158
Revenue Bonds
Green - Marin General Hospital Project
Series 2018
08/01/2033 5.000%   425,000 490,875
08/01/2034 5.000%   650,000 748,449
Henry Mayo Newhall Memorial Hospital
Series 2014A (AGM)
10/01/2027 5.000%   1,000,000 1,116,090
Kaiser Permanente
Series 2019 (Mandatory Put 11/01/29)
04/01/2038 5.000%   2,500,000 3,166,725
04/01/2045 5.000%   5,000,000 6,333,450
Loma Linda University Medical Center
Series 2014
12/01/2034 5.250%   3,000,000 3,058,470
Methodist Hospital of Southern California
Series 2018
01/01/2036 5.000%   3,000,000 3,309,150
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2034 5.000%   500,000 546,845
01/01/2036 4.000%   1,000,000 982,110
Total 55,961,331
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Human Service Provider 0.3%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2032 5.000%   1,120,000 1,290,352
Joint Power Authority 0.7%
Middle Fork Project Finance Authority
Refunding Revenue Bonds
Series 2020
04/01/2030 5.000%   1,200,000 1,299,372
Northern California Transmission Agency
Refunding Revenue Bonds
California-Oregon Project
Series 2016
05/01/2032 5.000%   1,500,000 1,737,825
Total 3,037,197
Local Appropriation 1.8%
Anaheim Public Financing Authority
Refunding Revenue Bonds
Anaheim Public Improvement Projects
Series 2019 BAM
09/01/2031 5.000%   1,470,000 1,731,763
Riverside Public Financing Authority
Refunding Revenue Bonds
Series 2012A
11/01/2027 5.000%   2,145,000 2,348,882
11/01/2028 5.000%   1,155,000 1,262,981
San Rafael Joint Powers Financing Authority
Revenue Bonds
Public Safety Facilities Project
Series 2018
06/01/2033 5.000%   850,000 1,038,921
06/01/2034 5.000%   775,000 943,152
South San Francisco Public Facilities Financing Authority
Revenue Bonds
Police Station Project
Series 2020A
06/01/2034 4.000%   410,000 468,458
Total 7,794,157
Local General Obligation 9.8%
Chula Vista Elementary School District(e)
Unlimited General Obligation Bonds
BAN Series 2019
08/01/2023 0.000%   1,150,000 1,116,650
Compton Community College District
Unlimited General Obligation Refunding Bonds
Series 2012
07/01/2022 5.000%   2,095,000 2,262,118
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Compton Unified School District
Unlimited General Obligation Bonds
Compton Unified School District
Series 2019B (BAM)
06/01/2029 5.000%   650,000 792,734
Compton Unified School District(e)
Unlimited General Obligation Bonds
Election of 2002 - Capital Appreciation
Series 2006C (AMBAC)
06/01/2023 0.000%   2,025,000 1,945,903
06/01/2024 0.000%   1,925,000 1,817,084
Conejo Valley Unified School District
Unlimited General Obligation Bonds
Series 2018B
08/01/2032 4.000%   2,000,000 2,314,660
Corona-Norco Unified School District
Unlimited General Obligation Bonds
Election 2014
Series 2018B
08/01/2034 4.000%   500,000 567,130
Culver City School Facilities Financing Authority
Revenue Bonds
Unified School District
Series 2005 (AGM)
08/01/2023 5.500%   1,490,000 1,691,552
East Side Union High School District
Unlimited General Obligation Refunding Bonds
2012 Crossover
Series 2006 (AGM)
09/01/2020 5.250%   1,280,000 1,297,792
Lodi Unified School District
Unlimited General Obligation Bonds
Election of 2016
Series 2020
08/01/2034 4.000%   750,000 841,560
08/01/2035 4.000%   600,000 670,596
Long Beach Unified School District(e)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2031 0.000%   1,375,000 959,613
Los Angeles Unified School District
Unlimited General Obligation Bonds
Election 2008
Series 2018B-1
07/01/2032 5.000%   4,000,000 4,845,280
Monterey Peninsula Community College District(e)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2028 0.000%   2,125,000 1,749,513
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
11

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Napa Valley Community College District
Unlimited General Obligation Refunding Bonds
Series 2018
08/01/2034 0.000%   1,595,000 1,688,164
Oakland Unified School District/Alameda County
Unlimited General Obligation Bonds
Series 2015A
08/01/2025 5.000%   650,000 751,790
Palomar Community College District(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 2006
Series 2010B
08/01/2022 0.000%   2,140,000 2,088,041
Pomona Unified School District(e)
Unlimited General Obligation Bonds
Election 2008
Series 2016G (AGM)
08/01/2032 0.000%   1,000,000 698,290
Rancho Santiago Community College District(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 2002
Series 2006C (AGM)
09/01/2031 0.000%   3,785,000 2,896,963
Rescue Union School District(e)
Unlimited General Obligation Bonds
Capital Appreciation-Election of 1998
Series 2005 (NPFGC)
09/01/2026 0.000%   1,100,000 989,241
Santa Monica Community College District
Unlimited General Obligation Bonds
Election 2016
Series 2018A
08/01/2034 4.000%   500,000 568,745
Saugus Union School District
Unlimited General Obligation Refunding Bonds
Series 2006 (NPFGC)
08/01/2021 5.250%   2,375,000 2,502,252
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2028 5.000%   1,000,000 1,123,470
08/01/2032 5.000%   1,500,000 1,657,005
West Contra Costa Unified School District
Unlimited General Obligation Refunding Bonds
Series 2011 (AGM)
08/01/2023 5.250%   3,000,000 3,149,640
Series 2012
08/01/2027 5.000%   2,365,000 2,555,501
Total 43,541,287
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Multi-Family 1.0%
California Housing Finance
Revenue Bonds
Series 2019-2 Class A
03/20/2033 4.000%   1,194,046 1,148,099
California Municipal Finance Authority
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2035 5.000%   400,000 422,312
Caritas Affordable Housing
Series 2014
08/15/2030 5.000%   1,000,000 1,083,920
California Statewide Communities Development Authority
Revenue Bonds
Lancer Educational Student Housing Project
Series 2019
06/01/2034 5.000%   375,000 370,140
NCCD-Hooper Street LLC
Series 2019
07/01/2039 5.250%   500,000 489,325
Series 2017
05/15/2032 5.000%   1,000,000 1,071,640
Total 4,585,436
Municipal Power 5.7%
City of Redding Electric System
Refunding Revenue Bonds
Series 2017
06/01/2029 5.000%   1,250,000 1,547,975
City of Riverside Electric
Refunding Revenue Bonds
Series 2019A
10/01/2037 5.000%   1,000,000 1,217,180
Imperial Irrigation District Electric System
Refunding Revenue Bonds
Series 2011D
11/01/2022 5.000%   2,860,000 3,012,810
11/01/2023 5.000%   1,040,000 1,095,411
Los Angeles Department of Water & Power System
Refunding Revenue Bonds
Series 2018A
07/01/2035 5.000%   1,750,000 2,117,430
Series 2019B
07/01/2031 5.000%   5,000,000 6,301,250
Revenue Bonds
Power System
Series 2014D
07/01/2033 5.000%   1,700,000 1,926,780
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Redding Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2015A
06/01/2031 5.000%   1,045,000 1,236,089
Sacramento Municipal Utility District(f)
Revenue Bonds
Electric
Series 2020H
08/15/2033 5.000%   2,000,000 2,549,580
Turlock Irrigation District
Refunding Revenue Bonds
First Priority
Subordinated Series 2014
01/01/2030 5.000%   850,000 969,272
01/01/2031 5.000%   1,000,000 1,139,450
Turlock Irrigation District(f)
Refunding Revenue Bonds
Series 2020
01/01/2038 5.000%   1,650,000 1,990,906
Total 25,104,133
Other Bond Issue 1.2%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Salvation Army Western Territory (The)
Series 2016
09/01/2033 4.000%   400,000 426,076
09/01/2034 4.000%   600,000 635,592
Walt Disney Family Museum
Series 2016
02/01/2032 4.000%   350,000 365,718
02/01/2033 4.000%   500,000 520,020
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2028 5.000%   635,000 655,606
County of San Diego
Refunding Revenue Bonds
Sanford Burnham Prebys Medical Discovery Group
Series 2015
11/01/2025 5.000%   350,000 416,647
Long Beach Bond Finance Authority
Refunding Revenue Bonds
Aquarium of the Pacific
Series 2012
11/01/2027 5.000%   2,210,000 2,339,042
Total 5,358,701
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Pool / Bond Bank 0.6%
California Infrastructure & Economic Development Bank
Revenue Bonds
Green Bond
Series 2019
10/01/2031 5.000%   2,120,000 2,691,870
Ports 2.9%
City of Long Beach Harbor(c)
Refunding Revenue Bonds
Private Activity
Series 2020B
05/15/2024 5.000%   5,000,000 5,519,200
City of Long Beach Harbor
Revenue Bonds
Series 2019A
05/15/2036 5.000%   700,000 837,039
Port Commission of the City & County of San Francisco
Refunding Revenue Bonds
Series 2020A
03/01/2037 4.000%   315,000 356,363
03/01/2038 4.000%   405,000 455,799
03/01/2039 4.000%   1,260,000 1,413,443
Port of Los Angeles(c)
Refunding Revenue Bonds
Private Activity
Series 2019A
08/01/2025 5.000%   1,750,000 2,008,020
San Diego Unified Port District
Refunding Revenue Bonds
Series 2013A
09/01/2027 5.000%   1,000,000 1,119,480
09/01/2028 5.000%   1,100,000 1,232,572
Total 12,941,916
Prepaid Gas 0.5%
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2029 6.125%   1,985,000 2,424,400
Recreation 0.4%
Del Mar Race Track Authority
Refunding Revenue Bonds
Series 2015
10/01/2025 5.000%   1,665,000 1,734,597
Refunded / Escrowed 4.5%
California Educational Facilities Authority
Revenue Bonds
University of Southern California
Series 2009C Escrowed to Maturity
10/01/2024 5.250%   3,000,000 3,572,790
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
13

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
California Statewide Communities Development Authority
Prerefunded 08/15/20 Revenue Bonds
Sutter Health
Series 2011A
08/15/2026 5.500%   1,000,000 1,013,910
City of Los Angeles
Prerefunded 09/01/21 Unlimited General Obligation Bonds
Series 2011A
09/01/2025 5.000%   3,000,000 3,166,530
City of Newport Beach
Prerefunded 12/01/21 Revenue Bonds
Hoag Memorial Hospital Presbyterian
Series 2011
12/01/2030 5.875%   1,000,000 1,082,070
City of Santa Clara Electric
Prereunded 07/01/21 Revenue Bonds
Series 2011A
07/01/2029 5.375%   1,000,000 1,053,470
Long Beach Community College District
Prerefunded 08/01/22 Unlimited General Obligation Bonds
2008 Election
Series 2012B
08/01/2023 5.000%   700,000 767,648
Pasadena Public Financing Authority
Prerefunded 03/01/21 Revenue Bonds
Rose Bowl Renovation
Series 2010A
03/01/2026 5.000%   2,500,000 2,589,725
San Diego County Regional Airport Authority
Prerefunded 07/01/20 Subordinated Revenue Bonds
Series 2010A
07/01/2024 5.000%   1,000,000 1,006,090
San Francisco City & County Airport Commission - San Francisco International Airport
Prerefunded 05/03/21 Revenue Bonds
Series 2011-2
05/01/2026 5.250%   1,445,000 1,509,779
Semitropic Improvement District
Prerefunded 12/01/22 Revenue Bonds
Series 2012A
12/01/2023 5.000%   2,850,000 3,150,590
Sulphur Springs Union School District
Prerefunded 09/01/22 Special Tax Bonds
Community Facilities District
Series 2012
09/01/2028 5.000%   520,000 570,201
09/01/2029 5.000%   585,000 641,476
Total 20,124,279
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Retirement Communities 5.8%
ABAG Finance Authority for Nonprofit Corps.
Refunding Revenue Bonds
Episcopal Senior Communities
Series 2011
07/01/2024 5.375%   2,795,000 2,856,993
Series 2012
07/01/2021 5.000%   1,000,000 1,021,670
Revenue Bonds
Odd Fellows Home of California
Series 2012-A
04/01/2032 5.000%   4,750,000 5,225,950
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2028 5.000%   310,000 368,141
07/01/2029 5.000%   300,000 355,275
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2034 4.000%   500,000 482,955
10/01/2035 4.000%   1,000,000 958,790
Mt. San Antonio Gardens Project
Series 2019
11/15/2039 5.000%   1,000,000 1,018,970
Retirement Housing Foundation
Series 2017
11/15/2029 5.000%   390,000 429,854
11/15/2030 5.000%   600,000 664,122
11/15/2032 5.000%   850,000 938,952
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2024 5.000%   2,575,000 2,788,596
10/01/2026 5.000%   1,000,000 1,092,240
Episcopal Communities and Services
Series 2012
05/15/2027 5.000%   1,520,000 1,590,315
Front Porch Communities and Services
Series 2017
04/01/2030 5.000%   150,000 179,171
Revenue Bonds
Insured Redwoods Project
Series 2013
11/15/2028 5.000%   1,000,000 1,130,680
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Viamonte Senior Living 1, Inc.
Series 2018
07/01/2035 4.000%   300,000 329,160
07/01/2036 4.000%   430,000 469,883
City of La Verne
Refunding Certificate of Participation
Brethren Hillcrest Homes
Series 2014
05/15/2024 5.000%   310,000 316,953
05/15/2025 5.000%   530,000 541,061
05/15/2026 5.000%   700,000 712,243
05/15/2029 5.000%   1,135,000 1,141,969
Los Angeles County Regional Financing Authority
Revenue Bonds
Montecedro, Inc. Project
Series 2014A
11/15/2034 5.000%   1,000,000 1,091,950
Total 25,705,893
Sales Tax 0.8%
California Statewide Communities Development Authority
Certificate of Participation
Total Road Improvement Program
Series 2018B (AGM)
12/01/2035 5.000%   1,405,000 1,702,186
City of Sacramento Transient Occupancy
Revenue Bonds
Convention Center Complex
Subordinated Series 2018
06/01/2035 5.000%   615,000 678,886
06/01/2036 5.000%   1,180,000 1,297,422
Total 3,678,494
Special Non Property Tax 0.2%
Berkeley Joint Powers Financing Authority
Revenue Bonds
Series 2016 (BAM)
06/01/2033 4.000%   415,000 446,366
06/01/2034 4.000%   250,000 268,262
Total 714,628
Special Property Tax 14.7%
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2026 5.000%   650,000 745,966
Chino Public Financing Authority
Refunding Special Tax Bonds
Series 2012
09/01/2023 5.000%   1,070,000 1,139,389
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Irvine
Refunding Special Assessment Bonds
Limited Obligation Reassessment District
Series 2015
09/02/2025 5.000%   1,295,000 1,522,130
Special Assessment Refunding Bonds
Series 2019
09/02/2031 5.000%   325,000 404,277
09/02/2032 5.000%   340,000 418,142
Concord Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014 (BAM)
03/01/2025 5.000%   840,000 979,532
County of El Dorado
Refunding Special Tax Bonds
Community Facilities District No. 92-1
Series 2012
09/01/2026 5.000%   630,000 688,275
09/01/2027 5.000%   805,000 878,480
Emeryville Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014A (AGM)
09/01/2023 5.000%   2,415,000 2,701,878
09/01/2026 5.000%   1,000,000 1,145,340
09/01/2027 5.000%   1,000,000 1,140,790
09/01/2030 5.000%   815,000 920,909
09/01/2031 5.000%   590,000 664,405
Garden Grove Agency Community Development Successor Agency
Refunding Tax Allocation Bonds
Garden Grove Community Project
Series 2016 (BAM)
10/01/2030 5.000%   1,040,000 1,208,938
10/01/2031 5.000%   1,640,000 1,897,644
Glendale Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Central Glendale Redevelopment
Subordinated Series 2013 (AGM)
12/01/2021 5.000%   755,000 801,825
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Subordinated Series 2017 (BAM)
05/01/2032 5.000%   500,000 589,760
05/01/2033 5.000%   1,000,000 1,173,360
Irvine Unified School District
Refunding Special Tax Bonds
Series 2015
09/01/2030 5.000%   2,065,000 2,361,988
09/01/2031 5.000%   2,720,000 3,102,214
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
15

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2029 5.000%   530,000 598,238
09/01/2030 5.000%   625,000 704,913
09/01/2032 5.000%   625,000 703,806
La Quinta Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Redevelopment Project
Subordinated Series 2013A
09/01/2030 5.000%   1,500,000 1,618,455
Los Angeles Community Facilities District
Refunding Special Tax Bonds
Playa Vista-Phase 1
Series 2014
09/01/2030 5.000%   985,000 1,129,480
Los Angeles County Redevelopment Authority
Refunding Tax Allocation Bonds
Los Angeles Bunker Hill Project
Series 2014C (AGM)
12/01/2028 5.000%   6,060,000 6,936,337
Oakland Redevelopment Successor Agency
Subordinated Refunding Tax Allocation Bonds
Series 2013
09/01/2022 5.000%   2,000,000 2,144,720
Oakley Redevelopment Agency
Refunding Tax Allocation Bonds
Oakley Redevelopment Project Area
Series 2018 (BAM)
09/01/2032 5.000%   335,000 409,028
09/01/2033 5.000%   730,000 883,753
09/01/2034 5.000%   500,000 603,250
Palm Desert Redevelopment Agency
Refunding Tax Allocation Bonds
Series 2017A (BAM)
10/01/2029 5.000%   890,000 1,062,998
10/01/2030 5.000%   350,000 415,814
Poway Unified School District
Special Tax Bonds
Community Facilities District No. 6-4S Ranch
Series 2012
09/01/2028 5.000%   1,770,000 1,932,433
09/01/2029 5.000%   1,195,000 1,302,932
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B
09/01/2026 5.000%   995,000 1,190,249
Rancho Cucamonga Redevelopment Agency Successor Agency
Tax Allocation Bonds
Rancho Redevelopment Project Area
Series 2014
09/01/2030 5.000%   700,000 790,965
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2014 (AGM)
09/01/2027 5.000%   2,200,000 2,509,738
Riverside County Public Financing Authority
Tax Allocation Bonds
Project Area #1-Desert Communities
Series 2016 (BAM)
10/01/2031 4.000%   2,500,000 2,729,075
San Francisco City & County Redevelopment Agency
Refunding Tax Allocation Bonds
Mission Bay North Redevelopment Project
Series 2016
08/01/2030 5.000%   275,000 314,457
08/01/2031 5.000%   355,000 404,082
Mission Bay South Redevelopment Project
Series 2016
08/01/2031 5.000%   670,000 762,634
08/01/2032 5.000%   580,000 656,624
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2029 5.000%   225,000 248,839
08/01/2030 5.000%   175,000 192,483
San Mateo Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2015A
08/01/2028 5.000%   1,860,000 2,114,150
08/01/2029 5.000%   1,000,000 1,129,430
Semitropic Improvement District
Refunding Revenue Bonds
Series 2015A 2nd Lien (AGM)
12/01/2023 5.000%   300,000 341,466
12/01/2024 5.000%   400,000 469,216
Sulphur Springs Union School District
Unrefunded Special Tax Bonds
Community Facilities District
Series 2012
09/01/2028 5.000%   530,000 575,819
09/01/2029 5.000%   595,000 646,152
Tustin Community Facilities District
Refunding Special Tax Bonds
Legacy Villages of Columbus #06-1
Series 2015
09/01/2029 5.000%   1,200,000 1,381,764
Tustin Community Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2016
09/01/2032 4.000%   2,295,000 2,468,250
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Vista Redevelopment Agency Successor Agency
Tax Allocation Refunding Bonds
Series 2015B1 (AGM)
09/01/2024 5.000%   580,000 667,441
09/01/2026 5.000%   700,000 816,529
Total 65,340,762
State Appropriated 4.0%
California State Public Works Board
Refunding Revenue Bonds
Various Capital Projects
Series 2012G
11/01/2028 5.000%   1,500,000 1,633,275
Series 2020C
03/01/2033 5.000%   1,800,000 2,240,028
Revenue Bonds
Department of Corrections and Rehabilitation
Series 2014C
10/01/2022 5.000%   1,925,000 2,095,998
Series 2015A
06/01/2028 5.000%   1,175,000 1,365,232
Various Capital Projects
Series 2011A
10/01/2020 5.000%   2,000,000 2,035,000
Series 2013I
11/01/2028 5.250%   3,000,000 3,373,110
Series 2014E
09/01/2030 5.000%   1,500,000 1,699,800
Various Correctional Facilities
Series 2014A
09/01/2031 5.000%   3,000,000 3,387,570
Total 17,830,013
State General Obligation 2.6%
State of California
Unlimited General Obligation Bonds
Series 2010
11/01/2024 5.000%   2,500,000 2,550,800
Series 2019
04/01/2031 5.000%   1,000,000 1,252,570
Unlimited General Obligation Refunding Bonds
Series 2014
08/01/2032 5.000%   3,000,000 3,400,710
Series 2019
10/01/2025 5.000%   2,435,000 2,878,681
Various Purpose
Series 2020
03/01/2033 5.000%   1,000,000 1,256,520
Total 11,339,281
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Tobacco 3.1%
Golden State Tobacco Securitization Corp.
Asset-Backed Refunding Revenue Bonds
Series 2015A
06/01/2033 5.000%   4,000,000 4,503,280
Refunding Revenue Bonds
Series 2017A-1
06/01/2024 5.000%   4,000,000 4,440,760
Series 2018A
06/01/2022 5.000%   3,000,000 3,200,040
Tobacco Securitization Authority of Southern California
Refunding Revenue Bonds
San Diego County Tobacco Asset Securitization Corp.
Series 2019
06/01/2030 5.000%   1,220,000 1,442,028
Total 13,586,108
Transportation 0.5%
Peninsula Corridor Joint Powers Board
Refunding Revenue Bonds
Series 2019A
10/01/2036 5.000%   315,000 354,318
10/01/2037 5.000%   300,000 336,294
San Diego Association of Governments
Revenue Bonds
Green Bond - Mid Coast Corridor
Series 2019
11/15/2027 1.800%   1,500,000 1,506,375
Total 2,196,987
Turnpike / Bridge / Toll Road 1.9%
Bay Area Toll Authority
Refunding Revenue Bonds
Subordinated Series 2017
04/01/2031 4.000%   2,000,000 2,235,800
Foothill-Eastern Transportation Corridor Agency(e)
Refunding Revenue Bonds
Series 2015
01/15/2033 0.000%   5,000,000 2,997,350
Foothill-Eastern Transportation Corridor Agency
Subordinated Refunding Revenue Bonds
Series 2014B-3 (Mandatory Put 01/15/23)
01/15/2053 5.500%   3,000,000 3,115,950
Total 8,349,100
Water & Sewer 3.0%
Beaumont Public Improvement Authority
Revenue Bonds
Series 2018-A AGM
09/01/2033 5.000%   500,000 602,045
09/01/2035 5.000%   830,000 995,585
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
17

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Riverside Water
Refunding Revenue Bonds
Series 2019A
10/01/2032 5.000%   1,500,000 1,887,705
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2025 5.000%   700,000 839,041
11/15/2026 5.000%   1,000,000 1,196,270
Livermore Valley Water Financing Authority
Refunding Revenue Bonds
Series 2018A
07/01/2034 4.000%   920,000 1,031,458
Los Angeles County Sanitation Districts Financing Authority
Subordinated Refunding Revenue Bonds
Capital Projects - District #14
Series 2015
10/01/2024 5.000%   1,050,000 1,225,718
Santa Paula Utility Authority
Refunding Revenue Bonds
Series 2019 (AGM)
02/01/2034 4.000%   575,000 643,166
02/01/2036 4.000%   1,325,000 1,466,854
Stockton Public Financing Authority
Refunding Revenue Bonds
Series 2014 (BAM)
09/01/2028 5.000%   1,500,000 1,716,315
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Union Sanitary District Financing Author
Revenue Bonds
Series 2020A
09/01/2037 4.000%   400,000 457,324
09/01/2038 4.000%   325,000 369,701
09/01/2039 4.000%   600,000 680,592
Total 13,111,774
Total Municipal Bonds
(Cost $418,528,450)
427,863,664
    
Money Market Funds 2.3%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(g) 147,709 147,694
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(g) 9,968,517 9,968,517
Total Money Market Funds
(Cost $10,116,225)
10,116,211
Total Investments in Securities
(Cost: $434,429,675)
443,764,875
Other Assets & Liabilities, Net   (804,034)
Net Assets 442,960,841
 
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2020.
(c) Income from this security may be subject to alternative minimum tax.
(d) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At April 30, 2020, the total value of these securities amounted to $19,316,150, which represents 4.36% of total net assets.
(e) Zero coupon bond.
(f) Represents a security purchased on a when-issued basis.
(g) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
AMBAC Ambac Assurance Corporation
BAM Build America Mutual Assurance Co.
BAN Bond Anticipation Note
NPFGC National Public Finance Guarantee Corporation
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Portfolio of Investments  (continued)
April 30, 2020
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Floating Rate Notes 5,785,000 5,785,000
Municipal Bonds 427,863,664 427,863,664
Money Market Funds 10,116,211 10,116,211
Total Investments in Securities 10,116,211 433,648,664 443,764,875
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
19

Table of Contents
Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $434,429,675) $443,764,875
Cash 6,532
Receivable for:  
Investments sold 210,059
Capital shares sold 588,029
Interest 4,966,137
Expense reimbursement due from Investment Manager 1,686
Prepaid expenses 823
Total assets 449,538,141
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 4,569,126
Capital shares purchased 1,013,195
Distributions to shareholders 861,945
Management services fees 5,664
Distribution and/or service fees 495
Transfer agent fees 48,057
Compensation of board members 72,657
Other expenses 6,161
Total liabilities 6,577,300
Net assets applicable to outstanding capital stock $442,960,841
Represented by  
Paid in capital 438,487,045
Total distributable earnings (loss) 4,473,796
Total - representing net assets applicable to outstanding capital stock $442,960,841
Class A  
Net assets $31,401,536
Shares outstanding 3,067,208
Net asset value per share $10.24
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.56
Advisor Class  
Net assets $2,354,453
Shares outstanding 230,618
Net asset value per share $10.21
Class C  
Net assets $10,386,842
Shares outstanding 1,015,160
Net asset value per share $10.23
Institutional Class  
Net assets $382,664,900
Shares outstanding 37,462,233
Net asset value per share $10.21
Institutional 2 Class  
Net assets $10,845,788
Shares outstanding 1,064,919
Net asset value per share $10.18
Institutional 3 Class  
Net assets $5,307,322
Shares outstanding 519,887
Net asset value per share $10.21
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $121,288
Interest 13,240,922
Interfund lending 482
Total income 13,362,692
Expenses:  
Management services fees 2,061,046
Distribution and/or service fees  
Class A 79,069
Class C 110,601
Transfer agent fees  
Class A 37,564
Advisor Class 3,273
Class C 13,126
Institutional Class 449,899
Institutional 2 Class 7,472
Institutional 3 Class 530
Compensation of board members 7,646
Custodian fees 4,219
Printing and postage fees 17,539
Registration fees 17,875
Audit fees 27,100
Legal fees 12,260
Compensation of chief compliance officer 94
Other 12,739
Total expenses 2,862,052
Fees waived or expenses reimbursed by Investment Manager and its affiliates (507,174)
Expense reduction (20)
Total net expenses 2,354,858
Net investment income 11,007,834
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (402,775)
Net realized loss (402,775)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (10,259,961)
Net change in unrealized appreciation (depreciation) (10,259,961)
Net realized and unrealized loss (10,662,736)
Net increase in net assets resulting from operations $345,098
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
21

Table of Contents
Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $11,007,834 $11,436,557
Net realized gain (loss) (402,775) 339,238
Net change in unrealized appreciation (depreciation) (10,259,961) 8,178,888
Net increase in net assets resulting from operations 345,098 19,954,683
Distributions to shareholders    
Net investment income and net realized gains    
Class A (725,273) (766,498)
Advisor Class (69,934) (57,996)
Class C (170,563) (235,470)
Institutional Class (9,604,298) (10,042,410)
Institutional 2 Class (323,534) (269,809)
Institutional 3 Class (114,507) (64,374)
Total distributions to shareholders (11,008,109) (11,436,557)
Increase (decrease) in net assets from capital stock activity 51,042,670 (22,401,162)
Total increase (decrease) in net assets 40,379,659 (13,883,036)
Net assets at beginning of year 402,581,182 416,464,218
Net assets at end of year $442,960,841 $402,581,182
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 913,135 9,698,460 1,221,766 12,574,432
Distributions reinvested 59,744 635,235 66,432 684,127
Redemptions (964,067) (10,226,058) (902,313) (9,277,531)
Net increase 8,812 107,637 385,885 3,981,028
Advisor Class        
Subscriptions 140,274 1,492,366 95,131 974,459
Distributions reinvested 6,559 69,630 5,598 57,516
Redemptions (132,178) (1,354,984) (74,024) (760,670)
Net increase 14,655 207,012 26,705 271,305
Class C        
Subscriptions 87,790 927,960 121,594 1,247,406
Distributions reinvested 12,229 130,000 17,202 176,928
Redemptions (152,244) (1,606,884) (392,556) (4,036,023)
Net decrease (52,225) (548,924) (253,760) (2,611,689)
Institutional Class        
Subscriptions 10,501,340 110,653,165 11,652,199 119,527,666
Distributions reinvested 221,814 2,353,657 227,694 2,339,160
Redemptions (6,146,605) (64,470,459) (14,798,720) (151,356,387)
Net increase (decrease) 4,576,549 48,536,363 (2,918,827) (29,489,561)
Institutional 2 Class        
Subscriptions 417,161 4,431,416 962,491 9,856,030
Distributions reinvested 30,536 323,277 26,300 269,512
Redemptions (407,144) (4,270,053) (687,725) (6,997,453)
Net increase 40,553 484,640 301,066 3,128,089
Institutional 3 Class        
Subscriptions 288,319 3,069,271 355,216 3,652,149
Distributions reinvested 10,782 114,233 6,236 64,072
Redemptions (88,923) (927,562) (136,640) (1,396,555)
Net increase 210,178 2,255,942 224,812 2,319,666
Total net increase (decrease) 4,798,522 51,042,670 (2,234,119) (22,401,162)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
23

Table of Contents
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
Year Ended 4/30/2020 $10.46 0.24 (0.22) 0.02 (0.24) (0.24)
Year Ended 4/30/2019 $10.23 0.27 0.23 0.50 (0.27) (0.27)
Year Ended 4/30/2018 $10.38 0.27 (0.15) 0.12 (0.27) (0.27)
Year Ended 4/30/2017 $10.72 0.26 (0.34) (0.08) (0.26) (0.26)
Year Ended 4/30/2016 $10.50 0.27 0.22 0.49 (0.27) (0.27)
Advisor Class
Year Ended 4/30/2020 $10.43 0.27 (0.22) 0.05 (0.27) (0.27)
Year Ended 4/30/2019 $10.20 0.30 0.23 0.53 (0.30) (0.30)
Year Ended 4/30/2018 $10.36 0.29 (0.16) 0.13 (0.29) (0.29)
Year Ended 4/30/2017 $10.69 0.29 (0.33) (0.04) (0.29) (0.29)
Year Ended 4/30/2016 $10.46 0.29 0.24 0.53 (0.30) (0.30)
Class C
Year Ended 4/30/2020 $10.46 0.16 (0.23) (0.07) (0.16) (0.16)
Year Ended 4/30/2019 $10.22 0.20 0.24 0.44 (0.20) (0.20)
Year Ended 4/30/2018 $10.38 0.19 (0.16) 0.03 (0.19) (0.19)
Year Ended 4/30/2017 $10.72 0.18 (0.34) (0.16) (0.18) (0.18)
Year Ended 4/30/2016 $10.49 0.19 0.23 0.42 (0.19) (0.19)
Institutional Class
Year Ended 4/30/2020 $10.44 0.27 (0.23) 0.04 (0.27) (0.27)
Year Ended 4/30/2019 $10.21 0.30 0.23 0.53 (0.30) (0.30)
Year Ended 4/30/2018 $10.36 0.29 (0.15) 0.14 (0.29) (0.29)
Year Ended 4/30/2017 $10.70 0.28 (0.33) (0.05) (0.29) (0.29)
Year Ended 4/30/2016 $10.47 0.30 0.23 0.53 (0.30) (0.30)
Institutional 2 Class
Year Ended 4/30/2020 $10.41 0.27 (0.22) 0.05 (0.28) (0.28)
Year Ended 4/30/2019 $10.18 0.30 0.23 0.53 (0.30) (0.30)
Year Ended 4/30/2018 $10.33 0.30 (0.15) 0.15 (0.30) (0.30)
Year Ended 4/30/2017 $10.67 0.29 (0.34) (0.05) (0.29) (0.29)
Year Ended 4/30/2016 $10.44 0.31 0.23 0.54 (0.31) (0.31)
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.24 0.17% 0.86% 0.75%(c) 2.30% 6% $31,402
Year Ended 4/30/2019 $10.46 5.00% 0.87% 0.74%(c) 2.67% 17% $31,998
Year Ended 4/30/2018 $10.23 1.10% 0.88% 0.74%(c) 2.56% 5% $27,341
Year Ended 4/30/2017 $10.38 (0.75%) 0.92% 0.74%(c) 2.45% 17% $31,273
Year Ended 4/30/2016 $10.72 4.76% 0.94% 0.74%(c) 2.58% 8% $51,869
Advisor Class
Year Ended 4/30/2020 $10.21 0.41% 0.61% 0.50%(c) 2.54% 6% $2,354
Year Ended 4/30/2019 $10.43 5.28% 0.62% 0.49%(c) 2.92% 17% $2,254
Year Ended 4/30/2018 $10.20 1.25% 0.63% 0.49%(c) 2.83% 5% $1,931
Year Ended 4/30/2017 $10.36 (0.42%) 0.67% 0.49%(c) 2.71% 17% $903
Year Ended 4/30/2016 $10.69 5.13% 0.69% 0.49%(c) 2.81% 8% $1,457
Class C
Year Ended 4/30/2020 $10.23 (0.68%) 1.61% 1.50%(c) 1.54% 6% $10,387
Year Ended 4/30/2019 $10.46 4.32% 1.62% 1.49%(c) 1.92% 17% $11,161
Year Ended 4/30/2018 $10.22 0.25% 1.63% 1.49%(c) 1.81% 5% $13,508
Year Ended 4/30/2017 $10.38 (1.49%) 1.67% 1.49%(c) 1.71% 17% $15,503
Year Ended 4/30/2016 $10.72 4.08% 1.69% 1.49%(c) 1.83% 8% $14,549
Institutional Class
Year Ended 4/30/2020 $10.21 0.31% 0.61% 0.50%(c) 2.54% 6% $382,665
Year Ended 4/30/2019 $10.44 5.27% 0.62% 0.49%(c) 2.92% 17% $343,276
Year Ended 4/30/2018 $10.21 1.35% 0.63% 0.49%(c) 2.82% 5% $365,455
Year Ended 4/30/2017 $10.36 (0.51%) 0.67% 0.49%(c) 2.71% 17% $371,130
Year Ended 4/30/2016 $10.70 5.12% 0.69% 0.49%(c) 2.83% 8% $378,630
Institutional 2 Class
Year Ended 4/30/2020 $10.18 0.37% 0.55% 0.44% 2.60% 6% $10,846
Year Ended 4/30/2019 $10.41 5.34% 0.56% 0.43% 2.98% 17% $10,662
Year Ended 4/30/2018 $10.18 1.42% 0.56% 0.42% 2.89% 5% $7,363
Year Ended 4/30/2017 $10.33 (0.42%) 0.55% 0.41% 2.80% 17% $4,867
Year Ended 4/30/2016 $10.67 5.23% 0.55% 0.39% 2.93% 8% $2,829
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
Year Ended 4/30/2020 $10.43 0.28 (0.22) 0.06 (0.28) (0.28)
Year Ended 4/30/2019 $10.20 0.31 0.23 0.54 (0.31) (0.31)
Year Ended 4/30/2018 $10.35 0.30 (0.15) 0.15 (0.30) (0.30)
Year Ended 4/30/2017(d) $10.27 0.05 0.08 0.13 (0.05) (0.05)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(e) Annualized.
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,
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 4/30/2020 $10.21 0.52% 0.50% 0.39% 2.64% 6% $5,307
Year Ended 4/30/2019 $10.43 5.39% 0.51% 0.38% 3.02% 17% $3,231
Year Ended 4/30/2018 $10.20 1.46% 0.52% 0.38% 2.95% 5% $866
Year Ended 4/30/2017(d) $10.35 1.27% 0.52%(e) 0.36%(e) 2.98%(e) 17% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia California Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
The Trust may issue an unlimited number of shares (without par value). The Fund offers each of the share classes listed in the Statement of Assets and Liabilities. Although all share classes generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Each share class has its own expense and sales charge structure. Different share classes may have different minimum initial investment amounts and pay different 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 10 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
30 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, 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 0.06
Institutional 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, these minimum account balance fees reduced total expenses of the Fund by $20.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 40,116
Class C 1.00(b) 545
    
(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.
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2019
through
August 31, 2020
Prior to
September 1, 2019
Class A 0.75% 0.74%
Advisor Class 0.50 0.49
Class C 1.50 1.49
Institutional Class 0.50 0.49
Institutional 2 Class 0.44 0.43
Institutional 3 Class 0.39 0.39
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
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 April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions, and capital loss carryforward. 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 Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
65,502 10,942,607 11,008,109 57,658 11,378,899 11,436,557
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At April 30, 2020, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary income ($)
Undistributed tax-
exempt income ($)
Undistributed
long-term
capital gains ($)
Capital loss
carryforwards ($)
Net unrealized
appreciation ($)
881,578 (4,809,244) 9,335,200
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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) ($)
Net unrealized
appreciation ($)
434,429,675 14,639,536 (5,304,336) 9,335,200
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, 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 April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
(4,407,034) (402,210) (4,809,244)
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 $79,546,330 and $25,190,723, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended April 30, 2020 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Lender 6,600,000 2.63 1
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
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 coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At April 30, 2020, one unaffiliated shareholder of record owned 66.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates
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Table of Contents
Notes to Financial Statements  (continued)
April 30, 2020
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.
36 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia California Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia California Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 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
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
37

Table of Contents
 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Exempt-
interest
dividends
 
99.40%  
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
38 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Table of Contents
TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
39

Table of Contents
TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
40 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
41

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
there were no material changes to the Program during the period;
42 Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia California Intermediate Municipal Bond Fund  | Annual Report 2020
43

Columbia California Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN122_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia Short Term Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Short Term Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Short Term Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.
Portfolio management
Catherine Stienstra
Co-Portfolio Manager
Managed Fund since 2012
Anders Myhran, CFA
Co-Portfolio Manager
Managed Fund since 2015
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 11/02/93 0.63 0.83 0.86
  Including sales charges   -0.33 0.62 0.76
Advisor Class* 03/19/13 0.89 1.12 1.12
Class C Excluding sales charges 05/19/94 -0.12 0.08 0.11
  Including sales charges   -1.11 0.08 0.11
Institutional Class 10/07/93 0.89 1.08 1.12
Institutional 2 Class* 11/08/12 0.83 1.15 1.17
Institutional 3 Class* 03/01/17 0.88 1.13 1.14
Bloomberg Barclays 1-3 Year Municipal Bond Index   1.95 1.31 1.27
Returns for Class A shares are shown with and without the maximum initial sales charge of 1.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg Barclays 1-3 Year Municipal Bond Index is an unmanaged index which consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to three years.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Short Term Municipal Bond 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 April 30, 2020)
AAA rating 4.6
AA rating 23.9
A rating 37.4
BBB rating 15.0
BB rating 0.8
Not rated 18.3
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
Top Ten States/Territories (%)
(at April 30, 2020)
New York 21.2
Illinois 13.4
New Jersey 6.3
Massachusetts 5.2
Connecticut 4.6
Texas 4.3
Pennsylvania 4.1
Georgia 3.5
Indiana 3.2
Florida 3.1
Percentages indicated are based upon total investments excluding Money Market Funds and investments in derivatives, if any.
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments.”
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
 
4 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 0.63% excluding sales charges. Institutional Class shares of the Fund returned 0.89%. The Fund underperformed its benchmark, the Bloomberg Barclays 1-3 Year Municipal Bond Index, which returned 1.95% for the same period. Credit quality, sector positioning, security selection and duration positioning overall detracted from the Fund’s relative results, attributable primarily to March and April 2020.
Short-term tax-exempt bond market experienced an annual period cleaved in two
As the annual period began, strong municipal bond mutual fund inflows, fueled by heightened demand as a result of state and local tax deductions, combined with meager new issue supply to propel municipal bonds to post solid gains through the spring and summer months of 2019. For the third calendar quarter, short-term municipal bond yields ended near where they started, as the yield on the two-year AAA general obligation bond was lower by only three basis points, while longer term bond yields declined more substantially. (A basis point is 1/100th of a percentage point. There is usually an inverse relationship between bond prices and yield movements, so that bond prices rise when yields decrease and vice versa.) The fourth quarter of 2019 brought three consecutive months of positive performance for the municipal bond market, erasing the September drawdown. Short-term municipal bond yields were lower, while longer term yields moved modestly higher. New issue supply picked up considerably in the fourth quarter, bringing the full-year 2019 total to $329.6 billion, 11.6% higher than the previous year. The additional supply, however, was readily absorbed, as municipal bond mutual fund inflows eclipsed $24 billion for the quarter and set a record high of $93.6 billion for 2019. The backdrop of persistent fund inflows was aided by the emergence of more issuers completing taxable refunding deals, reducing supply that would have otherwise come into the tax-exempt market. The fourth quarter of 2019 saw $42.7 billion of taxable municipal supply, a 281% increase from the same period one year prior.
Though 2020 began with economic prospects looking relatively positive, the spread of COVID-19 dramatically and quickly re-shaped global markets, cleaving the annual period in two. The abrupt halt to substantial portions of the economy left markets struggling to appropriately price risk assets in this new reality. Against this backdrop, higher quality areas of the fixed-income market performed best during the first quarter of 2020, especially U.S. Treasuries. Most other fixed-income sectors saw significant repricing. The U.S. Federal Reserve (Fed) took a series of unprecedented steps in March 2020 to shore up liquidity, backstop important sectors and provide stimulus. The Fed slashed the federal funds target rate to near zero, relaunched quantitative easing and started numerous credit facilities to support various markets, including new measures to buy investment-grade corporate bonds and to help buoy the municipal bond market. Congress and the White House also passed three phases of fiscal stimulus totaling more than $2 trillion. The net effect of these measures provided a bit of calm to markets, sparking a performance recovery for many non-Treasury fixed-income sectors. Still, municipal bonds were not immune to the volatility, as the positive total returns experienced through February 2020 gave way in March to some of the worst days in municipal bond market history. In early March, outflow pressure on municipal bond mutual funds for the first time in 61 weeks prompted massive selling. Yields across the municipal curve moved higher. However, almost as quickly as yields increased, the lure of historically inexpensive valuations, coupled with Fed support, brought buyers back into the market, recovering a substantial portion of the negative performance. After being down as much as 7.62% year-to-date 2020 in mid-March, the Bloomberg Barclays Municipal Bond Index ended the first quarter down only 0.63%. The short-term portion of the municipal bond market, as measured by the benchmark, similarly ended the quarter down 0.75%. While the new-issue market had yet to fully come back online by quarter end, the initial signs of stabilization were a welcome reprieve from volatility.
While monetary and fiscal policy action in March 2020 was swift, and expanded with additional stimulus in April 2020, relatively little was viewed as directly targeted toward the municipal bond market. With state and local governments requiring assistance and a number of municipal bond sectors directly in the crosshairs of the COVID-19 economic fallout, municipal bonds broadly underperformed U.S. Treasuries and significantly lagged corporate bonds in April. Still, the short-term municipal bond market outperformed the broader municipal bond market, with the benchmark gaining 0.20% for the month as compared to a -1.26% return for the Bloomberg Barclays Municipal Bond Index.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
Credit quality, sector positioning and security selection overall dampened results
For the first 10 months of the annual period, the Fund posted positive absolute returns that outpaced the benchmark. Virtually all of the Fund’s relative underperformance for the annual period overall can be attributed to the abrupt change in market conditions beginning mid-March 2020. Importantly, though, during the turmoil of March 2020, when the municipal bond market was seized with near-panic selling, the Fund consistently maintained ample liquidity and was never stressed for cash.
On an absolute basis, a primary challenge during most of the annual period for investors in the short-term tax-exempt bond market, in addition to the generally low absolute yields and historically tight spreads (yield differentials to duration-equivalent U.S. Treasuries), was the dramatic flattening of the one- to five-year portion of the municipal bond yield curve, or spectrum of maturities. This narrowing of the differential between yields of different maturities made finding incremental yield and total return opportunities more difficult.
Relative to the benchmark, having an underweighted allocation to bonds rated AAA and overweighted allocations to lower rated (A and BBB) investment-grade bonds detracted from the Fund’s results. Higher quality securities overall outperformed lower quality securities during the annual period.
From a sector perspective, having an underweight to pre-refunded bonds detracted from the Fund’s relative results. The pre-refunded sector is generally a higher quality one, which outperformed lower quality sectors during the annual period. Having overweights to the weaker transportation (mostly airports), prepaid gas and hospital sectors also dampened the Fund’s results. Security selection among transportation, industry development revenue/pollution control revenue, and hospital sector bonds hurt as well. From a state perspective, having an overweight to Illinois-based credits, which generally underperformed the benchmark during the annual period, also hampered the Fund’s results during the annual period.
Further, the Fund’s yield curve and duration positioning detracted from its relative results during the annual period. The Fund had an emphasis on securities with greater than three-year maturities, which are not part of the benchmark and which underperformed the benchmark during the annual period. At the same time, the Fund had a shorter duration stance than that of the benchmark for most of the annual period, which hurt as interest rates fell for the annual period overall.
Partially offsetting these detractors was the positive contribution made by the Fund’s exposure to select non-rated securities that outperformed the benchmark during the annual period, including specific New York-based credits and certain local general obligation bonds. Security selection among Illinois-based credits and having an overweight to the housing sector also added value.
Market conditions and fundamental analysis drove portfolio changes
As discussed above, we adjusted the Fund’s duration during the annual period, though it was shorter to neutral compared to the benchmark throughout. From a credit quality perspective, the Fund’s allocation to bonds rated A increased, while its allocations to bonds rated AA and BBB decreased as did its exposure to non-rated bonds. All told, the Fund’s average quality moved slightly higher, as we maintained our broad up-in-quality bias throughout.
We reduced the Fund’s exposure to local general obligation bonds and housing bonds and increased its allocations to airport and hospital bonds, largely due to trades made in the first ten months of the annual period. We reduced the Fund’s allocation to New York- and Illinois-based credits and increased exposure to Connecticut-based credits. Overall, purchases for the Fund were focused on finding bonds offering attractive yield for reasons not linked or due to lower quality. We also adjusted the Fund’s yield curve positioning, shortening the average maturity of securities held in an attempt to reduce exposure to maturities beyond those within the benchmark.
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. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively
6 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance  (continued)
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. 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. 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.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
7

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 991.70 1,021.58 3.27 3.32 0.66
Advisor Class 1,000.00 1,000.00 992.90 1,022.82 2.03 2.06 0.41
Class C 1,000.00 1,000.00 988.00 1,017.85 6.97 7.07 1.41
Institutional Class 1,000.00 1,000.00 992.90 1,022.82 2.03 2.06 0.41
Institutional 2 Class 1,000.00 1,000.00 993.10 1,023.02 1.83 1.86 0.37
Institutional 3 Class 1,000.00 1,000.00 993.30 1,023.27 1.59 1.61 0.32
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.
8 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Floating Rate Notes 0.5%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
New York 0.5%
City of New York(a),(b)
Unlimited General Obligation Bonds
Fiscal 2015
Subordinated Series 2015 (JPMorgan Chase Bank)
06/01/2044 0.160%   1,600,000 1,600,000
New York City Transitional Finance Authority(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2016 (JPMorgan Chase Bank)
02/01/2045 0.160%   1,000,000 1,000,000
New York City Water & Sewer System(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050 0.160%   1,050,000 1,050,000
Total 3,650,000
Total Floating Rate Notes
(Cost $3,650,000)
3,650,000
Municipal Bonds 81.4%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Alabama 2.1%
Black Belt Energy Gas District
Revenue Bonds
Series 2017-A (Mandatory Put 07/01/22)
08/01/2047 4.000%   2,500,000 2,596,050
Series 2018A (Mandatory Put 12/01/23)
12/01/2048 4.000%   4,970,000 5,194,296
Black Belt Energy Gas District(c)
Revenue Bonds
Series 2018B-2 (Mandatory Put 12/01/23)
Muni Swap Index Yield + 0.620%
12/01/2048
0.840%   5,000,000 5,000,000
Southeast Alabama Gas Supply District (The)
Revenue Bonds
Project #2
Series 2018A
06/01/2021 4.000%   1,000,000 1,020,330
State of Alabama Docks Department
Refunding Revenue Bonds
Docks Facilities
Series 2017B
10/01/2020 5.000%   1,280,000 1,300,160
Total 15,110,836
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Alaska 1.3%
Alaska Industrial Development & Export Authority
Refunding Revenue Bonds
Greater Fairbanks Community Hospital Foundation Project
Series 2019
04/01/2023 5.000%   1,870,000 2,027,286
04/01/2024 5.000%   1,800,000 1,996,938
Revenue Bonds
Yukon-Kuskokwim Health Corp. Project
Series 2017
12/01/2020 3.500%   5,300,000 5,307,579
Total 9,331,803
Arizona 0.7%
Arizona Industrial Development Authority
Revenue Bonds
Lincoln South Beltway Project
Series 2020
02/01/2023 5.000%   1,250,000 1,355,263
05/01/2023 5.000%   1,000,000 1,091,020
Chandler Industrial Development Authority(d)
Revenue Bonds
Intel Corp.
Series 2019 (Mandatory Put 06/03/24)
06/01/2049 5.000%   1,450,000 1,614,125
Maricopa County Industrial Development Authority(c)
Refunding Revenue Bonds
Banner Health Obligation
Series 2019 (Mandatory Put 10/18/24)
Muni Swap Index Yield + 0.570%
01/01/2035
0.790%   1,465,000 1,437,370
Total 5,497,778
California 1.6%
California Housing Finance
Revenue Bonds
Santa Ana Towers
Series 2020F (Mandatory Put 04/01/22)
04/01/2024 1.450%   2,000,000 1,996,960
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2036 5.000%   1,745,000 1,906,221
California Statewide Communities Development Authority(e)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2022 3.000%   1,265,000 1,240,560
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Riverside(d)
Revenue Bonds
Series 1989A Escrowed to Maturity (GNMA)
05/01/2021 7.800%   1,500,000 1,599,000
Palomar Health
Refunding Revenue Bonds
Series 2016
11/01/2020 5.000%   2,235,000 2,269,173
San Francisco City & County Airport Commission - San Francisco International Airport(d)
Refunding Revenue Bonds
Series 2019H
05/01/2021 5.000%   2,570,000 2,652,780
Total 11,664,694
Colorado 1.1%
City & County of Denver Airport System(d)
Refunding Revenue Bonds
Series 2017A
11/15/2030 5.000%   1,925,000 2,258,545
Colorado Health Facilities Authority
Refunding Revenue Bonds
CommonSpirit Health
Series 2019B (Mandatory Put 08/01/26)
08/01/2049 5.000%   2,000,000 2,260,040
University of Colorado Hospital Authority
Revenue Bonds
Obligation Group
Series 2017 (Mandatory Put 03/01/22)
11/15/2038 5.000%   3,650,000 3,815,929
Total 8,334,514
Connecticut 4.3%
City of Bridgeport
Unlimited General Obligation Refunding Bonds
Series 2017B
08/15/2026 5.000%   3,250,000 3,828,370
City of Waterbury
Unlimited General Obligation Bonds
Series 2017A
11/15/2020 4.000%   350,000 355,841
11/15/2021 5.000%   500,000 530,380
Unlimited General Obligation Refunding Bonds
Series 2017B
09/01/2020 4.000%   330,000 333,373
09/01/2021 5.000%   425,000 447,372
Connecticut Housing Finance Authority(d)
Refunding Revenue Bonds
Series 2019F-4 (Mandatory Put 11/15/20)
11/15/2041 1.450%   2,000,000 2,000,380
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Subordinated Series 2018A-2
05/15/2021 2.150%   1,595,000 1,607,138
11/15/2021 2.250%   1,625,000 1,644,792
05/15/2022 2.375%   1,460,000 1,486,017
Revenue Bonds
Subordinated Series 2017 C-2
05/15/2021 3.000%   2,680,000 2,720,870
11/15/2021 3.000%   4,435,000 4,496,292
State of Connecticut
Unlimited General Obligation Bonds
Green Bond
Series 2016F
10/15/2030 5.000%   2,410,000 2,760,775
Series 2012B
04/15/2027 5.000%   3,000,000 3,170,100
Series 2016E
10/15/2034 5.000%   1,620,000 1,823,602
State of Connecticut Special Tax
Revenue Bonds
Series 2018B
10/01/2031 5.000%   3,535,000 4,141,783
Total 31,347,085
District of Columbia 1.6%
District of Columbia
Revenue Bonds
Federal Highway Grant Anticipation
Series 2011
12/01/2023 5.250%   1,750,000 1,791,702
District of Columbia Housing Finance Agency
Revenue Bonds
Series 2018B-1 (FHA) (Mandatory Put 03/01/22)
09/01/2023 2.550%   5,175,000 5,266,339
Metropolitan Washington Airports Authority(d)
Refunding Revenue Bonds
Series 2016A
10/01/2035 5.000%   4,000,000 4,408,920
Total 11,466,961
Florida 2.8%
City of Cape Coral Water & Sewer
Refunding Special Assessment Bonds
Various Areas
Series 2017 (AGM)
09/01/2020 1.900%   920,000 922,107
City of Jacksonville
Refunding Revenue Bonds
Brooks Rehabilitation
Series 2017
11/01/2028 5.000%   2,705,000 3,155,572
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Port St. Lucie
Special Assessment Refunding Revenue Bonds
Series 2016
07/01/2026 2.250%   1,750,000 1,820,962
County of Broward Airport System(d)
Refunding Revenue Bonds
Series 2015C
10/01/2020 5.000%   1,885,000 1,910,787
Revenue Bonds
Series 2017
10/01/2021 5.000%   1,480,000 1,546,186
County of Lee Solid Waste System(d)
Refunding Revenue Bonds
Series 2016 (NPFGC)
10/01/2022 5.000%   3,100,000 3,327,106
County of Miami-Dade Aviation(d)
Refunding Revenue Bonds
Series 2014
10/01/2034 5.000%   2,165,000 2,366,778
Florida Ports Financing Commission(d)
Refunding Revenue Bonds
Transportation Fund
Seris 2011B
06/01/2023 5.000%   3,000,000 3,123,780
Miami-Dade County Housing Finance Authority
Revenue Bonds
Series 2020 (Mandatory Put 04/01/22)
04/01/2023 1.400%   1,000,000 999,790
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2025 3.750%   2,000,000 1,722,640
Total 20,895,708
Georgia 3.3%
Burke County Development Authority
Refunding Revenue Bonds
Georgia Power Co. Plant Vogtle
Series 2015 (Mandatory Put 12/11/20)
10/01/2032 2.350%   7,700,000 7,717,941
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032 2.250%   1,000,000 984,590
City of Atlanta
Refunding Tax Allocation Bonds
Atlantic Station Project
Series 2017
12/01/2020 5.000%   1,000,000 1,022,640
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2007A
03/15/2021 5.000%   5,000,000 5,137,750
Series 2019B (Mandatory Put 12/02/24)
08/01/2049 4.000%   3,360,000 3,603,566
Series 2019C
09/01/2024 5.000%   1,500,000 1,655,010
Monroe County Development Authority
Revenue Bonds
Georgia Power Co. Plant Scherer
Series 2015 (Mandatory Put 12/11/20)
10/01/2048 2.350%   4,000,000 4,031,880
Total 24,153,377
Illinois 12.5%
Chicago Midway International Airport(d)
Refunding Revenue Bonds
2nd Lien
Series 2014A
01/01/2022 5.000%   2,000,000 2,069,760
Chicago O’Hare International Airport(d)
Refunding Revenue Bonds
General Senior Lien
Series 2012B
01/01/2022 5.000%   5,000,000 5,215,800
Series 2013A
01/01/2022 5.000%   5,675,000 5,919,933
Series 2015A
01/01/2028 5.000%   2,000,000 2,199,540
Chicago Park District
Limited Tax General Obligation Refunding Bonds
Series 2014D
01/01/2021 5.000%   1,000,000 1,015,990
Chicago Transit Authority
Refunding Revenue Bonds
Federal Transit Administration Section 5307 Urbanized Area Formula Funds
Series 2015
06/01/2020 5.000%   6,250,000 6,267,279
City of Chicago
Unlimited General Obligation Notes
Series 2015A Escrowed to Maturity
01/01/2021 5.000%   5,000,000 5,137,900
Unlimited General Obligation Refunding Bonds
Project
Series 2014A Escrowed to Maturity
01/01/2021 5.000%   4,875,000 5,009,452
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
11

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2015C
01/01/2021 5.000%   1,000,000 1,023,820
Second Lien
Series 2008
01/01/2024 5.000%   2,200,000 2,427,106
Revenue Bonds
Second Lien
Series 2014
01/01/2021 3.000%   1,795,000 1,799,613
City of Chicago Waterworks
Refunding Revenue Bonds
2nd Lien
Series 2016
11/01/2020 5.000%   5,000,000 5,068,050
11/01/2021 5.000%   2,115,000 2,196,681
Series 2016
11/01/2022 5.000%   3,220,000 3,415,583
Revenue Bonds
2nd Lien
Series 2012
11/01/2021 4.000%   1,500,000 1,536,075
City of Granite City(d)
Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 05/01/20)
05/01/2027 2.200%   5,000,000 5,000,000
Cook County Community College District No. 535 Oakton
Limited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027 4.000%   1,480,000 1,655,543
DeKalb County Community Unit School District No. 424 Genoa-Kingston(f)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2001 (AMBAC)
01/01/2021 0.000%   1,500,000 1,485,900
Illinois Development Finance Authority(f)
Revenue Bonds
Zero Regency Park
Series 1991 Escrowed to Maturity
07/15/2023 0.000%   2,395,000 2,316,133
Illinois Finance Authority(c)
Refunding Revenue Bonds
Presbyterian Home
Series 2016 (Mandatory Put 05/01/21)
0.7 x 1-month USD LIBOR + 1.350%
05/01/2036
2.039%   2,400,000 2,382,288
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Illinois Finance Authority
Refunding Revenue Bonds
Swedish Covenant Hospital
Series 2016
08/15/2020 5.000%   400,000 404,852
08/15/2021 5.000%   455,000 479,952
Kane Cook & DuPage Counties School District No. U-46 Elgin(f)
Unrefunded Unlimited General Obligation Bonds
Series 2003B (AMBAC)
01/01/2023 0.000%   2,000,000 1,927,400
Kendall Kane & Will Counties Community Unit School District No. 308(f)
Unlimited General Obligation Bonds
Capital Appreciation-School
Series 2018 (AGM)
02/01/2022 0.000%   1,950,000 1,909,186
Kendall Kane & Will Counties Community Unit School District No. 308
Unlimited General Obligation Refunding Bonds
Series 2011A
02/01/2023 5.500%   2,000,000 2,207,620
Regional Transportation Authority
Revenue Bonds
Series 2016A
06/01/2031 5.000%   1,785,000 1,978,458
Series 2018B
06/01/2033 5.000%   1,815,000 2,188,364
State of Illinois
Unlimited General Obligation Bonds
Series 2013CR (AGM)
04/01/2021 5.000%   7,180,000 7,304,286
Unlimited General Obligation Refunding Bonds
Series 2012
08/01/2020 5.000%   3,000,000 3,003,750
Series 2018A
10/01/2020 5.000%   1,575,000 1,578,465
Series 2018-A
10/01/2021 5.000%   2,000,000 2,004,760
Unrefunded Revenue Bonds
Build Illinois
Series 2009B
06/15/2020 5.000%   1,415,000 1,416,633
University of Illinois
Refunding Revenue Bonds
Auxiliary Facilities System
Series 2013A
04/01/2026 5.000%   2,000,000 2,150,240
Total 91,696,412
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Indiana 2.6%
City of Whiting(d)
Refunding Revenue Bonds
BP Products North America
Series 2019 (Mandatory Put 06/05/26)
12/01/2044 5.000%   4,200,000 4,667,922
Elkhart County Corrections Complex Building Corp.
Refunding Revenue Bonds
1st Mortgage
Series 2015
12/01/2025 4.000%   2,505,000 2,801,392
Indiana Finance Authority(c)
Revenue Bonds
Indiana University Health
Series 2011M (Mandatory Put 07/02/21)
Muni Swap Index Yield + 0.550%
03/01/2036
0.500%   5,365,000 5,325,245
Indiana Health & Educational Facilities Financing Authority
Prerefunded 11/02/2021 Revenue Bonds
Ascension Health Alliance
Series 2006B-3 (Mandatory Put 11/02/21)
11/15/2031 1.750%   70,000 70,986
Unrefunded Revenue Bonds
Ascension Health Alliance
Series 2006B-3 (Mandatory Put 11/02/21)
11/15/2031 1.750%   4,930,000 4,951,790
Indiana Housing & Community Development Authority(d)
Refunding Revenue Bonds
Series 2017A-2 (GNMA)
01/01/2039 4.000%   1,280,000 1,328,883
Total 19,146,218
Iowa 0.4%
Iowa Student Loan Liquidity Corp.(d)
Refunding Revenue Bonds
Series 2019B
12/01/2022 5.000%   400,000 431,132
12/01/2023 5.000%   580,000 639,520
Revenue Bonds
Series 2015A
12/01/2022 5.000%   2,000,000 2,143,660
Total 3,214,312
Kentucky 1.6%
Kenton County School District Finance Corp.
Refunding Revenue Bonds
Series 2015B
10/01/2025 3.000%   1,995,000 2,099,139
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Kentucky Economic Development Finance Authority
Refunding Revenue Bonds
Owensboro Health System
Series 2017A
06/01/2021 5.000%   1,000,000 1,026,690
06/01/2022 5.000%   1,000,000 1,049,300
Kentucky Public Energy Authority
Revenue Bonds
Gas Supply
Series 2018
06/01/2020 4.000%   650,000 650,897
12/01/2020 4.000%   1,070,000 1,082,284
06/01/2021 4.000%   1,065,000 1,086,651
Kentucky State Property & Building Commission
Refunding Revenue Bonds
Project #112
Series 2016B
11/01/2021 5.000%   3,000,000 3,154,320
Louisville Regional Airport Authority(d)
Refunding Revenue Bonds
Series 2014-A
07/01/2022 5.000%   1,625,000 1,734,850
Total 11,884,131
Louisiana 0.1%
Louisiana Offshore Terminal Authority
Refunding Revenue Bonds
Loop LLC Project
Series 2019 (Mandatory Put 12/01/23)
09/01/2027 1.650%   1,000,000 985,390
Maryland 0.1%
Maryland Community Development Administration
Refunding Revenue Bonds
Series 2019B
09/01/2034 3.000%   620,000 640,131
Massachusetts 2.5%
Lowell Regional Transit Authority
Revenue Notes
RAN Series 2019
08/19/2020 2.000%   5,600,000 5,622,232
Massachusetts Educational Financing Authority(d)
Refunding Revenue Bonds
Issue K
Series 2017A
07/01/2020 4.000%   375,000 376,065
07/01/2021 4.000%   1,000,000 1,020,420
Series 2016J
07/01/2020 4.000%   2,150,000 2,156,106
Series 2018B
07/01/2021 5.000%   1,150,000 1,186,559
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
13

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Revenue Bonds
Series 2015A
01/01/2022 5.000%   3,500,000 3,653,265
Senior Revenue Bonds
Series 2019B
07/01/2023 5.000%   500,000 538,270
Massachusetts Housing Finance Agency(d)
Refunding Revenue Bonds
Single Family
Series 2017-188
12/01/2020 1.700%   885,000 887,124
06/01/2021 1.800%   685,000 687,644
Massachusetts Housing Finance Agency
Revenue Bonds
Construction Loan Notes
Series 2017B
12/01/2021 2.050%   1,420,000 1,420,440
Massachusetts Port Authority(d)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2026 5.000%   885,000 1,022,175
Total 18,570,300
Michigan 0.7%
Michigan Finance Authority(d)
Refunding Revenue Bonds
Student Loan
Series 2014-25A
11/01/2023 3.500%   3,165,000 3,227,509
Wayne County Airport Authority(d)
Refunding Revenue Bonds
Junior Lien
Series 2017B
12/01/2021 5.000%   1,000,000 1,048,660
12/01/2022 5.000%   1,100,000 1,180,157
Total 5,456,326
Minnesota 1.1%
City of Maple Grove
Refunding Revenue Bonds
Maple Grove Hospital Corp.
Series 2017
05/01/2020 4.000%   785,000 785,059
05/01/2021 4.000%   500,000 510,465
05/01/2022 4.000%   500,000 520,050
City of Minneapolis
Revenue Bonds
Housing - 1500 Nicollet Apartments Project
Series 2017 (Mandatory Put 05/01/20)
05/01/2021 3.000%   1,450,000 1,450,000
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2022 3.000%   100,000 97,204
08/01/2023 3.000%   200,000 191,734
08/01/2024 3.000%   100,000 94,558
08/01/2025 3.000%   200,000 186,388
08/01/2026 3.000%   250,000 229,523
Duluth Independent School District No. 709
Refunding Certificate of Participation
School District Credit Enhancement Project
Series 2019B
02/01/2022 5.000%   965,000 1,026,615
Hastings Independent School District No. 200(f)
Unlimited General Obligation Bonds
Student Credit Enhancement Program School Building
Series 2018A
02/01/2023 0.000%   800,000 771,176
Minnesota Housing Finance Agency(d)
Refunding Revenue Bonds
Residential Housing
Series 2017D (GNMA)
01/01/2021 2.200%   1,325,000 1,332,698
Revenue Bonds
Series 2020A
07/01/2022 1.300%   250,000 249,458
07/01/2023 1.350%   300,000 298,755
Series 2020A (GNMA)
07/01/2021 1.150%   500,000 499,005
07/01/2024 1.450%   200,000 198,432
Total 8,441,120
Missouri 1.5%
Cape Girardeau County Industrial Development Authority
Refunding Revenue Bonds
SoutheastHEALTH
Series 2017
03/01/2021 5.000%   400,000 408,068
City of Springfield(d)
Refunding Revenue Bonds
Series 2017-B
07/01/2020 5.000%   2,810,000 2,825,877
Health & Educational Facilities Authority of the State of Missouri
Refunding Revenue Bonds
CoxHealth
Series 2015A
11/15/2033 5.000%   5,000,000 5,499,650
 
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Joplin Industrial Development Authority
Refunding Revenue Bonds
Freeman Health System
Series 2015
02/15/2035 5.000%   1,820,000 1,959,703
Total 10,693,298
Nebraska 0.3%
Nebraska Investment Finance Authority
Revenue Bonds
Series 2018C
09/01/2023 2.250%   1,920,000 1,970,611
Nevada 0.7%
County of Clark Department of Aviation(d)
Refunding Revenue Bonds
Las Vegas McCarran International Airport
Series 2017
07/01/2022 5.000%   2,240,000 2,358,227
Subordinated Series 2017A-1
07/01/2022 5.000%   3,000,000 3,158,340
Total 5,516,567
New Hampshire 0.8%
New Hampshire Business Finance Authority(d)
Refunding Revenue Bonds
Waste Management
Series 2019 (Mandatory Put 07/01/24)
07/01/2027 2.150%   1,000,000 975,790
New Hampshire Business Finance Authority(c),(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 (Mandatory Put 10/01/21)
Muni Swap Index Yield + 0.750%
10/01/2033
0.970%   5,000,000 4,998,450
Total 5,974,240
New Jersey 5.9%
City of Atlantic City
Unlimited General Obligation Bonds
Tax Appeal
Series 2017B (AGM)
03/01/2021 5.000%   650,000 669,389
03/01/2022 5.000%   500,000 531,940
Garden State Preservation Trust(f)
Revenue Bonds
Capital Appreciation
Series 2003B (AGM)
11/01/2022 0.000%   5,000,000 4,748,750
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
New Jersey Economic Development Authority
Refunding Revenue Bonds
School Facilities Construction
Series 2013
03/01/2023 5.000%   2,520,000 2,583,126
Series 2015XX
06/15/2026 4.250%   2,355,000 2,361,924
Series 2017B
11/01/2022 5.000%   2,285,000 2,340,251
Revenue Bonds
Series 2017DDD
06/15/2020 5.000%   500,000 500,977
New Jersey Health Care Facilities Financing Authority
Refunding Revenue Bonds
Hospital Asset Transformation Program
Series 2017
10/01/2031 5.000%   2,000,000 1,983,840
Princeton HealthCare System
Series 2016
07/01/2020 5.000%   650,000 654,316
New Jersey Higher Education Student Assistance Authority(d)
Refunding Revenue Bonds
Series 2018B
12/01/2020 5.000%   1,500,000 1,527,750
Revenue Bonds
Series 2015-1A
12/01/2027 4.000%   3,725,000 3,953,529
Series 2016-1A
12/01/2020 5.000%   1,250,000 1,273,125
Series 2017-1A
12/01/2023 5.000%   2,100,000 2,301,033
New Jersey Higher Education Student Assistance Authority
Refunding Revenue Bonds
Series 2019A
12/01/2029 2.375%   1,000,000 931,920
New Jersey Housing & Mortgage Finance Agency
Refunding Revenue Bonds
Series 2017B
05/01/2021 2.000%   7,675,000 7,739,086
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Federal Highway Reimbursement
Series 2018
06/15/2022 5.000%   3,000,000 3,135,180
Revenue Bonds
Transportation System
Series 1999A
06/15/2020 5.750%   2,570,000 2,577,306
Series 2006A (AGM)
12/15/2020 5.250%   2,360,000 2,413,997
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
15

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Tobacco Settlement Financing Corp.
Refunding Revenue Bonds
Series 2018A
06/01/2022 5.000%   1,000,000 1,060,030
Total 43,287,469
New York 13.2%
Avoca Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020 2.000%   5,000,000 5,005,887
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2019
06/18/2020 2.250%   7,000,001 7,012,427
St. Lawrence and Lewis Counties
RAN Series 2019
06/19/2020 2.250%   5,500,000 5,510,144
Chautauqua County Capital Resource Corp.
Refunding Revenue Bonds
NRG Energy Project
Series 2020 (Mandatory Put 04/03/23)
04/01/2042 1.300%   5,000,000 4,813,200
City of Poughkeepsie
Limited General Obligation Notes
BAN Series 2019A
05/02/2020 3.000%   1,410,000 1,410,093
Gilboa-Conesville Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020 2.000%   2,973,500 2,977,001
Gloversville Enlarged School District
Unlimited General Obligation Notes
Fulton County
BAN Series 2019A
10/16/2020 1.750%   5,000,000 5,025,350
Housing Development Corp.
Revenue Bonds
Series 2017C-2
07/01/2021 1.700%   3,000,000 3,003,330
Sustainable Neighborhood
Series 2017G (Mandatory Put 12/31/21)
11/01/2057 2.000%   3,000,000 3,004,620
Jasper-Troupsberg Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020 2.000%   2,750,000 2,753,238
Little Falls City School District
Unlimited General Obligation Notes
BAN Series 2020
02/05/2021 1.750%   5,800,000 5,819,662
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Metropolitan Transportation Authority
Revenue Bonds
Series 2020A-1
02/01/2023 5.000%   5,000,000 4,980,650
New York City Housing Development Corp.
Refunding Revenue Bonds
Sustainable Neighborhood Bonds
Series 201612A2
11/01/2020 2.000%   4,000,000 4,000,320
New York Transportation Development Corp.(d)
Refunding Revenue Bonds
Terminal One Group Association
Series 2015
01/01/2021 5.000%   3,000,000 3,000,000
Owego Apalachin Central School District
Unlimited General Obligation Notes
RAN Series 2019A
06/26/2020 2.000%   2,500,000 2,500,888
Port Authority of New York & New Jersey(d)
Revenue Bonds
Series 2011-106
10/15/2021 5.000%   2,250,000 2,357,325
Rome City School District
Unlimited General Obligation Notes
BAN Series 2019
07/30/2020 2.000%   3,610,957 3,617,855
State of New York Mortgage Agency(d)
Refunding Revenue Bonds
Series 2014-189
04/01/2021 2.450%   1,000,000 1,010,250
Series 2017-206
10/01/2020 1.600%   1,490,000 1,491,743
04/01/2021 1.700%   1,730,000 1,736,072
10/01/2021 1.800%   1,165,000 1,172,409
04/01/2022 1.950%   1,300,000 1,311,427
Revenue Bonds
55th Series 2017
10/01/2020 1.800%   1,725,000 1,728,416
04/01/2021 1.950%   1,815,000 1,825,454
10/01/2021 2.050%   505,000 509,964
Town of East Fishkill
Limited General Obligation Notes
BAN Series 2019A
07/23/2020 2.000%   4,250,000 4,257,480
TSASC, Inc.
Refunding Revenue Bonds
Series 2017A
06/01/2020 5.000%   1,000,000 1,001,873
Village of Cooperstown
Limited General Obligation Notes
BAN Series 2020
01/28/2021 1.750%   5,800,000 5,820,880
 
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Village of Springville
Limited General Obligation Notes
BAN Series 2019
07/02/2020 2.000%   4,626,000 4,632,060
West Islip Fire District
Limited General Obligation Notes
BAN Series 2019
07/10/2020 2.000%   4,205,000 4,215,260
Total 97,505,278
North Carolina 0.5%
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2025 5.000%   1,500,000 1,606,170
Series 2018
01/01/2025 5.000%   1,110,000 1,188,566
North Carolina Turnpike Authority(f)
Refunding Revenue Bonds
Series 2016C
07/01/2026 0.000%   780,000 616,613
Total 3,411,349
North Dakota 0.1%
North Dakota Housing Finance Agency
Refunding Revenue Bonds
Housing and Home Mortgage Finance Program
Series 2017
01/01/2021 1.950%   645,000 647,606
Ohio 1.3%
City of Cleveland Airport System(d)
Refunding Revenue Bonds
Series 2019-B
01/01/2024 5.000%   1,200,000 1,311,900
Ohio Air Quality Development Authority(d)
Refunding Revenue Bonds
American Electric Power Co. Project
Series 2019 (Mandatory Put 10/01/24)
07/01/2028 2.100%   6,000,000 5,805,960
Ohio Housing Finance Agency
Refunding Revenue Bonds
Housing and Urban Development Corp., Ltd.
Series 2018A
04/01/2021 3.000%   2,110,000 2,143,233
Revenue Bonds
Series 2010-1 (GNMA / FNMA)
11/01/2028 5.000%   10,000 10,000
Total 9,271,093
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Oklahoma 0.6%
Cleveland County Educational Facilities Authority
Revenue Bonds
Moore Public Schools Project
Series 2016
06/01/2020 5.000%   500,000 501,500
Oklahoma Development Finance Authority(d)
Revenue Bonds
Gilcrease Expressway West Project
Series 2020
07/06/2023 1.625%   4,000,000 3,787,520
Total 4,289,020
Oregon 0.1%
County of Gilliam(d)
Revenue Bonds
Waste Management
Series 2019A (Mandatory Put 05/02/22)
08/01/2025 2.400%   1,000,000 997,100
Pennsylvania 3.8%
City of Philadelphia Airport(d)
Refunding Revenue Bonds
Series 2011A
06/15/2023 5.000%   1,540,000 1,592,683
Series 2017B
07/01/2022 5.000%   500,000 531,605
Commonwealth Financing Authority
Revenue Bonds
Tobacco Master Settlement Payment
Series 2018
06/01/2020 5.000%   1,000,000 1,002,697
Pennsylvania Economic Development Financing Authority(d)
Revenue Bonds
PA Bridges Finco LP
Series 2015
12/31/2021 5.000%   1,170,000 1,234,221
06/30/2022 5.000%   5,000,000 5,122,300
Waste Management, Inc. Project
Series 2017A (Mandatory Put 08/03/20)
08/01/2037 1.700%   2,000,000 1,998,920
Pennsylvania Housing Finance Agency(d)
Refunding Revenue Bonds
Series 2017-124A
10/01/2020 1.550%   1,000,000 1,001,090
04/01/2021 1.650%   1,000,000 1,002,880
10/01/2021 1.750%   725,000 728,400
Pennsylvania Housing Finance Agency
Revenue Bonds
Series 2019-129
10/01/2034 2.950%   1,500,000 1,542,915
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
17

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Pennsylvania Turnpike Commission(c)
Refunding Revenue Bonds
Series 2018A-1
Muni Swap Index Yield + 0.600%
12/01/2023
0.820%   5,000,000 4,869,150
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Subordinated Series 2017B-2
06/01/2031 5.000%   1,000,000 1,147,960
Subordinated Series 2017B-2 (AGM)
06/01/2035 5.000%   2,275,000 2,694,965
Quakertown General Authority
Refunding Revenue Bonds
USDA Loan Anticipation Notes
Series 2017
07/01/2021 3.125%   2,500,000 2,429,775
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2022 5.000%   560,000 609,493
09/01/2023 5.000%   450,000 504,549
Total 28,013,603
Rhode Island 1.2%
Rhode Island Health & Educational Building Corp.
Refunding Revenue Bonds
Hospital Financing - Lifespan Obligation
Series 2016G
05/15/2022 5.000%   1,250,000 1,314,250
Rhode Island Housing & Mortgage Finance Corp.(d)
Refunding Revenue Bonds
Homeownership Opportunity
Series 2016
04/01/2026 2.600%   1,235,000 1,279,645
10/01/2026 2.650%   1,575,000 1,629,747
Rhode Island Student Loan Authority(d)
Refunding Revenue Bonds
Series 2018A
12/01/2022 5.000%   1,300,000 1,397,786
Revenue Bonds
Senior Program
Series 2019A
12/01/2023 5.000%   650,000 714,337
12/01/2024 5.000%   875,000 980,245
12/01/2035 2.875%   1,500,000 1,427,265
Total 8,743,275
South Carolina 0.9%
Laurens County Water & Sewer Commission
Revenue Bonds
BAN Series 2020
02/01/2022 1.375%   2,000,000 2,003,540
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
South Carolina Jobs-Economic Development Authority(e)
Revenue Bonds
Royal Live Oaks Academy Project
Series 2018
08/01/2020 3.000%   2,700,000 2,700,513
South Carolina Ports Authority(d)
Revenue Bonds
Series 2018
07/01/2020 5.000%   500,000 503,230
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2020A
01/01/2024 1.500%   1,090,000 1,085,923
07/01/2024 1.550%   575,000 573,022
Total 6,866,228
Texas 4.0%
City of Houston Airport System(d)
Refunding Revenue Bonds
Subordinated Series 2018 Class C
07/01/2027 5.000%   1,890,000 2,182,232
City of San Antonio Airport System(d)
Refunding Revenue Bonds
Lien
Subordinated Series 2019A
07/01/2024 5.000%   1,000,000 1,099,550
Dallas/Fort Worth International Airport(d)
Refunding Revenue Bonds
Series 2013E AMT
11/01/2020 5.000%   4,975,000 5,044,202
Harris County Cultural Education Facilities Finance Corp.
Revenue Bonds
National Western Life Group
Series 2019A (Mandatory Put 12/01/26)
07/01/2049 5.000%   2,500,000 3,009,400
Harris County Cultural Education Facilities Finance Corp.(c)
Revenue Bonds
Natus Medical, Inc.
Series 2019 (Mandatory Put 12/04/24)
Muni Swap Index Yield + 0.570%
12/01/2049
0.790%   2,000,000 1,950,460
Houston Independent School District Public Facility Corp.(f)
Revenue Bonds
Capital Appreciation-Cesar E. Chavez
Series 1998A (AMBAC)
09/15/2020 0.000%   2,685,000 2,674,770
Lewisville Independent School District(f)
Unlimited General Obligation Refunding Bonds
Series 2014B
08/15/2022 0.000%   3,175,000 3,087,942
 
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Lower Colorado River Authority
Refunding Revenue Bonds
Transmission Contract Refunding and Improvement
Series 2010
05/15/2023 5.000%   1,500,000 1,504,110
Matagorda County Navigation District No. 1(d)
Refunding Revenue Bonds
Central Power and Light Co.
Series 2017 (Mandatory Put 09/01/20)
05/01/2030 1.750%   4,000,000 4,006,960
New Hope Cultural Education Facilities Finance Corp.
Revenue Bonds
Texas A&M University Cain Hall Redevelopment Project
Series 2016
04/01/2036 5.000%   1,545,000 1,824,382
State of Texas(d)
Unlimited General Obligation Refunding Bonds
College Student Loan
Series 2018
08/01/2020 4.000%   3,000,000 3,022,440
Total 29,406,448
Utah 0.9%
County of Utah
Revenue Bonds
IHC Health Services, Inc.
Series 2018B (Mandatory Put 08/01/22)
05/15/2056 5.000%   3,750,000 4,009,087
Salt Lake City Corp. Airport(d)
Revenue Bonds
Series 2017A
07/01/2032 5.000%   2,105,000 2,370,146
Total 6,379,233
Vermont 1.4%
Vermont Economic Development Authority
Revenue Bonds
Bennington College Real Estate Project
RAN Series 2017
07/01/2020 2.000%   10,000,000 10,001,900
Virgin Islands, U.S. 0.1%
Virgin Islands Public Finance Authority(e),(g)
Revenue Bonds
Series 2015
09/01/2020 5.000%   750,000 751,853
Virginia 1.1%
Wise County Industrial Development Authority
Revenue Bonds
Series 2015A (Mandatory Put 09/01/20)
10/01/2040 2.150%   3,375,000 3,372,401
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Virginia Electric & Power Co.
Series 2015A (Mandatory Put 06/01/20)
11/01/2040 1.875%   5,000,000 4,998,050
Total 8,370,451
Washington 2.1%
Chelan County Public Utility District No. 1(d),(h)
Refunding Revenue Bonds
Series 2020C
07/01/2023 5.000%   990,000 1,097,613
07/01/2024 5.000%   2,155,000 2,453,662
07/01/2025 5.000%   1,170,000 1,366,466
Port of Seattle(d)
Revenue Bonds
Intermediate Lien
Series 2019
04/01/2021 5.000%   1,000,000 1,034,220
04/01/2022 5.000%   2,000,000 2,125,320
04/01/2023 5.000%   2,000,000 2,180,080
Series 2018B
05/01/2023 5.000%   2,000,000 2,184,680
Washington State Housing Finance Commission(d)
Refunding Revenue Bonds
Single Family Program
Series 2015
12/01/2022 2.600%   1,030,000 1,053,031
Series 2017
06/01/2039 4.000%   880,000 921,932
Washington State Housing Finance Commission
Revenue Bonds
Transforming Age Projects
Series 2019
01/01/2026 2.375%   1,500,000 1,303,245
Total 15,720,249
Wisconsin 0.5%
Wisconsin Housing & Economic Development Authority(d)
Refunding Revenue Bonds
Series 2017B (FHA)
03/01/2021 1.850%   525,000 526,586
09/01/2022 2.150%   870,000 878,944
Revenue Bonds
Series 2018A
03/01/2021 2.250%   390,000 392,227
03/01/2022 2.500%   1,265,000 1,282,988
09/01/2022 2.600%   710,000 722,595
Total 3,803,340
Total Municipal Bonds
(Cost $602,844,068)
599,457,307
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
19

Portfolio of Investments  (continued)
April 30, 2020
Municipal Short Term 10.8%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
California 0.4%
California Municipal Finance Authority
Refunding Revenue Bonds
Republic Services, Inc.
Series 2010 (Mandatory Put 07/01/20)
09/01/2021 3.000%   3,000,000 3,001,950
Indiana 0.4%
Indiana Finance Authority(d)
Revenue Bonds
Republic Services, Inc. Project
Series 2010A (Mandatory Put 06/01/20)
05/01/2034 1.150%   3,000,000 2,998,980
Massachusetts 2.3%
Brockton Area Transit Authority
Revenue Notes
Transit Authority
RAN Series 2019
07/30/2020 0.730%   6,300,000 6,319,845
Cape Cod Regional Transit Authority
Revenue Notes
RAN Series 2019
07/24/2020 0.740%   7,600,000 7,622,116
Greater Attleboro-Taunton Regional Transit Authority
Revenue Notes
RAN Series 2019
08/21/2020 0.670%   3,200,000 3,212,960
Total 17,154,921
Nevada 0.4%
State of Nevada Department of Business & Industry(d),(e)
Revenue Bonds
Republic Services, Inc. Project
Series 2019 (Mandatory Put 06/01/20)
12/01/2026 1.470%   3,000,000 2,999,700
New Hampshire 0.4%
New Hampshire Business Finance Authority(d),(e)
Refunding Revenue Bonds
Emerald Renewable Diesel LLC Project
Series 2019 (Mandatory Put 08/31/20)
06/01/2049 1.990%   3,000,000 3,003,480
New York 5.9%
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2019
06/19/2020 0.880%   3,520,000 3,526,492
09/29/2020 0.670%   7,000,000 7,038,150
Municipal Short Term (continued)
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
Board of Cooperative Educational Services of Second Supervisory District
Revenue Notes
RAN Series 2019
06/30/2020 0.730%   6,900,000 6,914,421
Brookfield Central School District
Unlimited General Obligation Notes
BAN Series 2019
06/26/2020 1.220%   2,648,748 2,651,866
Caledonia-Mumford Central School District
Unlimited General Obligation Notes
Series 2019
06/26/2020 1.220%   2,830,000 2,833,332
County of Suffolk
Limited General Obligation Notes
TAN Series 2019I
Series 2019
07/23/2020 2.760%   5,000,000 4,996,750
Metropolitan Transportation Authority
Revenue Notes
Series 2019B-2
05/15/2020 8.000%   3,000,000 2,994,643
Springville-Griffith Institute Central School District
Unlimited General Obligation Notes
BAN Series 2019
08/21/2020 1.170%   2,395,517 2,401,530
Town of Elma
Limited General Obligation Notes
BAN Series 2019
08/06/2020 1.170%   1,897,000 1,901,116
Utica School District
Unlimited General Obligation Notes
BAN Series 2019
07/17/2020 1.020%   7,975,000 7,991,349
Total 43,249,649
Ohio 0.3%
County of Franklin
Revenue Bonds
CHE Trinity Health Credit Group
Series 2020 (Mandatory Put 05/01/20)
12/01/2046 1.050%   2,000,000 2,000,000
Wisconsin 0.7%
Public Finance Authority(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 (Mandatory Put 05/01/20)
06/01/2023 1.120%   5,000,000 5,000,000
Total Municipal Short Term
(Cost $79,338,894)
79,408,680
 
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Money Market Funds 1.6%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(i) 87,946 87,937
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(i) 12,029,656 12,029,656
Total Money Market Funds
(Cost $12,117,594)
12,117,593
Total Investments in Securities
(Cost $697,950,556)
694,633,580
Other Assets & Liabilities, Net   41,844,916
Net Assets $736,478,496
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2020.
(c) Variable rate security. The interest rate shown was the current rate as of April 30, 2020.
(d) Income from this security may be subject to alternative minimum tax.
(e) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At April 30, 2020, the total value of these securities amounted to $10,696,106, which represents 1.45% of total net assets.
(f) Zero coupon bond.
(g) 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 April 30, 2020, the total value of these securities amounted to $751,853, which represents 0.10% of total net assets.
(h) Represents a security purchased on a when-issued basis.
(i) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
AMBAC Ambac Assurance Corporation
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
FHA Federal Housing Authority
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
LIBOR London Interbank Offered Rate
NPFGC National Public Finance Guarantee Corporation
RAN Revenue Anticipation Note
TAN Tax Anticipation Note
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:
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
21

Portfolio of Investments  (continued)
April 30, 2020
Fair value measurements  (continued)
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Floating Rate Notes 3,650,000 3,650,000
Municipal Bonds 599,457,307 599,457,307
Municipal Short Term 79,408,680 79,408,680
Money Market Funds 12,117,593 12,117,593
Total Investments in Securities 12,117,593 682,515,987 694,633,580
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
22 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $697,950,556) $694,633,580
Cash 14,688
Receivable for:  
Investments sold 424,030
Capital shares sold 40,813,871
Interest 7,802,314
Expense reimbursement due from Investment Manager 2,713
Prepaid expenses 1,131
Total assets 743,692,327
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 4,951,221
Capital shares purchased 1,103,373
Distributions to shareholders 988,129
Management services fees 8,173
Distribution and/or service fees 517
Transfer agent fees 17,599
Compensation of board members 137,503
Other expenses 7,316
Total liabilities 7,213,831
Net assets applicable to outstanding capital stock $736,478,496
Represented by  
Paid in capital 746,641,736
Total distributable earnings (loss) (10,163,240)
Total - representing net assets applicable to outstanding capital stock $736,478,496
Class A  
Net assets $61,986,673
Shares outstanding 6,043,641
Net asset value per share $10.26
Maximum sales charge 1.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.36
Advisor Class  
Net assets $1,700,929
Shares outstanding 165,590
Net asset value per share $10.27
Class C  
Net assets $3,463,867
Shares outstanding 337,963
Net asset value per share $10.25
Institutional Class  
Net assets $86,869,540
Shares outstanding 8,469,719
Net asset value per share $10.26
Institutional 2 Class  
Net assets $71,372,182
Shares outstanding 6,961,992
Net asset value per share $10.25
Institutional 3 Class  
Net assets $511,085,305
Shares outstanding 49,850,247
Net asset value per share $10.25
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
23

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $71,053
Interest 17,439,134
Total income 17,510,187
Expenses:  
Management services fees 3,511,060
Distribution and/or service fees  
Class A 173,156
Class C 45,117
Transfer agent fees  
Class A 64,230
Advisor Class 3,094
Class C 4,212
Institutional Class 96,919
Institutional 2 Class 15,546
Institutional 3 Class 47,410
Compensation of board members 6,567
Custodian fees 7,882
Printing and postage fees 18,517
Registration fees 96,977
Audit fees 33,100
Legal fees 16,085
Interest on interfund lending 1,869
Compensation of chief compliance officer 170
Other 19,526
Total expenses 4,161,437
Fees waived or expenses reimbursed by Investment Manager and its affiliates (1,121,225)
Fees waived by transfer agent  
Institutional 2 Class (852)
Institutional 3 Class (30,458)
Expense reduction (20)
Total net expenses 3,008,882
Net investment income 14,501,305
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (1,298,712)
Net realized loss (1,298,712)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (4,774,105)
Net change in unrealized appreciation (depreciation) (4,774,105)
Net realized and unrealized loss (6,072,817)
Net increase in net assets resulting from operations $8,428,488
The accompanying Notes to Financial Statements are an integral part of this statement.
24 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $14,501,305 $17,461,341
Net realized loss (1,298,712) (3,463,090)
Net change in unrealized appreciation (depreciation) (4,774,105) 12,199,546
Net increase in net assets resulting from operations 8,428,488 26,197,797
Distributions to shareholders    
Net investment income and net realized gains    
Class A (1,041,153) (1,100,433)
Advisor Class (58,538) (25,479)
Class C (34,487) (57,844)
Institutional Class (1,829,256) (1,850,159)
Institutional 2 Class (502,315) (351,280)
Institutional 3 Class (11,276,477) (14,457,188)
Total distributions to shareholders (14,742,226) (17,842,383)
Decrease in net assets from capital stock activity (135,972,060) (267,210,033)
Total decrease in net assets (142,285,798) (258,854,619)
Net assets at beginning of year 878,764,294 1,137,618,913
Net assets at end of year $736,478,496 $878,764,294
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
25

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 2,227,206 23,116,765 5,549,430 57,137,206
Distributions reinvested 84,604 880,458 91,113 938,366
Redemptions (2,872,681) (29,722,450) (7,183,034) (73,938,052)
Net decrease (560,871) (5,725,227) (1,542,491) (15,862,480)
Advisor Class        
Subscriptions 240,454 2,503,382 341,970 3,523,934
Distributions reinvested 1,549 16,145 1,462 15,076
Redemptions (272,017) (2,782,359) (206,901) (2,134,146)
Net increase (decrease) (30,014) (262,832) 136,531 1,404,864
Class C        
Subscriptions 87,760 902,703 196,085 2,012,868
Distributions reinvested 2,621 27,260 3,945 40,613
Redemptions (363,677) (3,778,224) (595,991) (6,136,830)
Net decrease (273,296) (2,848,261) (395,961) (4,083,349)
Institutional Class        
Subscriptions 5,057,825 52,680,566 4,294,471 44,184,155
Distributions reinvested 149,034 1,551,336 145,824 1,502,190
Redemptions (6,814,884) (70,140,596) (5,347,389) (55,060,061)
Net decrease (1,608,025) (15,908,694) (907,094) (9,373,716)
Institutional 2 Class        
Subscriptions 5,574,378 57,391,600 1,969,551 20,327,164
Distributions reinvested 28,124 292,438 17,250 177,688
Redemptions (1,281,861) (13,315,497) (1,179,839) (12,137,714)
Net increase 4,320,641 44,368,541 806,962 8,367,138
Institutional 3 Class        
Subscriptions 2,422,041 25,185,200 3,780,277 38,902,377
Distributions reinvested 6,035 62,744 5,028 51,775
Redemptions (17,384,087) (180,843,531) (27,872,296) (286,616,642)
Net decrease (14,956,011) (155,595,587) (24,086,991) (247,662,490)
Total net decrease (13,107,576) (135,972,060) (25,989,044) (267,210,033)
The accompanying Notes to Financial Statements are an integral part of this statement.
26 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

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Columbia Short Term Municipal Bond Fund  | Annual Report 2020
27

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.35 0.15 (0.08) 0.07 (0.16) (0.16)
Year Ended 4/30/2019 $10.26 0.15 0.09 0.24 (0.15) (0.15)
Year Ended 4/30/2018 $10.36 0.11 (0.09) 0.02 (0.12) (0.12)
Year Ended 4/30/2017 $10.43 0.09 (0.06) 0.03 (0.10) (0.10)
Year Ended 4/30/2016 $10.42 0.07 0.01 0.08 (0.07) (0.07)
Advisor Class
Year Ended 4/30/2020 $10.36 0.18 (0.09) 0.09 (0.18) (0.18)
Year Ended 4/30/2019 $10.27 0.18 0.09 0.27 (0.18) (0.18)
Year Ended 4/30/2018 $10.36 0.14 (0.09) 0.05 (0.14) (0.14)
Year Ended 4/30/2017 $10.43 0.12 (0.07) 0.05 (0.12) (0.12)
Year Ended 4/30/2016 $10.41 0.09 0.02 0.11 (0.09) (0.09)
Class C
Year Ended 4/30/2020 $10.34 0.08 (0.09) (0.01) (0.08) (0.08)
Year Ended 4/30/2019 $10.25 0.07 0.10 0.17 (0.08) (0.08)
Year Ended 4/30/2018 $10.35 0.03 (0.09) (0.06) (0.04) (0.04)
Year Ended 4/30/2017 $10.42 0.01 (0.06) (0.05) (0.02) (0.02)
Year Ended 4/30/2016 $10.42 (0.01) 0.01 0.00(e) (0.00)(e) (0.00)(e)
Institutional Class
Year Ended 4/30/2020 $10.35 0.18 (0.09) 0.09 (0.18) (0.18)
Year Ended 4/30/2019 $10.26 0.18 0.09 0.27 (0.18) (0.18)
Year Ended 4/30/2018 $10.36 0.13 (0.09) 0.04 (0.14) (0.14)
Year Ended 4/30/2017 $10.43 0.12 (0.07) 0.05 (0.12) (0.12)
Year Ended 4/30/2016 $10.42 0.09 0.01 0.10 (0.09) (0.09)
Institutional 2 Class
Year Ended 4/30/2020 $10.35 0.18 (0.09) 0.09 (0.19) (0.19)
Year Ended 4/30/2019 $10.26 0.18 0.09 0.27 (0.18) (0.18)
Year Ended 4/30/2018 $10.35 0.15 (0.09) 0.06 (0.15) (0.15)
Year Ended 4/30/2017 $10.42 0.13 (0.07) 0.06 (0.13) (0.13)
Year Ended 4/30/2016 $10.41 0.10 0.01 0.11 (0.10) (0.10)
The accompanying Notes to Financial Statements are an integral part of this statement.
28 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.26 0.63% 0.80%(c) 0.66%(c),(d) 1.48% 58% $61,987
Year Ended 4/30/2019 $10.35 2.39% 0.81% 0.66%(d) 1.44% 55% $68,355
Year Ended 4/30/2018 $10.26 0.16% 0.81% 0.67%(d) 1.08% 36% $83,580
Year Ended 4/30/2017 $10.36 0.26% 0.86% 0.71%(d) 0.86% 46% $106,751
Year Ended 4/30/2016 $10.43 0.74% 0.89% 0.72%(d) 0.64% 37% $127,769
Advisor Class
Year Ended 4/30/2020 $10.27 0.89% 0.55%(c) 0.41%(c),(d) 1.72% 58% $1,701
Year Ended 4/30/2019 $10.36 2.64% 0.56% 0.41%(d) 1.74% 55% $2,027
Year Ended 4/30/2018 $10.27 0.51% 0.56% 0.42%(d) 1.33% 36% $607
Year Ended 4/30/2017 $10.36 0.51% 0.62% 0.45%(d) 1.15% 46% $1,041
Year Ended 4/30/2016 $10.43 1.09% 0.64% 0.47%(d) 0.89% 37% $544
Class C
Year Ended 4/30/2020 $10.25 (0.12%) 1.55%(c) 1.41%(c),(d) 0.74% 58% $3,464
Year Ended 4/30/2019 $10.34 1.62% 1.55% 1.41%(d) 0.69% 55% $6,322
Year Ended 4/30/2018 $10.25 (0.59%) 1.56% 1.42%(d) 0.33% 36% $10,327
Year Ended 4/30/2017 $10.35 (0.48%) 1.61% 1.46%(d) 0.11% 46% $14,630
Year Ended 4/30/2016 $10.42 0.00%(e) 1.64% 1.47%(d) (0.10%) 37% $19,074
Institutional Class
Year Ended 4/30/2020 $10.26 0.89% 0.55%(c) 0.41%(c),(d) 1.72% 58% $86,870
Year Ended 4/30/2019 $10.35 2.64% 0.56% 0.41%(d) 1.70% 55% $104,300
Year Ended 4/30/2018 $10.26 0.40% 0.58% 0.44%(d) 1.21% 36% $112,699
Year Ended 4/30/2017 $10.36 0.51% 0.61% 0.46%(d) 1.11% 46% $1,366,779
Year Ended 4/30/2016 $10.43 0.99% 0.64% 0.47%(d) 0.89% 37% $1,623,807
Institutional 2 Class
Year Ended 4/30/2020 $10.25 0.83% 0.51%(c) 0.37%(c) 1.77% 58% $71,372
Year Ended 4/30/2019 $10.35 2.69% 0.51% 0.36% 1.76% 55% $27,329
Year Ended 4/30/2018 $10.26 0.55% 0.51% 0.37% 1.41% 36% $18,813
Year Ended 4/30/2017 $10.35 0.61% 0.50% 0.36% 1.21% 46% $14,452
Year Ended 4/30/2016 $10.42 1.10% 0.49% 0.37% 1.00% 37% $22,159
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
29

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 4/30/2020 $10.35 0.19 (0.10) 0.09 (0.19) (0.19)
Year Ended 4/30/2019 $10.25 0.18 0.11 0.29 (0.19) (0.19)
Year Ended 4/30/2018 $10.36 0.15 (0.11) 0.04 (0.15) (0.15)
Year Ended 4/30/2017(f) $10.35 0.02 0.01(g) 0.03 (0.02) (0.02)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interfund lending expense which is less than 0.01%.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Rounds to zero.
(f) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(g) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(h) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
30 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Financial Highlights  (continued)
  Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a),(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
Institutional 3 Class
Year Ended 4/30/2020 $10.25 0.88% 0.46%(c) 0.32%(c) 1.82% 58% $511,085
Year Ended 4/30/2019 $10.35 2.84% 0.46% 0.32% 1.78% 55% $670,432
Year Ended 4/30/2018 $10.25 0.41% 0.46% 0.33% 1.50% 36% $911,594
Year Ended 4/30/2017(f) $10.36 0.33% 0.50%(h) 0.31%(h) 1.42%(h) 46% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
31

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia Short Term Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
32 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
33

Notes to Financial Statements  (continued)
April 30, 2020
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.43% to 0.28% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.43% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each
34 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
share class. In addition, effective September 1, 2019 through August 31, 2020, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and Institutional 3 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to each share class.
For the year ended April 30, 2020, 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
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 April 30, 2020, these minimum account balance fees reduced total expenses of the Fund by $20.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 1.00 0.50(a) 49,520
Class C 1.00(b) 585
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
35

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2019
through
August 31, 2020
Prior to
September 1, 2019
Class A 0.67% 0.67%
Advisor Class 0.42 0.42
Class C 1.42 1.42
Institutional Class 0.42 0.42
Institutional 2 Class 0.37 0.36
Institutional 3 Class 0.32 0.32
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, effective September 1, 2019 through August 31, 2020, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.05% for Institutional 2 Class and 0.00% for Institutional 3 Class of the average daily net assets attributable to each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
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 April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, tax straddles, distributions, and capital loss carryforward. 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 Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
9,270 14,732,956 14,742,226 17,842,383 17,842,383
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
36 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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) ($)
1,230,105 (6,949,256) (3,319,559)
At April 30, 2020, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
(depreciation) ($)
697,953,139 2,421,951 (5,741,510) (3,319,559)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
(2,416,275) (4,532,981) (6,949,256)
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 $413,394,638 and $577,497,180, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the year ended April 30, 2020 was as follows:
Borrower or lender Average loan
balance ($)
Weighted average
interest rate (%)
Number of days
with outstanding loans
Borrower 6,480,000 2.08 5
Interest expense incurred by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at April 30, 2020.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
37

Notes to Financial Statements  (continued)
April 30, 2020
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
New York geographic concentration risk
To the extent that the Fund concentrates its investments in the municipal securities issued by a particular state and political sub-divisions of the state, the Fund will be particularly affected by political and economic conditions and developments in such state in which it invests. The Fund may, therefore, have a greater risk than that of a municipal bond fund which is more geographically diversified. The value of the municipal securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment 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
38 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Municipal securities risk
Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. A municipal security can be significantly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes in a particular state’s (state and its instrumentalities’) financial, economic or other condition and prospects.
Shareholder concentration risk
At April 30, 2020, one unaffiliated shareholder of record owned 75.9% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
39

Notes to Financial Statements  (continued)
April 30, 2020
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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.
40 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Short Term Municipal Bond 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 Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 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
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
41

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Exempt-
interest
dividends
 
99.94%  
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 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
42 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
43

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
44 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
45

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
there were no material changes to the Program during the period;
46 Columbia Short Term Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia Short Term Municipal Bond Fund  | Annual Report 2020
47

Columbia Short Term Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN223_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia Virginia Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Virginia Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Virginia Intermediate Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and Virginia individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2016
Anders Myhran, CFA
Portfolio Manager
Managed Fund since May 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 12/05/89 1.35 1.74 2.49
  Including sales charges   -1.73 1.12 2.18
Advisor Class* 03/19/13 1.60 2.01 2.75
Class C Excluding sales charges 06/17/92 0.69 0.99 1.73
  Including sales charges   -0.30 0.99 1.73
Institutional Class 09/20/89 1.70 1.99 2.75
Institutional 3 Class* 03/01/17 1.69 2.05 2.78
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Virginia Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 10.1
AA rating 61.7
A rating 15.3
BBB rating 7.1
BB rating 0.6
Not rated 5.2
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
4 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 1.35% excluding sales charges. Institutional Class shares of the Fund returned 1.70%. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 2.40% for the same time period. The Fund underperformed its benchmark, which is national in scope, during the reporting period, as a small number of issues with specific credit challenges outweighed the benefit from the higher quality core of the portfolio.
Market overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Municipal bonds were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
Virginia’s above-average credit quality helped its relative performance
Virginia municipal securities outperformed the benchmark, which is national in scope. The state’s above-average credit quality was a tailwind for returns given the relative strength for higher rated issues. More than 90% of Virginia’s market is rated in the top two categories (AAA and AA), versus less than 70% nationally. The state has a weighting of only 7% in lower rated A and BBB securities, whereas the national benchmark holds over 30% in this area. This high-quality tilt provided Virginia with a return advantage at a time in which AAAs exceeded the returns of BBBs by a wide margin. AA rated bonds in the national benchmark were weighed down by a number of specific issuers in the transportation and hospital sectors, as well as those backed by sales taxes. In addition, the state’s leasing and education sectors performed well compared to their U.S. peers.
Prior to the March 2020 downturn, Virginia’s municipal market reflected the state’s healthy underlying fundamentals. Virginia benefited from the combination of above-average growth, robust fiscal management and low debt. The state was hit hard by the pandemic, however, with one of the largest increases in unemployment claims since the beginning of the COVID-19 crisis. In addition, income and sales are the state’s two leading sources of revenue, and both were significantly affected by the shutdowns associated with the virus.
Contributors and detractors
The Fund underperformed the national benchmark during the reporting period, as a small number of issues with specific credit challenges outweighed the benefit from the higher quality core of the portfolio. Exposure to high yield and non-rated credits in the special tax and continuing care retirement community sectors detracted given that certain issues in these areas struggled. Security selection in the AA and BBB credit tiers also hurt results. An overweight in the hospitals, leasing,
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
and transportation sectors, which experienced the largest impact from COVID-19, was a further impediment. The portfolio’s duration (interest-rate sensitivity) was slightly below that of the benchmark for the bulk of the period, which detracted at a time in which yields declined considerably.
On the positive side, the Fund benefited from an overweight in higher rated investment-grade issues (those rated AAA and AA) and a corresponding underweight in those rated A and BBB. An overweight in pre-refunded bonds added value, as did security selection in the leasing and transportation sectors.
Fund positioning
Our strategy remained largely consistent throughout the year. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those we believed would be refinanced. Our purchase activity for the Fund was geared toward adding incremental yield without moving down in credit quality. The vast majority of our new purchases for the Fund were in the AA category, with a high representation of airports, hospitals, and continuing care retirement communities. While we were comfortable with the credit prospects for all of these acquisitions, our timing was unfortunate given that these were some of the hardest-hit areas of the muni market in the March 2020 sell-off.
The portfolio’s broader profile was relatively stable over the course of the reporting period. The Fund finished April 2020 with slightly lower weightings in the education and water/sewer sectors and a larger allocation to pre-refunded issues. The latter change primarily reflected issuers’ continued efforts to take advantage of near record low yields to refinance debt whenever possible. The Fund’s average credit quality rose somewhat as a result of the refunding activity, with its weighting in AAAs rising while its allocations to those rated AA and A declined. The Fund’s average maturity declined modestly, from 9.0 years to 8.7. We favored interest-rate risk over credit risk once market volatility increased, and we looked to the longer end of the maturity range for the most promising total return opportunities. As a result, the portfolio’s duration (interest-rate sensitivity) moved slightly above the benchmark by the end of April 2020.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the year. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that we believed were most susceptible to mitigation efforts, and we reduced allocations to those that we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 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.
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.
6 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 985.80 1,020.89 3.95 4.02 0.80
Advisor Class 1,000.00 1,000.00 987.00 1,022.13 2.72 2.77 0.55
Class C 1,000.00 1,000.00 982.20 1,017.11 7.69 7.82 1.56
Institutional Class 1,000.00 1,000.00 988.00 1,022.13 2.72 2.77 0.55
Institutional 3 Class 1,000.00 1,000.00 987.50 1,022.53 2.32 2.36 0.47
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
7

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Floating Rate Notes 0.4%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
Variable Rate Demand Notes 0.4%
Virginia College Building Authority(a),(b)
Revenue Bonds
University of Richmond Project
Series 2009 (Wells Fargo Bank)
11/01/2036 0.160%   500,000 500,000
Total Floating Rate Notes
(Cost $500,000)
500,000
Municipal Bonds 99.7%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 5.8%
Capital Region Airport Commission
Refunding Revenue Bonds
Series 2016A
07/01/2034 4.000%   1,125,000 1,198,642
Metropolitan Washington Airports Authority(c)
Refunding Revenue Bonds
Airport System
Series 2019A
10/01/2033 5.000%   2,000,000 2,306,460
Metropolitan Washington Airports Authority(c),(d)
Refunding Revenue Bonds
Forward Delivery
Series 2020A
10/01/2032 5.000%   2,000,000 2,328,840
Norfolk Airport Authority
Refunding Revenue Bonds
Series 2011 (AGM)
07/01/2024 5.000%   1,000,000 1,039,870
Revenue Bonds
Series 2019
07/01/2033 5.000%   1,000,000 1,184,740
Total 8,058,552
Higher Education 6.6%
Amherst Industrial Development Authority
Refunding Revenue Bonds
Educational Facilities Sweet Briar Institute
Series 2006
09/01/2026 5.000%   895,000 863,890
Virginia College Building Authority
Refunding Revenue Bonds
University of Richmond Project
Series 2011A
03/01/2022 5.000%   1,245,000 1,286,633
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Revenue Bonds
Washington & Lee University Project
Series 1998 (NPFGC)
01/01/2026 5.250%   3,115,000 3,555,928
Virginia Commonwealth University
Refunding Revenue Bonds
General Pledge
Series 2018-A
11/01/2031 5.000%   400,000 499,936
Virginia Polytechnic Institute & State University
Revenue Bonds
General Dorm and Dining Hall
Series 2015A
06/01/2027 4.000%   2,650,000 2,980,534
Total 9,186,921
Hospital 14.1%
Fairfax County Industrial Development Authority
Refunding Revenue Bonds
Inova Health System
Series 2018
05/15/2026 5.000%   1,500,000 1,777,785
Fredericksburg Economic Development Authority
Refunding Revenue Bonds
MediCorp Health Systems Obligation
Series 2007
06/15/2020 5.250%   3,999,999 4,018,732
Norfolk Economic Development Authority
Refunding Revenue Bonds
Sentara Healthcare
Series 2012B
11/01/2027 5.000%   1,735,000 1,868,578
Series 2018A (Mandatory Put 11/01/28)
11/01/2048 5.000%   300,000 368,550
Roanoke Economic Development Authority
Refunding Revenue Bonds
Carilion Clinic Obligated Group
Series 2020 (Mandatory Put 07/01/30)
07/01/2053 5.000%   2,500,000 3,180,800
Carilion Clinic Obligation Group
Series 2010
07/01/2025 5.000%   3,500,000 3,523,975
Stafford County Economic Development Authority
Refunding Revenue Bonds
Mary Washington Healthcare
Series 2016
06/15/2030 5.000%   1,300,000 1,468,038
06/15/2033 5.000%   200,000 222,108
06/15/2035 5.000%   1,000,000 1,104,260
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Virginia Small Business Financing Authority
Refunding Revenue Bonds
Sentara Healthcare
Series 2020
11/01/2030 5.000%   220,000 274,184
11/01/2031 5.000%   270,000 334,120
Winchester Economic Development Authority
Refunding Revenue Bonds
Valley Health System Obligation Group
Series 2015
01/01/2032 5.000%   1,250,000 1,404,787
Total 19,545,917
Investor Owned 1.5%
Louisa Industrial Development Authority
Refunding Revenue Bonds
Pollution Control
Series 2019 (Mandatory Put 04/01/22)
11/01/2035 1.800%   2,000,000 2,024,900
Local Appropriation 3.3%
Appomattox County Economic Development Authority
Unrefunded Revenue Bonds
Series 2010
05/01/2022 5.000%   175,000 175,462
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Series 2017
02/15/2029 5.000%   1,000,000 1,247,690
Fairfax County Economic Development Authority
Revenue Bonds
Metrorail Parking Systems
Series 2017
04/01/2033 5.000%   745,000 898,440
Henry County Industrial Development Authority
Revenue Bonds
Public Facility Lease
Series 2018
11/01/2036 4.000%   1,000,000 1,103,680
Loudoun County Economic Development Authority
Revenue Bonds
Series 2015
12/01/2028 5.000%   1,035,000 1,198,541
Total 4,623,813
Local General Obligation 8.6%
City of Alexandria Virginia
Unlimited General Obligation Refunding Bonds
Series 2017C
07/01/2030 4.000%   1,000,000 1,171,620
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Norfolk
Unlimited General Obligation Bonds
Capital Improvement
08/01/2033 5.000%   1,000,000 1,244,770
Unlimited General Obligation Refunding Bonds
Series 2017C
09/01/2033 4.000%   1,380,000 1,558,503
City of Richmond
Unlimited General Obligation Bonds
Public Improvement
Series 2015B
03/01/2028 4.000%   2,000,000 2,228,560
City of Suffolk
Unlimited General Obligation Refunding Bonds
Series 2014
02/01/2029 4.000%   2,000,000 2,187,760
County of Arlington
Unlimited General Obligation Bonds
Series 2017
08/15/2034 4.000%   2,000,000 2,278,240
County of Fairfax
Unlimited General Obligation Public Improvement Bonds
Series 2019A
10/01/2035 5.000%   1,000,000 1,252,830
Total 11,922,283
Multi-Family 1.9%
Farmville Industrial Development Authority
Refunding Revenue Bonds
Longwood University Student Project
Series 2018
01/01/2038 5.000%   1,000,000 1,048,530
Virginia Housing Development Authority
Revenue Bonds
Series 2020B (HUD)
03/01/2031 1.650%   1,630,000 1,536,878
Total 2,585,408
Other Bond Issue 5.7%
Montgomery County Economic Development Authority
Refunding Revenue Bonds
Virginia Tech Foundation
Series 2017A
06/01/2029 5.000%   200,000 247,070
Series 2019
06/01/2031 5.000%   1,200,000 1,522,572
Rappahannock Regional Jail Authority
Refunding Revenue Bonds
Series 2015
10/01/2030 5.000%   1,725,000 2,041,279
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Riverside Regional Jail Authority
Refunding Revenue Bonds
Series 2015
07/01/2028 5.000%   2,685,000 3,173,831
Western Regional Jail Authority
Refunding Revenue Bonds
Series 2015
12/01/2027 5.000%   750,000 896,437
Total 7,881,189
Pool / Bond Bank 4.4%
Virginia Resources Authority
Refunding Revenue Bonds
Revolving Fund
Series 2011A
08/01/2024 5.000%   1,395,000 1,452,697
State Revolving Fund
Subordinated Series 2005
10/01/2020 5.500%   2,000,000 2,039,060
Virginia Infrastructure Pooled
Series 2017F
11/01/2034 4.000%   1,000,000 1,133,700
Virginia Pooled Financing Program
Series 2019C
11/01/2033 5.000%   1,165,000 1,492,190
Total 6,117,647
Refunded / Escrowed 14.1%
Chesapeake Bay Bridge & Tunnel District
Refunding Revenue Bonds
General Resolution
Series 1998 Escrowed to Maturity (NPFGC)
07/01/2025 5.500%   4,000,000 4,633,840
County of Smyth
Prerefunded 11/01/21 Unlimited General Obligation Bonds
Public Improvement
Series 2011A
11/01/2031 5.000%   4,000,000 4,255,400
Hampton Roads Sanitation District
Prerefunded 08/01/26 Subordinated Revenue Bonds
Series 2016A
08/01/2031 5.000%   2,000,000 2,488,340
Metropolitan Washington Airports Authority
Prerefunded 10/01/20 Revenue Bonds
Series 2010A
10/01/2023 5.000%   2,475,000 2,518,708
10/01/2027 5.000%   1,515,000 1,541,755
Virginia Commonwealth Transportation Board
Prerefunded 05/15/22 Revenue Bonds
Capital Projects
Series 2012
05/15/2029 5.000%   3,000,000 3,260,280
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Western Regional Jail Authority
Prerefunded 12/01/25 Revenue Bonds
Series 2015
12/01/2027 5.000%   750,000 910,913
Total 19,609,236
Retirement Communities 5.5%
Albermarle County Economic Development Authority
Revenue Bonds
Westminster-Canterbury of the Blue Ridge
Series 2012
01/01/2032 4.625%   2,000,000 1,823,340
Hanover County Economic Development Authority
Refunding Revenue Bonds
Covenant Woods
Series 2018
07/01/2038 5.000%   380,000 351,743
Revenue Bonds
Covenant Woods
Series 2012A
07/01/2022 4.000%   610,000 595,323
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster Canterbury Project
Series 2018
10/01/2037 5.000%   1,500,000 1,567,890
Westminster-Canterbury Corp.
Series 2015
10/01/2035 4.000%   1,320,000 1,284,387
Rockingham County Economic Development Authority
Refunding Revenue Bonds
Sunnyside Presbyterian Home
Series 2020
12/01/2039 5.000%   2,000,000 2,028,800
Total 7,651,483
Sales Tax 1.6%
Northern Virginia Transportation Authority
Revenue Bonds
Series 2014
06/01/2032 5.000%   2,000,000 2,284,140
Special Non Property Tax 3.3%
Greater Richmond Convention Center Authority
Refunding Revenue Bonds
Series 2015
06/15/2029 5.000%   1,350,000 1,478,236
06/15/2030 5.000%   1,540,000 1,679,416
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Hampton Roads Transportation Accountability Commission
Revenue Bonds
Senior Lien Hampton Roads Transportation Fund
Series 2018A
07/01/2032 5.000%   1,150,000 1,414,098
Total 4,571,750
Special Property Tax 3.9%
Dulles Town Center Community Development Authority
Refunding Special Assessment Bonds
Dulles Town Center Project
Series 2012
03/01/2023 4.000%   1,000,000 976,470
Fairfax County Economic Development Authority
Refunding Special Tax Bonds
Silver Line Phase I Project
Series 2016
04/01/2031 4.000%   1,000,000 1,120,160
04/01/2032 4.000%   1,000,000 1,100,040
Marquis Community Development Authority of York County(e),(f)
Revenue Bonds
Convertible
Series 2015
09/01/2045 0.000%   644,000 344,212
Marquis Community Development Authority of York County
Tax Allocation Bonds
Series 2007B
09/01/2041 5.625%   2,084,000 1,098,810
Marquis Community Development Authority of York County(f)
Tax Allocation Bonds
Series 2007C
09/01/2041 0.000%   3,164,000 130,325
Virginia Gateway Community Development Authority
Refunding Special Assessment Bonds
Series 2012
03/01/2025 5.000%   690,000 680,947
Total 5,450,964
State Appropriated 4.7%
Virginia College Building Authority
Revenue Bonds
21st Century College Program
Series 2017
02/01/2034 4.000%   1,500,000 1,650,225
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
Northern Virginia Transportation District Program
Series 2019
05/15/2031 5.000%   1,000,000 1,262,320
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Virginia Public Building Authority
Revenue Bonds
Series 2018A
08/01/2035 4.000%   1,500,000 1,712,040
Series 2019A
08/01/2031 5.000%   1,500,000 1,926,615
Total 6,551,200
Transportation 8.0%
Virginia Commonwealth Transportation Board
Refunding Revenue Bonds
GARVEE Notes
Series 2017
03/15/2028 5.000%   1,000,000 1,237,980
Revenue Bonds
Series 2016
05/15/2030 4.000%   500,000 565,470
Series 2018
05/15/2036 4.000%   2,000,000 2,252,960
Washington Metropolitan Area Transit Authority
Refunding Revenue Bonds
Series 2017A-1
07/01/2029 5.000%   2,500,000 3,034,725
Revenue Bonds
Series 2017B
07/01/2034 5.000%   2,000,000 2,342,440
Series 2018
07/01/2036 5.000%   500,000 578,110
07/01/2037 5.000%   1,000,000 1,150,870
Total 11,162,555
Turnpike / Bridge / Toll Road 4.9%
City of Chesapeake Expressway Toll Road
Revenue Bonds
Transportation System
Series 2012A
07/15/2023 5.000%   1,025,000 1,065,703
07/15/2027 5.000%   1,000,000 1,033,960
Metropolitan Washington Airports Authority Dulles Toll Road(f)
Revenue Bonds
Capital Appreciation-2nd Senior Lien
Series 2009B (AGM)
10/01/2023 0.000%   5,000,000 4,746,850
Total 6,846,513
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
11

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Water & Sewer 1.8%
Fairfax County Water Authority
Refunding Revenue Bonds
Series 2017
04/01/2029 5.000%   2,000,000 2,490,640
Total Municipal Bonds
(Cost $136,357,756)
138,565,111
    
Money Market Funds 1.2%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(g) 108,353 108,342
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(g) 1,607,814 1,607,814
Total Money Market Funds
(Cost $1,716,167)
1,716,156
Total Investments in Securities
(Cost: $138,573,923)
140,781,267
Other Assets & Liabilities, Net   (1,752,604)
Net Assets 139,028,663
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2020.
(c) Income from this security may be subject to alternative minimum tax.
(d) Represents a security purchased on a when-issued basis.
(e) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At April 30, 2020, the total value of these securities amounted to $344,212, which represents 0.25% of total net assets.
(f) Zero coupon bond.
(g) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
HUD Department of Housing and Urban Development
NPFGC National Public Finance Guarantee Corporation
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Fair value measurements  (continued)
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Floating Rate Notes 500,000 500,000
Municipal Bonds 138,565,111 138,565,111
Money Market Funds 1,716,156 1,716,156
Total Investments in Securities 1,716,156 139,065,111 140,781,267
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
13

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $138,573,923) $140,781,267
Receivable for:  
Capital shares sold 107,830
Interest 1,648,509
Expense reimbursement due from Investment Manager 285
Prepaid expenses 633
Total assets 142,538,524
Liabilities  
Due to custodian 306
Payable for:  
Investments purchased on a delayed delivery basis 2,495,900
Capital shares purchased 591,601
Distributions to shareholders 313,175
Management services fees 1,793
Distribution and/or service fees 220
Transfer agent fees 4,786
Compensation of board members 98,090
Other expenses 3,990
Total liabilities 3,509,861
Net assets applicable to outstanding capital stock $139,028,663
Represented by  
Paid in capital 136,825,904
Total distributable earnings (loss) 2,202,759
Total - representing net assets applicable to outstanding capital stock $139,028,663
Class A  
Net assets $24,035,761
Shares outstanding 2,305,095
Net asset value per share $10.43
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.75
Advisor Class  
Net assets $665,936
Shares outstanding 63,833
Net asset value per share $10.43
Class C  
Net assets $1,976,312
Shares outstanding 189,379
Net asset value per share $10.44
Institutional Class  
Net assets $24,546,370
Shares outstanding 2,354,550
Net asset value per share $10.43
Institutional 3 Class  
Net assets $87,804,284
Shares outstanding 8,401,717
Net asset value per share $10.45
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $31,447
Interest 4,630,199
Total income 4,661,646
Expenses:  
Management services fees 669,613
Distribution and/or service fees  
Class A 60,878
Class C 24,513
Transfer agent fees  
Class A 23,107
Advisor Class 517
Class C 2,328
Institutional Class 22,919
Institutional 3 Class 7,131
Compensation of board members 389
Custodian fees 1,808
Printing and postage fees 14,932
Registration fees 11,856
Audit fees 27,100
Legal fees 9,290
Compensation of chief compliance officer 30
Other 9,512
Total expenses 885,923
Fees waived or expenses reimbursed by Investment Manager and its affiliates (90,867)
Total net expenses 795,056
Net investment income 3,866,590
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 172,217
Net realized gain 172,217
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (1,850,197)
Net change in unrealized appreciation (depreciation) (1,850,197)
Net realized and unrealized loss (1,677,980)
Net increase in net assets resulting from operations $2,188,610
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
15

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $3,866,590 $4,301,554
Net realized gain 172,217 461,192
Net change in unrealized appreciation (depreciation) (1,850,197) 2,118,163
Net increase in net assets resulting from operations 2,188,610 6,880,909
Distributions to shareholders    
Net investment income and net realized gains    
Class A (604,645) (892,767)
Advisor Class (14,886) (58,206)
Class C (42,554) (87,303)
Institutional Class (660,100) (921,381)
Institutional 3 Class (2,564,324) (3,674,814)
Total distributions to shareholders (3,886,509) (5,634,471)
Increase (decrease) in net assets from capital stock activity 2,841,294 (27,282,627)
Total increase (decrease) in net assets 1,143,395 (26,036,189)
Net assets at beginning of year 137,885,268 163,921,457
Net assets at end of year $139,028,663 $137,885,268
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 339,312 3,629,435 210,015 2,191,456
Distributions reinvested 30,965 331,285 49,361 513,621
Redemptions (313,177) (3,337,602) (598,724) (6,209,541)
Net increase (decrease) 57,100 623,118 (339,348) (3,504,464)
Advisor Class        
Subscriptions 57,672 622,442 13,021 136,213
Distributions reinvested 1,365 14,619 5,563 57,838
Redemptions (21,158) (223,181) (167,258) (1,751,805)
Net increase (decrease) 37,879 413,880 (148,674) (1,557,754)
Class C        
Subscriptions 31,779 341,570 35,389 369,924
Distributions reinvested 3,512 37,612 7,457 77,614
Redemptions (109,857) (1,169,786) (144,956) (1,504,859)
Net decrease (74,566) (790,604) (102,110) (1,057,321)
Institutional Class        
Subscriptions 542,873 5,783,235 271,829 2,831,932
Distributions reinvested 46,011 492,237 69,807 726,441
Redemptions (387,225) (4,122,582) (986,787) (10,268,044)
Net increase (decrease) 201,659 2,152,890 (645,151) (6,709,671)
Institutional 3 Class        
Subscriptions 1,330,228 14,289,173 1,793,759 18,748,298
Distributions reinvested 6,808 73,014 9,905 103,267
Redemptions (1,301,241) (13,920,177) (3,194,814) (33,304,982)
Net increase (decrease) 35,795 442,010 (1,391,150) (14,453,417)
Total net increase (decrease) 257,867 2,841,294 (2,626,433) (27,282,627)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
17

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.55 0.26 (0.11) 0.15 (0.27) (0.00)(c) (0.27)
Year Ended 4/30/2019 $10.44 0.27 0.21 0.48 (0.29) (0.08) (0.37)
Year Ended 4/30/2018 $10.79 0.27 (0.31) (0.04) (0.28) (0.03) (0.31)
Year Ended 4/30/2017 $11.18 0.28 (0.34) (0.06) (0.30) (0.03) (0.33)
Year Ended 4/30/2016 $11.13 0.30 0.10 0.40 (0.32) (0.03) (0.35)
Advisor Class
Year Ended 4/30/2020 $10.55 0.29 (0.12) 0.17 (0.29) (0.00)(c) (0.29)
Year Ended 4/30/2019 $10.44 0.30 0.20 0.50 (0.31) (0.08) (0.39)
Year Ended 4/30/2018 $10.79 0.30 (0.31) (0.01) (0.31) (0.03) (0.34)
Year Ended 4/30/2017 $11.18 0.31 (0.34) (0.03) (0.33) (0.03) (0.36)
Year Ended 4/30/2016 $11.12 0.33 0.11 0.44 (0.35) (0.03) (0.38)
Class C
Year Ended 4/30/2020 $10.55 0.18 (0.10) 0.08 (0.19) (0.00)(c) (0.19)
Year Ended 4/30/2019 $10.45 0.20 0.19 0.39 (0.21) (0.08) (0.29)
Year Ended 4/30/2018 $10.80 0.19 (0.31) (0.12) (0.20) (0.03) (0.23)
Year Ended 4/30/2017 $11.19 0.20 (0.34) (0.14) (0.22) (0.03) (0.25)
Year Ended 4/30/2016 $11.13 0.22 0.10 0.32 (0.23) (0.03) (0.26)
Institutional Class
Year Ended 4/30/2020 $10.54 0.29 (0.11) 0.18 (0.29) (0.00)(c) (0.29)
Year Ended 4/30/2019 $10.44 0.30 0.20 0.50 (0.32) (0.08) (0.40)
Year Ended 4/30/2018 $10.79 0.30 (0.31) (0.01) (0.31) (0.03) (0.34)
Year Ended 4/30/2017 $11.18 0.31 (0.34) (0.03) (0.33) (0.03) (0.36)
Year Ended 4/30/2016 $11.13 0.33 0.10 0.43 (0.35) (0.03) (0.38)
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.43 1.35% 0.87% 0.81% 2.47% 12% $24,036
Year Ended 4/30/2019 $10.55 4.69% 0.88% 0.81%(d) 2.63% 13% $23,706
Year Ended 4/30/2018 $10.44 (0.39%) 0.89% 0.81%(d) 2.55% 14% $27,005
Year Ended 4/30/2017 $10.79 (0.51%) 0.95% 0.81% 2.56% 7% $28,168
Year Ended 4/30/2016 $11.18 3.65% 0.96% 0.81%(d) 2.72% 12% $42,046
Advisor Class
Year Ended 4/30/2020 $10.43 1.60% 0.61% 0.55% 2.70% 12% $666
Year Ended 4/30/2019 $10.55 4.95% 0.63% 0.56%(d) 2.87% 13% $274
Year Ended 4/30/2018 $10.44 (0.14%) 0.63% 0.56%(d) 2.80% 14% $1,823
Year Ended 4/30/2017 $10.79 (0.26%) 0.70% 0.56% 2.81% 7% $812
Year Ended 4/30/2016 $11.18 4.00% 0.72% 0.56%(d) 2.97% 12% $506
Class C
Year Ended 4/30/2020 $10.44 0.69% 1.62% 1.56% 1.73% 12% $1,976
Year Ended 4/30/2019 $10.55 3.81% 1.63% 1.56%(d) 1.88% 13% $2,786
Year Ended 4/30/2018 $10.45 (1.13%) 1.64% 1.56%(d) 1.79% 14% $3,824
Year Ended 4/30/2017 $10.80 (1.25%) 1.70% 1.56% 1.82% 7% $4,938
Year Ended 4/30/2016 $11.19 2.97% 1.72% 1.56%(d) 1.97% 12% $5,141
Institutional Class
Year Ended 4/30/2020 $10.43 1.70% 0.62% 0.55% 2.72% 12% $24,546
Year Ended 4/30/2019 $10.54 4.86% 0.63% 0.56%(d) 2.88% 13% $22,698
Year Ended 4/30/2018 $10.44 (0.15%) 0.65% 0.56%(d) 2.76% 14% $29,199
Year Ended 4/30/2017 $10.79 (0.26%) 0.70% 0.56% 2.82% 7% $161,853
Year Ended 4/30/2016 $11.18 3.91% 0.71% 0.56%(d) 2.97% 12% $173,677
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
19

Financial Highlights  (continued)
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Institutional 3 Class
Year Ended 4/30/2020 $10.57 0.30 (0.12) 0.18 (0.30) (0.00)(c) (0.30)
Year Ended 4/30/2019 $10.46 0.31 0.21 0.52 (0.33) (0.08) (0.41)
Year Ended 4/30/2018 $10.82 0.31 (0.32) (0.01) (0.32) (0.03) (0.35)
Year Ended 4/30/2017(e) $10.75 0.05 0.08(f) 0.13 (0.06) (0.06)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Rounds to zero.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(g) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.45 1.69% 0.53% 0.47% 2.81% 12% $87,804
Year Ended 4/30/2019 $10.57 5.04% 0.54% 0.47% 2.97% 13% $88,421
Year Ended 4/30/2018 $10.46 (0.13%) 0.54% 0.48% 2.91% 14% $102,071
Year Ended 4/30/2017(e) $10.82 1.17% 0.55%(g) 0.42%(g) 3.04%(g) 7% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
21

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia Virginia Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
22 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
23

Notes to Financial Statements  (continued)
April 30, 2020
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
24 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.10
Advisor Class 0.09
Class C 0.10
Institutional Class 0.10
Institutional 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 14,469
Class C 1.00(b) 583
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
25

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Fee rate(s) contractual
through
August 31, 2020
Class A 0.81%
Advisor Class 0.56
Class C 1.56
Institutional Class 0.56
Institutional 3 Class 0.47
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
46,176 3,820,413 19,920 3,886,509 44,111 4,469,928 1,120,432 5,634,471
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
26 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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
appreciation ($)
21,002 320,204 64,845 2,207,344
At April 30, 2020, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
138,573,923 5,720,327 (3,512,983) 2,207,344
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $22,474,656 and $16,689,388, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
The Fund had no borrowings during the year ended April 30, 2020.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
27

Notes to Financial Statements  (continued)
April 30, 2020
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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
28 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At April 30, 2020, one unaffiliated shareholder of record owned 72.6% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
29

Notes to Financial Statements  (continued)
April 30, 2020
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.
30 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Virginia Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Virginia Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 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
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
31

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Capital
gain
dividend
Exempt-
interest
dividends
$89,003 98.81%
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.
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
32 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
34 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
35

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
there were no material changes to the Program during the period;
36 Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia Virginia Intermediate Municipal Bond Fund  | Annual Report 2020
37

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia Virginia Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN239_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia South Carolina Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia South Carolina Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia South Carolina Intermediate Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and South Carolina individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2016
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 05/05/92 1.46 2.01 2.82
  Including sales charges   -1.54 1.40 2.50
Advisor Class* 03/19/13 1.82 2.28 3.08
Class C Excluding sales charges 06/17/92 0.80 1.27 2.06
  Including sales charges   -0.19 1.27 2.06
Institutional Class 01/06/92 1.72 2.26 3.07
Institutional 3 Class* 03/01/17 1.83 2.36 3.12
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia South Carolina Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 4.0
AA rating 40.8
A rating 50.9
BBB rating 2.2
BB rating 0.9
Not rated 1.2
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
4 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 1.46% excluding sales charges. Institutional Class shares of the Fund returned 1.72%. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 2.40%. The Fund’s underperformance was primarily the result of the relative weakness of its positions in lower rated investment-grade issues during the sell-off late in the period.
Market overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Munis were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
South Carolina outpaced the broader U.S. municipal market
South Carolina intermediate-term bonds outperformed the national index behind strong returns for several sectors and a zero weighting in the underperforming BBB credit tier. A larger relative weighting in high-quality pre-refunded bonds and local general obligation debt was a further positive. The state’s transportation sector also outperformed, as the largest issuer in this area features revenues that are less affected by COVID-19 than the transportation-related debt in the national index. South Carolina’s public power sector, which is viewed as being relatively insulated from economic stress, was another area of strength. The state’s higher average credit quality (AA+ for state general obligation debt) further aided relative performance at a time in which lower quality issuers such as Illinois, the city of Chicago, and New Jersey lagged. In terms of fundamentals, South Carolina continued to benefit from the combination of robust population growth, strong fiscal management, economic diversity, and low debt.
Contributors and detractors
The Fund’s underperformance was primarily the result of the relative weakness of its positions in lower rated investment-grade issues during the sell-off. An overweight in the education sector hurt results, as well. Colleges were particularly vulnerable to revenue declines due to COVID-19 mitigation efforts as stay-at-home protocols resulted in campuses closing and students attending classes remotely, forcing many institutions to refund housing charges. The Fund also experienced underperformance from holdings in areas most adversely affected by COVID-19, including retirement communities, charter schools, and ports. An underweight in state and local general obligations further weighed on relative performance.
The Fund benefited from its holdings in local appropriation, water/sewer, and resource-recovery related issues. Roughly a quarter of the portfolio is allocated to local appropriation-backed bonds, the most common form of public finance in the state. These tend to be higher quality securities, which helped their performance once the market turned lower in March. Holdings
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
in highly rated essential service debt in the water/sewer sector also performed well due to their relative insulation from economic weakness. Lastly, a holding in Three Rivers Solid Waste Authority supported performance on expectations that operations for this landfill project should be relatively stable through the economic contraction.
Fund positioning
Our strategy remained largely consistent throughout the period. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those we believed would be refinanced. Our new purchases averaged maturities of 13 years and ratings of A1, and they encompassed a variety of sectors. The Fund’s average maturity rose to 9.07 years from 8.60 at the end of April 2019. We increased the portfolio’s weighting in bonds with maturities of 17 to 18 years and above, and we reduced its holdings in bonds maturing in one to two years. The Fund’s average credit quality was unchanged.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the year. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that we believed were most susceptible to mitigation efforts, and we reduced allocations to those we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 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.
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.
6 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 986.10 1,020.84 4.00 4.07 0.81
Advisor Class 1,000.00 1,000.00 987.30 1,022.08 2.77 2.82 0.56
Class C 1,000.00 1,000.00 982.50 1,017.11 7.69 7.82 1.56
Institutional Class 1,000.00 1,000.00 986.40 1,022.08 2.77 2.82 0.56
Institutional 3 Class 1,000.00 1,000.00 988.00 1,022.63 2.22 2.26 0.45
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
7

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Municipal Bonds 97.9%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 0.6%
Charleston County Airport District
Revenue Bonds
Series 2019
07/01/2035 5.000%   500,000 592,470
Charter Schools 1.4%
South Carolina Jobs-Economic Development Authority(a)
Revenue Bonds
Series 2015A
08/15/2035 5.125%   1,000,000 960,490
South Carolina Jobs-Economic Development Authority
Revenue Bonds
York Preparatory Academy Project
Series 2014A
11/01/2033 7.000%   500,000 528,065
Total 1,488,555
Higher Education 8.7%
Clemson University
Revenue Bonds
Athletic Facility
Series 2014A
05/01/2028 5.000%   1,170,000 1,367,776
Coastal Carolina University
Revenue Bonds
Series 2015
06/01/2024 5.000%   1,500,000 1,704,810
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Furman University
Series 2015
10/01/2032 5.000%   1,895,000 2,117,909
Revenue Bonds
Wofford College Project
Series 2019
04/01/2037 5.000%   885,000 933,153
University of South Carolina
Refunding Revenue Bonds
Series 2017B
05/01/2034 5.000%   1,500,000 1,672,605
Revenue Bonds
Moore School of Business Project
Series 2012
05/01/2026 5.000%   1,500,000 1,578,435
Total 9,374,688
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Hospital 12.0%
County of Florence
Refunding Revenue Bonds
McLeod Regional Medical Center Project
Series 2014
11/01/2031 5.000%   1,500,000 1,664,295
County of Greenwood
Refunding Revenue Bonds
Self Regional Healthcare
Series 2012B
10/01/2027 5.000%   1,750,000 1,840,352
10/01/2031 5.000%   2,000,000 2,088,620
Lexington County Health Services District, Inc.
Refunding Revenue Bonds
Lexington Medical Center Obligated Group
Series 2017
11/01/2032 4.000%   1,050,000 1,119,405
Revenue Bonds
Lexington Medical Center
Series 2016
11/01/2034 5.000%   1,500,000 1,656,945
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Prisma Health Obligated Group
Series 2018
05/01/2036 5.000%   2,000,000 2,176,100
Revenue Bonds
McLeod Health Obligation Group
Series 2018
11/01/2033 5.000%   1,000,000 1,147,130
St. Joseph’s Candler Health System, Inc.
Series 2019
07/01/2032 5.000%   1,000,000 1,165,280
Total 12,858,127
Joint Power Authority 3.3%
South Carolina Public Service Authority
Refunding Revenue Bonds
Series 2014B
12/01/2032 5.000%   1,250,000 1,324,737
Series 2016A
12/01/2028 5.000%   2,000,000 2,214,640
Total 3,539,377
Local Appropriation 27.8%
Aiken County Consolidated School District
Special Obligation Revenue Bonds
Series 2019
06/01/2033 4.000%   325,000 374,186
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Berkeley County School District
Refunding Revenue Bonds
Securing Assets for Education
Series 2015A
12/01/2027 5.000%   1,500,000 1,696,035
Charleston Educational Excellence Finance Corp.
Refunding Revenue Bonds
Charleston County School
Series 2013
12/01/2025 5.000%   2,000,000 2,252,280
Charleston Public Facilities Corp.
Revenue Bonds
Series 2015A
09/01/2029 5.000%   1,000,000 1,174,670
City of Florence Accommodations Fee
Revenue Bonds
Series 2015
05/01/2030 4.000%   1,000,000 1,061,160
05/01/2035 5.000%   1,000,000 1,089,370
City of North Charleston
Tax Allocation Bonds
Series 2019B
10/01/2027 5.000%   1,000,000 1,242,110
County of Florence
Revenue Bonds
Series 2015
10/01/2028 5.000%   1,000,000 1,123,300
Dorchester County School District No. 2
Refunding Revenue Bonds
Growth Installment Purchase
Series 2013
12/01/2027 5.000%   1,000,000 1,130,310
Fort Mill School Facilities Corp.
Refunding Revenue Bonds
Fort Mills School District #4
Series 2015
12/01/2028 5.000%   1,000,000 1,170,370
Kershaw County School District
Refunding Revenue Bonds
Series 2015
12/01/2025 5.000%   1,000,000 1,176,430
Lexington One School Facilities Corp.
Refunding Revenue Bonds
Lexington County School District
Series 2015
12/01/2026 5.000%   835,000 945,379
Lexington School District No. 2 Educational Facilities Corp.
Refunding Revenue Bonds
Series 2015B
12/01/2026 5.000%   1,815,000 2,116,834
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Newberry Investing in Children’s Education
Refunding Revenue Bonds
Newberry County School District
Series 2014
12/01/2029 5.000%   1,500,000 1,717,545
North Charleston Public Facilities Corp.
Revenue Bonds
Series 2012
06/01/2029 5.000%   2,280,000 2,453,371
SCAGO Educational Facilities Corp. for Calhoun School District
Refunding Revenue Bonds
Series 2015 (BAM)
12/01/2026 5.000%   520,000 615,846
SCAGO Educational Facilities Corp. for Cherokee School District No. 1
Refunding Revenue Bonds
Series 2015
12/01/2028 5.000%   1,830,000 2,122,342
SCAGO Educational Facilities Corp. for Colleton School District
Refunding Revenue Bonds
Series 2015
12/01/2027 5.000%   1,295,000 1,462,910
SCAGO Educational Facilities Corp. for Pickens School District
Refunding Revenue Bonds
Series 2015
12/01/2029 5.000%   1,500,000 1,736,355
12/01/2030 5.000%   1,275,000 1,470,152
Sumter Two School Facilities, Inc.
Refunding Revenue Bonds
Sumter County School District No. 2
Series 2016 (BAM)
12/01/2027 5.000%   1,500,000 1,740,585
Total 29,871,540
Local General Obligation 6.7%
Anderson County School District No. 5
Unlimited General Obligation Bonds
South Carolina School District Credit Enhancement Program
Series 2017
03/01/2030 4.000%   1,000,000 1,145,770
Beaufort County School District
Unlimited General Obligation Bonds
Series 2014B
03/01/2023 5.000%   1,190,000 1,320,828
Lexington County School District No. 1
Unlimited General Obligation Refunding Bonds
Series 2019A (School District Credit Enhancement Program)
02/01/2031 5.000%   1,000,000 1,249,190
South Carolina Jobs-Economic Development Authority
Refunding Revenue Bonds
Series 2015
04/01/2034 5.000%   940,000 1,023,416
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Spartanburg County School District No. 7
Unlimited General Obligation Bonds
Series 2018-B
03/01/2036 5.000%   1,000,000 1,230,090
Series 2019D
03/01/2037 5.000%   1,000,000 1,224,780
Total 7,194,074
Municipal Power 3.2%
City of Rock Hill Combined Utility System
Refunding Revenue Bonds
Series 2012A (AGM)
01/01/2023 5.000%   1,560,000 1,662,305
Series 2019A
01/01/2032 5.000%   1,000,000 1,233,840
Easley Combined Utility System
Refunding Revenue Bonds
Easley Combined Utility System
Series 2019 (AGM)
12/01/2033 4.000%   500,000 569,180
Total 3,465,325
Other Utility 1.1%
Patriots Energy Group
Improvement Refunding Revenue Bonds
Gas Systems
Series 2019
06/01/2038 5.000%   1,000,000 1,177,070
Ports 2.1%
South Carolina Ports Authority(b)
Revenue Bonds
Series 2019B
07/01/2033 5.000%   2,000,000 2,308,060
Refunded / Escrowed 6.1%
Anderson Regional Joint Water System
Prerefunded 07/15/22 Revenue Bonds
Series 2012
07/15/2028 5.000%   2,000,000 2,187,640
City of Columbia Waterworks & Sewer System
Prerefunded 02/01/21 Revenue Bonds
Series 2011A
02/01/2027 5.000%   1,000,000 1,032,200
Renewable Water Resources
Prerefunded 01/01/22 Refunding Revenue Bonds
Series 2012
01/01/2024 5.000%   555,000 594,372
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
South Carolina Jobs-Economic Development Authority
Prerefunded 11/01/22 Revenue Bonds
Bon Secours Health System, Inc.
Series 2013
11/01/2024 5.000%   450,000 496,651
South Carolina Ports Authority
Prerefunded 07/01/20 Revenue Bonds
Series 2010
07/01/2023 5.250%   1,000,000 1,007,080
Town of Hilton Head Island
Prerefunded 06/01/21 Revenue Bonds
Series 2011A
06/01/2023 5.000%   555,000 580,880
06/01/2024 5.000%   580,000 607,045
Total 6,505,868
Resource Recovery 3.1%
Three Rivers Solid Waste Authority(c)
Revenue Bonds
Capital Appreciation-Landfill Gas Project
Series 2007
10/01/2024 0.000%   1,835,000 1,696,329
10/01/2025 0.000%   1,835,000 1,656,473
Total 3,352,802
Retirement Communities 1.2%
South Carolina Jobs-Economic Development Authority(a)
Refunding Revenue Bonds
Wesley Commons
Series 2016
10/01/2026 5.000%   750,000 758,333
South Carolina Jobs-Economic Development Authority
Revenue Bonds
Bishop Gadsden Episcopal Retirement Community
Series 2019
04/01/2034 4.000%   605,000 578,180
Total 1,336,513
Special Non Property Tax 5.2%
City of Columbia
Revenue Bonds
Series 2014
02/01/2033 5.000%   1,195,000 1,348,904
City of Greenville Hospitality Tax
Improvement Refunding Revenue Bonds
Series 2011 (AGM)
04/01/2021 5.000%   1,290,000 1,336,530
City of Myrtle Beach
Revenue Bonds
Hospitality Fee
Series 2014B
06/01/2030 5.000%   560,000 628,947
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Rock Hill
Revenue Bonds
Hospitality Fee Pledge
Series 2013
04/01/2023 5.000%   695,000 753,457
Greenville County Public Facilities Corp.
Refunding Certificate of Participation
Series 2014
04/01/2026 5.000%   890,000 1,019,086
Town of Hilton Head Island
Revenue Bonds
Beach Preservation Fee Pledge
Series 2017
08/01/2025 5.000%   400,000 473,616
Total 5,560,540
Special Property Tax 1.1%
City of Myrtle Beach
Refunding Tax Allocation Bonds
Myrtle Beach Air Force Base
Series 2016
10/01/2030 5.000%   1,000,000 1,172,030
State General Obligation 1.1%
State of South Carolina
Unlimited General Obligation Bonds
Series 2014B
04/01/2025 5.000%   1,000,000 1,150,000
Student Loan 0.6%
South Carolina State Education Assistance Authority
Revenue Bonds
Student Loan
Series 2009I
10/01/2024 5.000%   690,000 690,221
Transportation 3.0%
South Carolina Transportation Infrastructure Bank
Refunding Revenue Bonds
Infrastructure Bank
Series 2015A
10/01/2024 5.000%   2,000,000 2,256,400
Series 2005A (AMBAC)
10/01/2020 5.250%   1,000,000 1,016,600
Total 3,273,000
Water & Sewer 9.6%
Beaufort-Jasper Water & Sewer Authority
Refunding Revenue Bonds
Series 2016B
03/01/2024 5.000%   1,000,000 1,145,040
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Revenue Bonds
Series 2019A
03/01/2035 5.000%   750,000 925,343
City of Charleston Waterworks & Sewer System
Revenue Bonds
Series 2019
01/01/2038 5.000%   1,000,000 1,259,130
City of Columbia Stormwater System
Revenue Bonds
Green Bond
Series 2018
02/01/2038 5.000%   350,000 419,538
City of Columbia Waterworks & Sewer System
Revenue Bonds
Series 2018
02/01/2035 4.000%   560,000 629,670
City of Spartanburg Water System
Refunding Revenue Bonds
Series 2017B
06/01/2035 4.000%   1,375,000 1,535,270
City of Sumter Waterworks & Sewer System
Refunding Revenue Bonds
Series 2015
12/01/2027 4.000%   400,000 454,904
County of Richland Utility System
Refunding Revenue Bonds
Series 2020
03/01/2031 5.000%   240,000 308,438
03/01/2032 5.000%   215,000 273,876
03/01/2033 5.000%   280,000 353,528
Georgetown County Water & Sewer District
Refunding Revenue Bonds
Series 2015
06/01/2027 4.000%   450,000 502,389
Renewable Water Resources
Unrefunded Refunding Revenue Bonds
Series 2012
01/01/2024 5.000%   445,000 474,641
Spartanburg Sanitation Sewer District
Refunding Revenue Bonds
Series 2014B
03/01/2034 5.000%   1,000,000 1,133,060
Town of Lexington Waterworks & Sewer System
Refunding Revenue Bonds
Series 2017
06/01/2034 4.000%   750,000 849,465
Total 10,264,292
Total Municipal Bonds
(Cost $102,090,238)
105,174,552
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
11

Portfolio of Investments  (continued)
April 30, 2020
Money Market Funds 0.9%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(d) 113,547 113,536
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(d) 866,948 866,948
Total Money Market Funds
(Cost $980,495)
980,484
Total Investments in Securities
(Cost: $103,070,733)
106,155,036
Other Assets & Liabilities, Net   1,272,992
Net Assets 107,428,028
Notes to Portfolio of Investments
(a) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At April 30, 2020, the total value of these securities amounted to $1,718,823, which represents 1.60% of total net assets.
(b) Income from this security may be subject to alternative minimum tax.
(c) Zero coupon bond.
(d) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
AMBAC Ambac Assurance Corporation
BAM Build America Mutual Assurance Co.
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Fair value measurements  (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Municipal Bonds 105,174,552 105,174,552
Money Market Funds 980,484 980,484
Total Investments in Securities 980,484 105,174,552 106,155,036
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
13

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $103,070,733) $106,155,036
Receivable for:  
Capital shares sold 222,898
Interest 1,399,125
Expense reimbursement due from Investment Manager 382
Prepaid expenses 609
Total assets 107,778,050
Liabilities  
Due to custodian 2,979
Payable for:  
Capital shares purchased 30,610
Distributions to shareholders 206,834
Management services fees 1,377
Distribution and/or service fees 304
Transfer agent fees 13,113
Compensation of board members 91,132
Other expenses 3,673
Total liabilities 350,022
Net assets applicable to outstanding capital stock $107,428,028
Represented by  
Paid in capital 104,876,145
Total distributable earnings (loss) 2,551,883
Total - representing net assets applicable to outstanding capital stock $107,428,028
Class A  
Net assets $24,421,202
Shares outstanding 2,420,336
Net asset value per share $10.09
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.40
Advisor Class  
Net assets $2,322,314
Shares outstanding 230,217
Net asset value per share $10.09
Class C  
Net assets $5,039,487
Shares outstanding 499,041
Net asset value per share $10.10
Institutional Class  
Net assets $69,732,514
Shares outstanding 6,907,853
Net asset value per share $10.09
Institutional 3 Class  
Net assets $5,912,511
Shares outstanding 583,659
Net asset value per share $10.13
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $23,425
Interest 3,257,191
Total income 3,280,616
Expenses:  
Management services fees 521,691
Distribution and/or service fees  
Class A 61,064
Class C 63,397
Transfer agent fees  
Class A 30,122
Advisor Class 2,824
Class C 7,817
Institutional Class 90,899
Institutional 3 Class 460
Compensation of board members 704
Custodian fees 1,572
Printing and postage fees 14,685
Registration fees 5,786
Audit fees 27,100
Legal fees 8,979
Compensation of chief compliance officer 24
Other 9,051
Total expenses 846,175
Fees waived or expenses reimbursed by Investment Manager and its affiliates (108,181)
Expense reduction (20)
Total net expenses 737,974
Net investment income 2,542,642
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers (166,150)
Net realized loss (166,150)
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (760,029)
Net change in unrealized appreciation (depreciation) (760,029)
Net realized and unrealized loss (926,179)
Net increase in net assets resulting from operations $1,616,463
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
15

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $2,542,642 $2,699,589
Net realized loss (166,150) (6,786)
Net change in unrealized appreciation (depreciation) (760,029) 2,501,025
Net increase in net assets resulting from operations 1,616,463 5,193,828
Distributions to shareholders    
Net investment income and net realized gains    
Class A (547,432) (551,729)
Advisor Class (56,833) (50,398)
Class C (95,183) (171,766)
Institutional Class (1,836,066) (2,078,507)
Institutional 3 Class (107,127) (22,190)
Total distributions to shareholders (2,642,641) (2,874,590)
Increase (decrease) in net assets from capital stock activity 4,736,181 (12,914,590)
Total increase (decrease) in net assets 3,710,003 (10,595,352)
Net assets at beginning of year 103,718,025 114,313,377
Net assets at end of year $107,428,028 $103,718,025
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 499,378 5,166,255 532,295 5,316,491
Distributions reinvested 41,951 433,746 43,259 432,321
Redemptions (284,998) (2,932,367) (730,792) (7,277,167)
Net increase (decrease) 256,331 2,667,634 (155,238) (1,528,355)
Advisor Class        
Subscriptions 75,561 782,030 28,762 285,176
Distributions reinvested 5,474 56,585 5,016 50,131
Redemptions (33,204) (340,632) (51,123) (506,948)
Net increase (decrease) 47,831 497,983 (17,345) (171,641)
Class C        
Subscriptions 61,831 640,505 44,787 447,851
Distributions reinvested 6,986 72,272 13,014 130,026
Redemptions (421,944) (4,360,019) (287,479) (2,874,005)
Net decrease (353,127) (3,647,242) (229,678) (2,296,128)
Institutional Class        
Subscriptions 2,157,574 22,334,115 1,636,464 16,352,511
Distributions reinvested 38,534 398,592 51,777 517,362
Redemptions (2,204,369) (22,741,142) (2,594,063) (25,878,074)
Net decrease (8,261) (8,435) (905,822) (9,008,201)
Institutional 3 Class        
Subscriptions 552,912 5,767,081 34,450 348,027
Distributions reinvested 3,937 40,852 2,183 21,904
Redemptions (56,695) (581,692) (27,986) (280,196)
Net increase 500,154 5,226,241 8,647 89,735
Total net increase (decrease) 442,928 4,736,181 (1,299,436) (12,914,590)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
17

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.17 0.22 (0.07) 0.15 (0.23) (0.23)
Year Ended 4/30/2019 $9.94 0.24 0.24 0.48 (0.25) (0.25)
Year Ended 4/30/2018 $10.16 0.25 (0.20) 0.05 (0.27) (0.27)
Year Ended 4/30/2017 $10.55 0.25 (0.35) (0.10) (0.28) (0.01) (0.29)
Year Ended 4/30/2016 $10.44 0.28 0.16 0.44 (0.30) (0.03) (0.33)
Advisor Class
Year Ended 4/30/2020 $10.16 0.25 (0.06) 0.19 (0.26) (0.26)
Year Ended 4/30/2019 $9.94 0.26 0.24 0.50 (0.28) (0.28)
Year Ended 4/30/2018 $10.15 0.27 (0.19) 0.08 (0.29) (0.29)
Year Ended 4/30/2017 $10.54 0.28 (0.36) (0.08) (0.30) (0.01) (0.31)
Year Ended 4/30/2016 $10.43 0.30 0.17 0.47 (0.33) (0.03) (0.36)
Class C
Year Ended 4/30/2020 $10.17 0.15 (0.07) 0.08 (0.15) (0.15)
Year Ended 4/30/2019 $9.94 0.16 0.25 0.41 (0.18) (0.18)
Year Ended 4/30/2018 $10.16 0.17 (0.20) (0.03) (0.19) (0.19)
Year Ended 4/30/2017 $10.56 0.18 (0.37) (0.19) (0.20) (0.01) (0.21)
Year Ended 4/30/2016 $10.44 0.20 0.18 0.38 (0.23) (0.03) (0.26)
Institutional Class
Year Ended 4/30/2020 $10.17 0.25 (0.07) 0.18 (0.26) (0.26)
Year Ended 4/30/2019 $9.94 0.26 0.25 0.51 (0.28) (0.28)
Year Ended 4/30/2018 $10.16 0.27 (0.20) 0.07 (0.29) (0.29)
Year Ended 4/30/2017 $10.56 0.28 (0.37) (0.09) (0.30) (0.01) (0.31)
Year Ended 4/30/2016 $10.44 0.31 0.17 0.48 (0.33) (0.03) (0.36)
Institutional 3 Class
Year Ended 4/30/2020 $10.21 0.26 (0.07) 0.19 (0.27) (0.27)
Year Ended 4/30/2019 $9.98 0.27 0.25 0.52 (0.29) (0.29)
Year Ended 4/30/2018 $10.19 0.28 (0.19) 0.09 (0.30) (0.30)
Year Ended 4/30/2017(d) $10.13 0.05 0.06(e) 0.11 (0.05) (0.05)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(e) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.09 1.46% 0.91% 0.81%(c) 2.15% 9% $24,421
Year Ended 4/30/2019 $10.17 4.93% 0.93% 0.81%(c) 2.37% 9% $21,999
Year Ended 4/30/2018 $9.94 0.43% 0.93% 0.81%(c) 2.41% 7% $23,050
Year Ended 4/30/2017 $10.16 (0.98%) 0.98% 0.81%(c) 2.45% 11% $21,486
Year Ended 4/30/2016 $10.55 4.33% 0.99% 0.81% 2.69% 16% $21,972
Advisor Class
Year Ended 4/30/2020 $10.09 1.82% 0.65% 0.56%(c) 2.40% 9% $2,322
Year Ended 4/30/2019 $10.16 5.09% 0.68% 0.56%(c) 2.62% 9% $1,854
Year Ended 4/30/2018 $9.94 0.78% 0.68% 0.56%(c) 2.66% 7% $1,984
Year Ended 4/30/2017 $10.15 (0.74%) 0.73% 0.56%(c) 2.71% 11% $1,205
Year Ended 4/30/2016 $10.54 4.59% 0.74% 0.56% 2.93% 16% $758
Class C
Year Ended 4/30/2020 $10.10 0.80% 1.66% 1.56%(c) 1.41% 9% $5,039
Year Ended 4/30/2019 $10.17 4.14% 1.68% 1.56%(c) 1.62% 9% $8,669
Year Ended 4/30/2018 $9.94 (0.32%) 1.68% 1.56%(c) 1.66% 7% $10,759
Year Ended 4/30/2017 $10.16 (1.81%) 1.73% 1.56%(c) 1.70% 11% $13,698
Year Ended 4/30/2016 $10.56 3.65% 1.74% 1.56% 1.94% 16% $15,051
Institutional Class
Year Ended 4/30/2020 $10.09 1.72% 0.66% 0.56%(c) 2.40% 9% $69,733
Year Ended 4/30/2019 $10.17 5.19% 0.68% 0.56%(c) 2.62% 9% $70,343
Year Ended 4/30/2018 $9.94 0.68% 0.68% 0.56%(c) 2.66% 7% $77,773
Year Ended 4/30/2017 $10.16 (0.83%) 0.73% 0.56%(c) 2.70% 11% $83,743
Year Ended 4/30/2016 $10.56 4.69% 0.74% 0.56% 2.93% 16% $105,200
Institutional 3 Class
Year Ended 4/30/2020 $10.13 1.83% 0.53% 0.45% 2.50% 9% $5,913
Year Ended 4/30/2019 $10.21 5.30% 0.57% 0.45% 2.73% 9% $852
Year Ended 4/30/2018 $9.98 0.91% 0.56% 0.45% 2.79% 7% $747
Year Ended 4/30/2017(d) $10.19 1.09% 0.57%(f) 0.43%(f) 2.85%(f) 11% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
19

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia South Carolina Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
20 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
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.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
21

Notes to Financial Statements  (continued)
April 30, 2020
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
22 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, 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 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, these minimum account balance fees reduced total expenses of the Fund by $20.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 13,930
Class C 1.00(b) 492
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
23

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2019
through
August 31, 2020
Prior to
September 1, 2019
Class A 0.81% 0.81%
Advisor Class 0.56 0.56
Class C 1.56 1.56
Institutional Class 0.56 0.56
Institutional 3 Class 0.46 0.45
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
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 April 30, 2020, these differences were primarily due to differing treatment for deferral/reversal of wash sale losses, trustees’ deferred compensation, distributions, and capital loss carryforward. 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 Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
119 2,642,522 2,642,641 2,874,590 2,874,590
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At April 30, 2020, 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
appreciation ($)
267,995 (436,641) 3,017,888
24 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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) ($)
Net unrealized
appreciation ($)
103,137,148 3,746,333 (728,445) 3,017,888
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, 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 April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
(436,641) (436,641)
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 $17,449,702 and $10,253,498, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
25

Notes to Financial Statements  (continued)
April 30, 2020
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
26 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At April 30, 2020, one unaffiliated shareholder of record owned 55.9% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
27

Notes to Financial Statements  (continued)
April 30, 2020
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.
28 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia South Carolina Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia South Carolina Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
29

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
30 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
31

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
32 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
33

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
there were no material changes to the Program during the period;
34 Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia South Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
35

Columbia South Carolina Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN231_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia North Carolina Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia North Carolina Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia North Carolina Intermediate Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and North Carolina individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2016
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 12/14/92 1.43 1.75 2.60
  Including sales charges   -1.61 1.12 2.28
Advisor Class* 03/19/13 1.69 2.00 2.84
Class C Excluding sales charges 12/16/92 0.68 0.99 1.83
  Including sales charges   -0.32 0.99 1.83
Institutional Class 12/11/92 1.69 2.00 2.84
Institutional 3 Class* 03/01/17 1.67 2.05 2.87
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia North Carolina Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 18.6
AA rating 45.0
A rating 25.3
BBB rating 7.6
Not rated 3.5
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. 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 North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 1.43% excluding sales charges and its Institutional Class shares returned 1.69%. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 2.40% for the same time period. The portfolio’s duration (interest-rate sensitivity) was slightly below that of the benchmark for the bulk of the period, which detracted from performance at a time in which yields declined considerably.
Market Overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Municipal bonds were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
North Carolina’s higher quality market outperformed
North Carolina tax-exempt issues outpaced the national municipal index over the 12 months that ended April 30, 2020. The state’s higher credit quality, with a larger weighting in AAA rated issues and a lower representation of those rated BBB, was beneficial in the challenging environment. North Carolina’s AAA tier also has a number of issuers with very strong credit fundamentals, such as Mecklenburg County and Charlotte Water and Sewer, a positive given that the highest quality securities outperformed in the sell-off. Further, bonds in the middle investment-grade credit tiers (AA and A) generally outperformed their national counterparts. The state did have some exposure to sectors that struggled nationally, such as hospitals and leasing, but these areas performed well on a relative basis. North Carolina’s hospitals avoided the pricing pressures that were prevalent across the nation, while the leasing sector benefited from its higher average credit quality. The general obligation sector, both state and local, was another area in which North Carolina was relatively insulated from the challenges that existed elsewhere in the national market.
Prior to the March 2020 downturn, North Carolina’s market performance reflected the state’s healthy underlying fundamentals. In addition to producing above-average economic growth, North Carolina featured the combination of low debt, high reserves, and robust fiscal management. The state was hit hard by the pandemic, however, with a significant increase in unemployment claims since the beginning of the COVID-19 crisis.
Contributors and detractors
The portfolio’s duration (interest-rate sensitivity) was slightly below that of the benchmark for the bulk of the period, which detracted from performance at a time in which yields declined considerably. (Prices rise as yields fall.) In addition, a small number of issues with specific credit challenges outweighed the benefit from the higher quality core of the portfolio. At the
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
sector level, the Fund was hurt by an overweight in the underperforming hospital sector, as well as holdings in continuing care retirement communities, such as Galloway Ridge. Our security selection in electric utilities and the BBB rated segment of the transportation sector was an additional detractor.
On the positive side, the Fund benefited from many of the themes that helped the state overall. For instance, the Fund’s higher average credit quality and an absence of the poor-performing, lower quality bonds that weighed on the benchmark, which is national in scope, were both positives for relative performance. Overweights in AAA debt and the higher quality, pre-refunded and water/sewer categories also added value. An underweight in the transportation sector was a further plus for the Fund. Security selection in the AA and A credit tiers aided returns, primarily as a result of an overweight in general obligation debt. Selection in the leasing sector, where higher quality county appropriation credits performed well in the sell-off, was another bright spot.
Fund positioning
Our strategy remained largely consistent throughout the period. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those we believed would be refinanced. Given the state’s generally high credit quality, finding compelling yield opportunities was a challenge. Our new purchases for the Fund emphasized health care (hospitals and continuing care retirement communities), transportation (airports, toll roads), housing, and high-quality issues with coupons below 5%. Nearly half of our buys for the Fund were the types of AAA and AA rated general obligation and utility issuers which have continued to form the core of the portfolio. The Fund’s allocation to pre-refunded bonds rose, as issuers have taken advantage of near record low yields to refinance debt where they can. The Fund’s overall credit quality was unchanged overall at AA, although the underlying composition featured more AAAs and BBBs and fewer AAs and As. The portfolio’s average maturity was steady at 9.0 years. However, we reduced Fund exposure to the three- to nine-year maturity range on the belief that this area lacked adequate current yield or total return prospects.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the year. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that we believed were most susceptible to mitigation efforts, and we reduced allocations to those we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 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.
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.
6 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 984.70 1,020.84 4.00 4.07 0.81
Advisor Class 1,000.00 1,000.00 986.80 1,022.08 2.77 2.82 0.56
Class C 1,000.00 1,000.00 982.00 1,017.11 7.69 7.82 1.56
Institutional Class 1,000.00 1,000.00 986.90 1,022.08 2.77 2.82 0.56
Institutional 3 Class 1,000.00 1,000.00 986.40 1,022.48 2.37 2.41 0.48
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
7

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Floating Rate Notes 1.1%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
Variable Rate Demand Notes 1.1%
Charlotte-Mecklenburg Hospital Authority (The)(a),(b)
Revenue Bonds
Series 2018 (JPMorgan Chase Bank)
01/15/2048 0.160%   2,000,000 2,000,000
Total Floating Rate Notes
(Cost $2,000,000)
2,000,000
Municipal Bonds 97.4%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 4.0%
City of Charlotte Airport(c)
Revenue Bonds
Charlotte Douglas International
Series 2019
07/01/2035 5.000%   1,195,000 1,393,848
City of Charlotte Airport
Revenue Bonds
Series 2017A
07/01/2028 5.000%   500,000 596,760
Raleigh Durham Airport Authority
Refunding Revenue Bonds
Series 2010A
05/01/2023 5.000%   2,000,000 2,000,000
Raleigh Durham Airport Authority(c)
Refunding Revenue Bonds
Series 2020A
05/01/2034 5.000%   1,150,000 1,343,717
05/01/2036 5.000%   2,000,000 2,313,880
Total 7,648,205
Higher Education 9.0%
Appalachian State University
Refunding Revenue Bonds
Series 2016A
10/01/2026 5.000%   325,000 390,731
Series 2016B
10/01/2020 5.000%   1,380,000 1,404,026
Revenue Bonds
Series 2018
05/01/2035 5.000%   1,095,000 1,283,022
East Carolina University
Revenue Bonds
General
Series 2014A
10/01/2031 5.000%   1,900,000 2,125,492
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
North Carolina Agricultural & Technical State University
Refunding Revenue Bonds
General Purpose
Series 2015A
10/01/2032 5.000%   2,000,000 2,229,920
North Carolina Capital Facilities Finance Agency
Revenue Bonds
Wake Forest University
Series 2018
01/01/2034 5.000%   400,000 484,516
North Carolina Central University
Refunding Revenue Bonds
Series 2016
10/01/2029 4.000%   625,000 659,087
Revenue Bonds
Series 2019
04/01/2036 5.000%   500,000 556,095
04/01/2038 5.000%   500,000 552,445
North Carolina State University at Raleigh
Refunding Revenue Bonds
General
Series 2018
10/01/2027 5.000%   300,000 374,061
10/01/2028 5.000%   250,000 318,040
University of North Carolina at Charlotte (The)
Refunding Revenue Bonds
Governors
Series 2020A
10/01/2035 4.000%   200,000 224,454
10/01/2037 4.000%   300,000 334,035
Revenue Bonds
Board of Governors
Series 2017
10/01/2029 5.000%   500,000 601,815
Series 2014
04/01/2030 5.000%   1,000,000 1,115,240
University of North Carolina at Greensboro
Refunding Revenue Bonds
Series 2016
04/01/2029 5.000%   390,000 468,035
04/01/2030 5.000%   250,000 299,398
Revenue Bonds
General
Series 2014
04/01/2032 5.000%   2,000,000 2,236,000
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2019B
10/01/2034 5.000%   355,000 444,904
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Western Carolina University
Revenue Bonds
General
Series 2018
10/01/2033 5.000%   250,000 305,243
10/01/2034 5.000%   575,000 699,683
Total 17,106,242
Hospital 6.4%
County of New Hanover
Refunding Revenue Bonds
New Hanover Regional Medical Center
Series 2017
10/01/2030 5.000%   1,200,000 1,402,152
North Carolina Medical Care Commission
Refunding Revenue Bonds
Novant Health Obligation Group
Series 2013
11/01/2024 5.000%   530,000 572,421
Southeastern Regional Medical Center
Series 2012
06/01/2026 5.000%   1,000,000 1,054,120
Vidant Health
Series 2015
06/01/2030 5.000%   1,000,000 1,121,530
WakeMed
Series 2012A
10/01/2031 5.000%   2,000,000 2,099,180
Revenue Bonds
Moses Cone Health System
Series 2011
10/01/2020 5.000%   3,215,000 3,270,845
REX Health Care
Series 2020A
07/01/2035 5.000%   800,000 924,840
Rex Hospital, Inc.
Series 2015A
07/01/2032 5.000%   1,000,000 1,098,450
Wake Forest Baptist Obligation Group
Series 2019
12/01/2033 5.000%   595,000 683,125
Total 12,226,663
Joint Power Authority 4.3%
North Carolina Municipal Power Agency No. 1
Refunding Revenue Bonds
Series 2015A
01/01/2026 5.000%   1,500,000 1,754,685
01/01/2031 5.000%   2,000,000 2,292,400
Series 2016A
01/01/2028 5.000%   1,500,000 1,760,985
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Series 2019A
01/01/2032 5.000%   2,000,000 2,436,260
Total 8,244,330
Local Appropriation 18.6%
City of Charlotte
Refunding Certificate of Participation
Series 2019B
06/01/2034 5.000%   2,000,000 2,499,740
City of Durham
Revenue Bonds
Series 2018
04/01/2034 4.000%   1,000,000 1,130,790
City of Kannapolis
Revenue Bonds
Series 2014
04/01/2031 5.000%   1,365,000 1,551,200
City of Monroe
Refunding Revenue Bonds
Series 2016
03/01/2035 5.000%   1,000,000 1,158,460
City of Wilmington
Refunding Revenue Bonds
Series 2014A
06/01/2028 5.000%   500,000 575,755
City of Winston-Salem
Refunding Revenue Bonds
Series 2014C
06/01/2029 5.000%   750,000 863,302
County of Brunswick
Revenue Bonds
Series 2015A
06/01/2028 5.000%   250,000 293,143
06/01/2029 5.000%   250,000 292,025
County of Buncombe
Revenue Bonds
Series 2014A
06/01/2032 5.000%   1,635,000 1,859,633
County of Catawba
Revenue Bonds
Series 2011
10/01/2022 5.000%   400,000 422,708
Series 2018
12/01/2036 4.000%   1,940,000 2,188,301
County of Dare
Refunding Revenue Bonds
Series 2016A
06/01/2031 4.000%   225,000 253,100
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Davidson
Revenue Bonds
Series 2020
06/01/2037 4.000%   400,000 456,336
County of Gaston
Revenue Bonds
Series 2019A
04/01/2034 5.000%   250,000 309,775
04/01/2035 5.000%   300,000 370,050
County of Harnett
Revenue Bonds
Series 2019
10/01/2037 4.000%   955,000 1,069,256
County of Henderson(d)
Revenue Bonds
Series 2020
06/01/2029 5.000%   525,000 670,089
County of Johnston
Revenue Bonds
Series 2014
06/01/2028 5.000%   1,000,000 1,139,570
County of Lee
Revenue Bonds
Series 2018
05/01/2036 4.000%   500,000 561,095
County of Martin
Refunding Revenue Bonds
Water & Sewer District
Series 2014
06/01/2030 4.000%   730,000 794,649
County of Onslow
Revenue Bonds
Series 2015
06/01/2027 4.000%   405,000 456,362
Series 2016
10/01/2028 5.000%   1,000,000 1,213,960
County of Pender
Revenue Bonds
Series 2015
04/01/2027 5.000%   1,165,000 1,373,570
04/01/2028 5.000%   1,290,000 1,517,582
County of Randolph
Refunding Revenue Bonds
Series 2013C
10/01/2026 5.000%   1,500,000 1,827,900
Revenue Bonds
Series 2019B
10/01/2034 5.000%   500,000 620,335
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Sampson
Refunding Revenue Bonds
Series 2017
09/01/2035 4.000%   1,000,000 1,112,110
County of Surry
Revenue Bonds
Series 2019
06/01/2032 5.000%   275,000 344,927
06/01/2033 5.000%   350,000 436,250
County of Union
Refunding Revenue Bonds
Series 2012
12/01/2024 5.000%   1,715,000 2,005,898
County of Wake
Refunding Revenue Bonds
Series 2018A
08/01/2036 4.000%   2,000,000 2,233,500
County of Wilkes
Refunding Revenue Bonds
Series 2015
06/01/2027 5.000%   500,000 592,185
06/01/2029 5.000%   500,000 589,485
Durham Capital Financing Corp.
Revenue Bonds
Series 2018
10/01/2035 4.000%   1,500,000 1,696,230
Orange County Public Facilities Co.
Unrefunded Revenue Bonds
Series 2012
10/01/2024 5.000%   835,000 910,709
Total 35,389,980
Local General Obligation 9.5%
City of Charlotte
Unlimited General Obligation Refunding Bonds
Series 2020A
06/01/2027 5.000%   725,000 908,976
City of Greensboro
Unlimited General Obligation Bonds
03/03/2020
Series 2020B
04/01/2031 5.000%   2,205,000 2,902,662
City of Greensboro(d)
Unlimited General Obligation Refunding Bonds
07/08/2020
Series 2020D
10/01/2030 5.000%   1,785,000 2,333,013
County of Durham
Unlimited General Obligation Bonds
Series 2019
06/01/2032 5.000%   620,000 791,889
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Forsyth
Unlimited General Obligation Bonds
Public Improvement
Series 2019B
03/01/2026 5.000%   1,000,000 1,214,530
County of Guilford
Unlimited General Obligation Bonds
Public Improvement
Series 2017B
05/01/2026 5.000%   1,000,000 1,219,790
County of Henderson
Revenue Bonds
Series 2015
10/01/2030 5.000%   500,000 584,485
County of Mecklenburg
Unlimited General Obligation Public Improvement Bonds
Series 2016B
12/01/2027 5.000%   1,180,000 1,456,816
County of Moore
Unlimited General Obligation Refunding Bonds
Series 2016
06/01/2028 5.000%   1,000,000 1,268,760
County of Pitt
Refunding Revenue Bonds
Series 2017
04/01/2022 5.000%   750,000 807,750
04/01/2024 5.000%   410,000 468,958
County of Wake
Unlimited General Obligation Public Improvement Bonds
Series 2019A
03/01/2033 5.000%   1,500,000 1,898,835
Unlimited General Obligation Refunding Bonds
Series 2010C
03/01/2022 5.000%   2,000,000 2,148,080
Total 18,004,544
Multi-Family 4.1%
North Carolina Capital Facilities Finance Agency
Refunding Revenue Bonds
North Carolina A&T University Foundation Project
Series 2015A
06/01/2028 5.000%   1,000,000 1,160,840
The Arc of North Carolina
Series 2017
10/01/2034 5.000%   1,500,000 1,605,225
University of North Carolina at Wilmington
Refunding Revenue Bonds
Series 2015
06/01/2029 5.000%   2,000,000 2,288,860
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Western Carolina University
Limited General Obligation Refunding Revenue Bonds
Student Housing
Series 2016 (AGM)
06/01/2027 5.000%   500,000 591,610
06/01/2028 5.000%   1,000,000 1,179,600
06/01/2029 5.000%   800,000 939,472
Total 7,765,607
Municipal Power 1.4%
City of Fayetteville Public Works Commission
Revenue Bonds
Series 2014
03/01/2027 4.000%   1,250,000 1,371,138
Greenville Utilities Commission
Revenue Bonds
Series 2019
08/01/2032 5.000%   625,000 789,331
08/01/2033 5.000%   400,000 500,716
Total 2,661,185
Refunded / Escrowed 10.7%
City of Raleigh Combined Enterprise System
Prerefunded 03/01/21 Revenue Bonds
Series 2011
03/01/2027 5.000%   800,000 828,648
County of Buncombe
Prerefunded 06/01/22 Revenue Bonds
Series 2012
06/01/2028 5.000%   500,000 543,775
06/01/2029 5.000%   1,000,000 1,087,550
County of Moore
Prerefunded 06/01/20 Revenue Bonds
Series 2010
06/01/2024 5.000%   1,635,000 1,640,363
County of Wake
Prerefunded 10/01/26 Revenue Bonds
Series 1993 Escrowed to Maturity (NPFGC)
10/01/2026 5.125%   1,690,000 1,899,932
Jacksonville Public Facilities Corp.
Prerefunded 04/01/22 Limited Obligation Revenue Bonds
Series 2012
04/01/2026 5.000%   1,075,000 1,161,613
North Carolina Eastern Municipal Power Agency
Prerefunded 01/01/22 Revenue Bonds
Series 1988A
01/01/2026 6.000%   1,000,000 1,084,960
Refunding Revenue Bonds
Series 1993B Escrowed to Maturity (NPFGC / IBC)
01/01/2022 6.000%   3,000,000 3,254,880
Series 1993B Escrowed to Maturity (NPFGC)
01/01/2022 6.000%   1,000,000 1,084,960
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
11

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
North Carolina Medical Care Commission
Prerefunded 06/01/22 Revenue Bonds
Duke University Health System
Series 2012A
06/01/2032 5.000%   3,635,000 3,949,318
Vidant Health
Series 2012A
06/01/2025 5.000%   1,500,000 1,629,705
06/01/2036 5.000%   1,445,000 1,571,510
Orange County Public Facilities Co.
Prerefunded 10/01/22 Revenue Bonds
Series 2012
10/01/2024 5.000%   490,000 539,112
Total 20,276,326
Retirement Communities 5.3%
North Carolina Medical Care Commission
Refunding Revenue Bonds
1st Mortgage-United Church
Series 2015A
09/01/2030 4.500%   1,000,000 936,190
1st Mortgage-United Methodist
Series 2013A
10/01/2033 5.000%   1,595,000 1,595,415
Pennybyrn at Maryfield
Series 2015
10/01/2025 5.000%   750,000 758,122
Retirement Facilities 1st Mortgage
Series 2019
01/01/2039 5.000%   1,000,000 958,940
Sharon Towers
Series 2019A
07/01/2033 5.000%   1,000,000 1,032,580
Southminster, Inc.
Series 2016
10/01/2025 5.000%   1,260,000 1,261,714
United Methodist Retirement
Series 2016
10/01/2030 5.000%   700,000 709,156
Revenue Bonds
The Pines at Davidson Project
Series 2019
01/01/2038 5.000%   1,000,000 1,016,040
Twin Lakes Community
Series 2019A
01/01/2038 5.000%   1,750,000 1,757,210
Total 10,025,367
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Sales Tax 0.6%
City of Rocky Mount
Revenue Bonds
Series 2016
05/01/2028 5.000%   1,000,000 1,202,860
Single Family 2.0%
North Carolina Housing Finance Agency
Revenue Bonds
Series 2017-38B (GNMA)
07/01/2037 3.850%   1,955,000 2,076,406
Series 2019-41 (GNMA)
07/01/2034 3.100%   740,000 766,825
Series 2019-42
07/01/2039 2.625%   1,000,000 974,360
Total 3,817,591
State Appropriated 1.2%
State of North Carolina
Refunding Revenue Bonds
Series 2014B
06/01/2025 5.000%   2,000,000 2,357,940
State General Obligation 0.6%
State of North Carolina
Unlimited General Obligation Refunding Bonds
Series 2016A
06/01/2026 5.000%   1,000,000 1,222,460
Transportation 1.4%
State of North Carolina
Revenue Bonds
Series 2019
03/01/2033 5.000%   1,250,000 1,544,338
Vehicle - GARVEE
Series 2015
03/01/2027 5.000%   900,000 1,044,279
Total 2,588,617
Turnpike / Bridge / Toll Road 3.0%
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2030 5.000%   1,700,000 1,833,892
01/01/2032 5.000%   1,450,000 1,549,180
Series 2017 (AGM)
01/01/2031 5.000%   750,000 862,620
North Carolina Turnpike Authority(e)
Refunding Revenue Bonds
Series 2016C
07/01/2029 0.000%   750,000 511,237
 
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Revenue Bonds
Series 2017C
07/01/2030 0.000%   550,000 355,300
07/01/2031 0.000%   1,100,000 674,179
Total 5,786,408
Water & Sewer 15.3%
City of Charlotte Water & Sewer System
Refunding Revenue Bonds
Series 2015
07/01/2024 5.000%   1,010,000 1,170,307
Series 2018
07/01/2035 4.000%   2,000,000 2,272,900
Revenue Bonds
Series 2009B
07/01/2025 5.000%   5,835,000 5,873,161
City of Gastonia Combined Utilities System
Revenue Bonds
Series 2015
05/01/2029 5.000%   265,000 308,264
05/01/2030 5.000%   660,000 764,405
City of Greensboro Combined Water & Sewer System
Refunding Revenue Bonds
Series 2006
06/01/2022 5.250%   1,200,000 1,306,164
06/01/2023 5.250%   2,000,000 2,255,460
City of Jacksonville Enterprise System
Refunding Revenue Bonds
Series 2016
05/01/2028 5.250%   250,000 313,878
City of Raleigh Combined Enterprise System
Refunding Revenue Bonds
Series 2015B
12/01/2025 5.000%   1,200,000 1,447,188
City of Thomasville Combined Enterprise System
Refunding Revenue Bonds
Series 2012
05/01/2026 4.000%   860,000 902,054
City of Winston-Salem Water & Sewer System
Refunding Revenue Bonds
Series 2016A
06/01/2024 5.000%   1,300,000 1,502,579
06/01/2033 4.000%   2,165,000 2,424,021
Series 2020A
06/01/2036 4.000%   2,000,000 2,294,440
Revenue Bonds
Series 2017
06/01/2031 4.000%   400,000 460,532
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
County of Brunswick Enterprise Systems
Refunding Revenue Bonds
Series 2015
04/01/2027 5.000%   1,500,000 1,755,780
County of Dare Utilities System
Refunding Revenue Bonds
Series 2017
02/01/2032 4.000%   300,000 339,918
County of Union Enterprise System
Revenue Bonds
Enterprise System
Series 2019
06/01/2031 5.000%   1,000,000 1,269,770
Series 2015
06/01/2029 5.000%   500,000 591,980
Onslow Water & Sewer Authority
Refunding Revenue Bonds
Series 2016
12/01/2031 4.000%   820,000 927,518
Town of Fuquay-Varina Combined Utilities System
Revenue Bonds
Series 2016
04/01/2030 5.000%   335,000 397,414
04/01/2031 5.000%   450,000 530,257
Total 29,107,990
Total Municipal Bonds
(Cost $181,352,899)
185,432,315
    
Money Market Funds 2.2%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(f) 512,424 512,373
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(f) 3,768,816 3,768,816
Total Money Market Funds
(Cost $4,281,240)
4,281,189
Total Investments in Securities
(Cost: $187,634,139)
191,713,504
Other Assets & Liabilities, Net   (1,389,354)
Net Assets 190,324,150
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
13

Portfolio of Investments  (continued)
April 30, 2020
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2020.
(c) Income from this security may be subject to alternative minimum tax.
(d) Represents a security purchased on a when-issued basis.
(e) Zero coupon bond.
(f) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
GNMA Government National Mortgage Association
IBC Insurance Bond Certificate
NPFGC National Public Finance Guarantee Corporation
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Floating Rate Notes 2,000,000 2,000,000
Municipal Bonds 185,432,315 185,432,315
Money Market Funds 4,281,189 4,281,189
Total Investments in Securities 4,281,189 187,432,315 191,713,504
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Fair value measurements  (continued)
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
15

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $187,634,139) $191,713,504
Cash 209
Receivable for:  
Capital shares sold 90,813
Interest 2,123,593
Expense reimbursement due from Investment Manager 260
Prepaid expenses 656
Total assets 193,929,035
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 3,102,302
Capital shares purchased 43,988
Distributions to shareholders 355,416
Management services fees 2,459
Distribution and/or service fees 201
Transfer agent fees 3,806
Compensation of board members 92,840
Other expenses 3,873
Total liabilities 3,604,885
Net assets applicable to outstanding capital stock $190,324,150
Represented by  
Paid in capital 186,683,163
Total distributable earnings (loss) 3,640,987
Total - representing net assets applicable to outstanding capital stock $190,324,150
Class A  
Net assets $17,175,741
Shares outstanding 1,672,127
Net asset value per share $10.27
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) $10.59
Advisor Class  
Net assets $4,928,352
Shares outstanding 480,479
Net asset value per share $10.26
Class C  
Net assets $3,070,431
Shares outstanding 298,999
Net asset value per share $10.27
Institutional Class  
Net assets $23,699,987
Shares outstanding 2,309,636
Net asset value per share $10.26
Institutional 3 Class  
Net assets $141,449,639
Shares outstanding 13,742,681
Net asset value per share $10.29
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $89,951
Interest 5,134,615
Total income 5,224,566
Expenses:  
Management services fees 873,346
Distribution and/or service fees  
Class A 43,209
Class C 35,293
Transfer agent fees  
Class A 15,503
Advisor Class 4,784
Class C 3,168
Institutional Class 21,429
Institutional 3 Class 10,466
Compensation of board members 1,512
Custodian fees 2,150
Printing and postage fees 13,687
Registration fees 10,485
Audit fees 27,100
Legal fees 9,728
Compensation of chief compliance officer 40
Other 9,978
Total expenses 1,081,878
Fees waived or expenses reimbursed by Investment Manager and its affiliates (76,868)
Total net expenses 1,005,010
Net investment income 4,219,556
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 12,145
Net realized gain 12,145
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (1,750,607)
Net change in unrealized appreciation (depreciation) (1,750,607)
Net realized and unrealized loss (1,738,462)
Net increase in net assets resulting from operations $2,481,094
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
17

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $4,219,556 $4,228,606
Net realized gain (loss) 12,145 (664,012)
Net change in unrealized appreciation (depreciation) (1,750,607) 3,650,732
Net increase in net assets resulting from operations 2,481,094 7,215,326
Distributions to shareholders    
Net investment income and net realized gains    
Class A (346,307) (386,015)
Advisor Class (120,443) (129,125)
Class C (44,538) (70,245)
Institutional Class (538,584) (571,853)
Institutional 3 Class (3,169,684) (3,071,183)
Total distributions to shareholders (4,219,556) (4,228,421)
Increase (decrease) in net assets from capital stock activity 22,545,674 (2,156,711)
Total increase in net assets 20,807,212 830,194
Net assets at beginning of year 169,516,938 168,686,744
Net assets at end of year $190,324,150 $169,516,938
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 231,609 2,434,674 169,543 1,722,915
Distributions reinvested 26,913 282,955 29,827 303,721
Redemptions (179,902) (1,879,023) (385,171) (3,908,966)
Net increase (decrease) 78,620 838,606 (185,801) (1,882,330)
Advisor Class        
Subscriptions 106,117 1,108,584 114,600 1,168,726
Distributions reinvested 11,449 120,217 12,673 128,868
Redemptions (170,461) (1,788,005) (47,243) (480,310)
Net increase (decrease) (52,895) (559,204) 80,030 817,284
Class C        
Subscriptions 39,046 405,324 45,784 466,230
Distributions reinvested 3,446 36,217 6,105 62,119
Redemptions (139,939) (1,461,158) (182,233) (1,848,463)
Net decrease (97,447) (1,019,617) (130,344) (1,320,114)
Institutional Class        
Subscriptions 338,485 3,564,792 565,144 5,744,822
Distributions reinvested 44,280 465,058 47,597 484,185
Redemptions (290,871) (3,041,926) (664,773) (6,742,706)
Net increase (decrease) 91,894 987,924 (52,032) (513,699)
Institutional 3 Class        
Subscriptions 3,716,277 39,209,742 4,940,478 50,489,350
Distributions reinvested 7,323 77,188 9,489 96,796
Redemptions (1,621,857) (16,988,965) (4,901,368) (49,843,998)
Net increase 2,101,743 22,297,965 48,599 742,148
Total net increase (decrease) 2,121,915 22,545,674 (239,548) (2,156,711)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
19

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.33 0.21 (0.06) 0.15 (0.21) (0.21)
Year Ended 4/30/2019 $10.14 0.24 0.19 0.43 (0.24) (0.24)
Year Ended 4/30/2018 $10.33 0.24 (0.19) 0.05 (0.24) (0.24)
Year Ended 4/30/2017 $10.70 0.25 (0.37) (0.12) (0.25) (0.25)
Year Ended 4/30/2016 $10.58 0.27 0.12 0.39 (0.27) (0.27)
Advisor Class
Year Ended 4/30/2020 $10.32 0.24 (0.06) 0.18 (0.24) (0.24)
Year Ended 4/30/2019 $10.12 0.26 0.20 0.46 (0.26) (0.26)
Year Ended 4/30/2018 $10.32 0.27 (0.20) 0.07 (0.27) (0.27)
Year Ended 4/30/2017 $10.69 0.28 (0.37) (0.09) (0.28) (0.28)
Year Ended 4/30/2016 $10.57 0.30 0.12 0.42 (0.30) (0.30)
Class C
Year Ended 4/30/2020 $10.33 0.13 (0.06) 0.07 (0.13) (0.13)
Year Ended 4/30/2019 $10.13 0.16 0.20 0.36 (0.16) (0.16)
Year Ended 4/30/2018 $10.33 0.16 (0.20) (0.04) (0.16) (0.16)
Year Ended 4/30/2017 $10.70 0.17 (0.37) (0.20) (0.17) (0.17)
Year Ended 4/30/2016 $10.58 0.19 0.12 0.31 (0.19) (0.19)
Institutional Class
Year Ended 4/30/2020 $10.32 0.24 (0.06) 0.18 (0.24) (0.24)
Year Ended 4/30/2019 $10.13 0.26 0.19 0.45 (0.26) (0.26)
Year Ended 4/30/2018 $10.32 0.27 (0.19) 0.08 (0.27) (0.27)
Year Ended 4/30/2017 $10.69 0.28 (0.37) (0.09) (0.28) (0.28)
Year Ended 4/30/2016 $10.57 0.30 0.12 0.42 (0.30) (0.30)
Institutional 3 Class
Year Ended 4/30/2020 $10.36 0.25 (0.07) 0.18 (0.25) (0.25)
Year Ended 4/30/2019 $10.16 0.27 0.20 0.47 (0.27) (0.27)
Year Ended 4/30/2018 $10.35 0.28 (0.19) 0.09 (0.28) (0.28)
Year Ended 4/30/2017(d) $10.28 0.05 0.07(e) 0.12 (0.05) (0.05)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include line of credit interest expense which is less than 0.01%.
(d) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(e) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
20 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.27 1.43% 0.85% 0.81% 2.01% 7% $17,176
Year Ended 4/30/2019 $10.33 4.26% 0.87%(c) 0.81%(c) 2.32% 23% $16,469
Year Ended 4/30/2018 $10.14 0.48% 0.88% 0.81% 2.33% 10% $18,035
Year Ended 4/30/2017 $10.33 (1.11%) 0.96% 0.81% 2.39% 12% $18,246
Year Ended 4/30/2016 $10.70 3.77% 0.97% 0.81% 2.57% 11% $27,616
Advisor Class
Year Ended 4/30/2020 $10.26 1.69% 0.60% 0.56% 2.26% 7% $4,928
Year Ended 4/30/2019 $10.32 4.62% 0.62%(c) 0.56%(c) 2.57% 23% $5,505
Year Ended 4/30/2018 $10.12 0.63% 0.63% 0.56% 2.57% 10% $4,589
Year Ended 4/30/2017 $10.32 (0.86%) 0.71% 0.56% 2.64% 12% $2,236
Year Ended 4/30/2016 $10.69 4.03% 0.72% 0.56% 2.83% 11% $3,458
Class C
Year Ended 4/30/2020 $10.27 0.68% 1.60% 1.56% 1.26% 7% $3,070
Year Ended 4/30/2019 $10.33 3.58% 1.62%(c) 1.56%(c) 1.57% 23% $4,096
Year Ended 4/30/2018 $10.13 (0.38%) 1.63% 1.56% 1.58% 10% $5,338
Year Ended 4/30/2017 $10.33 (1.85%) 1.71% 1.56% 1.65% 12% $6,682
Year Ended 4/30/2016 $10.70 3.00% 1.73% 1.56% 1.82% 11% $8,023
Institutional Class
Year Ended 4/30/2020 $10.26 1.69% 0.60% 0.56% 2.26% 7% $23,700
Year Ended 4/30/2019 $10.32 4.52% 0.62%(c) 0.56%(c) 2.57% 23% $22,897
Year Ended 4/30/2018 $10.13 0.72% 0.65% 0.56% 2.55% 10% $22,984
Year Ended 4/30/2017 $10.32 (0.86%) 0.71% 0.56% 2.65% 12% $158,327
Year Ended 4/30/2016 $10.69 4.03% 0.73% 0.56% 2.82% 11% $191,661
Institutional 3 Class
Year Ended 4/30/2020 $10.29 1.67% 0.52% 0.48% 2.34% 7% $141,450
Year Ended 4/30/2019 $10.36 4.70% 0.53%(c) 0.48%(c) 2.65% 23% $120,551
Year Ended 4/30/2018 $10.16 0.83% 0.54% 0.48% 2.68% 10% $117,741
Year Ended 4/30/2017(d) $10.35 1.15% 0.55%(f) 0.42%(f) 2.87%(f) 12% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
21

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia North Carolina Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
22 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
23

Notes to Financial Statements  (continued)
April 30, 2020
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
24 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, 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 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 10,676
Class C 1.00(b)
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
25

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  Fee rate(s) contractual
through
August 31, 2020
Class A 0.81%
Advisor Class 0.56
Class C 1.56
Institutional Class 0.56
Institutional 3 Class 0.48
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
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 April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, distributions, principal and/or interest of fixed income securities, and capital loss carryforward. 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 Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
2,596 4,216,960 4,219,556 22 4,228,399 4,228,421
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At April 30, 2020, 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
appreciation ($)
1,161,415 (1,175,031) 4,102,191
26 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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) ($)
Net unrealized
appreciation ($)
187,611,313 6,530,870 (2,428,679) 4,102,191
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, 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 April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
(528,605) (646,426) (1,175,031) 12,145
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 $36,318,533 and $11,647,628, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
27

Notes to Financial Statements  (continued)
April 30, 2020
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
28 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At April 30, 2020, two unaffiliated shareholders of record owned 87.1% 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. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
29

Notes to Financial Statements  (continued)
April 30, 2020
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.
30 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia North Carolina Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia North Carolina Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 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
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
31

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Exempt-
interest
dividends
 
99.94%  
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
32 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
33

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
34 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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 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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
35

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
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.
36 Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia North Carolina Intermediate Municipal Bond Fund  | Annual Report 2020
37

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[THIS PAGE INTENTIONALLY LEFT BLANK]

Columbia North Carolina Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN206_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia Maryland Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Maryland Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Maryland Intermediate Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and Maryland individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2016
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 09/01/90 1.11 1.90 2.64
  Including sales charges   -1.89 1.29 2.32
Advisor Class* 03/19/13 1.46 2.18 2.83
Class C Excluding sales charges 06/17/92 0.45 1.16 1.88
  Including sales charges   -0.54 1.16 1.88
Institutional Class 09/01/90 1.46 2.16 2.89
Institutional 3 Class* 03/01/17 1.56 2.15 2.76
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Maryland Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 10.7
AA rating 38.3
A rating 32.6
BBB rating 12.3
BB rating 1.4
Not rated 4.7
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
4 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 1.11% excluding sales charges, and its Institutional Class shares returned 1.46%. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 2.40% for the same time period. The Fund’s underperformance was primarily the result of its quality profile, which featured overweights in lower rated investment-grade and non-rated issues.
Market overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Municipal bonds were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
Maryland’s high credit quality was a tailwind
Maryland intermediate-term municipal bonds outpaced the benchmark, which is national in scope. Maryland’s intermediate municipal market is dominated by high-quality state and local general obligation debt. While approximately 70% of the fund’s national benchmark is rated AAA, and state & local general obligations have a similar weighting, 95% of Maryland’s municipal market is rated AAA or AA, which is exceedingly high quality. This high-quality profile worked to the state’s advantage, during investors’ flight to quality in March 2020. Maryland had the added benefit of a very low weighting in the transportation sector, which was hard hit throughout the U.S. market. Similarly, the national benchmark suffered from steep price declines for bonds related to Illinois, the city of Chicago, and New Jersey. Maryland also remained well supported by strong fiscal management and a relatively high percentage of workforce in government jobs, both of which should help cushion the effect of an economic downturn.
Contributors and detractors
The Fund’s underperformance was primarily the result of its quality profile, which featured overweights in lower rated investment-grade and non-rated issues. Among bonds rated below investment grade, positions in the continuing care retirement center, hotel/convention center, and parking sectors hurt performance as valuations suffered from the impact of COVID-19 on the markets. Infections and deaths at retirement communities raised investor concerns about their ability to mitigate the effects of the virus, while the convention center and parking sectors sold off as travel came to a standstill. An underweight in state and local general obligations, which outperformed, further detracted.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
On the plus side, the Fund benefited from the strong returns of its investments in housing, hospitals and leasing-related issues. With the exception of bonds issued by Bowie State University, where our purchase was unfavorably timed, the positions in college student housing also performed well. Similarly, the Fund’s holdings in the health care sector, where several issuers refinanced outstanding debt, outperformed the national benchmark. Positions in high-quality state and local appropriation bonds added value, as well.
Fund positioning
Our strategy remained largely consistent throughout the period. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those that we believed would be refinanced. Our new purchases averaged maturities of 14 years and ratings of AA, and they encompassed a variety of sectors. While we worked to lengthen the portfolio’s average maturity, this was offset by the shortening effects of refunding activity. The Fund’s average maturity therefore finished the period at 8.50 years, down slightly from its level at the close of the previous reporting period. We raised the portfolio’s weighting in bonds with maturities of 15 years and above, and we increased its average credit quality from A+ to AA-.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the year. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that were most susceptible to mitigation efforts, and we reduced allocations to those we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 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.
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.
6 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 984.70 1,020.84 4.00 4.07 0.81
Advisor Class 1,000.00 1,000.00 986.90 1,022.08 2.77 2.82 0.56
Class C 1,000.00 1,000.00 982.00 1,017.11 7.69 7.82 1.56
Institutional Class 1,000.00 1,000.00 986.00 1,022.08 2.77 2.82 0.56
Institutional 3 Class 1,000.00 1,000.00 987.40 1,022.53 2.32 2.36 0.47
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
7

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Municipal Bonds 97.6%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Disposal 2.2%
Maryland Environmental Service
Revenue Bonds
Mid Shore II Regional Landfill
Series 2011
11/01/2024 5.000%   1,030,000 1,050,569
Higher Education 3.7%
Maryland Health & Higher Educational Facilities Authority
Revenue Bonds
Maryland Institute College of Art
Series 2012
06/01/2029 5.000%   1,000,000 1,048,090
Montgomery County Authority
Refunding Revenue Bonds
Series 2014
05/01/2027 5.000%   500,000 566,985
Morgan State University
Refunding Revenue Bonds
Series 2012
07/01/2030 5.000%   150,000 161,432
Total 1,776,507
Hospital 12.2%
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
Anne Arundel Health System
Series 2014
07/01/2029 5.000%   750,000 820,440
MedStar Health, Inc.
Series 2015
08/15/2033 5.000%   500,000 543,890
Mercy Medical Center
Series 2016A
07/01/2032 5.000%   600,000 663,834
Meritus Medical Center Issue
Series 2015
07/01/2027 5.000%   1,000,000 1,127,130
Peninsula Regional Medical Center
Series 2015
07/01/2034 5.000%   1,000,000 1,075,430
Series 2017B
07/01/2031 5.000%   1,000,000 1,139,840
University of Maryland Medical System
Series 2015
07/01/2028 5.000%   500,000 559,705
Total 5,930,269
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Local Appropriation 4.4%
County of Prince George’s
Certificate of Participation
Suitland Public Infrastructure
Series 2019
10/01/2035 5.000%   500,000 608,160
University of Maryland Capital Region Health
Series 2018
10/01/2035 5.000%   750,000 911,602
Howard County Housing Commission
Revenue Bonds
Roger Carter Recreation Center Project
Series 2011
06/01/2026 5.000%   585,000 609,073
Total 2,128,835
Local General Obligation 8.9%
City of Baltimore
Unlimited General Obligation Bonds
Series 2017A
10/15/2033 5.000%   750,000 909,555
County of Anne Arundel
Limited General Obligation Bonds
Consolidated General Improvements
Series 2019
10/01/2036 5.000%   500,000 623,885
County of Anne Arundel(a)
Limited General Obligation Bonds
Consolidated Water and Sewer
Series 2020
10/01/2037 5.000%   500,000 621,650
County of Baltimore
Unlimited General Obligation Bonds
Consolidated Public Improvement Bonds
Series 2020
03/01/2034 4.000%   500,000 582,190
County of Frederick
Unlimited General Obligation Refunding Bonds
Public Facilities
Series 2006
11/01/2021 5.250%   1,500,000 1,598,310
Total 4,335,590
Multi-Family 11.2%
Howard County Housing Commission
Revenue Bonds
General Capital Improvement Program
Series 2015
06/01/2032 4.000%   750,000 794,782
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Woodfield Oxford Square Apartments
Series 2017
12/01/2029 5.000%   555,000 663,214
Maryland Economic Development Corp.
Refunding Revenue Bonds
University of Maryland Baltimore County Student Housing
Series 2016 (AGM)
07/01/2030 5.000%   725,000 857,537
University of Maryland College Park Student Housing
Series 2016 (AGM)
06/01/2030 5.000%   875,000 1,033,279
Revenue Bonds
Bowie State University Project
Series 2020
07/01/2040 4.000%   250,000 235,210
Salisbury University Project
Series 2012
06/01/2027 5.000%   1,100,000 1,143,186
Towson University Project
Series 2012
07/01/2027 5.000%   700,000 733,110
Total 5,460,318
Other Bond Issue 2.0%
City of Baltimore
Refunding Revenue Bonds
Convention Center Hotel
Series 2017
09/01/2028 5.000%   750,000 647,505
Maryland Community Development Administration
Revenue Bonds
Capital Fund Securitization
Series 2003 (AGM)
07/01/2021 4.400%   20,000 20,052
Maryland Economic Development Corp.
Revenue Bonds
Baltimore City Project
Subordinated Series 2018C
06/01/2038 4.000%   350,000 292,457
Total 960,014
Refunded / Escrowed 14.7%
City of Baltimore
Revenue Bonds
Water Project
Series 1994A Escrowed to Maturity (FGIC)
07/01/2024 5.000%   1,400,000 1,538,684
Maryland Health & Higher Educational Facilities Authority
Prerefunded 05/15/23 Revenue Bonds
Johns Hopkins Health System
Series 2013C
05/15/2033 5.000%   1,499,999 1,678,665
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Prerefunded 07/01/22 Revenue Bonds
Carroll Hospital
Series 2012A
07/01/2027 5.000%   1,000,000 1,087,660
Prerefunded 07/01/24 Revenue Bonds
Western Maryland Health System
Series 2014
07/01/2034 5.250%   1,500,000 1,750,995
State of Maryland
Prerefunded 03/01/23 Unlimited General Obligation Bonds
Series 2015A
03/01/2027 4.000%   1,000,000 1,089,200
Total 7,145,204
Retirement Communities 3.9%
County of Baltimore
Refunding Revenue Bonds
Oak Crest Village, Inc.
Series 2016
01/01/2029 5.000%   500,000 552,765
Oak Crest Village, Inc. Facilities
Series 2020
01/01/2038 4.000%   330,000 337,425
Riverwood Village, Inc. Project
Series 2020
01/01/2036 4.000%   500,000 526,610
County of Howard
Refunding Revenue Bonds
Columbia Vantage House Corp.
Series 2017
04/01/2026 5.000%   500,000 489,970
Total 1,906,770
Single Family 1.3%
Maryland Community Development Administration
Revenue Bonds
Series 2019C
03/01/2031 5.000%   500,000 614,095
Special Non Property Tax 3.6%
Maryland Stadium Authority
Revenue Bonds
Construction and Revitalization
Series 2018
05/01/2033 5.000%   1,000,000 1,195,970
State of Maryland Department of Transportation
Revenue Bonds
Series 2019
10/01/2032 4.000%   500,000 572,210
Total 1,768,180
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Special Property Tax 9.1%
Anne Arundel County Consolidated District
Special Tax Refunding Bonds
Villages of Dorchester & Farmington
Series 2013
07/01/2023 5.000%   225,000 250,861
07/01/2024 5.000%   500,000 556,470
City of Baltimore
Refunding Tax Allocation Bonds
Consolidated Tax Projects
Series 2015
06/15/2027 5.000%   520,000 575,780
County of Frederick
Special Tax Bonds
Urbana Community Development Authority
Series 2010A
07/01/2025 5.000%   2,485,000 2,498,494
County of Montgomery
Refunding Special Tax Bonds
West Germantown Development District
Series 2014
07/01/2025 4.000%   485,000 533,995
Total 4,415,600
State Appropriated 7.1%
Maryland Economic Development Corp.
Refunding Revenue Bonds
Department of Transportation Headquarters
Series 2010
06/01/2022 4.500%   2,675,000 2,866,503
Maryland Stadium Authority
Revenue Bonds
Series 2019C
12/15/2037 4.000%   500,000 561,935
Total 3,428,438
State General Obligation 3.7%
State of Maryland
Unlimited General Obligation Bonds
Series 2017A
08/01/2030 4.000%   500,000 580,920
State & Local Facilities Loan
Series 2018
08/01/2028 5.000%   500,000 642,185
Series 2020A
03/15/2035 4.000%   500,000 586,760
Total 1,809,865
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Transportation 3.7%
Washington Metropolitan Area Transit Authority
Refunding Revenue Bonds
Series 2017A-1
07/01/2029 5.000%   1,000,000 1,213,890
Revenue Bonds
Series 2018
07/01/2036 5.000%   500,000 578,110
Total 1,792,000
Water & Sewer 5.9%
City of Baltimore
Refunding Revenue Bonds
Water Projects
Subordinated Series 2019C
07/01/2035 4.000%   500,000 560,340
Subordinated Revenue Bonds
Series 2014A
07/01/2032 5.000%   1,000,000 1,119,590
Wastewater Project
Series 2017A
07/01/2031 5.000%   1,000,000 1,191,090
Total 2,871,020
Total Municipal Bonds
(Cost $46,196,596)
47,393,274
    
Money Market Funds 2.7%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(b) 54,914 54,908
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(b) 1,233,758 1,233,758
Total Money Market Funds
(Cost $1,288,671)
1,288,666
Total Investments in Securities
(Cost: $47,485,267)
48,681,940
Other Assets & Liabilities, Net   (140,308)
Net Assets 48,541,632
 
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Notes to Portfolio of Investments
(a) Represents a security purchased on a when-issued basis.
(b) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
FGIC Financial Guaranty Insurance Corporation
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Municipal Bonds 47,393,274 47,393,274
Money Market Funds 1,288,666 1,288,666
Total Investments in Securities 1,288,666 47,393,274 48,681,940
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
11

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $47,485,267) $48,681,940
Cash 882
Receivable for:  
Capital shares sold 39,767
Interest 676,976
Expense reimbursement due from Investment Manager 261
Prepaid expenses 571
Total assets 49,400,397
Liabilities  
Payable for:  
Investments purchased on a delayed delivery basis 636,335
Capital shares purchased 26,941
Distributions to shareholders 99,263
Management services fees 623
Distribution and/or service fees 131
Transfer agent fees 2,156
Compensation of board members 90,418
Other expenses 2,898
Total liabilities 858,765
Net assets applicable to outstanding capital stock $48,541,632
Represented by  
Paid in capital 47,027,236
Total distributable earnings (loss) 1,514,396
Total - representing net assets applicable to outstanding capital stock $48,541,632
Class A  
Net assets $11,895,734
Shares outstanding 1,150,082
Net asset value per share $10.34
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.66
Advisor Class  
Net assets $1,156,242
Shares outstanding 111,733
Net asset value per share $10.35
Class C  
Net assets $1,829,650
Shares outstanding 176,810
Net asset value per share $10.35
Institutional Class  
Net assets $7,458,297
Shares outstanding 721,212
Net asset value per share $10.34
Institutional 3 Class  
Net assets $26,201,709
Shares outstanding 2,525,168
Net asset value per share $10.38
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $17,912
Interest 1,586,051
Total income 1,603,963
Expenses:  
Management services fees 238,872
Distribution and/or service fees  
Class A 30,716
Class C 16,915
Transfer agent fees  
Class A 12,223
Advisor Class 889
Class C 1,686
Institutional Class 7,919
Institutional 3 Class 2,197
Compensation of board members (23)
Custodian fees 1,178
Printing and postage fees 13,222
Registration fees 13,534
Audit fees 27,100
Legal fees 8,378
Compensation of chief compliance officer 11
Other 8,292
Total expenses 383,109
Fees waived or expenses reimbursed by Investment Manager and its affiliates (79,409)
Fees waived by transfer agent  
Institutional 3 Class (725)
Expense reduction (20)
Total net expenses 302,955
Net investment income 1,301,008
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 174,925
Net realized gain 174,925
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (817,014)
Net change in unrealized appreciation (depreciation) (817,014)
Net realized and unrealized loss (642,089)
Net increase in net assets resulting from operations $658,919
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
13

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $1,301,008 $1,619,985
Net realized gain (loss) 174,925 (80,673)
Net change in unrealized appreciation (depreciation) (817,014) 853,131
Net increase in net assets resulting from operations 658,919 2,392,443
Distributions to shareholders    
Net investment income and net realized gains    
Class A (289,199) (424,672)
Advisor Class (23,107) (20,573)
Class C (27,009) (45,672)
Institutional Class (207,095) (253,653)
Institutional 3 Class (754,598) (1,205,166)
Total distributions to shareholders (1,301,008) (1,949,736)
Decrease in net assets from capital stock activity (105,143) (13,683,248)
Total decrease in net assets (747,232) (13,240,541)
Net assets at beginning of year 49,288,864 62,529,405
Net assets at end of year $48,541,632 $49,288,864
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 146,952 1,563,187 149,568 1,546,307
Distributions reinvested 13,926 147,757 19,602 202,774
Redemptions (155,005) (1,644,938) (327,638) (3,399,000)
Net increase (decrease) 5,873 66,006 (158,468) (1,649,919)
Advisor Class        
Subscriptions 54,890 580,892 44,498 461,529
Distributions reinvested 2,153 22,848 1,955 20,231
Redemptions (16,080) (170,737) (2,170) (22,644)
Net increase 40,963 433,003 44,283 459,116
Class C        
Subscriptions 67,811 720,493 30,814 318,902
Distributions reinvested 2,115 22,453 3,620 37,439
Redemptions (40,234) (430,318) (128,253) (1,332,227)
Net increase (decrease) 29,692 312,628 (93,819) (975,886)
Institutional Class        
Subscriptions 140,089 1,485,111 259,897 2,687,032
Distributions reinvested 15,596 165,487 19,867 205,464
Redemptions (159,889) (1,679,723) (244,492) (2,527,902)
Net increase (decrease) (4,204) (29,125) 35,272 364,594
Institutional 3 Class        
Subscriptions 567,947 6,056,950 747,049 7,772,372
Distributions reinvested 1,229 13,085 1,104 11,449
Redemptions (657,508) (6,957,690) (1,898,700) (19,664,974)
Net decrease (88,332) (887,655) (1,150,547) (11,881,153)
Total net decrease (16,008) (105,143) (1,323,279) (13,683,248)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
15

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.47 0.25 (0.13) 0.12 (0.25) (0.25)
Year Ended 4/30/2019 $10.36 0.28 0.17 0.45 (0.28) (0.06) (0.34)
Year Ended 4/30/2018 $10.61 0.27 (0.20) 0.07 (0.27) (0.05) (0.32)
Year Ended 4/30/2017 $10.90 0.27 (0.29) (0.02) (0.27) (0.27)
Year Ended 4/30/2016 $10.81 0.29 0.09 0.38 (0.29) (0.29)
Advisor Class
Year Ended 4/30/2020 $10.47 0.28 (0.12) 0.16 (0.28) (0.28)
Year Ended 4/30/2019 $10.36 0.30 0.18 0.48 (0.31) (0.06) (0.37)
Year Ended 4/30/2018 $10.61 0.30 (0.20) 0.10 (0.30) (0.05) (0.35)
Year Ended 4/30/2017 $10.90 0.30 (0.29) 0.01 (0.30) (0.30)
Year Ended 4/30/2016 $10.81 0.32 0.09 0.41 (0.32) (0.32)
Class C
Year Ended 4/30/2020 $10.47 0.17 (0.12) 0.05 (0.17) (0.17)
Year Ended 4/30/2019 $10.36 0.20 0.17 0.37 (0.20) (0.06) (0.26)
Year Ended 4/30/2018 $10.61 0.19 (0.20) (0.01) (0.19) (0.05) (0.24)
Year Ended 4/30/2017 $10.90 0.19 (0.29) (0.10) (0.19) (0.19)
Year Ended 4/30/2016 $10.81 0.21 0.09 0.30 (0.21) (0.21)
Institutional Class
Year Ended 4/30/2020 $10.46 0.28 (0.12) 0.16 (0.28) (0.28)
Year Ended 4/30/2019 $10.36 0.30 0.16 0.46 (0.30) (0.06) (0.36)
Year Ended 4/30/2018 $10.61 0.30 (0.20) 0.10 (0.30) (0.05) (0.35)
Year Ended 4/30/2017 $10.90 0.29 (0.28) 0.01 (0.30) (0.30)
Year Ended 4/30/2016 $10.81 0.32 0.09 0.41 (0.32) (0.32)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.34 1.11% 0.96% 0.81%(c) 2.36% 15% $11,896
Year Ended 4/30/2019 $10.47 4.42% 0.98%(d) 0.79%(c),(d) 2.67% 4% $11,976
Year Ended 4/30/2018 $10.36 0.65% 0.98% 0.79%(c) 2.55% 9% $13,494
Year Ended 4/30/2017 $10.61 (0.19%) 1.01% 0.81% 2.50% 20% $15,125
Year Ended 4/30/2016 $10.90 3.60% 1.04% 0.81%(c) 2.72% 13% $18,362
Advisor Class
Year Ended 4/30/2020 $10.35 1.46% 0.70% 0.56%(c) 2.60% 15% $1,156
Year Ended 4/30/2019 $10.47 4.68% 0.73%(d) 0.55%(c),(d) 2.94% 4% $741
Year Ended 4/30/2018 $10.36 0.90% 0.72% 0.54%(c) 2.79% 9% $274
Year Ended 4/30/2017 $10.61 0.07% 0.72% 0.54% 2.87% 20% $86
Year Ended 4/30/2016 $10.90 3.86% 0.77% 0.56%(c) 2.97% 13% $10
Class C
Year Ended 4/30/2020 $10.35 0.45% 1.71% 1.56%(c) 1.60% 15% $1,830
Year Ended 4/30/2019 $10.47 3.64% 1.73%(d) 1.54%(c),(d) 1.91% 4% $1,540
Year Ended 4/30/2018 $10.36 (0.10%) 1.73% 1.54%(c) 1.80% 9% $2,497
Year Ended 4/30/2017 $10.61 (0.93%) 1.76% 1.56% 1.76% 20% $2,807
Year Ended 4/30/2016 $10.90 2.83% 1.79% 1.56%(c) 1.97% 13% $2,638
Institutional Class
Year Ended 4/30/2020 $10.34 1.46% 0.71% 0.56%(c) 2.60% 15% $7,458
Year Ended 4/30/2019 $10.46 4.58% 0.73%(d) 0.54%(c),(d) 2.92% 4% $7,591
Year Ended 4/30/2018 $10.36 0.89% 0.74% 0.55%(c) 2.76% 9% $7,148
Year Ended 4/30/2017 $10.61 0.06% 0.76% 0.56% 2.75% 20% $57,704
Year Ended 4/30/2016 $10.90 3.86% 0.79% 0.56%(c) 2.97% 13% $72,405
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
17

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 4/30/2020 $10.50 0.29 (0.12) 0.17 (0.29) (0.29)
Year Ended 4/30/2019 $10.39 0.31 0.18 0.49 (0.32) (0.06) (0.38)
Year Ended 4/30/2018 $10.64 0.31 (0.20) 0.11 (0.31) (0.05) (0.36)
Year Ended 4/30/2017(e) $10.55 0.05 0.09(f) 0.14 (0.05) (0.05)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) The benefits derived from expense reductions had an impact of less than 0.01%.
(d) Ratios include interfund lending expense which is less than 0.01%.
(e) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(f) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(g) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.38 1.56% 0.62% 0.46% 2.70% 15% $26,202
Year Ended 4/30/2019 $10.50 4.78% 0.63%(d) 0.44%(d) 3.01% 4% $27,441
Year Ended 4/30/2018 $10.39 1.02% 0.62% 0.43% 2.93% 9% $39,116
Year Ended 4/30/2017(e) $10.64 1.35% 0.58%(g) 0.42%(g) 3.05%(g) 20% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
19

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia Maryland Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a non-diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
20 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Delayed delivery securities
The Fund may trade securities on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
21

Notes to Financial Statements  (continued)
April 30, 2020
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares. In addition, prior to September 1, 2019, Institutional 3 Class shares were subject to a contractual transfer agency fee annual limitation of not more than 0.00% of the average daily net assets attributable to Institutional 3 Class shares.
22 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.10
Advisor Class 0.10
Class C 0.10
Institutional Class 0.10
Institutional 3 Class 0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, these minimum account balance fees reduced total expenses of the Fund by $20.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 7,293
Class C 1.00(b)
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
23

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2019
through
August 31, 2020
Prior to
September 1, 2019
Class A 0.81% 0.81%
Advisor Class 0.56 0.56
Class C 1.56 1.56
Institutional Class 0.56 0.56
Institutional 3 Class 0.47 0.45
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but the Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time. Reflected in the contractual cap commitment, prior to September 1, 2019, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.00% for Institutional 3 Class of the average daily net assets attributable to Institutional 3 Class. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
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 April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
102 1,300,906 1,301,008 1,634,965 314,771 1,949,736
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
24 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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
appreciation ($)
20 412,594 94,232 1,196,673
At April 30, 2020, the cost of all investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
47,485,267 1,701,539 (504,866) 1,196,673
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. In addition, for the year ended April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
80,673
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 $7,589,184 and $7,437,673, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
25

Notes to Financial Statements  (continued)
April 30, 2020
borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or
26 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
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 coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
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 April 30, 2020, one unaffiliated shareholder of record owned 66.5% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
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.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
27

Notes to Financial Statements  (continued)
April 30, 2020
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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.
28 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Maryland Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Maryland Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 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
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
29

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Capital
gain
dividend
Exempt-
interest
dividends
$98,944 99.99%
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.
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
30 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
31

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
32 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name,
address,
year of birth
Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin St.
Boston, MA 02110
1960
Trustee since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and since 5/10 for Nations Funds 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 171 Trustee, Columbia Funds since November 2001
* 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.
Nations Funds refer to the Funds within the Columbia Funds Complex that historically bore the Nations brand and includes series of Columbia Funds Series Trust. RiverSource Funds refer to the Funds within the Columbia Funds Complex that historically bore the RiverSource brand and includes series of Columbia Funds Series Trust II.
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. Truscott, who is Senior Vice President, 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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
33

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
there were no material changes to the Program during the period;
34 Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia Maryland Intermediate Municipal Bond Fund  | Annual Report 2020
35

Columbia Maryland Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN190_04_K01_(06/20)
Annual Report
April 30, 2020
Columbia Georgia Intermediate Municipal Bond Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and provided with a website address to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Fund, by calling 800.345.6611 or by enrolling in “eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. If you invest directly with the Fund, you can call 800.345.6611 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account if you invest through a financial intermediary or all Columbia Funds held with the fund complex if you invest directly with the Fund.
Not Federally Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents
Columbia Georgia Intermediate Municipal Bond Fund (the Fund) mails one shareholder report to each shareholder address, unless such shareholder elected to receive shareholder reports from the Fund electronically. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for reporting periods ended prior to March 31, 2019, on Form N-Q. The Fund’s Form N-Q and Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Management Investment Advisers, LLC (the Investment Manager)
225 Franklin Street
Boston, MA 02110
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
Columbia Georgia Intermediate Municipal Bond Fund  |  Annual Report 2020

Fund at a Glance
Investment objective
The Fund seeks current income exempt from U.S. federal income tax and Georgia individual income tax, consistent with moderate fluctuation of principal.
Portfolio management
Paul Fuchs, CFA
Lead Portfolio Manager
Managed Fund since 2016
Anders Myhran, CFA
Portfolio Manager
Managed Fund since 2019
Deborah Vargo
Portfolio Manager
Managed Fund since 2017
Average annual total returns (%) (for the period ended April 30, 2020)
    Inception 1 Year 5 Years 10 Years
Class A Excluding sales charges 05/04/92 2.02 1.88 2.66
  Including sales charges   -1.04 1.27 2.35
Advisor Class* 03/19/13 2.27 2.16 2.91
Class C Excluding sales charges 06/17/92 1.25 1.14 1.90
  Including sales charges   0.26 1.14 1.90
Institutional Class 03/01/92 2.27 2.14 2.91
Institutional 3 Class* 03/01/17 2.38 2.21 2.95
Bloomberg Barclays 3-15 Year Blend Municipal Bond Index   2.40 2.82 3.58
Returns for Class A shares are shown with and without the maximum initial sales charge of 3.00%. Returns for Class C shares are shown with and without the 1.00% contingent deferred sales charge for the first year only. The Fund’s other share classes are not subject to sales charges and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each share class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiathreadneedleus.com/investor/ or calling 800.345.6611.
* The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products /mutual-funds/appended-performance for more information.
The Bloomberg Barclays 3–15 Year Blend Municipal Bond Index is an unmanaged index that tracks the performance of municipal bonds issued after December 31, 1990, with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.
Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.
Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic. The COVID-19 pandemic has adversely impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political, social and economic risks in certain countries and globally.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
3

Fund at a Glance   (continued)
Performance of a hypothetical $10,000 investment (April 30, 2010 — April 30, 2020)
The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Georgia Intermediate Municipal Bond 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 April 30, 2020)
AAA rating 10.1
AA rating 53.2
A rating 28.3
BBB rating 5.3
BB rating 1.1
Not rated 2.0
Total 100.0
Percentages indicated are based upon total fixed income investments.
Bond ratings apply to the underlying holdings of the Fund and not the Fund itself and are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.
4 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Manager Discussion of Fund Performance
For the 12-month period that ended April 30, 2020, the Fund’s Class A shares returned 2.02% excluding sales charges, and its Institutional Class shares returned 2.27%. The Fund’s benchmark, the Bloomberg Barclays 3-15 Year Blend Municipal Bond Index, returned 2.40% for the same time period. The Fund’s duration (interest-rate sensitivity) was slightly below that of the benchmark for most of the period, which detracted from performance given that yields declined considerably.
Market overview
Despite elevated volatility late in the period, municipal bonds posted a positive total return for the full 12 months that ended April 30, 2020. The vast majority of the gain came from income, as prices were relatively flat.
U.S. tax-exempt debt performed reasonably well from the beginning of the period through early March 2020. During this time, the broader fixed-income market was aided by the backdrop of slow global growth and periodic “flights to quality” brought about by headlines regarding the U.S.-China trade dispute. The U.S. Federal Reserve (Fed) also supported the market through its shift to a more accommodative policy stance, highlighted by quarter-point interest rate cuts at its meetings in July 2019, September 2019, and December 2019. Municipal Bonds were further boosted by the combination of strong investor demand and a manageable level of new-issue supply.
This favorable backdrop changed suddenly in March 2020, when the spread of COVID-19 dramatically reshaped the investment landscape over the span of a few short months. The rapid rise of cases in Europe and the United States prompted travel restrictions, non-essential business closures and shelter-in-place orders. The unprecedented halt to substantial portions of the economy left investors struggling to price risk assets appropriately in the new reality. Massive selling flooded the market, with municipal funds experiencing their first outflow in 61 weeks. The tax-exempt market suffered some of the worst days in its history in March 2020 as a result.
The sell-off reached a crescendo late in March 2020, at which point tax-exempt issues began to recover much of their lost ground. The Fed cut rates to zero and announced a number of new liquidity facilities, and Congress approved a stimulus package of more than $2 trillion. Investors also grew increasingly hopeful about the potential for a gradual re-opening of the economy. Still, municipal bonds experienced negative price returns for the full 12 months that ended April 30, 2020.
Within the municipal market, higher quality issues outperformed high yield due largely to investors’ clear preference for lower risk assets in the latter part of the period. Longer term issues modestly outpaced their shorter dated counterparts.
Georgia’s higher credit quality was a plus
Georgia municipal bonds registered a positive absolute return and exceeded the gain for the U.S. municipal market. The state’s higher credit quality, with a larger weighting in AAA rated issues and a lower weighting in bonds rated below investment grade as compared to the benchmark, was beneficial in the challenging environment. Additionally, the relatively few BBB rated issues in Georgia generally performed better than their national peers. A lower weighting in the poor-performing transportation sector was an additional tailwind for the state, with a small subset of Atlanta airport bonds among the few to suffer from the COVID-19-related shutdown.
Despite the late downturn, Georgia’s municipal market reflected the state’s healthy underlying fundamentals for the majority of the period. In addition to producing above-average economic growth, Georgia featured the combination of low debt, high reserves, and robust fiscal management. The state was hit hard by the pandemic, however, with one of the largest increases in unemployment claims since the beginning of the COVID-19 crisis. Already, this trend had begun to have an effect on the state’s revenue collections. Governor Brian Kemp’s fiscal 2021 budget proposal assumes a 1.9% revenue increase over the original 2020 budget, but that assumption likely will need to be revisited in light of recent developments. The governor was one of the first to relax social distancing regulations and reopen a broad variety of business in an effort to mitigate the economic impact of COVID-19, although the effect of these measures remained to be seen at the close of the reporting period.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
5

Manager Discussion of Fund Performance  (continued)
Contributors and detractors
The Fund’s duration (interest-rate sensitivity) was slightly below that of the benchmark for most of the period, which detracted from performance given that yields declined considerably. (Prices rise as yields fall.) The Fund’s modestly higher risk profile, highlighted by an underweight in AAA-rated and pre-refunded bonds, detracted. An overweight in the underperforming hospital sector also hurt relative performance, as did security selection in electric utilities and education.
On the positive side, the Fund benefited from many of the themes that helped the state overall. Most notably, the Fund did not have positions in many of the worst-performing securities in the national index. Sector allocations were additive, with overweights in local general obligation debt, education, and water & sewer issues adding value. Underweights in transportation and leasing contributed, as well. Security selection was a positive overall, particularly in longer maturity issues, A-rated debt, and the local general obligation, transportation, special tax, and hospital sectors.
Fund positioning
Our strategy remained largely consistent throughout the period. We focused on repositioning the Fund out of short-maturity, low-yielding holdings, such as pre-refunded issues and those we believed would be refinanced. Our purchase activity was focused on adding incremental yield without moving down in credit quality. Nearly 90% of our purchases were in the AA or A rating category, and almost half had coupons below 5%, an area where we saw compelling value. We took advantage of opportunities in the hospital sector, where many securities offered yield premiums to other, similarly rated, sectors. We increased the Fund’s average maturity from 8.5 years to 9.7 years over the course of the reporting period by raising its weighting in bonds maturing in 15 to 18 years and reducing its allocation to bonds with maturities of one to two years. The portfolio’s duration rose as a result of these changes, and it finished April 2020 at a roughly neutral level compared to the benchmark. The Fund’s overall credit quality was unchanged.
We continued to be selective when evaluating lower investment-grade and non-rated securities, as yield spreads were extremely tight for the majority of the period. Only in the last two months of the period, when COVID-19 became the primary driver of market performance, did spreads widen. In response to the impact of COVID-19 on the market, we intensified our review of the Fund’s positioning across sectors and issuers to identify those that we believed were most susceptible to mitigation efforts, and we reduced allocations to those that we believed would suffer the largest impact. Believing the damage for many issues would likely extend beyond this temporary economic “pause,” we think credit should generally be evaluated through a long-term lens that balances the possibility of a near-term recovery with longer term safety of principal. With this said, we are cautiously optimistic about the prospects of a reopening of the U.S. economy, which would be very beneficial to most areas of the municipal market.
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. The value of the Fund’s portfolio may be more volatile than a more geographically diversified fund. 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 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.
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.
6 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

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 $1,000 = 8.6), then multiply the results by the expenses paid during the period under the “Actual” column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Fund’s actual return) and then applies the Fund’s actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
November 1, 2019 — April 30, 2020
  Account value at the
beginning of the
period ($)
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
Class A 1,000.00 1,000.00 990.60 1,020.84 4.01 4.07 0.81
Advisor Class 1,000.00 1,000.00 991.80 1,022.08 2.77 2.82 0.56
Class C 1,000.00 1,000.00 987.00 1,017.11 7.71 7.82 1.56
Institutional Class 1,000.00 1,000.00 991.90 1,022.08 2.77 2.82 0.56
Institutional 3 Class 1,000.00 1,000.00 992.40 1,022.58 2.28 2.31 0.46
Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 366.
Expenses do not include fees and expenses incurred indirectly by the Fund from its investment in underlying funds, including affiliated and non-affiliated pooled investment vehicles, such as mutual funds and exchange-traded funds.
Had Columbia Management Investment Advisers, LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account value at the end of the period would have been reduced.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
7

Portfolio of Investments
April 30, 2020
(Percentages represent value of investments compared to net assets)
Investments in securities
Floating Rate Notes 1.0%
Issue Description Effective
Yield
  Principal
Amount ($)
Value ($)
Variable Rate Demand Notes 1.0%
South Carolina Educational Facilities Authority(a),(b)
Revenue Bonds
Furman University (Wells Fargo Bank)
Series 2006
10/01/2039 0.250%   400,000 400,000
Total Floating Rate Notes
(Cost $400,000)
400,000
Municipal Bonds 96.1%
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Airport 6.4%
City of Atlanta Department of Aviation
Refunding Revenue Bonds
General
Series 2010C
01/01/2025 5.000%   1,500,000 1,534,635
Revenue Bonds
Series 2012B
01/01/2027 5.000%   1,000,000 1,055,200
Total 2,589,835
Higher Education 16.4%
Bulloch County Development Authority
Refunding Revenue Bonds
Georgia Southern University Housing Foundation
Series 2012 (AGM)
08/01/2027 5.000%   500,000 541,780
Georgia Southern University Housing Foundation Four LLC
Series 2017
07/01/2034 5.000%   500,000 572,505
Carrollton Payroll Development Authority
Refunding Revenue Bonds
Anticipation Certificates - UWG Campus Center
Series 2012 (AGM)
08/01/2025 5.000%   800,000 867,592
Dahlonega Downtown Development Authority
Refunding Revenue Bonds
North Georgia MAC LLC Project
Series 2017
07/01/2032 4.000%   1,000,000 1,099,190
Fulton County Development Authority
Refunding Revenue Bonds
Spelman College
Series 2015
06/01/2032 5.000%   1,000,000 1,158,730
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Gwinnett County Development Authority
Refunding Revenue Bonds
Georgia Gwinnett College Student Housing
Series 2017
07/01/2034 5.000%   1,000,000 1,152,030
Private Colleges & Universities Authority
Revenue Bonds
Emory University
Series 2019A
09/01/2037 5.000%   300,000 371,112
Richmond County Development Authority
Refunding Revenue Bonds
ASU Jaguar Student Housing
Series 2012 (AGM)
02/01/2027 5.000%   750,000 827,205
Total 6,590,144
Hospital 12.8%
Carroll City-County Hospital Authority
Refunding Revenue Bonds
Tanner Medical Center, Inc. Project
Series 2016
07/01/2030 4.000%   1,000,000 1,109,470
Cedartown Polk County Hospital Authority
Revenue Bonds
Floyd Healthcare Polk Medical Center
RAC Series 2016
07/01/2034 5.000%   480,000 525,019
Coweta County Development Authority
Refunding Revenue Bonds
Piedmont Healthcare, Inc.
Series 2020
07/01/2037 5.000%   500,000 576,945
Dalton Whitfield County Joint Development Authority
Revenue Bonds
Hamilton Health Care System Obligation
Series 2017
08/15/2033 5.000%   300,000 359,439
DeKalb Private Hospital Authority
Revenue Bonds
Children’s Healthcare of Atlanta
Series 2019
07/01/2035 5.000%   500,000 593,810
Floyd County Hospital Authority
Refunding Revenue Bonds
Floyd Medical Center Project
Series 2016
07/01/2039 4.000%   1,050,000 1,123,941
The accompanying Notes to Financial Statements are an integral part of this statement.
8 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Gainesville & Hall County Hospital Authority
Refunding Revenue Bonds
Northeast Georgia Health System Project
Series 2017
02/15/2030 5.000%   300,000 342,228
Glynn-Brunswick Memorial Hospital Authority
Refunding Revenue Bonds
Anticipation Certificates
Series 2020
08/01/2036 4.000%   500,000 517,505
Total 5,148,357
Investor Owned 1.2%
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032 2.250%   500,000 492,295
Joint Power Authority 6.2%
Municipal Electric Authority of Georgia
Refunding Revenue Bonds
Project One
Subordinated Series 2015A
01/01/2032 5.000%   1,000,000 1,060,840
Revenue Bonds
Project One
Subordinated Series 2008A
01/01/2021 5.250%   1,395,000 1,416,162
Total 2,477,002
Local Appropriation 0.6%
Macon-Bibb County Urban Development Authority
Refunding Revenue Bonds
Macon-Bibb County Public Project
Series 2017
12/01/2032 5.000%   200,000 241,584
Local General Obligation 21.8%
Cherokee County Board of Education
Unlimited General Obligation Bonds
Series 2014A
08/01/2030 5.000%   1,000,001 1,154,850
City of Atlanta
Unlimited General Obligation Refunding Bonds
Series 2014A
12/01/2026 5.000%   500,000 585,785
Forsyth County School District
Unlimited General Obligation Bonds
Series 2014
02/01/2028 5.000%   500,000 569,495
Series 2018
02/01/2033 5.000%   500,000 617,175
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Gwinnett County School District
Unlimited General Obligation Refunding Bonds
Series 2010
02/01/2024 5.000%   1,000,000 1,144,520
Heard County Public Facilities Authority
Revenue Bonds
School District Project
Series 2020
03/01/2028 5.000%   500,000 630,285
Jefferson City School District
Unlimited General Obligation Refunding Bonds
Series 2017
02/01/2031 4.000%   500,000 573,595
Lawrenceville Building Authority
Revenue Bonds
Lawrenceville Performing Arts
Series 2019
10/01/2035 3.000%   500,000 515,730
10/01/2036 3.000%   500,000 517,470
Pierce County School District
Unlimited General Obligation Bonds
Series 2017
01/01/2032 4.000%   425,000 483,556
South Fulton Municipal Regional Water & Sewer Authority
Refunding Revenue Bonds
Series 2014
01/01/2031 5.000%   1,000,000 1,113,370
Villa Rica Public Facilities Authority
Refunding Revenue Bonds
Water & Sewer Project
Series 2015
03/01/2031 5.000%   750,000 862,725
Total 8,768,556
Multi-Family 2.6%
Cobb County Development Authority
Refunding Revenue Bonds
Kennesaw State University
Series 2014
07/15/2029 5.000%   980,000 1,044,935
Prep School 1.1%
Gainesville & Hall County Development Authority
Refunding Revenue Bonds
Riverside Military Academy
Series 2017
03/01/2027 5.000%   445,000 432,709
Prepaid Gas 1.4%
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019C
09/01/2026 5.000%   500,000 568,460
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
9

Portfolio of Investments  (continued)
April 30, 2020
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
Sales Tax 1.3%
Metropolitan Atlanta Rapid Transit Authority
Revenue Bonds
Series 2019A
07/01/2036 3.000%   500,000 507,850
Single Family 2.6%
Georgia Housing & Finance Authority
Revenue Bonds
Series 2014B-1
12/01/2029 3.000%   1,000,000 1,031,320
Special Property Tax 4.4%
Atlanta & Fulton County Recreation Authority
Refunding Revenue Bonds
Park Improvement
Series 2014A
12/01/2028 5.000%   525,000 614,051
12/01/2033 5.000%   1,000,000 1,159,460
Total 1,773,511
State General Obligation 1.4%
State of Georgia
Unlimited General Obligation Bonds
Series 2018A
07/01/2035 4.000%   500,000 568,225
Turnpike / Bridge / Toll Road 1.9%
Georgia State Road & Tollway Authority(c),(d)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014
06/01/2024 0.000%   1,000,000 778,180
Water & Sewer 14.0%
Augusta Water & Sewerage Revenue
Refunding Revenue Bonds
Series 2017
10/01/2029 3.000%   750,000 801,082
Cherokee County Water & Sewer Authority
Refunding Revenue Bonds
Series 2016
08/01/2031 5.000%   250,000 296,433
Municipal Bonds (continued)
Issue Description Coupon
Rate
  Principal
Amount ($)
Value ($)
City of Atlanta Water & Wastewater
Refunding Revenue Bonds
Series 2017A
11/01/2034 5.000%   1,000,000 1,209,730
City of Cartersville
Refunding Revenue Bonds
Series 2018
06/01/2035 4.000%   500,000 563,840
County of Columbia Water & Sewerage
Refunding Revenue Bonds
Forward Delivery
Series 2020
06/01/2035 5.000%   450,000 567,891
County of DeKalb Water & Sewage
Refunding Revenue Bonds
Series 2006B
10/01/2021 5.250%   1,500,000 1,591,965
Etowah Water & Sewer Authority
Refunding Revenue Bonds
Series 2019 (BAM)
03/01/2028 5.000%   500,000 622,335
Total 5,653,276
Total Municipal Bonds
(Cost $37,593,754)
38,666,239
    
Money Market Funds 2.1%
  Shares Value ($)
Dreyfus AMT-Free Tax Exempt Cash Management Fund, Institutional Shares, 0.164%(e) 207,094 207,074
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 0.180%(e) 646,258 646,258
Total Money Market Funds
(Cost $853,352)
853,332
Total Investments in Securities
(Cost: $38,847,106)
39,919,571
Other Assets & Liabilities, Net   311,025
Net Assets 40,230,596
 
Notes to Portfolio of Investments
(a) The Fund is entitled to receive principal and interest from the guarantor after a day or a week’s notice or upon maturity. The maturity date disclosed represents the final maturity.
(b) Represents a variable rate security where the coupon rate adjusts on specified dates (generally daily or weekly) using the prevailing money market rate. The interest rate shown was the current rate as of April 30, 2020.
(c) Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At April 30, 2020, the total value of these securities amounted to $778,180, which represents 1.93% of total net assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
10 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Portfolio of Investments  (continued)
April 30, 2020
Notes to Portfolio of Investments  (continued)
(d) Zero coupon bond.
(e) The rate shown is the seven-day current annualized yield at April 30, 2020.
Abbreviation Legend
AGM Assured Guaranty Municipal Corporation
BAM Build America Mutual Assurance Co.
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by the Investment Manager, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models may rely on one or more significant unobservable inputs and/or significant assumptions by the Investment Manager. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
Under the direction of the Fund’s Board of Trustees (the Board), the Investment Manager’s Valuation Committee (the Committee) is responsible for overseeing the valuation procedures approved by the Board. The Committee consists of voting and non-voting members from various groups within the Investment Manager’s organization, including operations and accounting, trading and investments, compliance, risk management and legal.
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are or are not readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2020:
  Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Investments in Securities        
Floating Rate Notes 400,000 400,000
Municipal Bonds 38,666,239 38,666,239
Money Market Funds 853,332 853,332
Total Investments in Securities 853,332 39,066,239 39,919,571
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
11

Statement of Assets and Liabilities
April 30, 2020
Assets  
Investments in securities, at value  
Unaffiliated issuers (cost $38,847,106) $39,919,571
Cash 568
Receivable for:  
Capital shares sold 62,363
Interest 449,595
Expense reimbursement due from Investment Manager 292
Prepaid expenses 566
Total assets 40,432,955
Liabilities  
Payable for:  
Capital shares purchased 27,706
Distributions to shareholders 77,451
Management services fees 516
Distribution and/or service fees 100
Transfer agent fees 5,307
Compensation of board members 88,773
Other expenses 2,506
Total liabilities 202,359
Net assets applicable to outstanding capital stock $40,230,596
Represented by  
Paid in capital 38,856,463
Total distributable earnings (loss) 1,374,133
Total - representing net assets applicable to outstanding capital stock $40,230,596
Class A  
Net assets $9,013,560
Shares outstanding 873,083
Net asset value per share $10.32
Maximum sales charge 3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) $10.64
Advisor Class  
Net assets $185,595
Shares outstanding 18,000
Net asset value per share $10.31
Class C  
Net assets $1,409,672
Shares outstanding 136,510
Net asset value per share $10.33
Institutional Class  
Net assets $28,950,838
Shares outstanding 2,804,928
Net asset value per share $10.32
Institutional 3 Class  
Net assets $670,931
Shares outstanding 64,828
Net asset value per share $10.35
The accompanying Notes to Financial Statements are an integral part of this statement.
12 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Operations
Year Ended April 30, 2020
Net investment income  
Income:  
Dividends — unaffiliated issuers $21,097
Interest 1,313,354
Total income 1,334,451
Expenses:  
Management services fees 203,104
Distribution and/or service fees  
Class A 25,783
Class C 16,468
Transfer agent fees  
Class A 13,191
Advisor Class 369
Class C 2,104
Institutional Class 39,244
Institutional 3 Class 72
Compensation of board members 57
Custodian fees 1,363
Printing and postage fees 12,213
Registration fees 3,287
Audit fees 27,100
Legal fees 8,299
Compensation of chief compliance officer 9
Other 8,182
Total expenses 360,845
Fees waived or expenses reimbursed by Investment Manager and its affiliates (78,775)
Total net expenses 282,070
Net investment income 1,052,381
Realized and unrealized gain (loss) — net  
Net realized gain (loss) on:  
Investments — unaffiliated issuers 234,741
Net realized gain 234,741
Net change in unrealized appreciation (depreciation) on:  
Investments — unaffiliated issuers (350,656)
Net change in unrealized appreciation (depreciation) (350,656)
Net realized and unrealized loss (115,915)
Net increase in net assets resulting from operations $936,466
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
13

Statement of Changes in Net Assets
  Year Ended
April 30, 2020
Year Ended
April 30, 2019
Operations    
Net investment income $1,052,381 $1,287,208
Net realized gain 234,741 93,167
Net change in unrealized appreciation (depreciation) (350,656) 640,826
Net increase in net assets resulting from operations 936,466 2,021,201
Distributions to shareholders    
Net investment income and net realized gains    
Class A (236,754) (295,340)
Advisor Class (7,357) (4,771)
Class C (25,660) (49,659)
Institutional Class (773,158) (933,187)
Institutional 3 Class (9,452) (4,251)
Total distributions to shareholders (1,052,381) (1,287,208)
Increase (decrease) in net assets from capital stock activity 2,939 (13,240,681)
Total decrease in net assets (112,976) (12,506,688)
Net assets at beginning of year 40,343,572 52,850,260
Net assets at end of year $40,230,596 $40,343,572
The accompanying Notes to Financial Statements are an integral part of this statement.
14 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Statement of Changes in Net Assets   (continued)
  Year Ended Year Ended
  April 30, 2020 April 30, 2019
  Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A        
Subscriptions 122,112 1,282,512 44,293 453,254
Distributions reinvested 16,668 175,433 20,918 213,594
Redemptions (264,922) (2,779,330) (228,582) (2,328,654)
Net decrease (126,142) (1,321,385) (163,371) (1,661,806)
Advisor Class        
Subscriptions 17,365 178,354
Distributions reinvested 676 7,108 438 4,483
Redemptions (12,703) (131,503) (208) (2,112)
Net increase (decrease) (12,027) (124,395) 17,595 180,725
Class C        
Subscriptions 798 8,397 3,011 30,985
Distributions reinvested 2,062 21,708 4,193 42,825
Redemptions (76,549) (803,060) (98,717) (1,007,682)
Net decrease (73,689) (772,955) (91,513) (933,872)
Institutional Class        
Subscriptions 940,996 9,942,581 473,710 4,837,555
Distributions reinvested 14,441 151,993 17,602 179,759
Redemptions (794,305) (8,416,377) (1,556,250) (15,837,065)
Net increase (decrease) 161,132 1,678,197 (1,064,938) (10,819,751)
Institutional 3 Class        
Subscriptions 54,386 571,199 856 8,755
Distributions reinvested 870 9,185 386 3,952
Redemptions (3,541) (36,907) (1,821) (18,684)
Net increase (decrease) 51,715 543,477 (579) (5,977)
Total net increase (decrease) 989 2,939 (1,302,806) (13,240,681)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
15

Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
  Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Total
distributions to
shareholders
Class A
Year Ended 4/30/2020 $10.35 0.24 (0.03) 0.21 (0.24) (0.24)
Year Ended 4/30/2019 $10.17 0.27 0.18 0.45 (0.27) (0.27)
Year Ended 4/30/2018 $10.45 0.26 (0.24) 0.02 (0.26) (0.04) (0.30)
Year Ended 4/30/2017 $10.88 0.27 (0.37) (0.10) (0.27) (0.06) (0.33)
Year Ended 4/30/2016 $10.81 0.29 0.11 0.40 (0.29) (0.04) (0.33)
Advisor Class
Year Ended 4/30/2020 $10.34 0.27 (0.03) 0.24 (0.27) (0.27)
Year Ended 4/30/2019 $10.15 0.30 0.19 0.49 (0.30) (0.30)
Year Ended 4/30/2018 $10.44 0.28 (0.25) 0.03 (0.28) (0.04) (0.32)
Year Ended 4/30/2017 $10.87 0.30 (0.38) (0.08) (0.29) (0.06) (0.35)
Year Ended 4/30/2016 $10.79 0.32 0.12 0.44 (0.32) (0.04) (0.36)
Class C
Year Ended 4/30/2020 $10.36 0.16 (0.03) 0.13 (0.16) (0.16)
Year Ended 4/30/2019 $10.17 0.20 0.19 0.39 (0.20) (0.20)
Year Ended 4/30/2018 $10.46 0.18 (0.25) (0.07) (0.18) (0.04) (0.22)
Year Ended 4/30/2017 $10.88 0.19 (0.36) (0.17) (0.19) (0.06) (0.25)
Year Ended 4/30/2016 $10.81 0.21 0.11 0.32 (0.21) (0.04) (0.25)
Institutional Class
Year Ended 4/30/2020 $10.35 0.27 (0.03) 0.24 (0.27) (0.27)
Year Ended 4/30/2019 $10.16 0.30 0.19 0.49 (0.30) (0.30)
Year Ended 4/30/2018 $10.45 0.28 (0.25) 0.03 (0.28) (0.04) (0.32)
Year Ended 4/30/2017 $10.88 0.30 (0.37) (0.07) (0.30) (0.06) (0.36)
Year Ended 4/30/2016 $10.81 0.32 0.11 0.43 (0.32) (0.04) (0.36)
The accompanying Notes to Financial Statements are an integral part of this statement.
16 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.32 2.02% 0.99% 0.81% 2.30% 21% $9,014
Year Ended 4/30/2019 $10.35 4.53% 1.02%(c) 0.81%(c) 2.68% 3% $10,347
Year Ended 4/30/2018 $10.17 0.12% 0.98% 0.81% 2.45% 12% $11,819
Year Ended 4/30/2017 $10.45 (0.93%) 1.03% 0.81% 2.54% 14% $18,934
Year Ended 4/30/2016 $10.88 3.78% 1.04% 0.81% 2.73% 13% $20,377
Advisor Class
Year Ended 4/30/2020 $10.31 2.27% 0.75% 0.56% 2.55% 21% $186
Year Ended 4/30/2019 $10.34 4.90% 0.79%(c) 0.56%(c) 2.95% 3% $311
Year Ended 4/30/2018 $10.15 0.27% 0.73% 0.56% 2.69% 12% $126
Year Ended 4/30/2017 $10.44 (0.68%) 0.77% 0.56% 2.79% 14% $275
Year Ended 4/30/2016 $10.87 4.14% 0.79% 0.56% 2.98% 13% $250
Class C
Year Ended 4/30/2020 $10.33 1.25% 1.74% 1.56% 1.56% 21% $1,410
Year Ended 4/30/2019 $10.36 3.85% 1.77%(c) 1.56%(c) 1.93% 3% $2,177
Year Ended 4/30/2018 $10.17 (0.72%) 1.73% 1.56% 1.70% 12% $3,068
Year Ended 4/30/2017 $10.46 (1.57%) 1.78% 1.56% 1.78% 14% $3,733
Year Ended 4/30/2016 $10.88 3.01% 1.79% 1.56% 1.98% 13% $4,996
Institutional Class
Year Ended 4/30/2020 $10.32 2.27% 0.74% 0.56% 2.53% 21% $28,951
Year Ended 4/30/2019 $10.35 4.90% 0.76%(c) 0.56%(c) 2.93% 3% $27,373
Year Ended 4/30/2018 $10.16 0.28% 0.73% 0.56% 2.70% 12% $37,698
Year Ended 4/30/2017 $10.45 (0.68%) 0.78% 0.56% 2.79% 14% $46,421
Year Ended 4/30/2016 $10.88 4.04% 0.79% 0.56% 2.98% 13% $52,315
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
17

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 4/30/2020 $10.38 0.27 (0.02) 0.25 (0.28) (0.28)
Year Ended 4/30/2019 $10.19 0.31 0.19 0.50 (0.31) (0.31)
Year Ended 4/30/2018 $10.48 0.29 (0.25) 0.04 (0.29) (0.04) (0.33)
Year Ended 4/30/2017(d) $10.41 0.05 0.07 0.12 (0.05) (0.05)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c) Ratios include interfund lending expense which is less than 0.01%.
(d) Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
(e) Annualized.
The accompanying Notes to Financial Statements are an integral part of this statement.
18 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

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 4/30/2020 $10.35 2.38% 0.61% 0.46% 2.61% 21% $671
Year Ended 4/30/2019 $10.38 5.00% 0.66%(c) 0.45%(c) 3.04% 3% $136
Year Ended 4/30/2018 $10.19 0.39% 0.61% 0.46% 2.82% 12% $140
Year Ended 4/30/2017(d) $10.48 1.17% 0.64%(e) 0.43%(e) 3.04%(e) 14% $10
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
19

Notes to Financial Statements
April 30, 2020
Note 1. Organization
Columbia Georgia Intermediate Municipal Bond Fund (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
Fund shares
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 10 years. Advisor Class, Institutional Class and Institutional 3 Class shares are available through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
Security valuation
Debt securities generally are valued by pricing services approved by the Board of Trustees based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized cost value, unless this method results in a valuation that management believes does not approximate market value.
Investments in open-end investment companies, including money market funds, are valued at their latest net asset value.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.
The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.
20 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Fund’s Portfolio of Investments.
Security transactions
Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.
Income recognition
Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.
Dividend income is recorded on the ex-dividend date.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its net tax-exempt and investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
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.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
21

Notes to Financial Statements  (continued)
April 30, 2020
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to a percentage of the Fund’s daily net assets that declines from 0.47% to 0.31% as the Fund’s net assets increase. The effective management services fee rate for the year ended April 30, 2020 was 0.47% of the Fund’s average daily net assets.
Compensation of board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Compensation of board members" on the Statement of Operations.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer for the Fund in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is allocated to the Fund, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with DST Asset Manager Solutions, Inc. (DST) to serve as sub-transfer agent. The Transfer Agent pays the fees of DST for services as sub-transfer agent and DST is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 3 Class shares are subject to an annual limitation of not more than 0.02% of the average daily net assets attributable to Institutional 3 Class shares.
22 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
For the year ended April 30, 2020, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
  Effective rate (%)
Class A 0.13
Advisor Class 0.13
Class C 0.13
Institutional Class 0.13
Institutional 3 Class 0.02
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the year ended April 30, 2020, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rate of 0.75% of the average daily net assets attributable to Class C shares of the Fund.
Sales charges (unaudited)
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the year ended April 30, 2020, if any, are listed below:
  Front End (%) CDSC (%) Amount ($)
Class A 3.00 0.75(a) 820
Class C 1.00(b)
    
(a) This charge is imposed on certain investments of $500,000 or more if redeemed within 12 months after purchase.
(b) This charge applies to redemptions within 12 months after purchase, with certain limited exceptions.
The Fund’s other share classes are not subject to sales charges.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
23

Notes to Financial Statements  (continued)
April 30, 2020
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the class’ average daily net assets:
  September 1, 2019
through
August 31, 2020
Prior to
September 1, 2019
Class A 0.81% 0.81%
Advisor Class 0.56 0.56
Class C 1.56 1.56
Institutional Class 0.56 0.56
Institutional 3 Class 0.46 0.45
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
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 April 30, 2020, these differences were primarily due to differing treatment for trustees’ deferred compensation, and distributions. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.
The Fund did not have any permanent differences; therefore, no reclassifications were made.
The tax character of distributions paid during the years indicated was as follows:
Year Ended April 30, 2020 Year Ended April 30, 2019
Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($) Ordinary
income ($)
Tax-exempt
income ($)
Long-term
capital gains ($)
Total ($)
108 1,052,273 1,052,381 1,287,208 1,287,208
Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.
At April 30, 2020, 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
appreciation ($)
261,438 205,903 1,072,465
24 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
At April 30, 2020, 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) ($)
Net unrealized
appreciation ($)
38,847,106 1,334,647 (262,182) 1,072,465
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at April 30, 2020, 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 April 30, 2020, capital loss carryforwards utilized, if any, were as follows:
No expiration
short-term ($)
No expiration
long-term ($)
Total ($) Utilized ($)
28,838
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 $9,517,470 and $8,862,431, respectively, for the year ended April 30, 2020. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the year ended April 30, 2020.
Note 7. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in December unless extended or renewed.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
25

Notes to Financial Statements  (continued)
April 30, 2020
The Fund had no borrowings during the year ended April 30, 2020.
Note 8. 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.
Geographic concentration risk
Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of assets in a single issuer and, therefore, be more exposed to the risk of loss than a fund that invests more broadly. The value of municipal and other securities owned by the Fund also may be adversely affected by future changes in federal or state income tax laws.
Interest rate risk
Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities tend to rise. Actions by governments and central banking authorities can result in increases in interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.
Liquidity risk
Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. Changing regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may adversely affect the liquidity of the Fund’s investments. The Fund may have to accept a lower selling price for the holding, sell other investments, or forego another, more appealing investment opportunity. Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. A less liquid market can lead to an increase in Fund redemptions, which may negatively impact Fund performance and net asset value per share, including, for example, if the Fund is forced to sell securities in a down market.
Market and environment risk
The Fund may incur losses due to declines in the value of one or more securities in which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Fund, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
26 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Notes to Financial Statements  (continued)
April 30, 2020
The coronavirus disease 2019 (COVID-19) public health crisis has become a pandemic that 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 event(s) could have a significant adverse impact on the value and risk profile of the Fund.
The Investment Manager and its affiliates have systematically implemented strategies to address the operating environment spurred by the COVID-19 pandemic. To promote the safety and security of its employees and to assure the continuity of its business operations, the Investment Manager and its affiliates have implemented a work from home protocol for virtually all of its employee population, restricted business travel, and provided resources for complying with the guidance from the World Health Organization, the U.S. Centers for Disease Control and governments. The Investment Manager’s operations teams seek to operate without significant disruptions in service. Its pandemic strategy takes into consideration that a pandemic could be widespread and may occur in multiple waves, affecting different communities at different times with varying levels of severity. The Fund cannot, however, predict the impact that natural or man-made disasters, including the COVID-19 pandemic, may have on the ability of the Investment Manager, its employees and third-party service providers to continue ordinary business operations and technology functions over near- or longer-term periods.
Shareholder concentration risk
At April 30, 2020, one unaffiliated shareholder of record owned 63.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 9. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 10. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
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
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
27

Notes to Financial Statements  (continued)
April 30, 2020
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.
28 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Georgia Intermediate Municipal Bond Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Columbia Georgia Intermediate Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2020, the related statement of operations for the year ended April 30, 2020, the statement of changes in net assets for each of the two years in the period ended April 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2020, 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 April 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2020 by correspondence with the custodian and broker. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 22, 2020
We have served as the auditor of one or more investment companies within the Columbia Funds Complex since 1977.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
29

 Federal Income Tax Information
(Unaudited)
The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2020. Shareholders will be notified in early 2021 of the amounts for use in preparing 2020 income tax returns.
Capital
gain
dividend
Exempt-
interest
dividends
$216,198 99.99%
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.
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
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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
Independent trustees
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1953
Trustee since 1/17 Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016 117 Former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2015-2016; former Advisory Board Member, University of Colorado Business School, 2015-2018
30 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 1/06 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017
Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 7/07 for RiverSource Funds and since 6/11 for Nations Funds President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991 117 Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee) since 2019
Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1950
Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds 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 117 Trustee, MA Taxpayers Foundation since 1997; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010; Board of Directors, The MA Business Roundtable 2003-2019
Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1954
Trustee since 12/17 Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016 117 Trustee, Catholic Schools Foundation since 2004
Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1952
Chair of the Board since 1/20; Trustee since 11/04 for RiverSource Funds and since 6/11 for Nations Funds Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc. 117 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)
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
31

TRUSTEES AND OFFICERS  (continued)
 
Independent trustees  (continued)
Name,
address,
year of birth
Position held
with the Trust 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
Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1946
Trustee since 6/11 for RiverSource Funds and since 1/08 for Nations Funds Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000- 2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002 117 Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; former Director, Citigroup Inc. and Citibank, N.A., 2009-2019; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011
Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1947
Trustee since 6/11 for RiverSource Funds and since 2003 for Nations Funds President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011 117 Director, BlueCross BlueShield of South Carolina since April 2008; Trustee, Hollingsworth Funds since 2016 (previously Board Chair from 2016-2019); Advisory Board member, Duke Energy Corp. since October 2016; 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
Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Mail Drop BX32 05228
Boston, MA 02110
1964
Trustee since 12/17 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 117 Director, NAPE Education Foundation since October 2016
32 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

TRUSTEES AND OFFICERS  (continued)
 
Interested trustee affiliated with Investment Manager*
Name, address, year of birth Position held with the Trust 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
William F. Truscott
c/o Columbia Management
Investment Advisers, LLC
225 Franklin Street
Boston, MA 02110
1960
Trustee
2012
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 171 Trustee, Columbia Funds since November 2001
* 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 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. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach the mandatory retirement age established by the Board.
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
Christopher O. Petersen
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1970
President and Principal Executive Officer (2015) Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously Vice President and Chief Counsel, January 2010 - December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke
225 Franklin Street
Boston, MA 02110
Born 1969
Chief Financial Officer, Principal Financial Officer (2009), and Senior Vice President (2019) Vice President, Head of North American Operations, and Co-Head of Global Operations, – Accounting and Tax, Columbia Management Investment Advisers, LLC, since June 2019 (previously Vice President – Accounting and Tax, May 2010 – May 2019); senior officer of Columbia Funds and affiliated funds since 2002 (previously, Treasurer and Chief Accounting Officer, January 2009 – January 2019 and December 2015 – January 2019, respectively).
Joseph Beranek
5890 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 1965
Treasurer, Chief Accounting Officer (Principal Accounting Officer) (2019), and Principal Financial Officer (2020) 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).
Paul B. Goucher
485 Lexington Avenue
New York, NY 10017
Born 1968
Senior Vice President (2011) and Assistant Secretary (2008) Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008 - January 2017 and January 2013 - January 2017, respectively); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since March 2015 (previously Vice President and Assistant Secretary, May 2010 – March 2015).
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
33

TRUSTEES AND OFFICERS  (continued)
 
Fund officers  (continued)
Name,
address and
year of birth
Position and year
first appointed to
position for any Fund
in the Columbia
Funds Complex or a
predecessor thereof
Principal occupation(s) during past five years
Thomas P. McGuire
225 Franklin Street
Boston, MA 02110
Born 1972
Senior Vice President and Chief Compliance Officer (2012) Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds since December 2015.
Colin Moore
225 Franklin Street
Boston, MA 02110
Born 1958
Senior Vice President (2010) Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013.
Ryan C. Larrenaga
225 Franklin Street
Boston, MA 02110
Born 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); officer of Columbia Funds and affiliated funds since 2005.
Daniel J. Beckman
225 Franklin Street
Boston, MA 02110
Born 1962
Senior Vice President (2020) Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC (since April 2015); previously, Senior Vice President of Investment Product Management, Fidelity Financial Advisor Solutions, a division of Fidelity Investments (January 2012 – March 2015).
Michael E. DeFao
225 Franklin Street
Boston, MA 02110
Born 1968
Vice President (2011) and Assistant Secretary (2010) Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Lyn Kephart-Strong
5228 Ameriprise
Financial Center
Minneapolis, MN 55474
Born 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
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;
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.
34 Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020

Liquidity Risk Management Program  (continued)
 
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.
Columbia Georgia Intermediate Municipal Bond Fund  | Annual Report 2020
35

Columbia Georgia Intermediate Municipal Bond Fund
P.O. Box 219104
Kansas City, MO 64121-9104
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2020 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
ANN152_04_K01_(06/20)

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 Brian J. Gallagher, Pamela G. Carlton, Anthony M. Santomero, 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. Gallagher, Ms. Carlton, Mr. Santomero, 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 seven 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 April 30, 2020 and April 30, 2019 are approximately as follows:

20202019

$209,000 $222,000

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

 

(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended April 30, 2020 and April 30, 2019 are approximately as follows:

2020

2019

$0

$0

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 April 30, 2020 and April 30, 2019, 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 April 30, 2020 and April 30,

2019 are approximately as follows:

2020

2019

$0

$20,300

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 April 30, 2020 and April 30, 2019, 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 April 30, 2020 and April 30, 2019 are approximately as follows:

2020

2019

$0

$0

 

All Other Fees 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 April 30,

2020 and April 30, 2019 are approximately as follows:

20202019

$225,000 $225,000

In fiscal years 2020 and 2019, 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 April 30, 2020 and April 30,

2019 are approximately as follows:

20202019

$225,000 $245,300

(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,

 

or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

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

(a)(3) Not applicable.

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

SIGNATURES

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

authorized.

 

 

(registrant)

 

Columbia Funds Series Trust

 

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

June 22, 2020

 

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

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

June 22, 2020

 

By (Signature and Title)

/s/ Michael G. Clarke

 

 

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

 

 

and Senior Vice President

Date

 

June 22, 2020

 

By (Signature and Title)

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

June 22, 2020

 

Fund Policy - Code of Ethics for Principal Executive and Senior Financial Officers

 

COLUMBIA FUNDS

 

 

 

Applicable Regulatory Authority

 

Section 406 of the Sarbanes-Oxley Act of 2002;

 

 

Item 2 of Form N-CSR

Related Policies

 

Overview and Implementation of Compliance Program

 

 

Policy

Requires Annual Board Approval

 

No but Covered Officers Must provide annual

 

 

certification

Last Reviewed by AMC

 

June 2020

Overview and Statement

 

 

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of each Fund has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Fund holds its principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.

Policy The Board of each Fund has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

I.Covered Officers/Purpose of the Code

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

Compliance with applicable laws and governmental rules and regulations;

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

II.Administration of the Code

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code

Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

III.Managing Conflicts of Interest

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Fund that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Fund covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Fund. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

Service as a director on the board of a public or private company or service as a public official;

The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;

The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and

A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

IV. Disclosure and Compliance

It is the responsibility of each Covered Officer:

To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as the business and financial operations of the Fund;

To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

V.Reporting and Accountability by Covered Officers Each Covered Officer must:

Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;

Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;

If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;

Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit

Committee;

The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.

VI. Other Policies

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

VII. Disclosure of Amendments to the Code

Any amendments will, to the extent required, be disclosed in accordance with law.

VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Reporting Requirements

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Fund Policy: Code of Ethics for Principal Executive and Senior Financial Officers

Monitoring/Oversight/Escalation

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

Recordkeeping

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.

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Appendix A

INITIAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!

Page 8

Appendix B

ANNUAL ACKNOWLEDGEMENT

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

______________________________________________________________

______________________________________________________________

______________________________________________________________

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

Covered Officer Name and Title: ________________________________________________

(please print)

______________________________________________________________________________

Signature

Date

Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!

1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

Page 9

I, Christopher O. Petersen, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2020

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

Executive Officer

I, Michael G. Clarke, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2020

 

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

Principal Financial Officer and Senior Vice

 

President

I, Joseph Beranek, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Funds Series Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control

 

over financial reporting to be designed under our supervision, to provide reasonable

 

assurance regarding the reliability of financial reporting and the preparation of financial

 

statements for external purposes in accordance with generally accepted accounting

 

principles;

(c )

evaluated the effectiveness of the registrant's disclosure controls and procedures and

 

presented in this report our conclusions about the effectiveness of the disclosure controls

 

and procedures, as of a date within 90 days prior to the filing date of this report based on

 

such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 22, 2020

 

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting

 

Officer and Principal Financial Officer

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Funds Series Trust (the "Trust") on Form N-CSR for the period ending April 30, 2020 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date:

June 22, 2020

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal

 

 

Executive Officer

Date:

June 22, 2020

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer,

 

 

Principal Financial Officer and Senior Vice

 

 

President

Date:

June 22, 2020

/s/ Joseph Beranek

 

 

Joseph Beranek, Treasurer, Chief Accounting

 

 

Officer and Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.