COLUMBIA FUNDS SERIES TRUST (Form: N-CSR, Received: 06/30/2023 09:55:58)

Annual Report
April 30, 2023

Columbia North Carolina Intermediate Municipal Bond Fund

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Federal Income Tax Information	27
Trustees and Officers	27
Liquidity Risk Management Program	33

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

Proxy voting policies and procedures

The policy of the Board of Trustees is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.

Quarterly schedule of investments

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Form N-PORT filings are available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, is available on columbiathreadneedleus.com/investor/ or can also be obtained without charge, upon request, by calling 800.345.6611.

Additional Fund information

For more information about the Fund, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

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

Douglas Rangel, CFA

Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/14/92	2.37	1.16	1.11
	Including sales charges		-0.70	0.55	0.80
Advisor Class		03/19/13	2.72	1.43	1.36
Class C	Excluding sales charges	12/16/92	1.62	0.43	0.35
	Including sales charges		0.62	0.43	0.35
Institutional Class		12/11/92	2.62	1.41	1.36
Institutional 3 Class*		03/01/17	2.68	1.49	1.41
Bloomberg 3-15 Year Blend Municipal Bond Index			3.71	2.18	2.14

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 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.

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2013 — April 30, 2023)

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.

Portfolio breakdown (%) (at April 30, 2023)
Money Market Funds	100.0
Total	100.0

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

4	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Manager Discussion of Fund Performance
(Unaudited)

On May 5, 2023, the Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees of the Funds.

For the 12-month period that ended April 30, 2023, Class A shares of Columbia North Carolina Intermediate Municipal Bond Fund returned 2.37% excluding sales charges. Institutional Class shares of the Fund returned 2.62%. During the same time period, the Fund’s benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, which is national in scope, returned 3.71%.

Market overview

For fixed-income markets, the period was dominated by the U.S. Federal Reserve’s (Fed) efforts to return inflation to its target levels and the resultant dramatic increase in interest rates. Indeed, the Fed ratcheted its targeted federal funds rate higher by 450 basis points, and municipal bond yields followed suit with yields across most of its spectrum of maturities rising as well. (A basis point is 1/100th of a percentage point.) Municipal bond yields peaked in October 2022, however, and subsequently retraced somewhat, returning most segments of the municipal bond market to positive total returns for the period overall. Still, for the period as a whole, yields on one-year and two-year municipal bonds increased 106 basis points and 47 basis points, respectively. Yields on municipal bonds with maturities of less than one year rose even more significantly, driving an inversion of the short-term end of the yield curve for much of the period. Yields for municipal bonds with maturities of between five years and 13 years declined modestly, and longer term maturity yields rose moderately.

Amid these conditions, investor sentiment within the municipal bond market was negative for much of the period. Rising rates and negative total returns through much of 2022 precipitated the largest outflow cycle ever experienced by the municipal bond market. Fund flows then stabilized and slowed into year-end but any optimism around a resumption of inflows in 2023 was quashed as another $6 billion of outflows through the end of April showed investors were still cautious about returning to the market. Consequently, technicals, or supply/demand dynamics, were not favorable within the municipal bond market during the period, largely driven by this lack of demand. Short-term municipal bond funds were not spared the effects of the outflow cycle. However, they were less impacted than their long-term, high-yield and intermediate fund counterparts, as short-term municipal bond funds generally hold more liquid positions, and shorter maturities inherently provide ample cash flow. Supply, or lack thereof during the period, proved a bright spot. Rate volatility coupled with healthy balance sheets sidelined many issuers, with tax-exempt issuance approximately 10% to 15% lower during the period than long-term averages. Not having to contend with an oversupply of new issuance likely buoyed the market as whatever new issues did come to market were well received.

All that said, fundamental factors were broadly supportive of the municipal bond market during the period. Municipal credit health benefited from positive U.S. economic growth, outperformance of tax collections, and strong reserve positions by most state and local governments, owing partly to COVID-19 policies stimulus. Revenue sectors, however, were more mixed. Essential services, such as water & sewer and utilities, held steady, and transportation sectors, such as airports and toll roads, rebounded strongly with increased traffic levels. Public mass transit was the exception, as subway/bus traffic across most major cities remained well below pre-pandemic levels. Fundamental credit health for hospitals and other health care sectors, such as senior living facilities and continuing care retirement communities (CCRCs), was modestly weaker overall. Higher labor costs, lighter balance sheets due to repayment of Medicare acceleration payments and investment market losses served to weaken health care fundamentals as did the full expenditure of any COVID-19 funding. As a whole, higher quality municipal bonds outperformed lower quality securities during the period.

The Fund’s notable detractors during the period

•	During the second half of the period, the Fund’s below benchmark duration prevented the Fund from fully participating in the sharp turn in interest rates and market rally. As yields declined from November 2022 through April 2023, the Fund’s benchmark returned an impressive 6.52% as the 10-year municipal benchmark yield declined by roughly 80 basis points.
•	The Fund’s underweighted allocation, relative to its benchmark, to maturities on the long portion (15+ years) of the yield curve also hampered returns.
•	The Fund’s underweighted allocation to airports, special tax and state and local general obligation (GO) bonds also detracted from relative returns during the period, as did Fund holdings within those sectors.

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Manager Discussion of Fund Performance (continued)
(Unaudited)

•	Persistent outflows across the municipal bond market also detracted from Fund performance as the funding of shareholder liquidity required price concessions at times. Related to this, the Fund was liquidated soon after the close of the period due to lack of interest.

The Fund’s notable contributors during the period

•	During the first half of the period, the Fund’s below benchmark duration helped to limit price declines. As yields rose from May 2022 through October 2022, the Fund’s benchmark returned -2.64% as the 10 year municipal benchmark yield rose roughly 70 basis points.
•	The Fund’s allocation to shorter maturities was additive, as were Fund holdings in the 12-15 year portion of the yield curve.
•	The Fund’s sector allocation saw positive contributions from overweights within education, water & sewer and leasing. While issue selection was largely negative, the Fund did realize some modest contributions from performance within leasing and local GOs.

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 who have contributed to this report. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia fund. References to specific securities should not be construed as a recommendation or investment advice.

6	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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, 2022 — April 30, 2023
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,053.50	1,020.55	4.08	4.01	0.81
Advisor Class	1,000.00	1,000.00	1,056.00	1,021.73	2.87	2.83	0.57
Class C	1,000.00	1,000.00	1,051.00	1,016.87	7.85	7.71	1.56
Institutional Class	1,000.00	1,000.00	1,054.80	1,021.73	2.87	2.83	0.57
Institutional 3 Class	1,000.00	1,000.00	1,055.00	1,022.07	2.52	2.48	0.50

Expenses paid during the period are equal to the annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.

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

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Portfolio of Investments
April 30, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Money Market Funds 100.6%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(a)	47,254,525	47,265,877
Total Money Market Funds (Cost $47,265,877)		47,265,877
Total Investments in Securities (Cost: $47,265,877)		47,265,877
Other Assets & Liabilities, Net		(282,435)
Net Assets		46,983,442

Notes to Portfolio of Investments

(a)	The rate shown is the seven-day current annualized yield at April 30, 2023.

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.

The Fund’s Board of Trustees (the Board) has designated the Investment Manager, through its Valuation Committee (the Committee), as valuation designee, responsible for determining the fair value of the assets of the Fund for which market quotations are not readily available using 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 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. Representatives of Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

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

8	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Portfolio of Investments (continued)
April 30, 2023

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Money Market Funds	47,265,877	—	—	47,265,877
Total Investments in Securities	47,265,877	—	—	47,265,877

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

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Statement of Assets and Liabilities
April 30, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $47,265,877)	$47,265,877
Receivable for:
Capital shares sold	38,247
Dividends	39,716
Expense reimbursement due from Investment Manager	316
Prepaid expenses	1,094
Total assets	47,345,250
Liabilities
Payable for:
Capital shares purchased	158,861
Distributions to shareholders	72,185
Management services fees	608
Distribution and/or service fees	87
Transfer agent fees	1,957
Compensation of board members	108,954
Other expenses	19,156
Total liabilities	361,808
Net assets applicable to outstanding capital stock	$46,983,442
Represented by
Paid in capital	53,267,217
Total distributable earnings (loss)	(6,283,775)
Total - representing net assets applicable to outstanding capital stock	$46,983,442
Class A
Net assets	$9,412,818
Shares outstanding	965,138
Net asset value per share	$9.75
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)	$10.05
Advisor Class
Net assets	$2,601,721
Shares outstanding	267,176
Net asset value per share	$9.74
Class C
Net assets	$824,213
Shares outstanding	84,551
Net asset value per share	$9.75
Institutional Class
Net assets	$8,844,803
Shares outstanding	907,696
Net asset value per share	$9.74
Institutional 3 Class
Net assets	$25,299,887
Shares outstanding	2,588,792
Net asset value per share	$9.77

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

10	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Statement of Operations
Year Ended April 30, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$62,968
Interest	2,881,990
Total income	2,944,958
Expenses:
Management services fees	481,955
Distribution and/or service fees
Class A	33,453
Class C	13,687
Transfer agent fees
Class A	10,292
Advisor Class	2,022
Class C	1,048
Institutional Class	16,186
Institutional 3 Class	4,032
Compensation of board members	7,467
Custodian fees	1,420
Printing and postage fees	14,652
Registration fees	12,946
Accounting services fees	30,090
Legal fees	13,989
Interest on interfund lending	3,484
Compensation of chief compliance officer	17
Other	15,142
Total expenses	661,882
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(86,159)
Total net expenses	575,723
Net investment income	2,369,235
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(5,529,752)
Net realized loss	(5,529,752)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	5,017,204
Net change in unrealized appreciation (depreciation)	5,017,204
Net realized and unrealized loss	(512,548)
Net increase in net assets resulting from operations	$1,856,687

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Statement of Changes in Net Assets

	Year Ended April 30, 2023	Year Ended April 30, 2022
Operations
Net investment income	$2,369,235	$3,630,876
Net realized loss	(5,529,752)	(460,218)
Net change in unrealized appreciation (depreciation)	5,017,204	(16,041,904)
Net increase (decrease) in net assets resulting from operations	1,856,687	(12,871,246)
Distributions to shareholders
Net investment income and net realized gains
Class A	(271,980)	(283,914)
Advisor Class	(59,672)	(62,331)
Class C	(17,545)	(21,526)
Institutional Class	(483,641)	(495,087)
Institutional 3 Class	(1,489,096)	(2,777,311)
Total distributions to shareholders	(2,321,934)	(3,640,169)
Decrease in net assets from capital stock activity	(113,079,257)	(18,411,052)
Total decrease in net assets	(113,544,504)	(34,922,467)
Net assets at beginning of year	160,527,946	195,450,413
Net assets at end of year	$46,983,442	$160,527,946

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2023		April 30, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	143,852	1,383,785	131,657	1,339,765
Distributions reinvested	23,345	225,649	22,081	230,301
Redemptions	(837,306)	(8,054,273)	(173,908)	(1,803,504)
Net decrease	(670,109)	(6,444,839)	(20,170)	(233,438)
Advisor Class
Subscriptions	92,951	895,577	47,588	504,984
Distributions reinvested	6,162	59,463	5,963	62,141
Redemptions	(129,707)	(1,250,529)	(75,134)	(789,925)
Net decrease	(30,594)	(295,489)	(21,583)	(222,800)
Class C
Subscriptions	6,578	64,351	19,227	204,915
Distributions reinvested	1,577	15,237	1,840	19,188
Redemptions	(118,345)	(1,140,428)	(64,901)	(666,623)
Net decrease	(110,190)	(1,060,840)	(43,834)	(442,520)
Institutional Class
Subscriptions	642,739	6,201,569	516,703	5,310,747
Distributions reinvested	43,709	421,988	40,420	420,845
Redemptions	(2,307,100)	(22,377,800)	(485,514)	(4,986,226)
Net increase (decrease)	(1,620,652)	(15,754,243)	71,609	745,366
Institutional 3 Class
Subscriptions	325,313	3,146,858	662,796	7,037,929
Distributions reinvested	7,220	69,950	5,911	61,644
Redemptions	(9,583,483)	(92,740,654)	(2,481,764)	(25,357,233)
Net decrease	(9,250,950)	(89,523,846)	(1,813,057)	(18,257,660)
Total net decrease	(11,682,495)	(113,079,257)	(1,827,035)	(18,411,052)

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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 ratios of expenses and net investment income are 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 4/30/2023	$9.72	0.20	0.03^(c)	0.23	(0.20)	(0.20)
Year Ended 4/30/2022	$10.65	0.17	(0.93)	(0.76)	(0.17)	(0.17)
Year Ended 4/30/2021	$10.27	0.18	0.38	0.56	(0.18)	(0.18)
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)
Advisor Class
Year Ended 4/30/2023	$9.70	0.23	0.03^(c)	0.26	(0.22)	(0.22)
Year Ended 4/30/2022	$10.64	0.20	(0.94)	(0.74)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.26	0.20	0.38	0.58	(0.20)	(0.20)
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)
Class C
Year Ended 4/30/2023	$9.72	0.13	0.03^(c)	0.16	(0.13)	(0.13)
Year Ended 4/30/2022	$10.65	0.09	(0.93)	(0.84)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.27	0.10	0.38	0.48	(0.10)	(0.10)
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)
Institutional Class
Year Ended 4/30/2023	$9.71	0.23	0.02^(c)	0.25	(0.22)	(0.22)
Year Ended 4/30/2022	$10.64	0.20	(0.93)	(0.73)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.26	0.20	0.38	0.58	(0.20)	(0.20)
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)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2023	$9.75	2.37%	0.90%^(d)	0.81%^(d)	2.09%	2%	$9,413
Year Ended 4/30/2022	$9.72	(7.20%)	0.86%^(d)	0.80%^(d)	1.65%	6%	$15,892
Year Ended 4/30/2021	$10.65	5.45%	0.88%	0.81%	1.68%	15%	$17,634
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%^(e)	0.81%^(e)	2.32%	23%	$16,469
Advisor Class
Year Ended 4/30/2023	$9.74	2.72%	0.66%^(d)	0.56%^(d)	2.36%	2%	$2,602
Year Ended 4/30/2022	$9.70	(7.07%)	0.61%^(d)	0.55%^(d)	1.90%	6%	$2,889
Year Ended 4/30/2021	$10.64	5.72%	0.63%	0.56%	1.93%	15%	$3,396
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%^(e)	0.56%^(e)	2.57%	23%	$5,505
Class C
Year Ended 4/30/2023	$9.75	1.62%	1.65%^(d)	1.56%^(d)	1.32%	2%	$824
Year Ended 4/30/2022	$9.72	(7.90%)	1.61%^(d)	1.55%^(d)	0.90%	6%	$1,892
Year Ended 4/30/2021	$10.65	4.67%	1.62%	1.55%	0.93%	15%	$2,541
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%^(e)	1.56%^(e)	1.57%	23%	$4,096
Institutional Class
Year Ended 4/30/2023	$9.74	2.62%	0.65%^(d)	0.56%^(d)	2.34%	2%	$8,845
Year Ended 4/30/2022	$9.71	(6.98%)	0.61%^(d)	0.55%^(d)	1.90%	6%	$24,549
Year Ended 4/30/2021	$10.64	5.72%	0.63%	0.56%	1.93%	15%	$26,145
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%^(e)	0.56%^(e)	2.57%	23%	$22,897

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 4/30/2023	$9.74	0.23	0.03^(c)	0.26	(0.23)	(0.23)
Year Ended 4/30/2022	$10.67	0.21	(0.93)	(0.72)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.29	0.21	0.38	0.59	(0.21)	(0.21)
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)

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)	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.
(d)	Ratios include interfund lending expense which is less than 0.01%.
(e)	Ratios include line of credit interest expense which is less than 0.01%.

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

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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 4/30/2023	$9.77	2.68%	0.57%^(d)	0.49%^(d)	2.36%	2%	$25,300
Year Ended 4/30/2022	$9.74	(6.88%)	0.53%^(d)	0.48%^(d)	1.98%	6%	$115,305
Year Ended 4/30/2021	$10.67	5.79%	0.55%	0.48%	2.00%	15%	$145,734
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%^(e)	0.48%^(e)	2.65%	23%	$120,551

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements
April 30, 2023

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 8 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.

The Board of Trustees of the Fund approved a Plan of Liquidation and Termination pursuant to which the Fund was liquidated and terminated. Effective at the open of business on April 14, 2023, the Fund was closed to new investors, and any applicable contingent deferred sales charges were waived on redemptions and exchanges out of the Fund. The Fund was liquidated on May 5, 2023, at which time the Fund’s shareholders received a liquidating distribution in an amount equal to the net asset value of their Fund shares.

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

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 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.

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Notes to Financial Statements (continued)
April 30, 2023

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. The Fund may also adjust accrual rates when it becomes probable the full interest will not be collected and a partial payment will be received. A defaulted debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability 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.

Recent accounting pronouncement

Tailored Shareholder Reports

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

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, 2023 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" in 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 SS&C GIDS, Inc. (SS&C GIDS) to serve as sub-transfer agent. Prior to January 1, 2023, SS&C GIDS was known as DST Asset Manager Solutions, Inc. The Transfer Agent pays the fees of SS&C GIDS for services as sub-transfer agent and SS&C GIDS 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.

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Notes to Financial Statements (continued)
April 30, 2023

For the year ended April 30, 2023, 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	0.08
Advisor Class	0.08
Class C	0.08
Institutional Class	0.08
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, 2023, 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, 2023, if any, are listed below:

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	1,986
Class C	—	1.00^(b)	11

(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 2023

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Notes to Financial Statements (continued)
April 30, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:

	September 1, 2022 through August 31, 2023	Prior to September 1, 2022
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	0.50	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, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At April 30, 2023, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation, distributions and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Undistributed net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(1)	1	—

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

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

Year Ended April 30, 2023				Year Ended April 30, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
19,498	2,302,436	—	2,321,934	667	3,639,502	—	3,640,169

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

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Notes to Financial Statements (continued)
April 30, 2023

At April 30, 2023, 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 ($)
—	954,578	—	(7,058,432)	—

At April 30, 2023, 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) ($)	Net unrealized appreciation ($)
47,265,877	—	—	—

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, 2023, 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, 2023, capital loss carryforwards utilized, if any, were as follows:

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(637,155)	(6,421,277)	(7,058,432)	—

Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,809,339 and $157,696,903, respectively, for the year ended April 30, 2023. 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, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,241,935	3.36	31

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, 2023.

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Notes to Financial Statements (continued)
April 30, 2023

Note 7. Line of credit

The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 27, 2022 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus in each case, 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in October unless extended or renewed. Prior to the October 27, 2022 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $950 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.11448% and (iii) the overnight bank funding rate, plus in each case, 1.00%.

The Fund had no borrowings during the year ended April 30, 2023.

Note 8. Significant risks

Market risk

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

Money market fund investment risk

An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they

24	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023

invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Shareholder concentration risk

At April 30, 2023, two unaffiliated shareholders of record owned 69.1% 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. Other than as noted in Note 1 above, there were 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 are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions concerning matters arising in connection with the conduct of their activities as part of a diversified financial services firm. Ameriprise Financial believes that the Fund is not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Fund or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Fund. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

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

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 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, 2023 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 22, 2023

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

26	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended April 30, 2023. Shareholders will be notified in early 2024 of the amounts for use in preparing 2023 income tax returns.

Exempt- interest dividends
99.16%

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

TRUSTEES AND OFFICERS

(Unaudited)

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

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	174	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; former Board Member, Chase Bank International, 1993-1994

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	174	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	174	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	172	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

28	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	172	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	174	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	174	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	174	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	172	None

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	172	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	174	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	172	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

30	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	174	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	174	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

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

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

The Statement of Additional Information has additional information about the Fund’s Board members and is available, without charge, upon request by calling 800.345.6611, visiting columbiathreadneedleus.com/investor/ or contacting your financial intermediary.

Columbia North Carolina Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of North America Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

32	Columbia North Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Liquidity Risk Management Program

(Unaudited)

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

The Board has appointed the Investment Manager as the program administrator for the Fund’s Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a board meeting during the fiscal period, the Committee provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation for the period January 1, 2022, through December 31, 2022, 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.

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 2023

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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.

columbiathreadneedleus.com/investor/

ANN206_04_N01_(06/23)

Annual Report
April 30, 2023

Columbia South Carolina Intermediate Municipal Bond Fund

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	24
Federal Income Tax Information	25
Trustees and Officers	25
Liquidity Risk Management Program	31

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

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

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

Douglas Rangel, CFA

Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	05/05/92	1.23	1.15	1.18
	Including sales charges		-1.85	0.53	0.87
Advisor Class		03/19/13	1.48	1.40	1.44
Class C	Excluding sales charges	06/17/92	0.59	0.42	0.44
	Including sales charges		-0.40	0.42	0.44
Institutional Class		01/06/92	1.59	1.42	1.45
Institutional 3 Class*		03/01/17	1.67	1.51	1.51
Bloomberg 3-15 Year Blend Municipal Bond Index			3.71	2.18	2.14

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.

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2013 — April 30, 2023)

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.

Portfolio breakdown (%) (at April 30, 2023)
Money Market Funds	100.0
Total	100.0

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

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Manager Discussion of Fund Performance
(Unaudited)

On May 5, 2023, the Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees of the Funds.

For the 12-month period that ended April 30, 2023, Class A shares of Columbia South Carolina Intermediate Municipal Bond Fund returned 1.23% excluding sales charges. Institutional Class shares of the Fund returned 1.59%. During the same time period, the Fund’s benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, which is national in scope, returned 3.71%.

Market overview

For fixed-income markets, the period was dominated by the U.S. Federal Reserve’s (Fed) efforts to return inflation to its target levels and the resultant dramatic increase in interest rates. Indeed, the Fed ratcheted its targeted federal funds rate higher by 450 basis points, and municipal bond yields followed suit with yields across most of its spectrum of maturities rising as well. (A basis point is 1/100th of a percentage point.) Municipal bond yields peaked in October 2022, however, and subsequently retraced somewhat, returning most segments of the municipal bond market to positive total returns for the period overall. Still, for the period as a whole, yields on one-year and two-year municipal bonds increased 106 basis points and 47 basis points, respectively. Yields on municipal bonds with maturities of less than one year rose even more significantly, driving an inversion of the short-term end of the yield curve for much of the period. Yields for municipal bonds with maturities of between five years and 13 years actually declined modestly, and longer term maturity yields rose only moderately.

All that said, fundamental factors were broadly supportive of the municipal bond market during the period. Municipal credit health benefited from positive U.S. economic growth, outperformance of tax collections, and strong reserve positions by most state and local governments, owing partly to COVID-19 stimulus policies. Revenue sectors, however, were more mixed. Essential services, such as water & sewer and utilities, held steady, and transportation sectors, such as airports and toll roads, rebounded strongly with increased traffic levels. Public mass transit was the exception, as subway/bus traffic across most major cities remained well below pre-pandemic levels. Fundamental credit health for hospitals and other health care sectors, such as senior living facilities and continuing care retirement communities (CCRCs), was modestly weaker overall. Higher labor costs, lighter balance sheets due to repayment of Medicare acceleration payments and investment market losses served to weaken health care fundamentals as did the full expenditure of any COVID-19 funding. As a whole, higher quality municipal bonds outperformed lower quality securities during the period.

The Fund’s notable detractors during the period

•	During the second half of the period, the Fund’s below benchmark duration prevented the Fund from fully participating in the sharp turn in interest rates and market rally. As yields declined from November 2022 through April 2023, the Fund’s benchmark returned an impressive 6.52% as the 10-year municipal benchmark yield declined by roughly 80 basis points.
•	The Fund’s underweighted allocation to general obligation (GO) bonds detracted from performance as state GOs performed well at the national level. The Fund’s benchmark had a high weighting in state GOs. The strong performance of state GOs at the national level was supported by returns in Illinois state GOs as they benefited from a rating agency upgrade.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

•	The Fund’s relative underweighting in state GOs also translated to a shortfall in AA rated issues, as that is where Illinois state GOs fall. As higher quality bonds outperformed during the period, this also served as a detractor to relative performance.
•	The Fund’s overweighted allocation, relative to its primary benchmark, in bonds maturing in 0 to 2 years detracted from performance as these shorter term bonds underperformed their longer term counterparts.
•	Persistent outflows across the municipal bond market also detracted from Fund performance as the funding of shareholder liquidity required price concessions at times. Related to this, the Fund was liquidated soon after the close of the period due to lack of interest.

The Fund’s notable contributors during the period

•	During the first half of the period, the Fund’s below benchmark duration helped to limit price declines. As yields rose from May 2022 through October 2022, the Fund’s benchmark returned -2.64% as the 10-year municipal benchmark yield rose roughly 70 basis points.
•	The Fund’s underweighted allocation to bonds maturing in 2 to 8 years and its overweighting to bonds maturing in 8 years or longer contributed positively to performance as longer bonds outperformed shorter bonds during the period.
•	The Fund’s largest sector overweight in appropriation bonds was beneficial as this sector produced the highest returns in the national municipal bond market. While attribution does indicate this was a beneficial area to be overweight, we must acknowledge that, at the national level, the strong performance of these bonds in the national market was driven by the rating agency upgrade for New Jersey appropriation bonds. In particular, New Jersey appropriation issues with sub-5% or lower coupons were top performers at the national level.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,044.20	1,020.55	4.06	4.01	0.81
Advisor Class	1,000.00	1,000.00	1,045.40	1,021.77	2.81	2.78	0.56
Class C	1,000.00	1,000.00	1,040.40	1,016.87	7.80	7.71	1.56
Institutional Class	1,000.00	1,000.00	1,046.50	1,021.77	2.81	2.78	0.56
Institutional 3 Class	1,000.00	1,000.00	1,046.90	1,022.22	2.36	2.33	0.47

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

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Portfolio of Investments
April 30, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Money Market Funds 94.5%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(a)	54,422,563	54,432,104
Total Money Market Funds (Cost $54,432,104)		54,432,104
Total Investments in Securities (Cost: $54,432,104)		54,432,104
Other Assets & Liabilities, Net		3,173,239
Net Assets		57,605,343

Notes to Portfolio of Investments

(a)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Fair value measurements

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

■	Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■	Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■	Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

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

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Portfolio of Investments (continued)
April 30, 2023

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Money Market Funds	54,432,104	—	—	54,432,104
Total Investments in Securities	54,432,104	—	—	54,432,104

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

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

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Statement of Assets and Liabilities
April 30, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $54,432,104)	$54,432,104
Receivable for:
Investments sold	3,498,184
Capital shares sold	54,102
Dividends	37,196
Interest	16,274
Expense reimbursement due from Investment Manager	327
Prepaid expenses	1,029
Total assets	58,039,216
Liabilities
Payable for:
Capital shares purchased	220,076
Distributions to shareholders	83,413
Management services fees	744
Distribution and/or service fees	167
Transfer agent fees	4,178
Compensation of board members	106,078
Other expenses	19,217
Total liabilities	433,873
Net assets applicable to outstanding capital stock	$57,605,343
Represented by
Paid in capital	62,099,976
Total distributable earnings (loss)	(4,494,633)
Total - representing net assets applicable to outstanding capital stock	$57,605,343
Class A
Net assets	$19,386,763
Shares outstanding	2,044,605
Net asset value per share	$9.48
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$9.77
Advisor Class
Net assets	$2,117,719
Shares outstanding	223,369
Net asset value per share	$9.48
Class C
Net assets	$1,225,715
Shares outstanding	129,161
Net asset value per share	$9.49
Institutional Class
Net assets	$17,672,832
Shares outstanding	1,862,929
Net asset value per share	$9.49
Institutional 3 Class
Net assets	$17,202,314
Shares outstanding	1,807,487
Net asset value per share	$9.52

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

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Statement of Operations
Year Ended April 30, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$67,112
Interest	2,318,314
Total income	2,385,426
Expenses:
Management services fees	377,417
Distribution and/or service fees
Class A	58,039
Class C	19,586
Transfer agent fees
Class A	21,292
Advisor Class	1,741
Class C	1,791
Institutional Class	31,695
Institutional 3 Class	1,350
Compensation of board members	7,205
Custodian fees	1,196
Printing and postage fees	16,056
Registration fees	5,691
Accounting services fees	30,090
Legal fees	13,664
Interest on interfund lending	140
Compensation of chief compliance officer	14
Other	14,412
Total expenses	601,379
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(102,778)
Expense reduction	(20)
Total net expenses	498,581
Net investment income	1,886,845
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(3,382,657)
Net realized loss	(3,382,657)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	2,352,449
Net change in unrealized appreciation (depreciation)	2,352,449
Net realized and unrealized loss	(1,030,208)
Net increase in net assets resulting from operations	$856,637

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

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Statement of Changes in Net Assets

	Year Ended April 30, 2023	Year Ended April 30, 2022
Operations
Net investment income	$1,886,845	$2,170,203
Net realized loss	(3,382,657)	(534,992)
Net change in unrealized appreciation (depreciation)	2,352,449	(8,912,527)
Net increase (decrease) in net assets resulting from operations	856,637	(7,277,316)
Distributions to shareholders
Net investment income and net realized gains
Class A	(504,970)	(520,262)
Advisor Class	(45,849)	(45,827)
Class C	(28,000)	(26,727)
Institutional Class	(791,329)	(1,439,379)
Institutional 3 Class	(504,335)	(168,740)
Total distributions to shareholders	(1,874,483)	(2,200,935)
Decrease in net assets from capital stock activity	(40,184,105)	(10,767,276)
Total decrease in net assets	(41,201,951)	(20,245,527)
Net assets at beginning of year	98,807,294	119,052,821
Net assets at end of year	$57,605,343	$98,807,294

	Year Ended		Year Ended
	April 30, 2023		April 30, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	716,015	6,798,309	258,794	2,666,032
Distributions reinvested	42,233	399,635	41,737	426,534
Redemptions	(1,169,474)	(11,089,931)	(788,960)	(7,813,969)
Net decrease	(411,226)	(3,891,987)	(488,429)	(4,721,403)
Advisor Class
Subscriptions	118,774	1,126,056	57,754	591,974
Distributions reinvested	4,821	45,629	4,458	45,633
Redemptions	(30,522)	(290,323)	(223,370)	(2,250,609)
Net increase (decrease)	93,073	881,362	(161,158)	(1,613,002)
Class C
Subscriptions	22,262	206,754	36,902	384,262
Distributions reinvested	2,846	26,952	2,474	25,287
Redemptions	(152,431)	(1,446,626)	(64,961)	(670,935)
Net decrease	(127,323)	(1,212,920)	(25,585)	(261,386)
Institutional Class
Subscriptions	435,703	4,197,999	789,145	8,118,864
Distributions reinvested	46,873	443,768	39,612	404,088
Redemptions	(5,274,430)	(50,293,796)	(1,356,340)	(13,702,244)
Net decrease	(4,791,854)	(45,652,029)	(527,583)	(5,179,292)
Institutional 3 Class
Subscriptions	3,561,276	34,023,159	260,869	2,669,058
Distributions reinvested	7,794	74,061	6,527	66,969
Redemptions	(2,587,181)	(24,405,751)	(168,873)	(1,728,220)
Net increase	981,889	9,691,469	98,523	1,007,807
Total net decrease	(4,255,441)	(40,184,105)	(1,104,232)	(10,767,276)

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

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2023	$9.57	0.21	(0.09)	0.12	(0.21)	(0.21)
Year Ended 4/30/2022	$10.41	0.17	(0.83)	(0.66)	(0.18)	(0.18)
Year Ended 4/30/2021	$10.09	0.19	0.32	0.51	(0.19)	(0.19)
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)
Advisor Class
Year Ended 4/30/2023	$9.57	0.23	(0.09)	0.14	(0.23)	(0.23)
Year Ended 4/30/2022	$10.41	0.20	(0.84)	(0.64)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.09	0.21	0.32	0.53	(0.21)	(0.21)
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)
Class C
Year Ended 4/30/2023	$9.57	0.14	(0.08)	0.06	(0.14)	(0.14)
Year Ended 4/30/2022	$10.42	0.10	(0.85)	(0.75)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.10	0.11	0.32	0.43	(0.11)	(0.11)
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)
Institutional Class
Year Ended 4/30/2023	$9.57	0.23	(0.08)	0.15	(0.23)	(0.23)
Year Ended 4/30/2022	$10.42	0.20	(0.85)	(0.65)	(0.20)	(0.20)
Year Ended 4/30/2021	$10.09	0.21	0.33	0.54	(0.21)	(0.21)
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)
Institutional 3 Class
Year Ended 4/30/2023	$9.60	0.24	(0.08)	0.16	(0.24)	(0.24)
Year Ended 4/30/2022	$10.45	0.21	(0.85)	(0.64)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.13	0.23	0.32	0.55	(0.23)	(0.23)
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)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

14	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2023	$9.48	1.23%	0.93%^(c)	0.79%^(c),(d)	2.19%	5%	$19,387
Year Ended 4/30/2022	$9.57	(6.47%)	0.92%^(c)	0.80%^(c),(d)	1.70%	13%	$23,491
Year Ended 4/30/2021	$10.41	5.05%	0.95%	0.81%^(d)	1.80%	10%	$30,657
Year Ended 4/30/2020	$10.09	1.46%	0.91%	0.81%^(d)	2.15%	9%	$24,421
Year Ended 4/30/2019	$10.17	4.93%	0.93%	0.81%^(d)	2.37%	9%	$21,999
Advisor Class
Year Ended 4/30/2023	$9.48	1.48%	0.68%^(c)	0.55%^(c),(d)	2.46%	5%	$2,118
Year Ended 4/30/2022	$9.57	(6.24%)	0.67%^(c)	0.55%^(c),(d)	1.93%	13%	$1,246
Year Ended 4/30/2021	$10.41	5.31%	0.70%	0.56%^(d)	2.05%	10%	$3,034
Year Ended 4/30/2020	$10.09	1.82%	0.65%	0.56%^(d)	2.40%	9%	$2,322
Year Ended 4/30/2019	$10.16	5.09%	0.68%	0.56%^(d)	2.62%	9%	$1,854
Class C
Year Ended 4/30/2023	$9.49	0.59%	1.67%^(c)	1.54%^(c),(d)	1.42%	5%	$1,226
Year Ended 4/30/2022	$9.57	(7.26%)	1.67%^(c)	1.55%^(c),(d)	0.95%	13%	$2,456
Year Ended 4/30/2021	$10.42	4.26%	1.70%	1.56%^(d)	1.07%	10%	$2,940
Year Ended 4/30/2020	$10.10	0.80%	1.66%	1.56%^(d)	1.41%	9%	$5,039
Year Ended 4/30/2019	$10.17	4.14%	1.68%	1.56%^(d)	1.62%	9%	$8,669
Institutional Class
Year Ended 4/30/2023	$9.49	1.59%	0.65%^(c)	0.54%^(c),(d)	2.38%	5%	$17,673
Year Ended 4/30/2022	$9.57	(6.32%)	0.67%^(c)	0.55%^(c),(d)	1.95%	13%	$63,686
Year Ended 4/30/2021	$10.42	5.41%	0.70%	0.56%^(d)	2.05%	10%	$74,822
Year Ended 4/30/2020	$10.09	1.72%	0.66%	0.56%^(d)	2.40%	9%	$69,733
Year Ended 4/30/2019	$10.17	5.19%	0.68%	0.56%^(d)	2.62%	9%	$70,343
Institutional 3 Class
Year Ended 4/30/2023	$9.52	1.67%	0.62%^(c)	0.46%^(c)	2.57%	5%	$17,202
Year Ended 4/30/2022	$9.60	(6.20%)	0.56%^(c)	0.45%^(c)	2.05%	13%	$7,928
Year Ended 4/30/2021	$10.45	5.42%	0.59%	0.45%	2.16%	10%	$7,600
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

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

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements
April 30, 2023

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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Notes to Financial Statements (continued)
April 30, 2023

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

Columbia South Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 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.

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Notes to Financial Statements (continued)
April 30, 2023

For the year ended April 30, 2023, 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, 2023, these minimum account balance fees reduced total expenses of the Fund by $20.

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	2,858
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 South Carolina Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2022 through August 31, 2023	Prior to September 1, 2022
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, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(1)	1	—

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

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Notes to Financial Statements (continued)
April 30, 2023

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

Year Ended April 30, 2023				Year Ended April 30, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
1,126	1,873,357	—	1,874,483	106	2,200,829	—	2,200,935

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

At April 30, 2023, 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 ($)
—	140,502	—	(4,446,864)	—

At April 30, 2023, 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) ($)	Net unrealized appreciation ($)
54,432,104	—	—	—

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(985,130)	(3,461,734)	(4,446,864)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $3,705,275 and $99,288,072, respectively, for the year ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
April 30, 2023

The Fund’s activity in the Interfund Program during the year ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	600,000	4.21	2

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, 2023.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2023.

Note 8. Significant risks

Market risk

Money market fund investment risk

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Notes to Financial Statements (continued)
April 30, 2023

prohibit the Fund from redeeming shares when the Investment Manager would otherwise redeem shares. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. By investing in a money market fund, the Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from the Fund’s investments in such instruments. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Shareholder concentration risk

At April 30, 2023, three unaffiliated shareholders of record owned 50.0% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust 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, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 22, 2023

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

24	Columbia South Carolina Intermediate Municipal Bond Fund \| Annual Report 2023

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.94%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	174	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; former Board Member, Chase Bank International, 1993-1994

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	174	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	174	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	172	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	172	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	174	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	174	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	174	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	172	None

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	172	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	174	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	172	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	174	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	174	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

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

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of North America Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Liquidity Risk Management Program

(Unaudited)

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

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

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

•	the Program operated adequately during the period.

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Columbia South Carolina Intermediate Municipal Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN231_04_N01_(06/23)

Annual Report
April 30, 2023

Columbia Virginia Intermediate Municipal Bond Fund

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	10
Statement of Operations	11
Statement of Changes in Net Assets	12
Financial Highlights	14
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	26
Federal Income Tax Information	27
Trustees and Officers	27
Liquidity Risk Management Program	33

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

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

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Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks 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

Co-Portfolio Manager

Managed Fund since 2016

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	12/05/89	0.07	0.74	0.90
	Including sales charges		-2.92	0.13	0.59
Advisor Class		03/19/13	0.32	1.01	1.18
Class C	Excluding sales charges	06/17/92	-0.66	-0.01	0.16
	Including sales charges		-1.64	-0.01	0.16
Institutional Class		09/20/89	0.32	0.99	1.16
Institutional 3 Class*		03/01/17	0.41	1.08	1.21
Bloomberg 3-15 Year Blend Municipal Bond Index			3.71	2.18	2.14

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.

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Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2013 — April 30, 2023)

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.

Portfolio breakdown (%) (at April 30, 2023)
Money Market Funds	100.0
Total	100.0

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

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Manager Discussion of Fund Performance
(Unaudited)

On May 5, 2023, the Fund was liquidated in accordance with the Plan of Liquidation and Termination approved by the Board of Trustees of the Funds.

For the 12-month period that ended April 30, 2023, Class A shares of Columbia Virginia Intermediate Municipal Bond Fund returned 0.07% excluding sales charges. Institutional Class shares of the Fund returned 0.32%. During the same time period, the Fund’s benchmark, the Bloomberg 3-15 Year Blend Municipal Bond Index, which is national in scope, returned 3.71%.

Market overview

For fixed-income markets, the period was dominated by the U.S. Federal Reserve’s (Fed) efforts to return inflation to its target levels and the resultant dramatic increase in interest rates. Indeed, the Fed ratcheted its targeted federal funds rate higher by 450 basis points, and municipal bond yields followed suit with yields across most of its spectrum of maturities rising as well. (A basis point is 1/100th of a percentage point.) Municipal bond yields peaked in October 2022, however, and subsequently retraced somewhat, returning most segments of the municipal bond market to positive total returns for the period overall. Still, for the period as a whole, yields on one-year and two-year municipal bonds increased 106 basis points and 47 basis points, respectively. Yields on municipal bonds with maturities of less than one year rose even more significantly, driving an inversion of the short-term end of the yield curve for much of the period. Yields for municipal bonds with maturities of between five years and 13 years actually declined modestly, and longer term maturity yields rose only moderately.

All that said, fundamental factors were broadly supportive of the municipal bond market during the period. Municipal credit health benefited from positive U.S. economic growth, outperformance of tax collections, and strong reserve positions by most state and local governments, owing partly to COVID-19 stimulus. Revenue sectors, however, were more mixed. Essential services, such as water & sewer and utilities, held steady, and transportation sectors, such as airports and toll roads, rebounded strongly with increased traffic levels. Public mass transit was the exception, as subway/bus traffic across most major cities remained well below pre-pandemic levels. Fundamental credit health for hospitals and other health care sectors, such as senior living facilities and continuing care retirement communities (CCRCs), was modestly weaker overall. Higher labor costs, lighter balance sheets due to repayment of Medicare acceleration payments and investment market losses served to weaken health care fundamentals as did the full expenditure of any COVID-19 funding. As a whole, higher quality municipal bonds outperformed lower quality securities during the period.

The Fund’s notable detractors during the period

•	During the second half of the period, the Fund’s below benchmark duration prevented the Fund from fully participating in the sharp turn in interest rates and market rally. As yields declined from November 2022 through April 2023, the Fund’s benchmark returned an impressive 6.62% as the 10-year municipal benchmark yield declined by roughly 80 basis points.
•	Sector allocation underweights to water & sewer and state and local general obligation (GO) bonds detracted from performance. Issue selection within special tax and continuing care retirement communities (CCRCs) were notable negatives.
•	The Fund’s overweighted allocation, relative to its benchmark, to maturities on the longer portion (12+ years) of the yield curve also detracted. This detracting effect was more pronounced during the second half of the period.

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Manager Discussion of Fund Performance (continued)
(Unaudited)

•	Persistent outflows across the municipal bond market also detracted from Fund performance as the funding of shareholder liquidity required price concessions at times. Related to this, the Fund was liquidated soon after the close of the period due to lack of interest.

The Fund’s notable contributors during the period

•	During the first half of the period, the Fund’s below benchmark duration helped to limit price declines. As yields rose from May 2022 through October 2022, the Fund’s benchmark returned -2.64% as the 10 year municipal benchmark yield rose roughly 70 basis points.
•	The Fund’s allocation to shorter maturities was additive during the first six months of the period, enough so that the effect remained positive for the full 12-month period.
•	Overweighted allocations to the airports and transportation sectors contributed to Fund performance during the period.
•	The relative outperformance of Fund holdings within transportation, housing, and water & sewer also contributed.

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Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,029.70	1,020.55	4.03	4.01	0.81
Advisor Class	1,000.00	1,000.00	1,030.90	1,021.77	2.79	2.78	0.56
Class C	1,000.00	1,000.00	1,025.90	1,016.87	7.75	7.71	1.56
Institutional Class	1,000.00	1,000.00	1,030.90	1,021.77	2.79	2.78	0.56
Institutional 3 Class	1,000.00	1,000.00	1,031.30	1,022.17	2.39	2.38	0.48

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

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Portfolio of Investments
April 30, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Money Market Funds 101.9%
	Shares	Value ($)
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(a)	49,063,135	49,074,952
Total Money Market Funds (Cost $49,074,952)		49,074,952
Total Investments in Securities (Cost: $49,074,952)		49,074,952
Other Assets & Liabilities, Net		(908,415)
Net Assets		48,166,537

Notes to Portfolio of Investments

(a)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Fair value measurements

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

■	Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■	Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■	Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).

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

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Portfolio of Investments (continued)
April 30, 2023

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Money Market Funds	49,074,952	—	—	49,074,952
Total Investments in Securities	49,074,952	—	—	49,074,952

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

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

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Statement of Assets and Liabilities
April 30, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $49,074,952)	$49,074,952
Receivable for:
Capital shares sold	45,667
Dividends	34,796
Expense reimbursement due from Investment Manager	342
Prepaid expenses	1,047
Total assets	49,156,804
Liabilities
Payable for:
Capital shares purchased	787,582
Distributions to shareholders	65,888
Management services fees	629
Distribution and/or service fees	140
Transfer agent fees	3,156
Compensation of board members	113,591
Other expenses	19,281
Total liabilities	990,267
Net assets applicable to outstanding capital stock	$48,166,537
Represented by
Paid in capital	55,258,535
Total distributable earnings (loss)	(7,091,998)
Total - representing net assets applicable to outstanding capital stock	$48,166,537
Class A
Net assets	$16,639,182
Shares outstanding	1,744,183
Net asset value per share	$9.54
Maximum sales charge	3.00%
Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares)	$9.84
Advisor Class
Net assets	$1,712,926
Shares outstanding	179,434
Net asset value per share	$9.55
Class C
Net assets	$932,789
Shares outstanding	97,708
Net asset value per share	$9.55
Institutional Class
Net assets	$18,260,076
Shares outstanding	1,914,624
Net asset value per share	$9.54
Institutional 3 Class
Net assets	$10,621,564
Shares outstanding	1,111,061
Net asset value per share	$9.56

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

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Statement of Operations
Year Ended April 30, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$70,916
Interest	2,672,425
Total income	2,743,341
Expenses:
Management services fees	404,219
Distribution and/or service fees
Class A	58,498
Class C	11,697
Transfer agent fees
Class A	20,869
Advisor Class	2,254
Class C	1,044
Institutional Class	18,423
Institutional 3 Class	2,402
Compensation of board members	6,664
Custodian fees	1,445
Printing and postage fees	16,022
Registration fees	14,317
Accounting services fees	30,090
Legal fees	13,753
Interest on interfund lending	2,025
Compensation of chief compliance officer	15
Other	14,586
Total expenses	618,323
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(96,891)
Expense reduction	(20)
Total net expenses	521,412
Net investment income	2,221,929
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(6,715,887)
Net realized loss	(6,715,887)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	4,832,018
Net change in unrealized appreciation (depreciation)	4,832,018
Net realized and unrealized loss	(1,883,869)
Net increase in net assets resulting from operations	$338,060

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

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Statement of Changes in Net Assets

	Year Ended April 30, 2023	Year Ended April 30, 2022
Operations
Net investment income	$2,221,929	$2,659,708
Net realized gain (loss)	(6,715,887)	172,287
Net change in unrealized appreciation (depreciation)	4,832,018	(11,605,134)
Net increase (decrease) in net assets resulting from operations	338,060	(8,773,139)
Distributions to shareholders
Net investment income and net realized gains
Class A	(524,932)	(662,548)
Advisor Class	(63,443)	(69,204)
Class C	(17,722)	(26,297)
Institutional Class	(518,008)	(566,719)
Institutional 3 Class	(985,092)	(1,925,905)
Total distributions to shareholders	(2,109,197)	(3,250,673)
Decrease in net assets from capital stock activity	(57,166,763)	(23,101,611)
Total decrease in net assets	(58,937,900)	(35,125,423)
Net assets at beginning of year	107,104,437	142,229,860
Net assets at end of year	$48,166,537	$107,104,437

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

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2023		April 30, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,181,868	11,588,756	334,671	3,552,896
Distributions reinvested	37,460	362,089	43,654	459,916
Redemptions	(2,103,316)	(20,291,598)	(483,983)	(5,010,014)
Net decrease	(883,988)	(8,340,753)	(105,658)	(997,202)
Advisor Class
Subscriptions	88,069	840,116	212,914	2,282,013
Distributions reinvested	6,147	59,426	5,397	56,657
Redemptions	(209,995)	(2,027,340)	(130,437)	(1,375,418)
Net increase (decrease)	(115,779)	(1,127,798)	87,874	963,252
Class C
Subscriptions	22,551	217,283	10,425	112,380
Distributions reinvested	1,785	17,250	2,363	25,037
Redemptions	(54,450)	(525,102)	(67,262)	(712,524)
Net decrease	(30,114)	(290,569)	(54,474)	(575,107)
Institutional Class
Subscriptions	759,074	7,342,096	229,441	2,443,592
Distributions reinvested	43,297	418,007	42,088	443,610
Redemptions	(923,495)	(8,921,052)	(488,357)	(5,156,820)
Net decrease	(121,124)	(1,160,949)	(216,828)	(2,269,618)
Institutional 3 Class
Subscriptions	404,024	3,914,963	301,861	3,227,555
Distributions reinvested	9,656	93,428	8,388	88,741
Redemptions	(5,185,932)	(50,255,085)	(2,246,602)	(23,539,232)
Net decrease	(4,772,252)	(46,246,694)	(1,936,353)	(20,222,936)
Total net decrease	(5,923,257)	(57,166,763)	(2,225,439)	(23,101,611)

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2023

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Class A
Year Ended 4/30/2023	$9.75	0.23	(0.22)	0.01	(0.22)	—	(0.22)
Year Ended 4/30/2022	$10.76	0.19	(0.96)	(0.77)	(0.20)	(0.04)	(0.24)
Year Ended 4/30/2021	$10.43	0.22	0.34	0.56	(0.22)	(0.01)	(0.23)
Year Ended 4/30/2020	$10.55	0.26	(0.11)	0.15	(0.27)	(0.00)^(e)	(0.27)
Year Ended 4/30/2019	$10.44	0.27	0.21	0.48	(0.29)	(0.08)	(0.37)
Advisor Class
Year Ended 4/30/2023	$9.76	0.26	(0.23)	0.03	(0.24)	—	(0.24)
Year Ended 4/30/2022	$10.77	0.21	(0.96)	(0.75)	(0.22)	(0.04)	(0.26)
Year Ended 4/30/2021	$10.43	0.25	0.35	0.60	(0.25)	(0.01)	(0.26)
Year Ended 4/30/2020	$10.55	0.29	(0.12)	0.17	(0.29)	(0.00)^(e)	(0.29)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.31)	(0.08)	(0.39)
Class C
Year Ended 4/30/2023	$9.76	0.16	(0.22)	(0.06)	(0.15)	—	(0.15)
Year Ended 4/30/2022	$10.77	0.11	(0.96)	(0.85)	(0.12)	(0.04)	(0.16)
Year Ended 4/30/2021	$10.44	0.14	0.34	0.48	(0.14)	(0.01)	(0.15)
Year Ended 4/30/2020	$10.55	0.18	(0.10)	0.08	(0.19)	(0.00)^(e)	(0.19)
Year Ended 4/30/2019	$10.45	0.20	0.19	0.39	(0.21)	(0.08)	(0.29)
Institutional Class
Year Ended 4/30/2023	$9.75	0.26	(0.23)	0.03	(0.24)	—	(0.24)
Year Ended 4/30/2022	$10.76	0.22	(0.97)	(0.75)	(0.22)	(0.04)	(0.26)
Year Ended 4/30/2021	$10.43	0.25	0.34	0.59	(0.25)	(0.01)	(0.26)
Year Ended 4/30/2020	$10.54	0.29	(0.11)	0.18	(0.29)	(0.00)^(e)	(0.29)
Year Ended 4/30/2019	$10.44	0.30	0.20	0.50	(0.32)	(0.08)	(0.40)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2023	$9.54	0.07%	0.93%^(c)	0.81%^(c),(d)	2.38%	9%	$16,639
Year Ended 4/30/2022	$9.75	(7.32%)	0.90%	0.81%^(d)	1.80%	11%	$25,627
Year Ended 4/30/2021	$10.76	5.42%	0.91%	0.81%	2.07%	10%	$29,427
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
Advisor Class
Year Ended 4/30/2023	$9.55	0.32%	0.68%^(c)	0.56%^(c),(d)	2.64%	9%	$1,713
Year Ended 4/30/2022	$9.76	(7.08%)	0.64%	0.56%^(d)	2.02%	11%	$2,881
Year Ended 4/30/2021	$10.77	5.78%	0.66%	0.56%	2.31%	10%	$2,233
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
Class C
Year Ended 4/30/2023	$9.55	(0.66%)	1.68%^(c)	1.56%^(c),(d)	1.64%	9%	$933
Year Ended 4/30/2022	$9.76	(8.01%)	1.65%	1.56%^(d)	1.08%	11%	$1,248
Year Ended 4/30/2021	$10.77	4.63%	1.66%	1.56%	1.32%	10%	$1,964
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
Institutional Class
Year Ended 4/30/2023	$9.54	0.32%	0.69%^(c)	0.56%^(c),(d)	2.65%	9%	$18,260
Year Ended 4/30/2022	$9.75	(7.09%)	0.65%	0.56%^(d)	2.06%	11%	$19,848
Year Ended 4/30/2021	$10.76	5.68%	0.66%	0.56%	2.32%	10%	$24,243
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

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

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Distributions from net realized gains	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2023	$9.77	0.26	(0.22)	0.04	(0.25)	—	(0.25)
Year Ended 4/30/2022	$10.79	0.23	(0.98)	(0.75)	(0.23)	(0.04)	(0.27)
Year Ended 4/30/2021	$10.45	0.26	0.35	0.61	(0.26)	(0.01)	(0.27)
Year Ended 4/30/2020	$10.57	0.30	(0.12)	0.18	(0.30)	(0.00)^(e)	(0.30)
Year Ended 4/30/2019	$10.46	0.31	0.21	0.52	(0.33)	(0.08)	(0.41)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	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.

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

16	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2023

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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 4/30/2023	$9.56	0.41%	0.58%^(c)	0.48%^(c)	2.70%	9%	$10,622
Year Ended 4/30/2022	$9.77	(7.08%)	0.56%	0.48%	2.14%	11%	$57,501
Year Ended 4/30/2021	$10.79	5.86%	0.58%	0.47%	2.40%	10%	$84,363
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

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

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Notes to Financial Statements
April 30, 2023

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

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Notes to Financial Statements (continued)
April 30, 2023

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Notes to Financial Statements (continued)
April 30, 2023

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 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.

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Notes to Financial Statements (continued)
April 30, 2023

For the year ended April 30, 2023, 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, 2023, these minimum account balance fees reduced total expenses of the Fund by $20.

Distribution and service fees

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	6,709
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 Virginia Intermediate Municipal Bond Fund | Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

Expenses waived/reimbursed by the Investment Manager and its affiliates

	Fee rate(s) contractual through August 31, 2023
Class A	0.81%
Advisor Class	0.56
Class C	1.56
Institutional Class	0.56
Institutional 3 Class	0.48

Note 4. Federal tax information

At April 30, 2023, these differences were primarily due to differing treatment for capital loss carryforwards, trustees’ deferred compensation, distributions, re-characterization of distributions for investments and defaulted securities/troubled debt. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
5,827	(5,827)	—

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

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

Year Ended April 30, 2023				Year Ended April 30, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
50,134	2,059,063	—	2,109,197	61,990	2,708,940	479,743	3,250,673

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

22	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

At April 30, 2023, 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 ($)
—	107,314	—	(7,021,053)	—

At April 30, 2023, 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) ($)	Net unrealized appreciation ($)
49,074,952	—	—	—

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(538,742)	(6,482,311)	(7,021,053)	—

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at April 30, 2022 as arising on May 1, 2022.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $7,982,114 and $112,216,537, respectively, for the year ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

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Notes to Financial Statements (continued)
April 30, 2023

The Fund’s activity in the Interfund Program during the year ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	1,088,235	3.54	17

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, 2023.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2023.

Note 8. Significant risks

Market risk

Money market fund investment risk

24	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

Shareholder concentration risk

At April 30, 2023, two unaffiliated shareholders of record owned 52.4% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 10.7% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

Note 10. Information regarding pending and settled legal proceedings

Columbia Virginia Intermediate Municipal Bond Fund | Annual Report 2023

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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, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 22, 2023

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

26	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2023

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
97.62%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	174	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; former Board Member, Chase Bank International, 1993-1994

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	174	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	174	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	172	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	172	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	174	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	174	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	174	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	172	None

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	172	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	174	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	172	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

30	Columbia Virginia Intermediate Municipal Bond Fund \| Annual Report 2023

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	174	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	174	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

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

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of North America Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Liquidity Risk Management Program

(Unaudited)

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

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

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

•	the Program operated adequately during the period.

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Columbia Virginia Intermediate Municipal Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN239_04_N01_(06/23)

Annual Report
April 30, 2023

Columbia California Intermediate Municipal Bond Fund

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	19
Statement of Operations	20
Statement of Changes in Net Assets	21
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	37
Federal Income Tax Information	38
Trustees and Officers	38
Liquidity Risk Management Program	44

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

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

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

Co-Portfolio Manager

Managed Fund since 2012

Douglas Rangel, CFA

Co-Portfolio Manager

Managed the Fund since June 2022

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	09/09/02	2.76	1.44	1.64
	Including sales charges		-0.30	0.82	1.33
Advisor Class		03/19/13	2.92	1.69	1.91
Class C	Excluding sales charges	09/11/02	1.89	0.68	0.88
	Including sales charges		0.89	0.68	0.88
Institutional Class		08/19/02	3.02	1.69	1.91
Institutional 2 Class		11/08/12	3.03	1.74	1.96
Institutional 3 Class*		03/01/17	3.09	1.79	1.97
Bloomberg California 3-15 Year Blend Municipal Bond Index			4.00	2.02	2.15
Bloomberg 3-15 Year Blend Municipal Bond Index			3.71	2.18	2.14

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 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.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2013 — April 30, 2023)

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, 2023)
AAA rating	0.7
AA rating	49.4
A rating	27.7
BBB rating	13.9
BB rating	2.3
Not rated	6.0
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. If a security is not rated but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily. The ratings assigned by credit rating agencies are but one of the considerations that the Investment Manager and/or Fund’s subadviser incorporates into its credit analysis process, along with such other issuer-specific factors as cash flows, capital structure and leverage ratios, ability to de-leverage (repay) through free cash flow, quality of management, market positioning and access to capital, as well as such security-specific factors as the terms of the security (e.g., interest rate and time to maturity) and the amount and type of any collateral.

4	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2023, Class A shares of Columbia California Intermediate Municipal Bond Fund returned 2.76% excluding sales charges. Institutional Class shares of the Fund returned 3.02%. During the same time period, the Fund’s primary benchmark, the Bloomberg California 3-15 Year Blend Municipal Bond Index, returned 4.00% and the Bloomberg 3-15 Year Blend Municipal Bond Index, which is national in scope, returned 3.71%.

Market overview

For fixed-income markets, the period was dominated by the U.S. Federal Reserve’s (Fed) efforts to return inflation to its target levels and the resultant dramatic increase in interest rates. Indeed, the Fed ratcheted its targeted federal funds rate higher by 450 basis points, and municipal bond yields followed suit with yields across most of its spectrum of maturities rising as well. (A basis point is 1/100th of a percentage point.) Municipal bond yields peaked in October 2022, however, and subsequently retraced somewhat, returning most segments of the municipal bond market to positive total returns for the period overall. Still, for the period as a whole, yields on one-year and two-year municipal bonds increased 106 basis points and 47 basis points, respectively. Yields on municipal bonds with maturities of less than one year rose even more significantly, driving an inversion of the short-term end of the yield curve for much of the period. Yields for municipal bonds with maturities of between five years and 13 years actually declined modestly, and longer term maturity yields rose only moderately.

Amid these conditions, investor sentiment within the municipal bond market was negative for much of the period. Rising rates and negative total returns through much of 2022 precipitated the largest outflow cycle ever experienced by the municipal bond market. Fund flows then stabilized and slowed into year-end but any optimism around a resumption of inflows in 2023 was quashed as another $6 billion of outflows through the end of April showed investors were still cautious about returning to the market. Consequently, technicals, or supply/demand dynamics, were not favorable within the municipal bond market during the period, largely driven by this lack of demand. Short-term municipal bond funds were not spared the effects of the outflow cycle. However, they were less impacted than their long-term, high-yield and intermediate fund counterparts, as short-term municipal bond funds generally hold more liquid positions, and shorter maturities inherently tend to provide ample cash flow. Supply, or lack thereof during the period, proved a bright spot. Rate volatility coupled with healthy balance sheets sidelined many issuers, with tax-exempt issuance approximately 10% to 15% lower during the period than long-term averages. Not having to contend with an oversupply of new issuance likely buoyed the market as whatever new issues did come to market were well received.

All that said, fundamental factors were broadly supportive of the municipal bond market during the period. Municipal credit health benefited from positive U.S. economic growth, outperformance of tax collections, and strong reserve positions by most state and local governments, owing partly to COVID-19 stimulus. Revenue sectors, however, were more mixed. Essential services, such as water & sewer and utilities, held steady, and transportation sectors, such as airports and toll roads, rebounded strongly with increased traffic levels. Public mass transit was the exception, as subway/bus traffic across most major cities remained well below pre-pandemic levels. Fundamental credit health for hospitals and other health care sectors, such as senior living facilities and continuing care retirement communities (CCRCs), was modestly weaker overall. Higher labor costs, lighter balance sheets due to repayment of Medicare acceleration payments and investment market losses served to weaken health care fundamentals as did the depletion of any COVID-19 funding. As a whole, higher quality municipal bonds outperformed lower quality securities during the period.

California’s economy grew by 8.1% during the 12 months that ended April 30, 2023, driven by strong job gains, rising wages and increased consumer spending. The state’s unemployment rate fell to 3.9%, its lowest level since 2000. California’s population has declined since the onset of the COVID-19 pandemic. This negative trend continued slightly through the end of calendar year 2022, with a population loss of 0.3%. There have been no public rating actions taken on California state bonds. Several rating agencies had upgraded California state bonds in fiscal year 2021 on robust tax revenue growth and have been waiting to see how the state will respond to declining tax revenue performance in fiscal year 2022 and possibly fiscal year 2023 due to the decline in capital gains taxes from the wealthiest residents of the state. Drought remains an issue in California, despite the strongest snowpack and highest level of rainfall in recent years.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

The Fund’s notable detractors during the period

•	During the second half of the period, the Fund’s below benchmark duration, prevented the Fund from fully participating in the sharp turn in interest rates and market rally. As yields declined from November 2022 through April 2023, the Fund’s primary benchmark returned an impressive 6.19% as the 10-year municipal benchmark yield declined by roughly 80 basis points.
•	The Fund’s underweighted allocation to California state general obligation (GO) bonds detracted from performance as state GOs performed well.
•	The Fund’s relative underweighting in state GOs also translated to a shortfall in AA rated issues, as that is where California state GO’s fall. As higher quality bonds outperformed during the period, this also served as a detractor to relative performance.
•	The Fund’s overweighted allocation, relative to its primary benchmark, in bonds maturing in 1 to 2 years detracted from performance as these shorter term bonds underperformed their longer term counterparts.
•	Persistent outflows across the municipal bond market also detracted from Fund performance as the funding of shareholder liquidity required price concessions at times. Conversely, renewed shareholder interest when the municipal bond market reversed course reduced the Fund’s market exposure when yields were declining.

The Fund’s notable contributors during the period

•	During the first half of the period, the Fund’s below benchmark duration helped to limit price declines. As yields rose from May 2022 through October 2022, the Fund’s primary benchmark returned -2.06% as the 10 year municipal benchmark yield rose roughly 70 basis points.
•	The Fund’s underweighted allocation to bonds maturing in 2 to 6 years and its overweighting to bonds maturing in 6 years or more contributed positively to performance as longer bonds outperformed shorter bonds during the period.
•	The Fund’s largest sector overweights — in special tax, transportation and education — were beneficial as these sectors produced the highest returns in the California municipal bond market. These sectors makeup over 40% of the Fund’s exposure.

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.

6	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,052.60	1,020.94	3.67	3.62	0.73
Advisor Class	1,000.00	1,000.00	1,054.00	1,022.17	2.42	2.38	0.48
Class C	1,000.00	1,000.00	1,048.70	1,017.26	7.43	7.32	1.48
Institutional Class	1,000.00	1,000.00	1,054.00	1,022.17	2.42	2.38	0.48
Institutional 2 Class	1,000.00	1,000.00	1,054.20	1,022.22	2.37	2.33	0.47
Institutional 3 Class	1,000.00	1,000.00	1,054.40	1,022.46	2.12	2.08	0.42

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 0.2%
Issue Description	Yield	Principal Amount ($)	Value ($)
Variable Rate Demand Notes 0.2%
New York City Water & Sewer System^(a),(b)
Revenue Bonds
2nd General Resolution
Series 2013 (JPMorgan Chase Bank)
06/15/2050	3.750%	500,000	500,000
Total Floating Rate Notes (Cost $500,000)			500,000

Municipal Bonds 99.3%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Airport 13.6%
City of Los Angeles Department of Airports^(c)
Refunding Revenue Bonds
Series 2018B
05/15/2028	5.000%	2,000,000	2,169,697
Revenue Bonds
Los Angeles International Airport
Subordinated Series 2019
05/15/2038	5.000%	3,500,000	3,716,190
Senior Series 2020C
05/15/2038	5.000%	3,000,000	3,231,269
City of Los Angeles Department of Airports
Refunding Revenue Bonds
Subordinated Series 2015C
05/15/2029	5.000%	2,410,000	2,539,877
Subordinated Series 2019
05/15/2035	5.000%	1,485,000	1,685,350
05/15/2037	5.000%	840,000	934,849
Revenue Bonds
Subordinated Series 2017B
05/15/2029	5.000%	330,000	364,476
05/15/2030	5.000%	500,000	552,285
County of Sacramento Airport System^(c)
Refunding Revenue Bonds
Series 2018C
07/01/2028	5.000%	3,090,000	3,328,850
County of Sacramento Airport System
Refunding Revenue Bonds
Subordinated Series 2016B
07/01/2036	5.000%	1,750,000	1,844,672
Subordinated Series 2018E
07/01/2029	5.000%	1,035,000	1,158,756
07/01/2034	5.000%	1,000,000	1,101,584

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Norman Y. Mineta San Jose International Airport
Refunding Revenue Bonds
Series 2014C
03/01/2030	5.000%	2,500,000	2,550,684
San Diego County Regional Airport Authority
Refunding Revenue Bonds
Subordinated Series 2017A
07/01/2033	5.000%	1,000,000	1,095,979
07/01/2034	5.000%	700,000	763,886
San Diego County Regional Airport Authority^(c)
Refunding Revenue Bonds
Subordinated Series 2019B
07/01/2036	5.000%	1,540,000	1,642,592
Subordinated Series 2020
07/01/2036	5.000%	495,000	535,230
07/01/2039	5.000%	400,000	426,211
Revenue Bonds
Subordinated Series 2021B
07/01/2039	4.000%	250,000	243,295
San Francisco City & County Airport Commission - San Francisco International Airport
Refunding Revenue Bonds
2nd Series 2016A
05/01/2026	5.000%	1,975,000	2,112,978
San Francisco Airport Commission Project
Series 2019
05/01/2036	5.000%	3,205,000	3,569,958
San Francisco City & County Airport Commission - San Francisco International Airport^(c)
Refunding Revenue Bonds
Series 2020A-2
05/01/2039	4.000%	750,000	740,365
Revenue Bonds
Series 2019E
05/01/2037	5.000%	4,450,000	4,728,748
San Francisco City & County Airport Commission-San Francisco International Airport^(c)
Revenue Bonds
Series 2019A
05/01/2038	5.000%	1,470,000	1,556,264
Total			42,594,045
Charter Schools 4.6%
California Infrastructure & Economic Development Bank
Revenue Bonds
Equitable School Revolving Fund
Series 2019
11/01/2039	5.000%	275,000	287,617

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

8	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California School Finance Authority^(d)
Refunding Revenue Bonds
Aspire Public Schools
Series 2016
07/31/2029	5.000%	1,000,000	1,021,543
07/31/2030	5.000%	1,380,000	1,408,580
07/31/2031	5.000%	850,000	866,970
Revenue Bonds
Alliance College-Ready Public Schools
Series 2015
07/01/2030	5.000%	3,400,000	3,498,521
Aspire Public Schools Obligation Group
Series 2021
08/01/2036	4.000%	325,000	304,940
Green Dot Public School Project
Series 2015A
08/01/2035	5.000%	1,010,000	1,030,048
Series 2018
08/01/2038	5.000%	1,000,000	1,022,443
KIPP Los Angeles Projects
Series 2015A
07/01/2035	5.000%	1,250,000	1,281,302
Series 2017
07/01/2037	5.000%	3,090,000	3,190,103
California School Finance Authority
Revenue Bonds
KIPP Los Angeles Projects
Series 2014A
07/01/2034	5.000%	600,000	609,334
Total			14,521,401
Higher Education 6.3%
California Educational Facilities Authority
Refunding Revenue Bonds
Loma Linda University
Series 2017A
04/01/2034	5.000%	1,485,000	1,581,759
04/01/2035	5.000%	2,000,000	2,122,597
Series 2018-A
12/01/2036	5.000%	1,000,000	1,039,921
Revenue Bonds
Chapman University
Series 2015
04/01/2026	5.000%	1,000,000	1,041,729
Green Bonds - Loyola Marymount University
Series 2018
10/01/2036	5.000%	760,000	816,971

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	395,197
04/01/2026	5.000%	1,000,000	1,003,392
Biola University
Series 2017
10/01/2031	5.000%	540,000	571,249
10/01/2032	5.000%	615,000	649,701
10/01/2033	5.000%	625,000	659,669
10/01/2034	5.000%	570,000	600,192
California Lutheran University
Series 2018
10/01/2035	5.000%	225,000	235,191
10/01/2036	5.000%	250,000	259,602
Revenue Bonds
National University
Series 2019A
04/01/2035	5.000%	1,780,000	1,945,697
04/01/2036	5.000%	1,120,000	1,211,857
California Municipal Finance Authority^(d)
Revenue Bonds
California Baptist University
Series 2016A
11/01/2026	4.000%	1,000,000	981,451
California Statewide Communities Development Authority^(d)
Refunding Revenue Bonds
California Baptist University
Series 2017A
11/01/2032	5.000%	1,135,000	1,160,653
Revenue Bonds
California Baptist University
Series 2014A
11/01/2023	5.125%	255,000	255,426
Lancer Plaza Project
Series 2013
11/01/2023	5.125%	145,000	145,250
University of California
Refunding Revenue Bonds
Series 2023BN
05/15/2039	5.000%	2,500,000	2,925,700
Total			19,603,204
Hospital 8.5%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Cedars Sinai Medical Center
Series 2015
11/15/2028	5.000%	1,000,000	1,063,761

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
El Camino Hospital
Series 2015A
02/01/2027	5.000%	1,500,000	1,555,635
Marshall Medical Center
Series 2015
11/01/2023	5.000%	325,000	327,774
Sutter Health
Series 2017A
11/15/2033	5.000%	1,000,000	1,091,561
Revenue Bonds
El Camino Hospital
Series 2017
02/01/2033	5.000%	2,500,000	2,688,624
02/01/2034	5.000%	500,000	536,540
Kaiser Permanente
Subordinated Series 2017A-1-G
11/01/2027	5.000%	1,875,000	2,083,688
Lucile Salter Packard Children’s Hospital
Series 2014
08/15/2028	5.000%	300,000	308,427
Series 2017
11/15/2034	5.000%	250,000	269,817
11/15/2035	5.000%	270,000	289,802
Providence Health & Services
Series 2014A
10/01/2030	5.000%	1,500,000	1,545,097
Sutter Health
Series 2018A
11/15/2034	5.000%	1,000,000	1,087,652
California Municipal Finance Authority
Refunding Revenue Bonds
Community Medical Centers
Series 2017A
02/01/2033	5.000%	2,770,000	2,924,453
Revenue Bonds
Clincas Del Camino Real, Inc.
Series 2020
03/01/2035	4.000%	500,000	457,969
California Statewide Communities Development Authority
Revenue Bonds
Green - Marin General Hospital Project
Series 2018
08/01/2033	5.000%	425,000	450,556
08/01/2034	5.000%	650,000	687,942
Loma Linda University Medical Center
Series 2014
12/01/2034	5.250%	3,000,000	3,063,371
Methodist Hospital of Southern California
Series 2018
01/01/2036	5.000%	3,000,000	3,150,214

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California Statewide Communities Development Authority^(e)
Revenue Bonds
Kaiser Permanente
Series 2019 (Mandatory Put 11/01/29)
03/31/2036	5.000%	1,410,000	1,610,672
City of Upland
Refunding Certificate of Participation
San Antonio Regional Hospital
Series 2017
01/01/2034	5.000%	500,000	531,306
01/01/2036	4.000%	1,000,000	978,868
Total			26,703,729
Human Service Provider 0.4%
California Municipal Finance Authority
Refunding Revenue Bonds
Harbor Regional Center Project
Series 2015
11/01/2032	5.000%	1,120,000	1,190,552
Joint Power Authority 0.5%
Northern California Transmission Agency
Refunding Revenue Bonds
California-Oregon Project
Series 2016
05/01/2032	5.000%	1,500,000	1,604,614
Local Appropriation 2.3%
Anaheim Public Financing Authority
Refunding Revenue Bonds
Anaheim Public Improvement Projects
Series 2019 BAM
09/01/2031	5.000%	1,470,000	1,654,595
Fresno Joint Powers Financing Authority
Refunding Revenue Bonds
Master Lease Project
Series 2017A (AGM)
04/01/2033	5.000%	1,000,000	1,092,091
Los Angeles County Public Works Financing Authority
Revenue Bonds
Green Bonds - LACMA Building for the Permanent Collection Project
Series 2020A
12/01/2037	4.000%	2,415,000	2,505,545
San Rafael Joint Powers Financing Authority
Revenue Bonds
Public Safety Facilities Project
Series 2018
06/01/2033	5.000%	850,000	956,385
06/01/2034	5.000%	775,000	871,656
Total			7,080,272

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

10	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Local General Obligation 7.8%
Bellevue Union School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2008
Series 2011A (AGM)
08/01/2030	0.000%	585,000	459,324
08/01/2031	0.000%	615,000	464,945
City of San Jose
Unlimited General Obligation Bonds
Series 2021A
09/01/2040	5.000%	1,000,000	1,122,295
Compton Unified School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (AMBAC)
06/01/2024	0.000%	1,925,000	1,853,023
Conejo Valley Unified School District
Unlimited General Obligation Bonds
Series 2018B
08/01/2032	4.000%	2,000,000	2,124,778
Corona-Norco Unified School District
Unlimited General Obligation Bonds
Election of 2014
Series 2018B
08/01/2034	4.000%	500,000	523,021
Encinitas Union School District^(e)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2010
Series 2011
08/01/2035	6.750%	500,000	647,877
Long Beach Unified School District^(f)
Unlimited General Obligation Bonds
Series 2015D-1
08/01/2031	0.000%	1,375,000	996,865
Los Angeles Unified School District
Unlimited General Obligation Bonds
Election of 2008
Series 2018B-1
07/01/2032	5.000%	4,000,000	4,457,947
Monterey Peninsula Community College District^(f)
Unlimited General Obligation Refunding Bonds
Series 2016
08/01/2028	0.000%	2,125,000	1,810,389
Napa Valley Community College District^(e)
Unlimited General Obligation Refunding Bonds
Series 2018
08/01/2034	4.000%	1,595,000	1,640,391
Oakland Unified School District/Alameda County
Unlimited General Obligation Bonds
Series 2015A
08/01/2025	5.000%	650,000	678,819

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pomona Unified School District^(f)
Unlimited General Obligation Bonds
Election of 2008
Series 2016G (AGM)
08/01/2032	0.000%	1,000,000	732,554
Rancho Santiago Community College District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 2002
Series 2006C (AGM)
09/01/2031	0.000%	3,785,000	2,924,997
Rescue Union School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation - Election of 1998
Series 2005 (NPFGC)
09/01/2026	0.000%	1,100,000	986,289
Santa Monica Community College District
Unlimited General Obligation Bonds
Election of 2016
Series 2018A
08/01/2034	4.000%	500,000	529,616
Sierra Kings Health Care District
Unlimited General Obligation Refunding Bonds
Series 2015
08/01/2028	5.000%	1,000,000	1,043,523
08/01/2032	5.000%	1,500,000	1,566,254
Total			24,562,907
Multi-Family 1.3%
California Housing Finance
Revenue Bonds
Series 2019-2 Class A
03/20/2033	4.000%	1,135,997	1,133,724
California Municipal Finance Authority
Revenue Bonds
Bowles Hall Foundation
Series 2015A
06/01/2035	5.000%	400,000	403,678
Caritas Affordable Housing
Series 2014
08/15/2030	5.000%	1,000,000	1,019,106
California Statewide Communities Development Authority
Revenue Bonds
Lancer Educational Student Housing Project
Series 2019
06/01/2034	5.000%	375,000	370,591
Series 2017
05/15/2032	5.000%	1,000,000	1,034,278
Total			3,961,377

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Municipal Power 6.6%
City of Redding Electric System
Refunding Revenue Bonds
Series 2017
06/01/2029	5.000%	1,250,000	1,371,211
City of Riverside Electric
Refunding Revenue Bonds
Series 2019A
10/01/2037	5.000%	1,000,000	1,115,559
City of Vernon Electric System
Refunding Revenue Bonds
Series 2022A
08/01/2039	5.000%	425,000	447,462
Los Angeles Department of Water & Power
Refunding Revenue Bonds
Power System
Series 2017B
07/01/2029	5.000%	3,580,000	3,919,571
Los Angeles Department of Water & Power System
Refunding Revenue Bonds
Series 2018A
07/01/2035	5.000%	1,750,000	1,940,489
Series 2019B
07/01/2031	5.000%	2,500,000	2,846,847
Revenue Bonds
Power System
Series 2014D
07/01/2033	5.000%	1,700,000	1,740,293
Redding Joint Powers Financing Authority
Refunding Revenue Bonds
Series 2015A
06/01/2031	5.000%	1,045,000	1,109,699
Sacramento Municipal Utility District
Revenue Bonds
Electric
Series 2020H
08/15/2033	5.000%	2,000,000	2,361,579
Turlock Irrigation District
Refunding Revenue Bonds
First Priority
Subordinated Series 2014
01/01/2030	5.000%	850,000	867,888
01/01/2031	5.000%	1,000,000	1,020,815
Series 2020
01/01/2038	5.000%	1,650,000	1,844,392
Total			20,585,805

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Other Bond Issue 0.9%
California Infrastructure & Economic Development Bank
Refunding Revenue Bonds
Salvation Army Western Territory (The)
Series 2016
09/01/2033	4.000%	400,000	410,168
09/01/2034	4.000%	600,000	614,061
Walt Disney Family Museum
Series 2016
02/01/2032	4.000%	350,000	358,171
02/01/2033	4.000%	500,000	510,961
City of Long Beach Marina System
Revenue Bonds
Series 2015
05/15/2028	5.000%	635,000	652,875
County of San Diego
Refunding Revenue Bonds
Sanford Burnham Prebys Medical Discovery Group
Series 2015
11/01/2025	5.000%	350,000	368,210
Total			2,914,446
Ports 0.7%
City of Long Beach Harbor
Revenue Bonds
Series 2019A
05/15/2036	5.000%	700,000	787,388
Port Commission of the City & County of San Francisco
Refunding Revenue Bonds
Series 2020A
03/01/2039	4.000%	1,260,000	1,268,003
Total			2,055,391
Prepaid Gas 1.8%
California Community Choice Financing Authority
Revenue Bonds
Green Bonds - Clean Energy Project
Series 2023 (Mandatory Put 08/01/29)
12/01/2053	5.000%	1,000,000	1,060,884
M-S-R Energy Authority
Revenue Bonds
Series 2009B
11/01/2029	6.125%	1,780,000	1,915,118
Series 2009C
10/31/2039	6.500%	2,350,000	2,754,381
Total			5,730,383

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

12	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Recreation 0.5%
Del Mar Race Track Authority
Refunding Revenue Bonds
Series 2015
10/01/2025	5.000%	1,665,000	1,669,442
Refunded / Escrowed 9.0%
California Educational Facilities Authority
Revenue Bonds
University of Southern California
Series 2009C Escrowed to Maturity
10/01/2024	5.250%	3,000,000	3,099,620
California Municipal Finance Authority
Prerefunded 02/01/25 Revenue Bonds
Community Medical Centers
Series 2015A
02/01/2027	5.000%	1,200,000	1,245,800
Refunding Revenue Bonds
Retirement Housing Foundation
Series 2017 Escrowed to Maturity
11/15/2029	5.000%	390,000	451,644
11/15/2030	5.000%	600,000	708,113
11/15/2032	5.000%	850,000	1,036,026
California School Finance Authority^(d)
Revenue Bonds
River Springs Charter School Project
Series 2015 Escrowed to Maturity
07/01/2025	5.250%	915,000	935,460
California Statewide Communities Development Authority
Prerefunded 02/15/26 Revenue Bonds
Enloe Medical Center
Series 2015
08/15/2030	5.000%	1,990,000	2,119,674
Prerefunded 07/01/24 Revenue Bonds
Huntington Memorial Hospital
Series 2014B
07/01/2033	5.000%	2,300,000	2,352,120
Prerefunded 10/01/24 Revenue Bonds
Henry Mayo Newhall Memorial Hospital
Series 2014A (AGM)
10/01/2027	5.000%	1,000,000	1,028,503
Prerefunded 11/15/23 Revenue Bonds
Insured Redwoods Project
Series 2013
11/15/2028	5.000%	1,000,000	1,009,984
City of Los Angeles Department of Airports
Prerefunded 05/15/29 Refunding Revenue Bonds
Subordinated Series 2019
05/15/2035	5.000%	2,490,000	2,885,713
05/15/2037	5.000%	1,410,000	1,634,079

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Golden State Tobacco Securitization Corp.
Prerefunded 06/01/25 Asset-Backed Revenue Bonds
Series 2015A
06/01/2033	5.000%	4,000,000	4,188,219
Refunding Revenue Bonds
Series 2017A-1 Escrowed to Maturity
06/01/2024	5.000%	4,000,000	4,083,235
La Quinta Redevelopment Agency Successor Agency
Prerefunded 09/01/23 Tax Allocation Bonds
Redevelopment Project
Subordinated Series 2013A
09/01/2030	5.000%	1,500,000	1,508,766
Total			28,286,956
Retirement Communities 3.0%
California Health Facilities Financing Authority
Refunding Revenue Bonds
Northern California Presbyterian Homes
Series 2015
07/01/2028	5.000%	310,000	326,308
07/01/2029	5.000%	300,000	316,111
California Municipal Finance Authority
Refunding Revenue Bonds
HumanGood Obligation Group
Series 2019A
10/01/2034	4.000%	500,000	501,922
10/01/2035	4.000%	1,000,000	1,001,587
California Public Finance Authority^(d)
Revenue Bonds
Enso Village Project - Green Bonds - TEMPS 70
Series 2021
11/15/2028	2.375%	2,000,000	1,882,812
California Statewide Communities Development Authority
Refunding Revenue Bonds
American Baptist Homes West
Series 2015
10/01/2024	5.000%	2,575,000	2,610,481
10/01/2026	5.000%	1,000,000	1,030,424
Front Porch Communities & Services
Series 2017
04/01/2030	5.000%	150,000	156,853
Series 2021
04/01/2039	4.000%	750,000	723,369
Revenue Bonds
Viamonte Senior Living 1, Inc.
Series 2018
07/01/2035	4.000%	300,000	308,295
07/01/2036	4.000%	430,000	438,875
Total			9,297,037

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Sales Tax 1.1%
California Statewide Communities Development Authority
Certificate of Participation
Total Road Improvement Program
Series 2018B (AGM)
12/01/2035	5.000%	1,405,000	1,562,557
City of Sacramento Transient Occupancy
Revenue Bonds
Convention Center Complex
Subordinated Series 2018
06/01/2035	5.000%	615,000	668,654
06/01/2036	5.000%	1,180,000	1,274,412
Total			3,505,623
Special Non Property Tax 0.2%
Berkeley Joint Powers Financing Authority
Revenue Bonds
Series 2016 (BAM)
06/01/2033	4.000%	415,000	428,492
06/01/2034	4.000%	250,000	257,197
Total			685,689
Special Property Tax 14.8%
Carson Public Financing Authority
Revenue Bonds
Series 2019
09/02/2026	5.000%	650,000	682,065
City & County of San Francisco Community Facilities District No. 2016-1
Special Tax Bonds
Series 2021
09/01/2041	4.000%	745,000	685,846
City of Irvine
Refunding Special Assessment Bonds
Limited Obligation Reassessment District
Series 2015
09/02/2025	5.000%	1,295,000	1,351,369
Special Assessment Refunding Bonds
Series 2019
09/02/2032	5.000%	340,000	375,566
Concord Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014 (BAM)
03/01/2025	5.000%	840,000	866,938
Emeryville Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2014A (AGM)
09/01/2026	5.000%	1,000,000	1,026,638
09/01/2027	5.000%	1,000,000	1,027,452
09/01/2030	5.000%	815,000	837,751
09/01/2031	5.000%	590,000	606,506

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
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	1,111,268
10/01/2031	5.000%	1,640,000	1,752,089
Inglewood Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Merged Redevelopment Project
Subordinated Series 2017 (BAM)
05/01/2032	5.000%	500,000	546,522
05/01/2033	5.000%	1,000,000	1,091,916
Irvine Facilities Financing Authority^(g)
Special Tax Bonds
Irvine Great Park Infrastructure Project
Series 2023
09/01/2040	5.000%	2,000,000	2,280,334
Irvine Unified School District
Refunding Special Tax Bonds
Series 2015
09/01/2030	5.000%	2,065,000	2,159,234
09/01/2031	5.000%	2,720,000	2,843,856
Jurupa Public Financing Authority
Refunding Special Tax Bonds
Series 2014A
09/01/2029	5.000%	530,000	543,770
09/01/2030	5.000%	625,000	640,002
09/01/2032	5.000%	625,000	637,950
Los Angeles Community Facilities District
Refunding Special Tax Bonds
Playa Vista-Phase 1
Series 2014
09/01/2030	5.000%	985,000	1,021,809
Los Angeles County Redevelopment Authority
Refunding Tax Allocation Bonds
Los Angeles Bunker Hill Project
Series 2014C (AGM)
12/01/2028	5.000%	3,000,000	3,118,266
Oakley Redevelopment Agency
Refunding Tax Allocation Bonds
Oakley Redevelopment Project Area
Series 2018 (BAM)
09/01/2032	5.000%	335,000	374,529
09/01/2033	5.000%	730,000	814,984
09/01/2034	5.000%	500,000	557,559
Palm Desert Redevelopment Agency
Refunding Tax Allocation Bonds
Series 2017A (BAM)
10/01/2029	5.000%	890,000	971,236
10/01/2030	5.000%	350,000	381,819

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

14	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Poway Unified School District Public Financing Authority
Special Tax Refunding Bonds
Series 2015B
09/01/2026	5.000%	995,000	1,048,842
Rancho Cucamonga Redevelopment Agency Successor Agency
Tax Allocation Bonds
Rancho Redevelopment Project Area
Series 2014
09/01/2030	5.000%	700,000	722,606
Series 2014 (AGM)
09/01/2027	5.000%	2,200,000	2,267,684
Riverside County Public Financing Authority
Tax Allocation Bonds
Project Area #1-Desert Communities
Series 2016 (BAM)
10/01/2031	4.000%	2,500,000	2,557,860
San Francisco City & County Redevelopment Agency
Refunding Tax Allocation Bonds
Mission Bay North Redevelopment Project
Series 2016
08/01/2030	5.000%	275,000	294,935
08/01/2031	5.000%	355,000	380,682
Mission Bay South Redevelopment Project
Series 2016
08/01/2031	5.000%	670,000	718,470
08/01/2032	5.000%	580,000	620,586
Tax Allocation Bonds
Mission Bay South Redevelopment Project
Series 2014A
08/01/2029	5.000%	225,000	231,729
08/01/2030	5.000%	175,000	180,259
San Mateo Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2015A
08/01/2028	5.000%	1,860,000	1,954,211
08/01/2029	5.000%	1,000,000	1,051,227
Semitropic Improvement District
Refunding Revenue Bonds
Series 2015A 2nd Lien (AGM)
12/01/2023	5.000%	300,000	303,197
12/01/2024	5.000%	400,000	412,842
Transbay Joint Powers Authority
Senior Tax Allocation Bonds
Green Bonds
Series 2020A
10/01/2033	5.000%	500,000	546,722
Tustin Community Facilities District
Refunding Special Tax Bonds
Legacy Villages of Columbus #06-1
Series 2015
09/01/2029	5.000%	1,200,000	1,258,141

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tustin Community Redevelopment Agency Successor Agency
Refunding Tax Allocation Bonds
Series 2016
09/01/2032	4.000%	2,295,000	2,368,511
Vista Redevelopment Agency Successor Agency
Tax Allocation Refunding Bonds
Series 2015B1 (AGM)
09/01/2024	5.000%	580,000	592,474
09/01/2026	5.000%	700,000	734,796
Total			46,553,048
State Appropriated 5.1%
California State Public Works Board
Refunding Revenue Bonds
Various Purpose
Series 2022A
08/01/2036	5.000%	5,040,000	5,840,079
Revenue Bonds
Department of Corrections and Rehabilitation
Series 2015A
06/01/2028	5.000%	1,175,000	1,233,651
Green Bonds
Series 2021
11/01/2037	4.000%	2,665,000	2,749,612
Various Capital Projects
Series 2013I
11/01/2028	5.250%	1,500,000	1,513,970
Series 2014E
09/01/2030	5.000%	1,500,000	1,533,836
Various Correctional Facilities
Series 2014A
09/01/2031	5.000%	3,000,000	3,067,671
Total			15,938,819
State General Obligation 2.9%
State of California
Unlimited General Obligation Bonds
Series 2019
11/01/2029	5.000%	2,165,000	2,498,294
04/01/2031	5.000%	1,000,000	1,139,853
Unlimited General Obligation Refunding Bonds
Series 2014
08/01/2032	5.000%	3,000,000	3,080,006
Series 2023
10/01/2039	5.000%	1,000,000	1,154,580
Various Purpose
Series 2021
10/01/2028	5.000%	1,205,000	1,359,166
Total			9,231,899

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Tobacco 0.7%
California County Tobacco Securitization Agency
Refunding Revenue Bonds
Series 2020A
06/01/2032	5.000%	250,000	276,135
06/01/2033	5.000%	250,000	275,804
06/01/2034	4.000%	200,000	204,705
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	1,345,869
Total			2,102,513
Transportation 0.2%
Peninsula Corridor Joint Powers Board
Refunding Revenue Bonds
Series 2019A
10/01/2036	5.000%	315,000	352,111
10/01/2037	5.000%	300,000	332,702
Total			684,813
Turnpike / Bridge / Toll Road 1.9%
Bay Area Toll Authority
Refunding Revenue Bonds
Subordinated Series 2017
04/01/2031	4.000%	2,000,000	2,102,954
Foothill-Eastern Transportation Corridor Agency^(f)
Refunding Revenue Bonds
Series 2015
01/15/2033	0.000%	5,000,000	3,479,967
Riverside County Transportation Commission
Refunding Revenue Bonds
RCTC 91 Express Lanes
Series 2021
06/01/2038	4.000%	375,000	375,161
Total			5,958,082
Water & Sewer 4.6%
Beaumont Public Improvement Authority
Revenue Bonds
Series 2018-A (AGM)
09/01/2033	5.000%	500,000	541,270
09/01/2035	5.000%	830,000	894,691
City of Riverside Water
Refunding Revenue Bonds
Series 2019A
10/01/2032	5.000%	1,500,000	1,724,949

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Tulare Sewer
Refunding Revenue Bonds
Series 2015 (AGM)
11/15/2025	5.000%	700,000	738,828
11/15/2026	5.000%	1,000,000	1,058,929
Livermore Valley Water Financing Authority
Refunding Revenue Bonds
Series 2018A
07/01/2034	4.000%	920,000	962,392
Los Angeles County Sanitation Districts Financing Authority
Refunding Revenue Bonds
Capital Projects - District #14
Subordinated Series 2015
10/01/2024	5.000%	1,050,000	1,080,960
Los Angeles Department of Water & Power Water System
Refunding Revenue Bonds
Series 2022D
07/01/2040	5.000%	2,500,000	2,857,012
Mountain House Public Financing Authority
Revenue Bonds
Green Bonds
Subordinated Series 2020B (BAM)
12/01/2035	4.000%	1,000,000	1,037,901
Santa Paula Utility Authority
Refunding Revenue Bonds
Series 2019 (AGM)
02/01/2034	4.000%	575,000	607,265
02/01/2036	4.000%	1,325,000	1,365,959
Stockton Public Financing Authority
Refunding Revenue Bonds
Series 2014 (BAM)
09/01/2028	5.000%	1,500,000	1,532,654
Total			14,402,810
Total Municipal Bonds (Cost $313,245,254)			311,424,857

Money Market Funds 0.2%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(h)	99,574	99,564
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(h)	699,370	699,370
Total Money Market Funds (Cost $798,944)		798,934
Total Investments in Securities (Cost: $314,544,198)		312,723,791
Other Assets & Liabilities, Net		989,388
Net Assets		313,713,179

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

16	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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Portfolio of Investments (continued)
April 30, 2023

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, 2023.
(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. At April 30, 2023, the total value of these securities amounted to $18,985,502, which represents 6.05% of total net assets.
(e)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2023.
(f)	Zero coupon bond.
(g)	Represents a security purchased on a when-issued basis.
(h)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
NPFGC	National Public Finance Guarantee Corporation

Fair value measurements

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

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

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

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

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	500,000	—	500,000
Municipal Bonds	—	311,424,857	—	311,424,857
Money Market Funds	798,934	—	—	798,934
Total Investments in Securities	798,934	311,924,857	—	312,723,791

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.

18	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

Statement of Assets and Liabilities
April 30, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $314,544,198)	$312,723,791
Cash	1,221
Receivable for:
Capital shares sold	846,991
Interest	3,915,985
Expense reimbursement due from Investment Manager	788
Prepaid expenses	6,173
Total assets	317,494,949
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	2,325,780
Capital shares purchased	642,069
Distributions to shareholders	677,785
Management services fees	4,027
Distribution and/or service fees	387
Transfer agent fees	12,817
Compensation of board members	95,567
Other expenses	23,338
Total liabilities	3,781,770
Net assets applicable to outstanding capital stock	$313,713,179
Represented by
Paid in capital	326,659,689
Total distributable earnings (loss)	(12,946,510)
Total - representing net assets applicable to outstanding capital stock	$313,713,179
Class A
Net assets	$43,751,769
Shares outstanding	4,460,190
Net asset value per share	$9.81
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)	$10.11
Advisor Class
Net assets	$11,806,241
Shares outstanding	1,207,213
Net asset value per share	$9.78
Class C
Net assets	$3,187,763
Shares outstanding	325,171
Net asset value per share	$9.80
Institutional Class
Net assets	$145,710,439
Shares outstanding	14,877,287
Net asset value per share	$9.79
Institutional 2 Class
Net assets	$8,523,954
Shares outstanding	873,487
Net asset value per share	$9.76
Institutional 3 Class
Net assets	$100,733,013
Shares outstanding	10,296,018
Net asset value per share	$9.78

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Statement of Operations
Year Ended April 30, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$61,594
Interest	10,317,911
Total income	10,379,505
Expenses:
Management services fees	1,603,806
Distribution and/or service fees
Class A	109,921
Class C	39,251
Transfer agent fees
Class A	32,561
Advisor Class	4,943
Class C	2,930
Institutional Class	152,364
Institutional 2 Class	4,709
Institutional 3 Class	5,765
Compensation of board members	12,827
Custodian fees	2,607
Printing and postage fees	20,209
Registration fees	18,657
Accounting services fees	30,090
Legal fees	17,199
Interest on interfund lending	6,751
Compensation of chief compliance officer	65
Other	16,011
Total expenses	2,080,666
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(344,007)
Expense reduction	(20)
Total net expenses	1,736,639
Net investment income	8,642,866
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(6,312,604)
Net realized loss	(6,312,604)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	7,873,119
Net change in unrealized appreciation (depreciation)	7,873,119
Net realized and unrealized gain	1,560,515
Net increase in net assets resulting from operations	$10,203,381

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

20	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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Statement of Changes in Net Assets

	Year Ended April 30, 2023	Year Ended April 30, 2022
Operations
Net investment income	$8,642,866	$9,738,299
Net realized loss	(6,312,604)	(73,035)
Net change in unrealized appreciation (depreciation)	7,873,119	(39,228,429)
Net increase (decrease) in net assets resulting from operations	10,203,381	(29,563,165)
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,020,973)	(893,492)
Advisor Class	(187,364)	(66,714)
Class C	(61,373)	(70,128)
Institutional Class	(4,812,440)	(8,342,248)
Institutional 2 Class	(208,125)	(266,661)
Institutional 3 Class	(2,371,668)	(145,031)
Total distributions to shareholders	(8,661,943)	(9,784,274)
Increase (decrease) in net assets from capital stock activity	(100,881,238)	862,463
Total decrease in net assets	(99,339,800)	(38,484,976)
Net assets at beginning of year	413,052,979	451,537,955
Net assets at end of year	$313,713,179	$413,052,979

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

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2023		April 30, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	1,388,101	13,484,325	3,518,053	36,648,752
Distributions reinvested	96,307	938,350	72,268	759,073
Redemptions	(1,570,463)	(15,256,743)	(2,244,598)	(23,381,283)
Net increase (decrease)	(86,055)	(834,068)	1,345,723	14,026,542
Advisor Class
Subscriptions	1,127,065	10,749,141	107,890	1,128,144
Distributions reinvested	19,271	187,120	6,354	66,486
Redemptions	(114,264)	(1,106,916)	(216,260)	(2,167,760)
Net increase (decrease)	1,032,072	9,829,345	(102,016)	(973,130)
Class C
Subscriptions	61,305	594,796	23,876	247,614
Distributions reinvested	5,920	57,628	6,267	65,936
Redemptions	(188,806)	(1,846,248)	(298,587)	(3,176,633)
Net decrease	(121,581)	(1,193,824)	(268,444)	(2,863,083)
Institutional Class
Subscriptions	11,042,139	107,049,493	6,833,501	70,244,123
Distributions reinvested	311,400	3,032,847	231,554	2,418,651
Redemptions	(32,069,479)	(313,176,375)	(7,769,842)	(80,401,157)
Net decrease	(20,715,940)	(203,094,035)	(704,787)	(7,738,383)
Institutional 2 Class
Subscriptions	679,936	6,601,469	81,308	863,980
Distributions reinvested	21,332	206,883	25,441	266,469
Redemptions	(730,653)	(7,065,394)	(448,541)	(4,693,853)
Net decrease	(29,385)	(257,042)	(341,792)	(3,563,404)
Institutional 3 Class
Subscriptions	17,610,722	172,173,489	304,843	3,163,361
Distributions reinvested	17,727	172,176	13,836	144,475
Redemptions	(8,020,896)	(77,677,279)	(130,911)	(1,333,915)
Net increase	9,607,553	94,668,386	187,768	1,973,921
Total net increase (decrease)	(10,313,336)	(100,881,238)	116,452	862,463

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

22	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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Financial Highlights

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2023	$9.77	0.23	0.04	0.27	(0.23)	(0.23)
Year Ended 4/30/2022	$10.71	0.21	(0.94)	(0.73)	(0.21)	(0.21)
Year Ended 4/30/2021	$10.24	0.22	0.47	0.69	(0.22)	(0.22)
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)
Advisor Class
Year Ended 4/30/2023	$9.75	0.25	0.03	0.28	(0.25)	(0.25)
Year Ended 4/30/2022	$10.68	0.23	(0.93)	(0.70)	(0.23)	(0.23)
Year Ended 4/30/2021	$10.21	0.25	0.47	0.72	(0.25)	(0.25)
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)
Class C
Year Ended 4/30/2023	$9.77	0.15	0.03	0.18	(0.15)	(0.15)
Year Ended 4/30/2022	$10.71	0.13	(0.94)	(0.81)	(0.13)	(0.13)
Year Ended 4/30/2021	$10.23	0.14	0.48	0.62	(0.14)	(0.14)
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)
Institutional Class
Year Ended 4/30/2023	$9.75	0.25	0.04	0.29	(0.25)	(0.25)
Year Ended 4/30/2022	$10.69	0.23	(0.94)	(0.71)	(0.23)	(0.23)
Year Ended 4/30/2021	$10.21	0.25	0.48	0.73	(0.25)	(0.25)
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)
Institutional 2 Class
Year Ended 4/30/2023	$9.72	0.25	0.04	0.29	(0.25)	(0.25)
Year Ended 4/30/2022	$10.66	0.24	(0.94)	(0.70)	(0.24)	(0.24)
Year Ended 4/30/2021	$10.18	0.26	0.48	0.74	(0.26)	(0.26)
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)

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

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2023	$9.81	2.76%	0.83%^(c)	0.73%^(c),(d)	2.31%	12%	$43,752
Year Ended 4/30/2022	$9.77	(6.96%)	0.85%	0.74%^(d)	1.96%	8%	$44,427
Year Ended 4/30/2021	$10.71	6.80%	0.87%	0.75%^(d)	2.09%	5%	$34,289
Year Ended 4/30/2020	$10.24	0.17%	0.86%	0.75%^(d)	2.30%	6%	$31,402
Year Ended 4/30/2019	$10.46	5.00%	0.87%	0.74%^(d)	2.67%	17%	$31,998
Advisor Class
Year Ended 4/30/2023	$9.78	2.92%	0.58%^(c)	0.48%^(c),(d)	2.63%	12%	$11,806
Year Ended 4/30/2022	$9.75	(6.65%)	0.60%	0.49%^(d)	2.21%	8%	$1,707
Year Ended 4/30/2021	$10.68	7.08%	0.62%	0.50%^(d)	2.34%	5%	$2,961
Year Ended 4/30/2020	$10.21	0.41%	0.61%	0.50%^(d)	2.54%	6%	$2,354
Year Ended 4/30/2019	$10.43	5.28%	0.62%	0.49%^(d)	2.92%	17%	$2,254
Class C
Year Ended 4/30/2023	$9.80	1.89%	1.58%^(c)	1.48%^(c),(d)	1.56%	12%	$3,188
Year Ended 4/30/2022	$9.77	(7.65%)	1.60%	1.49%^(d)	1.20%	8%	$4,363
Year Ended 4/30/2021	$10.71	6.11%	1.62%	1.50%^(d)	1.35%	5%	$7,658
Year Ended 4/30/2020	$10.23	(0.68%)	1.61%	1.50%^(d)	1.54%	6%	$10,387
Year Ended 4/30/2019	$10.46	4.32%	1.62%	1.49%^(d)	1.92%	17%	$11,161
Institutional Class
Year Ended 4/30/2023	$9.79	3.02%	0.58%^(c)	0.48%^(c),(d)	2.52%	12%	$145,710
Year Ended 4/30/2022	$9.75	(6.74%)	0.60%	0.49%^(d)	2.21%	8%	$347,070
Year Ended 4/30/2021	$10.69	7.18%	0.62%	0.50%^(d)	2.34%	5%	$388,017
Year Ended 4/30/2020	$10.21	0.31%	0.61%	0.50%^(d)	2.54%	6%	$382,665
Year Ended 4/30/2019	$10.44	5.27%	0.62%	0.49%^(d)	2.92%	17%	$343,276
Institutional 2 Class
Year Ended 4/30/2023	$9.76	3.03%	0.56%^(c)	0.46%^(c)	2.58%	12%	$8,524
Year Ended 4/30/2022	$9.72	(6.72%)	0.55%	0.44%	2.25%	8%	$8,777
Year Ended 4/30/2021	$10.66	7.26%	0.56%	0.44%	2.40%	5%	$13,265
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

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

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Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2023	$9.74	0.26	0.04	0.30	(0.26)	(0.26)
Year Ended 4/30/2022	$10.68	0.24	(0.94)	(0.70)	(0.24)	(0.24)
Year Ended 4/30/2021	$10.21	0.26	0.47	0.73	(0.26)	(0.26)
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)

Notes to Financial Highlights
(a)	In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b)	Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.
(c)	Ratios include interfund lending expense which is less than 0.01%.
(d)	The benefits derived from expense reductions had an impact of less than 0.01%.

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

26	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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 4/30/2023	$9.78	3.09%	0.52%^(c)	0.42%^(c)	2.68%	12%	$100,733
Year Ended 4/30/2022	$9.74	(6.66%)	0.50%	0.39%	2.31%	8%	$6,708
Year Ended 4/30/2021	$10.68	7.19%	0.51%	0.39%	2.45%	5%	$5,348
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

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

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Notes to Financial Statements
April 30, 2023

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

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

Debt securities generally are valued based on prices obtained from pricing services, which are intended to reflect market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques that take into account, as applicable, factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as approved independent broker-dealer quotes. Debt securities for which quotations are not readily available or not believed to be reflective of market value may also be valued based upon a bid quote from an approved independent broker-dealer. Debt securities maturing in 60 days or less are valued primarily at amortized market value, unless this method results in a valuation that management believes does not approximate fair value.

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

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Notes to Financial Statements (continued)
April 30, 2023

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

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

Federal income tax status

Distributions to shareholders

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Notes to Financial Statements (continued)
April 30, 2023

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

In October 2022, the Securities and Exchange Commission (SEC) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

Note 3. Fees and other transactions with affiliates

Management services fees

Compensation of board members

Compensation of Chief Compliance Officer

Transactions with affiliates

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

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Notes to Financial Statements (continued)
April 30, 2023

For the year ended April 30, 2023, the Fund engaged in cross-trades as follows:

Purchases ($)	Sales ($)	Net realized gain (loss) ($)
1,081,160	—	—

Transfer agency fees

For the year ended April 30, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.07
Advisor Class	0.07
Class C	0.07
Institutional Class	0.08
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, 2023, these minimum account balance fees reduced total expenses of the Fund by $20.

Distribution and service fees

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Notes to Financial Statements (continued)
April 30, 2023

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	3.00	0.75^(a)	8,760
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.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2022 through August 31, 2023	Prior to September 1, 2022
Class A	0.75%	0.75%
Advisor Class	0.50	0.50
Class C	1.50	1.50
Institutional Class	0.50	0.50
Institutional 2 Class	0.47	0.45
Institutional 3 Class	0.42	0.40

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. In addition to the contractual agreement, the Investment Manager and certain of its affiliates have voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes. This arrangement may be revised or discontinued at any time. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At April 30, 2023, these differences were primarily due to differing treatment for investments in partnerships and/or grantor trusts, capital loss carryforwards, trustees’ deferred compensation, distributions and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

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Notes to Financial Statements (continued)
April 30, 2023

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
190	(190)	—

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

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

Year Ended April 30, 2023				Year Ended April 30, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
14,808	8,647,135	—	8,661,943	12,611	9,771,663	—	9,784,274

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

At April 30, 2023, 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) ($)
—	655,250	—	(11,008,727)	(1,820,853)

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
314,544,644	3,311,437	(5,132,290)	(1,820,853)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(5,259,899)	(5,748,828)	(11,008,727)	—

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $40,855,225 and $121,029,927, respectively, for the year ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

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Notes to Financial Statements (continued)
April 30, 2023

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the year ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	5,675,000	3.75	16

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, 2023.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2023.

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.

Interest rate risk

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Notes to Financial Statements (continued)
April 30, 2023

Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

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

Market risk

Municipal securities risk

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

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

Because the Fund invests substantially in municipal securities issued by the state identified in the Fund’s name and political sub-divisions of that state, the Fund will be particularly affected by adverse tax, legislative, regulatory, demographic or political changes as well as changes impacting the state’s financial, economic or other condition and prospects. In addition, because of the relatively small number of issuers of tax-exempt securities in the state, the Fund may invest a higher percentage of

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Notes to Financial Statements (continued)
April 30, 2023

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.

Shareholder concentration risk

At April 30, 2023, one unaffiliated shareholder of record owned 34.2% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 24.2% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 9. Subsequent events

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

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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, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agents and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 22, 2023

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.83%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	174	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; former Board Member, Chase Bank International, 1993-1994

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	174	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	174	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	172	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	172	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	174	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	174	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	174	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	172	None

40	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

Table of Contents

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	172	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	174	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	172	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	174	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	174	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

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

42	Columbia California Intermediate Municipal Bond Fund \| Annual Report 2023

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of North America Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

Columbia California Intermediate Municipal Bond Fund | Annual Report 2023

Table of Contents

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Liquidity Risk Management Program

(Unaudited)

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

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

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

•	the Program operated adequately during the period.

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Columbia California Intermediate Municipal Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN122_04_N01_(06/23)

Annual Report
April 30, 2023

Columbia Short Duration Municipal Bond Fund

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

Table of Contents

Fund at a Glance	3
Manager Discussion of Fund Performance	5
Understanding Your Fund’s Expenses	7
Portfolio of Investments	8
Statement of Assets and Liabilities	23
Statement of Operations	24
Statement of Changes in Net Assets	25
Financial Highlights	28
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	44
Federal Income Tax Information	45
Trustees and Officers	45
Liquidity Risk Management Program	51

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

Proxy voting policies and procedures

Quarterly schedule of investments

Additional Fund information

Fund investment manager

Columbia Management Investment Advisers, LLC (the Investment Manager)

290 Congress Street

Boston, MA 02210

Fund distributor

Columbia Management Investment Distributors, Inc.

290 Congress Street

Boston, MA 02210

Fund transfer agent

Columbia Management Investment Services Corp.

P.O. Box 219104

Kansas City, MO 64121-9104

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance
(Unaudited)

Investment objective

The Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.

Portfolio management

Douglas Rangel, CFA

Lead Portfolio Manager

Managed the Fund since June 2022

Catherine Stienstra

Portfolio Manager

Managed Fund since 2012

Average annual total returns (%) (for the period ended April 30, 2023)
		Inception	1 Year	5 Years	10 Years
Class A	Excluding sales charges	11/02/93	1.67	0.77	0.56
	Including sales charges		0.66	0.58	0.46
Advisor Class		03/19/13	1.92	1.02	0.82
Class C	Excluding sales charges	05/19/94	0.91	0.02	-0.19
	Including sales charges		-0.09	0.02	-0.19
Institutional Class		10/07/93	1.92	1.02	0.81
Institutional 2 Class		11/08/12	1.97	1.07	0.88
Institutional 3 Class*		03/01/17	2.02	1.14	0.87
Bloomberg 1-5 Year Municipal Bond Index			2.08	1.28	1.08
Bloomberg 1-3 Year Municipal Bond Index			1.73	1.13	0.92

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 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.

Effective September 1, 2022, the Fund compares its performance to that of the Bloomberg 1-5 Year Municipal Bond Index (the New Index). Prior to this date, the Fund compared its performance to that of the Bloomberg 1-3 Year Municipal Bond Index (the Former Index). The Fund’s investment manager believes that the New Index provides a more appropriate basis for comparing the Fund’s performance in light of the changes made to the Fund’s name and principal investment strategies. Information on the Former Index also will be shown for a one-year transition period.

The Fund’s performance prior to September 1, 2022 reflects returns achieved according to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, results shown may have been different.

The Bloomberg 1-5 Year Municipal Bond Index is an unmanaged index which consists of a broad selection of investment-grade general obligation and revenue municipal bonds of maturities ranging from one year to five years.

The Bloomberg 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.

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Fund at a Glance (continued)
(Unaudited)

Performance of a hypothetical $10,000 investment (April 30, 2013 — April 30, 2023)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Short Duration 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, 2023)
AAA rating	4.4
AA rating	35.7
A rating	36.1
BBB rating	9.7
BB rating	1.1
B rating	0.4
Not rated	12.6
Total	100.0

Percentages indicated are based upon total fixed income investments.

Top Ten States/Territories (%) (at April 30, 2023)
New York	18.0
Illinois	9.5
New Jersey	7.2
Massachusetts	5.1
Pennsylvania	4.3
Florida	3.7
California	3.7
District of Columbia	3.3
Wisconsin	3.2
Kentucky	2.8

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 Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance
(Unaudited)

For the 12-month period that ended April 30, 2023, Class A of Columbia Short Duration Municipal Bond Fund returned 1.67% excluding sales charges. Institutional Class shares of the Fund returned 1.92%. The Fund underperformed its benchmark, the Bloomberg 1-5 Year Municipal Bond Index (Bloomberg Index), which returned 2.08% for the same period.

Market overview

For fixed-income markets, the period was dominated by the U.S. Federal Reserve’s (Fed) efforts to return inflation to its target levels and the resultant dramatic increase in interest rates. Indeed, the Fed increased its targeted federal funds rate by 450 basis points, and municipal bond yields followed suit with yields across most of its spectrum of maturities rising as well. (A basis point is 1/100th of a percentage point.) Municipal bond yields peaked in October 2022, however, and subsequently retraced somewhat, returning most segments of the municipal bond market to positive total returns for the period overall. Still, for the period as a whole, yields on one-year and two-year municipal bonds increased 106 basis points and 47 basis points, respectively. Yields on municipal bonds with maturities of less than one year rose even more significantly, driving an inversion of the short-term end of the yield curve for much of the period. Yields for municipal bonds with maturities of between five years and 13 years actually declined modestly, and longer term maturity yields rose only moderately.

All that said, fundamental factors were broadly supportive of the municipal bond market during the period. Municipal credit health benefited from positive U.S. economic growth, outperformance of tax collections, and strong reserve positions by most state and local governments, owing partly to COVID-19 stimulus. Revenue sectors, however, were more mixed. Essential services, such as water & sewer and utilities, held steady, and transportation sectors, such as airports and toll roads, rebounded strongly with increased traffic levels. Public mass transit was the exception, as subway/bus traffic across most major cities remained well below pre-pandemic levels. Fundamental credit health for hospitals and other health care sectors, such as senior living facilities and continuing care retirement communities (CCRCs), was modestly weaker overall. Higher labor costs, lighter balance sheets due to repayment of Medicare acceleration payments and investment market losses served to weaken health care fundamentals as did the full expenditure of any COVID-19 funding. As a whole, higher quality municipal bonds outperformed lower quality securities during the period.

For the period as a whole, the short-term municipal bond market underperformed the broader municipal bond market. However, the short-term municipal bond market outperformed U.S. Treasuries and the broad U.S. fixed-income market for the period. The benchmark returned 2.08% as compared to a 2.87% return for the Bloomberg Municipal Bond Index, a -0.93% return for the Bloomberg Treasury Index and a -0.43% return for the Bloomberg U.S. Aggregate Bond Index for the period.

The Fund’s notable detractors during the period

•	Security selection as a whole detracted from the Fund’s relative results during the period. Issue selection within the airports, housing and industrial development revenue/pollution control revenue (IDR/PCR) sectors hurt most.
•	Having an underweighted allocation to state general obligation bonds and the toll roads sector detracted, as each outperformed the benchmark during the period.
•	The Fund’s exposure to securities with maturities of three to five years, which underperformed the benchmark during the period, dampened the Fund’s relative results.

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Manager Discussion of Fund Performance (continued)
(Unaudited)

•	Relative overweights to bonds rated A and BBB and to non-rated bonds detracted modestly, as lower quality bonds overall underperformed those with higher credit ratings during the period.

The Fund’s notable contributors during the period

•	Sector allocation positioning overall contributed positively to the Fund’s relative results. Overweighted allocations to the airports, transportation and prepaid gas sectors, which each outpaced the benchmark during the period, and an underweighted exposure to pre-refunded issues, which lagged the benchmark during the period, added the most value.
•	Security selection among local general obligation, transportation, pre-refunded and CCRC bonds boosted the Fund’s results.
•	A shift higher in the Fund’s overall credit quality during the period, via a reduction in holdings rated BBB and an increase in positions rated AA, proved beneficial, as higher quality bonds overall outperformed those with lower credit ratings.
•	Yield curve positioning as a whole added value, with positioning among municipal bonds with maturities of less than one year and longer than five years, which are not components of the benchmark, boosting results.
•	From a states’ perspective, exposure to Puerto Rico general obligation notes and Illinois state general obligation notes, which generally outperformed the benchmark during the period, contributed positively.

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 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.

6	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Understanding Your Fund’s Expenses
(Unaudited)

Analyzing your Fund’s expenses

Compare with other funds

November 1, 2022 — April 30, 2023
	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)		Fund’s annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Class A	1,000.00	1,000.00	1,027.00	1,021.33	3.23	3.22	0.65
Advisor Class	1,000.00	1,000.00	1,028.30	1,022.56	1.99	1.98	0.40
Class C	1,000.00	1,000.00	1,023.30	1,017.65	6.95	6.93	1.40
Institutional Class	1,000.00	1,000.00	1,028.30	1,022.56	1.99	1.98	0.40
Institutional 2 Class	1,000.00	1,000.00	1,029.60	1,022.85	1.69	1.69	0.34
Institutional 3 Class	1,000.00	1,000.00	1,029.90	1,023.10	1.44	1.44	0.29

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments
April 30, 2023

(Percentages represent value of investments compared to net assets)

Investments in securities

Floating Rate Notes 2.8%
Issue Description	Yield	Principal Amount ($)	Value ($)
New York 1.2%
New York City Transitional Finance Authority^(a),(b)
Revenue Bonds
Future Tax Secured
Subordinated Series 2012C (JPMorgan Chase Bank)
11/01/2036	3.750%	2,000,000	2,000,000
Subordinated Series 2018 (JPMorgan Chase Bank)
08/01/2042	3.750%	4,000,000	4,000,000
Total			6,000,000
Utah 1.6%
City of Murray^(a),(b)
Revenue Bonds
IHC Health Services, Inc.
Series 2005A (JPMorgan Chase Bank)
05/15/2037	3.800%	4,000,000	4,000,000
Series 2005B (JPMorgan Chase Bank)
05/15/2037	3.800%	4,000,000	4,000,000
Total			8,000,000
Total Floating Rate Notes (Cost $14,000,000)			14,000,000

Municipal Bonds 94.4%
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Alabama 1.8%
Black Belt Energy Gas District
Refunding Revenue Bonds
Series 2022D1 (Mandatory Put 06/01/27)
07/01/2052	4.000%	3,000,000	3,014,855
Revenue Bonds
Project No. 4
Series 2019A-1 (Mandatory Put 12/01/25)
12/01/2049	4.000%	2,000,000	2,002,637
Black Belt Energy Gas District^(c)
Revenue Bonds
Series 2018B-1 (Mandatory Put 12/01/23)
0.7 x 1-month USD LIBOR + 0.900% 12/01/2048	4.147%	1,000,000	998,873
Industrial Development Board of the City of Mobile
Senior Revenue Bonds
Alabama Power Co. - Barry Plant Project
Series 2020 (Mandatory Put 06/26/25)
06/01/2034	1.000%	1,150,000	1,091,206

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Lower Alabama Gas District (The)
Revenue Bonds
Gas Project
Series 2020 (Mandatory Put 12/01/25)
12/01/2050	4.000%	600,000	599,918
Southeast Energy Authority A Cooperative District
Revenue Bonds
Project #2
Series 2021B
06/01/2026	4.000%	1,265,000	1,269,963
Total			8,977,452
Alaska 0.4%
Alaska Industrial Development & Export Authority
Refunding Revenue Bonds
Greater Fairbanks Community Hospital Foundation Project
Series 2019
04/01/2024	5.000%	1,800,000	1,825,460
Arizona 2.1%
Chandler Industrial Development Authority^(d)
Revenue Bonds
Intel Corp.
Series 2019 (Mandatory Put 06/03/24)
06/01/2049	5.000%	1,450,000	1,461,782
Intel Corp. Project
Series 2022-1 (Mandatory Put 09/01/27)
09/01/2042	5.000%	5,000,000	5,208,757
City of Phoenix Civic Improvement Corp.^(d)
Revenue Bonds
Junior Lien - Airport
Series 2019B
07/01/2026	5.000%	990,000	1,040,975
Coconino County Pollution Control Corp.
Refunding Revenue Bonds
Nevada Power Co.
Series 2023 (Mandatory Put 03/31/26)
08/31/2032	4.125%	500,000	505,206
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	3.380%	1,325,000	1,320,494
Maricopa County Pollution Control Corp.
Refunding Revenue Bonds
Palo Verde Project
Series 2021 (Mandatory Put 10/01/26)
06/01/2043	0.875%	1,000,000	885,870
Total			10,423,084

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

8	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
California 3.7%
Anaheim Public Financing Authority
Refunding Revenue Bonds
Anaheim Public Improvement Projects
Series 2019
08/31/2028	5.000%	1,000,000	1,094,399
Bay Area Toll Authority^(c)
Revenue Bonds
San Francisco Bay Area Toll Bridge
Series 2012 (Mandatory Put 04/01/24)
Muni Swap Index Yield + 1.100% 04/01/2045	3.910%	500,000	501,372
California County Tobacco Securitization Agency
Refunding Revenue Bonds
Series 2020A
06/01/2023	4.000%	400,000	400,209
California Public Finance Authority
Refunding Revenue Bonds
Henry Mayo Newhall Hospital
Series 2021
10/15/2024	4.000%	380,000	380,934
10/15/2025	4.000%	400,000	403,028
10/15/2026	4.000%	415,000	420,138
California Public Finance Authority^(e)
Revenue Bonds
Enso Village Project - TEMPS 50
Series 2021
11/15/2027	2.125%	3,000,000	2,848,948
City of Los Angeles Department of Airports^(d)
Refunding Revenue Bonds
Los Angeles International Airport
Subordinated Series 2022
05/15/2025	5.000%	1,930,000	1,995,403
City of Vernon Electric System
Refunding Revenue Bonds
Series 2022A
08/01/2025	5.000%	500,000	514,579
08/01/2026	5.000%	600,000	625,841
Corona-Norco Unified School District^(f)
Unlimited General Obligation Bonds
Capital Appreciation
Series 2002D (AGM)
09/01/2027	0.000%	2,000,000	1,751,798
Pittsburg Successor Agency Redevelopment Agency^(f)
Tax Allocation Bonds
Los Medanos Community Development Project
Series 1999 (AMBAC)
08/01/2024	0.000%	2,000,000	1,911,519

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
San Francisco City & County Airport Commission - San Francisco International Airport^(d)
Refunding Revenue Bonds
Second Series 2023A
05/01/2028	5.000%	5,000,000	5,399,089
Total			18,247,257
Colorado 2.6%
City & County of Denver Airport System^(d)
Refunding Revenue Bonds
Series 2017A
11/15/2030	5.000%	1,925,000	2,056,398
System
Subordinated Series 2018A
12/01/2026	5.000%	1,500,000	1,579,778
Revenue Bonds
Series 2022A
11/15/2028	5.000%	5,000,000	5,470,919
Colorado Health Facilities Authority
Refunding Revenue Bonds
CommonSpirit Health Services
Series 2019B (Mandatory Put 08/01/25)
08/01/2049	5.000%	1,000,000	1,025,749
Revenue Bonds
Aberdeen Ridge
Series 2021B
05/15/2028	2.125%	1,750,000	1,582,978
E-470 Public Highway Authority^(c)
Refunding Revenue Bonds
Series 2021B (Mandatory Put 09/01/24)
0.7 x SOFR + 0.350% 09/01/2039	3.573%	1,000,000	993,468
Total			12,709,290
Connecticut 1.1%
City of New Haven
Unlimited General Obligation Bonds
Series 2019A (AGM)
08/01/2024	5.000%	1,000,000	1,020,487
Connecticut Housing Finance Authority^(d)
Refunding Revenue Bonds
Housing Mortgage Finance Program
Series 2021
05/15/2023	0.350%	350,000	349,616
11/15/2023	0.400%	300,000	295,372
State of Connecticut
Unlimited General Obligation Bonds
Series 2022F
11/15/2026	5.000%	3,000,000	3,234,974

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of Connecticut Special Tax
Revenue Bonds
Series 2022A
07/01/2027	5.000%	500,000	548,036
Total			5,448,485
District of Columbia 3.4%
District of Columbia
Revenue Bonds
Federal Highway Grant Anticipation
Series 2011
12/01/2023	5.250%	1,750,000	1,752,914
District of Columbia Housing Finance Agency
Revenue Bonds
Faircliff Plaza East Apartments Project
Series 2022 (FHA) (Mandatory Put 12/01/25)
12/01/2026	5.000%	1,450,000	1,497,567
Metropolitan Washington Airports Authority Aviation^(d)
Refunding Revenue Bonds
Series 2014A
10/01/2024	5.000%	5,865,000	5,980,640
10/01/2025	5.000%	1,725,000	1,752,707
Series 2018A
10/01/2027	5.000%	2,385,000	2,567,214
Series 2020A
10/01/2025	5.000%	3,000,000	3,115,922
Total			16,666,964
Florida 3.7%
City of Jacksonville
Refunding Revenue Bonds
Series 2022A
10/01/2025	5.000%	700,000	734,354
City of Pompano Beach
Revenue Bonds
John Knox Village Project
Series 2021
01/01/2027	1.450%	2,000,000	1,758,170
County of Lee Airport^(d)
Refunding Revenue Bonds
Series 2021A
10/01/2025	5.000%	1,850,000	1,907,162
10/01/2028	5.000%	2,035,000	2,199,832
County of Miami-Dade Seaport Department^(d)
Refunding Revenue Bonds
Series 2023A
10/01/2027	5.000%	1,650,000	1,766,218
Duval County Public Schools
Certificate of Participation
Series 2022 (AGM)
07/01/2026	5.000%	2,125,000	2,264,061

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Florida Development Finance Corp.^(e)
Revenue Bonds
Mayflower Retirement Community Center - TEMPS 50
Series 2021
06/01/2026	1.750%	1,020,000	992,417
Greater Orlando Aviation Authority^(d)
Revenue Bonds
Series 2019A
10/01/2025	5.000%	2,000,000	2,077,281
Hillsborough County Aviation Authority^(d)
Revenue Bonds
Tampa International Airport
Series 2022S
10/01/2026	5.000%	3,250,000	3,433,364
Seminole County Industrial Development Authority
Refunding Revenue Bonds
Legacy Pointe at UCF Project
Series 2019
11/15/2025	3.750%	200,000	200,025
St. Johns County Industrial Development Authority
Refunding Revenue Bonds
Vicar’s Landing Project
Series 2021
12/15/2024	4.000%	145,000	142,324
12/15/2025	4.000%	180,000	174,551
12/15/2026	4.000%	185,000	176,871
Village Community Development District No. 13
Special Assessment Bonds
Series 2021
05/01/2026	1.800%	500,000	464,798
Total			18,291,428
Georgia 1.7%
Burke County Development Authority
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 05/25/23)
10/01/2032	2.250%	1,000,000	998,760
City of Atlanta Department of Aviation^(d)
Refunding Revenue Bonds
Series 2021C
07/01/2025	5.000%	1,000,000	1,033,977
Development Authority of Burke County (The)
Refunding Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2022 (Mandatory Put 08/19/25)
12/01/2049	2.875%	750,000	730,236
Revenue Bonds
Georgia Power Co. Plant Vogtle Project
Series 2019 (Mandatory Put 03/12/24)
11/01/2048	2.925%	1,250,000	1,235,638

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

10	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Georgia State Road & Tollway Authority^(e),(f)
Revenue Bonds
I-75 S Express Lanes Project
Series 2014 Escrowed to Maturity
06/01/2024	0.000%	530,000	505,157
Main Street Natural Gas, Inc.^(c)
Revenue Bonds
Series 2018B (Mandatory Put 09/01/23)
0.7 x 1-month USD LIBOR + 0.750% 04/01/2048	3.997%	1,500,000	1,500,883
Main Street Natural Gas, Inc.
Revenue Bonds
Series 2019A
05/15/2024	5.000%	1,250,000	1,255,373
Series 2021C
12/01/2027	4.000%	1,225,000	1,226,022
Total			8,486,046
Guam 0.5%
Guam Power Authority^(g)
Refunding Revenue Bonds
Series 2022A
10/01/2025	5.000%	2,375,000	2,441,739
Idaho 0.2%
Idaho Housing & Finance Association
Revenue Bonds
Sunset Landing Apartment Project
Series 2021
07/01/2024	0.700%	820,000	792,848
Illinois 9.6%
Chicago Board of Education
Refunding Unlimited General Obligation Bonds
Series 2017F
12/01/2024	5.000%	1,000,000	1,014,588
Chicago Midway International Airport^(d)
Refunding Revenue Bonds
Junior 2nd Lien
Series 2014A
01/01/2030	5.000%	2,845,000	2,860,249
Chicago O’Hare International Airport^(d)
Refunding Revenue Bonds
Series 2015A
01/01/2028	5.000%	2,515,000	2,565,018
Chicago Park District
Refunding Limited General Obligation Bonds
Limited Tax
Series 2014C
01/01/2026	5.000%	1,865,000	1,881,731

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
City of Chicago
Refunding Unlimited General Obligation Bonds
Series 2015
01/01/2024	5.000%	2,090,000	2,107,689
Unlimited General Obligation Refunding Bonds
Series 2020A
01/01/2024	5.000%	340,000	342,878
City of Chicago Wastewater Transmission
Refunding Revenue Bonds
2nd Lien
Series 2008
01/01/2024	5.000%	2,200,000	2,219,984
City of Joliet Waterworks & Sewerage
Revenue Bonds
Senior Lien
BAN Series 2022
01/01/2024	5.000%	1,380,000	1,388,557
Cook County Community College District No. 535 Oakton
Prerefunded 12/01/24 Limited General Obligation Bonds
Limited Tax
Series 2014
12/01/2027	4.000%	200,000	203,075
Cook County School District No. 99 Cicero
Unlimited General Obligation Refunding Bonds
Series 2019
12/01/2023	5.000%	575,000	579,505
Illinois Development Finance Authority^(f)
Revenue Bonds
Regency Park
Series 1991 Escrowed to Maturity
07/15/2025	0.000%	2,010,000	1,874,779
Illinois Finance Authority
Refunding Revenue Bonds
American Water Capital Corp. Project
Series 2020 (Mandatory Put 09/01/23)
05/01/2040	0.700%	2,000,000	1,978,719
Lifespace Communities, Inc.
Series 2015
05/14/2023	5.000%	250,000	249,944
05/14/2024	5.000%	450,000	443,504
Illinois Finance Authority^(b)
Refunding Revenue Bonds
OSF Healthcare System
Series 2020 (Mandatory Put 11/15/24)
05/15/2050	5.000%	4,250,000	4,298,742
Illinois Finance Authority^(c)
Refunding Revenue Bonds
Presbyterian Homes
Series 2021 (Mandatory Put 05/01/26)
Muni Swap Index Yield + 0.700% 05/01/2042	3.510%	1,250,000	1,217,264

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Illinois Housing Development Authority
Revenue Bonds
Senior
Series 2016A
10/01/2031	3.125%	915,000	906,145
Series 2021C (FHA)
07/01/2026	0.800%	1,000,000	919,447
Metropolitan Pier & Exposition Authority
Refunding Revenue Bonds
McCormick Place Expansion
Series 2022
06/15/2025	3.000%	2,000,000	1,966,274
Northern Illinois University
Refunding Revenue Bonds
Northern University of Illinois
Series 2020B (BAM)
04/01/2025	5.000%	400,000	411,337
Revenue Bonds
Board of Trustees
Series 2021 (BAM)
10/01/2025	5.000%	310,000	322,052
10/01/2026	5.000%	250,000	263,195
Railsplitter Tobacco Settlement Authority
Revenue Bonds
Series 2017
06/01/2024	5.000%	3,000,000	3,051,838
State of Illinois
Unlimited General Obligation Bonds
Senior
Series 2014
05/01/2026	5.000%	2,000,000	2,027,780
Series 2020C
05/01/2023	5.375%	250,000	250,028
Series 2020D
10/01/2024	5.000%	2,000,000	2,039,129
Series 2021A
03/01/2025	5.000%	500,000	512,896
03/01/2028	5.000%	2,500,000	2,693,595
Unlimited General Obligation Refunding Bonds
Series 2022B
03/01/2025	5.000%	2,400,000	2,461,900
State of Illinois^(h)
Unlimited General Obligation Bonds
Series 2023B
05/01/2028	5.000%	300,000	324,221
05/01/2032	5.000%	3,500,000	3,947,320
Total			47,323,383

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Indiana 2.5%
City of Whiting^(d)
Refunding Revenue Bonds
BP Products North America
Series 2019 (Mandatory Put 06/05/26)
12/01/2044	5.000%	1,000,000	1,028,481
City of Whiting^(b),(d)
Revenue Bonds
BP Products North America, Inc. Project
Series 2017 (Mandatory Put 11/01/24)
11/01/2047	5.000%	5,000,000	5,078,507
Indiana Finance Authority^(d)
Refunding Revenue Bonds
Fulcrum Centerpoint LLC Project
Series 2022 (Mandatory Put 11/15/23)
12/15/2046	4.500%	4,000,000	3,989,538
Indiana Finance Authority
Refunding Revenue Bonds
Indianapolis Power & Light Co. Project
Series 2021
08/01/2025	0.650%	1,500,000	1,382,483
Indianapolis Local Public Improvement Bond Bank^(d)
Refunding Revenue Bonds
Indianapolis Airport
Series 2019
01/01/2026	5.000%	1,050,000	1,088,793
Total			12,567,802
Iowa 0.1%
Iowa Student Loan Liquidity Corp.^(d)
Refunding Revenue Bonds
Series 2019B
12/01/2023	5.000%	580,000	584,345
Kentucky 2.8%
City of Henderson^(d),(e)
Revenue Bonds
Pratt Paper LLC Project
Series 2022
01/01/2032	3.700%	1,000,000	952,061
County of Owen
Refunding Revenue Bonds
Kentucky-American Water Co. Project
Series 2020 (Mandatory Put 09/01/23)
06/01/2040	0.700%	1,250,000	1,236,699
Kenton County School District Finance Corp.
Refunding Revenue Bonds
Series 2015B
10/01/2025	3.000%	1,995,000	1,989,383

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

12	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Kentucky Asset Liability Commission
Revenue Bonds
Project Notes - Federal Highway Trust Fund
Series 2015
09/01/2023	5.000%	500,000	502,690
Kentucky Interlocal School Transportation Association
Refunding Certificate of Participation
Series 2021
03/01/2025	1.250%	1,335,000	1,256,864
03/01/2026	1.250%	1,085,000	1,003,345
Kentucky Public Energy Authority
Revenue Bonds
Series 2018A (Mandatory Put 04/01/24)
04/01/2048	4.000%	2,780,000	2,782,469
Series 2018B
07/01/2023	4.000%	750,000	750,077
Series 2020A (Mandatory Put 06/01/26)
12/01/2050	4.000%	1,355,000	1,358,297
Kentucky Public Energy Authority^(c)
Revenue Bonds
Series 2019A-2 (Mandatory Put 06/01/25)
0.7 x 1-month USD LIBOR + 1.120% 12/01/2049	4.367%	1,000,000	998,938
Louisville/Jefferson County Metropolitan Government
Unrefunded Revenue Bonds
Norton Healthcare, Inc.
Series 2020 (Mandatory Put 10/01/23)
10/01/2047	5.000%	1,125,000	1,130,367
Total			13,961,190
Louisiana 0.4%
Louisiana Local Government Environmental Facilities & Community Development Authority
Refunding Revenue Bonds
Entergy Louisiana LLC Project
Series 2021
06/01/2030	2.000%	1,250,000	1,106,876
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	986,138
Total			2,093,014
Maryland 2.5%
Maryland Community Development Administration
Refunding Revenue Bonds
Social Bonds
Series 2021C
03/01/2029	1.550%	3,240,000	2,881,446

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Series 2021B
03/01/2027	0.900%	860,000	778,272
Maryland Economic Development Corp.^(d)
Revenue Bonds
Green Bonds - Purple Line Light Rail Project
Series 2022
11/12/2028	5.000%	2,000,000	2,057,252
Maryland Health & Higher Educational Facilities Authority
Refunding Revenue Bonds
University of Maryland Medical System
Series 2020 (Mandatory Put 07/01/25)
07/01/2045	5.000%	1,500,000	1,538,919
State of Maryland Department of Transportation
Refunding Revenue Bonds
Series 2022B
12/01/2027	5.000%	1,205,000	1,337,942
Revenue Bonds
2nd Issue
Series 2018
10/01/2024	5.000%	3,420,000	3,518,441
Total			12,112,272
Massachusetts 3.7%
Berkshire Regional Transit Authority
Revenue Notes
RAN Series 2022
07/25/2023	4.000%	5,350,000	5,347,486
Boston Housing Authority
Refunding Revenue Bonds
Series 2020A
10/01/2023	0.700%	470,000	462,072
Massachusetts Development Finance Agency
Refunding Revenue Bonds
Berklee College of Music
Series 2016
10/01/2029	5.000%	1,000,000	1,061,243
Series 2019A
07/01/2024	5.000%	260,000	264,158
Massachusetts Educational Financing Authority^(d)
Revenue Bonds
Education Loan
Series 2021
07/01/2025	5.000%	750,000	771,528
07/01/2026	5.000%	1,120,000	1,169,437
Senior Series 2020B
07/01/2026	5.000%	1,250,000	1,305,175
Senior Series 2022B
07/01/2025	5.000%	250,000	257,176
07/01/2029	5.000%	825,000	892,298

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Senior Revenue Bonds
Series 2019B
07/01/2023	5.000%	500,000	500,955
Massachusetts Housing Finance Agency
Revenue Bonds
Series 2021A-2 (HUD)
06/01/2024	0.400%	500,000	482,649
Sustainability Bonds
Series 2022-D3 (FHA)
12/01/2026	3.300%	1,000,000	999,022
Massachusetts Port Authority^(d)
Refunding Revenue Bonds
BosFuel Project
Series 2019A
07/01/2026	5.000%	885,000	925,415
Town of Orange
Limited General Obligation Notes
BAN Series 2022
08/24/2023	3.750%	4,000,000	4,001,969
Total			18,440,583
Michigan 2.5%
Michigan Finance Authority
Refunding Revenue Bonds
McLaren Health Care
Series 2021D-1
10/15/2026	0.900%	2,495,000	2,316,189
10/15/2027	1.100%	1,650,000	1,520,275
Michigan Finance Authority⁽ⁱ⁾
Refunding Revenue Bonds
Trinity Health
Series 2019 (Mandatory Put 02/01/25)
12/01/2044	5.000%	1,605,000	1,655,146
Michigan State Housing Development Authority
Revenue Bonds
Series 2021A
04/01/2025	0.550%	1,000,000	930,840
Michigan Strategic Fund^(d)
Revenue Bonds
Consumers Energy Co. Project
Series 2021 (Mandatory Put 10/08/26)
04/01/2035	0.875%	1,335,000	1,203,341
Green Bonds
Series 2021 (Mandatory Put 10/01/26)
10/01/2061	4.000%	2,000,000	1,986,714
Wayne County Airport Authority^(d)
Refunding Revenue Bonds
Series 2015F
12/01/2027	5.000%	2,810,000	2,894,898
Total			12,507,403

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Minnesota 1.0%
City of Wayzata
Refunding Revenue Bonds
Folkstone Senior Living Co.
Series 2019
08/01/2023	3.000%	200,000	199,363
08/01/2024	3.000%	100,000	98,410
08/01/2025	3.000%	200,000	194,187
08/01/2026	3.000%	250,000	239,360
Minnesota Housing Finance Agency^(d)
Refunding Revenue Bonds
Series 2021C (GNMA)
07/01/2023	0.450%	235,000	233,695
01/01/2024	0.600%	370,000	362,271
Revenue Bonds
Series 2020A
07/01/2023	1.350%	185,000	184,240
Series 2020A (GNMA)
07/01/2024	1.450%	115,000	111,974
Series 2020D (GNMA)
07/01/2026	1.650%	360,000	338,128
Series 2020H
07/01/2023	0.600%	210,000	208,884
01/01/2024	0.650%	175,000	171,401
07/01/2024	0.700%	190,000	183,395
01/01/2025	0.800%	340,000	324,331
07/01/2025	0.850%	360,000	339,515
Minnesota Rural Water Finance Authority, Inc.
Revenue Notes
Public Projects Construction
Series 2022
12/01/2023	2.625%	1,700,000	1,681,160
Total			4,870,314
Mississippi 0.6%
County of Warren^(d)
Refunding Revenue Bonds
International Paper Co. Project
Series 2020 (Mandatory Put 06/16/25)
08/01/2027	1.600%	1,000,000	952,593
Mississippi Business Finance Corp.^(d)
Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 06/03/24)
03/01/2027	2.200%	1,250,000	1,224,482
State of Mississippi Gaming Tax
Revenue Bonds
Series 2019A
10/15/2024	5.000%	750,000	768,537
Total			2,945,612

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

14	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Missouri 1.0%
Kansas City Industrial Development Authority^(d)
Revenue Bonds
Kansas City International Airport
Series 2019
03/01/2028	5.000%	3,810,000	4,063,638
Missouri Development Finance Board
Refunding Revenue Bonds
Crackerneck Creek Project
Series 2021
03/01/2025	5.000%	425,000	431,429
03/01/2026	5.000%	300,000	307,307
Total			4,802,374
Nebraska 0.8%
Central Plains Energy Project
Refunding Revenue Bonds
Project #3
Series 2017A
09/01/2026	5.000%	680,000	700,313
Revenue Bonds
Project No. 4
Series 2018 (Mandatory Put 01/01/24)
03/01/2050	5.000%	1,000,000	1,007,320
Gretna Public Schools
Unlimited General Obligation Bonds
Series 2022B
12/15/2027	5.000%	2,080,000	2,190,476
Total			3,898,109
Nevada 0.0%
City of Sparks^(e)
Refunding Revenue Bonds
Sales Tax
Series 2019A
06/15/2024	2.500%	145,000	141,803
New Hampshire 0.7%
New Hampshire Business Finance Authority
Refunding Revenue Bonds
Springpoint Senior Living
Series 2021
01/01/2025	4.000%	290,000	286,818
01/01/2026	4.000%	265,000	260,133
New Hampshire Business Finance Authority^(c),(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2018 (Mandatory Put 07/01/24)
Muni Swap Index Yield + 0.375% 10/01/2033	3.185%	2,000,000	1,953,463

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Hampshire Business Finance Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2019 (Mandatory Put 07/01/24)
07/01/2027	2.150%	1,000,000	977,589
Total			3,478,003
New Jersey 7.3%
New Jersey Economic Development Authority^(d)
Refunding Revenue Bonds
American Water Co.
Series 2020B (Mandatory Put 06/01/23)
11/01/2034	1.200%	3,000,000	2,992,905
New Jersey-American Water Company, Inc. Project
Series 2020
12/01/2025	0.850%	2,750,000	2,488,771
New Jersey Economic Development Authority
Refunding Revenue Bonds
Series 2015XX
06/15/2026	4.250%	2,355,000	2,398,549
New Jersey Health Care Facilities Financing Authority
Refunding Revenue Bonds
Hospital Asset Transformation Program
Series 2017
10/01/2031	5.000%	2,000,000	2,158,617
Hospital Asset Transformation Project
Series 2017
10/01/2026	5.000%	650,000	685,166
RWJ Barnabas Health Obligated Group
Series 2019 (Mandatory Put 07/01/25)
07/01/2042	5.000%	3,370,000	3,500,951
New Jersey Higher Education Student Assistance Authority^(d)
Revenue Bonds
Senior Series 2016-1A
12/01/2025	5.000%	1,000,000	1,033,553
12/01/2026	5.000%	1,000,000	1,032,307
Series 2015-1A
12/01/2027	4.000%	1,540,000	1,536,910
Series 2017-1A
12/01/2024	5.000%	3,750,000	3,820,858
Senior Revenue Bonds
Series 2022B
12/01/2024	5.000%	885,000	901,723
New Jersey Higher Education Student Assistance Authority^(d),(h)
Revenue Bonds
Series 2023B
12/01/2028	5.000%	4,000,000	4,298,195
New Jersey Housing & Mortgage Finance Agency^(d)
Refunding Revenue Bonds
Series 2020F (HUD)
04/01/2026	1.500%	3,000,000	2,823,543

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
New Jersey Transportation Trust Fund Authority
Refunding Revenue Bonds
Series 2021A
06/15/2026	5.000%	250,000	263,345
Series 2022AA
06/15/2027	5.000%	3,185,000	3,417,783
Transportation System
Series 2018A
12/15/2023	5.000%	250,000	252,158
Revenue Bonds
Transportation System
Series 2010D
12/15/2023	5.000%	2,375,000	2,395,497
Total			36,000,831
New Mexico 0.4%
City of Farmington
Refunding Revenue Bonds
Public Service Co. of New Mexico San Juan Project
Series 2020 (Mandatory Put 06/01/24)
06/01/2040	1.150%	2,000,000	1,928,748
New York 15.1%
City of New York
Unlimited General Obligation Refunding Bonds
Series 2023C
08/01/2027	5.000%	6,999,999	7,675,357
City of North Tonawanda
Limited General Obligation Notes
BAN Series 2022
05/18/2023	4.000%	4,894,375	4,897,010
City of Schenectady
Limited General Obligation Notes
BAN Series 2022
05/05/2023	3.500%	4,985,778	4,985,682
Huntington Local Development Corp.
Revenue Bonds
Fountaingate Garden Project
Series 2021
07/01/2025	3.000%	75,000	72,432
Series 2021B
07/01/2027	4.000%	2,000,000	1,898,138
Long Island Power Authority^(c)
Refunding Revenue Bonds
Series 2018C (Mandatory Put 10/01/23)
0.7 x 1-month USD LIBOR + 0.750% 05/01/2033	4.143%	575,000	575,270

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Metropolitan Transportation Authority^(c)
Refunding Revenue Bonds
Transportation
Subordinated Series 2021 (AGM) (Mandatory Put 04/01/24)
0.7 x SOFR + 0.550% 11/01/2032	3.773%	500,000	497,430
Metropolitan Transportation Authority
Revenue Bonds
Green Bonds
Subordinated Series 2019A (Mandatory Put 11/15/24)
11/15/2048	5.000%	1,000,000	1,011,511
New York City Transitional Finance Authority
Revenue Bonds
Subordinated Series 2018A-2
11/01/2027	5.000%	3,235,000	3,563,113
New York Liberty Development Corp.
Refunding Revenue Bonds
Green Bonds - 4 World Trade Center Project
Series 2021
11/15/2031	1.900%	950,000	814,781
New York Transportation Development Corp.^(d)
Refunding Revenue Bonds
American Airlines, Inc. Project
Series 2021
08/01/2026	2.250%	2,035,000	1,902,590
Revenue Bonds
LaGuardia Airport Terminal B Redevelopment Project
Series 2016
07/01/2030	5.000%	1,255,000	1,274,019
Terminal 4 John F. Kennedy International Airport Project
Series 2022
12/01/2026	5.000%	2,500,000	2,607,242
Owego Apalachin Central School District
Unlimited General Obligation Notes
BAN Series 2022
06/28/2023	4.000%	3,000,000	3,001,351
Port Authority of New York & New Jersey^(d)
Refunding Revenue Bonds
Series 2018-207
09/15/2029	5.000%	5,000,000	5,378,106
Series 2021-223
07/15/2026	5.000%	4,130,000	4,330,390
Series 2021-226
10/15/2027	5.000%	1,625,000	1,740,637
10/15/2028	5.000%	1,750,000	1,905,659
Revenue Bonds
Consolidated One Hundred Eighty Four
Series 2014-25A
09/01/2028	5.000%	1,275,000	1,296,420

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

16	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
State of New York Mortgage Agency^(d)
Refunding Revenue Bonds
Series 2019-221
04/01/2024	1.800%	2,000,000	1,962,774
Social Bonds
Series 2021-235
04/01/2026	1.050%	1,275,000	1,189,314
10/01/2026	1.150%	1,335,000	1,237,715
04/01/2027	1.300%	2,705,000	2,515,813
Revenue Bonds
Social Bonds
Series 2021-240
04/01/2024	0.750%	1,595,000	1,545,583
10/01/2024	0.850%	1,970,000	1,882,759
04/01/2025	0.950%	2,485,000	2,339,889
10/01/2025	1.050%	1,000,000	931,229
04/01/2026	1.200%	1,220,000	1,126,094
Triborough Bridge & Tunnel Authority^(c)
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2021 (Mandatory Put 02/01/24)
0.7 x SOFR + 0.380% 01/01/2032	3.603%	1,960,000	1,943,354
Triborough Bridge & Tunnel Authority
Refunding Revenue Bonds
MTA Bridges and Tunnels
Series 2023
11/15/2028	5.000%	5,000,000	5,647,052
Village of Endicott
Limited General Obligation Notes
BAN Series 2022
08/24/2023	3.750%	3,000,000	2,998,946
Total			74,747,660
North Carolina 1.4%
City of Charlotte Airport^(d)
Refunding Revenue Bonds
Series 2021B
07/01/2025	5.000%	1,345,000	1,390,699
North Carolina Eastern Municipal Power Agency^(j)
Revenue Bonds
Series 1993 (FGIC)
01/01/2025	3.100%	600,000	581,216
North Carolina Housing Finance Agency
Revenue Bonds
Home Ownership
Series 2021-47 (GNMA)
01/01/2028	1.050%	1,580,000	1,405,103
North Carolina Turnpike Authority
Refunding Revenue Bonds
Senior Lien
Series 2017
01/01/2025	5.000%	1,500,000	1,540,145

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Series 2018
01/01/2025	5.000%	1,110,000	1,139,707
North Carolina Turnpike Authority^(f)
Refunding Revenue Bonds
Series 2016C
07/01/2026	0.000%	780,000	682,357
Total			6,739,227
North Dakota 0.9%
North Dakota Housing Finance Agency^(d)
Refunding Revenue Bonds
Social Bonds
Series 2021C
01/01/2024	0.700%	1,800,000	1,767,133
07/01/2024	0.800%	1,685,000	1,634,087
01/01/2025	0.950%	975,000	936,506
Total			4,337,726
Ohio 1.7%
Ohio Air Quality Development Authority^(d)
Refunding Revenue Bonds
Duke Energy Corp. Project
Series 2022 (Mandatory Put 06/01/27)
11/01/2039	4.250%	2,500,000	2,503,732
Ohio Turnpike & Infrastructure Commission
Refunding Revenue Bonds
Junior Lien - Infrastructure Projects
Series 2022
02/15/2026	5.000%	1,250,000	1,326,139
02/15/2027	5.000%	1,000,000	1,086,662
Port of Greater Cincinnati Development Authority
Revenue Bonds
Convention Center Hotel Acquisition and Demolition Project
Series 2020A
05/01/2023	3.000%	1,000,000	999,889
State of Ohio
Unlimited General Obligation Refunding Bonds
Series 2022A
06/15/2028	5.000%	2,250,000	2,526,869
Total			8,443,291
Oklahoma 1.7%
Oklahoma County Independent School District No. 89 Oklahoma City
Unlimited General Obligation Bonds
Series 2023A
07/01/2027	3.000%	6,000,000	6,037,898
Tulsa Airports Improvement Trust^(d)
Prerefunded 06/01/24 Revenue Bonds
Series 2015A (BAM)
06/01/2035	5.000%	1,000,000	1,014,193
06/01/2045	5.000%	1,280,000	1,298,166
Total			8,350,257

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Oregon 0.1%
State of Oregon Housing & Community Services Department⁽ⁱ⁾
Revenue Bonds
Plaza Los Amigos Apartments Project
Series 2022 (Mandatory Put 02/01/25)
02/01/2026	3.000%	500,000	487,552
Pennsylvania 4.3%
Allegheny County Airport Authority^(d)
Revenue Bonds
Series 2021A
01/01/2027	5.000%	1,155,000	1,214,120
City of Philadelphia Airport^(d)
Refunding Revenue Bonds
Series 2017B
07/01/2026	5.000%	3,360,000	3,498,083
Geisinger Authority
Refunding Revenue Bonds
Geisinger Health System Obligated Group
Series 2020 (Mandatory Put 02/15/27)
04/01/2043	5.000%	3,350,000	3,516,620
Montgomery County Industrial Development Authority
Refunding Revenue Bonds
Meadowood Senior Living Project
Series 2018
12/01/2023	5.000%	320,000	321,332
Pennsylvania Economic Development Financing Authority^(d)
Revenue Bonds
Pennsylvania Bridges Finco LP - P3 Project
Series 2015
12/31/2024	5.000%	2,450,000	2,484,967
Pennsylvania Higher Education Assistance Agency^(d)
Revenue Bonds
Series 2021A
06/01/2027	5.000%	1,315,000	1,391,980
Pennsylvania Housing Finance Agency^(d)
Refunding Revenue Bonds
Social Bonds
Series 2021-134B
10/01/2025	5.000%	800,000	826,215
Pennsylvania Housing Finance Agency
Refunding Revenue Bonds
Social Bonds
Series 2021-136
10/01/2027	5.000%	175,000	189,798
Revenue Bonds
Series 2019-129
10/01/2034	2.950%	1,500,000	1,383,067
Series 2020-132A
04/01/2026	1.450%	1,400,000	1,317,586
10/01/2026	1.500%	1,500,000	1,402,855

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Pennsylvania Turnpike Commission
Refunding Revenue Bonds
Series 2022B
12/01/2026	5.000%	275,000	296,847
Redevelopment Authority of the City of Philadelphia^(d)
Refunding Revenue Bonds
Series 2015B
04/15/2027	5.000%	2,010,000	2,077,129
School District of Philadelphia (The)
Limited General Obligation Bonds
Series 2018A
09/01/2023	5.000%	450,000	452,197
Southeastern Pennsylvania Transportation Authority
Revenue Bonds
Asset Improvement Program
Series 2022
06/01/2027	5.000%	1,000,000	1,093,180
Total			21,465,976
Puerto Rico 0.9%
Commonwealth of Puerto Rico^(g)
Unlimited General Obligation Bonds
Series 2021-A1
07/01/2025	5.375%	4,500,000	4,584,680
Rhode Island 1.5%
Rhode Island Health and Educational Building Corp.
Refunding Revenue Bonds
Providence Public Buildings Authority
Series 2015 (AGM)
05/15/2024	4.000%	2,385,000	2,402,119
Rhode Island Housing & Mortgage Finance Corp.^(d)
Refunding Revenue Bonds
Homeownership Opportunity
Series 2016
04/01/2026	2.600%	1,235,000	1,206,260
10/01/2026	2.650%	1,575,000	1,538,195
Rhode Island Student Loan Authority^(d)
Revenue Bonds
Senior Program
Series 2019A
12/01/2023	5.000%	650,000	654,683
12/01/2024	5.000%	875,000	893,559
12/01/2035	2.875%	630,000	612,617
Total			7,307,433
South Carolina 1.3%
Patriots Energy Group Financing Agency^(c)
Revenue Bonds
Series 2018B (Mandatory Put 02/01/24)
0.7 x 1-month USD LIBOR + 0.860% 10/01/2048	4.107%	1,000,000	1,001,690

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

18	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
South Carolina Jobs-Economic Development Authority^(d)
Revenue Bonds
International Paper Co. Project
Series 2023 (Mandatory Put 04/01/26)
03/31/2033	4.000%	850,000	851,135
South Carolina Ports Authority^(d)
Prerefunded 07/01/25 Revenue Bonds
Series 2015
07/01/2050	5.250%	3,000,000	3,115,542
South Carolina State Housing Finance & Development Authority
Revenue Bonds
Series 2020A
01/01/2024	1.500%	985,000	970,804
07/01/2024	1.550%	510,000	498,006
Total			6,437,177
Texas 2.3%
Atascosa County Industrial Development Corp.
Refunding Revenue Bonds
San Miguel Electric Cooperative, Inc. Project
Series 2020
12/15/2024	5.000%	550,000	560,740
12/15/2026	5.000%	625,000	658,251
Central Texas Regional Mobility Authority
Revenue Bonds
Subordinated Series 2021C
01/01/2027	5.000%	2,000,000	2,102,752
City of Houston Airport System^(d)
Refunding Revenue Bonds
Subordinated Series 2018C
07/01/2027	5.000%	1,890,000	2,010,756
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	3.380%	2,000,000	1,988,309
Plano Independent School District
Unlimited General Obligation Bonds
Series 2023
02/15/2028	5.000%	1,750,000	1,939,246
Port Beaumont Navigation District^(d),(e)
Revenue Bonds
Jefferson Gulf Coast Energy Project
Series 2021
01/01/2026	1.875%	700,000	638,702
Spring Branch Independent School District
Unlimited General Obligation Bonds
Series 2022
02/01/2025	5.000%	1,000,000	1,036,257

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Texas Municipal Gas Acquisition & Supply Corp. III
Refunding Revenue Bonds
Senior
Series 2021
12/15/2028	5.000%	500,000	520,617
Total			11,455,630
Vermont 0.7%
Vermont Student Assistance Corp.^(d)
Revenue Bonds
Student Loan
Senior Series 2018A
06/15/2025	5.000%	1,010,000	1,038,297
06/15/2026	5.000%	1,375,000	1,435,503
Series 2022A
06/15/2028	5.000%	985,000	1,040,009
Total			3,513,809
Virginia 1.0%
Amelia County Industrial Development Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2021
04/01/2027	1.450%	1,750,000	1,572,655
Arlington County Industrial Development Authority
Refunding Revenue Bonds
Virginia Hospital Center
Series 2020
07/01/2023	5.000%	740,000	741,548
Henrico County Economic Development Authority
Refunding Revenue Bonds
Westminster-Canterbury Project
Series 2018
10/01/2023	5.000%	575,000	574,873
Henrico County Economic Development Authority^(j)
Revenue Bonds
Registered Savrs
Series 1992 Escrowed to Maturity (AGM)
08/23/2027	8.503%	900,000	886,500
Virginia Small Business Financing Authority
Refunding Revenue Bonds
LifeSpire of Virginia
Series 2021
12/01/2024	3.000%	220,000	213,873
12/01/2025	3.000%	230,000	219,521
12/01/2026	3.000%	235,000	220,126
National Senior Campuses
Series 2020
01/01/2024	5.000%	500,000	502,741
Total			4,931,837

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Portfolio of Investments (continued)
April 30, 2023

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Washington 0.8%
Chelan County Public Utility District No. 1^(d)
Refunding Revenue Bonds
Series 2020C
07/01/2025	5.000%	1,170,000	1,215,962
Douglas County Public Utility District No. 1 Wells Hydroelectric Project^(d)
Refunding Revenue Bonds
Series 2015A
09/01/2027	5.000%	830,000	857,553
Port of Seattle^(d)
Revenue Bonds
Series 2018A
05/01/2028	5.000%	1,715,000	1,822,313
Total			3,895,828
West Virginia 0.2%
West Virginia Economic Development Authority
Refunding Revenue Bonds
Appalachian Power Co. Amos Project
Series 2019 (Mandatory Put 04/01/24)
03/01/2040	2.550%	1,000,000	982,697
Wisconsin 3.2%
City of Milwaukee
Unlimited General Obligation Refunding Bonds
Promissory Notes
Series 2020N-4
04/01/2024	5.000%	1,500,000	1,519,052
County of Milwaukee Airport^(d)
Refunding Revenue Bonds
Series 2014A
12/01/2027	5.000%	1,975,000	1,987,748
Public Finance Authority^(d)
Refunding Revenue Bonds
Waste Management, Inc. Project
Series 2016
05/01/2027	2.875%	5,350,000	5,084,063
State of Wisconsin
Unlimited General Obligation Refunding Bonds
Series 2022-4
05/01/2026	5.000%	1,230,000	1,314,462
Wisconsin Department of Transportation
Refunding Revenue Bonds
Series 2017-1
07/01/2028	5.000%	1,185,000	1,302,595
Wisconsin Health & Educational Facilities Authority
Refunding Revenue Bonds
Marshfield Clinic Health System, Inc.
Series 2020 (Mandatory Put 02/15/25)
02/15/2052	5.000%	3,500,000	3,546,163

Municipal Bonds (continued)
Issue Description	Coupon Rate	Principal Amount ($)	Value ($)
Revenue Bonds
Aspirus, Inc. Obligation Group
Series 2017
08/15/2023	5.000%	205,000	205,918
Wisconsin Housing & Economic Development Authority
Revenue Bonds
Social Bonds
Series 2021C (GNMA)
03/01/2025	0.700%	425,000	403,855
03/01/2028	1.400%	700,000	632,573
Total			15,996,429
Wyoming 0.2%
Wyoming Community Development Authority^(d)
Refunding Revenue Bonds
Series 2020-3
06/01/2023	5.000%	955,000	956,652
Total Municipal Bonds (Cost $479,757,522)			466,599,700

Municipal Short Term 3.5%
Issue Description	Yield	Principal Amount ($)	Value ($)
Massachusetts 1.4%
Metrowest Regional Transit Authority
Revenue Notes
Series 2022
09/15/2023	3.870%	3,000,000	2,997,650
Montachusett Regional Transit Authority
Revenue Notes
Regional Transit Authority
Series 2022
07/28/2023	3.980%	4,000,000	3,999,006
Total			6,996,656
New York 1.8%
Board of Cooperative Educational Services for the Sole Supervisory District
Revenue Notes
RAN Series 2022
06/29/2023	3.460%	4,000,000	4,002,872
Greater Southern Tier Board of Cooperative Educational Services District
Revenue Notes
RAN Series 2022
06/30/2023	4.260%	5,000,000	4,996,884
Total			8,999,756

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

20	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

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Portfolio of Investments (continued)
April 30, 2023

Municipal Short Term (continued)
Issue Description	Yield	Principal Amount ($)	Value ($)
Texas 0.3%
Mission Economic Development Corp.^(d)
Refunding Revenue Bonds
Republic Services, Inc. Project
Series 2019 (Mandatory Put 05/01/23)
01/01/2026	3.500%	1,350,000	1,350,000
Total Municipal Short Term (Cost $17,383,463)			17,346,412

Money Market Funds 0.1%
	Shares	Value ($)
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.321%^(k)	89,515	89,506
JPMorgan Institutional Tax Free Money Market Fund, Institutional Shares, 3.136%^(k)	305,724	305,724
Total Money Market Funds (Cost $395,230)		395,230
Total Investments in Securities (Cost $511,536,215)		498,341,342
Other Assets & Liabilities, Net		(3,913,916)
Net Assets		$494,427,426

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, 2023.
(c)	Variable rate security. The interest rate shown was the current rate as of April 30, 2023.
(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. At April 30, 2023, the total value of these securities amounted to $6,079,088, which represents 1.23% 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, 2023, the total value of these securities amounted to $7,026,419, which represents 1.42% of total net assets.
(h)	Represents a security purchased on a when-issued basis.
(i)	Represents a variable rate security with a step coupon where the rate adjusts according to a schedule for a series of periods, typically lower for an initial period and then increasing to a higher coupon rate thereafter. The interest rate shown was the current rate as of April 30, 2023.
(j)	Represents a variable rate security where the coupon adjusts periodically through an auction process.
(k)	The rate shown is the seven-day current annualized yield at April 30, 2023.

Abbreviation Legend

AGM	Assured Guaranty Municipal Corporation
AMBAC	Ambac Assurance Corporation
BAM	Build America Mutual Assurance Co.
BAN	Bond Anticipation Note
FGIC	Financial Guaranty Insurance Corporation
FHA	Federal Housing Authority

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

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Portfolio of Investments (continued)
April 30, 2023

Abbreviation Legend (continued)

GNMA	Government National Mortgage Association
HUD	U.S. Department of Housing and Urban Development
LIBOR	London Interbank Offered Rate
RAN	Revenue Anticipation Note
SOFR	Secured Overnight Financing Rate

Fair value measurements

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

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

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

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

The following table is a summary of the inputs used to value the Fund’s investments at April 30, 2023:

	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Investments in Securities
Floating Rate Notes	—	14,000,000	—	14,000,000
Municipal Bonds	—	466,599,700	—	466,599,700
Municipal Short Term	—	17,346,412	—	17,346,412
Money Market Funds	395,230	—	—	395,230
Total Investments in Securities	395,230	497,946,112	—	498,341,342

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

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

22	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

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Statement of Assets and Liabilities
April 30, 2023

Assets
Investments in securities, at value
Unaffiliated issuers (cost $511,536,215)	$498,341,342
Cash	6,684
Receivable for:
Capital shares sold	564,804
Interest	5,808,387
Expense reimbursement due from Investment Manager	2,640
Prepaid expenses	7,409
Total assets	504,731,266
Liabilities
Payable for:
Investments purchased on a delayed delivery basis	8,505,710
Capital shares purchased	670,158
Distributions to shareholders	886,479
Management services fees	5,831
Distribution and/or service fees	542
Transfer agent fees	28,543
Compensation of board members	170,459
Other expenses	36,118
Total liabilities	10,303,840
Net assets applicable to outstanding capital stock	$494,427,426
Represented by
Paid in capital	523,390,651
Total distributable earnings (loss)	(28,963,225)
Total - representing net assets applicable to outstanding capital stock	$494,427,426
Class A
Net assets	$70,963,473
Shares outstanding	7,074,178
Net asset value per share	$10.03
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)	$10.13
Advisor Class
Net assets	$53,125,240
Shares outstanding	5,290,881
Net asset value per share	$10.04
Class C
Net assets	$2,043,886
Shares outstanding	204,157
Net asset value per share	$10.01
Institutional Class
Net assets	$94,875,386
Shares outstanding	9,456,770
Net asset value per share	$10.03
Institutional 2 Class
Net assets	$62,469,562
Shares outstanding	6,231,246
Net asset value per share	$10.03
Institutional 3 Class
Net assets	$210,949,879
Shares outstanding	21,038,974
Net asset value per share	$10.03

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

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Statement of Operations
Year Ended April 30, 2023

Net investment income
Income:
Dividends — unaffiliated issuers	$214,608
Interest	13,197,452
Total income	13,412,060
Expenses:
Management services fees	2,827,960
Distribution and/or service fees
Class A	186,732
Class C	21,047
Transfer agent fees
Class A	80,959
Advisor Class	75,130
Class C	2,281
Institutional Class	116,422
Institutional 2 Class	56,635
Institutional 3 Class	20,115
Compensation of board members	11,959
Custodian fees	18,753
Printing and postage fees	34,674
Registration fees	118,009
Accounting services fees	44,790
Legal fees	21,589
Interest on interfund lending	11,496
Compensation of chief compliance officer	120
Other	21,327
Total expenses	3,669,998
Fees waived or expenses reimbursed by Investment Manager and its affiliates	(1,132,996)
Fees waived by transfer agent
Institutional 2 Class	(953)
Institutional 3 Class	(20,115)
Expense reduction	(40)
Total net expenses	2,515,894
Net investment income	10,896,166
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers	(11,141,013)
Futures contracts	1,383,534
Net realized loss	(9,757,479)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers	11,539,674
Futures contracts	(539,694)
Net change in unrealized appreciation (depreciation)	10,999,980
Net realized and unrealized gain	1,242,501
Net increase in net assets resulting from operations	$12,138,667

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

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Statement of Changes in Net Assets

	Year Ended April 30, 2023	Year Ended April 30, 2022
Operations
Net investment income	$10,896,166	$7,112,067
Net realized loss	(9,757,479)	(408,776)
Net change in unrealized appreciation (depreciation)	10,999,980	(35,630,751)
Net increase (decrease) in net assets resulting from operations	12,138,667	(28,927,460)
Distributions to shareholders
Net investment income and net realized gains
Class A	(1,082,213)	(487,335)
Advisor Class	(1,166,399)	(376,044)
Class C	(15,490)	(295)
Institutional Class	(1,802,650)	(939,542)
Institutional 2 Class	(1,919,571)	(1,125,097)
Institutional 3 Class	(5,127,128)	(4,250,161)
Total distributions to shareholders	(11,113,451)	(7,178,474)
Increase (decrease) in net assets from capital stock activity	(279,514,603)	103,384,218
Total increase (decrease) in net assets	(278,489,387)	67,278,284
Net assets at beginning of year	772,916,813	705,638,529
Net assets at end of year	$494,427,426	$772,916,813

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

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Statement of Changes in Net Assets (continued)

	Year Ended		Year Ended
	April 30, 2023		April 30, 2022
	Shares	Dollars ($)	Shares	Dollars ($)
Capital stock activity
Class A
Subscriptions	4,585,621	45,834,971	4,360,164	45,064,367
Fund reorganization	—	—	329,765	3,440,076
Distributions reinvested	96,989	970,581	41,180	425,903
Redemptions	(5,500,323)	(55,086,454)	(3,750,812)	(38,771,216)
Net increase (decrease)	(817,713)	(8,280,902)	980,297	10,159,130
Advisor Class
Subscriptions	2,469,079	24,718,526	1,941,396	20,106,687
Fund reorganization	—	—	9,031,436	94,310,363
Distributions reinvested	37,417	374,803	14,451	148,451
Redemptions	(4,874,214)	(48,813,606)	(3,509,949)	(35,966,043)
Net increase (decrease)	(2,367,718)	(23,720,277)	7,477,334	78,599,458
Class C
Subscriptions	176,278	1,758,839	50,002	515,694
Distributions reinvested	1,550	15,472	28	291
Redemptions	(134,605)	(1,349,669)	(58,838)	(606,710)
Net increase (decrease)	43,223	424,642	(8,808)	(90,725)
Institutional Class
Subscriptions	8,779,942	88,100,889	6,967,017	71,906,809
Distributions reinvested	158,885	1,590,760	80,211	829,511
Redemptions	(10,229,746)	(102,553,635)	(5,353,606)	(54,974,865)
Net increase (decrease)	(1,290,919)	(12,861,986)	1,693,622	17,761,455
Institutional 2 Class
Subscriptions	3,513,896	35,210,315	7,090,797	73,918,172
Distributions reinvested	167,520	1,674,858	92,765	958,128
Redemptions	(10,211,677)	(102,561,819)	(2,655,624)	(27,372,308)
Net increase (decrease)	(6,530,261)	(65,676,646)	4,527,938	47,503,992
Institutional 3 Class
Subscriptions	1,365,780	13,631,656	5,335,308	55,479,193
Distributions reinvested	13,572	135,824	6,526	67,287
Redemptions	(18,325,146)	(183,166,914)	(10,258,937)	(106,095,572)
Net decrease	(16,945,794)	(169,399,434)	(4,917,103)	(50,549,092)
Total net increase (decrease)	(27,909,182)	(279,514,603)	9,753,280	103,384,218

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

26	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

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Columbia Short Duration Municipal Bond Fund | Annual Report 2023

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Financial Highlights

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Class A
Year Ended 4/30/2023	$10.01	0.14	0.03	0.17	(0.15)	(0.15)
Year Ended 4/30/2022	$10.46	0.07	(0.45)	(0.38)	(0.07)	(0.07)
Year Ended 4/30/2021	$10.26	0.11	0.20	0.31	(0.11)	(0.11)
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)
Advisor Class
Year Ended 4/30/2023	$10.02	0.16	0.03	0.19	(0.17)	(0.17)
Year Ended 4/30/2022	$10.48	0.10	(0.47)	(0.37)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.27	0.13	0.21	0.34	(0.13)	(0.13)
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)
Class C
Year Ended 4/30/2023	$9.99	0.07	0.02	0.09	(0.07)	(0.07)
Year Ended 4/30/2022	$10.46	(0.01)	(0.46)	(0.47)	(0.00)^(e)	(0.00)^(e)
Year Ended 4/30/2021	$10.25	0.03	0.21	0.24	(0.03)	(0.03)
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)
Institutional Class
Year Ended 4/30/2023	$10.01	0.16	0.03	0.19	(0.17)	(0.17)
Year Ended 4/30/2022	$10.46	0.09	(0.45)	(0.36)	(0.09)	(0.09)
Year Ended 4/30/2021	$10.26	0.13	0.20	0.33	(0.13)	(0.13)
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)
Institutional 2 Class
Year Ended 4/30/2023	$10.01	0.17	0.03	0.20	(0.18)	(0.18)
Year Ended 4/30/2022	$10.46	0.09	(0.44)	(0.35)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.25	0.14	0.21	0.35	(0.14)	(0.14)
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)

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

28	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

Table of Contents

Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Class A
Year Ended 4/30/2023	$10.03	1.67%	0.83%^(c)	0.65%^(c),(d)	1.41%	48%	$70,963
Year Ended 4/30/2022	$10.01	(3.68%)	0.81%	0.66%^(d)	0.63%	69%	$79,026
Year Ended 4/30/2021	$10.46	2.99%	0.81%	0.66%^(d)	1.02%	46%	$72,327
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
Advisor Class
Year Ended 4/30/2023	$10.04	1.92%	0.58%^(c)	0.40%^(c),(d)	1.65%	48%	$53,125
Year Ended 4/30/2022	$10.02	(3.53%)	0.57%	0.41%^(d)	0.93%	69%	$76,764
Year Ended 4/30/2021	$10.48	3.34%	0.56%	0.41%^(d)	1.26%	46%	$1,899
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
Class C
Year Ended 4/30/2023	$10.01	0.91%	1.59%^(c)	1.40%^(c),(d)	0.70%	48%	$2,044
Year Ended 4/30/2022	$9.99	(4.48%)	1.56%	1.41%^(d)	(0.11%)	69%	$1,608
Year Ended 4/30/2021	$10.46	2.32%	1.56%	1.41%^(d)	0.30%	46%	$1,775
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
Institutional Class
Year Ended 4/30/2023	$10.03	1.92%	0.58%^(c)	0.40%^(c),(d)	1.64%	48%	$94,875
Year Ended 4/30/2022	$10.01	(3.44%)	0.56%	0.41%^(d)	0.88%	69%	$107,620
Year Ended 4/30/2021	$10.46	3.25%	0.56%	0.41%^(d)	1.27%	46%	$94,743
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
Institutional 2 Class
Year Ended 4/30/2023	$10.03	1.97%	0.52%^(c)	0.35%^(c)	1.69%	48%	$62,470
Year Ended 4/30/2022	$10.01	(3.40%)	0.51%	0.37%	0.92%	69%	$127,702
Year Ended 4/30/2021	$10.46	3.39%	0.53%	0.37%	1.31%	46%	$86,120
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

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

Columbia Short Duration Municipal Bond Fund | Annual Report 2023

Table of Contents

Financial Highlights (continued)

	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss)	Total from investment operations	Distributions from net investment income	Total distributions to shareholders
Institutional 3 Class
Year Ended 4/30/2023	$10.01	0.17	0.03	0.20	(0.18)	(0.18)
Year Ended 4/30/2022	$10.46	0.10	(0.45)	(0.35)	(0.10)	(0.10)
Year Ended 4/30/2021	$10.25	0.14	0.21	0.35	(0.14)	(0.14)
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)

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.

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

30	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

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Financial Highlights (continued)

	Net asset value, end of period	Total return	Total gross expense ratio to average net assets^(a)	Total net expense ratio to average net assets^(a),(b)	Net investment income (loss) ratio to average net assets	Portfolio turnover	Net assets, end of period (000’s)
Institutional 3 Class
Year Ended 4/30/2023	$10.03	2.02%	0.48%^(c)	0.30%^(c)	1.71%	48%	$210,950
Year Ended 4/30/2022	$10.01	(3.36%)	0.47%	0.32%	0.97%	69%	$380,197
Year Ended 4/30/2021	$10.46	3.44%	0.48%	0.32%	1.37%	46%	$448,774
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

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

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Notes to Financial Statements
April 30, 2023

Note 1. Organization

Columbia Short Duration Municipal Bond Fund (formerly known as 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.

Effective September 1, 2022, Columbia Short Term Municipal Bond Fund was renamed Columbia Short Duration Municipal Bond Fund.

Fund shares

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

Note 2. Summary of significant accounting policies

Basis of preparation

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

Security valuation

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

32	Columbia Short Duration Municipal Bond Fund \| Annual Report 2023

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Notes to Financial Statements (continued)
April 30, 2023

Derivative instruments

The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a marked-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform its obligations under the contract. The Fund’s risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any variation margin held by the counterparty, plus any replacement costs or related amounts. With exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty (CCP) provides some protection in the case of clearing member default. The clearinghouse or CCP stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or CCP may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker’s customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the CCP or otherwise, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the clearing broker’s customers (including the Fund), potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is an agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or CCP for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a

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Notes to Financial Statements (continued)
April 30, 2023

party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the broker or receive interest income on cash collateral pledged to the broker. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

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

Futures contracts

Futures contracts are exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage the duration and yield curve exposure of the Fund versus the benchmark. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.

Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

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Notes to Financial Statements (continued)
April 30, 2023

The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the year ended April 30, 2023:

Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	1,383,534

Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category	Futures contracts ($)
Interest rate risk	(539,694)

The following table is a summary of the average outstanding volume by derivative instrument for the year ended April 30, 2023:

Derivative instrument	Average notional amounts ($)*
Futures contracts — short	13,103,809

*	Based on the ending quarterly outstanding amounts for the year ended April 30, 2023.

Delayed delivery securities

Security transactions

Income recognition

Dividend income is recorded on the ex-dividend date.

Expenses

Determination of class net asset value

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Notes to Financial Statements (continued)
April 30, 2023

Federal income tax status

Distributions to shareholders

Guarantees and indemnifications

Recent accounting pronouncement

Tailored Shareholder Reports

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, 2023 was 0.43% of the Fund’s average daily net assets.

Compensation of board members

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Notes to Financial Statements (continued)
April 30, 2023

Compensation of Chief Compliance Officer

Transfer agency fees

The Transfer Agent also receives compensation from the Fund for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective through August 31, 2024, 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, 2023, the Fund’s effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:

	Effective rate (%)
Class A	0.11
Advisor Class	0.11
Class C	0.11
Institutional Class	0.11
Institutional 2 Class	0.05
Institutional 3 Class	0.00

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, 2023, these minimum account balance fees reduced total expenses of the Fund by $40.

Distribution and service fees

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Notes to Financial Statements (continued)
April 30, 2023

Sales charges (unaudited)

	Front End (%)	CDSC (%)	Amount ($)
Class A	1.00	0.50^(a)	45,620
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.

Expenses waived/reimbursed by the Investment Manager and its affiliates

	September 1, 2022 through August 31, 2023	Prior to September 1, 2022
Class A	0.65%	0.66%
Advisor Class	0.40	0.41
Class C	1.40	1.41
Institutional Class	0.40	0.41
Institutional 2 Class	0.34	0.37
Institutional 3 Class	0.29	0.32

In addition, 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) through August 31, 2024, 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, will not exceed the annual rates of 0.66% for Class A, 0.41% for Advisor Class, 1.41% for Class C, 0.41% for Institutional Class, 0.37% for Institutional 2 Class and 0.32% for Institutional 3 Class as a percentage of the classes’ average daily net assets.

Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. Reflected in the contractual cap commitment, effective through August 31, 2024, 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

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Notes to Financial Statements (continued)
April 30, 2023

each share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.

Note 4. Federal tax information

At April 30, 2023, these differences were primarily due to differing treatment for tax straddles, capital loss carryforwards, trustees’ deferred compensation, distributions and re-characterization of distributions for investments. To the extent these differences were permanent, reclassifications were made among the components of the Fund’s net assets. Temporary differences do not require reclassifications.

The following reclassifications were made:

Excess of distributions over net investment income ($)	Accumulated net realized (loss) ($)	Paid in capital ($)
(1)	1	—

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

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

Year Ended April 30, 2023				Year Ended April 30, 2022
Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)	Ordinary income ($)	Tax-exempt income ($)	Long-term capital gains ($)	Total ($)
36,898	11,076,553	—	11,113,451	96,825	7,081,649	—	7,178,474

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

At April 30, 2023, 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) ($)
—	932,690	—	(15,642,999)	(13,197,101)

At April 30, 2023, 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) ($)	Net unrealized (depreciation) ($)
511,538,443	495,503	(13,692,604)	(13,197,101)

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

No expiration short-term ($)	No expiration long-term ($)	Total ($)	Utilized ($)
(8,542,874)	(7,100,125)	(15,642,999)	—

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Notes to Financial Statements (continued)
April 30, 2023

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $283,822,720 and $483,199,805, respectively, for the year ended April 30, 2023. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. Interfund lending

The Fund’s activity in the Interfund Program during the year ended April 30, 2023 was as follows:

Borrower or lender	Average loan balance ($)	Weighted average interest rate (%)	Number of days with outstanding loans
Borrower	4,800,000	4.35	19

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, 2023.

Note 7. Line of credit

The Fund had no borrowings during the year ended April 30, 2023.

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Notes to Financial Statements (continued)
April 30, 2023

Note 8. Fund reorganization

At the close of business on December 10, 2021, the Fund acquired the assets and assumed the identified liabilities of BMO Short Tax-Free Fund (the Acquired Fund), a series of BMO Funds, Inc. The reorganization was completed after shareholders of the Acquired Fund approved a plan of reorganization at a shareholder meeting held on November 23, 2021. The purpose of the reorganization was to combine two funds with comparable investment objectives and strategies.

The aggregate net assets of the Fund immediately before the reorganization were $775,720,860 and the combined net assets immediately after the reorganization were $873,471,299.

The reorganization was accomplished by a tax-free exchange of 9,525,261 shares of the Acquired Fund valued at $97,750,439 (including $1,544,020 of unrealized appreciation/(depreciation)).

In exchange for the Acquired Fund’s shares, the Fund issued the following number of shares:

	Shares
Class A	329,765
Advisor Class	9,031,436

For financial reporting purposes, net assets received and shares issued by the Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.

The Fund’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.

Assuming the reorganization had been completed on May 1, 2021, the Fund’s pro-forma results of operations for the year ended April 30, 2022 would have been approximately:

	($)
Net investment income	7,995,000
Net realized loss	(310,000)
Net change in unrealized appreciation/(depreciation)	(36,561,000)
Net decrease in net assets from operations	(28,876,000)

Note 9. Significant risks

Credit risk

Derivatives risk

Losses involving derivative instruments may be substantial, because a relatively small movement in the underlying reference (which is generally the price, rate or other economic indicator associated with a security(ies), commodity, currency, index or other instrument or asset) may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Fund’s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk and pricing risk.

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Notes to Financial Statements (continued)
April 30, 2023

Interest rate risk

Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise interest rates. Increasing interest rates may negatively affect the value of debt securities held by the Fund, resulting in a negative impact on the Fund’s performance and net asset value per share. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation.

Liquidity risk

Market risk

Municipal securities risk

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Notes to Financial Statements (continued)
April 30, 2023

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, 2023, two unaffiliated shareholders of record owned 54.5% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 10.5% of the outstanding shares of the Fund in one or more accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.

Note 10. Subsequent events

Note 11. Information regarding pending and settled legal proceedings

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Columbia Funds Series Trust and Shareholders of Columbia Short Duration 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 Duration Municipal Bond Fund (one of the funds constituting Columbia Funds Series Trust, referred to hereafter as the "Fund") as of April 30, 2023, the related statement of operations for the year ended April 30, 2023, the statement of changes in net assets for each of the two years in the period ended April 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended April 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023 by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Minneapolis, Minnesota

June 22, 2023

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

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Federal Income Tax Information

(Unaudited)

Exempt- interest dividends
99.67%

TRUSTEES AND OFFICERS

(Unaudited)

Independent trustees

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
George S. Batejan c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016	174	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; former Board Member, Chase Bank International, 1993-1994

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Kathleen Blatz c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2006	Attorney, specializing in arbitration and mediation; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Member and Interim Chair, Minnesota Sports Facilities Authority, January-July 2017; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance), February-July 2018, April-October 2021	174	Former Trustee, Blue Cross and Blue Shield of Minnesota, 2009-2021 (Chair of the Business Development Committee, 2014-2017; Chair of the Governance Committee, 2017-2019); former Member and Chair of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017; former Director, Robina Foundation, 2009-2020 (Chair, 2014-2020); Director, Richard M. Schulze Family Foundation, since 2021
Pamela G. Carlton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Chair since 2023; Trustee since 2007	President, Springboard — Partners in Cross Cultural Leadership (consulting company), since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, 1982-1991, Morgan Stanley; Attorney, Cleary Gottlieb Steen & Hamilton LLP, 1980-1982	174	Trustee, New York Presbyterian Hospital Board, since 1996; Director, DR Bank (Audit Committee) since 2017; Director, Evercore Inc. (Audit Committee, Nominating and Governance Committee), since 2019; Director, Apollo Commercial Real Estate Finance, Inc. (Chair, Nominating and Governance Committee) (financial services), since 2021; the Governing Council of the Independent Directors Council (IDC), since 2021
Janet Langford Carrig c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1957	Trustee since 1996	Senior Vice President, General Counsel and Corporate Secretary, ConocoPhillips (independent energy company), September 2007-October 2018	174	Director, EQT Corporation (natural gas producer), since 2019; former Director, Whiting Petroleum Corporation (independent oil and gas company), 2020-2022
J. Kevin Connaughton c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2020	CEO and President, RhodeWay Financial (non-profit financial planning firm), since December 2022; Member, FINRA National Adjudicatory Council, since January 2020; Adjunct Professor of Finance, Bentley University since January 2018; Consultant to Independent Trustees of CFVIT and CFST I from March 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Managing Director and General Manager of Mutual Fund Products, Columbia Management Investment Advisers, LLC, May 2010-February 2015; President, Columbia Funds, 2008-2015; and senior officer of Columbia Funds and affiliated funds, 2003-2015	172	Former Director, The Autism Project, March 2015-December 2021; former Member of the Investment Committee, St. Michael’s College, November 2015-February 2020; former Trustee, St. Michael’s College, June 2017-September 2019; former Trustee, New Century Portfolios (former mutual fund complex), January 2015-December 2017

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Olive M. Darragh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since 2020	Managing Director of Darragh Inc. (strategy and talent management consulting firm), since 2010; Founder and CEO, Zolio, Inc. (investment management talent identification platform), since 2004; Consultant to Independent Trustees of CFVIT and CFST I from June 2019 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Partner, Tudor Investments, 2004-2010; Senior Partner, McKinsey & Company (consulting), 1990-2004; Touche Ross CPA, 1985-1988	172	Treasurer, Edinburgh University US Trust Board, since January 2023; Member, HBS Community Action Partners Board, since September 2022; former Director, University of Edinburgh Business School (Member of US Board), 2004-2019; former Director, Boston Public Library Foundation, 2008-2017
Patricia M. Flynn c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1950	Trustee since 2004	Professor of Economics and Management, Bentley University, since 2002; Dean, McCallum Graduate School of Business, Bentley University, 1992-2002	174	Former Trustee, MA Taxpayers Foundation, 1997-2022; former Director, The MA Business Roundtable, 2003-2019; former Chairperson, Innovation Index Advisory Committee, MA Technology Collaborative, 1997-2020
Brian J. Gallagher c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1954	Trustee since 2017	Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016	174	Trustee, Catholic Schools Foundation, since 2004
Douglas A. Hacker c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1955	Trustee since 1996	Independent business executive, since May 2006; Executive Vice President – Strategy of United Airlines, December 2002 - May 2006; President of UAL Loyalty Services (airline marketing company), September 2001-December 2002; Executive Vice President and Chief Financial Officer of United Airlines, July 1999-September 2001	174	Director, SpartanNash Company since November 2013 (Chair of the Board, since May 2021) (food distributor); Director, Aircastle Limited (Chair of Audit Committee) (aircraft leasing), since August 2006; former Director, Nash Finch Company (food distributor), 2005-2013; former Director, SeaCube Container Leasing Ltd. (container leasing), 2010-2013; and former Director, Travelport Worldwide Limited (travel information technology), 2014-2019
Nancy T. Lukitsh c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1956	Trustee since 2011	Senior Vice President, Partner and Director of Marketing, Wellington Management Company, LLP (investment adviser), 1997-2010; Chair, Wellington Management Portfolios (commingled non-U.S. investment pools), 2007-2010; Director, Wellington Trust Company, NA and other Wellington affiliates, 1997-2010	172	None

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
David M. Moffett c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2011	Retired; former Chief Executive Officer of Freddie Mac and Chief Financial Officer of U.S. Bank	172	Director, CSX Corporation (transportation suppliers); Director, PayPal Holdings Inc. (payment and data processing services); Trustee, University of Oklahoma Foundation; former Director, eBay Inc. (online trading community), 2007-2015; and former Director, CIT Bank, CIT Group Inc. (commercial and consumer finance), 2010-2016; former Senior Adviser to The Carlyle Group (financial services), March 2008-September 2008; former Governance Consultant to Bridgewater Associates, January 2013-December 2015
Catherine James Paglia c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1952	Trustee since 2004	Director, Enterprise Asset Management, Inc. (private real estate and asset management company), since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Vice President, 1982-1985, Principal, 1985-1987, Managing Director, 1987-1989, Morgan Stanley; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.	174	Director, Valmont Industries, Inc. (irrigation systems manufacturer), since 2012; Trustee, Carleton College (on the Investment Committee), since 1987; Trustee, Carnegie Endowment for International Peace (on the Investment Committee), since 2009
Natalie A. Trunow c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1967	Trustee since 2020	Chief Executive Officer, Millennial Portfolio Solutions LLC (asset management and consulting services), January 2016-January 2021; Non-executive Member of the Investment Committee and Valuation Committee, Sarona Asset Management Inc. (private equity firm) since September 2019; Advisor, Horizon Investments (asset management and consulting services), August 2018-January 2022; Advisor, Paradigm Asset Management, November 2016-January 2022; Consultant to Independent Trustees of CFVIT and CFST I from September 2016 to June 2020 with respect to CFVIT and to December 2020 with respect to CFST I; Director of Investments/Consultant, Casey Family Programs, April 2016-November 2016; Senior Vice President and Chief Investment Officer, Calvert Investments, August 2008-January 2016; Section Head and Portfolio Manager, General Motors Asset Management, June 1997-August 2008	172	Independent Director, Investment Committee, Health Services for Children with Special Needs, Inc., 2010-2021; Independent Director, (Executive Committee and Chair, Audit Committee), Consumer Credit Counseling Services (formerly Guidewell Financial Solutions), since 2016; Independent Director, (Investment Committee), Sarona Asset Management, since 2019

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

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex* overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Sandra L. Yeager c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1964	Trustee since 2017	Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016; Managing Director, DuPont Capital, 2006-2008; Managing Director, Morgan Stanley Investment Management, 2004-2006; Senior Vice President, Alliance Bernstein, 1990-2004	174	Former Director, NAPE (National Alliance for Partnerships in Equity) Education Foundation, October 2016-October 2020; Advisory Board, Jennersville YMCA, since 2022

Interested trustee affiliated with Investment Manager**

Name, address, year of birth	Position held with the Columbia Funds and length of service	Principal occupation(s) during the past five years and other relevant professional experience	Number of Funds in the Columbia Funds Complex overseen	Other directorships held by Trustee during the past five years and other relevant Board experience
Daniel J. Beckman c/o Columbia Management Investment Advisers, LLC 290 Congress Street Boston, MA 02210 1962	Trustee since November 2021 and President since June 2021	Vice President – Head of North America Product, Columbia Management Investment Advisers, LLC, since April 2015; President and Principal Executive Officer of the Columbia Funds, since June 2021; officer of Columbia Funds and affiliated funds, 2020-2021	174	Director, Ameriprise Trust Company, since October 2016; Director, Columbia Management Investment Distributors, Inc. since November 2018; Board of Governors, Columbia Wanger Asset Management, LLC since, January 2022; Director, Columbia Threadneedle Canada, Inc., since December 2022

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

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Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael G. Clarke 290 Congress Street Boston, MA 02210 1969	Chief Financial Officer and Principal Financial Officer (2009) and Senior Vice President (2019)	Senior Vice President and Head of North America Operations & Investor Services, Columbia Management Investment Advisers, LLC, since June 2023 (previously Senior Vice President and Head of Global Operations, March 2022 – June 2023, Vice President, Head of North America Operations, and Co-Head of Global Operations, June 2019 - February 2022 and Vice President – Accounting and Tax, May 2010 - May 2019); senior officer of Columbia Funds and affiliated funds, since 2002.
Joseph Beranek 5890 Ameriprise Financial Center Minneapolis, MN 55474 1965	Treasurer and Chief Accounting Officer (Principal Accounting Officer) (2019) and Principal Financial Officer (2020), CFST, CFST I, CFST II, CFVIT and CFVST II; Assistant Treasurer, CET I and CET II	Vice President – Mutual Fund Accounting and Financial Reporting, Columbia Management Investment Advisers, LLC, since December 2018 and March 2017, respectively.
Marybeth Pilat 290 Congress Street Boston, MA 02210 1968	Treasurer and Chief Accounting Officer (Principal Accounting Officer) and Principal Financial Officer (2020) for CET I and CET II; Assistant Treasurer, CFST, CFST I, CFST II, CFVIT and CFVST II	Vice President – Product Pricing and Administration, Columbia Management Investment Advisers, LLC, since May 2017.
William F. Truscott 290 Congress Street Boston, MA 02210 1960	Senior Vice President (2001)	Formerly, Trustee/Director of Columbia Funds Complex or legacy funds, November 2001-January 1, 2021; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc., since September 2012; Chairman of the Board and President, Columbia Management Investment Advisers, LLC, since July 2004 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, Columbia Management Investment Distributors, Inc., since November 2008 and February 2012, respectively; Chairman of the Board and Director, Threadneedle Asset Management Holdings, Sàrl, since March 2013 and December 2008, respectively; senior executive of various entities affiliated with Columbia Threadneedle.
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Senior Vice President and Assistant Secretary (2021)	Formerly, Trustee/Director of funds within the Columbia Funds Complex, July 1, 2020 - November 22, 2021; Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc., since September 2021 (previously Vice President and Lead Chief Counsel, January 2015 - September 2021); formerly, President and Principal Executive Officer of the Columbia Funds, 2015 - 2021; officer of Columbia Funds and affiliated funds, since 2007.
Thomas P. McGuire 290 Congress Street Boston, MA 02210 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President – Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Columbia Acorn/Wanger Funds, since December 2015; formerly, Chief Compliance Officer, Ameriprise Certificate Company, September 2010 – September 2020.
Ryan C. Larrenaga 290 Congress Street Boston, MA 02210 1970	Senior Vice President (2017), Chief Legal Officer (2017), and Secretary (2015)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since August 2018 (previously Vice President and Group Counsel, August 2011 - August 2018); Chief Legal Officer, Columbia Acorn/Wanger Funds, since September 2020; officer of Columbia Funds and affiliated funds, since 2005.

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

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Michael E. DeFao 290 Congress Street Boston, MA 02210 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since May 2010; Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC, since October 2021 (previously Vice President and Assistant Secretary, May 2010 – September 2021).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 1960	Vice President (2015)	Vice President, Global Investment Operations Services, Columbia Management Investment Advisers, LLC, since 2010; President, Columbia Management Investment Services Corp., since October 2014; President, Ameriprise Trust Company, since January 2017.

Liquidity Risk Management Program

(Unaudited)

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

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

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

•	the Program operated adequately during the period.

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Columbia Short Duration Municipal Bond Fund

P.O. Box 219104

Kansas City, MO 64121-9104

columbiathreadneedleus.com/investor/

ANN223_04_N01_(06/23)

(registrant)	Columbia Funds Series Trust

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer

Date	June 22, 2023

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President

Date	June 22, 2023

By (Signature and Title)	/s/ Joseph Beranek
	Joseph Beranek, Treasurer, Chief Accounting
	Officer and Principal Financial Officer

Date	June 22, 2023

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	August 2022

Date: June 22, 2023	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive
	Officer

	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