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 shareholder 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

Fund at a Glance

Investment objective

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

Portfolio management

Ronald Launsbach, CFA

Lead Portfolio Manager

Managed Fund since 2012

Vesa Tontti

Co-Portfolio Manager

Managed Fund since 2019

Average annual total returns (%) (for the period ended July 31, 2020)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	02/16/06	-3.11	2.49	3.95
	Including sales charges		-6.04	1.87	3.64
Advisor Class*		02/28/13	-2.99	2.72	4.13
Class C	Excluding sales charges	02/16/06	-3.83	1.73	3.17
	Including sales charges		-4.76	1.73	3.17
Institutional Class*		09/27/10	-2.99	2.72	4.19
Institutional 2 Class		08/01/08	-2.80	2.80	4.26
Institutional 3 Class*		06/01/15	-2.90	2.82	4.12
Class R*		09/27/10	-3.46	2.22	3.69
Credit Suisse Leveraged Loan Index			-1.20	3.30	4.38

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. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiathreadneedleus.com/investor/investment-products/mutual-funds/appended-performance for more information.

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

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

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.

Manager Discussion of Fund Performance

For the 12-month period that ended July 31, 2020, the Fund’s Class A shares returned -3.11% excluding sales charges. The Fund underperformed its benchmark, the unmanaged Credit Suisse Leveraged Loan Index, which returned -1.20% for the same time period. Credit selection across a variety of industries detracted from the Fund’s relative performance during the annual period.

Leveraged bank loan market pressured by declining interest rates

Early in the annual period, signs of slowing domestic and global economies led the U.S. Federal Reserve (the Fed) to cut its targeted federal funds rate for a second time in the third quarter of 2019 alone. LIBOR, the base rate used in the leveraged loan market, also followed the federal funds in lowering rates. (ICE LIBOR stands for Intercontinental Exchange London Interbank Offered Rate and is the world’s most widely-used benchmark rate that leading banks charge each other for short-term loans until the transition to a replacement reference rate in 2021.) Declining interest rates are a headwind for the leveraged loan market, and thus, not surprisingly, the benchmark posted a negative return in August 2019 just slightly more than offset by a modest positive return in September. Though the Fed implemented a third interest rate reduction in the fourth quarter of 2019, it signaled this move likely represented the end of its mid-cycle downward adjustment in rates, leading to a cooling in bond market returns and a renewed focus on leveraged loans, which use a floating base rate of interest. In turn, the leveraged loan market capped off the calendar year with a strong fourth quarter, attributable primarily to the more credit-sensitive areas of the loan market, which performed well on signs of stronger economic growth, an improved tone on U.S.-China trade negotiations and progress in European Union-Brexit negotiations. The fourth quarter of 2019 was marked by a notable “risk on” market, where the lower end of the credit spectrum outperformed higher-rated assets.

Financial markets experienced a historic disruption in the first quarter of 2020, as the emergence of the COVID-19 pandemic brought the global economy to a near halt. The new year started with favorable market conditions fueled by a flow of solid economic data. But U.S. markets began reacting to the new threat in mid-February. To mitigate the economic impact of the pandemic, the Fed took a series of unprecedented steps in March to shore up liquidity, backstop important sectors and provide stimulus. The Fed slashed the targeted federal funds rate to near zero, relaunched quantitative easing and started numerous credit facilities to support various markets. Also, Congress and the White House passed three phases of fiscal stimulus totaling more than $2 trillion. In reaction to the mix of economic turmoil, fiscal stimulus and historic monetary actions, the yields on U.S. Treasuries moved significantly lower, and LIBOR also moved lower, though not to the same extent. By the end of the first quarter of 2020, the net effect of these measures provided a bit of calm to markets, sparking a performance recovery for many non-Treasury fixed income sectors. The leveraged loan market followed similar trajectories as equity and bond markets, with the benchmark posting a modestly positive return in the first quarter of 2020 through mid-February, but subsequently declining significantly, driving the benchmark to its worst quarterly performance since 2008. The leveraged loan market decline was fueled by a notable supply/demand imbalance. The flight to what were perceived as safer asset classes and the Fed’s actions to lower interest rates triggered significant outflows from leveraged loan mutual funds and exchange traded funds. While collateralized loan obligation (CLO) funds, one of the main sources of demand for bank loans, used their cash positions to absorb some of the selling, there was no issuance of new CLOs and so the overall demand was insufficient to keep the market from falling at a precipitous pace. Toward the end of March, retail fund outflows moderated considerably, and the market became more balanced.

Despite the pandemic’s persistently significant impact on economic activity, financial markets rebounded strongly during the last four months of the annual period. Markets were encouraged by the extraordinary support forthcoming from both the monetary and fiscal policymakers, further fueled by some initial positive data supporting the narrative of an economic recovery. As the months progressed, investors increasingly anticipated that progress toward re-opening the economy would limit the duration and magnitude of the COVID-19-induced recession. U.S. Treasury yields remained at historically low levels, while LIBOR dropped significantly. Still, while returns in the leveraged loan market slightly trailed the broad U.S. fixed income market, the second quarter of 2020 was one of the best quarters in the history of the leveraged loan market, with both April and May experiencing the highest monthly returns for the benchmark since 2009 and returns remaining solidly positive in June and July.

While supply/demand factors had materially improved by the end of the annual period, defaults did pick up amid the challenging economic conditions. At the end of the second quarter of 2020, the trailing 12-month loan default rate, examined by principal amount, stood at a five-year high of 3.94%, as measured by JP Morgan, up from 1.9% at the end of the first quarter of 2020 and 1.4% at the end of the fourth quarter of 2019 and above the long-term average of about 3.0%. At the end

Columbia Floating Rate Fund  | Annual Report 2020

5

Manager Discussion of Fund Performance  (continued)

of July 2020, the trailing 12-month loan default rate, examined by principal amount, was 4.36%, a data point widely expected to increase further to surpass recessionary levels, possibly in a range of between 5% and 10%. On the positive side, new loans being offered in the primary market at the end of the annual period came with considerably higher interest rates than loans with similar risk profiles issued prior to the pandemic, which should, in our view, gradually help improve returns for those investing in the loan market.

Credit selection in variety of industries dampened Fund performance

During the annual period, our credit selection in the aerospace, energy, broadcasting segment of media/telecommunications and manufacturing industries detracted most from the Fund’s relative results. Positioning in the financials industry also dampened Fund performance. These detractors were partially offset by effective credit selection in the services, gaming and food/tobacco industries, which contributed positively. Having overweights to the utilities and chemicals industries, which each outpaced the benchmark during the annual period, and having an underweight to the retail industry, which underperformed the benchmark during the annual period, also boosted relative results. Having a position in cash, albeit a modest one, during an annual period when the benchmark declined, added value as well.

Shifting market conditions drove portfolio changes

During the annual period, we reduced the Fund’s weighting in the retail industry relative to the benchmark, as an industry already struggling against e-commerce and other secular headwinds before the outbreak of COVID-19 was impacted especially hard by the pandemic-driven economic shutdown during the second half of the annual period. We increased the Fund’s relative exposure to the utilities industry, traditionally considered a more defensive industry, potentially providing enhanced downside protection for the Fund. We modestly decreased the Fund’s position in cash during the annual period.

Also, much trading activity throughout the annual period focused on gradually upgrading the overall credit quality of the Fund and selling or reducing positions across industries that we believed were at risk due to a variety of factors, including slowing economic growth and the pandemic. It is also well worth noting that while the trailing 12-month loan default rate, examined by principal amount, increased during the annual period, the default rate for the holdings in the Fund at the end of the annual period was dramatically lower than that of the leveraged loan market overall, reflecting, we believe, our disciplined focus on bottom-up individual credit selection.

As of July 31, 2020, the Fund had overweight exposures compared to the benchmark in the broadcasting, chemicals, utilities, manufacturing, gaming/leisure and energy industries. The Fund’s biggest underweights relative to the benchmark were in the financials, services, transportation, food/tobacco, automotive, retail, housing, consumer non-durables and health care industries.

As always, credit selection and industry weightings were of great importance in our portfolio positioning and strategy.

Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Fixed-income securities and loan investments present issuer default risk. A rise in interest rates may result in a price decline of fixed-income instruments held by the Fund, negatively impacting its performance and NAV. Falling rates may result in the Fund investing in lower yielding debt instruments, lowering the Fund’s income and yield. These risks may be heightened for longer maturity and duration securities. Non-investment-grade (high-yield or junk) securities or other similarly rated instruments present greater price volatility and more risk to principal and income than higher rated securities. Prepayment and extension risk exists because the timing of payments on a loan, bond or other investment may accelerate when interest rates fall or decelerate when interest rates rise which may reduce investment opportunities and potential returns. Investment in loans may include highly leveraged transactions whereby the borrower assumes large amounts of debt in order to have the financial resources to attempt to achieve its business objectives. These transactions involve greater risk (including default and bankruptcy) than other investments. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. See the Fund’s prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties who have contributed to the report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective

6	Columbia Floating Rate Fund  | Annual Report 2020

Manager Discussion of Fund Performance  (continued)

parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

Columbia Floating Rate 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.

February 1, 2020 — July 31, 2020
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	949.70	1,019.79	4.94	5.12	1.02
Advisor Class	1,000.00	1,000.00	949.70	1,021.03	3.73	3.87	0.77
Class C	1,000.00	1,000.00	945.10	1,016.06	8.56	8.87	1.77
Institutional Class	1,000.00	1,000.00	949.70	1,021.03	3.73	3.87	0.77
Institutional 2 Class	1,000.00	1,000.00	950.30	1,021.23	3.54	3.67	0.73
Institutional 3 Class	1,000.00	1,000.00	950.20	1,021.48	3.30	3.42	0.68
Class R	1,000.00	1,000.00	947.50	1,018.55	6.15	6.37	1.27

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

Portfolio of Investments
July 31, 2020

(Percentages represent value of investments compared to net assets)

Investments in securities

Common Stocks 2.0%
Issuer	Shares	Value ($)
Communication Services 0.7%
Diversified Telecommunication Services 0.0%
Cincinnati Bell, Inc.(a)	9,438	141,664
Entertainment 0.6%
MGM Holdings II, Inc.(a)	53,207	4,114,684
Media 0.1%
Clear Channel Outdoor Holdings, Inc.(a)	198,952	182,339
Cumulus Media, Inc., Class A(a)	28,485	111,946
Star Tribune Co. (The)(a),(b),(c)	1,098	—
Tribune Publishing Co.	4,413	43,027
Total		337,312
Total Communication Services		4,593,660
Consumer Discretionary 0.2%
Auto Components 0.2%
Aptiv PLC	11,178	869,089
Dayco/Mark IV(a)	2,545	18,664
Delphi Technologies PLC(a)	3,726	55,853
Total		943,606
Diversified Consumer Services 0.0%
Houghton Mifflin Harcourt Co.(a)	18,619	55,112
Specialty Retail 0.0%
David’s Bridal, Inc.(a),(c)	27,409	1,508
Total Consumer Discretionary		1,000,226
Energy 0.3%
Energy Equipment & Services 0.1%
Fieldwood Energy LLC(a),(c)	68,952	6,895
McDermott International, Inc.(a),(b),(c)	9,655	0
McDermott International, Inc.(a)	184,336	617,526
Total		624,421
Oil, Gas & Consumable Fuels 0.2%
Southcross Energy Partners LLC(a),(c)	107,918	15,108
Southcross Energy Partners LLC, Class A(a),(c)	2,041,444	1,429,011
Total		1,444,119
Total Energy		2,068,540

Common Stocks (continued)
Issuer	Shares	Value ($)
Financials 0.0%
Capital Markets —%
RCS Capital Corp., Class B(a),(b),(c)	6,880	0
Diversified Financial Services 0.0%
Alloy Finco Ltd.(a),(b),(c)	899,896	1
Total Financials		1
Information Technology 0.2%
Software 0.2%
Avaya Holdings Corp.(a)	80,629	1,020,763
Total Information Technology		1,020,763
Materials 0.3%
Chemicals 0.2%
LyondellBasell Industries NV, Class A	21,977	1,374,002
Metals & Mining 0.1%
Aleris International, Inc.(a)	16,833	361,909
Foresight Energy LLC(a)	17,897	249,445
Total		611,354
Total Materials		1,985,356
Utilities 0.3%
Independent Power and Renewable Electricity Producers 0.3%
Vistra Corp.	80,843	1,508,531
Vistra Energy Corp.(a)	105,843	115,104
Total		1,623,635
Total Utilities		1,623,635
Total Common Stocks (Cost $13,462,907)		12,292,181

    

Corporate Bonds & Notes 3.3%
Issuer	Coupon Rate		Principal Amount ($)	Value ($)
Airlines 0.4%
American Airlines Group, Inc.(d)
06/01/2022	5.000%		5,000,000	2,785,249
Building Materials 0.2%
Core & Main LP(d)
08/15/2025	6.125%		1,296,000	1,334,737

Columbia Floating Rate Fund  | Annual Report 2020

9

Portfolio of Investments  (continued)
July 31, 2020

10	Columbia Floating Rate Fund  | Annual Report 2020

Portfolio of Investments  (continued)
July 31, 2020

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Portfolio of Investments  (continued)
July 31, 2020

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13

Portfolio of Investments  (continued)
July 31, 2020

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Portfolio of Investments  (continued)
July 31, 2020

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Portfolio of Investments  (continued)
July 31, 2020

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17

Portfolio of Investments  (continued)
July 31, 2020

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Portfolio of Investments  (continued)
July 31, 2020

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19

Portfolio of Investments  (continued)
July 31, 2020

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Portfolio of Investments  (continued)
July 31, 2020

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21

Portfolio of Investments  (continued)
July 31, 2020

22	Columbia Floating Rate Fund  | Annual Report 2020

Portfolio of Investments  (continued)
July 31, 2020

24	Columbia Floating Rate Fund  | Annual Report 2020

Portfolio of Investments  (continued)
July 31, 2020

Notes to Portfolio of Investments

(a)	Non-income producing investment.
(b)	Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At July 31, 2020, the total value of these securities amounted to $1, which represents less than 0.01% of total net assets.
(c)	Valuation based on significant unobservable inputs.
(d)	Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At July 31, 2020, the total value of these securities amounted to $21,646,411, which represents 3.42% of total net assets.
(e)	The stated interest rate represents the weighted average interest rate at July 31, 2020 of contracts within the senior loan facility. Interest rates on contracts are primarily determined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period. These base lending rates are primarily the LIBOR and other short-term rates. Base lending rates may be subject to a floor or minimum rate. The interest rate for senior loans purchased on a when-issued or delayed delivery basis will be determined upon settlement, therefore no interest rate is disclosed. Senior loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, cannot be predicted with accuracy. As a result, remaining maturities of senior loans may be less than the stated maturities. Generally, the Fund is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan.
(f)	Variable rate security. The interest rate shown was the current rate as of July 31, 2020.
(g)	Represents a security purchased on a forward commitment basis.
(h)	Represents securities that have defaulted on payment of interest. The Fund has stopped accruing interest on these securities. At July 31, 2020, the total value of these securities amounted to $1,627,124, which represents 0.26% of total net assets.
(i)	At July 31, 2020, the Fund had unfunded senior loan commitments pursuant to the terms of the loan agreement. The Fund receives a stated coupon rate until the borrower draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.

    

    

(j)	The borrower filed for protection under Chapter 11 of the U.S. Federal Bankruptcy Code.
(k)	The rate shown is the seven-day current annualized yield at July 31, 2020.
(l)	As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the year ended July 31, 2020 are as follows:

    

Affiliated issuers	Beginning of period($)	Purchases($)	Sales($)	Net change in unrealized appreciation (depreciation)($)	End of period($)	Realized gain (loss)($)	Dividends($)	End of period shares
Columbia Short-Term Cash Fund, 0.177%
	19,103,895	332,608,933	(326,351,475)	—	25,361,353	24,393	403,639	25,361,353

Abbreviation Legend

LIBOR

London Interbank Offered Rate

Fair value measurements

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

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

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

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

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

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

Columbia Floating Rate Fund  | Annual Report 2020

25

Portfolio of Investments  (continued)
July 31, 2020

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at July 31, 2020:

    

*	Rounds to zero.

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.

26	Columbia Floating Rate Fund  | Annual Report 2020

Statement of Assets and Liabilities
July 31, 2020

Assets
Investments in securities, at value
Unaffiliated issuers (cost $671,865,800)	$615,282,920
Affiliated issuers (cost $25,361,353)	25,361,353
Cash	1,159,254
Receivable for:
Investments sold	4,366
Investments sold on a delayed delivery basis	6,831,870
Capital shares sold	1,875,841
Dividends	4,206
Interest	2,012,684
Expense reimbursement due from Investment Manager	312
Prepaid expenses	5,347
Total assets	652,538,153
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	17,699,552
Capital shares purchased	1,034,129
Distributions to shareholders	1,441,381
Management services fees	11,203
Distribution and/or service fees	2,738
Transfer agent fees	44,144
Compensation of board members	71,566
Other expenses	126,986
Total liabilities	20,431,699
Net assets applicable to outstanding capital stock	$632,106,454
Represented by
Paid in capital	739,883,827
Total distributable earnings (loss)	(107,777,373)
Total - representing net assets applicable to outstanding capital stock	$632,106,454

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

28	Columbia Floating Rate Fund  | Annual Report 2020

Statement of Assets and Liabilities  (continued)
July 31, 2020

Class A
Net assets	$204,715,352
Shares outstanding	24,647,508
Net asset value per share	$8.31
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)	$8.57
Advisor Class
Net assets	$19,905,294
Shares outstanding	2,400,249
Net asset value per share	$8.29
Class C
Net assets	$48,167,372
Shares outstanding	5,798,170
Net asset value per share	$8.31
Institutional Class
Net assets	$213,694,634
Shares outstanding	25,763,931
Net asset value per share	$8.29
Institutional 2 Class
Net assets	$68,780,223
Shares outstanding	8,249,236
Net asset value per share	$8.34
Institutional 3 Class
Net assets	$75,271,332
Shares outstanding	9,066,417
Net asset value per share	$8.30
Class R
Net assets	$1,572,247
Shares outstanding	189,146
Net asset value per share	$8.31

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

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Statement of Operations
Year Ended July 31, 2020

Net investment income
Income:
Dividends — unaffiliated issuers	$480,666
Dividends — affiliated issuers	403,639
Interest	42,104,998
Interfund lending	2,759
Total income	42,992,062
Expenses:
Management services fees	5,195,218
Distribution and/or service fees
Class A	629,756
Class C	622,041
Class R	9,740
Transfer agent fees
Class A	245,069
Advisor Class	22,206
Class C	60,536
Institutional Class	307,344
Institutional 2 Class	36,922
Institutional 3 Class	7,315
Class R	1,896
Compensation of board members	23,402
Custodian fees	178,338
Printing and postage fees	61,326
Registration fees	129,091
Audit fees	37,000
Legal fees	16,174
Compensation of chief compliance officer	185
Other	23,760
Total expenses	7,607,319
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(229,446)
Expense reduction	(20)
Total net expenses	7,377,853
Net investment income	35,614,209
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(28,917,604)
Investments — affiliated issuers	24,393
Net realized loss	(28,893,211)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	(38,794,933)
Net change in unrealized appreciation (depreciation)	(38,794,933)
Net realized and unrealized loss	(67,688,144)
Net decrease in net assets resulting from operations	$(32,073,935)

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

30	Columbia Floating Rate Fund  | Annual Report 2020

Statement of Changes in Net Assets

	Year Ended July 31, 2020	Year Ended July 31, 2019
Operations
Net investment income	$35,614,209	$58,863,734
Net realized loss	(28,893,211)	(6,447,322)
Net change in unrealized appreciation (depreciation)	(38,794,933)	(20,951,775)
Net increase (decrease) in net assets resulting from operations	(32,073,935)	31,464,637
Distributions to shareholders
Net investment income and net realized gains
Class A	(11,450,985)	(17,551,226)
Advisor Class	(1,091,395)	(1,883,271)
Class C	(2,360,359)	(3,444,498)
Institutional Class	(15,241,394)	(27,638,795)
Institutional 2 Class	(2,931,443)	(3,783,811)
Institutional 3 Class	(4,339,763)	(5,132,499)
Class R	(83,525)	(115,361)
Class T	—	(41)
Total distributions to shareholders	(37,498,864)	(59,549,502)
Decrease in net assets from capital stock activity	(337,504,426)	(191,794,351)
Total decrease in net assets	(407,077,225)	(219,879,216)
Net assets at beginning of year	1,039,183,679	1,259,062,895
Net assets at end of year	$632,106,454	$1,039,183,679

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

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Statement of Changes in Net Assets   (continued)

[THIS PAGE INTENTIONALLY LEFT BLANK]

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33

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.

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

34	Columbia Floating Rate 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 7/31/2020	$8.31	(3.11%)	1.05%	1.02%(c)	4.32%	37%	$204,715
Year Ended 7/31/2019	$8.97	2.79%	1.02%	1.02%	4.68%	32%	$323,191
Year Ended 7/31/2018	$9.15	4.75%	1.04%	1.03%(c)	3.85%	67%	$386,052
Year Ended 7/31/2017	$9.06	5.74%	1.05%	1.03%	3.58%	76%	$366,211
Year Ended 7/31/2016	$8.89	2.53%	1.08%	1.04%(c)	4.03%	25%	$454,902
Advisor Class
Year Ended 7/31/2020	$8.29	(2.99%)	0.80%	0.77%(c)	4.56%	37%	$19,905
Year Ended 7/31/2019	$8.96	3.05%	0.77%	0.77%	4.95%	32%	$29,255
Year Ended 7/31/2018	$9.14	5.01%	0.80%	0.78%(c)	4.14%	67%	$35,048
Year Ended 7/31/2017	$9.05	6.13%	0.80%	0.78%	3.84%	76%	$17,868
Year Ended 7/31/2016	$8.87	2.66%	0.84%	0.79%(c)	4.30%	25%	$18,675
Class C
Year Ended 7/31/2020	$8.31	(3.83%)	1.80%	1.77%(c)	3.56%	37%	$48,167
Year Ended 7/31/2019	$8.97	2.02%	1.77%	1.77%	3.93%	32%	$75,406
Year Ended 7/31/2018	$9.15	3.96%	1.79%	1.78%(c)	3.09%	67%	$89,274
Year Ended 7/31/2017	$9.06	4.96%	1.80%	1.78%	2.83%	76%	$99,233
Year Ended 7/31/2016	$8.89	1.76%	1.84%	1.79%(c)	3.28%	25%	$91,734
Institutional Class
Year Ended 7/31/2020	$8.29	(2.99%)	0.80%	0.77%(c)	4.59%	37%	$213,695
Year Ended 7/31/2019	$8.96	3.05%	0.77%	0.77%	4.93%	32%	$446,512
Year Ended 7/31/2018	$9.14	5.01%	0.79%	0.78%(c)	4.09%	67%	$534,756
Year Ended 7/31/2017	$9.05	6.01%	0.80%	0.78%	3.82%	76%	$505,884
Year Ended 7/31/2016	$8.88	2.78%	0.84%	0.79%(c)	4.28%	25%	$122,746
Institutional 2 Class
Year Ended 7/31/2020	$8.34	(2.80%)	0.77%	0.73%	4.51%	37%	$68,780
Year Ended 7/31/2019	$9.00	2.98%	0.74%	0.74%	4.91%	32%	$56,376
Year Ended 7/31/2018	$9.19	5.16%	0.76%	0.74%	4.23%	67%	$103,392
Year Ended 7/31/2017	$9.09	6.04%	0.75%	0.74%	3.86%	76%	$20,485
Year Ended 7/31/2016	$8.92	2.84%	0.75%	0.74%	4.27%	25%	$14,702

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

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Financial Highlights  (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets(a)	Total net expense ratio to average net assets(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 7/31/2020	$8.30	(2.90%)	0.71%	0.69%	4.66%	37%	$75,271
Year Ended 7/31/2019	$8.97	3.13%	0.69%	0.69%	5.02%	32%	$106,005
Year Ended 7/31/2018	$9.15	5.10%	0.70%	0.69%	4.18%	67%	$107,695
Year Ended 7/31/2017	$9.06	6.11%	0.70%	0.70%	3.82%	76%	$123,550
Year Ended 7/31/2016	$8.89	2.88%	0.70%	0.68%	4.39%	25%	$10
Class R
Year Ended 7/31/2020	$8.31	(3.46%)	1.30%	1.27%(c)	4.06%	37%	$1,572
Year Ended 7/31/2019	$8.98	2.54%	1.27%	1.27%	4.42%	32%	$2,439
Year Ended 7/31/2018	$9.16	4.48%	1.29%	1.28%(c)	3.53%	67%	$2,844
Year Ended 7/31/2017	$9.07	5.48%	1.30%	1.28%	3.33%	76%	$6,526
Year Ended 7/31/2016	$8.90	2.27%	1.34%	1.29%(c)	3.80%	25%	$6,725

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

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Notes to Financial Statements  (continued)
July 31, 2020

securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.

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

Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by and under the general supervision of the Board of Trustees. If a security or class of securities (such as foreign securities) is valued at fair value, such value is likely to be different from the quoted or published price for the security, if available.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

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

Investments in senior loans

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

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

Delayed delivery securities

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

Columbia Floating Rate Fund  | Annual Report 2020

39