COLUMBIA FUNDS SERIES TRUST 半年度报告披露多只基金持仓与风险
COLUMBIA FUNDS SERIES TRUST (0001097519) (Filer)
COLUMBIA FUNDS SERIES TRUST旗下多只基金披露截至2026年8月31日的半年度报告，报告期为2026年3月1日至8月31日。节选列出基金净资产、持仓、资产配置、费用及风险；Columbia Large Cap Index Fund还披露拟将资产及负债转入Columbia Cornerstone Growth Fund，预计于2026年11月23日左右完成。
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Michael G. Clarke
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 345-6611
Date of fiscal year end: Last Day of February
Date of reporting period: August 31, 2026
Item 1. Reports to Stockholders.
Columbia Convertible Securities Fund
Class A | PACIX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$57 |
1.08%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Class A | SSR134-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Class A | SSR134-01_(10/26) |
Columbia Convertible Securities Fund
Class C | PHIKX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class C |
$97 |
1.83%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Class C | SSR134-04_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Class C | SSR134-04_(10/26) |
Columbia Convertible Securities Fund
Institutional Class | NCIAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$44 |
0.83%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Institutional Class | SSR134-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Institutional Class | SSR134-08_(10/26) |
Columbia Convertible Securities Fund
Institutional 2 Class | COCRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$42 |
0.79%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Institutional 2 Class | SSR134-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Institutional 2 Class | SSR134-15_(10/26) |
Columbia Convertible Securities Fund
Institutional 3 Class | CSFYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$40 |
0.75%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Institutional 3 Class | SSR134-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Institutional 3 Class | SSR134-17_(10/26) |
Columbia Convertible Securities Fund
Class S | NCIDX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Convertible Securities Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$44 |
0.83%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,731,833,120 |
|---|---|
Total number of portfolio holdings |
125 |
Portfolio turnover for the reporting period |
106% |
Columbia Convertible Securities Fund | Class S | SSR134-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Alphabet, Inc. 6.250% |
3.1% |
|---|---|
Alphabet, Inc. 6.250% |
3.0% |
Boeing Co. (The) 6.000% |
1.9% |
Wells Fargo & Co. 7.500% |
1.9% |
NextEra Energy, Inc. 7.375% |
1.8% |
Live Nation Entertainment, Inc. 2.875% 01/15/2030 |
1.8% |
Bank of America Corp. 7.250% |
1.8% |
ON Semiconductor Corp. 0.500% 03/01/2029 |
1.7% |
Western Digital Corp. |
1.4% |
Microchip Technology, Inc. 0.000% 02/15/2030 |
1.4% |
Asset Categories
Convertible Bonds |
73.9% | |
|---|---|---|
Convertible Preferred Stocks |
21.0% | |
Common Stocks |
2.8% | |
Other |
1.0% | |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Convertible Securities Fund | Class S | SSR134-16_(10/26) |
Columbia Cornerstone Equity Fund
Class A | NSGAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$48 |
0.90%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Class A | SSR172-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Class A | SSR172-01_(10/26) |
Columbia Cornerstone Equity Fund
Class C | NSGCX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class C |
$89 |
1.65%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Class C | SSR172-04_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Class C | SSR172-04_(10/26) |
Columbia Cornerstone Equity Fund
Institutional Class | NSEPX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$35 |
0.65%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Institutional Class | SSR172-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Institutional Class | SSR172-08_(10/26) |
Columbia Cornerstone Equity Fund
Institutional 2 Class | CLCRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$32 |
0.59%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Institutional 2 Class | SSR172-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Institutional 2 Class | SSR172-15_(10/26) |
Columbia Cornerstone Equity Fund
Institutional 3 Class | CLEYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$29 |
0.54%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Institutional 3 Class | SSR172-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Institutional 3 Class | SSR172-17_(10/26) |
Columbia Cornerstone Equity Fund
Class S | NSEAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Cornerstone Equity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$35 |
0.65%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,483,501,188 |
|---|---|
Total number of portfolio holdings |
59 |
Portfolio turnover for the reporting period |
40% |
Columbia Cornerstone Equity Fund | Class S | SSR172-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
9.2% |
|---|---|
Apple, Inc. |
6.0% |
Microsoft Corp. |
5.1% |
Alphabet, Inc., Class C |
4.9% |
Amazon.com, Inc. |
3.9% |
Broadcom, Inc. |
3.6% |
Micron Technology, Inc. |
2.9% |
JPMorgan Chase & Co. |
2.5% |
Meta Platforms, Inc., Class A |
2.4% |
MasterCard, Inc., Class A |
2.4% |
Asset Categories
Common Stocks |
99.7% | |
|---|---|---|
Other |
0.3% | |
Equity Sector Allocation
Information Technology |
36.5% |
|---|---|
Financials |
12.4% |
Health Care |
11.0% |
Industrials |
9.8% |
Consumer Discretionary |
8.6% |
Communication Services |
8.2% |
Consumer Staples |
4.8% |
Utilities |
3.9% |
Energy |
2.8% |
Real Estate |
1.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Cornerstone Equity Fund | Class S | SSR172-16_(10/26) |
Columbia Large Cap Enhanced Core Fund
Class A | NMIAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$45 |
0.83%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$496,676,814 |
|---|---|
Total number of portfolio holdings |
107 |
Portfolio turnover for the reporting period |
49% |
Columbia Large Cap Enhanced Core Fund | Class A | SSR173-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.6% |
|---|---|
Apple, Inc. |
7.6% |
Alphabet, Inc., Class A |
5.9% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.3% |
Broadcom, Inc. |
2.7% |
Meta Platforms, Inc., Class A |
2.5% |
Micron Technology, Inc. |
1.7% |
ExxonMobil Holdings Corp. |
1.4% |
MasterCard, Inc., Class A |
1.4% |
Asset Categories
Common Stocks |
99.0% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Information Technology |
37.6% |
|---|---|
Financials |
12.1% |
Communication Services |
9.0% |
Health Care |
9.0% |
Consumer Discretionary |
8.8% |
Industrials |
8.3% |
Consumer Staples |
4.4% |
Energy |
3.6% |
Materials |
2.2% |
Utilities |
2.1% |
Other |
1.9% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Enhanced Core Fund | Class A | SSR173-01_(10/26) |
Columbia Large Cap Enhanced Core Fund
Institutional Class | NMIMX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$31 |
0.58%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$496,676,814 |
|---|---|
Total number of portfolio holdings |
107 |
Portfolio turnover for the reporting period |
49% |
Columbia Large Cap Enhanced Core Fund | Institutional Class | SSR173-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.6% |
|---|---|
Apple, Inc. |
7.6% |
Alphabet, Inc., Class A |
5.9% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.3% |
Broadcom, Inc. |
2.7% |
Meta Platforms, Inc., Class A |
2.5% |
Micron Technology, Inc. |
1.7% |
ExxonMobil Holdings Corp. |
1.4% |
MasterCard, Inc., Class A |
1.4% |
Asset Categories
Common Stocks |
99.0% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Information Technology |
37.6% |
|---|---|
Financials |
12.1% |
Communication Services |
9.0% |
Health Care |
9.0% |
Consumer Discretionary |
8.8% |
Industrials |
8.3% |
Consumer Staples |
4.4% |
Energy |
3.6% |
Materials |
2.2% |
Utilities |
2.1% |
Other |
1.9% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Enhanced Core Fund | Institutional Class | SSR173-08_(10/26) |
Columbia Large Cap Enhanced Core Fund
Institutional 3 Class | CECYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$22 |
0.41%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$496,676,814 |
|---|---|
Total number of portfolio holdings |
107 |
Portfolio turnover for the reporting period |
49% |
Columbia Large Cap Enhanced Core Fund | Institutional 3 Class | SSR173-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.6% |
|---|---|
Apple, Inc. |
7.6% |
Alphabet, Inc., Class A |
5.9% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.3% |
Broadcom, Inc. |
2.7% |
Meta Platforms, Inc., Class A |
2.5% |
Micron Technology, Inc. |
1.7% |
ExxonMobil Holdings Corp. |
1.4% |
MasterCard, Inc., Class A |
1.4% |
Asset Categories
Common Stocks |
99.0% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Information Technology |
37.6% |
|---|---|
Financials |
12.1% |
Communication Services |
9.0% |
Health Care |
9.0% |
Consumer Discretionary |
8.8% |
Industrials |
8.3% |
Consumer Staples |
4.4% |
Energy |
3.6% |
Materials |
2.2% |
Utilities |
2.1% |
Other |
1.9% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Enhanced Core Fund | Institutional 3 Class | SSR173-17_(10/26) |
Columbia Large Cap Enhanced Core Fund
Class R | CCERX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$58 |
1.08%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$496,676,814 |
|---|---|
Total number of portfolio holdings |
107 |
Portfolio turnover for the reporting period |
49% |
Columbia Large Cap Enhanced Core Fund | Class R | SSR173-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.6% |
|---|---|
Apple, Inc. |
7.6% |
Alphabet, Inc., Class A |
5.9% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.3% |
Broadcom, Inc. |
2.7% |
Meta Platforms, Inc., Class A |
2.5% |
Micron Technology, Inc. |
1.7% |
ExxonMobil Holdings Corp. |
1.4% |
MasterCard, Inc., Class A |
1.4% |
Asset Categories
Common Stocks |
99.0% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Information Technology |
37.6% |
|---|---|
Financials |
12.1% |
Communication Services |
9.0% |
Health Care |
9.0% |
Consumer Discretionary |
8.8% |
Industrials |
8.3% |
Consumer Staples |
4.4% |
Energy |
3.6% |
Materials |
2.2% |
Utilities |
2.1% |
Other |
1.9% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Enhanced Core Fund | Class R | SSR173-12_(10/26) |
Columbia Large Cap Enhanced Core Fund
Class S | NMIDX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Enhanced Core Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$31 |
0.58%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$496,676,814 |
|---|---|
Total number of portfolio holdings |
107 |
Portfolio turnover for the reporting period |
49% |
Columbia Large Cap Enhanced Core Fund | Class S | SSR173-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.6% |
|---|---|
Apple, Inc. |
7.6% |
Alphabet, Inc., Class A |
5.9% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.3% |
Broadcom, Inc. |
2.7% |
Meta Platforms, Inc., Class A |
2.5% |
Micron Technology, Inc. |
1.7% |
ExxonMobil Holdings Corp. |
1.4% |
MasterCard, Inc., Class A |
1.4% |
Asset Categories
Common Stocks |
99.0% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Information Technology |
37.6% |
|---|---|
Financials |
12.1% |
Communication Services |
9.0% |
Health Care |
9.0% |
Consumer Discretionary |
8.8% |
Industrials |
8.3% |
Consumer Staples |
4.4% |
Energy |
3.6% |
Materials |
2.2% |
Utilities |
2.1% |
Other |
1.9% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Enhanced Core Fund | Class S | SSR173-16_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Class A | NFEAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$57 |
1.04%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Class A | SSR186-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Class A | SSR186-01_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Institutional Class | NFEPX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$43 |
0.79%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Institutional Class | SSR186-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Institutional Class | SSR186-08_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Institutional 2 Class | CADRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$40 |
0.73%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Institutional 2 Class | SSR186-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Institutional 2 Class | SSR186-15_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Institutional 3 Class | CLRYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$38 |
0.69%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Institutional 3 Class | SSR186-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Institutional 3 Class | SSR186-17_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Class R | CLGPX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$70 |
1.29%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Class R | SSR186-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Class R | SSR186-12_(10/26) |
Columbia Large Cap Growth Opportunity Fund
Class S | NFEDX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Growth Opportunity Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$43 |
0.79%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$1,312,121,321 |
|---|---|
Total number of portfolio holdings |
54 |
Portfolio turnover for the reporting period |
26% |
Columbia Large Cap Growth Opportunity Fund | Class S | SSR186-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
15.1% |
|---|---|
Alphabet, Inc., Class A |
6.0% |
Apple, Inc. |
5.9% |
Microsoft Corp. |
5.6% |
Broadcom, Inc. |
5.2% |
Eli Lilly & Co. |
3.7% |
Meta Platforms, Inc., Class A |
3.7% |
Visa, Inc., Class A |
3.3% |
Micron Technology, Inc. |
3.0% |
Palo Alto Networks, Inc. |
2.7% |
Equity Sector Allocation
Information Technology |
52.4% |
|---|---|
Communication Services |
10.9% |
Industrials |
10.2% |
Health Care |
9.3% |
Consumer Discretionary |
8.0% |
Financials |
5.7% |
Consumer Staples |
1.9% |
Real Estate |
1.4% |
Information Technology Sub-Industry Allocation
Semiconductors |
25.8% |
|---|---|
Systems Software |
12.9% |
Technology Hardware, Storage & Peripherals |
7.9% |
Communications Equipment |
1.9% |
Internet Services & Infrastructure |
1.8% |
Electronic Components |
1.5% |
Other |
0.5% |
Certain Fund Changes
This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/resources/literature or upon request at 1-800-345-6611.
The Boards of Trustees of Columbia Funds Series Trust and Columbia Funds Series Trust I approved an Agreement and Plan of Reorganization pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). The Reorganization is scheduled to be completed on or about November 23, 2026.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Growth Opportunity Fund | Class S | SSR186-16_(10/26) |
Columbia Large Cap Index Fund
Class A | NEIAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$24 |
0.45%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,013,752,317 |
|---|---|
Total number of portfolio holdings |
507 |
Portfolio turnover for the reporting period |
3% |
Columbia Large Cap Index Fund | Class A | SSR175-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.0% |
|---|---|
Apple, Inc. |
7.0% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.8% |
Alphabet, Inc., Class A |
3.0% |
Broadcom, Inc. |
2.6% |
Alphabet, Inc., Class C |
2.4% |
Meta Platforms, Inc., Class A |
1.9% |
Micron Technology, Inc. |
1.6% |
Tesla, Inc. |
1.6% |
Asset Categories
Common Stocks |
98.9% | |
|---|---|---|
Money Market Funds |
1.1% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Equity Sector Allocation
Information Technology |
37.5% |
|---|---|
Financials |
12.2% |
Communication Services |
9.4% |
Health Care |
9.2% |
Consumer Discretionary |
9.0% |
Industrials |
8.2% |
Consumer Staples |
4.4% |
Energy |
3.4% |
Utilities |
2.0% |
Materials |
1.8% |
Other |
1.8% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Index Fund | Class A | SSR175-01_(10/26) |
Columbia Large Cap Index Fund
Institutional Class | NINDX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,013,752,317 |
|---|---|
Total number of portfolio holdings |
507 |
Portfolio turnover for the reporting period |
3% |
Columbia Large Cap Index Fund | Institutional Class | SSR175-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.0% |
|---|---|
Apple, Inc. |
7.0% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.8% |
Alphabet, Inc., Class A |
3.0% |
Broadcom, Inc. |
2.6% |
Alphabet, Inc., Class C |
2.4% |
Meta Platforms, Inc., Class A |
1.9% |
Micron Technology, Inc. |
1.6% |
Tesla, Inc. |
1.6% |
Asset Categories
Common Stocks |
98.9% | |
|---|---|---|
Money Market Funds |
1.1% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Equity Sector Allocation
Information Technology |
37.5% |
|---|---|
Financials |
12.2% |
Communication Services |
9.4% |
Health Care |
9.2% |
Consumer Discretionary |
9.0% |
Industrials |
8.2% |
Consumer Staples |
4.4% |
Energy |
3.4% |
Utilities |
2.0% |
Materials |
1.8% |
Other |
1.8% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Index Fund | Institutional Class | SSR175-08_(10/26) |
Columbia Large Cap Index Fund
Institutional 2 Class | CLXRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,013,752,317 |
|---|---|
Total number of portfolio holdings |
507 |
Portfolio turnover for the reporting period |
3% |
Columbia Large Cap Index Fund | Institutional 2 Class | SSR175-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.0% |
|---|---|
Apple, Inc. |
7.0% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.8% |
Alphabet, Inc., Class A |
3.0% |
Broadcom, Inc. |
2.6% |
Alphabet, Inc., Class C |
2.4% |
Meta Platforms, Inc., Class A |
1.9% |
Micron Technology, Inc. |
1.6% |
Tesla, Inc. |
1.6% |
Asset Categories
Common Stocks |
98.9% | |
|---|---|---|
Money Market Funds |
1.1% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Equity Sector Allocation
Information Technology |
37.5% |
|---|---|
Financials |
12.2% |
Communication Services |
9.4% |
Health Care |
9.2% |
Consumer Discretionary |
9.0% |
Industrials |
8.2% |
Consumer Staples |
4.4% |
Energy |
3.4% |
Utilities |
2.0% |
Materials |
1.8% |
Other |
1.8% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Index Fund | Institutional 2 Class | SSR175-15_(10/26) |
Columbia Large Cap Index Fund
Institutional 3 Class | CLPYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Large Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,013,752,317 |
|---|---|
Total number of portfolio holdings |
507 |
Portfolio turnover for the reporting period |
3% |
Columbia Large Cap Index Fund | Institutional 3 Class | SSR175-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
NVIDIA Corp. |
8.0% |
|---|---|
Apple, Inc. |
7.0% |
Microsoft Corp. |
5.6% |
Amazon.com, Inc. |
3.8% |
Alphabet, Inc., Class A |
3.0% |
Broadcom, Inc. |
2.6% |
Alphabet, Inc., Class C |
2.4% |
Meta Platforms, Inc., Class A |
1.9% |
Micron Technology, Inc. |
1.6% |
Tesla, Inc. |
1.6% |
Asset Categories
Common Stocks |
98.9% | |
|---|---|---|
Money Market Funds |
1.1% | |
Other |
0.0%Footnote Reference* | |
| Footnote | Description |
Footnote* |
Percentage rounds to less than 0.1% or (0.1)%. |
Equity Sector Allocation
Information Technology |
37.5% |
|---|---|
Financials |
12.2% |
Communication Services |
9.4% |
Health Care |
9.2% |
Consumer Discretionary |
9.0% |
Industrials |
8.2% |
Consumer Staples |
4.4% |
Energy |
3.4% |
Utilities |
2.0% |
Materials |
1.8% |
Other |
1.8% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Large Cap Index Fund | Institutional 3 Class | SSR175-17_(10/26) |
Columbia Mid Cap Index Fund
Class A | NTIAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$23 |
0.45%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,450,894,159 |
|---|---|
Total number of portfolio holdings |
402 |
Portfolio turnover for the reporting period |
9% |
Columbia Mid Cap Index Fund | Class A | SSR196-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Twilio, Inc., Class A |
1.0% |
|---|---|
Illumina, Inc. |
0.9% |
TechnipFMC PLC |
0.9% |
Everpure, Inc., Class A |
0.8% |
Okta, Inc. |
0.8% |
ATI, Inc. |
0.8% |
nVent Electric PLC |
0.7% |
Carpenter Technology Corp. |
0.7% |
U.S. Foods Holding Corp. |
0.6% |
Tenet Healthcare Corp. |
0.6% |
Asset Categories
Common Stocks |
98.8% | |
|---|---|---|
Money Market Funds |
1.2% | |
Equity Sector Allocation
Industrials |
23.6% |
|---|---|
Financials |
14.8% |
Information Technology |
14.5% |
Health Care |
10.3% |
Consumer Discretionary |
9.8% |
Real Estate |
6.9% |
Materials |
5.9% |
Energy |
5.1% |
Consumer Staples |
3.3% |
Utilities |
3.0% |
Other |
1.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Class A | SSR196-01_(10/26) |
Columbia Mid Cap Index Fund
Institutional Class | NMPAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$10 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,450,894,159 |
|---|---|
Total number of portfolio holdings |
402 |
Portfolio turnover for the reporting period |
9% |
Columbia Mid Cap Index Fund | Institutional Class | SSR196-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Twilio, Inc., Class A |
1.0% |
|---|---|
Illumina, Inc. |
0.9% |
TechnipFMC PLC |
0.9% |
Everpure, Inc., Class A |
0.8% |
Okta, Inc. |
0.8% |
ATI, Inc. |
0.8% |
nVent Electric PLC |
0.7% |
Carpenter Technology Corp. |
0.7% |
U.S. Foods Holding Corp. |
0.6% |
Tenet Healthcare Corp. |
0.6% |
Asset Categories
Common Stocks |
98.8% | |
|---|---|---|
Money Market Funds |
1.2% | |
Equity Sector Allocation
Industrials |
23.6% |
|---|---|
Financials |
14.8% |
Information Technology |
14.5% |
Health Care |
10.3% |
Consumer Discretionary |
9.8% |
Real Estate |
6.9% |
Materials |
5.9% |
Energy |
5.1% |
Consumer Staples |
3.3% |
Utilities |
3.0% |
Other |
1.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional Class | SSR196-08_(10/26) |
Columbia Mid Cap Index Fund
Institutional 2 Class | CPXRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$10 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,450,894,159 |
|---|---|
Total number of portfolio holdings |
402 |
Portfolio turnover for the reporting period |
9% |
Columbia Mid Cap Index Fund | Institutional 2 Class | SSR196-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Twilio, Inc., Class A |
1.0% |
|---|---|
Illumina, Inc. |
0.9% |
TechnipFMC PLC |
0.9% |
Everpure, Inc., Class A |
0.8% |
Okta, Inc. |
0.8% |
ATI, Inc. |
0.8% |
nVent Electric PLC |
0.7% |
Carpenter Technology Corp. |
0.7% |
U.S. Foods Holding Corp. |
0.6% |
Tenet Healthcare Corp. |
0.6% |
Asset Categories
Common Stocks |
98.8% | |
|---|---|---|
Money Market Funds |
1.2% | |
Equity Sector Allocation
Industrials |
23.6% |
|---|---|
Financials |
14.8% |
Information Technology |
14.5% |
Health Care |
10.3% |
Consumer Discretionary |
9.8% |
Real Estate |
6.9% |
Materials |
5.9% |
Energy |
5.1% |
Consumer Staples |
3.3% |
Utilities |
3.0% |
Other |
1.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional 2 Class | SSR196-15_(10/26) |
Columbia Mid Cap Index Fund
Institutional 3 Class | CMDYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$10 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,450,894,159 |
|---|---|
Total number of portfolio holdings |
402 |
Portfolio turnover for the reporting period |
9% |
Columbia Mid Cap Index Fund | Institutional 3 Class | SSR196-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Twilio, Inc., Class A |
1.0% |
|---|---|
Illumina, Inc. |
0.9% |
TechnipFMC PLC |
0.9% |
Everpure, Inc., Class A |
0.8% |
Okta, Inc. |
0.8% |
ATI, Inc. |
0.8% |
nVent Electric PLC |
0.7% |
Carpenter Technology Corp. |
0.7% |
U.S. Foods Holding Corp. |
0.6% |
Tenet Healthcare Corp. |
0.6% |
Asset Categories
Common Stocks |
98.8% | |
|---|---|---|
Money Market Funds |
1.2% | |
Equity Sector Allocation
Industrials |
23.6% |
|---|---|
Financials |
14.8% |
Information Technology |
14.5% |
Health Care |
10.3% |
Consumer Discretionary |
9.8% |
Real Estate |
6.9% |
Materials |
5.9% |
Energy |
5.1% |
Consumer Staples |
3.3% |
Utilities |
3.0% |
Other |
1.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional 3 Class | SSR196-17_(10/26) |
Columbia Overseas Value Fund
Class A | COAVX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$58 |
1.14%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Class A | SSR208-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Class A | SSR208-01_(10/26) |
Columbia Overseas Value Fund
Class C | COCVX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class C |
$95 |
1.89%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Class C | SSR208-04_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Class C | SSR208-04_(10/26) |
Columbia Overseas Value Fund
Institutional Class | COSZX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$45 |
0.89%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Institutional Class | SSR208-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Institutional Class | SSR208-08_(10/26) |
Columbia Overseas Value Fund
Institutional 2 Class | COSSX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$41 |
0.81%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Institutional 2 Class | SSR208-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Institutional 2 Class | SSR208-15_(10/26) |
Columbia Overseas Value Fund
Institutional 3 Class | COSYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$39 |
0.77%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Institutional 3 Class | SSR208-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Institutional 3 Class | SSR208-17_(10/26) |
Columbia Overseas Value Fund
Class R | COVUX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$71 |
1.40%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Class R | SSR208-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Class R | SSR208-12_(10/26) |
Columbia Overseas Value Fund
Class S | COSBX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Overseas Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$45 |
0.89%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$6,956,234,058 |
|---|---|
Total number of portfolio holdings |
115 |
Portfolio turnover for the reporting period |
25% |
Columbia Overseas Value Fund | Class S | SSR208-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Shell PLC |
3.6% |
|---|---|
Sumitomo Mitsui Financial Group, Inc. |
2.5% |
AXA SA |
2.5% |
TotalEnergies SE |
2.4% |
ING Groep NV |
2.3% |
BPER Banca SPA |
2.2% |
Mebuki Financial Group, Inc. |
2.2% |
ASR Nederland NV |
2.2% |
Piraeus Bank SA |
2.2% |
Bank of Ireland Group PLC |
2.1% |
Equity Sector Allocation
Financials |
37.8% |
|---|---|
Energy |
12.0% |
Consumer Staples |
11.4% |
Materials |
7.5% |
Industrials |
7.4% |
Health Care |
6.9% |
Information Technology |
5.7% |
Consumer Discretionary |
3.9% |
Real Estate |
2.4% |
Utilities |
1.7% |
Other |
1.2% |
Geographic Allocation
Japan |
21.5% |
|
|---|---|---|
United States |
12.0% |
|
United Kingdom |
7.3% |
|
France |
7.2% |
|
Netherlands |
5.8% |
|
Canada |
5.4% |
|
Germany |
4.7% |
|
Hong Kong |
4.0% |
|
Italy |
3.9% |
|
Australia |
3.6% |
|
Other |
24.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Overseas Value Fund | Class S | SSR208-16_(10/26) |
Columbia Select Mid Cap Value Fund
Class A | CMUAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$59 |
1.11%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Class A | SSR197-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Class A | SSR197-01_(10/26) |
Columbia Select Mid Cap Value Fund
Class C | CMUCX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class C |
$99 |
1.86%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Class C | SSR197-04_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Class C | SSR197-04_(10/26) |
Columbia Select Mid Cap Value Fund
Institutional Class | NAMAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$46 |
0.86%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Institutional Class | SSR197-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Institutional Class | SSR197-08_(10/26) |
Columbia Select Mid Cap Value Fund
Institutional 2 Class | CVERX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$42 |
0.79%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Institutional 2 Class | SSR197-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Institutional 2 Class | SSR197-15_(10/26) |
Columbia Select Mid Cap Value Fund
Institutional 3 Class | CMVYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$39 |
0.74%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Institutional 3 Class | SSR197-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Institutional 3 Class | SSR197-17_(10/26) |
Columbia Select Mid Cap Value Fund
Class R | CMVRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$72 |
1.36%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Class R | SSR197-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Class R | SSR197-12_(10/26) |
Columbia Select Mid Cap Value Fund
Class S | NAMBX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Select Mid Cap Value Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$46 |
0.86%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$3,343,938,274 |
|---|---|
Total number of portfolio holdings |
51 |
Portfolio turnover for the reporting period |
15% |
Columbia Select Mid Cap Value Fund | Class S | SSR197-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Marathon Petroleum Corp. |
4.2% |
|---|---|
Devon Energy Corp. |
2.7% |
Popular, Inc. |
2.6% |
ITT, Inc. |
2.5% |
AMETEK, Inc. |
2.5% |
Entergy Corp. |
2.5% |
Voya Financial, Inc. |
2.5% |
Quest Diagnostics, Inc. |
2.4% |
Ameren Corp. |
2.4% |
U.S. Foods Holding Corp. |
2.4% |
Asset Categories
Common Stocks |
97.1% | |
|---|---|---|
Money Market Funds |
2.7% | |
Equity Sector Allocation
Financials |
17.5% |
|---|---|
Industrials |
14.9% |
Information Technology |
11.7% |
Health Care |
9.2% |
Consumer Discretionary |
8.4% |
Real Estate |
7.4% |
Energy |
6.9% |
Utilities |
6.2% |
Consumer Staples |
5.7% |
Materials |
5.5% |
Other |
3.7% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Mid Cap Value Fund | Class S | SSR197-16_(10/26) |
Columbia Small Cap Index Fund
Class A | NMSAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$24 |
0.45%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,604,973,821 |
|---|---|
Total number of portfolio holdings |
608 |
Portfolio turnover for the reporting period |
15% |
Columbia Small Cap Index Fund | Class A | SSR228-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
iShares Core S&P Small-Cap ETF |
0.7% |
|---|---|
Corcept Therapeutics, Inc. |
0.6% |
Glaukos Corp. |
0.6% |
Paycom Software, Inc. |
0.5% |
Brinker International, Inc. |
0.5% |
Match Group, Inc. |
0.5% |
Jackson Financial, Inc., Class A |
0.5% |
Viasat, Inc. |
0.5% |
Protagonist Therapeutics, Inc. |
0.5% |
CarMax, Inc. |
0.5% |
Asset Categories
Common Stocks |
98.5% | |
|---|---|---|
Other |
1.5% | |
Equity Sector Allocation
Financials |
18.8% |
|---|---|
Industrials |
17.2% |
Consumer Discretionary |
13.7% |
Information Technology |
12.3% |
Health Care |
10.8% |
Real Estate |
6.4% |
Energy |
6.1% |
Materials |
4.3% |
Consumer Staples |
3.5% |
Communication Services |
3.4% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Index Fund | Class A | SSR228-01_(10/26) |
Columbia Small Cap Index Fund
Institutional Class | NMSCX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,604,973,821 |
|---|---|
Total number of portfolio holdings |
608 |
Portfolio turnover for the reporting period |
15% |
Columbia Small Cap Index Fund | Institutional Class | SSR228-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
iShares Core S&P Small-Cap ETF |
0.7% |
|---|---|
Corcept Therapeutics, Inc. |
0.6% |
Glaukos Corp. |
0.6% |
Paycom Software, Inc. |
0.5% |
Brinker International, Inc. |
0.5% |
Match Group, Inc. |
0.5% |
Jackson Financial, Inc., Class A |
0.5% |
Viasat, Inc. |
0.5% |
Protagonist Therapeutics, Inc. |
0.5% |
CarMax, Inc. |
0.5% |
Asset Categories
Common Stocks |
98.5% | |
|---|---|---|
Other |
1.5% | |
Equity Sector Allocation
Financials |
18.8% |
|---|---|
Industrials |
17.2% |
Consumer Discretionary |
13.7% |
Information Technology |
12.3% |
Health Care |
10.8% |
Real Estate |
6.4% |
Energy |
6.1% |
Materials |
4.3% |
Consumer Staples |
3.5% |
Communication Services |
3.4% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Index Fund | Institutional Class | SSR228-08_(10/26) |
Columbia Small Cap Index Fund
Institutional 2 Class | CXXRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,604,973,821 |
|---|---|
Total number of portfolio holdings |
608 |
Portfolio turnover for the reporting period |
15% |
Columbia Small Cap Index Fund | Institutional 2 Class | SSR228-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
iShares Core S&P Small-Cap ETF |
0.7% |
|---|---|
Corcept Therapeutics, Inc. |
0.6% |
Glaukos Corp. |
0.6% |
Paycom Software, Inc. |
0.5% |
Brinker International, Inc. |
0.5% |
Match Group, Inc. |
0.5% |
Jackson Financial, Inc., Class A |
0.5% |
Viasat, Inc. |
0.5% |
Protagonist Therapeutics, Inc. |
0.5% |
CarMax, Inc. |
0.5% |
Asset Categories
Common Stocks |
98.5% | |
|---|---|---|
Other |
1.5% | |
Equity Sector Allocation
Financials |
18.8% |
|---|---|
Industrials |
17.2% |
Consumer Discretionary |
13.7% |
Information Technology |
12.3% |
Health Care |
10.8% |
Real Estate |
6.4% |
Energy |
6.1% |
Materials |
4.3% |
Consumer Staples |
3.5% |
Communication Services |
3.4% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Index Fund | Institutional 2 Class | SSR228-15_(10/26) |
Columbia Small Cap Index Fund
Institutional 3 Class | CSPYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Index Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$11 |
0.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$2,604,973,821 |
|---|---|
Total number of portfolio holdings |
608 |
Portfolio turnover for the reporting period |
15% |
Columbia Small Cap Index Fund | Institutional 3 Class | SSR228-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
iShares Core S&P Small-Cap ETF |
0.7% |
|---|---|
Corcept Therapeutics, Inc. |
0.6% |
Glaukos Corp. |
0.6% |
Paycom Software, Inc. |
0.5% |
Brinker International, Inc. |
0.5% |
Match Group, Inc. |
0.5% |
Jackson Financial, Inc., Class A |
0.5% |
Viasat, Inc. |
0.5% |
Protagonist Therapeutics, Inc. |
0.5% |
CarMax, Inc. |
0.5% |
Asset Categories
Common Stocks |
98.5% | |
|---|---|---|
Other |
1.5% | |
Equity Sector Allocation
Financials |
18.8% |
|---|---|
Industrials |
17.2% |
Consumer Discretionary |
13.7% |
Information Technology |
12.3% |
Health Care |
10.8% |
Real Estate |
6.4% |
Energy |
6.1% |
Materials |
4.3% |
Consumer Staples |
3.5% |
Communication Services |
3.4% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Index Fund | Institutional 3 Class | SSR228-17_(10/26) |
Columbia Small Cap Value and Inflection Fund
Class A | COVAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class A |
$65 |
1.20%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Class A | SSR230-01_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Class A | SSR230-01_(10/26) |
Columbia Small Cap Value and Inflection Fund
Institutional Class | NSVAX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Class |
$51 |
0.95%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Institutional Class | SSR230-08_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Institutional Class | SSR230-08_(10/26) |
Columbia Small Cap Value and Inflection Fund
Institutional 2 Class | CRRRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 2 Class |
$43 |
0.80%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Institutional 2 Class | SSR230-15_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Institutional 2 Class | SSR230-15_(10/26) |
Columbia Small Cap Value and Inflection Fund
Institutional 3 Class | CRRYX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional 3 Class |
$41 |
0.75%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Institutional 3 Class | SSR230-17_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Institutional 3 Class | SSR230-17_(10/26) |
Columbia Small Cap Value and Inflection Fund
Class R | CCTRX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class R |
$78 |
1.45%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Class R | SSR230-12_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Class R | SSR230-12_(10/26) |
Columbia Small Cap Value and Inflection Fund
Class S | NSVBX
Semi-Annual Shareholder Report | August 31, 2026
This semi-annual shareholder report contains important information about Columbia Small Cap Value and Inflection Fund (the Fund) for the period of March 1, 2026 to August 31, 2026. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request more information by contacting us at 1-800-345-6611.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Class |
Cost of a $10,000 investment |
Cost paid as a percentage of a $10,000 investment |
|---|---|---|
Class S |
$51 |
0.95%Footnote Reference(a) |
| Footnote | Description |
Footnote(a) |
Annualized |
Key Fund Statistics
Fund net assets |
$905,253,911 |
|---|---|
Total number of portfolio holdings |
101 |
Portfolio turnover for the reporting period |
58% |
Columbia Small Cap Value and Inflection Fund | Class S | SSR230-16_(10/26) |
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Top Holdings
Phillips Edison & Co., Inc. |
1.9% |
|---|---|
Essent Group Ltd. |
1.7% |
Korn/Ferry International |
1.7% |
Insight Enterprises, Inc. |
1.7% |
Fulton Financial Corp. |
1.7% |
Associated Banc-Corp. |
1.6% |
Texas Capital Bancshares, Inc. |
1.6% |
ICU Medical, Inc. |
1.6% |
Avient Corp. |
1.6% |
Polaris, Inc. |
1.5% |
Asset Categories
Common Stocks |
99.2% | |
|---|---|---|
Other |
1.0% | |
Equity Sector Allocation
Financials |
21.5% |
|---|---|
Industrials |
15.8% |
Real Estate |
11.6% |
Health Care |
10.4% |
Information Technology |
8.3% |
Energy |
8.2% |
Materials |
7.8% |
Consumer Discretionary |
7.0% |
Consumer Staples |
4.1% |
Communication Services |
2.5% |
Other |
2.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Small Cap Value and Inflection Fund | Class S | SSR230-16_(10/26) |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Columbia Convertible Securities Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 9 | |
| 11 | |
| 12 | |
| 14 | |
| 18 | |
| 26 |
Columbia Convertible Securities Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 2.8% | ||
| Issuer |
Shares |
Value ($) |
| Information Technology 2.3% | ||
| Technology Hardware, Storage & Peripherals 2.3% | ||
| Hewlett Packard Enterprise Co. |
300,000 |
15,672,000 |
| Western Digital Corp. |
55,000 |
24,780,250 |
| Total |
40,452,250 | |
| Total Information Technology |
40,452,250 | |
| Real Estate 0.5% | ||
| Office REITs 0.5% | ||
| BXP, Inc. |
120,000 |
8,158,800 |
| Total Real Estate |
8,158,800 | |
| Total Common Stocks (Cost $42,462,750) |
48,611,050 | |
| Convertible Bonds 73.9% | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Aerospace & Defense 0.5% | ||||
| Voyager Technologies, Inc.(a) | ||||
| 11/15/2030 |
0.750% |
6,000,000 |
7,974,000 | |
| Automotive 1.3% | ||||
| Rivian Automotive, Inc. | ||||
| 10/15/2030 |
3.625% |
14,000,000 |
14,758,800 | |
| Wabash National Corp.(a) | ||||
| 08/01/2032 |
4.000% |
7,900,000 |
8,526,574 | |
| Total |
23,285,374 | |||
| Banking 1.0% | ||||
| Barclays Bank PLC | ||||
| 02/16/2029 |
1.000% |
15,000,000 |
16,710,193 | |
| Brokerage/Asset Managers/Exchanges 4.0% | ||||
| Coinbase Global, Inc. | ||||
| 04/01/2030 |
0.250% |
9,000,000 |
8,752,500 | |
| Coinbase Global, Inc.(b) | ||||
| 10/01/2032 |
0.000% |
17,000,000 |
14,458,500 | |
| Galaxy Digital Holdings LP(a) | ||||
| 05/01/2031 |
0.500% |
21,500,000 |
16,920,500 | |
| Robinhood Markets, Inc.(a),(b) | ||||
| 10/01/2029 |
0.000% |
17,316,000 |
17,549,181 | |
| WisdomTree, Inc. | ||||
| 08/15/2030 |
4.625% |
8,500,000 |
12,275,700 | |
| Total |
69,956,381 | |||
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Cable and Satellite 1.1% | ||||
| AST SpaceMobile, Inc.(a) | ||||
| 04/15/2036 |
2.250% |
11,000,000 |
8,756,000 | |
| BlackSky Technology, Inc.(a) | ||||
| 08/01/2033 |
8.250% |
8,000,000 |
9,640,667 | |
| Total |
18,396,667 | |||
| Consumer Cyclical Services 1.3% | ||||
| DoorDash, Inc.(b) | ||||
| 05/15/2030 |
0.000% |
9,000,000 |
9,625,500 | |
| Lyft, Inc.(a),(b) | ||||
| 09/15/2030 |
0.000% |
11,900,000 |
12,167,750 | |
| Total |
21,793,250 | |||
| Diversified Manufacturing 4.4% | ||||
| Advanced Energy Industries, Inc.(a),(b) | ||||
| 05/15/2031 |
0.000% |
21,000,000 |
20,097,000 | |
| Bloom Energy Corp.(a),(b) | ||||
| 11/15/2030 |
0.000% |
12,000,000 |
16,626,000 | |
| BWX Technologies, Inc.(a),(b) | ||||
| 11/01/2030 |
0.000% |
18,000,000 |
16,515,000 | |
| Itron, Inc.(a),(b) | ||||
| 03/15/2032 |
0.000% |
14,500,000 |
14,456,500 | |
| JBT Marel Corp.(a) | ||||
| 09/15/2030 |
0.375% |
10,000,000 |
9,220,000 | |
| Total |
76,914,500 | |||
| Electric 4.8% | ||||
| Alliant Energy Corp. | ||||
| 05/30/2028 |
3.250% |
12,000,000 |
12,396,000 | |
| CenterPoint Energy, Inc. | ||||
| 08/01/2028 |
3.000% |
12,000,000 |
12,186,000 | |
| CMS Energy Corp. | ||||
| 05/01/2028 |
3.375% |
13,000,000 |
13,650,000 | |
| FirstEnergy Corp. | ||||
| 01/15/2031 |
3.875% |
14,500,000 |
15,712,097 | |
| PPL Capital Funding, Inc. | ||||
| 03/15/2028 |
2.875% |
15,000,000 |
16,248,000 | |
| WEC Energy Group, Inc. | ||||
| 06/01/2029 |
4.375% |
12,000,000 |
13,902,000 | |
| Total |
84,094,097 | |||
| Finance Companies 1.0% | ||||
| Cipher Digital, Inc.(a),(b) | ||||
| 10/01/2031 |
0.000% |
7,000,000 |
8,911,461 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Dave, Inc.(a),(b) | ||||
| 04/01/2031 |
0.000% |
6,000,000 |
8,940,000 | |
| Total |
17,851,461 | |||
| Health Care 3.5% | ||||
| Adaptive Biotechnologies Corp.(a),(b) | ||||
| 07/01/2031 |
0.000% |
7,930,000 |
10,140,487 | |
| Hims & Hers Health, Inc.(a),(b) | ||||
| 05/15/2030 |
0.000% |
5,950,000 |
5,105,695 | |
| iRhythm Technologies, Inc. | ||||
| 09/01/2029 |
1.500% |
10,880,000 |
11,902,720 | |
| LivaNova PLC | ||||
| 03/15/2029 |
2.500% |
7,000,000 |
9,271,500 | |
| Merit Medical Systems, Inc.(a) | ||||
| 02/01/2029 |
3.000% |
13,500,000 |
16,267,500 | |
| Oscar Health, Inc.(a) | ||||
| 09/01/2030 |
2.250% |
5,000,000 |
7,424,000 | |
| Total |
60,111,902 | |||
| Healthcare REIT 1.5% | ||||
| Healthcare Realty Holdings LP(a) | ||||
| 01/15/2032 |
3.000% |
9,000,000 |
8,982,000 | |
| Welltower OP LLC(a) | ||||
| 07/15/2029 |
3.125% |
9,000,000 |
16,762,083 | |
| Total |
25,744,083 | |||
| Independent Energy 0.5% | ||||
| Ormat Technologies, Inc.(a) | ||||
| 03/15/2031 |
1.500% |
7,900,000 |
8,053,063 | |
| Integrated Energy 0.3% | ||||
| Sable Offshore Corp. | ||||
| 07/01/2031 |
6.500% |
4,000,000 |
5,720,400 | |
| Leisure 2.3% | ||||
| IMAX Corp.(a) | ||||
| 11/15/2030 |
0.750% |
6,000,000 |
8,076,000 | |
| Live Nation Entertainment, Inc. | ||||
| 01/15/2030 |
2.875% |
27,000,000 |
31,225,500 | |
| Total |
39,301,500 | |||
| Media and Entertainment 0.4% | ||||
| Liberty Media Corp./Formula One(a) | ||||
| 08/15/2032 |
2.375% |
7,900,000 |
7,824,950 | |
| Metals and Mining 1.9% | ||||
| Centrus Energy Corp.(b) | ||||
| 08/15/2032 |
0.000% |
11,000,000 |
11,377,300 | |
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| MP Materials Corp.(a) | ||||
| 03/01/2030 |
3.000% |
4,000,000 |
10,361,200 | |
| Peabody Energy Corp.(a) | ||||
| 06/01/2031 |
0.500% |
10,000,000 |
10,405,000 | |
| Total |
32,143,500 | |||
| Midstream 1.3% | ||||
| Golar LNG Ltd. | ||||
| 12/15/2030 |
2.750% |
6,920,000 |
7,940,700 | |
| Scorpio Tankers, Inc.(a) | ||||
| 04/15/2031 |
1.750% |
5,920,000 |
6,268,497 | |
| UGI Corp. | ||||
| 06/01/2028 |
5.000% |
6,000,000 |
8,539,800 | |
| Total |
22,748,997 | |||
| Oil Field Services 1.8% | ||||
| Atlas Energy Solutions, Inc.(a) | ||||
| 04/15/2031 |
0.500% |
7,920,000 |
9,028,008 | |
| Crescent Energy Co.(a) | ||||
| 03/15/2031 |
2.750% |
12,000,000 |
13,860,000 | |
| Liberty Energy, Inc.(a),(b) | ||||
| 03/01/2031 |
0.000% |
8,900,000 |
7,969,950 | |
| Total |
30,857,958 | |||
| Other Financial Institutions 2.3% | ||||
| MARA Holdings, Inc.(b) | ||||
| 08/01/2032 |
0.000% |
19,000,000 |
16,625,000 | |
| Terawulf, Inc.(a),(b) | ||||
| 05/01/2032 |
0.000% |
21,000,000 |
22,505,700 | |
| Total |
39,130,700 | |||
| Other Industry 1.1% | ||||
| Fluor Corp. | ||||
| 08/15/2029 |
1.125% |
9,000,000 |
12,177,000 | |
| Willis Lease Finance Corp. | ||||
| 05/15/2031 |
2.500% |
7,900,000 |
7,331,200 | |
| Total |
19,508,200 | |||
| Other REIT 1.4% | ||||
| Digital Realty Trust LP(a) | ||||
| 11/15/2029 |
1.875% |
15,000,000 |
16,012,500 | |
| Macerich Partnership LP (The)(a) | ||||
| 08/15/2031 |
2.250% |
8,880,000 |
8,834,712 | |
| Total |
24,847,212 | |||
| Other Utility 0.3% | ||||
| PureCycle Technologies, Inc. | ||||
| 07/01/2032 |
4.750% |
5,930,000 |
5,319,210 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Convertible Securities Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Pharmaceuticals 8.5% | ||||
| Bridgebio Pharma, Inc.(a) | ||||
| 02/01/2033 |
0.750% |
20,000,000 |
19,898,000 | |
| Cytokinetics, Inc.(a) | ||||
| 10/01/2031 |
1.750% |
9,500,000 |
12,536,871 | |
| Guardant Health, Inc.(a),(b) | ||||
| 05/15/2033 |
0.000% |
11,000,000 |
16,713,125 | |
| Halozyme Therapeutics, Inc.(a) | ||||
| 11/15/2032 |
0.875% |
13,500,000 |
18,225,000 | |
| Jazz Investments I Ltd.(a) | ||||
| 09/15/2032 |
1.875% |
17,000,000 |
17,068,000 | |
| Mirum Pharmaceuticals, Inc.(a),(b) | ||||
| 06/01/2032 |
0.000% |
18,000,000 |
17,505,997 | |
| PTC Therapeutics, Inc.(a),(b) | ||||
| 06/15/2031 |
0.000% |
13,850,000 |
13,431,730 | |
| Revolution Medicines, Inc. | ||||
| 05/01/2033 |
0.500% |
8,000,000 |
10,455,000 | |
| Sarepta Therapeutics, Inc.(a) | ||||
| 09/01/2030 |
4.875% |
8,920,000 |
7,793,850 | |
| Travere Therapeutics, Inc. | ||||
| 05/15/2032 |
0.500% |
11,000,000 |
14,098,700 | |
| Total |
147,726,273 | |||
| Retail REIT 1.0% | ||||
| Realty Income Corp.(a) | ||||
| 01/15/2029 |
3.500% |
17,000,000 |
17,322,861 | |
| Retailers 0.3% | ||||
| Alibaba Group Holding Ltd. | ||||
| 06/01/2031 |
0.500% |
4,700,000 |
6,164,050 | |
| Technology 25.0% | ||||
| Akamai Technologies, Inc.(a),(b) | ||||
| 05/15/2032 |
0.000% |
9,000,000 |
7,911,000 | |
| Akamai Technologies, Inc. | ||||
| 05/15/2033 |
0.250% |
14,500,000 |
19,720,000 | |
| Avnet, Inc.(a) | ||||
| 09/01/2030 |
1.750% |
8,000,000 |
11,220,000 | |
| Celcuity, Inc. | ||||
| 08/01/2031 |
2.750% |
3,000,000 |
5,938,500 | |
| Cloudflare, Inc.(b) | ||||
| 06/15/2030 |
0.000% |
7,000,000 |
10,110,657 | |
| Cloudflare, Inc.(a),(b) | ||||
| 08/15/2031 |
0.000% |
18,000,000 |
17,721,000 | |
| Cogent Biosciences, Inc. | ||||
| 11/15/2031 |
1.625% |
6,000,000 |
6,876,000 | |
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Commvault Systems, Inc.(a),(b) | ||||
| 09/15/2030 |
0.000% |
11,880,000 |
11,020,757 | |
| CoreWeave, Inc.(a) | ||||
| 12/01/2031 |
1.750% |
16,000,000 |
16,152,000 | |
| 10/01/2032 |
1.750% |
15,000,000 |
13,962,000 | |
| CyberArk Software Ltd.(b) | ||||
| 06/15/2030 |
0.000% |
7,000,000 |
12,771,500 | |
| Dynatrace LLC(a),(b) | ||||
| 09/01/2031 |
0.000% |
16,800,000 |
18,107,696 | |
| Eos Energy Enterprises, Inc.(a) | ||||
| 12/01/2031 |
1.750% |
12,000,000 |
7,092,000 | |
| Evolent Health, Inc. | ||||
| 12/01/2029 |
3.500% |
7,000,000 |
5,069,400 | |
| IREN Ltd.(a),(b) | ||||
| 07/01/2031 |
0.000% |
22,000,000 |
16,115,000 | |
| Ligand Pharmaceuticals, Inc.(a),(b) | ||||
| 09/15/2031 |
0.000% |
12,500,000 |
13,195,312 | |
| Lumentum Holdings, Inc.(a) | ||||
| 03/15/2032 |
0.375% |
4,500,000 |
22,216,050 | |
| MACOM Technology Solutions Holdings, Inc.(b) | ||||
| 12/15/2029 |
0.000% |
5,500,000 |
9,295,000 | |
| Microchip Technology, Inc.(a),(b) | ||||
| 02/15/2030 |
0.000% |
23,000,000 |
24,035,000 | |
| MKS, Inc. | ||||
| 06/01/2030 |
1.250% |
4,000,000 |
7,196,000 | |
| Nebius Group NV(a) | ||||
| 02/15/2034 |
4.500% |
16,450,000 |
15,951,565 | |
| ON Semiconductor Corp. | ||||
| 03/01/2029 |
0.500% |
27,000,000 |
28,593,000 | |
| Onto Innovation, Inc.(a),(b) | ||||
| 06/01/2031 |
0.000% |
12,000,000 |
13,019,809 | |
| Penguin Solutions, Inc.(a),(b) | ||||
| 08/01/2031 |
0.000% |
11,850,000 |
10,179,150 | |
| Plug Power, Inc.(a) | ||||
| 12/01/2033 |
6.750% |
4,500,000 |
5,255,100 | |
| Procore Technologies, Inc.(a),(b) | ||||
| 08/15/2031 |
0.000% |
8,900,000 |
9,339,437 | |
| Semtech Corp.(a),(b) | ||||
| 10/15/2030 |
0.000% |
6,000,000 |
9,575,156 | |
| SiTime Corp.(b) | ||||
| 06/15/2031 |
0.000% |
10,850,000 |
10,622,150 | |
| Snowflake, Inc.(b) | ||||
| 10/01/2029 |
0.000% |
7,500,000 |
16,470,750 | |
| Tempus AI, Inc.(a),(b) | ||||
| 05/15/2032 |
0.000% |
11,000,000 |
13,098,638 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Convertible Bonds (continued) | ||||
| Issuer |
Coupon Rate |
Principal Amount ($) |
Value ($) | |
| Tyler Technologies, Inc.(a) | ||||
| 07/15/2031 |
0.500% |
12,000,000 |
13,428,000 | |
| Ultra Clean Holdings, Inc.(a),(b) | ||||
| 03/15/2031 |
0.000% |
8,500,000 |
9,854,900 | |
| Viavi Solutions, Inc.(a) | ||||
| 03/01/2031 |
0.625% |
3,460,000 |
9,523,650 | |
| Vishay Intertechnology, Inc. | ||||
| 09/15/2030 |
2.250% |
9,000,000 |
11,601,000 | |
| Total |
432,237,177 | |||
| Transportation Services 1.1% | ||||
| Hertz Corp. (The)(a),(c) | ||||
| 07/01/2030 |
6.750% |
3,000,000 |
2,581,800 | |
| Knight-Swift Transportation Holdings, Inc.(a) | ||||
| 11/15/2031 |
1.000% |
15,000,000 |
16,015,429 | |
| Total |
18,597,229 | |||
| Total Convertible Bonds (Cost $1,176,510,457) |
1,280,335,188 | |||
| Convertible Preferred Stocks 21.0% | |||
| Issuer |
Shares |
Value ($) | |
| Communication Services 6.1% | |||
| Interactive Media & Services 6.1% | |||
| Alphabet, Inc. |
6.250% |
1,100,000 |
53,306,000 |
| Alphabet, Inc. |
6.250% |
1,100,000 |
52,657,000 |
| Total |
105,963,000 | ||
| Total Communication Services |
105,963,000 | ||
| Consumer Discretionary 0.3% | |||
| Household Durables 0.3% | |||
| Whirlpool Corp. |
8.500% |
130,000 |
4,443,400 |
| Total Consumer Discretionary |
4,443,400 | ||
| Financials 4.4% | |||
| Banks 3.6% | |||
| Bank of America Corp.(d) |
7.250% |
23,648 |
30,364,269 |
| Wells Fargo & Co. |
7.500% |
28,000 |
32,318,522 |
| Total |
62,682,791 | ||
| Capital Markets 0.8% | |||
| KKR & Co., Inc. |
6.250% |
300,000 |
13,971,000 |
| Total Financials |
76,653,791 | ||
| Convertible Preferred Stocks (continued) | |||
| Issuer |
Shares |
Value ($) | |
| Health Care 0.9% | |||
| Life Sciences Tools & Services 0.9% | |||
| Bruker Corp. |
6.375% |
35,000 |
14,772,100 |
| Total Health Care |
14,772,100 | ||
| Industrials 3.0% | |||
| Aerospace & Defense 2.4% | |||
| Boeing Co. (The) |
6.000% |
520,000 |
33,690,800 |
| VSE Corp. |
5.750% |
150,000 |
7,962,000 |
| Total |
41,652,800 | ||
| Trading Companies & Distributors 0.6% | |||
| QXO, Inc. |
5.500% |
235,000 |
9,483,616 |
| Total Industrials |
51,136,416 | ||
| Information Technology 2.6% | |||
| Electronic Equipment, Instruments & Components 0.4% | |||
| Novanta, Inc. |
6.500% |
120,000 |
7,438,800 |
| Software 1.1% | |||
| Oracle Corp. |
6.500% |
400,000 |
18,464,000 |
| Technology Hardware, Storage & Peripherals 1.1% | |||
| Hewlett Packard Enterprise Co. |
7.625% |
30,000 |
4,020,655 |
| Super Micro Computer, Inc. |
7.000% |
250,000 |
15,734,611 |
| Total |
19,755,266 | ||
| Total Information Technology |
45,658,066 | ||
| Materials 0.5% | |||
| Chemicals 0.5% | |||
| Albemarle Corp. |
7.250% |
160,000 |
8,793,600 |
| Total Materials |
8,793,600 | ||
| Utilities 3.2% | |||
| Electric Utilities 3.2% | |||
| Duke Energy Corp. |
7.750% |
180,000 |
8,932,148 |
| NextEra Energy, Inc. |
7.375% |
700,000 |
31,647,000 |
| Southern Co. (The) |
7.125% |
330,000 |
15,730,953 |
| Total |
56,310,101 | ||
| Total Utilities |
56,310,101 | ||
| Total Convertible Preferred Stocks (Cost $350,379,628) |
363,730,474 | ||
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Convertible Securities Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Money Market Funds 1.0% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(e),(f) |
17,141,072 |
17,132,502 |
| Total Money Market Funds (Cost $17,130,022) |
17,132,502 | |
| Total Investments in Securities (Cost: $1,586,482,857) |
1,709,809,214 | |
| Other Assets & Liabilities, Net |
22,023,906 | |
| Net Assets |
1,731,833,120 | |
Notes to Portfolio of Investments
| (a) |
Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At August 31, 2026, the total value of these securities amounted to $817,247,861, which represents 47.19% of total net assets. |
| (b) |
Zero coupon bond. |
| (c) |
Payment-in-kind security. Interest can be paid by issuing additional par of the security or in cash. |
| (d) |
Perpetual security with no specified maturity date. |
| (e) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (f) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 54,319,833 |
481,242,709 |
(518,424,150 ) |
(5,890 ) |
17,132,502 |
(13,065 ) |
736,271 |
17,141,072 | |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Information Technology |
40,452,250 |
— |
— |
40,452,250 |
| Real Estate |
8,158,800 |
— |
— |
8,158,800 |
| Total Common Stocks |
48,611,050 |
— |
— |
48,611,050 |
| Convertible Bonds |
— |
1,280,335,188 |
— |
1,280,335,188 |
| Convertible Preferred Stocks |
||||
| Communication Services |
— |
105,963,000 |
— |
105,963,000 |
| Consumer Discretionary |
— |
4,443,400 |
— |
4,443,400 |
| Financials |
— |
76,653,791 |
— |
76,653,791 |
| Health Care |
— |
14,772,100 |
— |
14,772,100 |
| Industrials |
— |
51,136,416 |
— |
51,136,416 |
| Information Technology |
— |
45,658,066 |
— |
45,658,066 |
| Materials |
— |
8,793,600 |
— |
8,793,600 |
| Utilities |
— |
56,310,101 |
— |
56,310,101 |
| Total Convertible Preferred Stocks |
— |
363,730,474 |
— |
363,730,474 |
| Money Market Funds |
17,132,502 |
— |
— |
17,132,502 |
| Total Investments in Securities |
65,743,552 |
1,644,065,662 |
— |
1,709,809,214 |
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.
8
Columbia Convertible Securities Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $1,569,352,835) |
$1,692,676,712 |
| Affiliated issuers (cost $17,130,022) |
17,132,502 |
| Receivable for: |
|
| Investments sold |
19,248,559 |
| Capital shares sold |
1,599,284 |
| Dividends |
1,735,043 |
| Interest |
3,614,998 |
| Expense reimbursement due from Investment Manager |
4,520 |
| Prepaid expenses |
8,169 |
| Other assets |
3,972 |
| Total assets |
1,736,023,759 |
| Liabilities |
|
| Due to custodian |
16,720 |
| Payable for: |
|
| Investments purchased |
2,930,796 |
| Capital shares redeemed |
746,638 |
| Management services fees |
107,919 |
| Distribution and/or service fees |
8,490 |
| Transfer agent fees |
104,326 |
| Compensation of chief compliance officer |
132 |
| Compensation of board members |
2,813 |
| Other expenses |
41,359 |
| Deferred compensation of board members |
231,446 |
| Total liabilities |
4,190,639 |
| Net assets applicable to outstanding capital stock |
$1,731,833,120 |
| Represented by |
|
| Paid in capital |
1,361,096,668 |
| Total distributable earnings (loss) |
370,736,452 |
| Total - representing net assets applicable to outstanding capital stock |
$1,731,833,120 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
9
Statement of Assets and Liabilities (continued)
August 31, 2026 (Unaudited)
| Class A |
|
| Net assets |
$327,108,947 |
| Shares outstanding |
11,261,316 |
| Net asset value per share |
$29.05 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$30.82 |
| Class C |
|
| Net assets |
$21,284,837 |
| Shares outstanding |
737,425 |
| Net asset value per share |
$28.86 |
| Institutional Class |
|
| Net assets |
$743,049,617 |
| Shares outstanding |
25,508,215 |
| Net asset value per share |
$29.13 |
| Institutional 2 Class |
|
| Net assets |
$171,310,027 |
| Shares outstanding |
5,805,118 |
| Net asset value per share |
$29.51 |
| Institutional 3 Class |
|
| Net assets |
$459,590,182 |
| Shares outstanding |
15,355,620 |
| Net asset value per share |
$29.93 |
| Class S |
|
| Net assets |
$9,489,510 |
| Shares outstanding |
325,735 |
| Net asset value per share |
$29.13 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Convertible Securities Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$11,807,852 |
| Dividends — affiliated issuers |
736,271 |
| Interest |
10,758,555 |
| Total income |
23,302,678 |
| Expenses: |
|
| Management services fees |
6,572,557 |
| Distribution and/or service fees |
|
| Class A |
412,565 |
| Class C |
111,734 |
| Transfer agent fees |
|
| Class A |
145,570 |
| Class C |
9,859 |
| Institutional Class |
339,864 |
| Institutional 2 Class |
46,736 |
| Institutional 3 Class |
7,797 |
| Class S |
4,328 |
| Custodian fees |
6,584 |
| Printing and postage fees |
61,056 |
| Registration fees |
74,929 |
| Accounting services fees |
16,880 |
| Legal fees |
18,202 |
| Compensation of chief compliance officer |
133 |
| Compensation of board members |
12,994 |
| Deferred compensation of board members |
23,937 |
| Other |
14,769 |
| Total expenses |
7,880,494 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(358,263 ) |
| Total net expenses |
7,522,231 |
| Net investment income |
15,780,447 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
245,915,090 |
| Investments — affiliated issuers |
(13,065 ) |
| Net realized gain |
245,902,025 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(102,785,882 ) |
| Investments — affiliated issuers |
(5,890 ) |
| Net change in unrealized appreciation (depreciation) |
(102,791,772 ) |
| Net realized and unrealized gain |
143,110,253 |
| Net increase in net assets resulting from operations |
$158,890,700 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
11
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$15,780,447 |
$22,864,466 |
| Net realized gain |
245,902,025 |
95,682,803 |
| Net change in unrealized appreciation (depreciation) |
(102,791,772 ) |
209,369,447 |
| Net increase in net assets resulting from operations |
158,890,700 |
327,916,716 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(11,748,034 ) |
(4,336,087 ) |
| Class C |
(709,653 ) |
(186,592 ) |
| Institutional Class |
(28,631,848 ) |
(11,509,791 ) |
| Institutional 2 Class |
(6,346,480 ) |
(2,909,954 ) |
| Institutional 3 Class |
(15,623,234 ) |
(4,098,469 ) |
| Class S |
(360,490 ) |
(170,309 ) |
| Total distributions to shareholders |
(63,419,739 ) |
(23,211,202 ) |
| Increase in net assets from capital stock activity |
45,817,347 |
130,222,340 |
| Total increase in net assets |
141,288,308 |
434,927,854 |
| Net assets at beginning of period |
1,590,544,812 |
1,155,616,958 |
| Net assets at end of period |
$1,731,833,120 |
$1,590,544,812 |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Convertible Securities Fund | 2026
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
476,118 |
14,077,589 |
719,150 |
17,748,041 |
| Distributions reinvested |
262,875 |
7,989,698 |
124,921 |
2,927,275 |
| Shares redeemed |
(735,648 ) |
(21,320,739 ) |
(1,748,801 ) |
(41,862,069 ) |
| Net increase (decrease) |
3,345 |
746,548 |
(904,730 ) |
(21,186,753 ) |
| Class C |
||||
| Shares sold |
28,730 |
827,239 |
48,297 |
1,160,360 |
| Distributions reinvested |
22,392 |
681,127 |
7,690 |
176,690 |
| Shares redeemed |
(115,666 ) |
(3,322,374 ) |
(331,275 ) |
(7,805,457 ) |
| Net decrease |
(64,544 ) |
(1,814,008 ) |
(275,288 ) |
(6,468,407 ) |
| Institutional Class |
||||
| Shares sold |
3,019,793 |
88,420,117 |
5,502,033 |
136,614,674 |
| Distributions reinvested |
882,938 |
26,850,444 |
458,105 |
10,783,908 |
| Shares redeemed |
(4,454,478 ) |
(129,894,616 ) |
(8,021,395 ) |
(194,687,211 ) |
| Net decrease |
(551,747 ) |
(14,624,055 ) |
(2,061,257 ) |
(47,288,629 ) |
| Institutional 2 Class |
||||
| Shares sold |
732,570 |
20,761,344 |
625,129 |
15,240,065 |
| Distributions reinvested |
198,684 |
6,116,134 |
115,579 |
2,754,280 |
| Shares redeemed |
(1,051,003 ) |
(31,081,582 ) |
(1,791,733 ) |
(44,505,084 ) |
| Net decrease |
(119,749 ) |
(4,204,104 ) |
(1,051,025 ) |
(26,510,739 ) |
| Institutional 3 Class |
||||
| Shares sold |
3,310,692 |
99,647,664 |
14,389,673 |
363,071,640 |
| Distributions reinvested |
462,569 |
14,452,199 |
139,945 |
3,589,943 |
| Shares redeemed |
(1,595,167 ) |
(48,019,133 ) |
(5,081,759 ) |
(132,083,176 ) |
| Net increase |
2,178,094 |
66,080,730 |
9,447,859 |
234,578,407 |
| Class S |
||||
| Shares sold |
1,520 |
44,942 |
3,149 |
76,172 |
| Distributions reinvested |
11,859 |
360,490 |
7,279 |
170,309 |
| Shares redeemed |
(26,033 ) |
(773,196 ) |
(133,412 ) |
(3,148,020 ) |
| Net decrease |
(12,654 ) |
(367,764 ) |
(122,984 ) |
(2,901,539 ) |
| Total net increase |
1,432,745 |
45,817,347 |
5,032,575 |
130,222,340 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
13
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$27.37 |
0.24 |
2.50 |
2.74 |
(0.23 ) |
(0.83 ) |
(1.06 ) |
| Year Ended 2/28/2026 |
$21.88 |
0.37 |
5.49 |
5.86 |
(0.37 ) |
— |
(0.37 ) |
| Year Ended 2/28/2025 |
$20.22 |
0.37 |
1.72 |
2.09 |
(0.43 ) |
— |
(0.43 ) |
| Year Ended 2/29/2024 |
$19.36 |
0.46 |
0.91 |
1.37 |
(0.51 ) |
— |
(0.51 ) |
| Year Ended 2/28/2023 |
$23.74 |
0.38 |
(2.93 ) |
(2.55 ) |
(0.39 ) |
(1.44 ) |
(1.83 ) |
| Year Ended 2/28/2022 |
$32.01 |
0.24 |
(2.84 ) |
(2.60 ) |
(0.22 ) |
(5.45 ) |
(5.67 ) |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$27.21 |
0.12 |
2.48 |
2.60 |
(0.12 ) |
(0.83 ) |
(0.95 ) |
| Year Ended 2/28/2026 |
$21.76 |
0.19 |
5.45 |
5.64 |
(0.19 ) |
— |
(0.19 ) |
| Year Ended 2/28/2025 |
$20.10 |
0.21 |
1.72 |
1.93 |
(0.27 ) |
— |
(0.27 ) |
| Year Ended 2/29/2024 |
$19.25 |
0.32 |
0.90 |
1.22 |
(0.37 ) |
— |
(0.37 ) |
| Year Ended 2/28/2023 |
$23.60 |
0.22 |
(2.89 ) |
(2.67 ) |
(0.24 ) |
(1.44 ) |
(1.68 ) |
| Year Ended 2/28/2022 |
$31.88 |
0.03 |
(2.85 ) |
(2.82 ) |
(0.01 ) |
(5.45 ) |
(5.46 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$27.45 |
0.27 |
2.50 |
2.77 |
(0.26 ) |
(0.83 ) |
(1.09 ) |
| Year Ended 2/28/2026 |
$21.94 |
0.43 |
5.51 |
5.94 |
(0.43 ) |
— |
(0.43 ) |
| Year Ended 2/28/2025 |
$20.27 |
0.43 |
1.72 |
2.15 |
(0.48 ) |
— |
(0.48 ) |
| Year Ended 2/29/2024 |
$19.41 |
0.51 |
0.91 |
1.42 |
(0.56 ) |
— |
(0.56 ) |
| Year Ended 2/28/2023 |
$23.79 |
0.43 |
(2.92 ) |
(2.49 ) |
(0.45 ) |
(1.44 ) |
(1.89 ) |
| Year Ended 2/28/2022 |
$32.08 |
0.31 |
(2.86 ) |
(2.55 ) |
(0.29 ) |
(5.45 ) |
(5.74 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$27.79 |
0.28 |
2.54 |
2.82 |
(0.27 ) |
(0.83 ) |
(1.10 ) |
| Year Ended 2/28/2026 |
$22.21 |
0.44 |
5.58 |
6.02 |
(0.44 ) |
— |
(0.44 ) |
| Year Ended 2/28/2025 |
$20.51 |
0.44 |
1.75 |
2.19 |
(0.49 ) |
— |
(0.49 ) |
| Year Ended 2/29/2024 |
$19.64 |
0.53 |
0.91 |
1.44 |
(0.57 ) |
— |
(0.57 ) |
| Year Ended 2/28/2023 |
$24.05 |
0.46 |
(2.97 ) |
(2.51 ) |
(0.46 ) |
(1.44 ) |
(1.90 ) |
| Year Ended 2/28/2022 |
$32.36 |
0.33 |
(2.88 ) |
(2.55 ) |
(0.31 ) |
(5.45 ) |
(5.76 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Convertible Securities Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.05 |
9.84% |
1.12% |
1.08% |
1.60% |
106% |
$327,109 |
| Year Ended 2/28/2026 |
$27.37 |
27.07% |
1.15% |
1.08% (c) |
1.53% |
212% |
$308,177 |
| Year Ended 2/28/2025 |
$21.88 |
10.43% |
1.16% |
1.07% (c) |
1.77% |
108% |
$266,166 |
| Year Ended 2/29/2024 |
$20.22 |
7.25% |
1.16% |
1.09% (c) |
2.38% |
72% |
$281,630 |
| Year Ended 2/28/2023 |
$19.36 |
(10.29% ) |
1.14% (d) |
1.12% (c),(d) |
1.88% |
59% |
$311,254 |
| Year Ended 2/28/2022 |
$23.74 |
(9.04% ) |
1.10% (d) |
1.10% (c),(d) |
0.83% |
92% |
$413,074 |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.86 |
9.38% |
1.87% |
1.83% |
0.85% |
106% |
$21,285 |
| Year Ended 2/28/2026 |
$27.21 |
26.10% |
1.90% |
1.83% (c) |
0.79% |
212% |
$21,822 |
| Year Ended 2/28/2025 |
$21.76 |
9.67% |
1.91% |
1.82% (c) |
1.02% |
108% |
$23,437 |
| Year Ended 2/29/2024 |
$20.10 |
6.42% |
1.91% |
1.84% (c) |
1.63% |
72% |
$33,250 |
| Year Ended 2/28/2023 |
$19.25 |
(10.94% ) |
1.89% (d) |
1.87% (c),(d) |
1.10% |
59% |
$45,631 |
| Year Ended 2/28/2022 |
$23.60 |
(9.76% ) |
1.85% (d) |
1.85% (c),(d) |
0.09% |
92% |
$77,910 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.13 |
9.94% |
0.87% |
0.83% |
1.85% |
106% |
$743,050 |
| Year Ended 2/28/2026 |
$27.45 |
27.40% |
0.90% |
0.83% (c) |
1.78% |
212% |
$715,297 |
| Year Ended 2/28/2025 |
$21.94 |
10.73% |
0.91% |
0.82% (c) |
2.02% |
108% |
$616,999 |
| Year Ended 2/29/2024 |
$20.27 |
7.50% |
0.91% |
0.84% (c) |
2.63% |
72% |
$554,094 |
| Year Ended 2/28/2023 |
$19.41 |
(10.04% ) |
0.89% (d) |
0.87% (c),(d) |
2.09% |
59% |
$642,404 |
| Year Ended 2/28/2022 |
$23.79 |
(8.84% ) |
0.85% (d) |
0.85% (c),(d) |
1.09% |
92% |
$1,094,312 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.51 |
9.99% |
0.84% |
0.79% |
1.90% |
106% |
$171,310 |
| Year Ended 2/28/2026 |
$27.79 |
27.44% |
0.86% |
0.79% |
1.82% |
212% |
$164,676 |
| Year Ended 2/28/2025 |
$22.21 |
10.79% |
0.87% |
0.78% |
2.06% |
108% |
$154,947 |
| Year Ended 2/29/2024 |
$20.51 |
7.51% |
0.86% |
0.79% |
2.69% |
72% |
$167,854 |
| Year Ended 2/28/2023 |
$19.64 |
(10.00% ) |
0.85% (d) |
0.82% (d) |
2.22% |
59% |
$159,146 |
| Year Ended 2/28/2022 |
$24.05 |
(8.77% ) |
0.80% (d) |
0.79% (d) |
1.14% |
92% |
$180,150 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
15
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.18 |
0.30 |
2.55 |
2.85 |
(0.27 ) |
(0.83 ) |
(1.10 ) |
| Year Ended 2/28/2026 |
$22.51 |
0.44 |
5.68 |
6.12 |
(0.45 ) |
— |
(0.45 ) |
| Year Ended 2/28/2025 |
$20.78 |
0.46 |
1.77 |
2.23 |
(0.50 ) |
— |
(0.50 ) |
| Year Ended 2/29/2024 |
$19.89 |
0.55 |
0.92 |
1.47 |
(0.58 ) |
— |
(0.58 ) |
| Year Ended 2/28/2023 |
$24.32 |
0.48 |
(3.00 ) |
(2.52 ) |
(0.47 ) |
(1.44 ) |
(1.91 ) |
| Year Ended 2/28/2022 |
$32.66 |
0.35 |
(2.92 ) |
(2.57 ) |
(0.32 ) |
(5.45 ) |
(5.77 ) |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$27.45 |
0.27 |
2.50 |
2.77 |
(0.26 ) |
(0.83 ) |
(1.09 ) |
| Year Ended 2/28/2026 |
$21.94 |
0.43 |
5.51 |
5.94 |
(0.43 ) |
— |
(0.43 ) |
| Year Ended 2/28/2025(e) |
$21.35 |
0.18 |
0.53 |
0.71 |
(0.12 ) |
— |
(0.12 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (d) |
Ratios include interfund lending expense which is less than 0.01%. |
| (e) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Convertible Securities Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.93 |
9.98% |
0.79% |
0.75% |
1.95% |
106% |
$459,590 |
| Year Ended 2/28/2026 |
$28.18 |
27.53% |
0.81% |
0.74% |
1.73% |
212% |
$371,283 |
| Year Ended 2/28/2025 |
$22.51 |
10.85% |
0.82% |
0.73% |
2.12% |
108% |
$83,945 |
| Year Ended 2/29/2024 |
$20.78 |
7.57% |
0.81% |
0.74% |
2.74% |
72% |
$231,868 |
| Year Ended 2/28/2023 |
$19.89 |
(9.93% ) |
0.80% (d) |
0.78% (d) |
2.36% |
59% |
$116,903 |
| Year Ended 2/28/2022 |
$24.32 |
(8.74% ) |
0.75% (d) |
0.75% (d) |
1.18% |
92% |
$101,658 |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.13 |
9.94% |
0.87% |
0.83% |
1.85% |
106% |
$9,490 |
| Year Ended 2/28/2026 |
$27.45 |
27.40% |
0.90% |
0.83% (c) |
1.80% |
212% |
$9,289 |
| Year Ended 2/28/2025 (e) |
$21.94 |
3.32% |
0.94% |
0.83% |
2.01% |
108% |
$10,123 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Convertible Securities Fund | 2026
17
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Convertible Securities 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. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
18
Columbia Convertible Securities Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
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.
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. For convertible securities, premiums attributable to the conversion feature are not amortized.
The Fund may place a debt security on non-accrual status and reduce related interest income when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. 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.
Corporate actions and dividend income are recorded on the ex-dividend date.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Columbia Convertible Securities Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
The value of additional securities received as an income payment through a payment-in-kind, if any, is recorded as interest income and increases the cost basis of such securities.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
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 and is responsible for 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 0.82% to 0.65% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.76% 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
20
Columbia Convertible Securities Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 "Deferred 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. 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 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.
For the six months ended August 31, 2026, the Fund’s annualized 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 |
| Class C |
0.09 |
| Institutional Class |
0.09 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.00 |
| Class S |
0.09 |
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2026, 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
Columbia Convertible Securities Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
95,753 |
| Class C |
— |
1.00 (b) |
1 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) |
This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
1.09 |
1.08 |
| Class C |
1.84 |
1.83 |
| Institutional Class |
0.84 |
0.83 |
| Institutional 2 Class |
0.80 |
0.79 |
| Institutional 3 Class |
0.75 |
0.75 |
| Class S |
0.84 |
0.83 |
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.
22
Columbia Convertible Securities Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 1,586,483,000 |
155,817,000 |
(32,491,000 ) |
123,326,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $1,750,561,871 and $1,770,971,077, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Columbia Convertible Securities Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 21.8% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 22.6% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
24
Columbia Convertible Securities Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Convertible Securities Fund | 2026
25
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Convertible Securities Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
26
Columbia Convertible Securities Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Convertible Securities Fund | 2026
27
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
28
Columbia Convertible Securities Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Convertible Securities Fund | 2026
29
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Convertible Securities Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR134_(10/26)
Columbia Cornerstone Equity Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 7 | |
| 8 | |
| 9 | |
| 12 | |
| 16 | |
| 27 |
Columbia Cornerstone Equity Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 99.7% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 8.2% | ||
| Diversified Telecommunication Services 0.9% | ||
| AT&T, Inc. |
509,143 |
13,181,711 |
| Interactive Media & Services 7.3% | ||
| Alphabet, Inc., Class C |
217,223 |
72,858,766 |
| Meta Platforms, Inc., Class A |
63,461 |
36,321,269 |
| Total |
109,180,035 | |
| Total Communication Services |
122,361,746 | |
| Consumer Discretionary 8.6% | ||
| Automobiles 1.4% | ||
| General Motors Co. |
242,677 |
20,947,879 |
| Broadline Retail 3.9% | ||
| Amazon.com, Inc.(a) |
222,880 |
57,897,538 |
| Hotels, Restaurants & Leisure 2.4% | ||
| Hilton Worldwide Holdings, Inc. |
57,398 |
18,153,839 |
| Jersey Mike’s Subs, Inc., Class A(a) |
157,524 |
3,378,890 |
| Royal Caribbean Cruises Ltd. |
51,404 |
13,814,311 |
| Total |
35,347,040 | |
| Specialty Retail 0.9% | ||
| TJX Companies, Inc. (The) |
95,944 |
12,847,861 |
| Total Consumer Discretionary |
127,040,318 | |
| Consumer Staples 4.8% | ||
| Consumer Staples Distribution & Retail 1.7% | ||
| Walmart, Inc. |
239,872 |
25,155,377 |
| Household Products 3.1% | ||
| Colgate-Palmolive Co. |
237,810 |
21,360,094 |
| Procter & Gamble Co. (The) |
170,377 |
24,725,110 |
| Total |
46,085,204 | |
| Total Consumer Staples |
71,240,581 | |
| Energy 2.8% | ||
| Oil, Gas & Consumable Fuels 2.8% | ||
| Chevron Corp. |
119,369 |
24,606,726 |
| Valero Energy Corp. |
48,383 |
17,365,626 |
| Total |
41,972,352 | |
| Total Energy |
41,972,352 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Financials 12.4% | ||
| Banks 5.6% | ||
| Bank of America Corp. |
417,822 |
25,879,895 |
| Citigroup, Inc. |
151,137 |
19,892,652 |
| JPMorgan Chase & Co. |
102,467 |
36,480,301 |
| Total |
82,252,848 | |
| Capital Markets 3.3% | ||
| Charles Schwab Corp. (The) |
253,102 |
27,795,662 |
| Goldman Sachs Group, Inc. (The) |
20,597 |
21,130,462 |
| Total |
48,926,124 | |
| Financial Services 2.4% | ||
| MasterCard, Inc., Class A |
60,952 |
35,919,623 |
| Insurance 1.1% | ||
| Chubb Ltd. |
49,804 |
16,863,634 |
| Total Financials |
183,962,229 | |
| Health Care 11.0% | ||
| Biotechnology 3.9% | ||
| AbbVie, Inc. |
98,842 |
25,345,066 |
| Insmed, Inc.(a) |
88,134 |
10,736,484 |
| Revolution Medicines, Inc.(a) |
50,565 |
10,394,647 |
| Vertex Pharmaceuticals, Inc.(a) |
22,447 |
12,222,840 |
| Total |
58,699,037 | |
| Health Care Equipment & Supplies 0.7% | ||
| Intuitive Surgical, Inc.(a) |
26,031 |
9,810,043 |
| Health Care Providers & Services 0.6% | ||
| Guardant Health, Inc.(a) |
52,546 |
8,355,865 |
| Life Sciences Tools & Services 1.8% | ||
| Danaher Corp. |
75,351 |
16,091,959 |
| Illumina, Inc.(a) |
51,617 |
11,026,940 |
| Total |
27,118,899 | |
| Pharmaceuticals 4.0% | ||
| Eli Lilly & Co. |
30,061 |
34,772,461 |
| Merck & Co., Inc. |
163,119 |
24,102,463 |
| Total |
58,874,924 | |
| Total Health Care |
162,858,768 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Cornerstone Equity Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Industrials 9.8% | ||
| Aerospace & Defense 2.7% | ||
| Arxis, Inc.(a) |
227,297 |
11,767,166 |
| General Dynamics Corp. |
42,919 |
15,937,971 |
| Karman Holdings, Inc.(a) |
280,649 |
11,632,901 |
| Total |
39,338,038 | |
| Commercial Services & Supplies 2.4% | ||
| Cintas Corp. |
99,256 |
20,028,868 |
| Republic Services, Inc. |
73,741 |
16,290,862 |
| Total |
36,319,730 | |
| Construction & Engineering 0.3% | ||
| MasTec, Inc.(a) |
19,078 |
4,574,523 |
| Electrical Equipment 2.0% | ||
| Eaton Corp. PLC |
44,193 |
17,760,283 |
| Vertiv Holdings Co. |
47,376 |
12,257,119 |
| Total |
30,017,402 | |
| Ground Transportation 1.2% | ||
| CSX Corp. |
354,034 |
17,882,257 |
| Machinery 1.2% | ||
| Parker-Hannifin Corp. |
17,594 |
17,232,267 |
| Total Industrials |
145,364,217 | |
| Information Technology 36.5% | ||
| Electronic Equipment, Instruments & Components 1.1% | ||
| Amphenol Corp., Class A |
105,713 |
16,760,796 |
| IT Services 1.1% | ||
| Snowflake, Inc., Class A(a) |
47,810 |
15,845,668 |
| Semiconductors & Semiconductor Equipment 18.7% | ||
| Broadcom, Inc. |
143,288 |
53,065,278 |
| Cerebras Systems, Inc., Class A(a) |
16,636 |
3,065,017 |
| Lam Research Corp. |
74,342 |
22,413,370 |
| Microchip Technology, Inc. |
234,350 |
17,213,007 |
| Micron Technology, Inc. |
45,556 |
43,675,904 |
| NVIDIA Corp. |
621,255 |
137,160,679 |
| Total |
276,593,255 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Software 9.6% | ||
| CrowdStrike Holdings, Inc., Class A(a) |
105,604 |
24,394,524 |
| Microsoft Corp. |
148,987 |
75,579,615 |
| Palo Alto Networks, Inc.(a) |
70,382 |
26,895,074 |
| ServiceNow, Inc.(a) |
108,971 |
16,126,618 |
| Total |
142,995,831 | |
| Technology Hardware, Storage & Peripherals 6.0% | ||
| Apple, Inc. |
279,749 |
88,638,471 |
| Total Information Technology |
540,834,021 | |
| Real Estate 1.7% | ||
| Specialized REITs 1.7% | ||
| Equinix, Inc. |
23,936 |
25,054,290 |
| Total Real Estate |
25,054,290 | |
| Utilities 3.9% | ||
| Electric Utilities 1.2% | ||
| Entergy Corp. |
174,026 |
18,500,704 |
| Multi-Utilities 2.7% | ||
| Ameren Corp. |
186,049 |
19,723,055 |
| DTE Energy Co. |
147,840 |
20,051,539 |
| Total |
39,774,594 | |
| Total Utilities |
58,275,298 | |
| Total Common Stocks (Cost $717,843,240) |
1,478,963,820 | |
| Money Market Funds 0.3% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(b),(c) |
5,168,282 |
5,165,697 |
| Total Money Market Funds (Cost $5,165,047) |
5,165,697 | |
| Total Investments in Securities (Cost: $723,008,287) |
1,484,129,517 | |
| Other Assets & Liabilities, Net |
(628,329 ) | |
| Net Assets |
1,483,501,188 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Cornerstone Equity Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (c) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Capital gain distributions($) |
Realized gain (loss)($) |
Dividends — affiliated issuers ($) |
End of period shares |
| Columbia Research Enhanced Core ETF | |||||||||
| 1,784,685 |
1,921,838 |
(3,480,436 ) |
(226,087 ) |
— |
— |
535,912 |
— |
— | |
| Columbia Short-Term Cash Fund, 3.871% | |||||||||
| 10,957,340 |
88,663,088 |
(94,453,219 ) |
(1,512 ) |
5,165,697 |
— |
418 |
148,847 |
5,168,282 | |
| Total |
12,742,025 |
(227,599 ) |
5,165,697 |
— |
536,330 |
148,847 |
|||
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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.
Columbia Cornerstone Equity Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
122,361,746 |
— |
— |
122,361,746 |
| Consumer Discretionary |
127,040,318 |
— |
— |
127,040,318 |
| Consumer Staples |
71,240,581 |
— |
— |
71,240,581 |
| Energy |
41,972,352 |
— |
— |
41,972,352 |
| Financials |
183,962,229 |
— |
— |
183,962,229 |
| Health Care |
162,858,768 |
— |
— |
162,858,768 |
| Industrials |
145,364,217 |
— |
— |
145,364,217 |
| Information Technology |
540,834,021 |
— |
— |
540,834,021 |
| Real Estate |
25,054,290 |
— |
— |
25,054,290 |
| Utilities |
58,275,298 |
— |
— |
58,275,298 |
| Total Common Stocks |
1,478,963,820 |
— |
— |
1,478,963,820 |
| Money Market Funds |
5,165,697 |
— |
— |
5,165,697 |
| Total Investments in Securities |
1,484,129,517 |
— |
— |
1,484,129,517 |
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.
6
Columbia Cornerstone Equity Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $717,843,240) |
$1,478,963,820 |
| Affiliated issuers (cost $5,165,047) |
5,165,697 |
| Receivable for: |
|
| Capital shares sold |
218,589 |
| Dividends |
958,403 |
| Expense reimbursement due from Investment Manager |
25,912 |
| Prepaid expenses |
6,799 |
| Total assets |
1,485,339,220 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
1,393,790 |
| Management services fees |
88,111 |
| Distribution and/or service fees |
6,170 |
| Transfer agent fees |
87,423 |
| Compensation of chief compliance officer |
118 |
| Compensation of board members |
3,138 |
| Other expenses |
48,170 |
| Deferred compensation of board members |
211,112 |
| Total liabilities |
1,838,032 |
| Net assets applicable to outstanding capital stock |
$1,483,501,188 |
| Represented by |
|
| Paid in capital |
531,234,687 |
| Total distributable earnings (loss) |
952,266,501 |
| Total - representing net assets applicable to outstanding capital stock |
$1,483,501,188 |
| Class A |
|
| Net assets |
$268,215,602 |
| Shares outstanding |
10,381,885 |
| Net asset value per share |
$25.83 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$27.41 |
| Class C |
|
| Net assets |
$7,844,827 |
| Shares outstanding |
357,481 |
| Net asset value per share |
$21.94 |
| Institutional Class |
|
| Net assets |
$311,741,404 |
| Shares outstanding |
12,191,480 |
| Net asset value per share |
$25.57 |
| Institutional 2 Class |
|
| Net assets |
$175,912,924 |
| Shares outstanding |
6,553,388 |
| Net asset value per share |
$26.84 |
| Institutional 3 Class |
|
| Net assets |
$669,404,636 |
| Shares outstanding |
26,786,899 |
| Net asset value per share |
$24.99 |
| Class S |
|
| Net assets |
$50,381,795 |
| Shares outstanding |
1,969,699 |
| Net asset value per share |
$25.58 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Cornerstone Equity Fund | 2026
7
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$7,821,378 |
| Dividends — affiliated issuers |
148,847 |
| Total income |
7,970,225 |
| Expenses: |
|
| Management services fees |
5,477,403 |
| Distribution and/or service fees |
|
| Class A |
344,038 |
| Class C |
37,871 |
| Transfer agent fees |
|
| Class A |
152,906 |
| Class C |
4,208 |
| Institutional Class |
179,782 |
| Institutional 2 Class |
54,683 |
| Institutional 3 Class |
11,187 |
| Class S |
26,963 |
| Custodian fees |
6,141 |
| Printing and postage fees |
20,140 |
| Registration fees |
68,858 |
| Accounting services fees |
16,880 |
| Legal fees |
16,917 |
| Compensation of chief compliance officer |
120 |
| Compensation of board members |
12,284 |
| Deferred compensation of board members |
20,963 |
| Other |
15,755 |
| Total expenses |
6,467,099 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(1,579,671 ) |
| Total net expenses |
4,887,428 |
| Net investment income |
3,082,797 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
195,132,219 |
| Investments — affiliated issuers |
536,330 |
| Option contracts written |
468,759 |
| Net realized gain |
196,137,308 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(9,977,188 ) |
| Investments — affiliated issuers |
(227,599 ) |
| Option contracts written |
(152,369 ) |
| Net change in unrealized appreciation (depreciation) |
(10,357,156 ) |
| Net realized and unrealized gain |
185,780,152 |
| Net increase in net assets resulting from operations |
$188,862,949 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Cornerstone Equity Fund | 2026
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$3,082,797 |
$7,552,474 |
| Net realized gain |
196,137,308 |
91,235,791 |
| Net change in unrealized appreciation (depreciation) |
(10,357,156 ) |
87,613,068 |
| Net increase in net assets resulting from operations |
188,862,949 |
186,401,333 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(13,704,131 ) |
(7,737,571 ) |
| Class C |
(427,825 ) |
(258,941 ) |
| Institutional Class |
(16,149,731 ) |
(12,045,371 ) |
| Institutional 2 Class |
(8,310,066 ) |
(8,266,851 ) |
| Institutional 3 Class |
(34,673,161 ) |
(21,647,243 ) |
| Class S |
(2,469,630 ) |
(1,447,068 ) |
| Total distributions to shareholders |
(75,734,544 ) |
(51,403,045 ) |
| Decrease in net assets from capital stock activity |
(199,220,697 ) |
(89,301,794 ) |
| Total increase (decrease) in net assets |
(86,092,292 ) |
45,696,494 |
| Net assets at beginning of period |
1,569,593,480 |
1,523,896,986 |
| Net assets at end of period |
$1,483,501,188 |
$1,569,593,480 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Cornerstone Equity Fund | 2026
9
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
351,592 |
8,800,260 |
580,242 |
13,042,129 |
| Distributions reinvested |
254,876 |
6,371,906 |
160,076 |
3,575,911 |
| Shares redeemed |
(1,373,713 ) |
(34,716,668 ) |
(1,658,752 ) |
(37,288,489 ) |
| Net decrease |
(767,245 ) |
(19,544,502 ) |
(918,434 ) |
(20,670,449 ) |
| Class C |
||||
| Shares sold |
17,640 |
376,794 |
34,734 |
662,392 |
| Distributions reinvested |
19,976 |
424,687 |
13,349 |
255,937 |
| Shares redeemed |
(36,838 ) |
(780,137 ) |
(182,128 ) |
(3,524,545 ) |
| Net increase (decrease) |
778 |
21,344 |
(134,045 ) |
(2,606,216 ) |
| Institutional Class |
||||
| Shares sold |
497,793 |
12,377,350 |
7,967,319 |
185,033,659 |
| Distributions reinvested |
595,846 |
14,735,266 |
500,794 |
11,222,046 |
| Shares redeemed |
(3,200,398 ) |
(76,873,252 ) |
(9,295,806 ) |
(218,144,092 ) |
| Net decrease |
(2,106,759 ) |
(49,760,636 ) |
(827,693 ) |
(21,888,387 ) |
| Institutional 2 Class |
||||
| Shares sold |
409,769 |
10,476,079 |
1,751,297 |
40,917,619 |
| Distributions reinvested |
320,110 |
8,310,065 |
354,759 |
8,266,851 |
| Shares redeemed |
(5,533,591 ) |
(142,395,605 ) |
(1,930,501 ) |
(45,041,359 ) |
| Net increase (decrease) |
(4,803,712 ) |
(123,609,461 ) |
175,555 |
4,143,111 |
| Institutional 3 Class |
||||
| Shares sold |
152,397 |
3,685,224 |
1,851,759 |
41,211,249 |
| Distributions reinvested |
1,368,453 |
33,061,812 |
922,903 |
20,117,577 |
| Shares redeemed |
(1,783,425 ) |
(43,850,022 ) |
(4,637,886 ) |
(106,609,876 ) |
| Net decrease |
(262,575 ) |
(7,102,986 ) |
(1,863,224 ) |
(45,281,050 ) |
| Class S |
||||
| Distributions reinvested |
99,823 |
2,469,629 |
65,168 |
1,447,068 |
| Shares redeemed |
(68,893 ) |
(1,694,085 ) |
(195,464 ) |
(4,445,871 ) |
| Net increase (decrease) |
30,930 |
775,544 |
(130,296 ) |
(2,998,803 ) |
| Total net decrease |
(7,908,583 ) |
(199,220,697 ) |
(3,698,137 ) |
(89,301,794 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Cornerstone Equity Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Cornerstone Equity Fund | 2026
11
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.98 |
0.02 |
3.13 |
3.15 |
(0.03 ) |
(1.27 ) |
(1.30 ) |
| Year Ended 2/28/2026 |
$22.06 |
0.05 |
2.54 |
2.59 |
(0.04 ) |
(0.63 ) |
(0.67 ) |
| Year Ended 2/28/2025 |
$20.13 |
0.05 |
3.20 |
3.25 |
(0.08 ) |
(1.24 ) |
(1.32 ) |
| Year Ended 2/29/2024 |
$15.99 |
0.13 |
4.88 |
5.01 |
(0.14 ) |
(0.73 ) |
(0.87 ) |
| Year Ended 2/28/2023 |
$18.81 |
0.13 |
(2.03 ) |
(1.90 ) |
(0.12 ) |
(0.80 ) |
(0.92 ) |
| Year Ended 2/28/2022 |
$17.28 |
0.11 |
2.88 |
2.99 |
(0.15 ) |
(1.31 ) |
(1.46 ) |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$20.59 |
(0.07 ) |
2.69 |
2.62 |
(0.00 ) |
(1.27 ) |
(1.27 ) |
| Year Ended 2/28/2026 |
$19.14 |
(0.10 ) |
2.18 |
2.08 |
— |
(0.63 ) |
(0.63 ) |
| Year Ended 2/28/2025 |
$17.70 |
(0.09 ) |
2.80 |
2.71 |
(0.03 ) |
(1.24 ) |
(1.27 ) |
| Year Ended 2/29/2024 |
$14.17 |
(0.01 ) |
4.30 |
4.29 |
(0.03 ) |
(0.73 ) |
(0.76 ) |
| Year Ended 2/28/2023 |
$16.78 |
0.01 |
(1.82 ) |
(1.81 ) |
(0.00 ) |
(0.80 ) |
(0.80 ) |
| Year Ended 2/28/2022 |
$15.58 |
(0.04 ) |
2.60 |
2.56 |
(0.05 ) |
(1.31 ) |
(1.36 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.72 |
0.05 |
3.11 |
3.16 |
(0.04 ) |
(1.27 ) |
(1.31 ) |
| Year Ended 2/28/2026 |
$21.83 |
0.10 |
2.52 |
2.62 |
(0.10 ) |
(0.63 ) |
(0.73 ) |
| Year Ended 2/28/2025 |
$19.92 |
0.11 |
3.17 |
3.28 |
(0.13 ) |
(1.24 ) |
(1.37 ) |
| Year Ended 2/29/2024 |
$15.83 |
0.17 |
4.83 |
5.00 |
(0.18 ) |
(0.73 ) |
(0.91 ) |
| Year Ended 2/28/2023 |
$18.63 |
0.17 |
(2.01 ) |
(1.84 ) |
(0.16 ) |
(0.80 ) |
(0.96 ) |
| Year Ended 2/28/2022 |
$17.13 |
0.15 |
2.85 |
3.00 |
(0.19 ) |
(1.31 ) |
(1.50 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.84 |
0.06 |
3.25 |
3.31 |
(0.04 ) |
(1.27 ) |
(1.31 ) |
| Year Ended 2/28/2026 |
$22.82 |
0.12 |
2.64 |
2.76 |
(0.11 ) |
(0.63 ) |
(0.74 ) |
| Year Ended 2/28/2025 |
$20.77 |
0.13 |
3.30 |
3.43 |
(0.14 ) |
(1.24 ) |
(1.38 ) |
| Year Ended 2/29/2024 |
$16.47 |
0.19 |
5.03 |
5.22 |
(0.19 ) |
(0.73 ) |
(0.92 ) |
| Year Ended 2/28/2023 |
$19.35 |
0.19 |
(2.10 ) |
(1.91 ) |
(0.17 ) |
(0.80 ) |
(0.97 ) |
| Year Ended 2/28/2022 |
$17.73 |
0.17 |
2.97 |
3.14 |
(0.21 ) |
(1.31 ) |
(1.52 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Cornerstone Equity Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$25.83 |
13.30% |
1.10% |
0.90% |
0.15% |
40% |
$268,216 |
| Year Ended 2/28/2026 |
$23.98 |
11.99% |
1.10% |
0.90% (c) |
0.22% |
71% |
$267,323 |
| Year Ended 2/28/2025 |
$22.06 |
16.25% |
1.10% |
0.87% (c) |
0.25% |
56% |
$266,216 |
| Year Ended 2/29/2024 |
$20.13 |
31.98% |
1.12% |
0.83% (c) |
0.71% |
61% |
$243,348 |
| Year Ended 2/28/2023 |
$15.99 |
(9.89% ) |
1.12% (d) |
0.80% (c),(d) |
0.81% |
55% |
$194,560 |
| Year Ended 2/28/2022 |
$18.81 |
17.04% |
1.12% (d) |
0.79% (c),(d) |
0.54% |
58% |
$235,276 |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$21.94 |
12.90% |
1.85% |
1.65% |
(0.60% ) |
40% |
$7,845 |
| Year Ended 2/28/2026 |
$20.59 |
11.11% |
1.85% |
1.65% (c) |
(0.52% ) |
71% |
$7,346 |
| Year Ended 2/28/2025 |
$19.14 |
15.44% |
1.85% |
1.62% (c) |
(0.50% ) |
56% |
$9,392 |
| Year Ended 2/29/2024 |
$17.70 |
30.91% |
1.87% |
1.58% (c) |
(0.04% ) |
61% |
$9,290 |
| Year Ended 2/28/2023 |
$14.17 |
(10.54% ) |
1.88% (d) |
1.55% (c),(d) |
0.06% |
55% |
$8,243 |
| Year Ended 2/28/2022 |
$16.78 |
16.13% |
1.87% (d) |
1.54% (c),(d) |
(0.21% ) |
58% |
$8,739 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$25.57 |
13.49% |
0.85% |
0.65% |
0.40% |
40% |
$311,741 |
| Year Ended 2/28/2026 |
$23.72 |
12.24% |
0.85% |
0.65% (c) |
0.46% |
71% |
$339,199 |
| Year Ended 2/28/2025 |
$21.83 |
16.59% |
0.85% |
0.62% (c) |
0.50% |
56% |
$330,205 |
| Year Ended 2/29/2024 |
$19.92 |
32.29% |
0.87% |
0.58% (c) |
0.96% |
61% |
$328,278 |
| Year Ended 2/28/2023 |
$15.83 |
(9.65% ) |
0.88% (d) |
0.55% (c),(d) |
1.07% |
55% |
$261,568 |
| Year Ended 2/28/2022 |
$18.63 |
17.28% |
0.87% (d) |
0.54% (c),(d) |
0.79% |
58% |
$214,100 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$26.84 |
13.49% |
0.79% |
0.59% |
0.48% |
40% |
$175,913 |
| Year Ended 2/28/2026 |
$24.84 |
12.34% |
0.79% |
0.59% |
0.53% |
71% |
$282,084 |
| Year Ended 2/28/2025 |
$22.82 |
16.64% |
0.80% |
0.57% |
0.56% |
56% |
$255,174 |
| Year Ended 2/29/2024 |
$20.77 |
32.38% |
0.81% |
0.51% |
1.03% |
61% |
$213,892 |
| Year Ended 2/28/2023 |
$16.47 |
(9.64% ) |
0.81% (d) |
0.48% (d) |
1.12% |
55% |
$184,917 |
| Year Ended 2/28/2022 |
$19.35 |
17.45% |
0.80% (d) |
0.47% (d) |
0.85% |
58% |
$198,955 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Cornerstone Equity Fund | 2026
13
Financial Highlights (continued)
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.20 |
0.06 |
3.04 |
3.10 |
(0.04 ) |
(1.27 ) |
(1.31 ) |
| Year Ended 2/28/2026 |
$21.37 |
0.13 |
2.45 |
2.58 |
(0.12 ) |
(0.63 ) |
(0.75 ) |
| Year Ended 2/28/2025 |
$19.52 |
0.13 |
3.11 |
3.24 |
(0.15 ) |
(1.24 ) |
(1.39 ) |
| Year Ended 2/29/2024 |
$15.53 |
0.19 |
4.73 |
4.92 |
(0.20 ) |
(0.73 ) |
(0.93 ) |
| Year Ended 2/28/2023 |
$18.30 |
0.19 |
(1.98 ) |
(1.79 ) |
(0.18 ) |
(0.80 ) |
(0.98 ) |
| Year Ended 2/28/2022 |
$16.85 |
0.17 |
2.81 |
2.98 |
(0.22 ) |
(1.31 ) |
(1.53 ) |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.73 |
0.05 |
3.11 |
3.16 |
(0.04 ) |
(1.27 ) |
(1.31 ) |
| Year Ended 2/28/2026 |
$21.84 |
0.11 |
2.51 |
2.62 |
(0.10 ) |
(0.63 ) |
(0.73 ) |
| Year Ended 2/28/2025(e) |
$21.60 |
0.04 |
0.91 |
0.95 |
(0.07 ) |
(0.64 ) |
(0.71 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (d) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (e) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Cornerstone Equity Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.99 |
13.55% |
0.75% |
0.54% |
0.50% |
40% |
$669,405 |
| Year Ended 2/28/2026 |
$23.20 |
12.34% |
0.74% |
0.54% |
0.58% |
71% |
$627,634 |
| Year Ended 2/28/2025 |
$21.37 |
16.74% |
0.74% |
0.52% |
0.61% |
56% |
$617,732 |
| Year Ended 2/29/2024 |
$19.52 |
32.41% |
0.76% |
0.46% |
1.07% |
61% |
$623,513 |
| Year Ended 2/28/2023 |
$15.53 |
(9.54% ) |
0.76% (d) |
0.43% (d) |
1.17% |
55% |
$559,371 |
| Year Ended 2/28/2022 |
$18.30 |
17.40% |
0.75% (d) |
0.42% (d) |
0.92% |
58% |
$700,548 |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$25.58 |
13.48% |
0.85% |
0.65% |
0.40% |
40% |
$50,382 |
| Year Ended 2/28/2026 |
$23.73 |
12.23% |
0.85% |
0.65% (c) |
0.47% |
71% |
$46,007 |
| Year Ended 2/28/2025 (e) |
$21.84 |
4.29% |
0.87% |
0.64% (c) |
0.49% |
56% |
$45,178 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Cornerstone Equity Fund | 2026
15
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Cornerstone Equity 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. Institutional Class, Institutional 2 Class, Institutional 3 Class and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Cornerstone Equity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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.
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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the
Columbia Cornerstone Equity Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends
18
Columbia Cornerstone Equity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
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.
At August 31, 2026, the Fund had no outstanding derivatives.
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 six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Option contracts written ($) |
| Equity risk |
468,759 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Option contracts written ($) |
| Equity risk |
(152,369 ) |
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average value ($) |
| Option contracts written |
(15,770 ) |
Columbia Cornerstone Equity Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Income and capital gain distributions from investments in underlying funds, if any, are 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 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.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
20
Columbia Cornerstone Equity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for 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 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.72% of the Fund’s average daily net assets.
The Investment Manager has contractually agreed to implement a waiver with respect to Fund assets invested in funds that pay a management or advisory fee to the Investment Manager or its affiliate (underlying affiliated funds). Under this arrangement, the Investment Manager waives its net management fee (management fee less reimbursements/waivers) with respect to the Fund in an amount equal to the net management or advisory fee (fee less reimbursement/waivers) payable by an underlying affiliated fund on the assets invested by the Fund in the underlying affiliated fund.
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 "Deferred 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.
Columbia Cornerstone Equity Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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. 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 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.
For the six months ended August 31, 2026, the Fund’s annualized 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 |
| Class C |
0.11 |
| Institutional Class |
0.11 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.00 |
| Class S |
0.11 |
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 six months ended August 31, 2026, 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.
22
Columbia Cornerstone Equity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
11,794 |
| Class C |
— |
1.00 (b) |
173 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) |
This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
0.90 |
0.90 |
| Class C |
1.65 |
1.65 |
| Institutional Class |
0.65 |
0.65 |
| Institutional 2 Class |
0.58 |
0.60 |
| Institutional 3 Class |
0.53 |
0.55 |
| Class S |
0.65 |
0.65 |
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 723,008,000 |
778,092,000 |
(16,970,000 ) |
761,122,000 |
Columbia Cornerstone Equity Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $597,400,681 and $862,078,777, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings
24
Columbia Cornerstone Equity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, affiliated shareholders of record owned 47.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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.
Columbia Cornerstone Equity Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
26
Columbia Cornerstone Equity Fund | 2026
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Cornerstone Equity Fund (formerly known as Columbia Select Large Cap Equity Fund) (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
Columbia Cornerstone Equity Fund | 2026
27
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses
28
Columbia Cornerstone Equity Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Cornerstone Equity Fund | 2026
29
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Cornerstone Equity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR172_(10/26)
Columbia Large Cap Enhanced Core Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 8 | |
| 9 | |
| 10 | |
| 12 | |
| 16 | |
| 26 |
Columbia Large Cap Enhanced Core Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 99.0% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 9.0% | ||
| Interactive Media & Services 8.4% | ||
| Alphabet, Inc., Class A |
85,842 |
29,130,483 |
| Meta Platforms, Inc., Class A |
21,952 |
12,564,007 |
| Total |
41,694,490 | |
| Media 0.6% | ||
| Fox Corp., Class A |
47,953 |
3,229,635 |
| Total Communication Services |
44,924,125 | |
| Consumer Discretionary 8.8% | ||
| Automobiles 1.9% | ||
| General Motors Co. |
43,986 |
3,796,872 |
| Tesla, Inc.(a) |
16,013 |
5,891,983 |
| Total |
9,688,855 | |
| Broadline Retail 3.3% | ||
| Amazon.com, Inc.(a) |
62,530 |
16,243,418 |
| Hotels, Restaurants & Leisure 1.3% | ||
| Expedia Group, Inc. |
12,080 |
3,830,810 |
| Las Vegas Sands Corp. |
28,211 |
1,235,924 |
| MGM Resorts International(a) |
28,315 |
1,171,108 |
| Total |
6,237,842 | |
| Household Durables 0.5% | ||
| D.R. Horton, Inc. |
16,685 |
2,411,984 |
| Specialty Retail 0.9% | ||
| Ross Stores, Inc. |
13,199 |
3,016,499 |
| TJX Companies, Inc. (The) |
10,243 |
1,371,640 |
| Total |
4,388,139 | |
| Textiles, Apparel & Luxury Goods 0.9% | ||
| Ralph Lauren Corp. |
6,494 |
2,252,768 |
| Tapestry, Inc. |
18,076 |
2,230,398 |
| Total |
4,483,166 | |
| Total Consumer Discretionary |
43,453,404 | |
| Consumer Staples 4.4% | ||
| Beverages 0.6% | ||
| Molson Coors Beverage Co., Class B |
78,672 |
3,127,999 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Staples Distribution & Retail 1.1% | ||
| Kroger Co. (The) |
53,325 |
3,068,320 |
| Target Corp. |
9,184 |
1,477,522 |
| Walmart, Inc. |
8,170 |
856,788 |
| Total |
5,402,630 | |
| Food Products 0.7% | ||
| Kraft Heinz Co. (The) |
124,509 |
3,196,146 |
| Household Products 1.2% | ||
| Colgate-Palmolive Co. |
13,341 |
1,198,289 |
| Procter & Gamble Co. (The) |
32,975 |
4,785,332 |
| Total |
5,983,621 | |
| Tobacco 0.8% | ||
| Altria Group, Inc. |
58,471 |
4,004,094 |
| Total Consumer Staples |
21,714,490 | |
| Energy 3.6% | ||
| Oil, Gas & Consumable Fuels 3.6% | ||
| Chevron Corp. |
32,695 |
6,739,747 |
| ExxonMobil Holdings Corp. |
44,170 |
7,109,162 |
| Valero Energy Corp. |
11,707 |
4,201,876 |
| Total |
18,050,785 | |
| Total Energy |
18,050,785 | |
| Financials 12.1% | ||
| Banks 3.0% | ||
| Bank of America Corp. |
43,938 |
2,721,520 |
| Citigroup, Inc. |
35,277 |
4,643,159 |
| JPMorgan Chase & Co. |
10,815 |
3,850,356 |
| U.S. Bancorp |
64,035 |
3,943,275 |
| Total |
15,158,310 | |
| Capital Markets 3.9% | ||
| Cboe Global Markets, Inc. |
6,294 |
1,889,459 |
| Charles Schwab Corp. (The) |
42,970 |
4,718,965 |
| CME Group, Inc. |
5,234 |
1,494,307 |
| Franklin Templeton, Inc. |
44,518 |
1,520,290 |
| Goldman Sachs Group, Inc. (The) |
5,246 |
5,381,871 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Morgan Stanley |
4,455 |
950,341 |
| T. Rowe Price Group, Inc. |
31,754 |
3,533,585 |
| Total |
19,488,818 | |
| Consumer Finance 0.8% | ||
| Synchrony Financial |
49,661 |
3,827,870 |
| Financial Services 2.5% | ||
| Berkshire Hathaway, Inc., Class B(a) |
7,685 |
3,873,471 |
| MasterCard, Inc., Class A |
11,607 |
6,840,121 |
| Visa, Inc., Class A |
4,299 |
1,630,912 |
| Total |
12,344,504 | |
| Insurance 1.9% | ||
| Allstate Corp. (The) |
15,754 |
4,061,381 |
| MetLife, Inc. |
40,213 |
3,827,071 |
| Progressive Corp. (The) |
6,185 |
1,348,825 |
| Total |
9,237,277 | |
| Total Financials |
60,056,779 | |
| Health Care 9.0% | ||
| Biotechnology 2.2% | ||
| AbbVie, Inc. |
17,791 |
4,561,968 |
| Amgen, Inc. |
5,958 |
2,561,225 |
| Regeneron Pharmaceuticals, Inc. |
1,073 |
857,413 |
| Vertex Pharmaceuticals, Inc.(a) |
5,836 |
3,177,819 |
| Total |
11,158,425 | |
| Health Care Equipment & Supplies 0.3% | ||
| Zimmer Biomet Holdings, Inc. |
12,958 |
1,296,318 |
| Health Care Providers & Services 1.3% | ||
| Centene Corp.(a) |
50,490 |
3,248,527 |
| CVS Health Corp. |
35,512 |
3,334,932 |
| Total |
6,583,459 | |
| Life Sciences Tools & Services 1.6% | ||
| Charles River Laboratories International, Inc.(a) |
11,060 |
3,187,935 |
| IQVIA Holdings, Inc.(a) |
11,199 |
2,925,067 |
| Revvity, Inc. |
12,296 |
1,582,126 |
| Total |
7,695,128 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Pharmaceuticals 3.6% | ||
| Bristol-Myers Squibb Co. |
68,773 |
4,594,724 |
| Eli Lilly & Co. |
3,612 |
4,178,109 |
| Johnson & Johnson |
4,562 |
1,212,808 |
| Pfizer, Inc. |
155,664 |
4,430,197 |
| Viatris, Inc. |
203,240 |
3,355,492 |
| Total |
17,771,330 | |
| Total Health Care |
44,504,660 | |
| Industrials 8.3% | ||
| Aerospace & Defense 1.6% | ||
| General Dynamics Corp. |
10,967 |
4,072,595 |
| Lockheed Martin Corp. |
6,889 |
3,866,314 |
| Total |
7,938,909 | |
| Air Freight & Logistics 0.7% | ||
| FedEx Corp. |
11,233 |
3,677,684 |
| Building Products 1.0% | ||
| AO Smith Corp. |
55,461 |
3,279,409 |
| Masco Corp. |
21,042 |
1,518,391 |
| Total |
4,797,800 | |
| Construction & Engineering 0.3% | ||
| Comfort Systems U.S.A., Inc. |
1,056 |
1,632,175 |
| Ground Transportation 0.3% | ||
| Uber Technologies, Inc.(a) |
21,153 |
1,600,224 |
| Industrial Conglomerates 0.8% | ||
| 3M Co. |
21,781 |
3,742,629 |
| Machinery 2.5% | ||
| Cummins, Inc. |
5,380 |
3,036,472 |
| Nordson Corp. |
12,299 |
3,956,834 |
| Snap-On, Inc. |
8,899 |
3,437,773 |
| Stanley Black & Decker, Inc. |
20,348 |
1,960,937 |
| Total |
12,392,016 | |
| Professional Services 1.1% | ||
| Automatic Data Processing, Inc. |
15,739 |
4,503,872 |
| Broadridge Financial Solutions, Inc. |
5,936 |
1,082,608 |
| Total |
5,586,480 | |
| Total Industrials |
41,367,917 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Large Cap Enhanced Core Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Information Technology 37.6% | ||
| Communications Equipment 2.6% | ||
| Arista Networks, Inc.(a) |
18,307 |
3,582,497 |
| Ciena Corp.(a) |
8,672 |
3,319,642 |
| Cisco Systems, Inc. |
44,981 |
4,969,951 |
| F5, Inc.(a) |
2,927 |
1,191,669 |
| Total |
13,063,759 | |
| Electronic Equipment, Instruments & Components 0.7% | ||
| Keysight Technologies, Inc.(a) |
10,983 |
3,544,214 |
| IT Services 0.3% | ||
| Gartner, Inc.(a) |
6,815 |
1,350,120 |
| Semiconductors & Semiconductor Equipment 16.1% | ||
| Advanced Micro Devices, Inc.(a) |
8,132 |
3,827,895 |
| Applied Materials, Inc. |
7,831 |
3,589,652 |
| Broadcom, Inc. |
36,699 |
13,591,108 |
| Intel Corp.(a) |
10,197 |
912,733 |
| Lam Research Corp. |
18,431 |
5,556,762 |
| Micron Technology, Inc. |
8,616 |
8,260,418 |
| NVIDIA Corp. |
192,681 |
42,540,111 |
| Teradyne, Inc. |
4,679 |
1,636,855 |
| Total |
79,915,534 | |
| Software 9.4% | ||
| Adobe, Inc.(a) |
17,558 |
5,140,807 |
| Fortinet, Inc.(a) |
23,187 |
3,963,354 |
| Microsoft Corp.(b) |
54,599 |
27,697,526 |
| Palantir Technologies, Inc., Class A(a) |
30,797 |
5,739,945 |
| ServiceNow, Inc.(a) |
28,416 |
4,205,284 |
| Total |
46,746,916 | |
| Technology Hardware, Storage & Peripherals 8.5% | ||
| Apple, Inc. |
119,231 |
37,778,342 |
| Sandisk Corp.(a) |
2,183 |
3,420,106 |
| Seagate Technology Holdings PLC |
1,310 |
1,085,178 |
| Total |
42,283,626 | |
| Total Information Technology |
186,904,169 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Materials 2.2% | ||
| Chemicals 1.0% | ||
| CF Industries Holdings, Inc. |
28,920 |
3,760,468 |
| PPG Industries, Inc. |
9,679 |
1,085,693 |
| Total |
4,846,161 | |
| Construction Materials 0.2% | ||
| CRH PLC |
12,254 |
1,155,430 |
| Metals & Mining 1.0% | ||
| Newmont Corp. |
37,791 |
4,763,933 |
| Total Materials |
10,765,524 | |
| Real Estate 1.9% | ||
| Hotel & Resort REITs 0.6% | ||
| Host Hotels & Resorts, Inc. |
131,691 |
2,887,984 |
| Specialized REITs 1.3% | ||
| American Tower Corp. |
22,186 |
3,898,080 |
| Equinix, Inc. |
2,756 |
2,884,760 |
| Total |
6,782,840 | |
| Total Real Estate |
9,670,824 | |
| Utilities 2.1% | ||
| Electric Utilities 1.5% | ||
| Edison International |
40,655 |
2,194,557 |
| Exelon Corp. |
72,841 |
3,184,609 |
| PG&E Corp. |
171,283 |
2,272,925 |
| Total |
7,652,091 | |
| Independent Power and Renewable Electricity Producers 0.6% | ||
| AES Corp. (The) |
183,483 |
2,704,539 |
| Total Utilities |
10,356,630 | |
| Total Common Stocks (Cost $255,419,422) |
491,769,307 | |
| Money Market Funds 1.0% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(c),(d) |
4,683,293 |
4,680,951 |
| Total Money Market Funds (Cost $4,680,014) |
4,680,951 | |
| Total Investments in Securities (Cost: $260,099,436) |
496,450,258 | |
| Other Assets & Liabilities, Net |
226,556 | |
| Net Assets |
496,676,814 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
At August 31, 2026, securities and/or cash totaling $2,498,403 were pledged as collateral.
Investments in derivatives
| Long futures contracts | ||||||
| Description |
Number of contracts |
Expiration date |
Trading currency |
Notional amount |
Value/Unrealized appreciation ($) |
Value/Unrealized depreciation ($) |
| S&P 500 Index E-mini |
15 |
09/2026 |
USD |
5,774,250 |
128,455 |
— |
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts. |
| (c) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (d) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 6,354,355 |
72,276,065 |
(73,949,766 ) |
297 |
4,680,951 |
(5,105 ) |
134,954 |
4,683,293 | |
Currency Legend
| USD |
US Dollar |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Large Cap Enhanced Core Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
44,924,125 |
— |
— |
44,924,125 |
| Consumer Discretionary |
43,453,404 |
— |
— |
43,453,404 |
| Consumer Staples |
21,714,490 |
— |
— |
21,714,490 |
| Energy |
18,050,785 |
— |
— |
18,050,785 |
| Financials |
60,056,779 |
— |
— |
60,056,779 |
| Health Care |
44,504,660 |
— |
— |
44,504,660 |
| Industrials |
41,367,917 |
— |
— |
41,367,917 |
| Information Technology |
186,904,169 |
— |
— |
186,904,169 |
| Materials |
10,765,524 |
— |
— |
10,765,524 |
| Real Estate |
9,670,824 |
— |
— |
9,670,824 |
| Utilities |
10,356,630 |
— |
— |
10,356,630 |
| Total Common Stocks |
491,769,307 |
— |
— |
491,769,307 |
| Money Market Funds |
4,680,951 |
— |
— |
4,680,951 |
| Total Investments in Securities |
496,450,258 |
— |
— |
496,450,258 |
| Investments in Derivatives |
||||
| Asset |
||||
| Futures Contracts |
128,455 |
— |
— |
128,455 |
| Total |
496,578,713 |
— |
— |
496,578,713 |
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
7
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $255,419,422) |
$491,769,307 |
| Affiliated issuers (cost $4,680,014) |
4,680,951 |
| Receivable for: |
|
| Capital shares sold |
109,400 |
| Dividends |
517,418 |
| Foreign tax reclaims |
1,245 |
| Expense reimbursement due from Investment Manager |
15,674 |
| Prepaid expenses |
4,231 |
| Other assets |
1,775 |
| Total assets |
497,100,001 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
127,845 |
| Variation margin for futures contracts |
17,250 |
| Management services fees |
30,797 |
| Distribution and/or service fees |
5,175 |
| Transfer agent fees |
55,348 |
| Compensation of chief compliance officer |
36 |
| Compensation of board members |
1,664 |
| Other expenses |
31,802 |
| Deferred compensation of board members |
153,270 |
| Total liabilities |
423,187 |
| Net assets applicable to outstanding capital stock |
$496,676,814 |
| Represented by |
|
| Paid in capital |
232,669,587 |
| Total distributable earnings (loss) |
264,007,227 |
| Total - representing net assets applicable to outstanding capital stock |
$496,676,814 |
| Class A |
|
| Net assets |
$75,179,415 |
| Shares outstanding |
2,488,714 |
| Net asset value per share |
$30.21 |
| Institutional Class |
|
| Net assets |
$81,938,187 |
| Shares outstanding |
2,717,870 |
| Net asset value per share |
$30.15 |
| Institutional 3 Class |
|
| Net assets |
$241,334,710 |
| Shares outstanding |
7,989,575 |
| Net asset value per share |
$30.21 |
| Class R |
|
| Net assets |
$87,654,821 |
| Shares outstanding |
2,922,867 |
| Net asset value per share |
$29.99 |
| Class S |
|
| Net assets |
$10,569,681 |
| Shares outstanding |
350,509 |
| Net asset value per share |
$30.16 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Large Cap Enhanced Core Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$3,167,878 |
| Dividends — affiliated issuers |
134,954 |
| Total income |
3,302,832 |
| Expenses: |
|
| Management services fees |
1,805,824 |
| Distribution and/or service fees |
|
| Class A |
92,424 |
| Class R |
155,156 |
| Transfer agent fees |
|
| Class A |
63,648 |
| Institutional Class |
67,980 |
| Institutional 3 Class |
4,972 |
| Class R |
53,796 |
| Class S |
9,966 |
| Custodian fees |
4,719 |
| Printing and postage fees |
9,902 |
| Registration fees |
45,457 |
| Accounting services fees |
16,880 |
| Legal fees |
10,291 |
| Interest on collateral |
239 |
| Compensation of chief compliance officer |
36 |
| Compensation of board members |
7,296 |
| Deferred compensation of board members |
14,494 |
| Other |
8,068 |
| Total expenses |
2,371,148 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(939,937 ) |
| Total net expenses |
1,431,211 |
| Net investment income |
1,871,621 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
28,674,318 |
| Investments — affiliated issuers |
(5,105 ) |
| Futures contracts |
756,476 |
| Net realized gain |
29,425,689 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
29,178,858 |
| Investments — affiliated issuers |
297 |
| Futures contracts |
118,600 |
| Net change in unrealized appreciation (depreciation) |
29,297,755 |
| Net realized and unrealized gain |
58,723,444 |
| Net increase in net assets resulting from operations |
$60,595,065 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
9
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$1,871,621 |
$4,162,887 |
| Net realized gain |
29,425,689 |
73,860,876 |
| Net change in unrealized appreciation (depreciation) |
29,297,755 |
4,821,571 |
| Net increase in net assets resulting from operations |
60,595,065 |
82,845,334 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(4,143,224 ) |
(8,674,781 ) |
| Institutional Class |
(4,549,348 ) |
(9,708,283 ) |
| Institutional 3 Class |
(15,424,886 ) |
(33,355,156 ) |
| Class R |
(2,815,024 ) |
(5,836,866 ) |
| Class S |
(664,823 ) |
(1,493,833 ) |
| Total distributions to shareholders |
(27,597,305 ) |
(59,068,919 ) |
| Increase (decrease) in net assets from capital stock activity |
23,086,701 |
(41,724,878 ) |
| Total increase (decrease) in net assets |
56,084,461 |
(17,948,463 ) |
| Net assets at beginning of period |
440,592,353 |
458,540,816 |
| Net assets at end of period |
$496,676,814 |
$440,592,353 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Large Cap Enhanced Core Fund | 2026
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
89,188 |
2,573,562 |
210,934 |
5,812,350 |
| Distributions reinvested |
105,823 |
3,044,535 |
227,500 |
6,397,171 |
| Shares redeemed |
(223,408 ) |
(6,554,588 ) |
(450,875 ) |
(12,816,614 ) |
| Net decrease |
(28,397 ) |
(936,491 ) |
(12,441 ) |
(607,093 ) |
| Institutional Class |
||||
| Shares sold |
205,192 |
6,080,912 |
324,594 |
9,269,842 |
| Distributions reinvested |
125,477 |
3,599,926 |
276,774 |
7,761,526 |
| Shares redeemed |
(263,909 ) |
(7,695,196 ) |
(873,339 ) |
(24,442,523 ) |
| Net increase (decrease) |
66,760 |
1,985,642 |
(271,971 ) |
(7,411,155 ) |
| Institutional 3 Class |
||||
| Shares sold |
3,093,728 |
89,819,862 |
4,426,574 |
112,613,185 |
| Distributions reinvested |
404,198 |
11,616,641 |
886,121 |
24,799,634 |
| Shares redeemed |
(3,778,183 ) |
(111,701,050 ) |
(6,019,653 ) |
(171,085,877 ) |
| Net decrease |
(280,257 ) |
(10,264,547 ) |
(706,958 ) |
(33,673,058 ) |
| Class R |
||||
| Shares sold |
1,513,681 |
43,490,724 |
278,293 |
7,816,642 |
| Distributions reinvested |
97,557 |
2,787,214 |
206,046 |
5,763,433 |
| Shares redeemed |
(419,581 ) |
(12,144,702 ) |
(431,738 ) |
(12,093,389 ) |
| Net increase |
1,191,657 |
34,133,236 |
52,601 |
1,486,686 |
| Class S |
||||
| Shares sold |
— |
— |
1 |
29 |
| Distributions reinvested |
23,164 |
664,823 |
53,315 |
1,493,833 |
| Shares redeemed |
(85,202 ) |
(2,495,962 ) |
(109,163 ) |
(3,014,120 ) |
| Net decrease |
(62,038 ) |
(1,831,139 ) |
(55,847 ) |
(1,520,258 ) |
| Total net increase (decrease) |
887,725 |
23,086,701 |
(994,616 ) |
(41,724,878 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
11
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.33 |
0.08 |
3.50 |
3.58 |
(0.01 ) |
(1.69 ) |
(1.70 ) |
| Year Ended 2/28/2026 |
$27.71 |
0.17 |
4.09 |
4.26 |
(0.21 ) |
(3.43 ) |
(3.64 ) |
| Year Ended 2/28/2025 |
$26.90 |
0.20 |
4.27 |
4.47 |
(0.22 ) |
(3.44 ) |
(3.66 ) |
| Year Ended 2/29/2024 |
$21.79 |
0.21 |
6.06 |
6.27 |
(0.23 ) |
(0.93 ) |
(1.16 ) |
| Year Ended 2/28/2023 |
$25.71 |
0.20 |
(2.31 ) |
(2.11 ) |
(0.18 ) |
(1.63 ) |
(1.81 ) |
| Year Ended 2/28/2022 |
$27.58 |
0.25 |
5.49 |
5.74 |
(0.26 ) |
(7.35 ) |
(7.61 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.26 |
0.12 |
3.48 |
3.60 |
(0.02 ) |
(1.69 ) |
(1.71 ) |
| Year Ended 2/28/2026 |
$27.64 |
0.24 |
4.09 |
4.33 |
(0.28 ) |
(3.43 ) |
(3.71 ) |
| Year Ended 2/28/2025 |
$26.83 |
0.27 |
4.27 |
4.54 |
(0.29 ) |
(3.44 ) |
(3.73 ) |
| Year Ended 2/29/2024 |
$21.73 |
0.27 |
6.05 |
6.32 |
(0.29 ) |
(0.93 ) |
(1.22 ) |
| Year Ended 2/28/2023 |
$25.66 |
0.26 |
(2.32 ) |
(2.06 ) |
(0.24 ) |
(1.63 ) |
(1.87 ) |
| Year Ended 2/28/2022 |
$27.53 |
0.32 |
5.49 |
5.81 |
(0.33 ) |
(7.35 ) |
(7.68 ) |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.29 |
0.14 |
3.50 |
3.64 |
(0.03 ) |
(1.69 ) |
(1.72 ) |
| Year Ended 2/28/2026 |
$27.67 |
0.29 |
4.09 |
4.38 |
(0.33 ) |
(3.43 ) |
(3.76 ) |
| Year Ended 2/28/2025 |
$26.86 |
0.32 |
4.26 |
4.58 |
(0.33 ) |
(3.44 ) |
(3.77 ) |
| Year Ended 2/29/2024 |
$21.75 |
0.32 |
6.05 |
6.37 |
(0.33 ) |
(0.93 ) |
(1.26 ) |
| Year Ended 2/28/2023 |
$25.68 |
0.30 |
(2.31 ) |
(2.01 ) |
(0.29 ) |
(1.63 ) |
(1.92 ) |
| Year Ended 2/28/2022 |
$27.54 |
0.37 |
5.51 |
5.88 |
(0.39 ) |
(7.35 ) |
(7.74 ) |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.16 |
0.04 |
3.48 |
3.52 |
(0.00 ) |
(1.69 ) |
(1.69 ) |
| Year Ended 2/28/2026 |
$27.57 |
0.10 |
4.06 |
4.16 |
(0.14 ) |
(3.43 ) |
(3.57 ) |
| Year Ended 2/28/2025 |
$26.78 |
0.13 |
4.25 |
4.38 |
(0.15 ) |
(3.44 ) |
(3.59 ) |
| Year Ended 2/29/2024 |
$21.70 |
0.15 |
6.03 |
6.18 |
(0.17 ) |
(0.93 ) |
(1.10 ) |
| Year Ended 2/28/2023 |
$25.61 |
0.14 |
(2.29 ) |
(2.15 ) |
(0.13 ) |
(1.63 ) |
(1.76 ) |
| Year Ended 2/28/2022 |
$27.50 |
0.17 |
5.47 |
5.64 |
(0.18 ) |
(7.35 ) |
(7.53 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Large Cap Enhanced Core Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$30.21 |
12.95% |
1.22% (c) |
0.83% (c) |
0.55% |
49% |
$75,179 |
| Year Ended 2/28/2026 |
$28.33 |
15.77% |
1.23% (c) |
0.83% (c),(d) |
0.60% |
72% |
$71,316 |
| Year Ended 2/28/2025 |
$27.71 |
16.75% |
1.21% (c) |
0.82% (c),(d) |
0.72% |
85% |
$70,102 |
| Year Ended 2/29/2024 |
$26.90 |
29.42% |
1.23% (c) |
0.82% (c),(d) |
0.89% |
90% |
$62,679 |
| Year Ended 2/28/2023 |
$21.79 |
(7.84% ) |
1.24% (c) |
0.83% (c),(d) |
0.89% |
92% |
$50,648 |
| Year Ended 2/28/2022 |
$25.71 |
20.15% |
1.23% (c) |
0.84% (c),(d) |
0.83% |
67% |
$61,024 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$30.15 |
13.06% |
0.97% (c) |
0.58% (c) |
0.80% |
49% |
$81,938 |
| Year Ended 2/28/2026 |
$28.26 |
16.08% |
0.98% (c) |
0.58% (c),(d) |
0.86% |
72% |
$74,908 |
| Year Ended 2/28/2025 |
$27.64 |
17.06% |
0.96% (c) |
0.57% (c),(d) |
0.97% |
85% |
$80,800 |
| Year Ended 2/29/2024 |
$26.83 |
29.76% |
0.98% (c) |
0.57% (c),(d) |
1.14% |
90% |
$76,790 |
| Year Ended 2/28/2023 |
$21.73 |
(7.66% ) |
0.99% (c) |
0.58% (c),(d) |
1.14% |
92% |
$66,112 |
| Year Ended 2/28/2022 |
$25.66 |
20.49% |
0.98% (c) |
0.59% (c),(d) |
1.08% |
67% |
$88,028 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$30.21 |
13.19% |
0.80% (c) |
0.41% (c) |
0.96% |
49% |
$241,335 |
| Year Ended 2/28/2026 |
$28.29 |
16.24% |
0.81% (c) |
0.42% (c) |
1.02% |
72% |
$233,956 |
| Year Ended 2/28/2025 |
$27.67 |
17.21% |
0.80% (c) |
0.42% (c) |
1.15% |
85% |
$248,411 |
| Year Ended 2/29/2024 |
$26.86 |
29.99% |
0.81% (c) |
0.40% (c) |
1.33% |
90% |
$200,488 |
| Year Ended 2/28/2023 |
$21.75 |
(7.47% ) |
0.81% (c) |
0.40% (c) |
1.32% |
92% |
$172,478 |
| Year Ended 2/28/2022 |
$25.68 |
20.73% |
0.80% (c) |
0.40% (c) |
1.25% |
67% |
$193,329 |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$29.99 |
12.80% |
1.48% (c) |
1.08% (c) |
0.27% |
49% |
$87,655 |
| Year Ended 2/28/2026 |
$28.16 |
15.47% |
1.48% (c) |
1.08% (c),(d) |
0.35% |
72% |
$48,753 |
| Year Ended 2/28/2025 |
$27.57 |
16.48% |
1.46% (c) |
1.07% (c),(d) |
0.47% |
85% |
$46,278 |
| Year Ended 2/29/2024 |
$26.78 |
29.10% |
1.48% (c) |
1.07% (c),(d) |
0.64% |
90% |
$45,195 |
| Year Ended 2/28/2023 |
$21.70 |
(8.08% ) |
1.49% (c) |
1.08% (c),(d) |
0.64% |
92% |
$42,420 |
| Year Ended 2/28/2022 |
$25.61 |
19.85% |
1.48% (c) |
1.09% (c),(d) |
0.57% |
67% |
$51,549 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
13
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 | |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$28.26 |
0.12 |
3.49 |
3.61 |
(0.02 ) |
(1.69 ) |
(1.71 ) |
| Year Ended 2/28/2026 |
$27.65 |
0.24 |
4.08 |
4.32 |
(0.28 ) |
(3.43 ) |
(3.71 ) |
| Year Ended 2/28/2025(e) |
$28.92 |
0.11 |
1.14 |
1.25 |
(0.25 ) |
(2.27 ) |
(2.52 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (d) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Large Cap Enhanced Core Fund | 2026
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 S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$30.16 |
13.10% |
0.97% (c) |
0.58% (c) |
0.81% |
49% |
$10,570 |
| Year Ended 2/28/2026 |
$28.26 |
16.04% |
0.98% (c) |
0.58% (c),(d) |
0.86% |
72% |
$11,659 |
| Year Ended 2/28/2025 (e) |
$27.65 |
4.02% |
0.98% (c) |
0.58% (c) |
0.99% |
85% |
$12,950 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Enhanced Core Fund | 2026
15
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Large Cap Enhanced Core 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 shares are offered to the general public for investment. Institutional Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Large Cap Enhanced Core Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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.
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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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
Columbia Large Cap Enhanced Core Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures
18
Columbia Large Cap Enhanced Core Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2026:
| Asset derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Equity risk |
Component of total distributable earnings (loss) — unrealized appreciation on futures contracts |
128,455 * |
| * |
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
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 six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
756,476 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
118,600 |
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average notional amounts ($) |
| Futures contracts — long |
7,732,939 |
Columbia Large Cap Enhanced Core Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
20
Columbia Large Cap Enhanced Core Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for 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 0.75% to 0.55% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.75% 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 "Deferred 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. 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).
Columbia Large Cap Enhanced Core Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
For the six months ended August 31, 2026, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A |
0.17 |
| Institutional Class |
0.17 |
| Institutional 3 Class |
0.00 |
| Class R |
0.17 |
| Class S |
0.17 |
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 six months ended August 31, 2026, 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 distribution fee to the Distributor at the maximum annual rate of 0.50% of the average daily net assets attributable to Class R shares of the Fund.
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:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
0.83 |
0.83 |
| Institutional Class |
0.58 |
0.58 |
| Institutional 3 Class |
0.41 |
0.42 |
| Class R |
1.08 |
1.08 |
| Class S |
0.58 |
0.58 |
22
Columbia Large Cap Enhanced Core Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 260,099,000 |
242,447,000 |
(5,967,000 ) |
236,480,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $229,369,356 and $229,485,013, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Columbia Large Cap Enhanced Core Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
24
Columbia Large Cap Enhanced Core Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 20.3% of the outstanding shares of the Fund in one or more accounts. The Fund has no knowledge about whether any portion of those shares was owned beneficially. Affiliated shareholders of record owned 22.0% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Large Cap Enhanced Core Fund | 2026
25
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Large Cap Enhanced Core Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
26
Columbia Large Cap Enhanced Core Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Large Cap Enhanced Core Fund | 2026
27
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
28
Columbia Large Cap Enhanced Core Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Large Cap Enhanced Core Fund | 2026
29
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Large Cap Enhanced Core Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR173_(10/26)
Columbia Large Cap Index Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 15 | |
| 16 | |
| 17 | |
| 18 | |
| 20 | |
| 30 |
Columbia Large Cap Index Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 98.9% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 9.4% | ||
| Diversified Telecommunication Services 0.7% | ||
| AT&T, Inc. |
313,268 |
8,110,509 |
| Comcast Corp., Class A |
160,629 |
4,275,944 |
| Verizon Communications, Inc. |
188,256 |
9,416,565 |
| Total |
21,803,018 | |
| Entertainment 1.0% | ||
| Live Nation Entertainment, Inc.(a) |
7,134 |
1,283,335 |
| Netflix, Inc.(a) |
189,844 |
15,386,856 |
| Take-Two Interactive Software, Inc.(a) |
7,848 |
1,724,206 |
| TKO Group Holdings, Inc. |
2,839 |
518,430 |
| Walt Disney Co. (The) |
78,292 |
8,420,304 |
| Warner Bros Discovery, Inc.(a) |
111,739 |
3,187,914 |
| Total |
30,521,045 | |
| Interactive Media & Services 7.3% | ||
| Alphabet, Inc., Class A |
264,364 |
89,711,923 |
| Alphabet, Inc., Class C |
213,090 |
71,472,517 |
| Meta Platforms, Inc., Class A |
99,009 |
56,666,811 |
| Reddit, Inc., Class A(a) |
5,886 |
870,010 |
| Total |
218,721,261 | |
| Media 0.3% | ||
| AppLovin Corp.(a) |
12,130 |
3,785,288 |
| Charter Communications, Inc., Class A(a) |
5,159 |
786,438 |
| EchoStar Corp., Class A(a) |
6,144 |
531,088 |
| Fox Corp., Class A |
8,994 |
605,746 |
| Fox Corp., Class B |
6,269 |
377,519 |
| News Corp., Class A |
16,451 |
505,210 |
| News Corp., Class B |
5,432 |
186,915 |
| Omnicom Group, Inc. |
12,850 |
1,124,760 |
| Paramount Skydance Corp., Class B |
14,221 |
155,151 |
| Trade Desk, Inc. (The), Class A(a) |
19,251 |
264,124 |
| Total |
8,322,239 | |
| Wireless Telecommunication Services 0.1% | ||
| T-Mobile US, Inc. |
20,980 |
3,785,631 |
| Total Communication Services |
283,153,194 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Discretionary 9.0% | ||
| Automobile Components 0.0% | ||
| Aptiv PLC(a) |
9,541 |
427,055 |
| Automobiles 1.7% | ||
| Ford Motor Co. |
176,456 |
2,459,797 |
| General Motors Co. |
40,652 |
3,509,081 |
| Tesla, Inc.(a) |
126,928 |
46,703,157 |
| Total |
52,672,035 | |
| Broadline Retail 3.9% | ||
| Amazon.com, Inc.(a) |
441,337 |
114,646,113 |
| eBay, Inc. |
20,018 |
2,073,064 |
| Total |
116,719,177 | |
| Distributors 0.0% | ||
| Genuine Parts Co. |
6,205 |
841,832 |
| Hotels, Restaurants & Leisure 1.6% | ||
| Airbnb, Inc., Class A(a) |
18,842 |
3,452,231 |
| Booking Holdings, Inc. |
34,935 |
6,955,209 |
| Carnival Corp., Ltd. |
58,000 |
1,385,620 |
| Chipotle Mexican Grill, Inc.(a) |
57,832 |
2,199,351 |
| Darden Restaurants, Inc. |
5,164 |
1,106,439 |
| Domino’s Pizza, Inc. |
1,380 |
472,043 |
| DoorDash, Inc., Class A(a) |
17,062 |
3,953,948 |
| Expedia Group, Inc. |
5,162 |
1,636,973 |
| Hilton Worldwide Holdings, Inc. |
10,264 |
3,246,298 |
| Las Vegas Sands Corp. |
13,443 |
588,938 |
| Marriott International, Inc., Class A |
9,867 |
3,372,146 |
| McDonald’s Corp. |
32,033 |
8,441,977 |
| MGM Resorts International(a) |
8,651 |
357,805 |
| Norwegian Cruise Line Holdings Ltd.(a) |
20,699 |
334,082 |
| Royal Caribbean Cruises Ltd. |
11,245 |
3,021,981 |
| Starbucks Corp. |
51,384 |
5,459,550 |
| Wynn Resorts Ltd. |
3,781 |
345,130 |
| Yum! Brands, Inc. |
12,426 |
1,905,030 |
| Total |
48,234,751 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Household Durables 0.2% | ||
| D.R. Horton, Inc. |
11,890 |
1,718,818 |
| Garmin Ltd. |
7,391 |
2,099,857 |
| Lennar Corp., Class A |
9,704 |
816,204 |
| NVR, Inc.(a) |
122 |
770,458 |
| PulteGroup, Inc. |
8,588 |
1,084,836 |
| Total |
6,490,173 | |
| Leisure Products 0.0% | ||
| Hasbro, Inc. |
6,060 |
570,246 |
| Specialty Retail 1.4% | ||
| AutoZone, Inc.(a) |
743 |
2,222,491 |
| Best Buy Co., Inc. |
8,834 |
708,045 |
| Carvana Co.(a) |
32,294 |
2,372,317 |
| Home Depot, Inc. (The) |
44,906 |
14,721,534 |
| Lowe’s Companies, Inc. |
25,251 |
5,168,880 |
| O’Reilly Automotive, Inc.(a) |
37,363 |
3,317,835 |
| Ross Stores, Inc. |
14,524 |
3,319,315 |
| TJX Companies, Inc. (The) |
49,856 |
6,676,217 |
| Tractor Supply Co. |
23,645 |
825,211 |
| Ulta Beauty, Inc.(a) |
1,964 |
1,054,864 |
| Williams-Sonoma, Inc. |
5,308 |
1,211,551 |
| Total |
41,598,260 | |
| Textiles, Apparel & Luxury Goods 0.2% | ||
| Deckers Outdoor Corp.(a) |
6,400 |
557,312 |
| lululemon athletica, Inc.(a) |
4,721 |
567,747 |
| NIKE, Inc., Class B |
54,080 |
2,112,365 |
| Ralph Lauren Corp. |
1,743 |
604,647 |
| Tapestry, Inc. |
9,109 |
1,123,959 |
| Total |
4,966,030 | |
| Total Consumer Discretionary |
272,519,559 | |
| Consumer Staples 4.4% | ||
| Beverages 1.0% | ||
| Brown-Forman Corp., Class B |
7,591 |
201,693 |
| Coca-Cola Co. (The) |
174,580 |
15,480,009 |
| Constellation Brands, Inc., Class A |
6,288 |
821,338 |
| Keurig Dr. Pepper, Inc. |
61,341 |
1,954,324 |
| Molson Coors Beverage Co., Class B |
7,233 |
287,584 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Monster Beverage Corp.(a) |
64,377 |
2,956,192 |
| PepsiCo, Inc. |
61,621 |
8,647,891 |
| Total |
30,349,031 | |
| Consumer Staples Distribution & Retail 1.6% | ||
| Casey’s General Stores, Inc. |
1,666 |
1,253,182 |
| Costco Wholesale Corp. |
20,002 |
18,879,688 |
| Dollar General Corp. |
9,929 |
1,258,501 |
| Dollar Tree, Inc.(a) |
8,165 |
1,033,607 |
| Kroger Co. (The) |
25,574 |
1,471,528 |
| Sysco Corp. |
21,559 |
1,748,003 |
| Target Corp. |
20,477 |
3,294,340 |
| Walmart, Inc. |
197,655 |
20,728,080 |
| Total |
49,666,929 | |
| Food Products 0.4% | ||
| Archer-Daniels-Midland Co. |
21,729 |
1,766,350 |
| Bunge Global SA |
6,123 |
711,554 |
| General Mills, Inc. |
24,061 |
991,313 |
| Hershey Co. (The) |
6,683 |
1,177,612 |
| Hormel Foods Corp. |
13,149 |
287,306 |
| JM Smucker Co. (The) |
4,808 |
630,617 |
| Kraft Heinz Co. (The) |
38,492 |
988,090 |
| McCormick & Co., Inc. |
11,451 |
620,873 |
| Mondelez International, Inc., Class A |
57,874 |
3,592,239 |
| Tyson Foods, Inc., Class A |
12,719 |
701,326 |
| Total |
11,467,280 | |
| Household Products 0.7% | ||
| Church & Dwight Co., Inc. |
10,683 |
1,065,950 |
| Clorox Co. (The) |
5,452 |
532,551 |
| Colgate-Palmolive Co. |
36,077 |
3,240,436 |
| Kimberly-Clark Corp. |
14,966 |
1,615,580 |
| Procter & Gamble Co. (The) |
104,985 |
15,235,423 |
| Total |
21,689,940 | |
| Personal Care Products 0.1% | ||
| Estee Lauder Companies, Inc. (The), Class A |
11,149 |
1,140,543 |
| Kenvue, Inc. |
86,564 |
1,634,328 |
| Total |
2,774,871 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Large Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Tobacco 0.6% | ||
| Altria Group, Inc. |
75,287 |
5,155,654 |
| Philip Morris International, Inc. |
70,268 |
13,161,196 |
| Total |
18,316,850 | |
| Total Consumer Staples |
134,264,901 | |
| Energy 3.4% | ||
| Energy Equipment & Services 0.3% | ||
| Baker Hughes Co. |
44,728 |
2,842,464 |
| Halliburton Co. |
37,664 |
1,387,918 |
| SLB Ltd. |
67,405 |
4,051,041 |
| Total |
8,281,423 | |
| Oil, Gas & Consumable Fuels 3.1% | ||
| APA Corp. |
15,936 |
687,638 |
| Chevron Corp. |
84,404 |
17,399,041 |
| ConocoPhillips Co. |
54,927 |
7,277,278 |
| Devon Energy Corp. |
51,981 |
2,521,598 |
| Diamondback Energy, Inc. |
8,751 |
1,754,401 |
| EOG Resources, Inc. |
24,014 |
3,481,069 |
| EQT Corp. |
28,200 |
1,527,876 |
| Expand Energy Corp. |
10,786 |
1,058,754 |
| ExxonMobil Holdings Corp. |
186,875 |
30,077,531 |
| Kinder Morgan, Inc. |
88,270 |
2,845,825 |
| Marathon Petroleum Corp. |
13,163 |
4,914,011 |
| Occidental Petroleum Corp. |
32,736 |
1,970,053 |
| ONEOK, Inc. |
28,405 |
2,727,164 |
| Phillips 66 |
18,076 |
4,457,180 |
| Targa Resources Corp. |
9,677 |
2,841,651 |
| Texas Pacific Land Corp. |
2,612 |
977,776 |
| Valero Energy Corp. |
13,387 |
4,804,862 |
| Williams Companies, Inc. (The) |
55,139 |
4,138,182 |
| Total |
95,461,890 | |
| Total Energy |
103,743,313 | |
| Financials 12.2% | ||
| Banks 3.5% | ||
| Bank of America Corp. |
294,355 |
18,232,349 |
| Citigroup, Inc. |
76,896 |
10,121,052 |
| Citizens Financial Group, Inc. |
19,066 |
1,313,075 |
| Fifth Third Bancorp |
40,861 |
2,197,096 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Huntington Bancshares, Inc. |
91,393 |
1,524,892 |
| JPMorgan Chase & Co. |
120,807 |
43,009,708 |
| KeyCorp |
41,550 |
897,895 |
| M&T Bank Corp. |
6,602 |
1,544,472 |
| PNC Financial Services Group, Inc. (The) |
18,105 |
4,338,501 |
| Regions Financial Corp. |
38,475 |
1,149,633 |
| Truist Financial Corp. |
56,172 |
2,785,008 |
| U.S. Bancorp |
69,986 |
4,309,738 |
| Wells Fargo & Co. |
137,969 |
11,919,142 |
| Total |
103,342,561 | |
| Capital Markets 3.2% | ||
| Ameriprise Financial, Inc.(b) |
4,053 |
2,241,755 |
| Ares Management Corp., Class A |
9,510 |
1,361,547 |
| Bank of New York Mellon Corp. (The) |
30,945 |
4,990,810 |
| Blackrock, Inc. |
6,509 |
7,521,866 |
| Blackstone, Inc. |
33,493 |
4,797,537 |
| Cboe Global Markets, Inc. |
4,718 |
1,416,344 |
| Charles Schwab Corp. (The) |
73,705 |
8,094,283 |
| CME Group, Inc. |
16,337 |
4,664,214 |
| Coinbase Global, Inc., Class A(a) |
10,028 |
1,886,467 |
| FactSet Research Systems, Inc. |
1,642 |
514,849 |
| Franklin Templeton, Inc. |
13,822 |
472,021 |
| Goldman Sachs Group, Inc. (The) |
13,300 |
13,644,470 |
| Interactive Brokers Group, Inc., Class A |
20,085 |
1,954,070 |
| Intercontinental Exchange, Inc. |
25,496 |
4,097,207 |
| Invesco Ltd. |
19,986 |
655,141 |
| KKR & Co., Inc., Class A |
31,170 |
3,419,972 |
| Moody’s Corp. |
6,774 |
3,418,431 |
| Morgan Stanley |
54,045 |
11,528,879 |
| MSCI, Inc. |
3,282 |
1,872,840 |
| Nasdaq, Inc. |
20,143 |
1,986,301 |
| Northern Trust Corp. |
8,343 |
1,548,127 |
| Raymond James Financial, Inc. |
7,820 |
1,393,289 |
| Robinhood Markets, Inc., Class A(a) |
35,671 |
3,738,678 |
| S&P Global, Inc. |
13,670 |
5,957,935 |
| State Street Corp. |
12,478 |
2,388,040 |
| T. Rowe Price Group, Inc. |
9,660 |
1,074,965 |
| Total |
96,640,038 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Finance 0.5% | ||
| American Express Co. |
23,995 |
7,922,429 |
| Capital One Financial Corp. |
28,056 |
6,018,293 |
| Synchrony Financial |
15,165 |
1,168,918 |
| Total |
15,109,640 | |
| Financial Services 3.4% | ||
| Apollo Global Management, Inc. |
20,794 |
2,840,044 |
| Berkshire Hathaway, Inc., Class B(a) |
82,656 |
41,661,104 |
| Block, Inc., Class A(a) |
24,129 |
1,979,061 |
| Corpay, Inc.(a) |
2,947 |
1,191,472 |
| Fidelity National Information Services, Inc. |
23,304 |
950,104 |
| Fiserv, Inc.(a) |
24,042 |
1,281,679 |
| Global Payments, Inc. |
10,483 |
954,477 |
| Jack Henry & Associates, Inc. |
3,203 |
537,816 |
| MasterCard, Inc., Class A |
36,378 |
21,437,919 |
| PayPal Holdings, Inc. |
39,770 |
2,094,487 |
| Visa, Inc., Class A |
74,828 |
28,387,498 |
| Total |
103,315,661 | |
| Insurance 1.6% | ||
| Aflac, Inc. |
20,653 |
2,392,650 |
| Allstate Corp. (The) |
11,606 |
2,992,027 |
| American International Group, Inc. |
23,904 |
1,825,309 |
| Aon PLC, Class A |
9,629 |
3,095,916 |
| Arch Capital Group Ltd.(a) |
15,689 |
1,538,620 |
| Arthur J Gallagher & Co. |
11,582 |
3,036,221 |
| Assurant, Inc. |
2,234 |
629,675 |
| Brown & Brown, Inc. |
13,142 |
948,458 |
| Chubb Ltd. |
16,263 |
5,506,652 |
| Cincinnati Financial Corp. |
6,974 |
1,184,883 |
| Erie Indemnity Co., Class A |
1,145 |
292,616 |
| Everest Group Ltd. |
1,784 |
668,376 |
| Globe Life, Inc. |
3,501 |
604,518 |
| Hartford Insurance Group, Inc. (The) |
12,359 |
1,697,879 |
| Loews Corp. |
7,607 |
823,762 |
| Marsh & McLennan Companies, Inc. |
21,722 |
4,122,836 |
| MetLife, Inc. |
24,368 |
2,319,102 |
| Principal Financial Group, Inc. |
8,862 |
976,238 |
| Progressive Corp. (The) |
26,345 |
5,745,318 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Prudential Financial, Inc. |
15,645 |
1,839,852 |
| Travelers Companies, Inc. (The) |
9,587 |
3,508,171 |
| Willis Towers Watson PLC |
4,258 |
1,441,546 |
| WR Berkley Corp. |
13,259 |
895,778 |
| Total |
48,086,403 | |
| Total Financials |
366,494,303 | |
| Health Care 9.2% | ||
| Biotechnology 1.8% | ||
| AbbVie, Inc. |
79,656 |
20,425,392 |
| Amgen, Inc. |
24,333 |
10,460,270 |
| Biogen, Inc.(a) |
6,656 |
1,442,022 |
| Gilead Sciences, Inc. |
55,976 |
8,191,528 |
| Incyte Corp.(a) |
7,566 |
932,283 |
| Moderna, Inc.(a) |
15,921 |
2,234,353 |
| Regeneron Pharmaceuticals, Inc. |
4,505 |
3,599,855 |
| Vertex Pharmaceuticals, Inc.(a) |
11,443 |
6,230,942 |
| Total |
53,516,645 | |
| Health Care Equipment & Supplies 1.5% | ||
| Abbott Laboratories |
78,530 |
8,666,571 |
| Align Technology, Inc.(a) |
3,003 |
479,849 |
| Baxter International, Inc. |
23,285 |
605,410 |
| Becton Dickinson & Co. |
12,423 |
2,336,890 |
| Boston Scientific Corp.(a) |
67,012 |
3,236,680 |
| Cooper Cos, Inc. (The)(a) |
8,797 |
616,582 |
| DexCom, Inc.(a) |
17,397 |
1,584,171 |
| Edwards Lifesciences Corp.(a) |
25,960 |
2,355,870 |
| GE HealthCare Technologies, Inc. |
20,509 |
1,460,856 |
| IDEXX Laboratories, Inc.(a) |
3,556 |
1,979,590 |
| Insulet Corp.(a) |
3,123 |
464,265 |
| Intuitive Surgical, Inc.(a) |
15,967 |
6,017,324 |
| Medtronic PLC |
57,884 |
5,247,184 |
| ResMed, Inc. |
6,540 |
1,570,254 |
| Solventum Corp.(a) |
6,636 |
604,274 |
| STERIS PLC |
4,422 |
1,028,734 |
| Stryker Corp. |
15,555 |
5,036,709 |
| Zimmer Biomet Holdings, Inc. |
8,722 |
872,549 |
| Total |
44,163,762 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Large Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Health Care Providers & Services 1.6% | ||
| Cardinal Health, Inc. |
10,559 |
2,477,353 |
| Cencora, Inc. |
8,772 |
2,838,619 |
| Centene Corp.(a) |
21,150 |
1,360,791 |
| Cigna Group (The) |
11,926 |
3,292,530 |
| CVS Health Corp. |
57,525 |
5,402,173 |
| DaVita, Inc.(a) |
1,447 |
254,686 |
| Elevance Health, Inc. |
9,791 |
3,843,359 |
| HCA Healthcare, Inc. |
7,001 |
2,901,564 |
| Henry Schein, Inc.(a) |
4,366 |
392,067 |
| Humana, Inc. |
5,413 |
2,074,424 |
| Labcorp Holdings, Inc. |
3,697 |
1,229,844 |
| McKesson Corp. |
5,419 |
4,797,549 |
| Quest Diagnostics, Inc. |
4,991 |
1,199,337 |
| UnitedHealth Group, Inc. |
40,944 |
15,944,003 |
| Universal Health Services, Inc., Class B |
2,402 |
409,133 |
| Total |
48,417,432 | |
| Health Care Technology 0.0% | ||
| Veeva Systems Inc., Class A(a) |
6,769 |
1,933,836 |
| Life Sciences Tools & Services 0.9% | ||
| Agilent Technologies, Inc. |
12,741 |
1,956,508 |
| Bio-Techne Corp. |
7,059 |
510,436 |
| Charles River Laboratories International, Inc.(a) |
2,172 |
626,057 |
| Danaher Corp. |
28,400 |
6,065,104 |
| IQVIA Holdings, Inc.(a) |
7,525 |
1,965,455 |
| Mettler-Toledo International, Inc.(a) |
911 |
1,280,083 |
| Revvity, Inc. |
5,030 |
647,210 |
| Thermo Fisher Scientific, Inc. |
16,755 |
10,339,511 |
| Waters Corp.(a) |
4,427 |
1,835,567 |
| West Pharmaceutical Services, Inc. |
3,185 |
1,086,435 |
| Total |
26,312,366 | |
| Pharmaceuticals 3.4% | ||
| Bristol-Myers Squibb Co. |
92,067 |
6,150,996 |
| Eli Lilly & Co. |
35,665 |
41,254,775 |
| Johnson & Johnson |
108,530 |
28,852,701 |
| Merck & Co., Inc. |
111,352 |
16,453,372 |
| Pfizer, Inc. |
256,961 |
7,313,110 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Viatris, Inc. |
52,504 |
866,841 |
| Zoetis, Inc. |
18,901 |
1,457,267 |
| Total |
102,349,062 | |
| Total Health Care |
276,693,103 | |
| Industrials 8.2% | ||
| Aerospace & Defense 2.1% | ||
| Axon Enterprise, Inc.(a) |
3,634 |
2,058,879 |
| Boeing Co. (The)(a) |
35,541 |
7,384,709 |
| General Dynamics Corp. |
11,444 |
4,249,730 |
| General Electric Co. |
47,039 |
15,791,463 |
| Honeywell Aerospace, Inc.(a) |
14,284 |
2,258,443 |
| Howmet Aerospace, Inc. |
18,039 |
4,418,653 |
| Huntington Ingalls Industries, Inc. |
1,777 |
517,462 |
| L3Harris Technologies, Inc. |
8,399 |
2,236,234 |
| Lockheed Martin Corp. |
9,148 |
5,134,132 |
| Northrop Grumman Corp. |
6,019 |
3,248,454 |
| RTX Corp. |
60,715 |
12,612,327 |
| Textron, Inc. |
7,840 |
631,591 |
| TransDigm Group, Inc. |
2,522 |
2,955,128 |
| Total |
63,497,205 | |
| Air Freight & Logistics 0.3% | ||
| CH Robinson Worldwide, Inc. |
5,314 |
795,293 |
| Expeditors International of Washington, Inc. |
5,897 |
1,118,366 |
| FedEx Corp. |
9,897 |
3,240,278 |
| United Parcel Service, Inc., Class B |
33,660 |
3,508,382 |
| Total |
8,662,319 | |
| Building Products 0.4% | ||
| Allegion PLC |
3,874 |
601,439 |
| AO Smith Corp. |
5,048 |
298,488 |
| Builders FirstSource, Inc.(a) |
4,849 |
321,974 |
| Carrier Global Corp. |
35,200 |
2,049,344 |
| Johnson Controls International PLC |
27,507 |
3,802,568 |
| Lennox International, Inc. |
1,428 |
546,410 |
| Masco Corp. |
9,095 |
656,295 |
| Trane Technologies PLC |
9,966 |
4,428,890 |
| Total |
12,705,408 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Commercial Services & Supplies 0.4% | ||
| Cintas Corp. |
15,332 |
3,093,844 |
| Copart, Inc.(a) |
39,956 |
1,318,148 |
| Republic Services, Inc. |
9,016 |
1,991,815 |
| Rollins, Inc. |
13,241 |
477,603 |
| Veralto Corp. |
11,073 |
1,091,466 |
| Waste Management, Inc. |
16,658 |
3,646,769 |
| Total |
11,619,645 | |
| Construction & Engineering 0.3% | ||
| Comfort Systems U.S.A., Inc. |
1,584 |
2,448,262 |
| EMCOR Group, Inc. |
2,004 |
1,472,018 |
| Quanta Services, Inc. |
6,765 |
4,106,964 |
| Total |
8,027,244 | |
| Electrical Equipment 1.1% | ||
| AMETEK, Inc. |
10,334 |
2,430,247 |
| Eaton Corp. PLC |
17,507 |
7,035,713 |
| Emerson Electric Co. |
25,252 |
3,849,415 |
| GE Vernova, Inc. |
12,115 |
10,885,691 |
| Generac Holdings, Inc.(a) |
2,654 |
491,999 |
| Hubbell, Inc. |
2,382 |
1,079,046 |
| Rockwell Automation, Inc. |
5,017 |
2,129,365 |
| Vertiv Holdings Co. |
17,318 |
4,480,513 |
| Total |
32,381,989 | |
| Ground Transportation 0.8% | ||
| CSX Corp. |
83,774 |
4,231,425 |
| FedEx Freight Holding Co., Inc.(a) |
4,901 |
655,460 |
| JB Hunt Transport Services, Inc. |
3,359 |
891,714 |
| Norfolk Southern Corp. |
10,127 |
3,471,434 |
| Old Dominion Freight Line, Inc. |
8,251 |
1,649,870 |
| Uber Technologies, Inc.(a) |
91,775 |
6,942,779 |
| Union Pacific Corp. |
26,769 |
8,048,635 |
| Total |
25,891,317 | |
| Industrial Conglomerates 0.3% | ||
| 3M Co. |
23,515 |
4,040,582 |
| DuPont de Nemours, Inc. |
6,160 |
829,074 |
| Honeywell International, Inc. |
14,284 |
3,050,063 |
| Total |
7,919,719 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Machinery 1.7% | ||
| Caterpillar, Inc. |
20,766 |
16,560,262 |
| Cummins, Inc. |
6,221 |
3,511,132 |
| Deere & Co. |
11,325 |
7,416,856 |
| Dover Corp. |
6,071 |
1,179,170 |
| Fortive Corp. |
13,745 |
808,756 |
| IDEX Corp. |
3,337 |
762,972 |
| Illinois Tool Works, Inc. |
11,804 |
3,250,467 |
| Ingersoll Rand, Inc. |
16,056 |
1,237,115 |
| Nordson Corp. |
2,389 |
768,589 |
| Otis Worldwide Corp. |
17,300 |
1,230,549 |
| PACCAR, Inc. |
23,728 |
2,945,357 |
| Parker-Hannifin Corp. |
5,685 |
5,568,116 |
| Pentair PLC |
7,286 |
440,512 |
| Snap-On, Inc. |
2,335 |
902,034 |
| Stanley Black & Decker, Inc. |
7,009 |
675,457 |
| Westinghouse Air Brake Technologies Corp. |
7,650 |
2,187,364 |
| Xylem, Inc. |
10,716 |
1,179,939 |
| Total |
50,624,647 | |
| Passenger Airlines 0.1% | ||
| Delta Air Lines, Inc. |
29,460 |
2,297,880 |
| Southwest Airlines Co. |
22,037 |
849,085 |
| United Airlines Holdings, Inc.(a) |
14,633 |
1,580,218 |
| Total |
4,727,183 | |
| Professional Services 0.4% | ||
| Automatic Data Processing, Inc. |
18,022 |
5,157,176 |
| Broadridge Financial Solutions, Inc. |
5,214 |
950,929 |
| Equifax, Inc. |
5,368 |
1,015,411 |
| Jacobs Solutions, Inc. |
5,324 |
793,542 |
| Leidos Holdings, Inc. |
5,671 |
795,131 |
| Mobility Global, Inc. |
0 |
0 |
| Paychex, Inc. |
14,538 |
1,851,269 |
| Verisk Analytics, Inc. |
5,907 |
1,144,658 |
| Total |
11,708,116 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Large Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Trading Companies & Distributors 0.3% | ||
| Fastenal Co. |
51,759 |
2,552,236 |
| Ferguson Enterprises, Inc. |
8,744 |
1,963,116 |
| United Rentals, Inc. |
2,824 |
2,931,312 |
| W.W. Grainger, Inc. |
1,958 |
2,563,981 |
| Total |
10,010,645 | |
| Total Industrials |
247,775,437 | |
| Information Technology 37.5% | ||
| Communications Equipment 1.3% | ||
| Arista Networks, Inc.(a) |
46,552 |
9,109,761 |
| Ciena Corp.(a) |
6,375 |
2,440,350 |
| Cisco Systems, Inc. |
178,081 |
19,676,169 |
| F5, Inc.(a) |
2,544 |
1,035,739 |
| Lumentum Holdings, Inc.(a) |
3,508 |
3,208,978 |
| Motorola Solutions, Inc. |
7,484 |
3,631,985 |
| Total |
39,102,982 | |
| Electronic Equipment, Instruments & Components 0.9% | ||
| Amphenol Corp., Class A |
55,465 |
8,793,976 |
| CDW Corp. |
5,760 |
873,101 |
| Coherent Corp.(a) |
8,820 |
2,450,461 |
| Corning, Inc. |
35,310 |
5,251,656 |
| Flex Ltd.(a) |
16,577 |
1,811,037 |
| Jabil, Inc. |
4,757 |
1,452,122 |
| Keysight Technologies, Inc.(a) |
7,732 |
2,495,116 |
| TE Connectivity PLC |
13,160 |
2,701,090 |
| Teledyne Technologies, Inc.(a) |
2,089 |
1,280,453 |
| Zebra Technologies Corp., Class A(a) |
2,148 |
759,425 |
| Total |
27,868,437 | |
| IT Services 0.7% | ||
| Accenture PLC, Class A |
27,680 |
5,252,557 |
| Akamai Technologies, Inc.(a) |
6,555 |
712,004 |
| Cognizant Technology Solutions Corp., Class A |
21,364 |
1,379,687 |
| Gartner, Inc.(a) |
3,019 |
598,094 |
| GoDaddy, Inc., Class A(a) |
5,970 |
584,344 |
| International Business Machines Corp. |
42,375 |
9,910,241 |
| VeriSign, Inc. |
3,692 |
1,064,330 |
| Total |
19,501,257 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Semiconductors & Semiconductor Equipment 17.1% | ||
| Advanced Micro Devices, Inc.(a) |
73,516 |
34,605,452 |
| Analog Devices, Inc. |
22,011 |
7,971,064 |
| Applied Materials, Inc. |
35,780 |
16,401,194 |
| Broadcom, Inc. |
213,463 |
79,053,887 |
| First Solar, Inc.(a) |
4,845 |
978,206 |
| Intel Corp.(a) |
222,687 |
19,932,713 |
| KLA Corp. |
58,894 |
10,332,952 |
| Lam Research Corp. |
56,382 |
16,998,609 |
| Marvell Technology, Inc. |
39,474 |
8,355,067 |
| Microchip Technology, Inc. |
24,397 |
1,791,960 |
| Micron Technology, Inc. |
50,844 |
48,745,668 |
| Monolithic Power Systems, Inc. |
2,215 |
2,808,111 |
| NVIDIA Corp. |
1,091,985 |
241,088,448 |
| NXP Semiconductors NV |
11,383 |
2,557,077 |
| ON Semiconductor Corp.(a) |
17,669 |
1,309,096 |
| Qnity Electronics, Inc. |
9,438 |
1,127,180 |
| QUALCOMM, Inc. |
47,520 |
8,101,210 |
| Skyworks Solutions, Inc. |
6,781 |
454,395 |
| Teradyne, Inc. |
7,058 |
2,469,100 |
| Texas Instruments, Inc. |
41,032 |
10,705,659 |
| Total |
515,787,048 | |
| Software 9.2% | ||
| Adobe, Inc.(a) |
18,223 |
5,335,512 |
| Autodesk, Inc.(a) |
9,519 |
2,460,947 |
| Cadence Design Systems, Inc.(a) |
12,435 |
4,212,729 |
| CrowdStrike Holdings, Inc., Class A(a) |
45,903 |
10,603,593 |
| Datadog, Inc., Class A(a) |
14,915 |
3,535,452 |
| Fair Isaac Corp.(a) |
1,046 |
1,199,982 |
| Fortinet, Inc.(a) |
28,077 |
4,799,202 |
| Gen Digital, Inc. |
24,849 |
770,319 |
| Intuit, Inc. |
12,468 |
4,479,753 |
| Microsoft Corp.(c) |
334,912 |
169,897,509 |
| Oracle Corp. |
76,503 |
11,408,127 |
| Palantir Technologies, Inc., Class A(a) |
103,519 |
19,293,871 |
| Palo Alto Networks, Inc.(a) |
36,564 |
13,972,201 |
| PTC, Inc.(a) |
5,208 |
811,094 |
| Roper Technologies, Inc. |
4,550 |
1,932,112 |
| Salesforce, Inc. |
36,882 |
9,498,590 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
9
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| ServiceNow, Inc.(a) |
46,497 |
6,881,091 |
| Synopsys, Inc.(a) |
8,637 |
3,796,739 |
| Trimble, Inc.(a) |
10,510 |
629,969 |
| Tyler Technologies, Inc.(a) |
1,901 |
707,590 |
| Workday, Inc., Class A(a) |
9,184 |
1,813,381 |
| Total |
278,039,763 | |
| Technology Hardware, Storage & Peripherals 8.3% | ||
| Apple, Inc. |
662,181 |
209,812,050 |
| Dell Technologies, Inc. |
13,042 |
5,947,282 |
| Hewlett Packard Enterprise Co. |
59,822 |
3,125,101 |
| HP, Inc. |
41,233 |
1,237,815 |
| NetApp, Inc. |
8,898 |
1,648,710 |
| Sandisk Corp.(a) |
6,677 |
10,460,856 |
| Seagate Technology Holdings PLC |
10,109 |
8,374,093 |
| Super Micro Computer, Inc.(a) |
25,373 |
945,906 |
| Western Digital Corp. |
15,540 |
7,001,547 |
| Total |
248,553,360 | |
| Total Information Technology |
1,128,852,847 | |
| Materials 1.8% | ||
| Chemicals 0.9% | ||
| Air Products & Chemicals, Inc. |
10,040 |
3,106,979 |
| Albemarle Corp. |
5,317 |
717,636 |
| CF Industries Holdings, Inc. |
6,926 |
900,588 |
| Corteva, Inc. |
30,154 |
2,551,933 |
| Dow, Inc. |
32,495 |
991,747 |
| Ecolab, Inc. |
11,420 |
3,234,144 |
| International Flavors & Fragrances, Inc. |
11,510 |
993,658 |
| Linde PLC |
20,845 |
10,205,295 |
| LyondellBasell Industries NV, Class A |
11,642 |
757,661 |
| Mosaic Co. (The) |
14,330 |
345,640 |
| PPG Industries, Inc. |
10,049 |
1,127,196 |
| Sherwin-Williams Co. (The) |
10,341 |
3,503,634 |
| Total |
28,436,111 | |
| Construction Materials 0.2% | ||
| CRH PLC |
30,126 |
2,840,580 |
| Martin Marietta Materials, Inc. |
2,707 |
1,404,121 |
| Vulcan Materials Co. |
5,850 |
1,577,043 |
| Total |
5,821,744 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Containers & Packaging 0.2% | ||
| Amcor Plc |
20,845 |
956,577 |
| Avery Dennison Corp. |
3,449 |
600,505 |
| Ball Corp. |
12,004 |
755,892 |
| International Paper Co. |
23,873 |
905,503 |
| Packaging Corp. of America |
3,992 |
933,889 |
| Smurfit WestRock PLC |
23,646 |
1,108,997 |
| Total |
5,261,363 | |
| Metals & Mining 0.5% | ||
| Freeport-McMoRan, Inc. |
64,813 |
4,908,937 |
| Newmont Corp. |
48,131 |
6,067,394 |
| Nucor Corp. |
10,268 |
2,563,304 |
| Steel Dynamics, Inc. |
6,112 |
1,421,773 |
| Total |
14,961,408 | |
| Total Materials |
54,480,626 | |
| Real Estate 1.8% | ||
| Diversified REITs 0.0% | ||
| Federal Realty Investment Trust |
3,544 |
411,210 |
| Health Care REITs 0.4% | ||
| Alexandria Real Estate Equities, Inc. |
7,071 |
362,672 |
| Healthpeak Properties, Inc. |
31,083 |
647,148 |
| Ventas, Inc. |
21,919 |
1,998,355 |
| Welltower, Inc. |
31,826 |
7,518,574 |
| Total |
10,526,749 | |
| Hotel & Resort REITs 0.0% | ||
| Host Hotels & Resorts, Inc. |
28,716 |
629,742 |
| Industrial REITs 0.2% | ||
| Prologis, Inc. |
42,744 |
5,980,741 |
| Office REITs 0.0% | ||
| BXP, Inc. |
6,687 |
454,649 |
| Real Estate Management & Development 0.1% | ||
| CBRE Group, Inc., Class A(a) |
13,202 |
1,924,983 |
| CoStar Group, Inc.(a) |
18,411 |
590,441 |
| Total |
2,515,424 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Large Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Residential REITs 0.2% | ||
| Camden Property Trust |
4,532 |
479,486 |
| Essex Property Trust, Inc. |
2,897 |
819,735 |
| Invitation Homes, Inc. |
24,640 |
718,010 |
| Mid-America Apartment Communities, Inc. |
5,247 |
676,076 |
| UDR, Inc. |
13,330 |
492,543 |
| Vivmark Residential |
32,864 |
2,140,761 |
| Total |
5,326,611 | |
| Retail REITs 0.2% | ||
| Kimco Realty Corp. |
30,405 |
720,903 |
| Realty Income Corp. |
42,042 |
2,576,334 |
| Regency Centers Corp. |
7,429 |
555,466 |
| Simon Property Group, Inc. |
14,620 |
3,104,118 |
| Total |
6,956,821 | |
| Specialized REITs 0.7% | ||
| American Tower Corp. |
21,005 |
3,690,579 |
| Crown Castle, Inc. |
19,677 |
1,498,207 |
| Digital Realty Trust, Inc. |
15,680 |
2,910,051 |
| Equinix, Inc. |
4,446 |
4,653,717 |
| Extra Space Storage, Inc. |
9,525 |
1,343,978 |
| Iron Mountain, Inc. |
13,414 |
1,547,305 |
| Public Storage |
7,562 |
2,321,458 |
| SBA Communications Corp. |
4,782 |
906,954 |
| VICI Properties, Inc. |
49,271 |
1,263,801 |
| Weyerhaeuser Co. |
32,508 |
759,712 |
| Total |
20,895,762 | |
| Total Real Estate |
53,697,709 | |
| Utilities 2.0% | ||
| Electric Utilities 1.3% | ||
| Alliant Energy Corp. |
11,644 |
791,559 |
| American Electric Power Co., Inc. |
24,531 |
3,003,330 |
| Constellation Energy Corp. |
14,413 |
3,960,260 |
| Duke Energy Corp. |
35,149 |
4,214,717 |
| Edison International |
17,348 |
936,445 |
| Entergy Corp. |
20,644 |
2,194,664 |
| Evergy, Inc. |
10,393 |
842,041 |
| Eversource Energy |
16,956 |
1,189,294 |
| Exelon Corp. |
46,131 |
2,016,847 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| FirstEnergy Corp. |
23,471 |
1,076,380 |
| NextEra Energy, Inc. |
94,018 |
7,741,442 |
| NRG Energy, Inc. |
9,512 |
1,047,461 |
| PG&E Corp. |
99,288 |
1,317,552 |
| Pinnacle West Capital Corp. |
5,464 |
533,505 |
| PPL Corp. |
33,920 |
1,157,690 |
| Southern Co. (The) |
50,825 |
4,472,600 |
| Xcel Energy, Inc. |
28,145 |
2,130,295 |
| Total |
38,626,082 | |
| Gas Utilities 0.1% | ||
| Atmos Energy Corp. |
7,526 |
1,250,294 |
| Independent Power and Renewable Electricity Producers 0.1% | ||
| AES Corp. (The) |
32,153 |
473,935 |
| Vistra Corp. |
14,290 |
1,963,018 |
| Total |
2,436,953 | |
| Multi-Utilities 0.5% | ||
| Ameren Corp. |
12,477 |
1,322,687 |
| CenterPoint Energy, Inc. |
29,493 |
1,167,923 |
| CMS Energy Corp. |
13,928 |
947,940 |
| Consolidated Edison, Inc. |
16,615 |
1,778,137 |
| Dominion Energy, Inc. |
39,650 |
2,617,296 |
| DTE Energy Co. |
9,379 |
1,272,074 |
| NiSource, Inc. |
21,616 |
884,527 |
| Public Service Enterprise Group, Inc. |
22,467 |
1,647,505 |
| Sempra |
29,472 |
2,407,862 |
| WEC Energy Group, Inc. |
14,685 |
1,559,106 |
| Total |
15,605,057 | |
| Water Utilities 0.0% | ||
| American Water Works Co., Inc. |
8,804 |
1,216,977 |
| Total Utilities |
59,135,363 | |
| Total Common Stocks (Cost $502,672,449) |
2,980,810,355 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
11
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Warrants 0.0% | ||
| Issuer |
Shares |
Value ($) |
| Health Care 0.0% | ||
| Health Care Equipment & Supplies 0.0% | ||
| Hologic, Inc., CVR(a),(d) 12/31/2222 |
10,748 |
108 |
| Total Health Care |
108 | |
| Total Warrants (Cost $108) |
108 | |
| Money Market Funds 1.1% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(b),(e) |
32,028,431 |
32,012,417 |
| Total Money Market Funds (Cost $32,009,756) |
32,012,417 | |
| Total Investments in Securities (Cost: $534,682,313) |
3,012,822,880 | |
| Other Assets & Liabilities, Net |
929,437 | |
| Net Assets |
3,013,752,317 | |
At August 31, 2026, securities and/or cash totaling $9,236,229 were pledged as collateral.
Investments in derivatives
| Long futures contracts | ||||||
| Description |
Number of contracts |
Expiration date |
Trading currency |
Notional amount |
Value/Unrealized appreciation ($) |
Value/Unrealized depreciation ($) |
| S&P 500 Index E-mini |
91 |
09/2026 |
USD |
35,030,450 |
780,237 |
— |
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Ameriprise Financial, Inc. | ||||||||
| 2,209,564 |
36,786 |
(50,225 ) |
45,630 |
2,241,755 |
293,574 |
14,232 |
4,053 | |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 40,655,905 |
224,842,535 |
(233,482,870 ) |
(3,153 ) |
32,012,417 |
829 |
694,702 |
32,028,431 | |
| Total |
42,865,469 |
42,477 |
34,254,172 |
294,403 |
708,934 |
|||
| (c) |
This security or a portion of this security has been pledged as collateral in connection with investments sold short and/or derivative contracts. |
| (d) |
Valuation based on significant unobservable inputs. |
| (e) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
Abbreviation Legend
| CVR |
Contingent Value Rights |
Currency Legend
| USD |
US Dollar |
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 accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Large Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
283,153,194 |
— |
— |
283,153,194 |
| Consumer Discretionary |
272,519,559 |
— |
— |
272,519,559 |
| Consumer Staples |
134,264,901 |
— |
— |
134,264,901 |
| Energy |
103,743,313 |
— |
— |
103,743,313 |
| Financials |
366,494,303 |
— |
— |
366,494,303 |
| Health Care |
276,693,103 |
— |
— |
276,693,103 |
| Industrials |
247,775,437 |
— |
— |
247,775,437 |
| Information Technology |
1,128,852,847 |
— |
— |
1,128,852,847 |
| Materials |
54,480,626 |
— |
— |
54,480,626 |
| Real Estate |
53,697,709 |
— |
— |
53,697,709 |
| Utilities |
59,135,363 |
— |
— |
59,135,363 |
| Total Common Stocks |
2,980,810,355 |
— |
— |
2,980,810,355 |
| Warrants |
||||
| Health Care |
— |
— |
108 |
108 |
| Total Warrants |
— |
— |
108 |
108 |
| Money Market Funds |
32,012,417 |
— |
— |
32,012,417 |
| Total Investments in Securities |
3,012,822,772 |
— |
108 |
3,012,822,880 |
| Investments in Derivatives |
||||
| Asset |
||||
| Futures Contracts |
780,237 |
— |
— |
780,237 |
| Total |
3,013,603,009 |
— |
108 |
3,013,603,117 |
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 Large Cap Index Fund | 2026
13
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Large Cap Index Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $502,588,374) |
$2,978,568,708 |
| Affiliated issuers (cost $32,093,939) |
34,254,172 |
| Receivable for: |
|
| Capital shares sold |
208,050 |
| Dividends |
2,579,748 |
| Foreign tax reclaims |
8,261 |
| Variation margin for futures contracts |
1,020 |
| Expense reimbursement due from Investment Manager |
293 |
| Total assets |
3,015,620,252 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
1,250,476 |
| Variation margin for futures contracts |
118,450 |
| Management services fees |
49,788 |
| Distribution and/or service fees |
9,858 |
| Compensation of board members |
4,521 |
| Deferred compensation of board members |
434,842 |
| Total liabilities |
1,867,935 |
| Net assets applicable to outstanding capital stock |
$3,013,752,317 |
| Represented by |
|
| Paid in capital |
253,992,702 |
| Total distributable earnings (loss) |
2,759,759,615 |
| Total - representing net assets applicable to outstanding capital stock |
$3,013,752,317 |
| Class A |
|
| Net assets |
$477,770,462 |
| Shares outstanding |
8,258,864 |
| Net asset value per share |
$57.85 |
| Institutional Class |
|
| Net assets |
$2,125,969,441 |
| Shares outstanding |
36,146,858 |
| Net asset value per share |
$58.81 |
| Institutional 2 Class |
|
| Net assets |
$183,591,267 |
| Shares outstanding |
3,007,190 |
| Net asset value per share |
$61.05 |
| Institutional 3 Class |
|
| Net assets |
$226,421,147 |
| Shares outstanding |
4,007,031 |
| Net asset value per share |
$56.51 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
15
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$16,802,456 |
| Dividends — affiliated issuers |
708,934 |
| Foreign taxes withheld |
(3,632 ) |
| Total income |
17,507,758 |
| Expenses: |
|
| Management services fees |
3,013,071 |
| Distribution and/or service fees |
|
| Class A |
601,479 |
| Interest on collateral |
1,585 |
| Interest on interfund lending |
12,253 |
| Compensation of board members |
19,082 |
| Deferred compensation of board members |
47,810 |
| Other |
271 |
| Total expenses |
3,695,551 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(67,163 ) |
| Total net expenses |
3,628,388 |
| Net investment income |
13,879,370 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
281,080,497 |
| Investments — affiliated issuers |
294,403 |
| Foreign currency translations |
54 |
| Futures contracts |
3,562,420 |
| Net realized gain |
284,937,374 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
42,198,600 |
| Investments — affiliated issuers |
42,477 |
| Futures contracts |
736,486 |
| Net change in unrealized appreciation (depreciation) |
42,977,563 |
| Net realized and unrealized gain |
327,914,937 |
| Net increase in net assets resulting from operations |
$341,794,307 |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Large Cap Index Fund | 2026
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$13,879,370 |
$32,181,631 |
| Net realized gain |
284,937,374 |
535,488,553 |
| Net change in unrealized appreciation (depreciation) |
42,977,563 |
(76,148,836 ) |
| Net increase in net assets resulting from operations |
341,794,307 |
491,521,348 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(17,851,475 ) |
(114,949,265 ) |
| Institutional Class |
(77,872,061 ) |
(525,834,818 ) |
| Institutional 2 Class |
(6,376,357 ) |
(41,854,004 ) |
| Institutional 3 Class |
(9,909,414 ) |
(65,314,708 ) |
| Total distributions to shareholders |
(112,009,307 ) |
(747,952,795 ) |
| Increase (decrease) in net assets from capital stock activity |
(233,541,893 ) |
97,262,246 |
| Total decrease in net assets |
(3,756,893 ) |
(159,169,201 ) |
| Net assets at beginning of period |
3,017,509,210 |
3,176,678,411 |
| Net assets at end of period |
$3,013,752,317 |
$3,017,509,210 |
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
862,872 |
48,008,074 |
1,444,761 |
80,809,158 |
| Distributions reinvested |
288,445 |
16,207,759 |
1,930,605 |
103,107,247 |
| Shares redeemed |
(1,506,226 ) |
(85,047,542 ) |
(2,735,643 ) |
(152,854,113 ) |
| Net increase (decrease) |
(354,909 ) |
(20,831,709 ) |
639,723 |
31,062,292 |
| Institutional Class |
||||
| Shares sold |
1,997,967 |
109,201,664 |
6,332,116 |
359,610,124 |
| Distributions reinvested |
1,286,331 |
73,449,482 |
9,164,251 |
496,335,996 |
| Shares redeemed |
(6,831,544 ) |
(374,274,543 ) |
(13,692,428 ) |
(789,971,479 ) |
| Net increase (decrease) |
(3,547,246 ) |
(191,623,397 ) |
1,803,939 |
65,974,641 |
| Institutional 2 Class |
||||
| Shares sold |
196,102 |
11,523,365 |
454,257 |
26,785,805 |
| Distributions reinvested |
106,570 |
6,316,381 |
740,272 |
41,479,770 |
| Shares redeemed |
(289,895 ) |
(17,133,338 ) |
(1,193,319 ) |
(70,334,133 ) |
| Net increase (decrease) |
12,777 |
706,408 |
1,210 |
(2,068,558 ) |
| Institutional 3 Class |
||||
| Shares sold |
1,339,088 |
72,387,445 |
1,772,623 |
92,254,590 |
| Distributions reinvested |
76,662 |
4,205,670 |
498,491 |
26,032,987 |
| Shares redeemed |
(1,786,485 ) |
(98,386,310 ) |
(2,070,716 ) |
(115,993,706 ) |
| Net increase (decrease) |
(370,735 ) |
(21,793,195 ) |
200,398 |
2,293,871 |
| Total net increase (decrease) |
(4,260,113 ) |
(233,541,893 ) |
2,645,270 |
97,262,246 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
17
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$53.56 |
0.20 |
6.24 |
6.44 |
(0.06 ) |
(2.09 ) |
(2.15 ) |
| Year Ended 2/28/2026 |
$59.35 |
0.47 |
8.26 |
8.73 |
(0.54 ) |
(13.98 ) |
(14.52 ) |
| Year Ended 2/28/2025 |
$54.61 |
0.54 |
9.21 |
9.75 |
(0.61 ) |
(4.40 ) |
(5.01 ) |
| Year Ended 2/29/2024 |
$45.89 |
0.60 |
12.54 |
13.14 |
(0.61 ) |
(3.81 ) |
(4.42 ) |
| Year Ended 2/28/2023 |
$56.34 |
0.60 |
(5.27 ) |
(4.67 ) |
(0.63 ) |
(5.15 ) |
(5.78 ) |
| Year Ended 2/28/2022 |
$57.11 |
0.58 |
8.97 |
9.55 |
(0.62 ) |
(9.70 ) |
(10.32 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$54.37 |
0.28 |
6.33 |
6.61 |
(0.08 ) |
(2.09 ) |
(2.17 ) |
| Year Ended 2/28/2026 |
$60.04 |
0.62 |
8.38 |
9.00 |
(0.69 ) |
(13.98 ) |
(14.67 ) |
| Year Ended 2/28/2025 |
$55.18 |
0.69 |
9.33 |
10.02 |
(0.76 ) |
(4.40 ) |
(5.16 ) |
| Year Ended 2/29/2024 |
$46.32 |
0.73 |
12.68 |
13.41 |
(0.74 ) |
(3.81 ) |
(4.55 ) |
| Year Ended 2/28/2023 |
$56.82 |
0.73 |
(5.32 ) |
(4.59 ) |
(0.76 ) |
(5.15 ) |
(5.91 ) |
| Year Ended 2/28/2022 |
$57.52 |
0.74 |
9.04 |
9.78 |
(0.78 ) |
(9.70 ) |
(10.48 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$56.37 |
0.29 |
6.56 |
6.85 |
(0.08 ) |
(2.09 ) |
(2.17 ) |
| Year Ended 2/28/2026 |
$61.75 |
0.64 |
8.65 |
9.29 |
(0.69 ) |
(13.98 ) |
(14.67 ) |
| Year Ended 2/28/2025 |
$56.63 |
0.71 |
9.57 |
10.28 |
(0.76 ) |
(4.40 ) |
(5.16 ) |
| Year Ended 2/29/2024 |
$47.43 |
0.75 |
13.00 |
13.75 |
(0.74 ) |
(3.81 ) |
(4.55 ) |
| Year Ended 2/28/2023 |
$58.02 |
0.74 |
(5.42 ) |
(4.68 ) |
(0.76 ) |
(5.15 ) |
(5.91 ) |
| Year Ended 2/28/2022 |
$58.55 |
0.75 |
9.20 |
9.95 |
(0.78 ) |
(9.70 ) |
(10.48 ) |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$52.32 |
0.26 |
6.10 |
6.36 |
(0.08 ) |
(2.09 ) |
(2.17 ) |
| Year Ended 2/28/2026 |
$58.29 |
0.60 |
8.10 |
8.70 |
(0.69 ) |
(13.98 ) |
(14.67 ) |
| Year Ended 2/28/2025 |
$53.70 |
0.69 |
9.06 |
9.75 |
(0.76 ) |
(4.40 ) |
(5.16 ) |
| Year Ended 2/29/2024 |
$45.18 |
0.72 |
12.35 |
13.07 |
(0.74 ) |
(3.81 ) |
(4.55 ) |
| Year Ended 2/28/2023 |
$55.59 |
0.70 |
(5.20 ) |
(4.50 ) |
(0.76 ) |
(5.15 ) |
(5.91 ) |
| Year Ended 2/28/2022 |
$56.45 |
0.68 |
8.94 |
9.62 |
(0.78 ) |
(9.70 ) |
(10.48 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (d) |
Ratios include interfund lending expense which is less than 0.01%. |
| (e) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Large Cap Index Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$57.85 |
12.15% |
0.46% (c),(d) |
0.45% (c),(d) |
0.71% |
3% |
$477,770 |
| Year Ended 2/28/2026 |
$53.56 |
16.43% |
0.45% (c) |
0.45% (c),(e) |
0.83% |
5% |
$461,364 |
| Year Ended 2/28/2025 |
$59.35 |
17.84% |
0.45% (c) |
0.45% (c),(e) |
0.92% |
6% |
$473,296 |
| Year Ended 2/29/2024 |
$54.61 |
29.86% |
0.45% (c) |
0.45% (c),(e) |
1.21% |
7% |
$491,954 |
| Year Ended 2/28/2023 |
$45.89 |
(8.02% ) |
0.45% (c),(d) |
0.45% (c),(d),(e) |
1.21% |
9% |
$434,670 |
| Year Ended 2/28/2022 |
$56.34 |
15.86% |
0.45% (c) |
0.45% (c),(e) |
0.92% |
2% |
$529,310 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$58.81 |
12.29% |
0.21% (c),(d) |
0.20% (c),(d) |
0.96% |
3% |
$2,125,969 |
| Year Ended 2/28/2026 |
$54.37 |
16.72% |
0.20% (c) |
0.20% (c),(e) |
1.08% |
5% |
$2,158,332 |
| Year Ended 2/28/2025 |
$60.04 |
18.14% |
0.20% (c) |
0.20% (c),(e) |
1.17% |
6% |
$2,275,057 |
| Year Ended 2/29/2024 |
$55.18 |
30.19% |
0.20% (c) |
0.20% (c),(e) |
1.46% |
7% |
$2,387,952 |
| Year Ended 2/28/2023 |
$46.32 |
(7.80% ) |
0.20% (c),(d) |
0.20% (c),(d),(e) |
1.46% |
9% |
$1,961,320 |
| Year Ended 2/28/2022 |
$56.82 |
16.15% |
0.20% (c) |
0.20% (c),(e) |
1.17% |
2% |
$2,497,279 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$61.05 |
12.28% |
0.21% (c),(d) |
0.20% (c),(d) |
0.96% |
3% |
$183,591 |
| Year Ended 2/28/2026 |
$56.37 |
16.73% |
0.20% (c) |
0.20% (c) |
1.09% |
5% |
$168,782 |
| Year Ended 2/28/2025 |
$61.75 |
18.13% |
0.20% (c) |
0.20% (c) |
1.17% |
6% |
$184,836 |
| Year Ended 2/29/2024 |
$56.63 |
30.20% |
0.20% (c) |
0.20% (c) |
1.46% |
7% |
$244,016 |
| Year Ended 2/28/2023 |
$47.43 |
(7.79% ) |
0.20% (c),(d) |
0.20% (c),(d) |
1.43% |
9% |
$194,895 |
| Year Ended 2/28/2022 |
$58.02 |
16.15% |
0.20% (c) |
0.20% (c) |
1.17% |
2% |
$379,872 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$56.51 |
12.29% |
0.21% (c),(d) |
0.20% (c),(d) |
0.95% |
3% |
$226,421 |
| Year Ended 2/28/2026 |
$52.32 |
16.71% |
0.20% (c) |
0.20% (c) |
1.09% |
5% |
$229,031 |
| Year Ended 2/28/2025 |
$58.29 |
18.14% |
0.20% (c) |
0.20% (c) |
1.19% |
6% |
$243,489 |
| Year Ended 2/29/2024 |
$53.70 |
30.20% |
0.20% (c) |
0.20% (c) |
1.47% |
7% |
$231,191 |
| Year Ended 2/28/2023 |
$45.18 |
(7.81% ) |
0.20% (c),(d) |
0.20% (c),(d) |
1.49% |
9% |
$224,666 |
| Year Ended 2/28/2022 |
$55.59 |
16.17% |
0.20% (c) |
0.20% (c) |
1.10% |
2% |
$72,594 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Index Fund | 2026
19
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Large Cap Index 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
20
Columbia Large Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains
Columbia Large Cap Index Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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.
22
Columbia Large Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. 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.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2026:
| Asset derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Equity risk |
Component of total distributable earnings (loss) — unrealized appreciation on futures contracts |
780,237 * |
| * |
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
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 six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
3,562,420 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
736,486 |
Columbia Large Cap Index Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average notional amounts ($) |
| Futures contracts — long |
40,574,699 |
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
24
Columbia Large Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s daily net assets.
The Investment Manager, from the management services fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Board of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution and/or shareholder servicing and any extraordinary non-recurring expenses that may arise, including litigation fees.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred 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. 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. The expenses of the Chief Compliance Officer allocated to the Fund are payable by the Investment Manager.
Columbia Large Cap Index Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
The transfer agency fees are payable by the Investment Manager. 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. The Transfer Agent also receives compensation from the Investment Manager for various shareholder services and reimbursements for certain out-of-pocket expenses.
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 six months ended August 31, 2026, 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, a distribution and shareholder service plan (the Plan) applicable to Class A shares, which sets 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 Plan, 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.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Fee rate(s) contractual through June 30, 2027 (%) | |
| Class A |
0.45 |
| Institutional Class |
0.20 |
| Institutional 2 Class |
0.20 |
| Institutional 3 Class |
0.20 |
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.
26
Columbia Large Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 534,682,000 |
2,508,470,000 |
(29,549,000 ) |
2,478,921,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $99,191,387 and $415,816,728, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Borrower |
105,400,000 |
4.19 |
1 |
Columbia Large Cap Index Fund | 2026
27
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, affiliated shareholders of record owned 41.8% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed 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.
28
Columbia Large Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Large Cap Index Fund | 2026
29
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Large Cap Index Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
30
Columbia Large Cap Index Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, (iii) the net assets of the Fund, and (iv) index tracking error data of the Fund. The Board observed that the Fund’s tracking error versus its performance was within the range of management’s expectations.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Large Cap Index Fund | 2026
31
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
32
Columbia Large Cap Index Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Large Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR175_(10/26)
Columbia Large Cap Growth Opportunity Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 7 | |
| 8 | |
| 9 | |
| 12 | |
| 16 | |
| 24 |
Columbia Large Cap Growth Opportunity Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 99.8% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 10.9% | ||
| Diversified Telecommunication Services 0.3% | ||
| Space Exploration Technologies Corp., Class A(a) |
24,985 |
3,590,095 |
| Entertainment 0.9% | ||
| TKO Group Holdings, Inc. |
64,999 |
11,869,467 |
| Interactive Media & Services 9.7% | ||
| Alphabet, Inc., Class A |
232,482 |
78,892,767 |
| Meta Platforms, Inc., Class A |
84,038 |
48,098,309 |
| Total |
126,991,076 | |
| Total Communication Services |
142,450,638 | |
| Consumer Discretionary 8.0% | ||
| Automobiles 0.9% | ||
| Tesla, Inc.(a) |
33,811 |
12,440,757 |
| Broadline Retail 2.5% | ||
| Amazon.com, Inc.(a) |
123,693 |
32,131,731 |
| Hotels, Restaurants & Leisure 3.7% | ||
| Expedia Group, Inc. |
48,441 |
15,361,610 |
| Hilton Worldwide Holdings, Inc. |
65,907 |
20,845,066 |
| Jersey Mike’s Subs, Inc., Class A(a) |
144,458 |
3,098,624 |
| Royal Caribbean Cruises Ltd. |
33,905 |
9,111,630 |
| Total |
48,416,930 | |
| Specialty Retail 0.9% | ||
| TJX Companies, Inc. (The) |
86,030 |
11,520,277 |
| Total Consumer Discretionary |
104,509,695 | |
| Consumer Staples 1.9% | ||
| Consumer Staples Distribution & Retail 1.9% | ||
| Costco Wholesale Corp. |
26,492 |
25,005,534 |
| Total Consumer Staples |
25,005,534 | |
| Financials 5.7% | ||
| Banks 1.7% | ||
| Bank of America Corp. |
210,894 |
13,062,774 |
| Citigroup, Inc. |
74,170 |
9,762,256 |
| Total |
22,825,030 | |
| Capital Markets 0.7% | ||
| Goldman Sachs Group, Inc. (The) |
8,469 |
8,688,347 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Financial Services 3.3% | ||
| Visa, Inc., Class A |
115,141 |
43,681,041 |
| Total Financials |
75,194,418 | |
| Health Care 9.3% | ||
| Biotechnology 3.5% | ||
| Argenx SE, ADR(a) |
7,116 |
7,341,293 |
| Insmed, Inc.(a) |
116,743 |
14,221,632 |
| Madrigal Pharmaceuticals, Inc.(a) |
14,146 |
7,639,264 |
| Revolution Medicines, Inc.(a) |
44,113 |
9,068,309 |
| Vertex Pharmaceuticals, Inc.(a) |
14,759 |
8,036,571 |
| Total |
46,307,069 | |
| Health Care Equipment & Supplies 0.8% | ||
| Intuitive Surgical, Inc.(a) |
25,746 |
9,702,638 |
| Health Care Providers & Services 0.5% | ||
| Guardant Health, Inc.(a) |
43,288 |
6,883,658 |
| Life Sciences Tools & Services 0.8% | ||
| Illumina, Inc.(a) |
50,850 |
10,863,085 |
| Pharmaceuticals 3.7% | ||
| Eli Lilly & Co. |
41,914 |
48,483,181 |
| Total Health Care |
122,239,631 | |
| Industrials 10.2% | ||
| Aerospace & Defense 2.7% | ||
| Arxis, Inc.(a) |
201,742 |
10,444,184 |
| General Dynamics Corp. |
40,426 |
15,012,195 |
| Karman Holdings, Inc.(a) |
230,991 |
9,574,577 |
| Total |
35,030,956 | |
| Commercial Services & Supplies 0.8% | ||
| Cintas Corp. |
50,727 |
10,236,201 |
| Construction & Engineering 0.6% | ||
| MasTec, Inc.(a) |
35,104 |
8,417,237 |
| Electrical Equipment 3.7% | ||
| Bloom Energy Corp., Class A(a) |
59,506 |
12,276,088 |
| Eaton Corp. PLC |
28,792 |
11,570,929 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Generac Holdings, Inc.(a) |
45,519 |
8,438,312 |
| Vertiv Holdings Co. |
60,868 |
15,747,769 |
| Total |
48,033,098 | |
| Ground Transportation 1.0% | ||
| CSX Corp. |
263,434 |
13,306,051 |
| Machinery 0.7% | ||
| Symbotic, Inc.(a) |
247,178 |
9,805,551 |
| Trading Companies & Distributors 0.7% | ||
| United Rentals, Inc. |
8,351 |
8,668,338 |
| Total Industrials |
133,497,432 | |
| Information Technology 52.4% | ||
| Communications Equipment 1.9% | ||
| Arista Networks, Inc.(a) |
129,176 |
25,278,451 |
| Electronic Equipment, Instruments & Components 1.5% | ||
| Amphenol Corp., Class A |
127,171 |
20,162,962 |
| IT Services 1.8% | ||
| Snowflake, Inc., Class A(a) |
69,527 |
23,043,334 |
| Semiconductors & Semiconductor Equipment 25.8% | ||
| Advanced Micro Devices, Inc.(a) |
71,075 |
33,456,424 |
| Broadcom, Inc. |
183,865 |
68,092,564 |
| Micron Technology, Inc. |
41,720 |
39,998,216 |
| NVIDIA Corp. |
895,142 |
197,629,451 |
| Total |
339,176,655 | |
| Software 13.5% | ||
| CrowdStrike Holdings, Inc., Class A(a) |
150,773 |
34,828,563 |
| Microsoft Corp. |
145,554 |
73,838,089 |
| Palantir Technologies, Inc., Class A(a) |
37,756 |
7,036,963 |
| Palo Alto Networks, Inc.(a) |
92,558 |
35,369,189 |
| ServiceNow, Inc.(a) |
171,660 |
25,403,963 |
| Total |
176,476,767 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Technology Hardware, Storage & Peripherals 7.9% | ||
| Apple, Inc. |
245,999 |
77,944,783 |
| Sandisk Corp.(a) |
5,107 |
8,001,137 |
| Western Digital Corp. |
39,286 |
17,700,307 |
| Total |
103,646,227 | |
| Total Information Technology |
687,784,396 | |
| Real Estate 1.4% | ||
| Specialized REITs 1.4% | ||
| Equinix, Inc. |
18,041 |
18,883,876 |
| Total Real Estate |
18,883,876 | |
| Total Common Stocks (Cost $741,679,130) |
1,309,565,620 | |
| Money Market Funds 0.3% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(b),(c) |
3,781,482 |
3,779,591 |
| Total Money Market Funds (Cost $3,778,835) |
3,779,591 | |
| Total Investments in Securities (Cost: $745,457,965) |
1,313,345,211 | |
| Other Assets & Liabilities, Net |
(1,223,890 ) | |
| Net Assets |
1,312,121,321 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Large Cap Growth Opportunity Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (c) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 6,731,753 |
94,231,310 |
(97,183,377 ) |
(95 ) |
3,779,591 |
(1,972 ) |
125,529 |
3,781,482 | |
Abbreviation Legend
| ADR |
American Depositary Receipt |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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.
Columbia Large Cap Growth Opportunity Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
142,450,638 |
— |
— |
142,450,638 |
| Consumer Discretionary |
104,509,695 |
— |
— |
104,509,695 |
| Consumer Staples |
25,005,534 |
— |
— |
25,005,534 |
| Financials |
75,194,418 |
— |
— |
75,194,418 |
| Health Care |
122,239,631 |
— |
— |
122,239,631 |
| Industrials |
133,497,432 |
— |
— |
133,497,432 |
| Information Technology |
687,784,396 |
— |
— |
687,784,396 |
| Real Estate |
18,883,876 |
— |
— |
18,883,876 |
| Total Common Stocks |
1,309,565,620 |
— |
— |
1,309,565,620 |
| Money Market Funds |
3,779,591 |
— |
— |
3,779,591 |
| Total Investments in Securities |
1,313,345,211 |
— |
— |
1,313,345,211 |
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.
6
Columbia Large Cap Growth Opportunity Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $741,679,130) |
$1,309,565,620 |
| Affiliated issuers (cost $3,778,835) |
3,779,591 |
| Receivable for: |
|
| Capital shares sold |
15,847 |
| Dividends |
550,305 |
| Expense reimbursement due from Investment Manager |
11,105 |
| Prepaid expenses |
5,366 |
| Total assets |
1,313,927,834 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
838,786 |
| Management services fees |
78,482 |
| Distribution and/or service fees |
19,885 |
| Transfer agent fees |
134,359 |
| Compensation of chief compliance officer |
101 |
| Merger fees |
122,724 |
| Compensation of board members |
2,638 |
| Other expenses |
43,352 |
| Deferred compensation of board members |
566,186 |
| Total liabilities |
1,806,513 |
| Net assets applicable to outstanding capital stock |
$1,312,121,321 |
| Represented by |
|
| Paid in capital |
665,555,445 |
| Total distributable earnings (loss) |
646,565,876 |
| Total - representing net assets applicable to outstanding capital stock |
$1,312,121,321 |
| Class A |
|
| Net assets |
$939,961,399 |
| Shares outstanding |
48,614,562 |
| Net asset value per share |
$19.33 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$20.51 |
| Institutional Class |
|
| Net assets |
$283,558,086 |
| Shares outstanding |
11,756,328 |
| Net asset value per share |
$24.12 |
| Institutional 2 Class |
|
| Net assets |
$33,021,358 |
| Shares outstanding |
1,241,005 |
| Net asset value per share |
$26.61 |
| Institutional 3 Class |
|
| Net assets |
$2,366,836 |
| Shares outstanding |
96,202 |
| Net asset value per share |
$24.60 |
| Class R |
|
| Net assets |
$13,365,967 |
| Shares outstanding |
693,942 |
| Net asset value per share |
$19.26 |
| Class S |
|
| Net assets |
$39,847,675 |
| Shares outstanding |
1,651,953 |
| Net asset value per share |
$24.12 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund | 2026
7
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$3,222,784 |
| Dividends — affiliated issuers |
125,529 |
| Total income |
3,348,313 |
| Expenses: |
|
| Management services fees |
4,710,375 |
| Distribution and/or service fees |
|
| Class A |
1,158,723 |
| Class R |
35,239 |
| Transfer agent fees |
|
| Class A |
489,106 |
| Institutional Class |
147,054 |
| Institutional 2 Class |
8,283 |
| Institutional 3 Class |
59 |
| Class R |
7,433 |
| Class S |
20,713 |
| Custodian fees |
6,071 |
| Printing and postage fees |
25,553 |
| Registration fees |
39,620 |
| Accounting services fees |
17,207 |
| Legal fees |
15,301 |
| Compensation of chief compliance officer |
102 |
| Compensation of board members |
11,066 |
| Deferred compensation of board members |
49,198 |
| Other |
136,651 |
| Total expenses |
6,877,754 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(518,170 ) |
| Total net expenses |
6,359,584 |
| Net investment loss |
(3,011,271 ) |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
84,816,895 |
| Investments — affiliated issuers |
(1,972 ) |
| Net realized gain |
84,814,923 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
109,663,081 |
| Investments — affiliated issuers |
(95 ) |
| Net change in unrealized appreciation (depreciation) |
109,662,986 |
| Net realized and unrealized gain |
194,477,909 |
| Net increase in net assets resulting from operations |
$191,466,638 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Large Cap Growth Opportunity Fund | 2026
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment loss |
$(3,011,271 ) |
$(5,991,942 ) |
| Net realized gain |
84,814,923 |
88,424,026 |
| Net change in unrealized appreciation (depreciation) |
109,662,986 |
48,503,037 |
| Net increase in net assets resulting from operations |
191,466,638 |
130,935,121 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(39,809,945 ) |
(58,753,074 ) |
| Institutional Class |
(9,717,523 ) |
(14,493,010 ) |
| Institutional 2 Class |
(1,001,961 ) |
(1,350,908 ) |
| Institutional 3 Class |
(65,625 ) |
(77,319 ) |
| Class R |
(614,855 ) |
(993,328 ) |
| Class S |
(1,370,797 ) |
(2,081,631 ) |
| Total distributions to shareholders |
(52,580,706 ) |
(77,749,270 ) |
| Decrease in net assets from capital stock activity |
(36,390,587 ) |
(106,958,165 ) |
| Total increase (decrease) in net assets |
102,495,345 |
(53,772,314 ) |
| Net assets at beginning of period |
1,209,625,976 |
1,263,398,290 |
| Net assets at end of period |
$1,312,121,321 |
$1,209,625,976 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund | 2026
9
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
699,129 |
13,052,745 |
1,286,335 |
22,108,986 |
| Distributions reinvested |
1,481,004 |
27,813,261 |
2,364,961 |
40,955,464 |
| Shares redeemed |
(3,557,904 ) |
(66,471,013 ) |
(7,763,846 ) |
(133,648,983 ) |
| Net decrease |
(1,377,771 ) |
(25,605,007 ) |
(4,112,550 ) |
(70,584,533 ) |
| Institutional Class |
||||
| Shares sold |
434,530 |
10,065,833 |
712,861 |
14,879,283 |
| Distributions reinvested |
334,458 |
7,833,009 |
548,752 |
11,682,661 |
| Shares redeemed |
(1,181,854 ) |
(27,135,410 ) |
(2,632,805 ) |
(55,268,280 ) |
| Net decrease |
(412,866 ) |
(9,236,568 ) |
(1,371,192 ) |
(28,706,336 ) |
| Institutional 2 Class |
||||
| Shares sold |
75,708 |
1,988,228 |
212,760 |
5,120,938 |
| Distributions reinvested |
38,791 |
1,001,960 |
57,614 |
1,350,908 |
| Shares redeemed |
(89,762 ) |
(2,332,070 ) |
(215,682 ) |
(5,109,124 ) |
| Net increase |
24,737 |
658,118 |
54,692 |
1,362,722 |
| Institutional 3 Class |
||||
| Shares sold |
17,004 |
413,635 |
46,452 |
1,029,557 |
| Distributions reinvested |
1,888 |
45,079 |
3,493 |
75,393 |
| Shares redeemed |
(7,447 ) |
(183,438 ) |
(26,357 ) |
(596,464 ) |
| Net increase |
11,445 |
275,276 |
23,588 |
508,486 |
| Class R |
||||
| Shares sold |
30,401 |
572,760 |
80,635 |
1,394,513 |
| Distributions reinvested |
32,845 |
614,855 |
57,411 |
993,328 |
| Shares redeemed |
(141,065 ) |
(2,619,290 ) |
(314,799 ) |
(5,395,145 ) |
| Net decrease |
(77,819 ) |
(1,431,675 ) |
(176,753 ) |
(3,007,304 ) |
| Class S |
||||
| Shares sold |
6,263 |
142,261 |
5,462 |
122,142 |
| Distributions reinvested |
58,531 |
1,370,797 |
97,941 |
2,081,631 |
| Shares redeemed |
(113,203 ) |
(2,563,789 ) |
(413,156 ) |
(8,734,973 ) |
| Net decrease |
(48,409 ) |
(1,050,731 ) |
(309,753 ) |
(6,531,200 ) |
| Total net decrease |
(1,880,683 ) |
(36,390,587 ) |
(5,891,968 ) |
(106,958,165 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Large Cap Growth Opportunity Fund | 2026
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Columbia Large Cap Growth Opportunity Fund | 2026
11
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$17.37 |
(0.05 ) |
2.84 |
2.79 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$16.71 |
(0.09 ) |
1.90 |
1.81 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025 |
$15.16 |
(0.09 ) |
2.25 |
2.16 |
(0.61 ) |
(0.61 ) |
| Year Ended 2/29/2024 |
$11.39 |
(0.01 ) |
3.78 |
3.77 |
— |
— |
| Year Ended 2/28/2023 |
$16.74 |
(0.02 ) |
(2.75 ) |
(2.77 ) |
(2.58 ) |
(2.58 ) |
| Year Ended 2/28/2022 |
$23.37 |
(0.09 ) |
1.57 |
1.48 |
(8.11 ) |
(8.11 ) |
| Institutional Class | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$21.45 |
(0.03 ) |
3.53 |
3.50 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$20.35 |
(0.06 ) |
2.31 |
2.25 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025 |
$18.30 |
(0.06 ) |
2.72 |
2.66 |
(0.61 ) |
(0.61 ) |
| Year Ended 2/29/2024 |
$13.71 |
0.03 |
4.56 |
4.59 |
— |
— |
| Year Ended 2/28/2023 |
$19.45 |
0.02 |
(3.18 ) |
(3.16 ) |
(2.58 ) |
(2.58 ) |
| Year Ended 2/28/2022 |
$26.05 |
(0.03 ) |
1.65 |
1.62 |
(8.22 ) |
(8.22 ) |
| Institutional 2 Class | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.59 |
(0.03 ) |
3.88 |
3.85 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$22.25 |
(0.05 ) |
2.54 |
2.49 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025 |
$19.94 |
(0.05 ) |
2.97 |
2.92 |
(0.61 ) |
(0.61 ) |
| Year Ended 2/29/2024 |
$14.94 |
0.04 |
4.96 |
5.00 |
— |
— |
| Year Ended 2/28/2023 |
$20.90 |
0.03 |
(3.41 ) |
(3.38 ) |
(2.58 ) |
(2.58 ) |
| Year Ended 2/28/2022 |
$27.46 |
(0.02 ) |
1.70 |
1.68 |
(8.24 ) |
(8.24 ) |
| Institutional 3 Class | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$21.86 |
(0.02 ) |
3.59 |
3.57 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$20.69 |
(0.04 ) |
2.36 |
2.32 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025 |
$18.58 |
(0.04 ) |
2.76 |
2.72 |
(0.61 ) |
(0.61 ) |
| Year Ended 2/29/2024 |
$13.90 |
0.04 |
4.64 |
4.68 |
— |
— |
| Year Ended 2/28/2023 |
$19.67 |
0.04 |
(3.23 ) |
(3.19 ) |
(2.58 ) |
(2.58 ) |
| Year Ended 2/28/2022 |
$26.27 |
(0.01 ) |
1.67 |
1.66 |
(8.26 ) |
(8.26 ) |
| Class R | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$17.32 |
(0.07 ) |
2.84 |
2.77 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$16.71 |
(0.14 ) |
1.90 |
1.76 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025 |
$15.20 |
(0.13 ) |
2.25 |
2.12 |
(0.61 ) |
(0.61 ) |
| Year Ended 2/29/2024 |
$11.45 |
(0.04 ) |
3.79 |
3.75 |
— |
— |
| Year Ended 2/28/2023 |
$16.85 |
(0.05 ) |
(2.77 ) |
(2.82 ) |
(2.58 ) |
(2.58 ) |
| Year Ended 2/28/2022 |
$23.44 |
(0.15 ) |
1.57 |
1.42 |
(8.01 ) |
(8.01 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Large Cap Growth Opportunity Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$19.33 |
16.20% |
1.12% (c) |
1.04% (c) |
(0.52% ) |
26% |
$939,961 |
| Year Ended 2/28/2026 |
$17.37 |
10.97% |
1.12% |
1.05% (d) |
(0.54% ) |
53% |
$868,154 |
| Year Ended 2/28/2025 |
$16.71 |
14.32% |
1.11% |
1.05% (d) |
(0.54% ) |
35% |
$904,058 |
| Year Ended 2/29/2024 |
$15.16 |
33.10% |
1.13% (e) |
1.05% (d),(e) |
(0.09% ) |
100% |
$907,931 |
| Year Ended 2/28/2023 |
$11.39 |
(15.76% ) |
1.12% (e) |
1.05% (d),(e) |
(0.13% ) |
74% |
$766,362 |
| Year Ended 2/28/2022 |
$16.74 |
2.77% |
1.08% (e) |
1.04% (d),(e) |
(0.38% ) |
93% |
$1,094,509 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.12 |
16.43% |
0.87% (c) |
0.79% (c) |
(0.27% ) |
26% |
$283,558 |
| Year Ended 2/28/2026 |
$21.45 |
11.17% |
0.87% |
0.80% (d) |
(0.29% ) |
53% |
$261,081 |
| Year Ended 2/28/2025 |
$20.35 |
14.60% |
0.86% |
0.80% (d) |
(0.30% ) |
35% |
$275,482 |
| Year Ended 2/29/2024 |
$18.30 |
33.48% |
0.88% (e) |
0.80% (d),(e) |
0.16% |
100% |
$307,125 |
| Year Ended 2/28/2023 |
$13.71 |
(15.55% ) |
0.86% (e) |
0.80% (d),(e) |
0.12% |
74% |
$282,203 |
| Year Ended 2/28/2022 |
$19.45 |
2.99% |
0.83% (e) |
0.79% (d),(e) |
(0.14% ) |
93% |
$468,670 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$26.61 |
16.43% |
0.82% (c) |
0.73% (c) |
(0.21% ) |
26% |
$33,021 |
| Year Ended 2/28/2026 |
$23.59 |
11.30% |
0.81% |
0.74% |
(0.24% ) |
53% |
$28,686 |
| Year Ended 2/28/2025 |
$22.25 |
14.70% |
0.81% |
0.74% |
(0.24% ) |
35% |
$25,843 |
| Year Ended 2/29/2024 |
$19.94 |
33.47% |
0.82% (e) |
0.74% (e) |
0.22% |
100% |
$23,803 |
| Year Ended 2/28/2023 |
$14.94 |
(15.51% ) |
0.81% (e) |
0.74% (e) |
0.18% |
74% |
$20,199 |
| Year Ended 2/28/2022 |
$20.90 |
3.09% |
0.77% (e) |
0.74% (e) |
(0.08% ) |
93% |
$31,012 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.60 |
16.44% |
0.77% (c) |
0.69% (c) |
(0.17% ) |
26% |
$2,367 |
| Year Ended 2/28/2026 |
$21.86 |
11.33% |
0.77% |
0.70% |
(0.18% ) |
53% |
$1,853 |
| Year Ended 2/28/2025 |
$20.69 |
14.70% |
0.77% |
0.70% |
(0.19% ) |
35% |
$1,266 |
| Year Ended 2/29/2024 |
$18.58 |
33.67% |
0.78% (e) |
0.70% (e) |
0.26% |
100% |
$1,094 |
| Year Ended 2/28/2023 |
$13.90 |
(15.52% ) |
0.77% (e) |
0.70% (e) |
0.24% |
74% |
$993 |
| Year Ended 2/28/2022 |
$19.67 |
3.14% |
0.73% (e) |
0.69% (e) |
(0.03% ) |
93% |
$1,406 |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$19.26 |
16.13% |
1.37% (c) |
1.29% (c) |
(0.78% ) |
26% |
$13,366 |
| Year Ended 2/28/2026 |
$17.32 |
10.66% |
1.37% |
1.30% (d) |
(0.79% ) |
53% |
$13,369 |
| Year Ended 2/28/2025 |
$16.71 |
14.01% |
1.36% |
1.30% (d) |
(0.79% ) |
35% |
$15,851 |
| Year Ended 2/29/2024 |
$15.20 |
32.75% |
1.38% (e) |
1.30% (d),(e) |
(0.34% ) |
100% |
$16,883 |
| Year Ended 2/28/2023 |
$11.45 |
(15.98% ) |
1.37% (e) |
1.30% (d),(e) |
(0.38% ) |
74% |
$14,256 |
| Year Ended 2/28/2022 |
$16.85 |
2.50% |
1.33% (e) |
1.29% (d),(e) |
(0.64% ) |
93% |
$20,484 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund | 2026
13
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 realized gains |
Total distributions to shareholders | |
| Class S | ||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$21.46 |
(0.03 ) |
3.52 |
3.49 |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$20.35 |
(0.06 ) |
2.32 |
2.26 |
(1.15 ) |
(1.15 ) |
| Year Ended 2/28/2025(f) |
$19.56 |
(0.02 ) |
1.01 |
0.99 |
(0.20 ) |
(0.20 ) |
| 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 reorganization fee expense. For the periods indicated below, if reorganization fee expense had been excluded, expenses would have been lower by: |
| Class A |
Institutional Class |
Institutional 2 Class |
Institutional 3 Class |
Class R |
Class S | |
| 08/31/2026 |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| (d) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) |
Ratios include interfund lending expense which is less than 0.01%. |
| (f) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Large Cap Growth Opportunity Fund | 2026
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 S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.12 |
16.38% |
0.87% (c) |
0.79% (c) |
(0.27% ) |
26% |
$39,848 |
| Year Ended 2/28/2026 |
$21.46 |
11.22% |
0.87% |
0.80% (d) |
(0.29% ) |
53% |
$36,483 |
| Year Ended 2/28/2025 (f) |
$20.35 |
5.01% |
0.88% |
0.80% |
(0.29% ) |
35% |
$40,899 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Large Cap Growth Opportunity Fund | 2026
15
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Large Cap Growth Opportunity 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Large Cap Growth Opportunity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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.
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Columbia Large Cap Growth Opportunity Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for 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 0.77% to 0.57% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.73% 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 "Deferred compensation of board members" in the Statement of Operations.
18
Columbia Large Cap Growth Opportunity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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. 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 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.
For the six months ended August 31, 2026, the Fund’s annualized 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 |
| Institutional Class |
0.11 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.01 |
| Class R |
0.11 |
| Class S |
0.11 |
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2026, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.50% of the average daily net assets attributable to Class R shares of the Fund.
Columbia Large Cap Growth Opportunity Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
26,753 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
1.01 |
1.05 |
| Institutional Class |
0.76 |
0.80 |
| Institutional 2 Class |
0.70 |
0.74 |
| Institutional 3 Class |
0.66 |
0.70 |
| Class R |
1.26 |
1.30 |
| Class S |
0.76 |
0.80 |
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 745,458,000 |
600,544,000 |
(32,657,000 ) |
567,887,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
20
Columbia Large Cap Growth Opportunity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Fund will elect to treat the following late-year ordinary losses and post-October capital losses at February 28, 2026 as arising on March 1, 2026.
| Late year ordinary losses ($) |
Post-October capital losses ($) |
| 1,003,089 |
— |
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 $325,266,477 and $413,799,520, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Fund also pays a
Columbia Large Cap Growth Opportunity Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 25.4% 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. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.
At a meeting held on June 18, 2026, the Board of Trustees of Columbia Funds Series Trust approved an Agreement and Plan of Reorganization (the Agreement) pursuant to which the Fund will transfer all of its assets and liabilities to Columbia Cornerstone Growth Fund (the Acquiring Fund) in exchange for shares of the Acquiring Fund (the Reorganization). Pursuant to applicable law (including the Investment Company Act of 1940), the Reorganization does not require shareholder approval. The Reorganization is expected to close on or about November 23, 2026, and is expected to be a tax-free reorganization for U.S. federal income tax purposes. Under the Agreement, the expenses of the Reorganization are borne by the Fund, to the extent that such expenses do not exceed the anticipated reduction in expenses that shareholders of the Fund will realize in the first year following the Reorganization. Any amounts in excess of this limit will be borne by the
22
Columbia Large Cap Growth Opportunity Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Investment Manager. The Fund’s reorganization expenses are estimated to be approximately $122,724 and these expenses will be borne in full by the Fund. If the Reorganization does not occur, the Investment Manager will bear all expenses associated with the Reorganization and reimburse the Fund for reorganization expenses borne.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Large Cap Growth Opportunity Fund | 2026
23
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Large Cap Growth Opportunity Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
24
Columbia Large Cap Growth Opportunity Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, and (iii) the net assets of the Fund. The Board observed that Fund performance was well within the range of that of its peers.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses
Columbia Large Cap Growth Opportunity Fund | 2026
25
Approval of Management Agreement (continued)
(Unaudited)
with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
26
Columbia Large Cap Growth Opportunity Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Large Cap Growth Opportunity Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR186_(10/26)
Columbia Mid Cap Index Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 13 | |
| 14 | |
| 15 | |
| 16 | |
| 20 | |
| 30 |
Columbia Mid Cap Index Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 98.8% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 1.6% | ||
| Entertainment 0.7% | ||
| Roku, Inc.(a) |
89,115 |
13,984,817 |
| Warner Music Group Corp., Class A |
99,333 |
2,802,184 |
| Total |
16,787,001 | |
| Interactive Media & Services 0.3% | ||
| Pinterest, Inc., Class A(a) |
327,239 |
7,104,359 |
| Media 0.6% | ||
| New York Times Co. (The), Class A |
109,419 |
7,360,616 |
| Nexstar Media Group, Inc., Class A |
19,500 |
3,551,535 |
| Sirius XM Holdings, Inc. |
128,048 |
3,607,112 |
| Total |
14,519,263 | |
| Total Communication Services |
38,410,623 | |
| Consumer Discretionary 9.8% | ||
| Automobile Components 1.0% | ||
| Autoliv, Inc. |
46,784 |
5,670,689 |
| BorgWarner, Inc. |
139,329 |
8,939,349 |
| Gentex Corp. |
144,653 |
3,235,887 |
| Lear Corp. |
34,028 |
4,253,160 |
| Visteon Corp. |
18,133 |
1,846,302 |
| Total |
23,945,387 | |
| Automobiles 0.2% | ||
| Harley-Davidson, Inc. |
71,506 |
1,973,566 |
| Thor Industries, Inc. |
35,727 |
2,715,252 |
| Total |
4,688,818 | |
| Broadline Retail 0.3% | ||
| Macy’s, Inc. |
179,151 |
3,934,156 |
| Ollie’s Bargain Outlet Holdings, Inc.(a) |
41,205 |
3,107,681 |
| Total |
7,041,837 | |
| Diversified Consumer Services 0.9% | ||
| Duolingo, Inc.(a) |
27,332 |
4,054,976 |
| Graham Holdings Co., Class B |
2,271 |
2,563,709 |
| Grand Canyon Education, Inc.(a) |
17,811 |
2,638,343 |
| H&R Block, Inc. |
86,105 |
4,447,323 |
| Service Corp. International |
93,720 |
7,651,301 |
| Total |
21,355,652 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Hotels, Restaurants & Leisure 2.3% | ||
| Aramark |
178,617 |
10,057,923 |
| Boyd Gaming Corp. |
37,363 |
2,898,995 |
| Cava Group, Inc.(a) |
68,005 |
4,471,329 |
| Choice Hotels International, Inc. |
13,788 |
1,425,128 |
| Churchill Downs, Inc. |
44,976 |
3,934,500 |
| Dutch Bros, Inc., Class A(a) |
86,668 |
4,234,598 |
| Hilton Grand Vacations, Inc.(a) |
40,791 |
1,729,946 |
| Hyatt Hotels Corp., Class A |
27,870 |
4,653,454 |
| Planet Fitness, Inc., Class A(a) |
53,749 |
2,773,448 |
| Texas Roadhouse, Inc. |
44,649 |
8,733,344 |
| Travel + Leisure Co. |
42,402 |
2,915,562 |
| Vail Resorts, Inc. |
24,205 |
3,313,907 |
| Wingstop, Inc. |
18,499 |
2,025,271 |
| Wyndham Hotels & Resorts, Inc. |
50,850 |
3,745,611 |
| Total |
56,913,016 | |
| Household Durables 1.3% | ||
| KB Home |
42,555 |
2,268,181 |
| SharkNinja, Inc.(a) |
48,065 |
9,252,032 |
| Somnigroup International, Inc. |
156,308 |
10,120,943 |
| Toll Brothers, Inc. |
64,332 |
9,228,425 |
| Whirlpool Corp. |
44,033 |
1,798,308 |
| Total |
32,667,889 | |
| Leisure Products 0.4% | ||
| Brunswick Corp. |
44,135 |
3,349,847 |
| Mattel, Inc.(a) |
197,396 |
2,951,070 |
| Polaris, Inc. |
36,709 |
2,369,199 |
| YETI Holdings, Inc.(a) |
51,460 |
2,112,433 |
| Total |
10,782,549 | |
| Specialty Retail 2.9% | ||
| Abercrombie & Fitch Co., Class A(a) |
30,390 |
4,348,201 |
| AutoNation, Inc.(a) |
17,047 |
3,430,709 |
| Bath & Body Works, Inc. |
136,794 |
2,633,285 |
| Burlington Stores, Inc.(a) |
42,679 |
11,086,297 |
| Chewy, Inc., Class A(a) |
163,160 |
3,883,208 |
| Dick’s Sporting Goods, Inc. |
44,749 |
6,045,590 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Five Below, Inc.(a) |
37,560 |
9,271,310 |
| Floor & Decor Holdings, Inc., Class A(a) |
73,425 |
3,691,075 |
| GameStop Corp., Class A(a) |
280,203 |
5,150,131 |
| Gap, Inc. (The) |
151,381 |
3,377,310 |
| Lithia Motors, Inc., Class A |
15,491 |
5,690,154 |
| Murphy U.S.A., Inc. |
11,418 |
5,884,723 |
| Penske Automotive Group, Inc. |
12,505 |
2,708,458 |
| Restoration Hardware Holdings, Inc.(a) |
10,528 |
1,570,251 |
| Valvoline, Inc.(a) |
86,632 |
2,777,422 |
| Total |
71,548,124 | |
| Textiles, Apparel & Luxury Goods 0.5% | ||
| Capri Holdings Ltd.(a) |
80,943 |
1,072,495 |
| Columbia Sportswear Co. |
16,327 |
937,170 |
| Crocs, Inc.(a) |
33,753 |
4,063,186 |
| PVH Corp. |
31,297 |
2,320,985 |
| VF Corp. |
223,250 |
3,000,480 |
| Total |
11,394,316 | |
| Total Consumer Discretionary |
240,337,588 | |
| Consumer Staples 3.3% | ||
| Beverages 0.5% | ||
| Boston Beer Co., Inc. (The), Class A(a) |
5,079 |
903,097 |
| Celsius Holdings, Inc.(a) |
107,663 |
3,386,002 |
| Coca-Cola Bottling Co. Consolidated |
38,390 |
7,507,932 |
| Total |
11,797,031 | |
| Consumer Staples Distribution & Retail 1.9% | ||
| Albertsons Companies, Inc., Class A |
241,866 |
2,987,045 |
| BJ’s Wholesale Club Holdings, Inc.(a) |
86,738 |
7,862,800 |
| Maplebear, Inc.(a) |
111,755 |
5,645,863 |
| Performance Food Group, Inc.(a) |
106,707 |
10,582,133 |
| Sprouts Farmers Market, Inc.(a) |
63,882 |
5,240,879 |
| U.S. Foods Holding Corp.(a) |
149,591 |
15,683,120 |
| Total |
48,001,840 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Food Products 0.7% | ||
| Darling Ingredients, Inc.(a) |
107,955 |
7,154,178 |
| Ingredion, Inc. |
42,834 |
4,431,606 |
| Marzetti Co. (The) |
13,784 |
1,552,768 |
| Pilgrim’s Pride Corp.(a) |
29,091 |
912,875 |
| Post Holdings, Inc.(a) |
27,092 |
2,258,389 |
| Total |
16,309,816 | |
| Personal Care Products 0.2% | ||
| elf Beauty, Inc.(a) |
40,112 |
4,374,213 |
| Total Consumer Staples |
80,482,900 | |
| Energy 5.1% | ||
| Energy Equipment & Services 1.4% | ||
| NOV, Inc. |
243,784 |
5,190,161 |
| TechnipFMC PLC |
270,827 |
21,165,130 |
| Valaris Ltd.(a) |
43,748 |
3,778,515 |
| Weatherford International PLC |
48,857 |
4,776,749 |
| Total |
34,910,555 | |
| Oil, Gas & Consumable Fuels 3.7% | ||
| Antero Midstream Corp. |
225,851 |
5,063,579 |
| Antero Resources Corp.(a) |
199,940 |
7,693,691 |
| Chord Energy Corp. |
38,242 |
5,625,781 |
| CNX Resources Corp.(a) |
96,103 |
3,496,227 |
| DT Midstream, Inc. |
69,295 |
9,079,031 |
| HF Sinclair Corp. |
104,083 |
10,575,874 |
| Matador Resources Co. |
79,290 |
4,599,613 |
| Murphy Oil Corp. |
91,532 |
3,333,595 |
| Ovintiv, Inc. |
187,072 |
12,281,277 |
| PBF Energy, Inc., Class A |
57,058 |
4,164,663 |
| Permian Resources Corp. |
534,625 |
12,451,416 |
| Range Resources Corp. |
160,052 |
6,613,349 |
| Viper Energy, Inc., Class A |
131,926 |
5,908,966 |
| Total |
90,887,062 | |
| Total Energy |
125,797,617 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Mid Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Financials 14.8% | ||
| Banks 5.5% | ||
| Associated Banc-Corp. |
110,968 |
3,396,730 |
| Bank OZK |
69,704 |
3,421,072 |
| Columbia Banking System, Inc. |
196,642 |
5,828,469 |
| Commerce Bancshares, Inc. |
92,091 |
5,314,572 |
| Cullen/Frost Bankers, Inc. |
42,656 |
6,862,071 |
| East West Bancorp, Inc. |
93,058 |
11,805,338 |
| First Financial Bankshares, Inc. |
88,568 |
2,943,115 |
| First Horizon Corp. |
322,394 |
7,840,622 |
| Flagstar Bank |
203,854 |
2,713,297 |
| FNB Corp. |
241,797 |
4,407,959 |
| Glacier Bancorp, Inc. |
87,519 |
4,053,005 |
| Hancock Whitney Corp. |
55,128 |
4,106,485 |
| Home Bancshares, Inc. |
127,237 |
3,748,402 |
| International Bancshares Corp. |
36,747 |
2,578,169 |
| Old National Bancorp |
233,583 |
5,975,053 |
| Pinnacle Financial Partners, Inc. |
102,163 |
10,213,235 |
| Prosperity Bancshares, Inc. |
80,029 |
5,726,875 |
| SouthState Bank Corp. |
66,343 |
6,958,717 |
| Texas Capital Bancshares, Inc. |
29,665 |
2,882,845 |
| UMB Financial Corp. |
48,514 |
6,871,038 |
| United Bankshares, Inc. |
93,383 |
4,401,141 |
| Valley National Bancorp |
323,709 |
4,415,391 |
| Western Alliance Bancorp |
69,555 |
5,434,332 |
| Wintrust Financial Corp. |
45,816 |
6,888,894 |
| Zions Bancorp NA |
99,915 |
6,663,331 |
| Total |
135,450,158 | |
| Capital Markets 2.4% | ||
| Affiliated Managers Group, Inc. |
17,941 |
6,605,697 |
| Carlyle Group, Inc. (The) |
176,055 |
8,519,301 |
| Evercore, Inc., Class A |
26,276 |
7,526,234 |
| Federated Hermes, Inc., Class B |
49,194 |
3,131,198 |
| Hamilton Lane, Inc., Class A |
27,757 |
3,020,517 |
| Houlihan Lokey, Inc., Class A |
36,830 |
4,909,071 |
| Jefferies Financial Group, Inc. |
111,092 |
5,847,883 |
| Morningstar, Inc. |
14,982 |
3,280,159 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| SEI Investments Co. |
62,091 |
6,890,859 |
| Stifel Financial Corp. |
104,201 |
8,417,357 |
| Total |
58,148,276 | |
| Consumer Finance 0.7% | ||
| Ally Financial, Inc. |
189,473 |
7,997,655 |
| FirstCash Holdings, Inc. |
26,204 |
5,619,972 |
| SLM Corp. |
128,106 |
3,326,913 |
| Total |
16,944,540 | |
| Financial Services 2.0% | ||
| Corebridge Financial, Inc. |
164,430 |
5,350,552 |
| Equitable Holdings, Inc. |
191,228 |
9,586,260 |
| Essent Group Ltd. |
62,597 |
4,229,053 |
| Euronet Worldwide, Inc.(a) |
24,053 |
1,671,924 |
| MGIC Investment Corp. |
143,659 |
4,403,148 |
| Shift4 Payments, Inc., Class A(a) |
39,875 |
1,685,915 |
| Toast, Inc., Class A(a) |
318,959 |
10,873,312 |
| Voya Financial, Inc. |
61,587 |
6,239,995 |
| WEX, Inc.(a) |
23,549 |
4,487,969 |
| Total |
48,528,128 | |
| Insurance 3.6% | ||
| American Financial Group, Inc. |
46,844 |
6,677,612 |
| Brighthouse Financial, Inc.(a) |
38,843 |
2,059,456 |
| CNO Financial Group, Inc. |
63,410 |
3,474,234 |
| Fidelity National Financial, Inc. |
171,862 |
7,982,990 |
| First American Financial Corp. |
69,218 |
5,116,595 |
| Hanover Insurance Group, Inc. (The) |
23,766 |
5,373,730 |
| Kinsale Capital Group, Inc. |
14,883 |
5,564,754 |
| Old Republic International Corp. |
152,204 |
6,351,473 |
| Primerica, Inc. |
21,182 |
6,093,002 |
| Reinsurance Group of America, Inc. |
44,501 |
10,949,026 |
| RenaissanceRe Holdings Ltd. |
28,960 |
9,488,454 |
| RLI Corp. |
62,451 |
3,963,765 |
| Ryan Specialty Holdings, Inc., Class A |
77,391 |
3,264,352 |
| Selective Insurance Group, Inc. |
40,668 |
3,712,582 |
| Unum Group |
99,849 |
9,307,924 |
| Total |
89,379,949 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Mortgage Real Estate Investment Trusts (REITs) 0.6% | ||
| Annaly Capital Management, Inc. |
497,755 |
11,408,544 |
| Starwood Property Trust, Inc. |
236,728 |
3,716,630 |
| Total |
15,125,174 | |
| Total Financials |
363,576,225 | |
| Health Care 10.3% | ||
| Biotechnology 3.4% | ||
| Arrowhead Pharmaceuticals, Inc.(a) |
95,680 |
7,883,075 |
| BioMarin Pharmaceutical, Inc.(a) |
131,292 |
8,564,177 |
| Cytokinetics, Inc.(a) |
92,226 |
6,539,746 |
| Exelixis, Inc.(a) |
170,738 |
9,329,124 |
| Halozyme Therapeutics, Inc.(a) |
80,570 |
8,579,899 |
| Krystal Biotech, Inc.(a) |
17,822 |
6,404,514 |
| Neurocrine Biosciences, Inc.(a) |
68,301 |
10,520,403 |
| Roivant Sciences Ltd.(a) |
306,278 |
10,609,470 |
| United Therapeutics Corp.(a) |
28,833 |
14,715,787 |
| Total |
83,146,195 | |
| Health Care Equipment & Supplies 1.2% | ||
| Dentsply Sirona, Inc. |
136,077 |
1,519,980 |
| Envista Holdings Corp.(a) |
110,537 |
2,999,974 |
| Globus Medical, Inc., Class A(a) |
76,972 |
6,263,212 |
| Haemonetics Corp.(a) |
31,567 |
3,253,611 |
| Lantheus Holdings, Inc.(a) |
44,225 |
4,464,956 |
| LivaNova PLC(a) |
37,315 |
2,978,110 |
| Penumbra, Inc.(a) |
26,716 |
8,631,939 |
| Total |
30,111,782 | |
| Health Care Providers & Services 2.5% | ||
| BrightSpring Health Services, Inc.(a) |
107,441 |
6,274,555 |
| Chemed Corp. |
9,017 |
4,677,208 |
| Encompass Health Corp. |
67,383 |
8,100,111 |
| Ensign Group, Inc. (The) |
39,370 |
6,781,876 |
| HealthEquity, Inc.(a) |
57,384 |
5,539,851 |
| Hims & Hers Health, Inc., Class A(a) |
143,955 |
4,258,189 |
| Molina Healthcare, Inc.(a) |
35,390 |
7,034,470 |
| Option Care Health, Inc.(a) |
106,665 |
2,501,294 |
| Tenet Healthcare Corp.(a) |
58,510 |
15,558,394 |
| Total |
60,725,948 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Health Care Technology 0.1% | ||
| Doximity, Inc., Class A(a) |
90,895 |
2,427,806 |
| Life Sciences Tools & Services 2.3% | ||
| Avantor, Inc.(a) |
463,777 |
6,743,317 |
| Bio-Rad Laboratories, Inc., Class A(a) |
12,235 |
4,724,178 |
| Bruker Corp. |
75,484 |
4,378,827 |
| Illumina, Inc.(a) |
102,774 |
21,955,610 |
| Medpace Holdings, Inc.(a) |
15,326 |
9,103,491 |
| Repligen Corp.(a) |
36,017 |
6,518,357 |
| Sotera Health Co.(a) |
180,146 |
3,404,759 |
| Total |
56,828,539 | |
| Pharmaceuticals 0.8% | ||
| Elanco Animal Health, Inc.(a) |
339,262 |
8,115,147 |
| Jazz Pharmaceuticals PLC(a) |
42,620 |
10,683,982 |
| Total |
18,799,129 | |
| Total Health Care |
252,039,399 | |
| Industrials 23.6% | ||
| Aerospace & Defense 4.0% | ||
| Aerovironment, Inc.(a) |
21,904 |
3,249,458 |
| ATI, Inc.(a) |
92,700 |
18,929,340 |
| BWX Technologies, Inc. |
62,231 |
9,477,159 |
| Carpenter Technology Corp. |
33,750 |
16,079,175 |
| Curtiss-Wright Corp. |
25,093 |
14,617,425 |
| Hexcel Corp. |
51,235 |
4,747,947 |
| Kratos Defense & Security Solutions, Inc.(a) |
127,377 |
6,493,680 |
| Moog, Inc., Class A |
19,318 |
7,176,637 |
| StandardAero, Inc.(a) |
128,692 |
3,151,667 |
| Woodward, Inc. |
40,473 |
13,753,535 |
| Total |
97,676,023 | |
| Air Freight & Logistics 0.2% | ||
| GXO Logistics, Inc.(a) |
78,150 |
3,730,099 |
| Building Products 1.8% | ||
| AAON, Inc. |
46,182 |
3,508,446 |
| Advanced Drainage Systems, Inc. |
48,680 |
6,607,336 |
| Carlisle Companies, Inc. |
27,424 |
9,504,610 |
| Fortune Brands Innovations, Inc. |
81,032 |
3,592,149 |
| Louisiana-Pacific Corp. |
43,186 |
3,045,045 |
| Owens Corning |
54,700 |
7,556,805 |
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Mid Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Simpson Manufacturing Co., Inc. |
27,944 |
5,102,854 |
| Trex Company, Inc.(a) |
70,576 |
3,216,854 |
| UFP Industries, Inc. |
38,365 |
3,242,610 |
| Total |
45,376,709 | |
| Commercial Services & Supplies 1.4% | ||
| Brink’s Co. (The) |
27,973 |
3,047,099 |
| Clean Harbors, Inc.(a) |
33,743 |
10,637,481 |
| MSA Safety, Inc. |
24,649 |
4,603,693 |
| RB Global, Inc. |
126,548 |
10,703,430 |
| Tetra Tech, Inc. |
176,288 |
6,371,048 |
| Total |
35,362,751 | |
| Construction & Engineering 2.3% | ||
| AECOM |
87,302 |
5,886,774 |
| API Group Corp.(a) |
261,909 |
10,279,928 |
| Dycom Industries, Inc.(a) |
20,391 |
5,938,063 |
| Fluor Corp.(a) |
94,874 |
5,171,582 |
| IES Holdings, Inc.(a) |
11,910 |
3,608,730 |
| MasTec, Inc.(a) |
41,854 |
10,035,752 |
| Sterling Infrastructure, Inc.(a) |
20,844 |
9,798,139 |
| Valmont Industries, Inc. |
13,187 |
6,193,407 |
| Total |
56,912,375 | |
| Electrical Equipment 2.1% | ||
| Acuity, Inc. |
20,456 |
6,787,096 |
| EnerSys |
25,032 |
4,602,383 |
| Nextpower, Inc., Class A(a) |
100,856 |
8,273,218 |
| nVent Electric PLC |
109,852 |
16,560,189 |
| Regal Rexnord Corp. |
45,219 |
7,164,951 |
| Sensata Technologies Holding |
98,788 |
4,053,272 |
| Vicor Corp.(a) |
15,872 |
2,978,857 |
| Total |
50,419,966 | |
| Ground Transportation 1.7% | ||
| Avis Budget Group, Inc.(a) |
11,518 |
1,698,790 |
| Knight-Swift Transportation Holdings, Inc. |
110,378 |
7,561,997 |
| Landstar System, Inc. |
23,046 |
4,162,799 |
| Ryder System, Inc. |
26,282 |
6,424,898 |
| Saia, Inc.(a) |
18,117 |
6,433,890 |
| XPO, Inc.(a) |
79,753 |
15,471,284 |
| Total |
41,753,658 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Machinery 5.5% | ||
| AGCO Corp. |
40,825 |
4,830,006 |
| Allison Transmission Holdings, Inc. |
56,336 |
7,081,999 |
| CNH Industrial NV |
598,008 |
7,074,435 |
| Crane Co. |
33,341 |
6,837,239 |
| Donaldson Co., Inc. |
78,669 |
7,150,225 |
| Esab Corp. |
38,874 |
2,930,322 |
| Flowserve Corp. |
86,816 |
6,866,277 |
| Graco, Inc. |
112,737 |
8,729,226 |
| ITT, Inc. |
60,727 |
12,163,011 |
| Lincoln Electric Holdings, Inc. |
37,215 |
10,465,974 |
| Middleby Corp. (The)(a) |
28,256 |
3,131,895 |
| Mueller Industries, Inc. |
150,216 |
9,374,980 |
| Oshkosh Corp. |
42,353 |
6,527,021 |
| RBC Bearings, Inc.(a) |
21,427 |
10,590,509 |
| SPX Technologies, Inc.(a) |
34,008 |
6,691,074 |
| Terex Corp. |
77,573 |
4,926,661 |
| Timken Co. (The) |
42,957 |
5,174,171 |
| Toro Co. (The) |
65,844 |
6,440,202 |
| Watts Water Technologies, Inc., Class A |
18,663 |
6,825,992 |
| Total |
133,811,219 | |
| Marine Transportation 0.2% | ||
| Kirby Corp.(a) |
36,341 |
5,155,334 |
| Passenger Airlines 0.4% | ||
| Alaska Air Group, Inc.(a) |
75,691 |
3,128,309 |
| American Airlines Group, Inc.(a) |
449,260 |
6,033,562 |
| Total |
9,161,871 | |
| Professional Services 2.4% | ||
| Booz Allen Hamilton Holding Corp. |
81,916 |
6,196,945 |
| CACI International, Inc., Class A(a) |
15,006 |
9,348,888 |
| ExlService Holdings, Inc.(a) |
103,781 |
3,951,980 |
| Exponent, Inc. |
32,953 |
2,339,993 |
| FTI Consulting, Inc.(a) |
20,086 |
3,024,349 |
| Genpact Ltd. |
107,081 |
4,066,936 |
| KBR, Inc. |
86,125 |
3,229,688 |
| MAXIMUS, Inc. |
35,689 |
2,061,754 |
| Parsons Corp.(a) |
36,334 |
1,767,286 |
| Paylocity Holding Corp.(a) |
29,460 |
4,720,081 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Science Applications International Corp. |
29,278 |
3,754,025 |
| TransUnion |
130,964 |
11,120,153 |
| UL Solutions, Inc., Class A |
52,853 |
3,938,606 |
| Total |
59,520,684 | |
| Trading Companies & Distributors 1.6% | ||
| Applied Industrial Technologies, Inc. |
25,106 |
8,133,842 |
| Core & Main, Inc., Class A(a) |
127,800 |
5,490,288 |
| GATX Corp. |
24,114 |
4,218,262 |
| MSC Industrial Direct Co., Inc., Class A |
31,100 |
3,697,168 |
| Watsco, Inc. |
23,777 |
7,366,590 |
| WESCO International, Inc. |
33,084 |
11,261,794 |
| Total |
40,167,944 | |
| Total Industrials |
579,048,633 | |
| Information Technology 14.5% | ||
| Communications Equipment 0.5% | ||
| InterDigital, Inc. |
17,556 |
5,881,787 |
| Viavi Solutions, Inc.(a) |
158,887 |
5,766,009 |
| Total |
11,647,796 | |
| Electronic Equipment, Instruments & Components 3.5% | ||
| Advanced Energy Industries, Inc. |
25,833 |
7,152,124 |
| Arrow Electronics, Inc.(a) |
34,734 |
7,100,672 |
| Avnet, Inc. |
55,717 |
4,990,015 |
| Belden, Inc. |
26,454 |
3,027,925 |
| Cognex Corp. |
113,044 |
6,891,162 |
| Crane NXT Co. |
33,615 |
1,643,773 |
| Fabrinet(a) |
24,338 |
10,049,890 |
| IPG Photonics Corp.(a) |
17,299 |
1,316,108 |
| Littelfuse, Inc. |
17,178 |
7,080,428 |
| Novanta, Inc.(a) |
24,190 |
3,537,062 |
| Sanmina Corp.(a) |
36,408 |
7,162,182 |
| TD SYNNEX Corp. |
50,785 |
12,840,987 |
| TTM Technologies, Inc.(a) |
70,542 |
8,388,855 |
| Vontier Corp. |
95,642 |
3,080,629 |
| Total |
84,261,812 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| IT Services 2.1% | ||
| DigitalOcean Holdings, Inc.(a) |
55,295 |
6,120,604 |
| Kyndryl Holdings, Inc.(a) |
153,140 |
2,059,733 |
| Okta, Inc.(a) |
113,886 |
19,706,833 |
| Twilio, Inc., Class A(a) |
103,096 |
24,292,510 |
| Total |
52,179,680 | |
| Semiconductors & Semiconductor Equipment 4.1% | ||
| Allegro MicroSystems, Inc.(a) |
84,328 |
3,056,890 |
| Amkor Technology, Inc. |
77,452 |
3,663,480 |
| Cirrus Logic, Inc.(a) |
34,648 |
3,794,303 |
| Entegris, Inc. |
103,589 |
14,014,556 |
| Lattice Semiconductor Corp.(a) |
93,066 |
10,734,232 |
| MACOM Technology Solutions Holdings, Inc.(a) |
44,570 |
11,758,903 |
| MKS, Inc. |
45,881 |
11,756,547 |
| Onto Innovation, Inc.(a) |
33,790 |
9,029,026 |
| Rambus, Inc.(a) |
73,454 |
6,367,727 |
| Semtech Corp.(a) |
63,250 |
8,409,720 |
| Silicon Laboratories, Inc.(a) |
22,404 |
4,907,596 |
| SiTime Corp.(a) |
15,062 |
8,516,356 |
| Synaptics, Inc.(a) |
26,246 |
2,538,513 |
| Universal Display Corp. |
29,534 |
2,456,343 |
| Total |
101,004,192 | |
| Software 3.5% | ||
| Appfolio, Inc., Class A(a) |
16,322 |
3,822,776 |
| Bentley Systems, Inc., Class B |
101,255 |
3,721,121 |
| BILL Holdings, Inc.(a) |
60,211 |
2,964,188 |
| CommVault Systems, Inc.(a) |
28,021 |
3,853,448 |
| DocuSign, Inc.(a) |
131,976 |
8,746,049 |
| Dolby Laboratories, Inc., Class A |
40,991 |
2,523,406 |
| Dropbox, Inc., Class A(a) |
101,735 |
3,580,055 |
| Dynatrace, Inc.(a) |
200,150 |
10,926,188 |
| Guidewire Software, Inc.(a) |
57,505 |
11,774,149 |
| Manhattan Associates, Inc.(a) |
40,189 |
8,969,783 |
| Nutanix, Inc., Class A(a) |
180,151 |
12,352,954 |
| Pegasystems, Inc. |
61,299 |
2,256,416 |
| Qualys, Inc.(a) |
23,922 |
4,452,841 |
| UiPath, Inc., Class A(a) |
290,107 |
5,416,298 |
| Total |
85,359,672 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Mid Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Technology Hardware, Storage & Peripherals 0.8% | ||
| Everpure, Inc., Class A(a) |
214,341 |
19,922,996 |
| Total Information Technology |
354,376,148 | |
| Materials 5.9% | ||
| Chemicals 1.6% | ||
| Ashland, Inc. |
31,103 |
2,280,783 |
| Avient Corp. |
62,296 |
2,744,762 |
| Axalta Coating Systems Ltd.(a) |
145,377 |
5,294,630 |
| Cabot Corp. |
35,065 |
2,900,226 |
| NewMarket Corp. |
5,186 |
4,655,472 |
| Olin Corp. |
77,368 |
1,346,203 |
| RPM International, Inc. |
86,693 |
9,024,741 |
| Scotts Miracle-Gro Co. (The), Class A |
30,431 |
1,819,774 |
| Solstice Advanced Materials, Inc. |
107,871 |
6,837,943 |
| Westlake Corp. |
22,628 |
1,698,684 |
| Total |
38,603,218 | |
| Construction Materials 0.3% | ||
| Eagle Materials, Inc. |
21,351 |
4,147,645 |
| Knife River Corp.(a) |
38,551 |
2,417,148 |
| Total |
6,564,793 | |
| Containers & Packaging 1.0% | ||
| AptarGroup, Inc. |
43,351 |
5,705,859 |
| Crown Holdings, Inc. |
75,056 |
8,735,768 |
| Graphic Packaging Holding Co. |
200,988 |
2,251,066 |
| Greif, Inc., Class A |
16,830 |
1,392,682 |
| Silgan Holdings, Inc. |
59,582 |
2,475,036 |
| Sonoco Products Co. |
67,160 |
3,703,874 |
| Total |
24,264,285 | |
| Metals & Mining 3.0% | ||
| Alcoa Corp. |
179,253 |
8,953,687 |
| Cleveland-Cliffs, Inc.(a) |
387,467 |
4,475,244 |
| Coeur Mining, Inc. |
702,714 |
14,602,397 |
| Commercial Metals Co. |
75,322 |
5,081,975 |
| Hecla Mining Co. |
455,596 |
9,052,693 |
| MP Materials Corp.(a) |
91,903 |
5,031,689 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Reliance, Inc. |
34,676 |
13,317,318 |
| Royal Gold, Inc. |
55,342 |
14,470,273 |
| Total |
74,985,276 | |
| Total Materials |
144,417,572 | |
| Real Estate 6.9% | ||
| Diversified REITs 0.4% | ||
| WP Carey, Inc. |
151,301 |
10,585,018 |
| Health Care REITs 1.3% | ||
| American Healthcare REIT, Inc. |
130,911 |
7,227,596 |
| CareTrust REIT, Inc. |
160,471 |
6,250,346 |
| Healthcare Realty Trust, Inc. |
235,381 |
4,481,654 |
| Omega Healthcare Investors, Inc. |
202,289 |
9,248,653 |
| Sabra Health Care REIT, Inc. |
171,306 |
3,492,929 |
| Total |
30,701,178 | |
| Hotel & Resort REITs 0.1% | ||
| Park Hotels & Resorts, Inc. |
136,780 |
2,092,734 |
| Industrial REITs 0.9% | ||
| EastGroup Properties, Inc. |
36,457 |
7,273,171 |
| First Industrial Realty Trust, Inc. |
90,051 |
5,572,356 |
| Rexford Industrial Realty, Inc. |
152,125 |
5,634,710 |
| STAG Industrial, Inc. |
129,880 |
4,838,030 |
| Total |
23,318,267 | |
| Office REITs 0.5% | ||
| COPT Defense Properties |
76,666 |
2,759,976 |
| Cousins Properties, Inc. |
111,768 |
3,240,154 |
| Kilroy Realty Corp. |
72,666 |
2,637,776 |
| Vornado Realty Trust |
107,327 |
4,011,883 |
| Total |
12,649,789 | |
| Real Estate Management & Development 0.5% | ||
| Jones Lang LaSalle, Inc.(a) |
31,514 |
11,530,027 |
| Residential REITs 1.1% | ||
| American Homes 4 Rent, Class A |
215,170 |
7,165,161 |
| Equity LifeStyle Properties, Inc. |
131,737 |
8,358,713 |
| Independence Realty Trust, Inc. |
159,818 |
2,585,855 |
| Sun Communities, Inc. |
78,685 |
9,553,933 |
| Total |
27,663,662 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
9
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Retail REITs 0.9% | ||
| Agree Realty Corp. |
81,456 |
5,885,196 |
| Brixmor Property Group, Inc. |
208,426 |
6,021,427 |
| Kite Realty Group Trust |
137,938 |
3,558,801 |
| NNN REIT, Inc. |
129,230 |
5,841,196 |
| Total |
21,306,620 | |
| Specialized REITs 1.2% | ||
| CubeSmart |
153,797 |
6,108,817 |
| EPR Properties |
51,970 |
3,051,159 |
| Gaming and Leisure Properties, Inc. |
192,385 |
8,093,637 |
| Lamar Advertising Co., Class A |
59,134 |
8,811,557 |
| Rayonier, Inc. |
187,946 |
3,852,893 |
| Total |
29,918,063 | |
| Total Real Estate |
169,765,358 | |
| Utilities 3.0% | ||
| Electric Utilities 0.8% | ||
| IDACORP, Inc. |
37,637 |
5,124,654 |
| OGE Energy Corp. |
140,184 |
6,396,596 |
| Portland General Electric Co. |
78,612 |
3,840,982 |
| TXNM Energy, Inc. |
67,680 |
3,899,045 |
| Total |
19,261,277 | |
| Gas Utilities 1.0% | ||
| National Fuel Gas Co. |
64,555 |
5,361,938 |
| New Jersey Resources Corp. |
68,553 |
3,656,617 |
| ONE Gas, Inc. |
42,633 |
3,379,518 |
| Southwest Gas Holdings, Inc. |
43,754 |
3,864,791 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Spire, Inc. |
40,157 |
3,286,449 |
| UGI Corp. |
145,632 |
5,599,550 |
| Total |
25,148,863 | |
| Independent Power and Renewable Electricity Producers 0.6% | ||
| Ormat Technologies, Inc. |
41,743 |
4,257,786 |
| Talen Energy Corp.(a) |
30,836 |
9,120,056 |
| Total |
13,377,842 | |
| Multi-Utilities 0.3% | ||
| Black Hills Corp. |
51,712 |
3,706,716 |
| Northwestern Energy Group, Inc. |
41,781 |
2,889,574 |
| Total |
6,596,290 | |
| Water Utilities 0.3% | ||
| Essential Utilities, Inc. |
192,664 |
7,931,977 |
| Total Utilities |
72,316,249 | |
| Total Common Stocks (Cost $1,461,818,585) |
2,420,568,312 | |
| Money Market Funds 1.2% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(b),(c) |
29,940,931 |
29,925,961 |
| Total Money Market Funds (Cost $29,924,564) |
29,925,961 | |
| Total Investments in Securities (Cost: $1,491,743,149) |
2,450,494,273 | |
| Other Assets & Liabilities, Net |
399,886 | |
| Net Assets |
2,450,894,159 | |
At August 31, 2026, securities and/or cash totaling $2,339,560 were pledged as collateral.
Investments in derivatives
| Long futures contracts | ||||||
| Description |
Number of contracts |
Expiration date |
Trading currency |
Notional amount |
Value/Unrealized appreciation ($) |
Value/Unrealized depreciation ($) |
| S&P Mid 400 Index E-mini |
92 |
09/2026 |
USD |
34,657,320 |
— |
(268,346 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Mid Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (c) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 31,766,510 |
220,956,809 |
(222,793,909 ) |
(3,449 ) |
29,925,961 |
(4,833 ) |
548,299 |
29,940,931 | |
Currency Legend
| USD |
US Dollar |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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.
Columbia Mid Cap Index Fund | 2026
11
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
38,410,623 |
— |
— |
38,410,623 |
| Consumer Discretionary |
240,337,588 |
— |
— |
240,337,588 |
| Consumer Staples |
80,482,900 |
— |
— |
80,482,900 |
| Energy |
125,797,617 |
— |
— |
125,797,617 |
| Financials |
363,576,225 |
— |
— |
363,576,225 |
| Health Care |
252,039,399 |
— |
— |
252,039,399 |
| Industrials |
579,048,633 |
— |
— |
579,048,633 |
| Information Technology |
354,376,148 |
— |
— |
354,376,148 |
| Materials |
144,417,572 |
— |
— |
144,417,572 |
| Real Estate |
169,765,358 |
— |
— |
169,765,358 |
| Utilities |
72,316,249 |
— |
— |
72,316,249 |
| Total Common Stocks |
2,420,568,312 |
— |
— |
2,420,568,312 |
| Money Market Funds |
29,925,961 |
— |
— |
29,925,961 |
| Total Investments in Securities |
2,450,494,273 |
— |
— |
2,450,494,273 |
| Investments in Derivatives |
||||
| Liability |
||||
| Futures Contracts |
(268,346 ) |
— |
— |
(268,346 ) |
| Total |
2,450,225,927 |
— |
— |
2,450,225,927 |
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Mid Cap Index Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $1,461,818,585) |
$2,420,568,312 |
| Affiliated issuers (cost $29,924,564) |
29,925,961 |
| Margin deposits on: |
|
| Futures contracts |
2,339,560 |
| Receivable for: |
|
| Capital shares sold |
1,229,789 |
| Dividends |
1,413,072 |
| Foreign tax reclaims |
7,602 |
| Expense reimbursement due from Investment Manager |
20,362 |
| Prepaid expenses |
10,039 |
| Total assets |
2,455,514,697 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
3,644,733 |
| Variation margin for futures contracts |
169,280 |
| Management services fees |
40,535 |
| Distribution and/or service fees |
9,849 |
| Transfer agent fees |
251,689 |
| Compensation of chief compliance officer |
197 |
| Compensation of board members |
3,923 |
| Other expenses |
81,883 |
| Deferred compensation of board members |
418,449 |
| Total liabilities |
4,620,538 |
| Net assets applicable to outstanding capital stock |
$2,450,894,159 |
| Represented by |
|
| Paid in capital |
1,279,197,597 |
| Total distributable earnings (loss) |
1,171,696,562 |
| Total - representing net assets applicable to outstanding capital stock |
$2,450,894,159 |
| Class A |
|
| Net assets |
$476,912,940 |
| Shares outstanding |
30,362,545 |
| Net asset value per share |
$15.71 |
| Institutional Class |
|
| Net assets |
$1,140,035,101 |
| Shares outstanding |
73,205,581 |
| Net asset value per share |
$15.57 |
| Institutional 2 Class |
|
| Net assets |
$497,547,169 |
| Shares outstanding |
30,519,543 |
| Net asset value per share |
$16.30 |
| Institutional 3 Class |
|
| Net assets |
$336,398,949 |
| Shares outstanding |
22,483,755 |
| Net asset value per share |
$14.96 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
13
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$16,790,534 |
| Dividends — affiliated issuers |
548,299 |
| Foreign taxes withheld |
(20,877 ) |
| Total income |
17,317,956 |
| Expenses: |
|
| Management services fees |
2,532,442 |
| Distribution and/or service fees |
|
| Class A |
621,875 |
| Transfer agent fees |
|
| Class A |
291,318 |
| Institutional Class |
685,379 |
| Institutional 2 Class |
152,095 |
| Institutional 3 Class |
8,079 |
| Custodian fees |
20,900 |
| Printing and postage fees |
31,477 |
| Registration fees |
42,982 |
| Licensing fees and expenses |
12,653 |
| Accounting services fees |
16,880 |
| Legal fees |
23,520 |
| Interest on collateral |
105 |
| Compensation of chief compliance officer |
199 |
| Compensation of board members |
16,983 |
| Deferred compensation of board members |
46,715 |
| Other |
20,795 |
| Total expenses |
4,524,397 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(1,369,975 ) |
| Total net expenses |
3,154,422 |
| Net investment income |
14,163,534 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
203,464,284 |
| Investments — affiliated issuers |
(4,833 ) |
| Futures contracts |
4,630,192 |
| Net realized gain |
208,089,643 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(82,076,769 ) |
| Investments — affiliated issuers |
(3,449 ) |
| Futures contracts |
(1,558,375 ) |
| Net change in unrealized appreciation (depreciation) |
(83,638,593 ) |
| Net realized and unrealized gain |
124,451,050 |
| Net increase in net assets resulting from operations |
$138,614,584 |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Mid Cap Index Fund | 2026
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$14,163,534 |
$30,827,170 |
| Net realized gain |
208,089,643 |
242,743,325 |
| Net change in unrealized appreciation (depreciation) |
(83,638,593 ) |
124,322,876 |
| Net increase in net assets resulting from operations |
138,614,584 |
397,893,371 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(20,911,148 ) |
(44,837,374 ) |
| Institutional Class |
(50,558,291 ) |
(98,464,709 ) |
| Institutional 2 Class |
(21,349,483 ) |
(44,735,870 ) |
| Institutional 3 Class |
(15,596,029 ) |
(31,486,537 ) |
| Total distributions to shareholders |
(108,414,951 ) |
(219,524,490 ) |
| Decrease in net assets from capital stock activity |
(158,244,940 ) |
(106,384,058 ) |
| Total increase (decrease) in net assets |
(128,045,307 ) |
71,984,823 |
| Net assets at beginning of period |
2,578,939,466 |
2,506,954,643 |
| Net assets at end of period |
$2,450,894,159 |
$2,578,939,466 |
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
3,324,681 |
51,869,296 |
6,850,916 |
98,337,554 |
| Distributions reinvested |
946,669 |
15,023,629 |
2,176,418 |
30,857,840 |
| Shares redeemed |
(6,923,543 ) |
(107,744,100 ) |
(14,411,279 ) |
(209,783,207 ) |
| Net decrease |
(2,652,193 ) |
(40,851,175 ) |
(5,383,945 ) |
(80,587,813 ) |
| Institutional Class |
||||
| Shares sold |
4,436,728 |
68,200,095 |
12,554,864 |
178,297,408 |
| Distributions reinvested |
3,084,079 |
48,512,571 |
6,714,460 |
94,364,940 |
| Shares redeemed |
(11,244,701 ) |
(172,670,621 ) |
(17,169,411 ) |
(249,188,638 ) |
| Net increase (decrease) |
(3,723,894 ) |
(55,957,955 ) |
2,099,913 |
23,473,710 |
| Institutional 2 Class |
||||
| Shares sold |
2,571,650 |
41,804,676 |
9,359,348 |
137,745,014 |
| Distributions reinvested |
883,684 |
14,554,267 |
2,074,377 |
30,405,472 |
| Shares redeemed |
(5,960,549 ) |
(96,763,954 ) |
(14,888,693 ) |
(225,288,414 ) |
| Net decrease |
(2,505,215 ) |
(40,405,011 ) |
(3,454,968 ) |
(57,137,928 ) |
| Institutional 3 Class |
||||
| Shares sold |
1,056,636 |
15,876,913 |
5,040,911 |
70,790,190 |
| Distributions reinvested |
379,808 |
5,738,905 |
795,366 |
10,788,959 |
| Shares redeemed |
(2,906,538 ) |
(42,646,617 ) |
(5,311,843 ) |
(73,711,176 ) |
| Net increase (decrease) |
(1,470,094 ) |
(21,030,799 ) |
524,434 |
7,867,973 |
| Total net decrease |
(10,351,396 ) |
(158,244,940 ) |
(6,214,566 ) |
(106,384,058 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
15
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.51 |
0.07 |
0.82 |
0.89 |
(0.02 ) |
(0.67 ) |
(0.69 ) |
| Year Ended 2/28/2026 |
$14.52 |
0.15 |
2.13 |
2.28 |
(0.16 ) |
(1.13 ) |
(1.29 ) |
| Year Ended 2/28/2025 |
$14.86 |
0.16 |
1.11 |
1.27 |
(0.18 ) |
(1.43 ) |
(1.61 ) |
| Year Ended 2/29/2024 |
$14.29 |
0.17 |
1.49 |
1.66 |
(0.16 ) |
(0.93 ) |
(1.09 ) |
| Year Ended 2/28/2023 |
$16.13 |
0.16 |
(0.50 ) |
(0.34 ) |
(0.16 ) |
(1.34 ) |
(1.50 ) |
| Year Ended 2/28/2022 |
$17.72 |
0.14 (f) |
1.30 |
1.44 |
(0.13 ) |
(2.90 ) |
(3.03 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.37 |
0.09 |
0.81 |
0.90 |
(0.03 ) |
(0.67 ) |
(0.70 ) |
| Year Ended 2/28/2026 |
$14.40 |
0.19 |
2.11 |
2.30 |
(0.20 ) |
(1.13 ) |
(1.33 ) |
| Year Ended 2/28/2025 |
$14.75 |
0.19 |
1.11 |
1.30 |
(0.22 ) |
(1.43 ) |
(1.65 ) |
| Year Ended 2/29/2024 |
$14.19 |
0.20 |
1.49 |
1.69 |
(0.20 ) |
(0.93 ) |
(1.13 ) |
| Year Ended 2/28/2023 |
$16.03 |
0.19 |
(0.49 ) |
(0.30 ) |
(0.20 ) |
(1.34 ) |
(1.54 ) |
| Year Ended 2/28/2022 |
$17.63 |
0.19 (f) |
1.29 |
1.48 |
(0.18 ) |
(2.90 ) |
(3.08 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.06 |
0.10 |
0.84 |
0.94 |
(0.03 ) |
(0.67 ) |
(0.70 ) |
| Year Ended 2/28/2026 |
$14.98 |
0.19 |
2.22 |
2.41 |
(0.20 ) |
(1.13 ) |
(1.33 ) |
| Year Ended 2/28/2025 |
$15.29 |
0.20 |
1.14 |
1.34 |
(0.22 ) |
(1.43 ) |
(1.65 ) |
| Year Ended 2/29/2024 |
$14.67 |
0.21 |
1.54 |
1.75 |
(0.20 ) |
(0.93 ) |
(1.13 ) |
| Year Ended 2/28/2023 |
$16.52 |
0.20 |
(0.51 ) |
(0.31 ) |
(0.20 ) |
(1.34 ) |
(1.54 ) |
| Year Ended 2/28/2022 |
$18.08 |
0.19 (f) |
1.33 |
1.52 |
(0.18 ) |
(2.90 ) |
(3.08 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Mid Cap Index Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.71 |
5.70% |
0.59% (c) |
0.45% (c) |
0.92% |
9% |
$476,913 |
| Year Ended 2/28/2026 |
$15.51 |
16.71% |
0.59% (c) |
0.45% (c),(d) |
1.05% |
16% |
$512,030 |
| Year Ended 2/28/2025 |
$14.52 |
8.23% |
0.58% (c),(e) |
0.45% (c),(d),(e) |
1.04% |
16% |
$557,409 |
| Year Ended 2/29/2024 |
$14.86 |
12.58% |
0.59% (c) |
0.45% (c),(d) |
1.19% |
19% |
$617,822 |
| Year Ended 2/28/2023 |
$14.29 |
(1.05% ) |
0.58% (c),(e) |
0.45% (c),(d),(e) |
1.10% |
12% |
$653,592 |
| Year Ended 2/28/2022 |
$16.13 |
7.48% |
0.58% (c),(e) |
0.45% (c),(d),(e) |
0.78% |
16% |
$768,487 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.57 |
5.79% |
0.34% (c) |
0.20% (c) |
1.17% |
9% |
$1,140,035 |
| Year Ended 2/28/2026 |
$15.37 |
17.00% |
0.34% (c) |
0.20% (c),(d) |
1.30% |
16% |
$1,182,301 |
| Year Ended 2/28/2025 |
$14.40 |
8.48% |
0.33% (c),(e) |
0.20% (c),(d),(e) |
1.28% |
16% |
$1,077,209 |
| Year Ended 2/29/2024 |
$14.75 |
12.88% |
0.34% (c) |
0.20% (c),(d) |
1.45% |
19% |
$1,054,017 |
| Year Ended 2/28/2023 |
$14.19 |
(0.80% ) |
0.33% (c),(e) |
0.20% (c),(d),(e) |
1.35% |
12% |
$1,017,847 |
| Year Ended 2/28/2022 |
$16.03 |
7.72% |
0.33% (c),(e) |
0.20% (c),(d),(e) |
1.03% |
16% |
$1,534,550 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.30 |
5.79% |
0.28% (c) |
0.20% (c) |
1.17% |
9% |
$497,547 |
| Year Ended 2/28/2026 |
$16.06 |
17.07% |
0.27% (c) |
0.20% (c) |
1.30% |
16% |
$530,307 |
| Year Ended 2/28/2025 |
$14.98 |
8.44% |
0.28% (c),(e) |
0.20% (c),(e) |
1.29% |
16% |
$546,625 |
| Year Ended 2/29/2024 |
$15.29 |
12.86% |
0.28% (c) |
0.20% (c) |
1.44% |
19% |
$582,545 |
| Year Ended 2/28/2023 |
$14.67 |
(0.84% ) |
0.28% (c),(e) |
0.20% (c),(e) |
1.35% |
12% |
$560,860 |
| Year Ended 2/28/2022 |
$16.52 |
7.75% |
0.27% (c),(e) |
0.20% (c),(e) |
1.03% |
16% |
$634,732 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
17
Financial Highlights (continued)
| Net asset value, beginning of period |
Net investment income |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.79 |
0.09 |
0.78 |
0.87 |
(0.03 ) |
(0.67 ) |
(0.70 ) |
| Year Ended 2/28/2026 |
$13.90 |
0.18 |
2.04 |
2.22 |
(0.20 ) |
(1.13 ) |
(1.33 ) |
| Year Ended 2/28/2025 |
$14.29 |
0.19 |
1.07 |
1.26 |
(0.22 ) |
(1.43 ) |
(1.65 ) |
| Year Ended 2/29/2024 |
$13.79 |
0.19 |
1.44 |
1.63 |
(0.20 ) |
(0.93 ) |
(1.13 ) |
| Year Ended 2/28/2023 |
$15.63 |
0.18 |
(0.48 ) |
(0.30 ) |
(0.20 ) |
(1.34 ) |
(1.54 ) |
| Year Ended 2/28/2022 |
$17.25 |
0.18 (f) |
1.28 |
1.46 |
(0.18 ) |
(2.90 ) |
(3.08 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (d) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) |
Ratios include interfund lending expense which is less than 0.01%. |
| (f) |
Net investment income per share includes special dividends. The per share effect of these dividends amounted to: |
| Year Ended |
Class A |
Institutional Class |
Institutional 2 Class |
Institutional 3 Class |
| 02/28/2022 |
$0.01 |
$0.01 |
$0.01 |
$0.01 |
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Mid Cap Index Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.96 |
5.82% |
0.22% (c) |
0.20% (c) |
1.17% |
9% |
$336,399 |
| Year Ended 2/28/2026 |
$14.79 |
17.04% |
0.22% (c) |
0.20% (c) |
1.30% |
16% |
$354,301 |
| Year Ended 2/28/2025 |
$13.90 |
8.47% |
0.22% (c),(e) |
0.20% (c),(e) |
1.29% |
16% |
$325,712 |
| Year Ended 2/29/2024 |
$14.29 |
12.81% |
0.22% (c) |
0.20% (c) |
1.44% |
19% |
$373,603 |
| Year Ended 2/28/2023 |
$13.79 |
(0.82% ) |
0.23% (c),(e) |
0.20% (c),(e) |
1.36% |
12% |
$350,859 |
| Year Ended 2/28/2022 |
$15.63 |
7.78% |
0.22% (c),(e) |
0.20% (c),(e) |
1.04% |
16% |
$69,950 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2026
19
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Mid Cap Index 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
20
Columbia Mid Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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.
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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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
Columbia Mid Cap Index Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures
22
Columbia Mid Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2026:
| Liability derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Equity risk |
Component of total distributable earnings (loss) — unrealized depreciation on futures contracts |
268,346 * |
| * |
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
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 six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
4,630,192 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
(1,558,375 ) |
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average notional amounts ($) |
| Futures contracts — long |
34,894,822 |
Columbia Mid Cap Index Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
24
Columbia Mid Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s 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 "Deferred 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. 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.
Columbia Mid Cap Index Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
For the six months ended August 31, 2026, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A |
0.12 |
| Institutional Class |
0.12 |
| Institutional 2 Class |
0.06 |
| 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 six months ended August 31, 2026, 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, a distribution and shareholder service plan (the Plan) applicable to Class A shares, which sets 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 Plan, 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.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Fee rate(s) contractual through June 30, 2027 (%) | |
| Class A |
0.45 |
| Institutional Class |
0.20 |
| Institutional 2 Class |
0.20 |
| Institutional 3 Class |
0.20 |
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
26
Columbia Mid Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 1,491,743,000 |
1,068,632,000 |
(110,149,000 ) |
958,483,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $212,192,941 and $457,758,713, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Columbia Mid Cap Index Fund | 2026
27
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 22.0% 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. Affiliated shareholders of record owned 24.7% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
28
Columbia Mid Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Mid Cap Index Fund | 2026
29
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Mid Cap Index Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
30
Columbia Mid Cap Index Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, (iii) the net assets of the Fund, and (iv) index tracking error data of the Fund. The Board observed that the Fund’s tracking error versus its performance was within the range of management’s expectations.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Mid Cap Index Fund | 2026
31
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
32
Columbia Mid Cap Index Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Mid Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR196_(10/26)
Columbia Select Mid Cap Value Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 7 | |
| 9 | |
| 10 | |
| 12 | |
| 16 | |
| 24 |
Columbia Select Mid Cap Value Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 97.1% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 3.7% | ||
| Entertainment 1.6% | ||
| Take-Two Interactive Software, Inc.(a) |
243,216 |
53,434,555 |
| Media 2.1% | ||
| Nexstar Media Group, Inc., Class A |
388,126 |
70,689,389 |
| Total Communication Services |
124,123,944 | |
| Consumer Discretionary 8.4% | ||
| Hotels, Restaurants & Leisure 1.9% | ||
| Hyatt Hotels Corp., Class A |
383,653 |
64,058,541 |
| Household Durables 1.9% | ||
| D.R. Horton, Inc. |
440,519 |
63,681,427 |
| Leisure Products 2.0% | ||
| Hasbro, Inc. |
716,183 |
67,392,820 |
| Specialty Retail 2.6% | ||
| Burlington Stores, Inc.(a) |
132,971 |
34,540,547 |
| O’Reilly Automotive, Inc.(a) |
592,170 |
52,584,696 |
| Total |
87,125,243 | |
| Total Consumer Discretionary |
282,258,031 | |
| Consumer Staples 5.7% | ||
| Consumer Staples Distribution & Retail 3.6% | ||
| Dollar Tree, Inc.(a) |
329,491 |
41,710,266 |
| U.S. Foods Holding Corp.(a) |
753,010 |
78,945,568 |
| Total |
120,655,834 | |
| Food Products 2.1% | ||
| Tyson Foods, Inc., Class A |
1,265,090 |
69,757,063 |
| Total Consumer Staples |
190,412,897 | |
| Energy 6.9% | ||
| Oil, Gas & Consumable Fuels 6.9% | ||
| Devon Energy Corp. |
1,893,038 |
91,831,274 |
| Marathon Petroleum Corp. |
374,744 |
139,899,430 |
| Total |
231,730,704 | |
| Total Energy |
231,730,704 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Financials 17.5% | ||
| Banks 4.8% | ||
| Popular, Inc. |
510,826 |
85,915,825 |
| Regions Financial Corp. |
2,457,376 |
73,426,395 |
| Total |
159,342,220 | |
| Capital Markets 2.0% | ||
| Carlyle Group, Inc. (The) |
1,381,769 |
66,863,802 |
| Consumer Finance 2.3% | ||
| Capital One Financial Corp. |
363,407 |
77,954,436 |
| Financial Services 4.1% | ||
| Global Payments, Inc. |
612,268 |
55,747,001 |
| Voya Financial, Inc. |
810,599 |
82,129,891 |
| Total |
137,876,892 | |
| Insurance 4.3% | ||
| Hanover Insurance Group, Inc. (The) |
291,697 |
65,955,609 |
| Kemper Corp. |
619,937 |
17,469,824 |
| Reinsurance Group of America, Inc. |
241,121 |
59,325,411 |
| Total |
142,750,844 | |
| Total Financials |
584,788,194 | |
| Health Care 9.2% | ||
| Health Care Equipment & Supplies 2.0% | ||
| Zimmer Biomet Holdings, Inc. |
657,850 |
65,811,314 |
| Health Care Providers & Services 5.3% | ||
| Centene Corp.(a) |
619,923 |
39,885,846 |
| Humana, Inc. |
144,988 |
55,563,751 |
| Quest Diagnostics, Inc. |
336,547 |
80,872,244 |
| Total |
176,321,841 | |
| Life Sciences Tools & Services 1.9% | ||
| Agilent Technologies, Inc. |
418,286 |
64,231,998 |
| Total Health Care |
306,365,153 | |
| Industrials 14.9% | ||
| Aerospace & Defense 1.6% | ||
| ATI, Inc.(a) |
268,716 |
54,871,807 |
| Building Products 1.7% | ||
| Trane Technologies PLC |
126,506 |
56,219,266 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Electrical Equipment 2.5% | ||
| AMETEK, Inc. |
356,350 |
83,802,830 |
| Machinery 4.8% | ||
| Ingersoll Rand, Inc. |
1,004,981 |
77,433,786 |
| ITT, Inc. |
419,995 |
84,120,799 |
| Total |
161,554,585 | |
| Passenger Airlines 2.0% | ||
| Southwest Airlines Co. |
1,728,933 |
66,615,788 |
| Professional Services 2.3% | ||
| CACI International, Inc., Class A(a) |
123,821 |
77,141,721 |
| Total Industrials |
500,205,997 | |
| Information Technology 11.7% | ||
| Communications Equipment 2.3% | ||
| Motorola Solutions, Inc. |
158,761 |
77,046,713 |
| Electronic Equipment, Instruments & Components 2.6% | ||
| CDW Corp. |
380,000 |
57,600,400 |
| Corning, Inc. |
187,423 |
27,875,423 |
| Total |
85,475,823 | |
| Semiconductors & Semiconductor Equipment 3.2% | ||
| ON Semiconductor Corp.(a) |
935,166 |
69,286,449 |
| Teradyne, Inc. |
106,822 |
37,369,540 |
| Total |
106,655,989 | |
| Software 3.6% | ||
| Dynatrace, Inc.(a) |
1,070,000 |
58,411,300 |
| Tyler Technologies, Inc.(a) |
170,000 |
63,277,400 |
| Total |
121,688,700 | |
| Total Information Technology |
390,867,225 | |
| Materials 5.5% | ||
| Chemicals 1.1% | ||
| Chemours Co. (The) |
2,281,585 |
35,501,463 |
| Containers & Packaging 2.2% | ||
| Smurfit WestRock PLC |
1,583,495 |
74,265,915 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Metals & Mining 2.2% | ||
| Freeport-McMoRan, Inc. |
967,849 |
73,304,883 |
| Total Materials |
183,072,261 | |
| Real Estate 7.4% | ||
| Health Care REITs 2.4% | ||
| Welltower, Inc. |
332,913 |
78,647,367 |
| Industrial REITs 1.8% | ||
| First Industrial Realty Trust, Inc. |
998,456 |
61,784,457 |
| Specialized REITs 3.2% | ||
| Gaming and Leisure Properties, Inc. |
1,328,607 |
55,894,497 |
| Lamar Advertising Co., Class A |
340,884 |
50,795,125 |
| Total |
106,689,622 | |
| Total Real Estate |
247,121,446 | |
| Utilities 6.2% | ||
| Electric Utilities 3.9% | ||
| Entergy Corp. |
788,008 |
83,773,130 |
| PG&E Corp. |
3,441,213 |
45,664,897 |
| Total |
129,438,027 | |
| Multi-Utilities 2.3% | ||
| Ameren Corp. |
744,840 |
78,960,488 |
| Total Utilities |
208,398,515 | |
| Total Common Stocks (Cost $1,798,476,890) |
3,249,344,367 | |
| Money Market Funds 2.7% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(b),(c) |
89,556,817 |
89,512,038 |
| Total Money Market Funds (Cost $89,509,703) |
89,512,038 | |
| Total Investments in Securities (Cost: $1,887,986,593) |
3,338,856,405 | |
| Other Assets & Liabilities, Net |
5,081,869 | |
| Net Assets |
3,343,938,274 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Select Mid Cap Value Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (c) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 51,668,090 |
161,473,590 |
(123,621,886 ) |
(7,756 ) |
89,512,038 |
(7,838 ) |
1,306,900 |
89,556,817 | |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
124,123,944 |
— |
— |
124,123,944 |
| Consumer Discretionary |
282,258,031 |
— |
— |
282,258,031 |
| Consumer Staples |
190,412,897 |
— |
— |
190,412,897 |
| Energy |
231,730,704 |
— |
— |
231,730,704 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Financials |
584,788,194 |
— |
— |
584,788,194 |
| Health Care |
306,365,153 |
— |
— |
306,365,153 |
| Industrials |
500,205,997 |
— |
— |
500,205,997 |
| Information Technology |
390,867,225 |
— |
— |
390,867,225 |
| Materials |
183,072,261 |
— |
— |
183,072,261 |
| Real Estate |
247,121,446 |
— |
— |
247,121,446 |
| Utilities |
208,398,515 |
— |
— |
208,398,515 |
| Total Common Stocks |
3,249,344,367 |
— |
— |
3,249,344,367 |
| Money Market Funds |
89,512,038 |
— |
— |
89,512,038 |
| Total Investments in Securities |
3,338,856,405 |
— |
— |
3,338,856,405 |
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.
6
Columbia Select Mid Cap Value Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $1,798,476,890) |
$3,249,344,367 |
| Affiliated issuers (cost $89,509,703) |
89,512,038 |
| Receivable for: |
|
| Capital shares sold |
4,594,154 |
| Dividends |
3,863,987 |
| Foreign tax reclaims |
179,054 |
| Prepaid expenses |
11,428 |
| Other assets |
15,079 |
| Total assets |
3,347,520,107 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
2,334,269 |
| Management services fees |
198,044 |
| Distribution and/or service fees |
27,401 |
| Transfer agent fees |
343,033 |
| Compensation of chief compliance officer |
233 |
| Compensation of board members |
3,859 |
| Other expenses |
61,607 |
| Deferred compensation of board members |
613,387 |
| Total liabilities |
3,581,833 |
| Net assets applicable to outstanding capital stock |
$3,343,938,274 |
| Represented by |
|
| Paid in capital |
1,633,424,898 |
| Total distributable earnings (loss) |
1,710,513,376 |
| Total - representing net assets applicable to outstanding capital stock |
$3,343,938,274 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
7
Statement of Assets and Liabilities (continued)
August 31, 2026 (Unaudited)
| Class A |
|
| Net assets |
$1,217,262,065 |
| Shares outstanding |
67,602,145 |
| Net asset value per share |
$18.01 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$19.11 |
| Class C |
|
| Net assets |
$8,758,639 |
| Shares outstanding |
572,702 |
| Net asset value per share |
$15.29 |
| Institutional Class |
|
| Net assets |
$1,142,002,896 |
| Shares outstanding |
63,112,271 |
| Net asset value per share |
$18.09 |
| Institutional 2 Class |
|
| Net assets |
$91,370,422 |
| Shares outstanding |
4,785,864 |
| Net asset value per share |
$19.09 |
| Institutional 3 Class |
|
| Net assets |
$686,562,508 |
| Shares outstanding |
38,174,847 |
| Net asset value per share |
$17.98 |
| Class R |
|
| Net assets |
$33,668,737 |
| Shares outstanding |
1,883,587 |
| Net asset value per share |
$17.87 |
| Class S |
|
| Net assets |
$164,313,007 |
| Shares outstanding |
9,078,264 |
| Net asset value per share |
$18.10 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Select Mid Cap Value Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$23,499,339 |
| Dividends — affiliated issuers |
1,306,900 |
| Interfund lending |
104 |
| Foreign taxes withheld |
(95,780 ) |
| Total income |
24,710,563 |
| Expenses: |
|
| Management services fees |
11,229,442 |
| Distribution and/or service fees |
|
| Class A |
1,463,635 |
| Class C |
41,635 |
| Class R |
78,757 |
| Transfer agent fees |
|
| Class A |
700,590 |
| Class C |
4,983 |
| Institutional Class |
625,118 |
| Institutional 2 Class |
25,390 |
| Institutional 3 Class |
11,990 |
| Class R |
18,854 |
| Class S |
95,760 |
| Custodian fees |
7,116 |
| Printing and postage fees |
63,600 |
| Registration fees |
48,477 |
| Accounting services fees |
16,880 |
| Legal fees |
26,619 |
| Compensation of chief compliance officer |
235 |
| Compensation of board members |
19,052 |
| Deferred compensation of board members |
72,192 |
| Other |
28,209 |
| Total expenses |
14,578,534 |
| Net investment income |
10,132,029 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
291,110,391 |
| Investments — affiliated issuers |
(7,838 ) |
| Net realized gain |
291,102,553 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
41,220,371 |
| Investments — affiliated issuers |
(7,756 ) |
| Net change in unrealized appreciation (depreciation) |
41,212,615 |
| Net realized and unrealized gain |
332,315,168 |
| Net increase in net assets resulting from operations |
$342,447,197 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
9
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$10,132,029 |
$20,866,438 |
| Net realized gain |
291,102,553 |
168,683,102 |
| Net change in unrealized appreciation (depreciation) |
41,212,615 |
449,119,045 |
| Net increase in net assets resulting from operations |
342,447,197 |
638,668,585 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(26,618,460 ) |
(64,705,337 ) |
| Class C |
(193,982 ) |
(478,261 ) |
| Institutional Class |
(25,256,996 ) |
(53,619,440 ) |
| Institutional 2 Class |
(2,323,716 ) |
(4,745,737 ) |
| Institutional 3 Class |
(15,351,158 ) |
(31,053,032 ) |
| Class R |
(690,241 ) |
(1,598,810 ) |
| Class S |
(3,821,247 ) |
(9,247,438 ) |
| Total distributions to shareholders |
(74,255,800 ) |
(165,448,055 ) |
| Increase (decrease) in net assets from capital stock activity |
171,550,473 |
(41,397,673 ) |
| Total increase in net assets |
439,741,870 |
431,822,857 |
| Net assets at beginning of period |
2,904,196,404 |
2,472,373,547 |
| Net assets at end of period |
$3,343,938,274 |
$2,904,196,404 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Select Mid Cap Value Fund | 2026
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
2,041,534 |
34,991,712 |
2,167,333 |
31,071,732 |
| Distributions reinvested |
1,473,302 |
25,278,310 |
4,366,940 |
61,459,995 |
| Shares redeemed |
(4,402,764 ) |
(74,884,504 ) |
(10,115,156 ) |
(144,328,377 ) |
| Net decrease |
(887,928 ) |
(14,614,482 ) |
(3,580,883 ) |
(51,796,650 ) |
| Class C |
||||
| Shares sold |
86,327 |
1,257,994 |
108,062 |
1,346,506 |
| Distributions reinvested |
12,867 |
188,891 |
38,468 |
464,674 |
| Shares redeemed |
(103,661 ) |
(1,489,542 ) |
(176,940 ) |
(2,146,206 ) |
| Net decrease |
(4,467 ) |
(42,657 ) |
(30,410 ) |
(335,026 ) |
| Institutional Class |
||||
| Shares sold |
11,225,878 |
189,504,852 |
7,168,565 |
105,938,362 |
| Distributions reinvested |
1,351,357 |
23,262,668 |
3,509,628 |
49,489,919 |
| Shares redeemed |
(4,833,331 ) |
(83,471,611 ) |
(17,207,399 ) |
(247,438,571 ) |
| Net increase (decrease) |
7,743,904 |
129,295,909 |
(6,529,206 ) |
(92,010,290 ) |
| Institutional 2 Class |
||||
| Shares sold |
1,218,397 |
22,167,849 |
1,177,082 |
18,309,021 |
| Distributions reinvested |
114,206 |
2,071,591 |
284,607 |
4,236,700 |
| Shares redeemed |
(1,768,443 ) |
(32,764,483 ) |
(1,088,887 ) |
(16,251,528 ) |
| Net increase (decrease) |
(435,840 ) |
(8,525,043 ) |
372,802 |
6,294,193 |
| Institutional 3 Class |
||||
| Shares sold |
6,836,812 |
118,049,602 |
14,443,541 |
209,800,995 |
| Distributions reinvested |
833,043 |
14,233,953 |
2,004,609 |
28,287,113 |
| Shares redeemed |
(3,783,966 ) |
(64,369,652 ) |
(9,167,299 ) |
(132,280,797 ) |
| Net increase |
3,885,889 |
67,913,903 |
7,280,851 |
105,807,311 |
| Class R |
||||
| Shares sold |
220,802 |
3,776,355 |
445,676 |
6,216,593 |
| Distributions reinvested |
40,402 |
689,949 |
114,171 |
1,598,133 |
| Shares redeemed |
(195,386 ) |
(3,306,587 ) |
(502,633 ) |
(7,017,572 ) |
| Net increase |
65,818 |
1,159,717 |
57,214 |
797,154 |
| Class S |
||||
| Shares sold |
232,612 |
3,898,144 |
289,355 |
4,249,723 |
| Distributions reinvested |
222,124 |
3,821,247 |
651,523 |
9,207,307 |
| Shares redeemed |
(656,907 ) |
(11,356,265 ) |
(1,648,125 ) |
(23,611,395 ) |
| Net decrease |
(202,171 ) |
(3,636,874 ) |
(707,247 ) |
(10,154,365 ) |
| Total net increase (decrease) |
10,165,205 |
171,550,473 |
(3,136,879 ) |
(41,397,673 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
11
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.55 |
0.04 |
1.82 |
1.86 |
(0.05 ) |
(0.35 ) |
(0.40 ) |
| Year Ended 2/28/2026 |
$13.84 |
0.10 |
3.56 |
3.66 |
(0.09 ) |
(0.86 ) |
(0.95 ) |
| Year Ended 2/28/2025 |
$13.39 |
0.09 |
1.30 |
1.39 |
(0.11 ) |
(0.83 ) |
(0.94 ) |
| Year Ended 2/29/2024 |
$12.47 |
0.11 |
0.97 |
1.08 |
(0.10 ) |
(0.06 ) |
(0.16 ) |
| Year Ended 2/28/2023 |
$13.54 |
0.08 |
(0.42 ) |
(0.34 ) |
(0.07 ) |
(0.66 ) |
(0.73 ) |
| Year Ended 2/28/2022 |
$12.50 |
0.05 |
2.22 |
2.27 |
(0.04 ) |
(1.19 ) |
(1.23 ) |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.12 |
(0.02 ) |
1.54 |
1.52 |
— |
(0.35 ) |
(0.35 ) |
| Year Ended 2/28/2026 |
$11.94 |
(0.01 ) |
3.05 |
3.04 |
(0.00 ) |
(0.86 ) |
(0.86 ) |
| Year Ended 2/28/2025 |
$11.66 |
(0.01 ) |
1.13 |
1.12 |
(0.01 ) |
(0.83 ) |
(0.84 ) |
| Year Ended 2/29/2024 |
$10.88 |
0.02 |
0.83 |
0.85 |
(0.01 ) |
(0.06 ) |
(0.07 ) |
| Year Ended 2/28/2023 |
$11.92 |
(0.01 ) |
(0.37 ) |
(0.38 ) |
— |
(0.66 ) |
(0.66 ) |
| Year Ended 2/28/2022 |
$11.18 |
(0.05 ) |
1.98 |
1.93 |
— |
(1.19 ) |
(1.19 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.62 |
0.06 |
1.83 |
1.89 |
(0.07 ) |
(0.35 ) |
(0.42 ) |
| Year Ended 2/28/2026 |
$13.90 |
0.13 |
3.57 |
3.70 |
(0.12 ) |
(0.86 ) |
(0.98 ) |
| Year Ended 2/28/2025 |
$13.44 |
0.13 |
1.30 |
1.43 |
(0.14 ) |
(0.83 ) |
(0.97 ) |
| Year Ended 2/29/2024 |
$12.53 |
0.14 |
0.96 |
1.10 |
(0.13 ) |
(0.06 ) |
(0.19 ) |
| Year Ended 2/28/2023 |
$13.59 |
0.11 |
(0.41 ) |
(0.30 ) |
(0.10 ) |
(0.66 ) |
(0.76 ) |
| Year Ended 2/28/2022 |
$12.55 |
0.08 |
2.22 |
2.30 |
(0.07 ) |
(1.19 ) |
(1.26 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$17.52 |
0.07 |
1.92 |
1.99 |
(0.07 ) |
(0.35 ) |
(0.42 ) |
| Year Ended 2/28/2026 |
$14.60 |
0.15 |
3.76 |
3.91 |
(0.13 ) |
(0.86 ) |
(0.99 ) |
| Year Ended 2/28/2025 |
$14.07 |
0.14 |
1.38 |
1.52 |
(0.16 ) |
(0.83 ) |
(0.99 ) |
| Year Ended 2/29/2024 |
$13.11 |
0.16 |
1.00 |
1.16 |
(0.14 ) |
(0.06 ) |
(0.20 ) |
| Year Ended 2/28/2023 |
$14.18 |
0.13 |
(0.42 ) |
(0.29 ) |
(0.12 ) |
(0.66 ) |
(0.78 ) |
| Year Ended 2/28/2022 |
$13.05 |
0.10 |
2.31 |
2.41 |
(0.09 ) |
(1.19 ) |
(1.28 ) |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.53 |
0.07 |
1.81 |
1.88 |
(0.08 ) |
(0.35 ) |
(0.43 ) |
| Year Ended 2/28/2026 |
$13.83 |
0.15 |
3.55 |
3.70 |
(0.14 ) |
(0.86 ) |
(1.00 ) |
| Year Ended 2/28/2025 |
$13.38 |
0.14 |
1.30 |
1.44 |
(0.16 ) |
(0.83 ) |
(0.99 ) |
| Year Ended 2/29/2024 |
$12.46 |
0.16 |
0.97 |
1.13 |
(0.15 ) |
(0.06 ) |
(0.21 ) |
| Year Ended 2/28/2023 |
$13.53 |
0.13 |
(0.42 ) |
(0.29 ) |
(0.12 ) |
(0.66 ) |
(0.78 ) |
| Year Ended 2/28/2022 |
$12.50 |
0.10 |
2.21 |
2.31 |
(0.09 ) |
(1.19 ) |
(1.28 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Select Mid Cap Value Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$18.01 |
11.35% |
1.11% |
1.11% |
0.48% |
15% |
$1,217,262 |
| Year Ended 2/28/2026 |
$16.55 |
27.76% |
1.13% |
1.13% (c) |
0.68% |
15% |
$1,133,249 |
| Year Ended 2/28/2025 |
$13.84 |
10.27% |
1.13% |
1.13% (c) |
0.64% |
10% |
$997,414 |
| Year Ended 2/29/2024 |
$13.39 |
8.79% |
1.15% |
1.12% (c) |
0.91% |
15% |
$1,010,326 |
| Year Ended 2/28/2023 |
$12.47 |
(1.90% ) |
1.14% |
1.12% (c) |
0.67% |
30% |
$1,038,459 |
| Year Ended 2/28/2022 |
$13.54 |
18.15% |
1.13% |
1.13% (c) |
0.35% |
37% |
$1,142,075 |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.29 |
10.87% |
1.86% |
1.86% |
(0.27% ) |
15% |
$8,759 |
| Year Ended 2/28/2026 |
$14.12 |
26.82% |
1.88% |
1.88% (c) |
(0.07% ) |
15% |
$8,147 |
| Year Ended 2/28/2025 |
$11.94 |
9.44% |
1.88% |
1.87% (c) |
(0.11% ) |
10% |
$7,255 |
| Year Ended 2/29/2024 |
$11.66 |
7.90% |
1.90% |
1.87% (c) |
0.15% |
15% |
$8,353 |
| Year Ended 2/28/2023 |
$10.88 |
(2.56% ) |
1.89% |
1.87% (c) |
(0.07% ) |
30% |
$10,281 |
| Year Ended 2/28/2022 |
$11.92 |
17.19% |
1.88% |
1.88% (c) |
(0.39% ) |
37% |
$12,830 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$18.09 |
11.49% |
0.86% |
0.86% |
0.72% |
15% |
$1,142,003 |
| Year Ended 2/28/2026 |
$16.62 |
28.02% |
0.88% |
0.88% (c) |
0.93% |
15% |
$920,487 |
| Year Ended 2/28/2025 |
$13.90 |
10.58% |
0.88% |
0.88% (c) |
0.89% |
10% |
$860,455 |
| Year Ended 2/29/2024 |
$13.44 |
8.95% |
0.90% |
0.87% (c) |
1.16% |
15% |
$843,358 |
| Year Ended 2/28/2023 |
$12.53 |
(1.56% ) |
0.89% |
0.87% (c) |
0.92% |
30% |
$861,739 |
| Year Ended 2/28/2022 |
$13.59 |
18.36% |
0.89% |
0.88% (c) |
0.60% |
37% |
$861,576 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$19.09 |
11.51% |
0.79% |
0.79% |
0.81% |
15% |
$91,370 |
| Year Ended 2/28/2026 |
$17.52 |
28.15% |
0.81% |
0.81% |
1.00% |
15% |
$91,476 |
| Year Ended 2/28/2025 |
$14.60 |
10.69% |
0.81% |
0.80% |
0.96% |
10% |
$70,788 |
| Year Ended 2/29/2024 |
$14.07 |
9.04% |
0.81% |
0.78% |
1.23% |
15% |
$67,666 |
| Year Ended 2/28/2023 |
$13.11 |
(1.47% ) |
0.81% |
0.77% |
1.02% |
30% |
$123,621 |
| Year Ended 2/28/2022 |
$14.18 |
18.47% |
0.80% |
0.78% |
0.70% |
37% |
$130,351 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$17.98 |
11.50% |
0.74% |
0.74% |
0.84% |
15% |
$686,563 |
| Year Ended 2/28/2026 |
$16.53 |
28.19% |
0.76% |
0.76% |
1.04% |
15% |
$566,647 |
| Year Ended 2/28/2025 |
$13.83 |
10.71% |
0.75% |
0.75% |
1.01% |
10% |
$373,399 |
| Year Ended 2/29/2024 |
$13.38 |
9.24% |
0.76% |
0.73% |
1.29% |
15% |
$361,466 |
| Year Ended 2/28/2023 |
$12.46 |
(1.50% ) |
0.75% |
0.73% |
1.05% |
30% |
$411,996 |
| Year Ended 2/28/2022 |
$13.53 |
18.53% |
0.75% |
0.74% |
0.73% |
37% |
$434,024 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
13
Financial Highlights (continued)
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.43 |
0.02 |
1.80 |
1.82 |
(0.03 ) |
(0.35 ) |
(0.38 ) |
| Year Ended 2/28/2026 |
$13.75 |
0.06 |
3.53 |
3.59 |
(0.05 ) |
(0.86 ) |
(0.91 ) |
| Year Ended 2/28/2025 |
$13.30 |
0.05 |
1.30 |
1.35 |
(0.07 ) |
(0.83 ) |
(0.90 ) |
| Year Ended 2/29/2024 |
$12.40 |
0.08 |
0.95 |
1.03 |
(0.07 ) |
(0.06 ) |
(0.13 ) |
| Year Ended 2/28/2023 |
$13.46 |
0.05 |
(0.41 ) |
(0.36 ) |
(0.04 ) |
(0.66 ) |
(0.70 ) |
| Year Ended 2/28/2022 |
$12.44 |
0.01 |
2.21 |
2.22 |
(0.01 ) |
(1.19 ) |
(1.20 ) |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.63 |
0.06 |
1.83 |
1.89 |
(0.07 ) |
(0.35 ) |
(0.42 ) |
| Year Ended 2/28/2026 |
$13.90 |
0.13 |
3.58 |
3.71 |
(0.12 ) |
(0.86 ) |
(0.98 ) |
| Year Ended 2/28/2025(d) |
$14.77 |
0.04 |
(0.21 )(e) |
(0.17 ) |
(0.03 ) |
(0.67 ) |
(0.70 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (d) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
| (e) |
Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to timing of Fund shares sold and redeemed in relation to fluctuations in the market value of the portfolio. For a new share class, the difference may be due to the timing of the commencement of operations for the share class. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Select Mid Cap Value Fund | 2026
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 R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$17.87 |
11.17% |
1.36% |
1.36% |
0.23% |
15% |
$33,669 |
| Year Ended 2/28/2026 |
$16.43 |
27.40% |
1.38% |
1.38% (c) |
0.42% |
15% |
$29,864 |
| Year Ended 2/28/2025 |
$13.75 |
10.06% |
1.38% |
1.38% (c) |
0.39% |
10% |
$24,201 |
| Year Ended 2/29/2024 |
$13.30 |
8.40% |
1.40% |
1.37% (c) |
0.66% |
15% |
$22,727 |
| Year Ended 2/28/2023 |
$12.40 |
(2.09% ) |
1.39% |
1.37% (c) |
0.42% |
30% |
$25,136 |
| Year Ended 2/28/2022 |
$13.46 |
17.79% |
1.38% |
1.38% (c) |
0.10% |
37% |
$27,787 |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$18.10 |
11.49% |
0.86% |
0.86% |
0.72% |
15% |
$164,313 |
| Year Ended 2/28/2026 |
$16.63 |
28.09% |
0.88% |
0.88% (c) |
0.93% |
15% |
$154,326 |
| Year Ended 2/28/2025 (d) |
$13.90 |
(1.34% ) |
0.90% |
0.90% |
0.75% |
10% |
$138,861 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Select Mid Cap Value Fund | 2026
15
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Select Mid Cap Value 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Select Mid Cap Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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.
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Columbia Select Mid Cap Value Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
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 and is responsible for 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 0.82% to 0.65% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.72% of the Fund’s average daily net assets.
18
Columbia Select Mid Cap Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 "Deferred 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. 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 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.
For the six months ended August 31, 2026, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A |
0.12 |
| Class C |
0.12 |
| Institutional Class |
0.12 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.00 |
| Class R |
0.12 |
| Class S |
0.12 |
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 six months ended August 31, 2026, no minimum account balance fees were charged by the Fund.
Columbia Select Mid Cap Value Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
119,274 |
| Class C |
— |
1.00 (b) |
63 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) |
This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
1.14 |
1.16 |
| Class C |
1.89 |
1.91 |
| Institutional Class |
0.89 |
0.91 |
| Institutional 2 Class |
0.82 |
0.84 |
| Institutional 3 Class |
0.77 |
0.79 |
| Class R |
1.39 |
1.41 |
| Class S |
0.89 |
0.91 |
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
20
Columbia Select Mid Cap Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 1,887,987,000 |
1,491,729,000 |
(40,860,000 ) |
1,450,869,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $510,118,479 and $453,161,645, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
Columbia Select Mid Cap Value Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
The Fund’s activity in the Interfund Program during the six months ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Lender |
300,000 |
4.18 |
3 |
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
22
Columbia Select Mid Cap Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Select Mid Cap Value Fund | 2026
23
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Select Mid Cap Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
24
Columbia Select Mid Cap Value Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses
Columbia Select Mid Cap Value Fund | 2026
25
Approval of Management Agreement (continued)
(Unaudited)
with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
26
Columbia Select Mid Cap Value Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Select Mid Cap Value Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR197_(10/26)
Columbia Small Cap Index Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 16 | |
| 17 | |
| 18 | |
| 20 | |
| 22 | |
| 32 |
Columbia Small Cap Index Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 98.5% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 3.4% | ||
| Diversified Telecommunication Services 0.7% | ||
| Cogent Communications Holdings, Inc. |
68,491 |
653,404 |
| Iridium Communications, Inc. |
151,590 |
7,121,698 |
| Lumen Technologies, Inc.(a) |
1,359,050 |
8,494,063 |
| Shenandoah Telecommunications Co. |
65,835 |
814,379 |
| Uniti Group, Inc.(a) |
261,107 |
2,590,181 |
| Total |
19,673,725 | |
| Entertainment 0.8% | ||
| Cinemark Holdings, Inc. |
147,484 |
5,251,905 |
| Madison Square Garden Sports Corp., Class A(a) |
25,784 |
9,919,878 |
| Sphere Entertainment Co.(a) |
38,569 |
5,256,955 |
| Total |
20,428,738 | |
| Interactive Media & Services 1.2% | ||
| Cargurus, Inc.(a) |
108,925 |
3,884,266 |
| Match Group, Inc. |
334,451 |
13,595,433 |
| People, Inc.(a) |
89,493 |
3,425,792 |
| QuinStreet, Inc.(a) |
82,363 |
1,601,137 |
| TripAdvisor, Inc.(a) |
166,835 |
1,588,269 |
| Yelp, Inc.(a) |
74,902 |
1,674,060 |
| Ziff Davis, Inc.(a) |
52,813 |
2,912,637 |
| ZoomInfo Technologies, Inc.(a) |
371,851 |
1,576,648 |
| Total |
30,258,242 | |
| Media 0.5% | ||
| DoubleVerify Holdings, Inc.(a) |
182,627 |
2,447,202 |
| John Wiley & Sons, Inc., Class A |
56,143 |
2,941,332 |
| Scholastic Corp. |
23,477 |
901,517 |
| Versant Media Group, Inc. |
202,334 |
8,319,974 |
| Total |
14,610,025 | |
| Wireless Telecommunication Services 0.2% | ||
| Telephone and Data Systems, Inc. |
138,693 |
4,671,180 |
| Total Communication Services |
89,641,910 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Discretionary 13.7% | ||
| Automobile Components 1.5% | ||
| Adient PLC(a) |
112,426 |
2,132,721 |
| Dana, Inc. |
156,037 |
4,677,989 |
| Dauch Corp.(a) |
340,330 |
2,130,466 |
| Dorman Products, Inc.(a) |
38,989 |
5,023,733 |
| Fox Factory Holding Corp.(a) |
60,127 |
1,228,395 |
| Gentherm, Inc.(a) |
43,969 |
1,727,542 |
| Goodyear Tire & Rubber Co. (The)(a) |
412,121 |
2,583,999 |
| LCI Industries |
34,819 |
3,503,836 |
| Patrick Industries, Inc. |
47,161 |
3,853,997 |
| Phinia, Inc. |
53,080 |
3,632,795 |
| Standard Motor Products, Inc. |
30,324 |
1,143,821 |
| Versigent PLC(a) |
101,646 |
4,818,020 |
| XPEL, Inc.(a) |
35,960 |
1,771,390 |
| Total |
38,228,704 | |
| Automobiles 0.0% | ||
| Winnebago Industries, Inc. |
40,527 |
1,219,457 |
| Broadline Retail 0.5% | ||
| Etsy, Inc.(a) |
136,059 |
11,065,678 |
| Kohl’s Corp. |
160,945 |
2,868,040 |
| Total |
13,933,718 | |
| Distributors 0.7% | ||
| LKQ Corp. |
365,312 |
9,169,331 |
| Pool Corp. |
45,981 |
8,576,376 |
| Total |
17,745,707 | |
| Diversified Consumer Services 1.9% | ||
| ADT, Inc. |
809,572 |
5,982,737 |
| Bright Horizons Family Solutions, Inc.(a) |
75,426 |
5,595,101 |
| Covista, Inc.(a) |
48,793 |
6,456,778 |
| frontdoor, Inc.(a) |
100,701 |
8,143,690 |
| Laureate Education, Inc., Class A(a) |
182,634 |
6,854,254 |
| Matthews International Corp., Class A |
44,736 |
929,167 |
| OneSpaWorld Holdings Ltd. |
145,549 |
3,613,981 |
| Perdoceo Education Corp. |
84,508 |
2,809,046 |
| Strategic Education, Inc. |
32,071 |
2,656,761 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Stride, Inc.(a) |
60,074 |
5,207,815 |
| Universal Technical Institute, Inc.(a) |
72,629 |
1,534,651 |
| Total |
49,783,981 | |
| Hotels, Restaurants & Leisure 2.8% | ||
| BJ’s Restaurants, Inc.(a) |
30,134 |
1,916,221 |
| Brinker International, Inc.(a) |
61,492 |
14,050,922 |
| Caesars Entertainment, Inc.(a) |
292,026 |
8,673,172 |
| Cheesecake Factory, Inc. (The) |
65,538 |
7,175,756 |
| Cracker Barrel Old Country Store, Inc. |
32,046 |
1,770,221 |
| Life Time Group Holdings, Inc.(a) |
220,221 |
9,253,686 |
| Marriott Vacations Worldwide Corp. |
39,392 |
4,107,010 |
| Monarch Casino & Resort, Inc. |
17,306 |
2,084,508 |
| Papa John’s International, Inc. |
47,174 |
1,107,646 |
| Penn Entertainment, Inc.(a) |
182,127 |
3,043,342 |
| Pursuit Attractions and Hospitality, Inc.(a) |
29,767 |
1,428,816 |
| Red Rock Resorts, Inc., Class A |
68,009 |
3,819,386 |
| Rush Street Interactive, Inc.(a) |
149,265 |
3,845,066 |
| Sabre Corp.(a) |
566,788 |
1,229,930 |
| Shake Shack, Inc., Class A(a) |
57,854 |
3,985,562 |
| Six Flags Entertainment Corp.(a) |
146,537 |
2,205,382 |
| United Parks & Resorts, Inc.(a) |
33,791 |
1,351,978 |
| Wendy’s Co. (The) |
226,678 |
1,881,427 |
| Total |
72,930,031 | |
| Household Durables 2.3% | ||
| Cavco Industries, Inc.(a) |
11,127 |
6,221,440 |
| Century Communities, Inc. |
35,886 |
2,424,099 |
| Champion Homes, Inc.(a) |
79,290 |
7,078,218 |
| Dream Finders Homes, Inc., Class A(a) |
39,749 |
558,473 |
| Green Brick Partners, Inc.(a) |
43,303 |
3,127,343 |
| Installed Building Products, Inc. |
32,249 |
7,831,025 |
| La-Z-Boy, Inc. |
58,676 |
1,856,509 |
| LGI Homes, Inc.(a) |
29,312 |
1,639,713 |
| M/I Homes, Inc.(a) |
36,690 |
5,459,839 |
| Meritage Homes Corp. |
95,635 |
6,639,938 |
| Mohawk Industries, Inc.(a) |
73,410 |
9,414,833 |
| Newell Brands, Inc. |
609,209 |
3,807,556 |
| Somnigroup International, Inc. |
1 |
35 |
| Sonos, Inc.(a) |
170,804 |
2,664,542 |
| Total |
58,723,563 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Leisure Products 0.4% | ||
| Acushnet Holdings Corp. |
39,458 |
3,408,777 |
| Callaway Golf Co.(a) |
195,876 |
3,077,212 |
| Peloton Interactive, Inc., Class A(a) |
598,104 |
3,205,837 |
| Total |
9,691,826 | |
| Specialty Retail 2.9% | ||
| Academy Sports & Outdoors, Inc. |
92,490 |
3,973,370 |
| Advance Auto Parts, Inc. |
86,498 |
3,648,486 |
| American Eagle Outfitters, Inc. |
223,381 |
3,714,826 |
| Asbury Automotive Group, Inc.(a) |
26,695 |
5,643,323 |
| Boot Barn Holdings, Inc.(a) |
43,511 |
6,554,062 |
| Buckle, Inc. (The) |
43,734 |
1,863,068 |
| CarMax, Inc.(a) |
203,465 |
12,478,508 |
| Group 1 Automotive, Inc. |
16,875 |
4,548,488 |
| MarineMax, Inc.(a) |
27,793 |
1,450,239 |
| National Vision Holdings, Inc.(a) |
114,869 |
1,961,963 |
| Sally Beauty Holdings, Inc.(a) |
136,793 |
2,240,669 |
| Signet Jewelers Ltd. |
57,448 |
4,726,821 |
| Sonic Automotive, Inc., Class A |
18,804 |
1,478,935 |
| Upbound Group, Inc. |
75,222 |
1,376,563 |
| Urban Outfitters, Inc.(a) |
73,639 |
5,941,931 |
| Victoria’s Secret & Co.(a) |
113,879 |
9,726,405 |
| Warby Parker, Inc., Class A(a) |
144,335 |
3,550,641 |
| Winmark Corp. |
4,258 |
1,416,722 |
| Total |
76,295,020 | |
| Textiles, Apparel & Luxury Goods 0.7% | ||
| Carter’s, Inc. |
52,834 |
1,711,293 |
| G-III Apparel Group Ltd. |
53,231 |
1,734,798 |
| Kontoor Brands, Inc. |
72,908 |
5,497,992 |
| Steven Madden Ltd. |
104,787 |
4,524,703 |
| Under Armour, Inc., Class A(a) |
270,744 |
1,364,550 |
| Under Armour, Inc., Class C(a) |
171,389 |
844,948 |
| Wolverine World Wide, Inc. |
117,556 |
2,319,380 |
| Total |
17,997,664 | |
| Total Consumer Discretionary |
356,549,671 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Consumer Staples 3.5% | ||
| Beverages 0.2% | ||
| National Beverage Corp. |
33,562 |
1,061,566 |
| Vita Coco Co., Inc. (The)(a) |
63,053 |
3,702,157 |
| Total |
4,763,723 | |
| Consumer Staples Distribution & Retail 0.8% | ||
| Andersons, Inc. (The) |
48,373 |
3,137,957 |
| Grocery Outlet Holding Corp.(a) |
141,833 |
1,694,904 |
| PriceSmart, Inc. |
36,294 |
6,170,343 |
| The Chefs’ Warehouse(a) |
52,035 |
5,852,377 |
| United Natural Foods, Inc.(a) |
87,104 |
3,820,381 |
| Total |
20,675,962 | |
| Food Products 1.8% | ||
| Cal-Maine Foods, Inc. |
63,852 |
5,039,200 |
| Campbell’s Co. (The) |
282,132 |
6,680,886 |
| Conagra Brands, Inc. |
685,968 |
10,989,207 |
| Del Monte Corp. |
47,068 |
1,491,114 |
| Flowers Foods, Inc. |
303,753 |
2,101,971 |
| Freshpet, Inc.(a) |
70,460 |
4,922,336 |
| J&J Snack Foods Corp. |
21,510 |
1,896,752 |
| John B. Sanfilippo & Son, Inc. |
13,036 |
960,623 |
| Lamb Weston Holdings, Inc. |
197,965 |
10,795,031 |
| Simply Good Foods Co. (The)(a) |
119,361 |
1,366,683 |
| Tootsie Roll Industries, Inc. |
29,026 |
1,186,002 |
| Total |
47,429,805 | |
| Household Products 0.4% | ||
| Central Garden & Pet Co.(a) |
11,622 |
499,514 |
| Central Garden & Pet Co., Class A(a) |
73,578 |
2,737,837 |
| Energizer Holdings, Inc. |
87,375 |
1,903,027 |
| Reynolds Consumer Products, Inc. |
78,570 |
1,818,896 |
| WD-40 Co. |
19,291 |
4,131,168 |
| Total |
11,090,442 | |
| Personal Care Products 0.2% | ||
| Coty, Inc., Class A(a) |
530,202 |
1,511,076 |
| Edgewell Personal Care Co. |
66,070 |
1,897,530 |
| Interparfums, Inc. |
26,173 |
3,073,495 |
| Total |
6,482,101 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Tobacco 0.1% | ||
| Universal Corp. |
35,734 |
1,625,897 |
| Total Consumer Staples |
92,067,930 | |
| Energy 6.1% | ||
| Energy Equipment & Services 2.8% | ||
| Archrock, Inc. |
251,285 |
7,920,503 |
| Atlas Energy Solutions, Inc.(a) |
111,034 |
1,454,545 |
| Bristow Group, Inc. |
36,930 |
1,676,253 |
| Cactus, Inc., Class A |
99,529 |
6,998,879 |
| Helix Energy Solutions Group, Inc.(a) |
196,405 |
2,022,972 |
| Helmerich & Payne, Inc. |
143,278 |
6,244,055 |
| Innovex International, Inc.(a) |
55,208 |
1,693,229 |
| Kodiak Gas Services, Inc. |
140,354 |
8,248,605 |
| Liberty Energy, Inc., Class A |
233,978 |
4,611,706 |
| Noble Corp PLC |
180,714 |
8,282,123 |
| Oceaneering International, Inc.(a) |
143,011 |
7,402,249 |
| Patterson-UTI Energy, Inc. |
495,299 |
6,260,579 |
| RPC, Inc. |
128,067 |
836,278 |
| Solaris Energy Infrastructure, Inc., Class A |
78,711 |
3,996,158 |
| Tidewater, Inc.(a) |
66,312 |
6,174,973 |
| Total |
73,823,107 | |
| Oil, Gas & Consumable Fuels 3.3% | ||
| California Resources Corp. |
112,034 |
5,941,163 |
| Centrus Energy Corp., Class A(a) |
27,176 |
4,657,966 |
| Comstock Resources, Inc.(a) |
113,695 |
1,640,619 |
| Core Natural Resources, Inc. |
72,273 |
7,393,528 |
| Crescent Energy Co., Class A |
350,394 |
4,796,894 |
| CVR Energy, Inc. |
43,241 |
1,810,068 |
| Dorian LPG Ltd. |
52,705 |
2,637,358 |
| Gulfport Energy Corp.(a) |
20,870 |
3,745,122 |
| International Seaways, Inc. |
58,203 |
5,741,144 |
| Kinetik Holdings, Inc. |
74,925 |
4,108,138 |
| Magnolia Oil & Gas Corp., Class A |
329,797 |
8,855,050 |
| Northern Oil & Gas, Inc. |
149,903 |
3,898,977 |
| Par Pacific Holdings, Inc.(a) |
71,895 |
5,745,848 |
| Peabody Energy Corp. |
174,633 |
5,184,854 |
| REX American Resources Corp.(a) |
40,614 |
1,668,423 |
| SM Energy Co. |
326,558 |
12,141,426 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Talos Energy, Inc.(a) |
177,107 |
3,056,867 |
| World Kinect Corp. |
73,631 |
2,632,308 |
| Total |
85,655,753 | |
| Total Energy |
159,478,860 | |
| Financials 18.8% | ||
| Banks 8.7% | ||
| Ameris Bancorp |
90,388 |
7,615,189 |
| Atlantic Union Bankshares Corp. |
205,195 |
8,275,514 |
| Axos Financial, Inc.(a) |
81,560 |
7,894,192 |
| Banc of California, Inc. |
196,162 |
3,652,537 |
| BancFirst Corp. |
29,856 |
3,260,872 |
| Bancorp, Inc. (The)(a) |
59,694 |
3,880,110 |
| Bank of Hawaii Corp. |
56,807 |
4,313,356 |
| BankUnited, Inc. |
104,209 |
4,751,930 |
| Banner Corp. |
48,702 |
3,415,958 |
| Beacon Financial Corp. |
120,173 |
3,731,372 |
| Capitol Federal Financial, Inc. |
167,218 |
1,439,747 |
| Cathay General Bancorp |
96,113 |
5,883,077 |
| Central Pacific Financial Corp. |
37,423 |
1,392,884 |
| City Holding Co. |
20,232 |
2,892,164 |
| Community Financial System, Inc. |
75,352 |
4,728,338 |
| Customers Bancorp, Inc.(a) |
45,102 |
3,526,074 |
| CVB Financial Corp. |
240,346 |
5,328,471 |
| Dime Commercial Bancshares, Inc. |
58,821 |
2,376,368 |
| Eagle Bancorp, Inc. |
39,789 |
1,085,842 |
| Eastern Bankshares, Inc. |
304,893 |
6,695,450 |
| FB Financial Corp. |
57,620 |
3,282,035 |
| First BanCorp |
220,254 |
6,140,682 |
| First BanCorp |
59,322 |
3,762,795 |
| First Commonwealth Financial Corp. |
145,229 |
3,006,240 |
| First Financial Bancorp |
148,940 |
4,859,912 |
| First Hawaiian, Inc. |
174,417 |
4,466,819 |
| First Interstate BancSystem, Inc. |
121,174 |
4,460,415 |
| Fulton Financial Corp. |
271,302 |
6,364,745 |
| Hanmi Financial Corp. |
42,349 |
1,312,819 |
| Heritage Financial Corp. |
59,099 |
1,688,458 |
| Hilltop Holdings, Inc. |
58,743 |
2,235,171 |
| Hope Bancorp, Inc. |
183,292 |
2,527,597 |
| Independent Bank Corp. |
69,290 |
5,624,962 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Lakeland Financial Corp. |
35,721 |
2,110,754 |
| National Bank Holdings Corp., Class A |
64,220 |
2,651,644 |
| NBT Bancorp, Inc. |
74,570 |
3,834,389 |
| Nicolet Bankshares, Inc. |
28,033 |
4,747,108 |
| Northwest Bancshares, Inc. |
209,782 |
3,207,567 |
| OFG Bancorp |
60,588 |
3,153,605 |
| Park National Corp. |
23,091 |
4,509,441 |
| Pathward Financial, Inc. |
30,267 |
2,465,550 |
| Preferred Bank |
15,790 |
1,617,370 |
| Provident Financial Services, Inc. |
186,840 |
4,372,056 |
| Renasant Corp. |
132,297 |
5,412,270 |
| S&T Bancorp, Inc. |
51,583 |
2,552,327 |
| Seacoast Banking Corp. of Florida |
137,959 |
4,684,398 |
| ServisFirst Bancshares, Inc. |
144,208 |
6,206,712 |
| Simmons First National Corp., Class A |
207,988 |
4,696,369 |
| Southside Bancshares, Inc. |
40,098 |
1,265,493 |
| Tompkins Financial Corp. |
18,147 |
1,762,437 |
| Triumph Financial, Inc.(a) |
32,426 |
2,310,353 |
| TrustCo Bank Corp. |
25,055 |
1,421,120 |
| Trustmark Corp. |
84,027 |
3,858,520 |
| United Community Banks, Inc. |
171,604 |
5,978,683 |
| WaFd, Inc. |
105,938 |
3,788,343 |
| WesBanco, Inc. |
137,901 |
5,517,419 |
| Westamerica BanCorp |
33,676 |
1,954,892 |
| WSFS Financial Corp. |
74,619 |
5,779,242 |
| Total |
225,730,157 | |
| Capital Markets 3.6% | ||
| Acadian Asset Management, Inc. |
37,802 |
3,560,948 |
| Artisan Partners Asset Management, Inc., Class A |
101,788 |
4,333,115 |
| BGC Group, Inc., Class A |
529,927 |
6,364,423 |
| Cohen & Steers, Inc. |
39,800 |
3,210,666 |
| Donnelley Financial Solutions, Inc.(a) |
35,818 |
1,730,009 |
| Lazard, Inc. |
160,133 |
6,922,550 |
| MarketAxess Holdings, Inc. |
50,955 |
8,286,812 |
| Moelis & Co., ADR, Class A |
106,635 |
7,258,644 |
| Piper Sandler Cos. |
96,890 |
7,272,563 |
| PJT Partners, Inc. |
37,027 |
6,679,301 |
| StepStone Group, Inc., Class A |
105,715 |
5,524,666 |
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| StoneX Group, Inc.(a) |
151,693 |
10,387,937 |
| Victory Capital Holdings, Inc., Class A |
66,345 |
7,829,374 |
| Virtu Financial, Inc. Class A |
117,286 |
7,698,653 |
| Virtus Investment Partners, Inc. |
9,006 |
1,490,493 |
| WisdomTree, Inc. |
180,410 |
4,340,665 |
| Total |
92,890,819 | |
| Consumer Finance 1.3% | ||
| Bread Financial Holdings, Inc. |
57,934 |
6,052,365 |
| Credit Acceptance Corp.(a) |
8,398 |
5,036,617 |
| Dave, Inc.(a) |
14,874 |
5,347,500 |
| Encore Capital Group, Inc.(a) |
30,740 |
2,982,087 |
| Enova International, Inc.(a) |
35,680 |
8,089,370 |
| Ezcorp, Inc., Class A(a) |
83,970 |
2,713,910 |
| Navient Corp. |
92,983 |
884,268 |
| PROG Holdings, Inc. |
57,445 |
2,190,378 |
| World Acceptance Corp.(a) |
3,871 |
711,529 |
| Total |
34,008,024 | |
| Financial Services 2.3% | ||
| Enact Holdings, Inc. |
40,031 |
1,929,494 |
| EVERTEC, Inc. |
88,349 |
2,617,781 |
| HA Sustainable Infrastructure Capital, Inc. |
183,237 |
7,247,023 |
| Jackson Financial, Inc., Class A |
99,995 |
13,342,333 |
| Merchants Bancorp |
42,151 |
2,218,829 |
| NCR Atleos Corp.(a) |
105,784 |
4,857,601 |
| NMI Holdings, Inc., Class A(a) |
108,926 |
4,830,868 |
| Payoneer Global, Inc.(a) |
388,797 |
2,764,347 |
| Radian Group, Inc. |
190,656 |
6,836,924 |
| Remitly Global, Inc.(a) |
247,555 |
6,619,621 |
| Sezzle, Inc.(a) |
24,107 |
2,906,099 |
| Walker & Dunlop, Inc. |
49,223 |
1,995,008 |
| Western Union Co. (The) |
447,960 |
3,207,393 |
| Total |
61,373,321 | |
| Insurance 2.1% | ||
| AMERISAFE, Inc. |
26,799 |
697,846 |
| Assured Guaranty Ltd. |
59,650 |
4,455,855 |
| Employers Holdings, Inc. |
26,156 |
1,283,998 |
| F&G Annuities & Life, Inc. |
53,187 |
1,265,851 |
| Genworth Financial, Inc., Class A(a) |
549,147 |
5,458,521 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Goosehead Insurance, Inc., Class A(a) |
33,939 |
2,329,912 |
| HCI Group, Inc. |
15,133 |
2,810,652 |
| Horace Mann Educators Corp. |
57,897 |
2,946,378 |
| Kemper Corp. |
84,412 |
2,378,730 |
| Lincoln National Corp. |
243,998 |
10,391,875 |
| Mercury General Corp. |
38,119 |
3,886,613 |
| Palomar Holdings, Inc. |
38,001 |
5,037,793 |
| Safety Insurance Group, Inc. |
21,052 |
2,183,935 |
| SiriusPoint Ltd.(a) |
149,990 |
3,628,258 |
| Stewart Information Services Corp. |
43,626 |
2,994,925 |
| Trupanion, Inc.(a) |
48,782 |
1,421,995 |
| United Fire Group, Inc. |
31,635 |
1,704,178 |
| Total |
54,877,315 | |
| Mortgage Real Estate Investment Trusts (REITs) 0.8% | ||
| Arbor Realty Trust, Inc. |
275,801 |
1,381,763 |
| ARMOUR Residential REIT, Inc. |
177,853 |
2,884,776 |
| Blackstone Mortgage Trust, Inc. |
224,053 |
3,114,337 |
| Ellington Financial, Inc. |
179,786 |
2,405,537 |
| Franklin BSP Realty Trust, Inc. |
110,347 |
923,604 |
| New Residential Investment Corp. |
800,484 |
8,028,854 |
| New York Mortgage Trust, Inc. |
119,821 |
1,167,056 |
| PennyMac Mortgage Investment Trust |
125,028 |
1,165,261 |
| Total |
21,071,188 | |
| Total Financials |
489,950,824 | |
| Health Care 10.8% | ||
| Biotechnology 2.7% | ||
| ACADIA Pharmaceuticals, Inc.(a) |
181,680 |
5,252,369 |
| ADMA Biologics, Inc.(a) |
332,309 |
3,120,382 |
| Alkermes PLC(a) |
238,975 |
11,229,435 |
| Arcus Biosciences, Inc.(a) |
124,427 |
3,643,223 |
| Protagonist Therapeutics, Inc.(a) |
86,675 |
12,806,231 |
| PTC Therapeutics, Inc.(a) |
118,930 |
8,270,392 |
| Sarepta Therapeutics, Inc.(a) |
151,372 |
3,183,353 |
| TG Therapeutics, Inc.(a) |
188,974 |
10,261,288 |
| Veracyte, Inc.(a) |
114,405 |
4,941,152 |
| Vericel Corp.(a) |
73,220 |
2,921,478 |
| Vir Biotechnology, Inc.(a) |
174,102 |
1,904,676 |
| Xencor, Inc.(a) |
106,303 |
2,898,351 |
| Total |
70,432,330 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Health Care Equipment & Supplies 2.9% | ||
| Artivion, Inc.(a) |
61,248 |
1,653,083 |
| CONMED Corp. |
43,169 |
2,151,975 |
| Enovis Corp.(a) |
82,532 |
2,029,462 |
| Glaukos Corp.(a) |
84,211 |
15,120,927 |
| ICU Medical, Inc.(a) |
35,836 |
6,197,836 |
| Inspire Medical Systems, Inc.(a) |
37,593 |
2,367,983 |
| Integer Holdings Corp.(a) |
48,684 |
6,097,671 |
| Integra LifeSciences Holdings Corp.(a) |
95,927 |
1,623,085 |
| LeMaitre Vascular, Inc. |
30,142 |
2,419,800 |
| Merit Medical Systems, Inc.(a) |
85,532 |
7,754,331 |
| Neogen Corp.(a) |
312,093 |
3,607,795 |
| Omnicell, Inc.(a) |
65,206 |
2,292,643 |
| QuidelOrtho Corp.(a) |
97,770 |
1,410,821 |
| STAAR Surgical Co.(a) |
71,385 |
1,612,587 |
| Tandem Diabetes Care, Inc.(a) |
98,255 |
2,162,593 |
| Teleflex, Inc. |
63,473 |
9,016,340 |
| TransMedics Group, Inc.(a) |
49,553 |
4,205,563 |
| UFP Technologies, Inc.(a) |
11,093 |
3,305,159 |
| Total |
75,029,654 | |
| Health Care Providers & Services 2.1% | ||
| Acadia Healthcare Co., Inc.(a) |
131,859 |
3,634,034 |
| AdaptHealth Corp.(a) |
154,598 |
864,203 |
| Addus HomeCare Corp.(a) |
26,215 |
3,006,074 |
| Alignment Healthcare, Inc.(a) |
237,127 |
3,177,502 |
| AMN Healthcare Services, Inc.(a) |
55,610 |
1,906,311 |
| Astrana Health, Inc.(a) |
60,863 |
2,319,489 |
| Concentra Group Holdings Parent, Inc. |
170,625 |
5,756,887 |
| Corvel Corp.(a) |
44,738 |
3,081,553 |
| LifeStance Health Group, Inc.(a) |
328,477 |
4,059,976 |
| National HealthCare Corp. |
17,916 |
3,879,351 |
| NeoGenomics, Inc.(a) |
186,694 |
3,343,690 |
| Pediatrix Medical Group, Inc.(a) |
114,971 |
3,015,689 |
| Privia Health Group, Inc.(a) |
169,832 |
3,479,858 |
| Progyny, Inc.(a) |
104,448 |
2,672,824 |
| RadNet, Inc.(a) |
101,469 |
7,693,380 |
| U.S. Physical Therapy, Inc. |
21,821 |
1,696,365 |
| Total |
53,587,186 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Health Care Technology 0.3% | ||
| Certara, Inc.(a) |
167,283 |
1,386,776 |
| HealthStream, Inc. |
33,510 |
973,465 |
| Schrodinger, Inc.(a) |
81,774 |
1,594,593 |
| Waystar Holding Corp.(a) |
165,009 |
4,319,936 |
| Total |
8,274,770 | |
| Life Sciences Tools & Services 0.2% | ||
| Azenta, Inc.(a) |
58,817 |
1,920,375 |
| BioLife Solutions, Inc.(a) |
56,740 |
2,103,352 |
| Fortrea Holdings, Inc.(a) |
135,635 |
2,491,615 |
| Total |
6,515,342 | |
| Pharmaceuticals 2.6% | ||
| Amneal Pharmaceuticals, Inc.(a) |
246,999 |
4,315,073 |
| Amphastar Pharmaceuticals, Inc.(a) |
48,679 |
1,096,738 |
| ANI Pharmaceuticals, Inc.(a) |
26,147 |
1,915,268 |
| Collegium Pharmaceutical, Inc.(a) |
46,503 |
1,144,439 |
| Corcept Therapeutics, Inc.(a) |
136,987 |
15,527,477 |
| Harmony Biosciences Holdings, Inc.(a) |
57,274 |
2,255,450 |
| Indivior Pharmaceuticals, Inc.(a) |
174,808 |
6,106,043 |
| Innoviva, Inc.(a) |
100,534 |
2,088,091 |
| Ligand Pharmaceuticals, Inc.(a) |
28,734 |
8,163,329 |
| Liquidia Corp.(a) |
100,727 |
6,866,560 |
| Organon & Co. |
376,509 |
5,180,764 |
| Pacira Pharmaceuticals, Inc.(a) |
56,416 |
1,461,174 |
| Perrigo Co. PLC |
198,388 |
2,904,400 |
| Phibro Animal Health Corp., Class A |
30,208 |
1,140,050 |
| Prestige Consumer Healthcare, Inc.(a) |
67,921 |
3,516,949 |
| Supernus Pharmaceuticals, Inc.(a) |
83,216 |
3,678,979 |
| Total |
67,360,784 | |
| Total Health Care |
281,200,066 | |
| Industrials 17.2% | ||
| Aerospace & Defense 1.2% | ||
| AAR Corp.(a) |
56,245 |
7,271,916 |
| Karman Holdings, Inc.(a) |
131,108 |
5,434,426 |
| Mercury Systems, Inc.(a) |
75,757 |
6,615,859 |
| National Presto Industries, Inc. |
7,601 |
1,153,148 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| V2X, Inc.(a) |
29,179 |
2,251,452 |
| VSE Corp. |
40,227 |
8,394,570 |
| Total |
31,121,371 | |
| Air Freight & Logistics 0.1% | ||
| HUB Group, Inc., Class A |
86,856 |
3,462,949 |
| Building Products 2.1% | ||
| Apogee Enterprises, Inc. |
30,426 |
1,188,440 |
| Armstrong World Industries, Inc. |
61,192 |
10,560,515 |
| AZZ, Inc. |
42,841 |
5,876,072 |
| CSW Industrials, Inc. |
23,614 |
7,295,545 |
| Gibraltar Industries, Inc.(a) |
42,528 |
1,913,335 |
| Griffon Corp. |
55,241 |
5,379,921 |
| Hayward Holdings, Inc.(a) |
286,189 |
4,020,955 |
| MasterBrand, Inc.(a) |
291,085 |
2,401,453 |
| Quanex Building Products Corp. |
65,214 |
1,253,413 |
| Resideo Technologies, Inc.(a) |
199,741 |
3,866,986 |
| Zurn Elkay Water Solutions Corp. |
212,938 |
10,178,436 |
| Total |
53,935,071 | |
| Commercial Services & Supplies 2.3% | ||
| ABM Industries, Inc. |
83,923 |
3,913,330 |
| Brady Corp., Class A |
62,641 |
5,678,407 |
| Casella Waste Systems, Inc., Class A(a) |
89,786 |
8,282,759 |
| CoreCivic, Inc.(a) |
141,783 |
4,710,031 |
| Deluxe Corp. |
65,644 |
1,516,376 |
| GEO Group, Inc. (The)(a) |
188,050 |
5,981,871 |
| Healthcare Services Group, Inc.(a) |
98,421 |
2,164,278 |
| HNI Corp. |
100,125 |
4,849,054 |
| Interface, Inc. |
83,239 |
3,156,423 |
| Liquidity Services, Inc.(a) |
33,977 |
1,416,161 |
| MillerKnoll, Inc. |
98,034 |
2,214,588 |
| OPENLANE, Inc.(a) |
162,329 |
5,778,912 |
| Pitney Bowes, Inc. |
178,656 |
3,060,377 |
| Unifirst Corp. |
20,837 |
5,763,514 |
| Vestis Corp.(a) |
160,997 |
2,014,072 |
| Total |
60,500,153 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Construction & Engineering 2.5% | ||
| Arcosa, Inc. |
70,392 |
10,227,958 |
| Argan, Inc. |
20,015 |
8,506,175 |
| Construction Partners, Inc., Class A(a) |
68,801 |
7,306,666 |
| Everus Construction Group, Inc.(a) |
73,182 |
8,425,444 |
| Granite Construction, Inc. |
62,723 |
7,561,885 |
| MYR Group, Inc.(a) |
22,325 |
6,505,951 |
| Primoris Services Corp. |
77,789 |
5,609,365 |
| Tutor Perini Corp. |
63,368 |
5,609,335 |
| WillScot Holdings Corp. |
259,505 |
5,371,753 |
| Total |
65,124,532 | |
| Electrical Equipment 0.4% | ||
| Powell Industries, Inc. |
40,743 |
7,322,739 |
| Sunrun, Inc.(a) |
342,024 |
2,931,146 |
| Total |
10,253,885 | |
| Ground Transportation 1.0% | ||
| ArcBest Corp. |
31,921 |
4,404,140 |
| Heartland Express, Inc. |
65,551 |
810,210 |
| Lyft, Inc., Class A(a) |
544,378 |
9,199,988 |
| Marten Transport Ltd. |
83,056 |
1,197,668 |
| RXO, Inc.(a) |
236,457 |
5,024,711 |
| Schneider National, Inc., Class B |
71,303 |
2,460,667 |
| Werner Enterprises, Inc. |
85,954 |
3,367,678 |
| Total |
26,465,062 | |
| Machinery 4.0% | ||
| Alamo Group, Inc. |
15,527 |
2,555,434 |
| Albany International Corp., Class A |
40,719 |
2,257,054 |
| Astec Industries, Inc. |
32,967 |
1,402,746 |
| Atmus Filtration Technologies, Inc. |
117,099 |
5,530,586 |
| Enerpac Tool Group Corp. |
73,901 |
2,757,985 |
| EnPro, Inc. |
30,291 |
8,972,800 |
| ESCO Technologies, Inc. |
37,145 |
10,141,700 |
| Federal Signal Corp. |
87,463 |
10,233,171 |
| Franklin Electric Co., Inc. |
54,478 |
5,452,703 |
| Gates Industrial Corp., Ltd.(a) |
364,000 |
9,311,120 |
| Greenbrier Companies, Inc. (The) |
44,359 |
1,999,260 |
| JBT Marel Corp. |
74,654 |
8,724,813 |
| Kadant, Inc. |
16,930 |
5,064,440 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
9
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Kennametal, Inc. |
109,268 |
3,205,923 |
| Lindsay Corp. |
14,905 |
1,712,734 |
| Midera Food Processing, Inc.(a) |
59,640 |
2,795,923 |
| Mueller Water Products, Inc., Class A |
224,343 |
5,415,640 |
| Proto Labs, Inc.(a) |
34,115 |
2,731,247 |
| Standex International Corp. |
17,370 |
5,031,394 |
| Tennant Co. |
24,430 |
1,700,328 |
| Trinity Industries, Inc. |
113,993 |
3,285,278 |
| Worthington Enterprises, Inc. |
44,489 |
2,555,448 |
| Total |
102,837,727 | |
| Marine Transportation 0.4% | ||
| Matson, Inc. |
43,390 |
9,754,506 |
| Passenger Airlines 0.4% | ||
| Allegiant Travel Co.(a) |
32,161 |
2,445,844 |
| JetBlue Airways Corp.(a) |
426,712 |
1,962,875 |
| SkyWest, Inc.(a) |
56,864 |
5,382,747 |
| Total |
9,791,466 | |
| Professional Services 2.1% | ||
| Amentum Holdings, Inc.(a) |
220,684 |
4,411,473 |
| Concentrix Corp. |
62,102 |
1,869,270 |
| First Advantage Corp.(a) |
130,351 |
2,739,978 |
| Insperity, Inc. |
51,989 |
2,773,613 |
| Korn/Ferry International |
74,394 |
6,364,407 |
| Legalzoom.com, Inc.(a) |
159,967 |
996,594 |
| ManpowerGroup, Inc. |
66,680 |
4,197,506 |
| Mobility Global, Inc. |
434,719 |
8,824,796 |
| Paycom Software, Inc. |
59,499 |
14,226,211 |
| Robert Half, Inc. |
144,147 |
6,535,625 |
| Upwork, Inc.(a) |
177,096 |
1,599,177 |
| Verra Mobility Corp.(a) |
217,800 |
964,854 |
| Total |
55,503,504 | |
| Trading Companies & Distributors 0.7% | ||
| Boise Cascade Co. |
50,454 |
3,935,917 |
| DNOW, Inc.(a) |
261,729 |
4,195,516 |
| DXP Enterprises, Inc.(a) |
18,007 |
3,380,454 |
| Rush Enterprises, Inc., Class A |
87,456 |
6,719,244 |
| Total |
18,231,131 | |
| Total Industrials |
446,981,357 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Information Technology 12.3% | ||
| Communications Equipment 1.2% | ||
| Calix, Inc.(a) |
83,218 |
3,172,270 |
| Digi International, Inc.(a) |
54,057 |
4,051,032 |
| Extreme Networks, Inc.(a) |
187,506 |
4,217,010 |
| Harmonic, Inc.(a) |
155,558 |
1,863,585 |
| Netscout Systems, Inc.(a) |
97,382 |
3,781,343 |
| Viasat, Inc.(a) |
194,750 |
13,100,832 |
| Total |
30,186,072 | |
| Electronic Equipment, Instruments & Components 3.0% | ||
| ADI Global Distribution, Inc.(a) |
99,871 |
2,184,179 |
| Arlo Technologies, Inc.(a) |
155,722 |
2,047,744 |
| Badger Meter, Inc. |
41,846 |
5,668,878 |
| Benchmark Electronics, Inc. |
51,439 |
3,615,133 |
| CTS Corp. |
40,996 |
2,315,044 |
| ePlus, Inc. |
37,487 |
3,297,731 |
| Insight Enterprises, Inc.(a) |
43,306 |
6,799,908 |
| Itron, Inc.(a) |
63,572 |
6,167,120 |
| Knowles Corp.(a) |
122,675 |
4,193,031 |
| Mirion Technologies, Inc.(a) |
350,780 |
5,286,255 |
| Napco Security Technologies, Inc. |
51,224 |
1,856,358 |
| OSI Systems, Inc.(a) |
22,215 |
4,618,721 |
| PC Connection, Inc. |
16,276 |
1,299,964 |
| Plexus Corp.(a) |
38,362 |
9,186,548 |
| Ralliant Corp. |
160,486 |
9,906,801 |
| Rogers Corp.(a) |
23,800 |
2,988,566 |
| ScanSource, Inc.(a) |
26,810 |
1,530,583 |
| Vishay Intertechnology, Inc. |
199,307 |
6,064,912 |
| Total |
79,027,476 | |
| IT Services 0.5% | ||
| DXC Technology Co.(a) |
234,393 |
2,648,641 |
| EPAM Systems, Inc.(a) |
74,906 |
8,826,174 |
| Everforth, Inc.(a) |
58,785 |
1,905,810 |
| Total |
13,380,625 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Semiconductors & Semiconductor Equipment 3.7% | ||
| ACM Research, Inc., Class A(a) |
81,818 |
5,957,987 |
| Alpha & Omega Semiconductor Ltd.(a) |
35,618 |
878,340 |
| Axcelis Technologies, Inc.(a) |
44,065 |
5,082,016 |
| Cohu, Inc.(a) |
67,638 |
3,118,112 |
| Diodes, Inc.(a) |
65,875 |
5,981,450 |
| Enphase Energy, Inc.(a) |
188,968 |
6,882,215 |
| Formfactor, Inc.(a) |
111,770 |
11,245,180 |
| Ichor Holdings Ltd.(a) |
49,823 |
2,669,018 |
| Impinj, Inc.(a) |
38,867 |
6,775,295 |
| Kulicke & Soffa Industries, Inc. |
75,033 |
6,007,142 |
| MaxLinear, Inc.(a) |
120,685 |
7,230,238 |
| PDF Solutions, Inc.(a) |
54,026 |
2,403,076 |
| Penguin Solutions, Inc.(a) |
66,212 |
3,249,685 |
| Photronics, Inc.(a) |
84,544 |
2,379,068 |
| Power Integrations, Inc. |
79,890 |
4,104,748 |
| Qorvo, Inc.(a) |
114,835 |
11,033,347 |
| SolarEdge Technologies, Inc.(a) |
87,199 |
2,807,808 |
| Ultra Clean Holdings, Inc.(a) |
64,273 |
4,359,638 |
| Veeco Instruments, Inc.(a) |
87,507 |
3,876,560 |
| Total |
96,040,923 | |
| Software 3.7% | ||
| A10 Networks, Inc. |
103,229 |
2,620,984 |
| ACI Worldwide, Inc.(a) |
145,760 |
7,766,093 |
| Adeia, Inc. |
158,136 |
3,989,771 |
| Agilysys, Inc.(a) |
36,575 |
4,257,696 |
| Alarm.com Holdings, Inc.(a) |
70,916 |
4,081,925 |
| Blackbaud, Inc.(a) |
50,617 |
2,432,653 |
| Blackline, Inc.(a) |
70,649 |
2,346,960 |
| Box, Inc., Class A(a) |
198,505 |
7,102,509 |
| CleanSpark, Inc.(a) |
367,918 |
4,275,207 |
| Clear Secure, Inc., Class A |
131,272 |
5,795,659 |
| Five9, Inc.(a) |
109,775 |
3,793,824 |
| Life360, Inc.(a) |
116,181 |
4,979,518 |
| LiveRamp Holdings, Inc.(a) |
90,507 |
3,413,924 |
| MARA Holdings, Inc.(a) |
546,655 |
5,887,474 |
| N-Able, Inc.(a) |
108,036 |
429,983 |
| NCR Voyix Corp.(a) |
197,583 |
1,655,746 |
| Progress Software Corp.(a) |
60,326 |
2,791,284 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Q2 Holdings, Inc.(a) |
89,754 |
5,837,600 |
| RingCentral, Inc., Class A |
106,212 |
7,394,480 |
| Sprinklr, Inc., Class A(a) |
161,882 |
1,329,051 |
| SPS Commerce, Inc.(a) |
52,638 |
4,495,285 |
| Tenable Holdings, Inc.(a) |
157,856 |
6,022,206 |
| Teradata Corp.(a) |
134,918 |
3,912,622 |
| Total |
96,612,454 | |
| Technology Hardware, Storage & Peripherals 0.2% | ||
| Corsair Gaming, Inc.(a) |
67,427 |
819,238 |
| Diebold Nixdorf, Inc.(a) |
49,649 |
3,368,188 |
| Total |
4,187,426 | |
| Total Information Technology |
319,434,976 | |
| Materials 4.3% | ||
| Chemicals 2.9% | ||
| Balchem Corp. |
46,067 |
8,102,725 |
| Celanese Corp., Class A |
157,231 |
7,150,866 |
| Chemours Co. (The) |
215,607 |
3,354,845 |
| Eastman Chemical Co. |
163,952 |
11,876,683 |
| Element Solutions, Inc. |
328,320 |
11,668,493 |
| FMC Corp. |
179,286 |
2,067,168 |
| Hawkins, Inc. |
29,920 |
3,598,478 |
| HB Fuller Co. |
78,122 |
4,292,804 |
| Ingevity Corp.(a) |
49,855 |
3,454,453 |
| Innospec, Inc. |
35,315 |
3,314,666 |
| Koppers Holdings, Inc. |
27,574 |
1,264,819 |
| Minerals Technologies, Inc. |
44,460 |
3,153,103 |
| Quaker Chemical Corp. |
19,671 |
3,261,452 |
| Sensient Technologies Corp. |
61,034 |
8,235,928 |
| Stepan Co. |
30,937 |
1,936,965 |
| Total |
76,733,448 | |
| Construction Materials 0.1% | ||
| United States Lime & Minerals, Inc. |
15,181 |
1,793,332 |
| Containers & Packaging 0.1% | ||
| O-I Glass, Inc.(a) |
219,797 |
1,597,924 |
| Metals & Mining 1.1% | ||
| Alpha Metallurgical Resources, Inc.(a) |
15,314 |
3,609,510 |
| Century Aluminum Co.(a) |
80,886 |
3,702,152 |
| Kaiser Aluminum Corp. |
23,213 |
3,685,760 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
11
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Materion Corp. |
29,824 |
7,040,850 |
| Metallus, Inc.(a) |
51,329 |
1,001,942 |
| Warrior Met Coal, Inc. |
75,706 |
8,194,418 |
| Worthington Steel, Inc. |
46,620 |
1,606,059 |
| Total |
28,840,691 | |
| Paper & Forest Products 0.1% | ||
| Sylvamo Corp. |
47,857 |
1,719,023 |
| Total Materials |
110,684,418 | |
| Real Estate 6.4% | ||
| Diversified REITs 0.7% | ||
| American Assets Trust, Inc. |
67,881 |
1,524,608 |
| Broadstone Net Lease, Inc. |
274,950 |
5,735,457 |
| Essential Properties Realty Trust, Inc. |
310,047 |
9,301,410 |
| Global Net Lease, Inc. |
299,568 |
2,750,034 |
| Total |
19,311,509 | |
| Health Care REITs 0.4% | ||
| LTC Properties, Inc. |
73,382 |
2,958,762 |
| Medical Properties Trust, Inc. |
703,181 |
2,791,629 |
| National Health Investors, Inc. |
69,496 |
4,941,860 |
| Total |
10,692,251 | |
| Hotel & Resort REITs 1.1% | ||
| Apple Hospitality REIT, Inc. |
314,774 |
5,020,645 |
| DiamondRock Hospitality Co. |
293,193 |
3,609,206 |
| Pebblebrook Hotel Trust |
162,545 |
2,945,315 |
| Ryman Hospitality Properties, Inc. |
97,796 |
12,396,621 |
| Sunstone Hotel Investors, Inc. |
267,098 |
2,983,485 |
| Xenia Hotels & Resorts, Inc. |
132,260 |
2,479,875 |
| Total |
29,435,147 | |
| Industrial REITs 0.7% | ||
| Innovative Industrial Properties, Inc. |
41,255 |
2,348,235 |
| LXP Industrial Trust |
84,525 |
5,131,513 |
| Terreno Realty Corp. |
152,420 |
10,091,728 |
| Total |
17,571,476 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Office REITs 0.6% | ||
| Douglas Emmett, Inc. |
240,135 |
2,775,961 |
| Easterly Government Properties, Inc. |
63,167 |
1,549,487 |
| Highwoods Properties, Inc. |
158,106 |
4,838,044 |
| JBG SMITH Properties |
83,526 |
1,006,488 |
| SL Green Realty Corp. |
101,975 |
5,708,560 |
| Total |
15,878,540 | |
| Real Estate Management & Development 0.4% | ||
| AGNT, Inc. |
134,294 |
553,291 |
| Cushman & Wakefield Ltd.(a) |
335,934 |
4,531,750 |
| Marcus & Millichap, Inc. |
33,609 |
1,064,061 |
| St. Joe Co. (The) |
56,796 |
3,754,215 |
| Total |
9,903,317 | |
| Residential REITs 0.1% | ||
| Centerspace |
24,092 |
1,264,589 |
| NexPoint Residential Trust, Inc. |
31,431 |
745,229 |
| Total |
2,009,818 | |
| Retail REITs 1.7% | ||
| Acadia Realty Trust |
191,433 |
3,918,634 |
| Curbline Properties Corp. |
139,213 |
4,152,724 |
| Getty Realty Corp. |
79,760 |
2,585,819 |
| InvenTrust Properties Corp. |
111,742 |
3,610,384 |
| Macerich Co. (The) |
406,418 |
9,599,593 |
| NetSTREIT Corp. |
139,450 |
2,839,202 |
| Phillips Edison & Co., Inc. |
180,655 |
6,982,316 |
| Saul Centers, Inc. |
17,941 |
585,056 |
| Tanger, Inc. |
164,706 |
6,211,063 |
| Urban Edge Properties |
180,684 |
3,823,273 |
| Total |
44,308,064 | |
| Specialized REITs 0.7% | ||
| Four Corners Property Trust, Inc. |
157,355 |
3,914,993 |
| Millrose Properties, Inc. |
221,127 |
6,726,683 |
| Outfront Media, Inc. |
219,619 |
6,452,406 |
| Safehold, Inc. |
65,710 |
994,849 |
| Total |
18,088,931 | |
| Total Real Estate |
167,199,053 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Utilities 2.0% | ||
| Electric Utilities 0.5% | ||
| Hawaiian Electric Industries, Inc.(a) |
247,520 |
2,777,174 |
| MGE Energy, Inc. |
54,120 |
4,204,583 |
| Otter Tail Corp. |
60,195 |
5,445,842 |
| Total |
12,427,599 | |
| Gas Utilities 0.5% | ||
| Chesapeake Utilities Corp. |
34,418 |
4,596,180 |
| MDU Resources Group, Inc. |
299,666 |
5,969,347 |
| Northwest Natural Holding Co. |
60,334 |
2,960,589 |
| Total |
13,526,116 | |
| Independent Power and Renewable Electricity Producers 0.2% | ||
| Clearway Energy, Inc., Class C |
173,727 |
5,515,832 |
| Multi-Utilities 0.2% | ||
| Avista Corp. |
118,484 |
4,402,866 |
| Unitil Corp. |
25,795 |
1,381,064 |
| Total |
5,783,930 | |
| Water Utilities 0.6% | ||
| American States Water Co. |
56,195 |
5,017,651 |
| California Water Service Group |
85,815 |
4,288,176 |
| H2O America |
56,390 |
3,573,434 |
| Middlesex Water Co. |
26,703 |
1,548,774 |
| Total |
14,428,035 | |
| Total Utilities |
51,681,512 | |
| Total Common Stocks (Cost $1,682,899,138) |
2,564,870,577 | |
| Exchange-Traded Equity Funds 0.7% | ||
| Shares |
Value ($) | |
| U.S. Small Cap 0.7% | ||
| iShares Core S&P Small-Cap ETF |
132,533 |
19,153,669 |
| Total Exchange-Traded Equity Funds (Cost $12,206,753) |
19,153,669 | |
| Rights —% | ||
| Issuer |
Shares |
Value ($) |
| Health Care —% | ||
| Life Sciences Tools & Services —% | ||
| OmniAb Operations, Inc.(a),(b),(c),(d) |
23,460 |
0 |
| OmniAb, Inc.(a),(b),(c),(d) |
23,460 |
0 |
| Total |
0 | |
| Total Health Care |
0 | |
| Total Rights (Cost $—) |
0 | |
| Money Market Funds 0.8% | ||
| Shares |
Value ($) | |
| Columbia Short-Term Cash Fund, 3.871%(e),(f) |
21,511,664 |
21,500,909 |
| Total Money Market Funds (Cost $21,497,615) |
21,500,909 | |
| Total Investments in Securities (Cost: $1,716,603,506) |
2,605,525,155 | |
| Other Assets & Liabilities, Net |
(551,334 ) | |
| Net Assets |
2,604,973,821 | |
At August 31, 2026, securities and/or cash totaling $2,027,950 were pledged as collateral.
Investments in derivatives
| Long futures contracts | ||||||
| Description |
Number of contracts |
Expiration date |
Trading currency |
Notional amount |
Value/Unrealized appreciation ($) |
Value/Unrealized depreciation ($) |
| Russell 2000 Index E-mini |
172 |
09/2026 |
USD |
25,444,820 |
— |
(37,764 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
13
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2026, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
| (c) |
Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. At August 31, 2026, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows: |
| Security |
Acquisition Dates |
Shares |
Cost ($) |
Value ($) |
| OmniAb Operations, Inc. |
09/03/2021 |
23,460 |
— |
— |
| OmniAb, Inc. |
09/03/2021 |
23,460 |
— |
— |
| — |
— |
| (d) |
Valuation based on significant unobservable inputs. |
| (e) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (f) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 23,662,566 |
270,140,093 |
(272,302,566 ) |
816 |
21,500,909 |
(9,525 ) |
532,429 |
21,511,664 | |
Abbreviation Legend
| ADR |
American Depositary Receipt |
Currency Legend
| USD |
US Dollar |
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 Columbia Management Investment Advisers, LLC (the Investment Manager), along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Small Cap Index Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
Investments falling into the Level 3 category, if any, 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
89,641,910 |
— |
— |
89,641,910 |
| Consumer Discretionary |
356,549,671 |
— |
— |
356,549,671 |
| Consumer Staples |
92,067,930 |
— |
— |
92,067,930 |
| Energy |
159,478,860 |
— |
— |
159,478,860 |
| Financials |
489,950,824 |
— |
— |
489,950,824 |
| Health Care |
281,200,066 |
— |
— |
281,200,066 |
| Industrials |
446,981,357 |
— |
— |
446,981,357 |
| Information Technology |
319,434,976 |
— |
— |
319,434,976 |
| Materials |
110,684,418 |
— |
— |
110,684,418 |
| Real Estate |
167,199,053 |
— |
— |
167,199,053 |
| Utilities |
51,681,512 |
— |
— |
51,681,512 |
| Total Common Stocks |
2,564,870,577 |
— |
— |
2,564,870,577 |
| Exchange-Traded Equity Funds |
19,153,669 |
— |
— |
19,153,669 |
| Rights |
||||
| Health Care |
— |
— |
0 * |
0 * |
| Total Rights |
— |
— |
0 * |
0 * |
| Money Market Funds |
21,500,909 |
— |
— |
21,500,909 |
| Total Investments in Securities |
2,605,525,155 |
— |
0 * |
2,605,525,155 |
| Investments in Derivatives |
||||
| Liability |
||||
| Futures Contracts |
(37,764 ) |
— |
— |
(37,764 ) |
| Total |
2,605,487,391 |
— |
0 * |
2,605,487,391 |
| * |
Rounds to zero. |
See the Portfolio of Investments for all investment classifications not indicated in the table.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
15
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $1,695,105,891) |
$2,584,024,246 |
| Affiliated issuers (cost $21,497,615) |
21,500,909 |
| Margin deposits on: |
|
| Futures contracts |
2,027,950 |
| Receivable for: |
|
| Capital shares sold |
1,036,370 |
| Dividends |
2,188,731 |
| Foreign tax reclaims |
14,383 |
| Expense reimbursement due from Investment Manager |
267 |
| Total assets |
2,610,792,856 |
| Liabilities |
|
| Payable for: |
|
| Capital shares redeemed |
5,149,753 |
| Variation margin for futures contracts |
171,405 |
| Management services fees |
43,194 |
| Distribution and/or service fees |
14,088 |
| Compensation of board members |
3,905 |
| Deferred compensation of board members |
436,690 |
| Total liabilities |
5,819,035 |
| Net assets applicable to outstanding capital stock |
$2,604,973,821 |
| Represented by |
|
| Paid in capital |
1,526,469,178 |
| Total distributable earnings (loss) |
1,078,504,643 |
| Total - representing net assets applicable to outstanding capital stock |
$2,604,973,821 |
| Class A |
|
| Net assets |
$680,190,604 |
| Shares outstanding |
28,343,111 |
| Net asset value per share |
$24.00 |
| Institutional Class |
|
| Net assets |
$1,110,716,538 |
| Shares outstanding |
45,515,427 |
| Net asset value per share |
$24.40 |
| Institutional 2 Class |
|
| Net assets |
$557,865,275 |
| Shares outstanding |
21,861,692 |
| Net asset value per share |
$25.52 |
| Institutional 3 Class |
|
| Net assets |
$256,201,404 |
| Shares outstanding |
11,053,471 |
| Net asset value per share |
$23.18 |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Small Cap Index Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$21,000,838 |
| Dividends — affiliated issuers |
532,429 |
| Foreign taxes withheld |
(20,293 ) |
| Total income |
21,512,974 |
| Expenses: |
|
| Management services fees |
2,608,586 |
| Distribution and/or service fees |
|
| Class A |
861,781 |
| Interest on collateral |
225 |
| Compensation of board members |
17,095 |
| Deferred compensation of board members |
47,838 |
| Total expenses |
3,535,525 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(64,933 ) |
| Total net expenses |
3,470,592 |
| Net investment income |
18,042,382 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
189,193,308 |
| Investments — affiliated issuers |
(9,525 ) |
| Futures contracts |
3,256,954 |
| Net realized gain |
192,440,737 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
75,318,375 |
| Investments — affiliated issuers |
816 |
| Futures contracts |
(779,552 ) |
| Net change in unrealized appreciation (depreciation) |
74,539,639 |
| Net realized and unrealized gain |
266,980,376 |
| Net increase in net assets resulting from operations |
$285,022,758 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
17
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$18,042,382 |
$30,808,633 |
| Net realized gain |
192,440,737 |
350,736,769 |
| Net change in unrealized appreciation (depreciation) |
74,539,639 |
29,723,994 |
| Net increase in net assets resulting from operations |
285,022,758 |
411,269,396 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(45,184,675 ) |
(76,203,165 ) |
| Institutional Class |
(70,420,045 ) |
(118,598,367 ) |
| Institutional 2 Class |
(35,451,584 ) |
(63,359,440 ) |
| Institutional 3 Class |
(18,007,670 ) |
(32,065,383 ) |
| Total distributions to shareholders |
(169,063,974 ) |
(290,226,355 ) |
| Decrease in net assets from capital stock activity |
(58,092,502 ) |
(319,034,419 ) |
| Total increase (decrease) in net assets |
57,866,282 |
(197,991,378 ) |
| Net assets at beginning of period |
2,547,107,539 |
2,745,098,917 |
| Net assets at end of period |
$2,604,973,821 |
$2,547,107,539 |
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
1,909,957 |
45,585,708 |
3,441,134 |
73,493,780 |
| Distributions reinvested |
1,649,768 |
39,297,472 |
3,056,047 |
64,871,532 |
| Shares redeemed |
(4,588,000 ) |
(108,960,026 ) |
(10,281,174 ) |
(221,973,112 ) |
| Net decrease |
(1,028,275 ) |
(24,076,846 ) |
(3,783,993 ) |
(83,607,800 ) |
| Institutional Class |
||||
| Shares sold |
2,908,164 |
70,809,213 |
5,265,161 |
113,466,411 |
| Distributions reinvested |
2,704,718 |
65,481,230 |
5,148,330 |
110,899,267 |
| Shares redeemed |
(5,191,097 ) |
(124,914,482 ) |
(13,471,417 ) |
(297,010,631 ) |
| Net increase (decrease) |
421,785 |
11,375,961 |
(3,057,926 ) |
(72,644,953 ) |
| Institutional 2 Class |
||||
| Shares sold |
1,663,218 |
42,161,223 |
5,787,511 |
130,124,820 |
| Distributions reinvested |
1,275,864 |
32,304,862 |
2,570,200 |
57,539,963 |
| Shares redeemed |
(4,073,453 ) |
(102,772,844 ) |
(13,441,883 ) |
(308,569,643 ) |
| Net decrease |
(1,134,371 ) |
(28,306,759 ) |
(5,084,172 ) |
(120,904,860 ) |
| Institutional 3 Class |
||||
| Shares sold |
961,392 |
22,334,771 |
4,022,276 |
80,216,914 |
| Distributions reinvested |
322,115 |
7,408,654 |
575,821 |
11,865,543 |
| Shares redeemed |
(2,061,822 ) |
(46,828,283 ) |
(6,644,865 ) |
(133,959,263 ) |
| Net decrease |
(778,315 ) |
(17,084,858 ) |
(2,046,768 ) |
(41,876,806 ) |
| Total net decrease |
(2,519,176 ) |
(58,092,502 ) |
(13,972,859 ) |
(319,034,419 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Small Cap Index Fund | 2026
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Columbia Small Cap Index Fund | 2026
19
Financial Highlights
The following table is intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The 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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$22.96 |
0.15 |
2.53 |
2.68 |
— |
(1.64 ) |
(1.64 ) |
| Year Ended 2/28/2026 |
$21.98 |
0.22 |
3.33 |
3.55 |
(0.24 ) |
(2.33 ) |
(2.57 ) |
| Year Ended 2/28/2025 |
$23.97 |
0.25 |
1.32 |
1.57 |
(0.29 ) |
(3.27 ) |
(3.56 ) |
| Year Ended 2/29/2024 |
$23.91 |
0.28 |
1.05 |
1.33 |
(0.30 ) |
(0.97 ) |
(1.27 ) |
| Year Ended 2/28/2023 |
$27.52 |
0.26 |
(1.51 ) |
(1.25 ) |
(0.28 ) |
(2.08 ) |
(2.36 ) |
| Year Ended 2/28/2022 |
$28.74 |
0.25 |
0.90 |
1.15 |
(0.27 ) |
(2.10 ) |
(2.37 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.31 |
0.18 |
2.56 |
2.74 |
(0.01 ) |
(1.64 ) |
(1.65 ) |
| Year Ended 2/28/2026 |
$22.26 |
0.28 |
3.39 |
3.67 |
(0.29 ) |
(2.33 ) |
(2.62 ) |
| Year Ended 2/28/2025 |
$24.23 |
0.31 |
1.35 |
1.66 |
(0.36 ) |
(3.27 ) |
(3.63 ) |
| Year Ended 2/29/2024 |
$24.15 |
0.34 |
1.07 |
1.41 |
(0.36 ) |
(0.97 ) |
(1.33 ) |
| Year Ended 2/28/2023 |
$27.77 |
0.32 |
(1.53 ) |
(1.21 ) |
(0.33 ) |
(2.08 ) |
(2.41 ) |
| Year Ended 2/28/2022 |
$28.96 |
0.33 |
0.91 |
1.24 |
(0.33 ) |
(2.10 ) |
(2.43 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.30 |
0.19 |
2.68 |
2.87 |
(0.01 ) |
(1.64 ) |
(1.65 ) |
| Year Ended 2/28/2026 |
$23.10 |
0.29 |
3.53 |
3.82 |
(0.29 ) |
(2.33 ) |
(2.62 ) |
| Year Ended 2/28/2025 |
$25.03 |
0.32 |
1.38 |
1.70 |
(0.36 ) |
(3.27 ) |
(3.63 ) |
| Year Ended 2/29/2024 |
$24.90 |
0.35 |
1.11 |
1.46 |
(0.36 ) |
(0.97 ) |
(1.33 ) |
| Year Ended 2/28/2023 |
$28.55 |
0.33 |
(1.57 ) |
(1.24 ) |
(0.33 ) |
(2.08 ) |
(2.41 ) |
| Year Ended 2/28/2022 |
$29.71 |
0.34 |
0.93 |
1.27 |
(0.33 ) |
(2.10 ) |
(2.43 ) |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$22.21 |
0.17 |
2.45 |
2.62 |
(0.01 ) |
(1.64 ) |
(1.65 ) |
| Year Ended 2/28/2026 |
$21.33 |
0.27 |
3.23 |
3.50 |
(0.29 ) |
(2.33 ) |
(2.62 ) |
| Year Ended 2/28/2025 |
$23.35 |
0.30 |
1.31 |
1.61 |
(0.36 ) |
(3.27 ) |
(3.63 ) |
| Year Ended 2/29/2024 |
$23.33 |
0.33 |
1.02 |
1.35 |
(0.36 ) |
(0.97 ) |
(1.33 ) |
| Year Ended 2/28/2023 |
$26.91 |
0.33 |
(1.50 ) |
(1.17 ) |
(0.33 ) |
(2.08 ) |
(2.41 ) |
| Year Ended 2/28/2022 |
$28.13 |
0.32 |
0.89 |
1.21 |
(0.33 ) |
(2.10 ) |
(2.43 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (d) |
Ratios include interfund lending expense which is less than 0.01%. |
| (e) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
The accompanying Notes to Financial Statements are an integral part of this statement.
20
Columbia Small Cap Index Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.00 |
11.74% |
0.46% (c) |
0.45% (c) |
1.20% |
15% |
$680,191 |
| Year Ended 2/28/2026 |
$22.96 |
17.44% |
0.45% (d) |
0.45% (d),(e) |
1.03% |
22% |
$674,501 |
| Year Ended 2/28/2025 |
$21.98 |
5.81% |
0.45% (d) |
0.45% (d),(e) |
1.02% |
23% |
$728,698 |
| Year Ended 2/29/2024 |
$23.97 |
6.02% |
0.45% (c),(d) |
0.45% (c),(d),(e) |
1.25% |
29% |
$824,702 |
| Year Ended 2/28/2023 |
$23.91 |
(3.93% ) |
0.45% (c),(d) |
0.45% (c),(d),(e) |
1.06% |
16% |
$913,784 |
| Year Ended 2/28/2022 |
$27.52 |
3.62% |
0.45% (c) |
0.45% (c),(e) |
0.84% |
13% |
$1,070,943 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$24.40 |
11.82% |
0.21% (c) |
0.20% (c) |
1.45% |
15% |
$1,110,717 |
| Year Ended 2/28/2026 |
$23.31 |
17.77% |
0.20% (d) |
0.20% (d),(e) |
1.27% |
22% |
$1,050,952 |
| Year Ended 2/28/2025 |
$22.26 |
6.09% |
0.20% (d) |
0.20% (d),(e) |
1.26% |
23% |
$1,071,688 |
| Year Ended 2/29/2024 |
$24.23 |
6.30% |
0.20% (c),(d) |
0.20% (c),(d),(e) |
1.50% |
29% |
$1,108,362 |
| Year Ended 2/28/2023 |
$24.15 |
(3.72% ) |
0.20% (c),(d) |
0.20% (c),(d),(e) |
1.29% |
16% |
$1,226,987 |
| Year Ended 2/28/2022 |
$27.77 |
3.92% |
0.20% (c) |
0.20% (c),(e) |
1.09% |
13% |
$1,763,233 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$25.52 |
11.87% |
0.20% (c) |
0.20% (c) |
1.45% |
15% |
$557,865 |
| Year Ended 2/28/2026 |
$24.30 |
17.77% |
0.20% (d) |
0.20% (d) |
1.27% |
22% |
$558,860 |
| Year Ended 2/28/2025 |
$23.10 |
6.05% |
0.20% (d) |
0.20% (d) |
1.27% |
23% |
$648,734 |
| Year Ended 2/29/2024 |
$25.03 |
6.31% |
0.20% (c),(d) |
0.20% (c),(d) |
1.49% |
29% |
$993,642 |
| Year Ended 2/28/2023 |
$24.90 |
(3.73% ) |
0.20% (c),(d) |
0.20% (c),(d) |
1.31% |
16% |
$1,045,399 |
| Year Ended 2/28/2022 |
$28.55 |
3.92% |
0.20% (c) |
0.20% (c) |
1.09% |
13% |
$1,199,980 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$23.18 |
11.86% |
0.20% (c) |
0.20% (c) |
1.45% |
15% |
$256,201 |
| Year Ended 2/28/2026 |
$22.21 |
17.75% |
0.20% (d) |
0.20% (d) |
1.27% |
22% |
$262,795 |
| Year Ended 2/28/2025 |
$21.33 |
6.10% |
0.20% (d) |
0.20% (d) |
1.27% |
23% |
$295,979 |
| Year Ended 2/29/2024 |
$23.35 |
6.26% |
0.20% (c),(d) |
0.20% (c),(d) |
1.50% |
29% |
$327,477 |
| Year Ended 2/28/2023 |
$23.33 |
(3.69% ) |
0.20% (c),(d) |
0.20% (c),(d) |
1.41% |
16% |
$308,297 |
| Year Ended 2/28/2022 |
$26.91 |
3.93% |
0.20% (c) |
0.20% (c) |
1.09% |
13% |
$90,933 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Index Fund | 2026
21
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Small Cap Index 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class and Institutional 3 Class shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
22
Columbia Small Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Futures and options on futures contracts are valued based upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
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.
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 exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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
Columbia Small Cap Index Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouse or central counterparty provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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 its exposure to the securities markets or to movements in interest rates and currency values. A Fund invests in futures contracts as part of its primary investment strategy and/or to equitize its cash flows. Investments in futures contracts may increase or decrease exposure to a particular market. These instruments may be used for other purposes in future periods. Upon entering into futures
24
Columbia Small Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2026:
| Liability derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Equity risk |
Component of total distributable earnings (loss) — unrealized depreciation on futures contracts |
37,764 * |
| * |
Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin for futures and centrally cleared swaps, if any, is reported in receivables or payables in the Statement of Assets and Liabilities. |
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 six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
3,256,954 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category |
Futures contracts ($) |
| Equity risk |
(779,552 ) |
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average notional amounts ($) |
| Futures contracts — long |
34,016,210 |
Columbia Small Cap Index Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
26
Columbia Small Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Note 3. Fees and other transactions with affiliates
Management services fees
The Fund has entered into a Management Agreement with Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). Under the Management Agreement, the Investment Manager provides the Fund with investment research and advice and is responsible for administrative and accounting services. The management services fee is an annual fee that is equal to 0.20% of the Fund’s daily net assets.
The Investment Manager, from the management services fee it receives from the Fund, pays all operating expenses of the Fund, with the exception of brokerage fees and commissions, taxes, interest, fees and expenses of Board of Trustees who are not officers, directors or employees of the Investment Manager or its affiliates, distribution and/or shareholder servicing and any extraordinary non-recurring expenses that may arise, including litigation fees.
Compensation of Board members
Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund’s liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Fund. The expense for the Deferred Plan, which includes Trustees’ fees deferred during the current period as well as any gains or losses on the Trustees’ deferred compensation balances as a result of market fluctuations, is included in "Deferred 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. 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. The expenses of the Chief Compliance Officer allocated to the Fund are payable by the Investment Manager.
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.
Columbia Small Cap Index Fund | 2026
27
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
The transfer agency fees are payable by the Investment Manager. 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. The Transfer Agent also receives compensation from the Investment Manager for various shareholder services and reimbursements for certain out-of-pocket expenses.
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 six months ended August 31, 2026, 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, a distribution and shareholder service plan (the Plan) applicable to Class A shares, which sets 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 Plan, 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.
Expenses waived/reimbursed by the Investment Manager and its affiliates
The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below) for the period(s) disclosed below, unless sooner terminated at the sole discretion of the Board of Trustees, so that the Fund’s net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Fund’s custodian, do not exceed the following annual rate(s) as a percentage of the classes’ average daily net assets:
| Fee rate(s) contractual through June 30, 2027 (%) | |
| Class A |
0.45 |
| Institutional Class |
0.20 |
| Institutional 2 Class |
0.20 |
| Institutional 3 Class |
0.20 |
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.
28
Columbia Small Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
At August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 1,716,604,000 |
1,080,082,000 |
(191,199,000 ) |
888,883,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $385,670,474 and $591,408,641, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund did not borrow or lend money under the Interfund Program during the six months ended August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case.
Columbia Small Cap Index Fund | 2026
29
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, affiliated shareholders of record owned 21.2% of the outstanding shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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
30
Columbia Small Cap Index Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
Columbia Small Cap Index Fund | 2026
31
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Small Cap Index Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
32
Columbia Small Cap Index Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks, (iii) the net assets of the Fund and (iv) index tracking error data of the Fund. The Board observed that the Fund’s tracking error versus its performance was within the range of management’s expectations.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Columbia Small Cap Index Fund | 2026
33
Approval of Management Agreement (continued)
(Unaudited)
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. The Board took into account, however, that the Management Agreement already provides for a relatively low flat fee regardless of the Fund’s asset level, and requires Columbia Threadneedle to provide investment advice, as well as administrative, accounting and other services to the Fund.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
34
Columbia Small Cap Index Fund | 2026
[THIS PAGE INTENTIONALLY LEFT BLANK]
Columbia Small Cap Index Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR228_(10/26)
Columbia Small Cap Value and Inflection Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 8 | |
| 9 | |
| 10 | |
| 12 | |
| 16 | |
| 25 |
Columbia Small Cap Value and Inflection Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 99.2% | ||
| Issuer |
Shares |
Value ($) |
| Communication Services 2.5% | ||
| Entertainment 1.1% | ||
| Lionsgate Studios Corp.(a) |
887,841 |
10,059,238 |
| Media 1.4% | ||
| John Wiley & Sons, Inc., Class A |
174,508 |
9,142,474 |
| Magnite, Inc.(a) |
147,057 |
3,454,369 |
| Total |
12,596,843 | |
| Total Communication Services |
22,656,081 | |
| Consumer Discretionary 7.0% | ||
| Automobile Components 0.5% | ||
| Gentherm, Inc.(a) |
113,857 |
4,473,441 |
| Household Durables 2.0% | ||
| Cavco Industries, Inc.(a) |
17,624 |
9,854,107 |
| Newell Brands, Inc. |
1,370,582 |
8,566,138 |
| Total |
18,420,245 | |
| Leisure Products 1.6% | ||
| Polaris, Inc. |
216,220 |
13,954,839 |
| Specialty Retail 1.6% | ||
| Urban Outfitters, Inc.(a) |
123,460 |
9,961,987 |
| Victoria’s Secret & Co.(a) |
55,010 |
4,698,404 |
| Total |
14,660,391 | |
| Textiles, Apparel & Luxury Goods 1.3% | ||
| Carter’s, Inc. |
109,950 |
3,561,280 |
| Crocs, Inc.(a) |
66,820 |
8,043,792 |
| Total |
11,605,072 | |
| Total Consumer Discretionary |
63,113,988 | |
| Consumer Staples 4.1% | ||
| Food Products 1.3% | ||
| Cal-Maine Foods, Inc. |
142,100 |
11,214,532 |
| Household Products 2.4% | ||
| Central Garden & Pet Co., Class A(a) |
259,969 |
9,673,446 |
| Reynolds Consumer Products, Inc. |
533,271 |
12,345,224 |
| Total |
22,018,670 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Personal Care Products 0.4% | ||
| Edgewell Personal Care Co. |
137,080 |
3,936,938 |
| Total Consumer Staples |
37,170,140 | |
| Energy 8.2% | ||
| Energy Equipment & Services 3.7% | ||
| Kodiak Gas Services, Inc. |
121,258 |
7,126,333 |
| National Energy Services Reunited Corp.(a) |
308,410 |
10,828,275 |
| Patterson-UTI Energy, Inc. |
759,313 |
9,597,716 |
| Solaris Energy Infrastructure, Inc., Class A |
126,530 |
6,423,928 |
| Total |
33,976,252 | |
| Oil, Gas & Consumable Fuels 4.5% | ||
| California Resources Corp. |
197,897 |
10,494,478 |
| Gulfport Energy Corp.(a) |
50,354 |
9,036,025 |
| PBF Energy, Inc., Class A |
134,240 |
9,798,178 |
| Talos Energy, Inc.(a) |
648,550 |
11,193,973 |
| Total |
40,522,654 | |
| Total Energy |
74,498,906 | |
| Financials 21.5% | ||
| Banks 12.8% | ||
| Associated Banc-Corp. |
487,480 |
14,921,763 |
| Banc of California, Inc. |
581,550 |
10,828,461 |
| Bank of NT Butterfield & Son Ltd. (The) |
149,002 |
8,773,238 |
| BankUnited, Inc. |
286,678 |
13,072,517 |
| ConnectOne Bancorp, Inc. |
164,950 |
5,186,028 |
| Fulton Financial Corp. |
642,813 |
15,080,393 |
| Origin Bancorp, Inc. |
106,030 |
5,633,374 |
| Texas Capital Bancshares, Inc. |
145,795 |
14,168,358 |
| Trustmark Corp. |
197,920 |
9,088,486 |
| United Community Banks, Inc. |
326,970 |
11,391,635 |
| WaFd, Inc. |
205,200 |
7,337,952 |
| Total |
115,482,205 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Financial Services 4.5% | ||
| Bladex, Inc., Class E |
135,930 |
7,329,345 |
| Essent Group Ltd. |
228,173 |
15,415,368 |
| EVERTEC, Inc. |
157,120 |
4,655,466 |
| NMI Holdings, Inc., Class A(a) |
306,968 |
13,614,031 |
| Total |
41,014,210 | |
| Insurance 3.3% | ||
| Hamilton Insurance Group Ltd., Class B |
353,080 |
12,414,293 |
| Horace Mann Educators Corp. |
167,310 |
8,514,406 |
| Neptune Insurance Holdings, Inc., Class A(a) |
260,838 |
8,688,513 |
| Total |
29,617,212 | |
| Mortgage Real Estate Investment Trusts (REITs) 0.9% | ||
| Dynex Capital, Inc. |
627,970 |
8,094,533 |
| Total Financials |
194,208,160 | |
| Health Care 10.4% | ||
| Biotechnology 0.9% | ||
| Kailera Therapeutics, Inc.(a) |
152,740 |
2,352,196 |
| Vaxcyte, Inc.(a) |
93,920 |
5,704,701 |
| Total |
8,056,897 | |
| Health Care Equipment & Supplies 3.6% | ||
| Dentsply Sirona, Inc. |
705,200 |
7,877,084 |
| ICU Medical, Inc.(a) |
81,750 |
14,138,662 |
| Neogen Corp.(a) |
452,182 |
5,227,224 |
| Omnicell, Inc.(a) |
152,460 |
5,360,494 |
| Total |
32,603,464 | |
| Health Care Providers & Services 4.1% | ||
| Acadia Healthcare Co., Inc.(a) |
284,911 |
7,852,147 |
| Ardent Health, Inc.(a) |
449,780 |
4,866,620 |
| Aveanna Healthcare Holdings, Inc.(a) |
649,250 |
8,712,935 |
| PACS Group, Inc.(a) |
194,050 |
8,210,255 |
| Pediatrix Medical Group, Inc.(a) |
300,646 |
7,885,945 |
| Total |
37,527,902 | |
| Pharmaceuticals 1.8% | ||
| Amneal Pharmaceuticals, Inc.(a) |
580,158 |
10,135,360 |
| ANI Pharmaceuticals, Inc.(a) |
79,160 |
5,798,470 |
| Total |
15,933,830 | |
| Total Health Care |
94,122,093 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Industrials 15.8% | ||
| Commercial Services & Supplies 2.1% | ||
| Healthcare Services Group, Inc.(a) |
240,566 |
5,290,046 |
| OPENLANE, Inc.(a) |
376,790 |
13,413,724 |
| Total |
18,703,770 | |
| Electrical Equipment 0.5% | ||
| Sunrun, Inc.(a) |
550,970 |
4,721,813 |
| Ground Transportation 2.4% | ||
| ArcBest Corp. |
77,413 |
10,680,672 |
| Lyft, Inc., Class A(a) |
637,350 |
10,771,215 |
| Total |
21,451,887 | |
| Machinery 4.1% | ||
| Astec Industries, Inc. |
71,468 |
3,040,963 |
| JBT Marel Corp. |
108,690 |
12,702,600 |
| Terex Corp. |
187,531 |
11,910,094 |
| Worthington Enterprises, Inc. |
169,827 |
9,754,863 |
| Total |
37,408,520 | |
| Professional Services 3.5% | ||
| First Advantage Corp.(a) |
436,750 |
9,180,485 |
| Huron Consulting Group, Inc.(a) |
47,950 |
7,666,726 |
| Korn/Ferry International |
177,440 |
15,179,992 |
| Total |
32,027,203 | |
| Trading Companies & Distributors 3.2% | ||
| Herc Holdings, Inc. |
82,200 |
12,522,348 |
| McGrath Rentcorp |
66,657 |
7,494,913 |
| Rush Enterprises, Inc., Class A |
115,948 |
8,908,285 |
| Total |
28,925,546 | |
| Total Industrials |
143,238,739 | |
| Information Technology 8.3% | ||
| Communications Equipment 1.2% | ||
| Netscout Systems, Inc.(a) |
281,703 |
10,938,527 |
| Electronic Equipment, Instruments & Components 2.8% | ||
| Crane NXT Co. |
204,220 |
9,986,358 |
| Insight Enterprises, Inc.(a) |
96,136 |
15,095,275 |
| Total |
25,081,633 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Small Cap Value and Inflection Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Software 4.3% | ||
| Alarm.com Holdings, Inc.(a) |
182,420 |
10,500,095 |
| Box, Inc., Class A(a) |
288,770 |
10,332,191 |
| SPS Commerce, Inc.(a) |
118,110 |
10,086,594 |
| Teradata Corp.(a) |
284,365 |
8,246,585 |
| Total |
39,165,465 | |
| Total Information Technology |
75,185,625 | |
| Materials 7.8% | ||
| Chemicals 3.8% | ||
| Avient Corp. |
320,480 |
14,120,349 |
| Chemours Co. (The) |
271,870 |
4,230,297 |
| Ecovyst, Inc.(a) |
396,250 |
4,029,862 |
| Minerals Technologies, Inc. |
107,340 |
7,612,553 |
| Stepan Co. |
71,310 |
4,464,719 |
| Total |
34,457,780 | |
| Construction Materials 0.6% | ||
| Titan America SA(a) |
389,732 |
5,814,802 |
| Metals & Mining 3.4% | ||
| Commercial Metals Co. |
181,590 |
12,251,877 |
| Ryerson Holding Corp. |
191,691 |
4,803,776 |
| Sunshine Silver Mining & Refining Co.(a) |
374,133 |
6,558,552 |
| Torex Gold Resources, Inc. |
140,560 |
6,871,056 |
| Total |
30,485,261 | |
| Total Materials |
70,757,843 | |
| Real Estate 11.6% | ||
| Diversified REITs 2.2% | ||
| Broadstone Net Lease, Inc. |
611,497 |
12,755,828 |
| Global Net Lease, Inc. |
806,240 |
7,401,283 |
| Total |
20,157,111 | |
| Hotel & Resort REITs 1.6% | ||
| DiamondRock Hospitality Co. |
673,900 |
8,295,709 |
| Xenia Hotels & Resorts, Inc. |
335,154 |
6,284,138 |
| Total |
14,579,847 | |
| Industrial REITs 0.8% | ||
| Lineage, Inc. |
197,120 |
7,736,960 |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Office REITs 1.3% | ||
| Cousins Properties, Inc. |
404,164 |
11,716,714 |
| Real Estate Management & Development 2.5% | ||
| Cushman & Wakefield Ltd.(a) |
886,624 |
11,960,558 |
| Newmark Group, Inc., Class A |
706,122 |
10,754,238 |
| Total |
22,714,796 | |
| Retail REITs 1.9% | ||
| Phillips Edison & Co., Inc. |
438,640 |
16,953,436 |
| Specialized REITs 1.3% | ||
| Rayonier, Inc. |
561,017 |
11,500,848 |
| Total Real Estate |
105,359,712 | |
| Utilities 2.0% | ||
| Gas Utilities 2.0% | ||
| National Fuel Gas Co. |
105,810 |
8,788,579 |
| UGI Corp. |
233,720 |
8,986,534 |
| Total |
17,775,113 | |
| Total Utilities |
17,775,113 | |
| Total Common Stocks (Cost $769,413,990) |
898,086,400 | |
| Exchange-Traded Equity Funds 0.5% | ||
| Shares |
Value ($) | |
| U.S. Small Cap 0.5% | ||
| iShares Russell 2000 Value ETF |
20,790 |
4,611,222 |
| Total Exchange-Traded Equity Funds (Cost $4,547,046) |
4,611,222 | |
| Money Market Funds 0.5% | ||
| Columbia Short-Term Cash Fund, 3.871%(b),(c) |
4,571,612 |
4,569,327 |
| Total Money Market Funds (Cost $4,569,261) |
4,569,327 | |
| Total Investments in Securities (Cost: $778,530,297) |
907,266,949 | |
| Other Assets & Liabilities, Net |
(2,013,038 ) | |
| Net Assets |
905,253,911 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (c) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 333,970 |
166,346,822 |
(162,111,494 ) |
29 |
4,569,327 |
(1,211 ) |
117,607 |
4,571,612 | |
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 Columbia Management Investment Advisers, LLC (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, if any, 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Communication Services |
22,656,081 |
— |
— |
22,656,081 |
| Consumer Discretionary |
63,113,988 |
— |
— |
63,113,988 |
| Consumer Staples |
37,170,140 |
— |
— |
37,170,140 |
| Energy |
74,498,906 |
— |
— |
74,498,906 |
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Small Cap Value and Inflection Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Financials |
194,208,160 |
— |
— |
194,208,160 |
| Health Care |
94,122,093 |
— |
— |
94,122,093 |
| Industrials |
143,238,739 |
— |
— |
143,238,739 |
| Information Technology |
75,185,625 |
— |
— |
75,185,625 |
| Materials |
70,757,843 |
— |
— |
70,757,843 |
| Real Estate |
105,359,712 |
— |
— |
105,359,712 |
| Utilities |
17,775,113 |
— |
— |
17,775,113 |
| Total Common Stocks |
898,086,400 |
— |
— |
898,086,400 |
| Exchange-Traded Equity Funds |
4,611,222 |
— |
— |
4,611,222 |
| Money Market Funds |
4,569,327 |
— |
— |
4,569,327 |
| Total Investments in Securities |
907,266,949 |
— |
— |
907,266,949 |
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 Small Cap Value and Inflection Fund | 2026
7
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $773,961,036) |
$902,697,622 |
| Affiliated issuers (cost $4,569,261) |
4,569,327 |
| Receivable for: |
|
| Investments sold |
18,801,684 |
| Capital shares sold |
607,394 |
| Dividends |
551,988 |
| Foreign tax reclaims |
5,734 |
| Expense reimbursement due from Investment Manager |
10,291 |
| Prepaid expenses |
5,525 |
| Total assets |
927,249,565 |
| Liabilities |
|
| Payable for: |
|
| Investments purchased |
20,179,701 |
| Capital shares redeemed |
1,351,796 |
| Management services fees |
63,424 |
| Distribution and/or service fees |
1,631 |
| Transfer agent fees |
96,619 |
| Compensation of chief compliance officer |
66 |
| Compensation of board members |
2,016 |
| Other expenses |
60,638 |
| Deferred compensation of board members |
239,763 |
| Total liabilities |
21,995,654 |
| Net assets applicable to outstanding capital stock |
$905,253,911 |
| Represented by |
|
| Paid in capital |
636,920,292 |
| Total distributable earnings (loss) |
268,333,619 |
| Total - representing net assets applicable to outstanding capital stock |
$905,253,911 |
| Class A |
|
| Net assets |
$72,994,807 |
| Shares outstanding |
4,830,779 |
| Net asset value per share |
$15.11 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$16.03 |
| Institutional Class |
|
| Net assets |
$217,313,006 |
| Shares outstanding |
13,778,853 |
| Net asset value per share |
$15.77 |
| Institutional 2 Class |
|
| Net assets |
$70,157,982 |
| Shares outstanding |
4,184,630 |
| Net asset value per share |
$16.77 |
| Institutional 3 Class |
|
| Net assets |
$481,872,755 |
| Shares outstanding |
28,514,219 |
| Net asset value per share |
$16.90 |
| Class R |
|
| Net assets |
$2,970,377 |
| Shares outstanding |
206,946 |
| Net asset value per share |
$14.35 |
| Class S |
|
| Net assets |
$59,944,984 |
| Shares outstanding |
3,801,206 |
| Net asset value per share |
$15.77 |
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Small Cap Value and Inflection Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$8,164,083 |
| Dividends — affiliated issuers |
117,607 |
| Foreign taxes withheld |
(7,212 ) |
| Total income |
8,274,478 |
| Expenses: |
|
| Management services fees |
3,737,963 |
| Distribution and/or service fees |
|
| Class A |
90,003 |
| Class R |
6,912 |
| Transfer agent fees |
|
| Class A |
77,441 |
| Institutional Class |
228,079 |
| Institutional 2 Class |
20,014 |
| Institutional 3 Class |
11,716 |
| Class R |
2,979 |
| Class S |
62,968 |
| Custodian fees |
5,921 |
| Printing and postage fees |
34,917 |
| Registration fees |
41,409 |
| Accounting services fees |
16,880 |
| Legal fees |
12,821 |
| Interest on interfund lending |
1,007 |
| Compensation of chief compliance officer |
67 |
| Compensation of board members |
9,116 |
| Deferred compensation of board members |
25,474 |
| Other |
11,019 |
| Total expenses |
4,396,706 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates |
(624,561 ) |
| Total net expenses |
3,772,145 |
| Net investment income |
4,502,333 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
135,980,419 |
| Investments — affiliated issuers |
(1,211 ) |
| Foreign currency translations |
(198 ) |
| Net realized gain |
135,979,010 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(24,247,128 ) |
| Investments — affiliated issuers |
29 |
| Foreign currency translations |
(145 ) |
| Net change in unrealized appreciation (depreciation) |
(24,247,244 ) |
| Net realized and unrealized gain |
111,731,766 |
| Net increase in net assets resulting from operations |
$116,234,099 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
9
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$4,502,333 |
$6,473,151 |
| Net realized gain |
135,979,010 |
133,934,284 |
| Net change in unrealized appreciation (depreciation) |
(24,247,244 ) |
17,119,843 |
| Net increase in net assets resulting from operations |
116,234,099 |
157,527,278 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(3,910,498 ) |
(9,725,416 ) |
| Institutional Class |
(11,125,184 ) |
(28,699,897 ) |
| Institutional 2 Class |
(3,647,050 ) |
(9,597,074 ) |
| Institutional 3 Class |
(22,829,151 ) |
(57,814,756 ) |
| Class R |
(155,514 ) |
(332,833 ) |
| Class S |
(3,040,711 ) |
(11,414,476 ) |
| Total distributions to shareholders |
(44,708,108 ) |
(117,584,452 ) |
| Increase (decrease) in net assets from capital stock activity |
7,384,183 |
(82,771,718 ) |
| Total increase (decrease) in net assets |
78,910,174 |
(42,828,892 ) |
| Net assets at beginning of period |
826,343,737 |
869,172,629 |
| Net assets at end of period |
$905,253,911 |
$826,343,737 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Small Cap Value and Inflection Fund | 2026
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
425,182 |
6,250,854 |
828,360 |
10,746,189 |
| Distributions reinvested |
227,435 |
3,350,118 |
650,012 |
8,260,947 |
| Shares redeemed |
(734,633 ) |
(10,789,410 ) |
(1,690,455 ) |
(22,270,964 ) |
| Net decrease |
(82,016 ) |
(1,188,438 ) |
(212,083 ) |
(3,263,828 ) |
| Institutional Class |
||||
| Shares sold |
1,818,403 |
28,245,715 |
3,706,359 |
50,335,668 |
| Distributions reinvested |
636,961 |
9,790,091 |
1,806,697 |
23,833,338 |
| Shares redeemed |
(2,402,830 ) |
(37,065,850 ) |
(6,171,028 ) |
(85,968,419 ) |
| Net increase (decrease) |
52,534 |
969,956 |
(657,972 ) |
(11,799,413 ) |
| Institutional 2 Class |
||||
| Shares sold |
543,167 |
8,761,220 |
823,084 |
11,779,783 |
| Distributions reinvested |
220,500 |
3,600,761 |
687,842 |
9,595,673 |
| Shares redeemed |
(1,195,405 ) |
(19,711,180 ) |
(1,570,234 ) |
(22,934,633 ) |
| Net decrease |
(431,738 ) |
(7,349,199 ) |
(59,308 ) |
(1,559,177 ) |
| Institutional 3 Class |
||||
| Shares sold |
3,613,660 |
59,507,750 |
4,730,999 |
69,063,800 |
| Distributions reinvested |
1,288,211 |
21,203,964 |
3,813,821 |
53,578,396 |
| Shares redeemed |
(4,007,906 ) |
(65,788,645 ) |
(9,851,955 ) |
(144,119,072 ) |
| Net increase (decrease) |
893,965 |
14,923,069 |
(1,307,135 ) |
(21,476,876 ) |
| Class R |
||||
| Shares sold |
68,006 |
990,024 |
36,295 |
457,113 |
| Distributions reinvested |
11,108 |
155,514 |
27,388 |
332,833 |
| Shares redeemed |
(59,165 ) |
(856,352 ) |
(18,116 ) |
(231,716 ) |
| Net increase |
19,949 |
289,186 |
45,567 |
558,230 |
| Class S |
||||
| Shares sold |
189,437 |
2,877,207 |
520,880 |
7,011,925 |
| Distributions reinvested |
197,834 |
3,040,710 |
867,615 |
11,414,476 |
| Shares redeemed |
(405,163 ) |
(6,178,308 ) |
(4,538,496 ) |
(63,657,055 ) |
| Net decrease |
(17,892 ) |
(260,391 ) |
(3,150,001 ) |
(45,230,654 ) |
| Total net increase (decrease) |
434,802 |
7,384,183 |
(5,340,932 ) |
(82,771,718 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
11
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$13.99 |
0.05 |
1.90 |
1.95 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$13.58 |
0.06 |
2.44 |
2.50 |
(0.08 ) |
(2.01 ) |
(2.09 ) |
| Year Ended 2/28/2025 |
$16.35 |
0.07 |
1.34 |
1.41 |
(0.28 ) |
(3.90 ) |
(4.18 ) |
| Year Ended 2/29/2024 |
$16.49 |
0.12 |
0.86 |
0.98 |
(0.23 ) |
(0.89 ) |
(1.12 ) |
| Year Ended 2/28/2023 |
$18.48 |
0.09 |
(1.09 ) |
(1.00 ) |
(0.06 ) |
(0.93 ) |
(0.99 ) |
| Year Ended 2/28/2022 |
$18.85 |
(0.02 ) |
2.33 |
2.31 |
(0.03 ) |
(2.65 ) |
(2.68 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.55 |
0.07 |
1.98 |
2.05 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$14.04 |
0.09 |
2.54 |
2.63 |
(0.11 ) |
(2.01 ) |
(2.12 ) |
| Year Ended 2/28/2025 |
$16.77 |
0.12 |
1.38 |
1.50 |
(0.33 ) |
(3.90 ) |
(4.23 ) |
| Year Ended 2/29/2024 |
$16.88 |
0.16 |
0.89 |
1.05 |
(0.27 ) |
(0.89 ) |
(1.16 ) |
| Year Ended 2/28/2023 |
$18.90 |
0.13 |
(1.13 ) |
(1.00 ) |
(0.09 ) |
(0.93 ) |
(1.02 ) |
| Year Ended 2/28/2022 |
$19.21 |
0.04 |
2.38 |
2.42 |
(0.08 ) |
(2.65 ) |
(2.73 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.41 |
0.09 |
2.10 |
2.19 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$14.74 |
0.12 |
2.69 |
2.81 |
(0.13 ) |
(2.01 ) |
(2.14 ) |
| Year Ended 2/28/2025 |
$17.42 |
0.15 |
1.42 |
1.57 |
(0.35 ) |
(3.90 ) |
(4.25 ) |
| Year Ended 2/29/2024 |
$17.49 |
0.19 |
0.93 |
1.12 |
(0.30 ) |
(0.89 ) |
(1.19 ) |
| Year Ended 2/28/2023 |
$19.53 |
0.16 |
(1.16 ) |
(1.00 ) |
(0.11 ) |
(0.93 ) |
(1.04 ) |
| Year Ended 2/28/2022 |
$19.77 |
0.06 |
2.45 |
2.51 |
(0.10 ) |
(2.65 ) |
(2.75 ) |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.52 |
0.09 |
2.12 |
2.21 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$14.83 |
0.13 |
2.70 |
2.83 |
(0.13 ) |
(2.01 ) |
(2.14 ) |
| Year Ended 2/28/2025 |
$17.50 |
0.15 |
1.44 |
1.59 |
(0.36 ) |
(3.90 ) |
(4.26 ) |
| Year Ended 2/29/2024 |
$17.57 |
0.20 |
0.93 |
1.13 |
(0.31 ) |
(0.89 ) |
(1.20 ) |
| Year Ended 2/28/2023 |
$19.61 |
0.17 |
(1.16 ) |
(0.99 ) |
(0.12 ) |
(0.93 ) |
(1.05 ) |
| Year Ended 2/28/2022 |
$19.84 |
0.08 |
2.45 |
2.53 |
(0.11 ) |
(2.65 ) |
(2.76 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Small Cap Value and Inflection Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.11 |
14.10% |
1.35% (c) |
1.20% (c) |
0.68% |
58% |
$72,995 |
| Year Ended 2/28/2026 |
$13.99 |
20.54% |
1.37% (c) |
1.20% (c),(d) |
0.44% |
115% |
$68,723 |
| Year Ended 2/28/2025 |
$13.58 |
8.67% |
1.36% (c),(e) |
1.22% (c),(d),(e) |
0.45% |
70% |
$69,580 |
| Year Ended 2/29/2024 |
$16.35 |
6.58% |
1.35% (c) |
1.25% (c),(d) |
0.77% |
88% |
$75,925 |
| Year Ended 2/28/2023 |
$16.49 |
(4.97% ) |
1.33% |
1.27% (d) |
0.53% |
67% |
$84,580 |
| Year Ended 2/28/2022 |
$18.48 |
11.94% |
1.34% |
1.28% (d) |
(0.08% ) |
50% |
$91,223 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.77 |
14.24% |
1.10% (c) |
0.95% (c) |
0.93% |
58% |
$217,313 |
| Year Ended 2/28/2026 |
$14.55 |
20.82% |
1.12% (c) |
0.95% (c),(d) |
0.69% |
115% |
$199,716 |
| Year Ended 2/28/2025 |
$14.04 |
8.95% |
1.11% (c),(e) |
0.97% (c),(d),(e) |
0.73% |
70% |
$201,901 |
| Year Ended 2/29/2024 |
$16.77 |
6.87% |
1.10% (c) |
1.00% (c),(d) |
1.01% |
88% |
$300,567 |
| Year Ended 2/28/2023 |
$16.88 |
(4.81% ) |
1.08% |
1.02% (d) |
0.76% |
67% |
$376,007 |
| Year Ended 2/28/2022 |
$18.90 |
12.27% |
1.09% |
1.03% (d) |
0.18% |
50% |
$425,250 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.77 |
14.36% |
0.94% (c) |
0.80% (c) |
1.09% |
58% |
$70,158 |
| Year Ended 2/28/2026 |
$15.41 |
21.07% |
0.95% (c) |
0.80% (c) |
0.84% |
115% |
$71,132 |
| Year Ended 2/28/2025 |
$14.74 |
9.05% |
0.94% (c),(e) |
0.83% (c),(e) |
0.91% |
70% |
$68,929 |
| Year Ended 2/29/2024 |
$17.42 |
7.02% |
0.93% (c) |
0.86% (c) |
1.16% |
88% |
$206,873 |
| Year Ended 2/28/2023 |
$17.49 |
(4.64% ) |
0.92% |
0.88% |
0.92% |
67% |
$201,436 |
| Year Ended 2/28/2022 |
$19.53 |
12.41% |
0.91% |
0.88% |
0.30% |
50% |
$223,545 |
| Institutional 3 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$16.90 |
14.39% |
0.89% (c) |
0.75% (c) |
1.12% |
58% |
$481,873 |
| Year Ended 2/28/2026 |
$15.52 |
21.11% |
0.90% (c) |
0.76% (c) |
0.89% |
115% |
$428,716 |
| Year Ended 2/28/2025 |
$14.83 |
9.11% |
0.89% (c),(e) |
0.78% (c),(e) |
0.90% |
70% |
$429,100 |
| Year Ended 2/29/2024 |
$17.50 |
7.04% |
0.88% (c) |
0.81% (c) |
1.21% |
88% |
$555,015 |
| Year Ended 2/28/2023 |
$17.57 |
(4.58% ) |
0.87% |
0.83% |
0.99% |
67% |
$562,816 |
| Year Ended 2/28/2022 |
$19.61 |
12.46% |
0.86% |
0.83% |
0.37% |
50% |
$679,291 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
13
Financial Highlights (continued)
| Net asset value, beginning of period |
Net investment income (loss) |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$13.34 |
0.03 |
1.81 |
1.84 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$13.04 |
0.02 |
2.34 |
2.36 |
(0.05 ) |
(2.01 ) |
(2.06 ) |
| Year Ended 2/28/2025 |
$15.86 |
0.03 |
1.29 |
1.32 |
(0.24 ) |
(3.90 ) |
(4.14 ) |
| Year Ended 2/29/2024 |
$16.02 |
0.08 |
0.84 |
0.92 |
(0.19 ) |
(0.89 ) |
(1.08 ) |
| Year Ended 2/28/2023 |
$18.01 |
0.05 |
(1.09 ) |
(1.04 ) |
(0.02 ) |
(0.93 ) |
(0.95 ) |
| Year Ended 2/28/2022 |
$18.44 |
(0.07 ) |
2.29 |
2.22 |
— |
(2.65 ) |
(2.65 ) |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.55 |
0.07 |
1.98 |
2.05 |
— |
(0.83 ) |
(0.83 ) |
| Year Ended 2/28/2026 |
$14.04 |
0.10 |
2.53 |
2.63 |
(0.11 ) |
(2.01 ) |
(2.12 ) |
| Year Ended 2/28/2025(f) |
$16.02 |
0.03 |
0.11 |
0.14 |
(0.22 ) |
(1.90 ) |
(2.12 ) |
| 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) |
Ratios include line of credit interest expense which is less than 0.01%. |
| (f) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Small Cap Value and Inflection Fund | 2026
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 R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.35 |
13.95% |
1.60% (c) |
1.45% (c) |
0.43% |
58% |
$2,970 |
| Year Ended 2/28/2026 |
$13.34 |
20.28% |
1.62% (c) |
1.45% (c),(d) |
0.16% |
115% |
$2,495 |
| Year Ended 2/28/2025 |
$13.04 |
8.32% |
1.61% (c),(e) |
1.47% (c),(d),(e) |
0.22% |
70% |
$1,845 |
| Year Ended 2/29/2024 |
$15.86 |
6.36% |
1.60% (c) |
1.50% (c),(d) |
0.50% |
88% |
$2,275 |
| Year Ended 2/28/2023 |
$16.02 |
(5.32% ) |
1.57% |
1.52% (d) |
0.31% |
67% |
$2,661 |
| Year Ended 2/28/2022 |
$18.01 |
11.73% |
1.59% |
1.53% (d) |
(0.34% ) |
50% |
$3,633 |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.77 |
14.24% |
1.10% (c) |
0.95% (c) |
0.93% |
58% |
$59,945 |
| Year Ended 2/28/2026 |
$14.55 |
20.83% |
1.12% (c) |
0.95% (c),(d) |
0.76% |
115% |
$55,562 |
| Year Ended 2/28/2025 (f) |
$14.04 |
(0.29% ) |
1.12% (c) |
0.95% (c) |
0.46% |
70% |
$97,817 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Small Cap Value and Inflection Fund | 2026
15
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Small Cap Value and Inflection 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 shares are offered to the general public for investment. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
16
Columbia Small Cap Value and Inflection Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Investments for which market quotations are not readily available, or that have quotations which management believes are not reflective of market value or reliable, are valued at fair value as determined in good faith under procedures approved by 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.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of
Columbia Small Cap Value and Inflection Fund | 2026
17
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
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.
18
Columbia Small Cap Value and Inflection Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 and is responsible for 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 0.87% to 0.75% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.85% 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 "Deferred 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. 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 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.
Columbia Small Cap Value and Inflection Fund | 2026
19
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
For the six months ended August 31, 2026, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A |
0.22 |
| Institutional Class |
0.22 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.01 |
| Class R |
0.22 |
| Class S |
0.22 |
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2026, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly distribution fee to the Distributor at the maximum annual rate of 0.50% of the average daily net assets attributable to Class R shares of the Fund.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
11,164 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
20
Columbia Small Cap Value and Inflection Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
1.20 |
1.20 |
| Institutional Class |
0.95 |
0.95 |
| Institutional 2 Class |
0.80 |
0.80 |
| Institutional 3 Class |
0.75 |
0.76 |
| Class R |
1.45 |
1.45 |
| Class S |
0.95 |
0.95 |
Under the agreement governing these fee waivers and/or expense reimbursement arrangements, the following fees and expenses are excluded from the waiver/reimbursement commitment, and therefore will be paid by the Fund, if applicable: taxes (including foreign transaction taxes), expenses associated with investments in affiliated and non-affiliated pooled investment vehicles (including mutual funds and exchange-traded funds), transaction costs and brokerage commissions, costs related to any securities lending program, dividend expenses associated with securities sold short, inverse floater program fees and expenses, transaction charges and interest on borrowed money, interest, costs associated with shareholder meetings, infrequent and/or unusual expenses and any other expenses the exclusion of which is specifically approved by the Board of Trustees. This agreement may be modified or amended only with approval from the Investment Manager, certain of its affiliates and the Fund. 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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 778,530,000 |
144,300,000 |
(15,563,000 ) |
128,737,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
Management of the Fund has concluded that there are no significant uncertain tax positions in the Fund that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio information
The cost of purchases and proceeds from sales of securities, excluding short-term investments and derivatives, if any, aggregated to $503,583,301 and $536,423,144, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Columbia Small Cap Value and Inflection Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Borrower |
2,900,000 |
4.18 |
3 |
Interest expense incurred by the Fund is recorded as Interest on interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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 October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
22
Columbia Small Cap Value and Inflection Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, one unaffiliated shareholder of record owned 29.2% 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. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse
Columbia Small Cap Value and Inflection Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
24
Columbia Small Cap Value and Inflection Fund | 2026
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Small Cap Value and Inflection Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
Columbia Small Cap Value and Inflection Fund | 2026
25
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses
26
Columbia Small Cap Value and Inflection Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including vehicles subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) approximated the peer universe’s median expense ratio.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Small Cap Value and Inflection Fund | 2026
27
Columbia Small Cap Value and Inflection Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
© 2026 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR230_(10/26)
Columbia Overseas Value Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2026 (Unaudited)
| Not FDIC or NCUA Insured |
No Financial Institution Guarantee |
May Lose Value |
Table of Contents
| 3 | |
| 9 | |
| 11 | |
| 12 | |
| 14 | |
| 20 | |
| 33 |
Columbia Overseas Value Fund | 2026
Portfolio of Investments
August 31, 2026 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
| Common Stocks 98.0% | ||
| Issuer |
Shares |
Value ($) |
| Australia 3.6% | ||
| Northern Star Resources Ltd. |
7,326,147 |
123,854,880 |
| Paladin Energy Ltd.(a) |
6,934,296 |
57,451,266 |
| Santos Ltd. |
11,501,098 |
67,073,542 |
| Total |
248,379,688 | |
| Belgium 0.2% | ||
| Lakefront Biotherapeutics NV, ADR(a) |
595,589 |
16,974,287 |
| Brazil 0.2% | ||
| Cosan SA(a) |
19,935,469 |
14,966,366 |
| Canada 5.4% | ||
| Celestica, Inc.(a) |
109,696 |
32,842,982 |
| Finning International, Inc. |
938,153 |
61,550,743 |
| NexGen Energy Ltd.(a) |
3,889,486 |
40,722,918 |
| Nutrien Ltd. |
600,998 |
45,393,379 |
| Pan American Silver Corp. |
934,982 |
48,544,266 |
| Teck Resources Ltd., Class B |
1,005,642 |
68,504,333 |
| Vermilion Energy, Inc. |
3,454,520 |
44,321,492 |
| West Fraser Timber Co., Ltd. |
460,462 |
31,376,335 |
| Total |
373,256,448 | |
| China 2.4% | ||
| Kingboard Holdings Ltd. |
5,446,000 |
37,531,089 |
| Ping An Insurance Group Co. of China Ltd., Class H |
18,275,500 |
131,082,060 |
| Total |
168,613,149 | |
| Denmark 0.6% | ||
| Bavarian Nordic A/S(a) |
1,245,037 |
42,015,065 |
| Finland 0.9% | ||
| UPM-Kymmene OYJ |
2,136,895 |
59,659,415 |
| France 7.2% | ||
| AXA SA |
3,446,524 |
172,087,855 |
| BNP Paribas SA |
357,357 |
42,546,052 |
| Eiffage SA |
192,017 |
24,250,242 |
| Sanofi SA |
1,054,497 |
93,754,325 |
| TotalEnergies SE |
1,897,847 |
167,226,850 |
| Total |
499,865,324 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Germany 4.7% | ||
| Deutsche Bank AG, Registered Shares |
2,738,915 |
109,692,308 |
| Duerr AG |
952,007 |
20,367,232 |
| E.ON SE |
3,075,927 |
63,516,556 |
| Fresenius Medical Care AG |
1,353,436 |
61,930,947 |
| KION Group AG |
739,779 |
37,917,784 |
| Siemens Energy AG |
202,569 |
33,364,658 |
| Total |
326,789,485 | |
| Greece 2.2% | ||
| Piraeus Bank SA(a) |
12,805,131 |
152,354,861 |
| Hong Kong 4.0% | ||
| BOC Hong Kong Holdings Ltd. |
16,333,000 |
109,552,805 |
| Sun Hung Kai Properties Ltd. |
6,304,000 |
93,110,958 |
| WH Group Ltd. |
82,513,830 |
77,889,742 |
| Total |
280,553,505 | |
| Ireland 2.1% | ||
| Bank of Ireland Group PLC |
6,492,695 |
143,248,533 |
| Israel 1.2% | ||
| Check Point Software Technologies Ltd.(a) |
596,409 |
82,847,174 |
| Italy 3.9% | ||
| Avio SpA |
850,120 |
29,062,140 |
| BPER Banca SPA |
9,410,065 |
155,736,884 |
| Buzzi SpA |
852,450 |
40,605,532 |
| PRADA SpA |
8,239,000 |
42,902,991 |
| Total |
268,307,547 | |
| Ivory Coast 0.7% | ||
| Endeavour Mining PLC |
830,803 |
51,843,082 |
| Japan 21.5% | ||
| Daiichi Life Group, Inc. |
7,717,800 |
88,271,006 |
| Daiwabo Holdings Co., Ltd. |
3,174,700 |
75,377,393 |
| Iyogin Holdings, Inc. |
3,262,600 |
81,600,217 |
| Kinden Corp. |
490,700 |
21,431,429 |
| Macnica Holdings, Inc. |
3,222,600 |
74,280,859 |
| MatsukiyoCocokara & Co. |
5,765,600 |
94,234,627 |
| Mebuki Financial Group, Inc. |
14,561,900 |
154,724,798 |
| Medipal Holdings Corp. |
2,670,300 |
48,266,581 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
3
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| Nippon Television Holdings, Inc. |
2,538,900 |
48,236,419 |
| ORIX Corp. |
2,356,900 |
91,697,154 |
| Sankyo Co., Ltd. |
5,162,400 |
64,785,784 |
| Sanwa Holdings Corp. |
812,900 |
18,456,241 |
| SCREEN Holdings Co., Ltd. |
270,700 |
22,778,824 |
| Shimamura Co., Ltd. |
3,152,900 |
64,617,181 |
| Ship Healthcare Holdings, Inc. |
1,253,500 |
18,719,350 |
| SoftBank Group Corp. |
522,800 |
16,841,820 |
| Sumitomo Corp. |
11,016,600 |
122,977,573 |
| Sumitomo Mitsui Financial Group, Inc. |
4,079,800 |
175,136,803 |
| Sundrug Co., Ltd. |
300,100 |
7,010,787 |
| Tokyo Tatemono Co., Ltd. |
3,573,700 |
76,853,294 |
| Toyota Tsusho Corp. |
2,356,800 |
109,389,511 |
| TV Asahi Holdings Corp. |
1,010,800 |
19,825,349 |
| Total |
1,495,513,000 | |
| Jersey 0.9% | ||
| Yellow Cake PLC(a) |
8,329,590 |
65,290,850 |
| Kazakhstan 0.6% | ||
| Kaspi.KZ JSC, ADR |
432,423 |
45,464,954 |
| Netherlands 5.8% | ||
| ASR Nederland NV |
1,816,379 |
153,066,059 |
| ING Groep NV |
4,541,679 |
160,777,835 |
| Koninklijke Ahold Delhaize NV |
1,699,471 |
60,503,729 |
| Prosus NV, Class N(a) |
710,323 |
31,642,225 |
| Total |
405,989,848 | |
| Norway 2.9% | ||
| DNB Bank ASA |
4,011,521 |
136,620,528 |
| Leroy Seafood Group ASA |
13,010,169 |
63,199,113 |
| Total |
199,819,641 | |
| Poland 1.5% | ||
| Powszechna Kasa Oszczednosci Bank Polski SA |
3,387,650 |
103,585,775 |
| Russian Federation —% | ||
| Lukoil PJSC(a),(b),(c),(d),(e) |
106,132 |
— |
| Singapore 1.5% | ||
| BW LPG Ltd. |
1,352,367 |
32,794,900 |
| Venture Corp., Ltd. |
5,500,400 |
73,101,116 |
| Total |
105,896,016 | |
| Common Stocks (continued) | ||
| Issuer |
Shares |
Value ($) |
| South Africa 1.4% | ||
| Impala Platinum Holdings Ltd. |
3,528,047 |
49,359,753 |
| Thungela Resources Ltd. |
5,897,100 |
48,019,047 |
| Total |
97,378,800 | |
| South Korea 0.5% | ||
| Youngone Corp. |
626,267 |
33,022,597 |
| Spain 2.0% | ||
| Banco Santander SA |
9,542,196 |
139,638,714 |
| Sweden 0.6% | ||
| Securitas AB |
2,459,319 |
38,958,722 |
| Switzerland 1.0% | ||
| Nestlé SA, Registered Shares |
722,534 |
70,284,097 |
| Thailand 0.7% | ||
| Bangkok Bank PCL, Foreign Registered Shares |
8,441,500 |
48,596,829 |
| United Kingdom 7.3% | ||
| AstraZeneca PLC |
295,011 |
47,830,133 |
| British American Tobacco PLC |
649,460 |
36,086,462 |
| Centrica PLC |
24,850,949 |
52,044,910 |
| HSBC Holdings PLC |
3,360,908 |
68,842,967 |
| Imperial Brands PLC |
3,919,365 |
133,913,118 |
| Marks & Spencer Group PLC |
15,572,489 |
82,555,100 |
| TP Icap Group PLC |
18,507,583 |
85,752,699 |
| Total |
507,025,389 | |
| United States 10.5% | ||
| Burford Capital Ltd. |
8,975,161 |
37,246,918 |
| Diversified Energy Co. |
3,310,660 |
49,295,727 |
| Energy Fuels, Inc.(a) |
3,819,181 |
56,332,920 |
| Flutter Entertainment PLC(a) |
209,403 |
20,977,993 |
| Insmed, Inc.(a) |
319,122 |
38,875,442 |
| Jazz Pharmaceuticals PLC(a) |
226,444 |
56,764,982 |
| JBS NV, Class A |
3,291,530 |
44,238,163 |
| Primo Brands Corp., Class A |
5,297,721 |
120,893,993 |
| Roche Holding Ag |
130,182 |
56,749,057 |
| Shell PLC |
5,434,387 |
248,983,089 |
| Total |
730,358,284 | |
| Total Common Stocks (Cost $5,125,089,962) |
6,816,497,445 | |
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Overseas Value Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
| Exchange-Traded Equity Funds 1.3% | ||
| Shares |
Value ($) | |
| United States 1.3% | ||
| iShares MSCI EAFE Value ETF |
1,095,079 |
89,588,413 |
| Total Exchange-Traded Equity Funds (Cost $89,878,577) |
89,588,413 | |
| Money Market Funds 0.2% | ||
| Columbia Short-Term Cash Fund, 3.871%(f),(g) |
15,424,444 |
15,416,732 |
| Total Money Market Funds (Cost $15,414,166) |
15,416,732 | |
| Total Investments in Securities (Cost $5,230,382,705) |
6,921,502,590 | |
| Other Assets & Liabilities, Net |
34,731,468 | |
| Net Assets |
$6,956,234,058 | |
At August 31, 2026, securities and/or cash totaling $1,080,000 were pledged as collateral.
Investments in derivatives
| Forward foreign currency exchange contracts | |||||
| Currency to be sold |
Currency to be purchased |
Counterparty |
Settlement date |
Unrealized appreciation ($) |
Unrealized depreciation ($) |
| 19,571,785,000 JPY |
123,269,620 USD |
Barclays |
10/08/2026 |
402,651 |
— |
| 265,739,000 SEK |
27,926,081 USD |
Barclays |
10/08/2026 |
123,977 |
— |
| 52,463,000 SGD |
41,112,948 USD |
Citi |
10/08/2026 |
— |
(261,817 ) |
| 356,201,358 USD |
308,416,000 EUR |
Citi |
10/08/2026 |
2,544,432 |
— |
| 58,270,222,000 KRW |
41,067,180 USD |
Goldman Sachs International |
10/08/2026 |
— |
(1,563,198 ) |
| 130,005,000 NOK |
13,670,983 USD |
HSBC |
10/08/2026 |
— |
(235,848 ) |
| 163,286,000 NZD |
95,770,505 USD |
HSBC |
10/08/2026 |
— |
(931,383 ) |
| 41,958,131 USD |
35,954,000 EUR |
HSBC |
10/08/2026 |
— |
(136,870 ) |
| 212,285,096 USD |
157,377,000 GBP |
HSBC |
10/08/2026 |
971,756 |
— |
| 10,284,000 GBP |
13,977,918 USD |
JPMorgan |
10/08/2026 |
42,378 |
— |
| 355,778,590 USD |
504,457,000 AUD |
JPMorgan |
10/08/2026 |
5,518,558 |
— |
| 29,271,000 AUD |
20,977,852 USD |
Morgan Stanley |
10/08/2026 |
13,669 |
— |
| 524,106,000 CAD |
376,661,025 USD |
Morgan Stanley |
10/08/2026 |
— |
(2,117,639 ) |
| 48,406,000 CAD |
34,938,829 USD |
UBS |
10/08/2026 |
— |
(44,858 ) |
| 273,603,292 USD |
221,382,000 CHF |
UBS |
10/08/2026 |
1,371,778 |
— |
| 20,613,133 USD |
17,636,000 EUR |
UBS |
10/08/2026 |
— |
(99,150 ) |
| Total |
10,989,199 |
(5,390,763 ) | |||
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
5
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Notes to Portfolio of Investments
| (a) |
Non-income producing investment. |
| (b) |
Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At August 31, 2026, the total value of these securities amounted to $0, which represents less than 0.01% of total net assets. |
| (c) |
Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. At August 31, 2026, the total market value of these securities amounted to $0, which represents less than 0.01% of total net assets. Additional information on these securities is as follows: |
| Security |
Acquisition Dates |
Shares |
Cost ($) |
Value ($) |
| Lukoil PJSC |
01/25/2022-01/26/2022 |
106,132 |
8,693,218 |
— |
| (d) |
As a result of sanctions and restricted cross-border payments, certain payments have not been recognized by the Fund. The Fund will continue to monitor the net realizable value and record payments when it is considered collectible. |
| (e) |
Valuation based on significant unobservable inputs. |
| (f) |
The rate shown is the seven-day current annualized yield at August 31, 2026. |
| (g) |
Under the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The values of the holdings and transactions in these affiliated companies during the period ended August 31, 2026 are as follows: |
| Affiliated issuers |
Beginning of period($) |
Purchases($) |
Sales($) |
Net change in unrealized appreciation (depreciation)($) |
End of period($) |
Realized gain (loss)($) |
Dividends($) |
End of period shares |
| Columbia Short-Term Cash Fund, 3.871% | ||||||||
| 54,520,340 |
925,858,122 |
(964,955,615 ) |
(6,115 ) |
15,416,732 |
(25,859 ) |
1,244,034 |
15,424,444 | |
Abbreviation Legend
| ADR |
American Depositary Receipt |
Currency Legend
| AUD |
Australian Dollar |
| CAD |
Canadian Dollar |
| CHF |
Swiss Franc |
| EUR |
Euro |
| GBP |
British Pound |
| JPY |
Japanese Yen |
| KRW |
South Korean Won |
| NOK |
Norwegian Krone |
| NZD |
New Zealand Dollar |
| SEK |
Swedish Krona |
| SGD |
Singapore Dollar |
| USD |
US Dollar |
Fair value measurements
The Fund categorizes its fair value measurements according to a three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs by prioritizing that the most observable input be used when available. Observable inputs are those that market participants would use in pricing an investment based on market data obtained from sources independent of the reporting entity. Unobservable inputs are those that reflect the Fund’s assumptions about the information market participants would use in pricing an investment. An investment’s level within the fair value hierarchy is based on the lowest level of any input that is deemed significant to the asset’s or liability’s fair value measurement. The input levels are not necessarily an indication of the risk or liquidity associated with investments at that level. For example, certain U.S. government securities are generally high quality and liquid, however, they are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.
Fair value inputs are summarized in the three broad levels listed below:
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Overseas Value Fund | 2026
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
■
Level 1 — Valuations based on quoted prices for investments in active markets that the Fund has the ability to access at the measurement date. Valuation adjustments are not applied to Level 1 investments.
■
Level 2 — Valuations based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
■
Level 3 — Valuations based on significant unobservable inputs (including the Fund’s own assumptions and judgment in determining the fair value of investments).
Inputs that are used in determining fair value of an investment may include price information, credit data, volatility statistics, and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments, and is affected by various factors such as the type of investment, and the volume and level of activity for that investment or similar investments in the marketplace. The inputs will be considered by Columbia Management Investment Advisers, LLC (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.
Values of foreign equity securities actively traded in markets where there is a significant delay in the local close relative to the New York Stock Exchange may include an adjustment to reflect the impact of market movements following the close of local trading, as described in Note 2 to the financial statements – Security valuation. When such adjustments have been made, the foreign equity securities are classified as Level 2.
Investments falling into the Level 3 category, if any, 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 the Investment Manager 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 following table is a summary of the inputs used to value the Fund’s investments at August 31, 2026:
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Investments in Securities |
||||
| Common Stocks |
||||
| Australia |
— |
248,379,688 |
— |
248,379,688 |
| Belgium |
16,974,287 |
— |
— |
16,974,287 |
| Brazil |
14,966,366 |
— |
— |
14,966,366 |
| Canada |
373,256,448 |
— |
— |
373,256,448 |
| China |
— |
168,613,149 |
— |
168,613,149 |
| Denmark |
— |
42,015,065 |
— |
42,015,065 |
| Finland |
— |
59,659,415 |
— |
59,659,415 |
| France |
— |
499,865,324 |
— |
499,865,324 |
| Germany |
— |
326,789,485 |
— |
326,789,485 |
| Greece |
— |
152,354,861 |
— |
152,354,861 |
| Hong Kong |
— |
280,553,505 |
— |
280,553,505 |
| Ireland |
— |
143,248,533 |
— |
143,248,533 |
| Israel |
82,847,174 |
— |
— |
82,847,174 |
| Italy |
— |
268,307,547 |
— |
268,307,547 |
| Ivory Coast |
— |
51,843,082 |
— |
51,843,082 |
| Japan |
165,862,595 |
1,329,650,405 |
— |
1,495,513,000 |
| Jersey |
— |
65,290,850 |
— |
65,290,850 |
| Kazakhstan |
45,464,954 |
— |
— |
45,464,954 |
| Netherlands |
60,503,729 |
345,486,119 |
— |
405,989,848 |
| Norway |
— |
199,819,641 |
— |
199,819,641 |
| Poland |
— |
103,585,775 |
— |
103,585,775 |
| Russian Federation |
— |
— |
0 * |
0 * |
| Singapore |
32,794,900 |
73,101,116 |
— |
105,896,016 |
| South Africa |
48,019,047 |
49,359,753 |
— |
97,378,800 |
| South Korea |
— |
33,022,597 |
— |
33,022,597 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
7
Portfolio of Investments (continued)
August 31, 2026 (Unaudited)
Fair value measurements (continued)
| Level 1 ($) |
Level 2 ($) |
Level 3 ($) |
Total ($) | |
| Spain |
— |
139,638,714 |
— |
139,638,714 |
| Sweden |
— |
38,958,722 |
— |
38,958,722 |
| Switzerland |
— |
70,284,097 |
— |
70,284,097 |
| Thailand |
— |
48,596,829 |
— |
48,596,829 |
| United Kingdom |
47,830,133 |
459,195,256 |
— |
507,025,389 |
| United States |
424,626,138 |
305,732,146 |
— |
730,358,284 |
| Total Common Stocks |
1,313,145,771 |
5,503,351,674 |
0 * |
6,816,497,445 |
| Exchange-Traded Equity Funds |
89,588,413 |
— |
— |
89,588,413 |
| Money Market Funds |
15,416,732 |
— |
— |
15,416,732 |
| Total Investments in Securities |
1,418,150,916 |
5,503,351,674 |
0 * |
6,921,502,590 |
| Investments in Derivatives |
||||
| Asset |
||||
| Forward Foreign Currency Exchange Contracts |
— |
10,989,199 |
— |
10,989,199 |
| Liability |
||||
| Forward Foreign Currency Exchange Contracts |
— |
(5,390,763 ) |
— |
(5,390,763 ) |
| Total |
1,418,150,916 |
5,508,950,110 |
0 * |
6,927,101,026 |
| * |
Rounds to zero. |
See the Portfolio of Investments for all investment classifications not indicated in the table.
The Fund’s assets assigned to the Level 2 input category are generally valued using the market approach, in which a security’s value is determined through reference to prices and information from market transactions for similar or identical assets. These assets include certain foreign securities for which a third-party statistical pricing service may be employed for purposes of fair market valuation. The model utilized by such third-party statistical pricing service takes into account a security’s correlation to available market data including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable.
Derivative instruments are valued at unrealized appreciation (depreciation).
The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Overseas Value Fund | 2026
Statement of Assets and Liabilities
August 31, 2026 (Unaudited)
| Assets |
|
| Investments in securities, at value |
|
| Unaffiliated issuers (cost $5,214,968,539) |
$6,906,085,858 |
| Affiliated issuers (cost $15,414,166) |
15,416,732 |
| Cash |
853 |
| Cash collateral held at broker for: |
|
| Forward foreign currency exchange contracts |
1,080,000 |
| Unrealized appreciation on forward foreign currency exchange contracts |
10,989,199 |
| Receivable for: |
|
| Investments sold |
19,117,221 |
| Capital shares sold |
2,854,908 |
| Dividends |
13,731,644 |
| Foreign tax reclaims |
12,378,464 |
| Prepaid expenses |
18,885 |
| Total assets |
6,981,673,764 |
| Liabilities |
|
| Unrealized depreciation on forward foreign currency exchange contracts |
5,390,763 |
| Payable for: |
|
| Investments purchased |
11,324,373 |
| Capital shares redeemed |
6,165,951 |
| Management services fees |
415,986 |
| Distribution and/or service fees |
11,200 |
| Transfer agent fees |
560,841 |
| Compensation of chief compliance officer |
523 |
| IRS Closing Agreement for European Union tax reclaim |
785,700 |
| Compensation of board members |
7,803 |
| Other expenses |
410,060 |
| Deferred compensation of board members |
366,506 |
| Total liabilities |
25,439,706 |
| Net assets applicable to outstanding capital stock |
$6,956,234,058 |
| Represented by |
|
| Paid in capital |
5,475,137,371 |
| Total distributable earnings (loss) |
1,481,096,687 |
| Total - representing net assets applicable to outstanding capital stock |
$6,956,234,058 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
9
Statement of Assets and Liabilities (continued)
August 31, 2026 (Unaudited)
| Class A |
|
| Net assets |
$455,003,487 |
| Shares outstanding |
29,899,997 |
| Net asset value per share |
$15.22 |
| Maximum sales charge |
5.75% |
| Maximum offering price per share (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) |
$16.15 |
| Class C |
|
| Net assets |
$13,666,010 |
| Shares outstanding |
912,426 |
| Net asset value per share |
$14.98 |
| Institutional Class |
|
| Net assets |
$3,185,617,416 |
| Shares outstanding |
208,319,466 |
| Net asset value per share |
$15.29 |
| Institutional 2 Class |
|
| Net assets |
$1,688,342,755 |
| Shares outstanding |
111,191,737 |
| Net asset value per share |
$15.18 |
| Institutional 3 Class |
|
| Net assets |
$1,582,387,513 |
| Shares outstanding |
103,995,729 |
| Net asset value per share |
$15.22 |
| Class R |
|
| Net assets |
$17,697,706 |
| Shares outstanding |
1,204,670 |
| Net asset value per share |
$14.69 |
| Class S |
|
| Net assets |
$13,519,171 |
| Shares outstanding |
884,141 |
| Net asset value per share |
$15.29 |
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Overseas Value Fund | 2026
Statement of Operations
Six Months Ended August 31, 2026 (Unaudited)
| Net investment income |
|
| Income: |
|
| Dividends — unaffiliated issuers |
$171,880,444 |
| Dividends — affiliated issuers |
1,244,034 |
| Interfund lending |
175 |
| European Union tax reclaim |
390,141 |
| Foreign taxes withheld |
(16,883,698 ) |
| Total income |
156,631,096 |
| Expenses: |
|
| Management services fees |
24,594,580 |
| Distribution and/or service fees |
|
| Class A |
558,482 |
| Class C |
71,234 |
| Class R |
41,729 |
| Transfer agent fees |
|
| Class A |
290,038 |
| Class C |
9,248 |
| Institutional Class |
1,984,096 |
| Institutional 2 Class |
436,807 |
| Institutional 3 Class |
33,623 |
| Class R |
10,839 |
| Class S |
9,210 |
| Custodian fees |
389,202 |
| Printing and postage fees |
327,689 |
| Registration fees |
185,497 |
| Accounting services fees |
17,850 |
| Legal fees |
50,542 |
| Interest on collateral |
30,788 |
| Compensation of chief compliance officer |
527 |
| Compensation of board members |
36,493 |
| Deferred compensation of board members |
45,483 |
| Other |
103,680 |
| Total expenses |
29,227,637 |
| Fees waived by transfer agent |
|
| Institutional 2 Class |
(36,615 ) |
| Total net expenses |
29,191,022 |
| Net investment income |
127,440,074 |
| Realized and unrealized gain (loss) — net |
|
| Net realized gain (loss) on: |
|
| Investments — unaffiliated issuers |
85,445,275 |
| Investments — affiliated issuers |
(25,859 ) |
| Foreign currency translations |
(560,716 ) |
| Forward foreign currency exchange contracts |
(8,844,172 ) |
| Option contracts purchased |
(13,113,934 ) |
| Option contracts written |
2,988,734 |
| Net realized gain |
65,889,328 |
| Net change in unrealized appreciation (depreciation) on: |
|
| Investments — unaffiliated issuers |
(156,891,044 ) |
| Investments — affiliated issuers |
(6,115 ) |
| Foreign currency translations |
(267,539 ) |
| Forward foreign currency exchange contracts |
2,472,970 |
| Option contracts purchased |
94,893 |
| Option contracts written |
(112,914 ) |
| Net change in unrealized appreciation (depreciation) |
(154,709,749 ) |
| Net realized and unrealized loss |
(88,820,421 ) |
| Net increase in net assets resulting from operations |
$38,619,653 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
11
Statement of Changes in Net Assets
| Six Months Ended August 31, 2026 (Unaudited) |
Year Ended February 28, 2026 | |
| Operations |
||
| Net investment income |
$127,440,074 |
$132,330,580 |
| Net realized gain |
65,889,328 |
599,709,678 |
| Net change in unrealized appreciation (depreciation) |
(154,709,749 ) |
1,342,352,193 |
| Net increase in net assets resulting from operations |
38,619,653 |
2,074,392,451 |
| Distributions to shareholders |
||
| Net investment income and net realized gains |
||
| Class A |
(20,338,570 ) |
(28,910,708 ) |
| Class C |
(638,037 ) |
(866,462 ) |
| Institutional Class |
(141,763,257 ) |
(188,782,345 ) |
| Institutional 2 Class |
(76,115,739 ) |
(108,919,343 ) |
| Institutional 3 Class |
(71,595,484 ) |
(109,490,088 ) |
| Class R |
(784,291 ) |
(1,122,735 ) |
| Class S |
(630,511 ) |
(1,149,104 ) |
| Total distributions to shareholders |
(311,865,889 ) |
(439,240,785 ) |
| Increase in net assets from capital stock activity |
366,695,489 |
2,010,601,266 |
| Total increase in net assets |
93,449,253 |
3,645,752,932 |
| Net assets at beginning of period |
6,862,784,805 |
3,217,031,873 |
| Net assets at end of period |
$6,956,234,058 |
$6,862,784,805 |
The accompanying Notes to Financial Statements are an integral part of this statement.
12
Columbia Overseas Value Fund | 2026
Statement of Changes in Net Assets (continued)
| Six Months Ended |
Year Ended | |||
| August 31, 2026 (Unaudited) |
February 28, 2026 | |||
| Shares |
Dollars ($) |
Shares |
Dollars ($) | |
| Capital stock activity | ||||
| Class A |
||||
| Shares sold |
1,738,967 |
25,849,593 |
6,366,729 |
88,111,733 |
| Distributions reinvested |
1,382,863 |
19,761,120 |
1,992,245 |
28,030,888 |
| Shares redeemed |
(2,767,957 ) |
(41,021,223 ) |
(5,527,011 ) |
(74,357,580 ) |
| Net increase |
353,873 |
4,589,490 |
2,831,963 |
41,785,041 |
| Class C |
||||
| Shares sold |
150,984 |
2,232,891 |
418,190 |
5,680,973 |
| Distributions reinvested |
45,283 |
638,037 |
62,246 |
866,462 |
| Shares redeemed |
(236,414 ) |
(3,458,736 ) |
(424,468 ) |
(5,716,712 ) |
| Net increase (decrease) |
(40,147 ) |
(587,808 ) |
55,968 |
830,723 |
| Institutional Class |
||||
| Shares sold |
27,732,143 |
413,093,065 |
122,374,191 |
1,706,506,236 |
| Distributions reinvested |
9,855,893 |
141,530,625 |
13,346,295 |
188,449,677 |
| Shares redeemed |
(22,812,122 ) |
(339,226,486 ) |
(31,250,800 ) |
(430,964,404 ) |
| Net increase |
14,775,914 |
215,397,204 |
104,469,686 |
1,463,991,509 |
| Institutional 2 Class |
||||
| Shares sold |
21,926,761 |
324,162,331 |
49,369,310 |
625,071,752 |
| Distributions reinvested |
5,331,554 |
75,974,644 |
7,754,988 |
108,724,937 |
| Shares redeemed |
(17,216,421 ) |
(255,552,266 ) |
(25,316,096 ) |
(348,669,125 ) |
| Net increase |
10,041,894 |
144,584,709 |
31,808,202 |
385,127,564 |
| Institutional 3 Class |
||||
| Shares sold |
8,965,163 |
132,861,473 |
29,142,643 |
396,648,441 |
| Distributions reinvested |
3,596,983 |
51,364,916 |
5,348,924 |
75,098,895 |
| Shares redeemed |
(12,112,724 ) |
(180,383,911 ) |
(25,996,622 ) |
(350,187,918 ) |
| Net increase |
449,422 |
3,842,478 |
8,494,945 |
121,559,418 |
| Class R |
||||
| Shares sold |
193,245 |
2,770,088 |
289,980 |
3,931,441 |
| Distributions reinvested |
56,742 |
783,035 |
82,188 |
1,120,225 |
| Shares redeemed |
(153,121 ) |
(2,186,164 ) |
(526,833 ) |
(6,999,151 ) |
| Net increase (decrease) |
96,866 |
1,366,959 |
(154,665 ) |
(1,947,485 ) |
| Class S |
||||
| Shares sold |
5,936 |
89,922 |
30,830 |
397,952 |
| Distributions reinvested |
43,939 |
630,511 |
81,381 |
1,149,104 |
| Shares redeemed |
(215,555 ) |
(3,217,976 ) |
(170,053 ) |
(2,292,560 ) |
| Net decrease |
(165,680 ) |
(2,497,543 ) |
(57,842 ) |
(745,504 ) |
| Total net increase |
25,512,142 |
366,695,489 |
147,448,257 |
2,010,601,266 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
13
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. A zero balance may reflect an amount rounding to less than $0.01 or 0.01%.
| 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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.92 |
0.26 (c) |
(0.26 ) |
0.00 |
(0.25 ) |
(0.45 ) |
(0.70 ) |
| Year Ended 2/28/2026 |
$11.36 |
0.35 (c) |
5.31 |
5.66 |
(0.46 ) |
(0.64 ) |
(1.10 ) |
| Year Ended 2/28/2025 |
$10.28 |
0.31 (c) |
1.31 |
1.62 |
(0.54 ) |
— |
(0.54 ) |
| Year Ended 2/29/2024 |
$9.95 |
0.33 (c) |
0.39 |
0.72 |
(0.39 ) |
— |
(0.39 ) |
| Year Ended 2/28/2023 |
$10.11 |
0.24 |
(0.24 ) |
0.00 |
(0.06 ) |
(0.10 ) |
(0.16 ) |
| Year Ended 2/28/2022 |
$9.99 |
0.23 |
0.23 |
0.46 |
(0.27 ) |
(0.07 ) |
(0.34 ) |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.72 |
0.21 (c) |
(0.27 ) |
(0.06 ) |
(0.23 ) |
(0.45 ) |
(0.68 ) |
| Year Ended 2/28/2026 |
$11.25 |
0.25 (c) |
5.23 |
5.48 |
(0.37 ) |
(0.64 ) |
(1.01 ) |
| Year Ended 2/28/2025 |
$10.18 |
0.25 (c) |
1.28 |
1.53 |
(0.46 ) |
— |
(0.46 ) |
| Year Ended 2/29/2024 |
$9.86 |
0.25 (c) |
0.39 |
0.64 |
(0.32 ) |
— |
(0.32 ) |
| Year Ended 2/28/2023 |
$10.03 |
0.17 |
(0.24 ) |
(0.07 ) |
(0.00 ) |
(0.10 ) |
(0.10 ) |
| Year Ended 2/28/2022 |
$9.91 |
0.16 |
0.22 |
0.38 |
(0.19 ) |
(0.07 ) |
(0.26 ) |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.98 |
0.28 (c) |
(0.26 ) |
0.02 |
(0.26 ) |
(0.45 ) |
(0.71 ) |
| Year Ended 2/28/2026 |
$11.39 |
0.34 (c) |
5.37 |
5.71 |
(0.48 ) |
(0.64 ) |
(1.12 ) |
| Year Ended 2/28/2025 |
$10.30 |
0.28 (c) |
1.38 |
1.66 |
(0.57 ) |
— |
(0.57 ) |
| Year Ended 2/29/2024 |
$9.98 |
0.35 (c) |
0.39 |
0.74 |
(0.42 ) |
— |
(0.42 ) |
| Year Ended 2/28/2023 |
$10.13 |
0.25 |
(0.22 ) |
0.03 |
(0.08 ) |
(0.10 ) |
(0.18 ) |
| Year Ended 2/28/2022 |
$10.01 |
0.26 |
0.23 |
0.49 |
(0.30 ) |
(0.07 ) |
(0.37 ) |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.87 |
0.29 (c) |
(0.27 ) |
0.02 |
(0.26 ) |
(0.45 ) |
(0.71 ) |
| Year Ended 2/28/2026 |
$11.32 |
0.39 (c) |
5.29 |
5.68 |
(0.49 ) |
(0.64 ) |
(1.13 ) |
| Year Ended 2/28/2025 |
$10.24 |
0.35 (c) |
1.31 |
1.66 |
(0.58 ) |
— |
(0.58 ) |
| Year Ended 2/29/2024 |
$9.92 |
0.36 (c) |
0.39 |
0.75 |
(0.43 ) |
— |
(0.43 ) |
| Year Ended 2/28/2023 |
$10.07 |
0.26 |
(0.22 ) |
0.04 |
(0.09 ) |
(0.10 ) |
(0.19 ) |
| Year Ended 2/28/2022 |
$9.95 |
0.27 |
0.23 |
0.50 |
(0.31 ) |
(0.07 ) |
(0.38 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Overseas Value Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.22 |
0.28% |
1.14% (d) |
1.14% (d) |
3.50% (c) |
25% |
$455,003 |
| Year Ended 2/28/2026 |
$15.92 |
51.05% |
1.16% (d),(e) |
1.15% (d),(e),(f) |
2.56% (c) |
57% |
$470,327 |
| Year Ended 2/28/2025 |
$11.36 |
16.13% |
1.19% (d),(e) |
1.16% (d),(e),(f) |
2.85% (c) |
41% |
$303,469 |
| Year Ended 2/29/2024 |
$10.28 |
7.33% |
1.21% (d),(e),(g) |
1.15% (d),(e),(f),(g) |
3.24% (c) |
34% |
$287,680 |
| Year Ended 2/28/2023 |
$9.95 |
0.15% |
1.22% (d),(e) |
1.16% (d),(e),(f) |
2.53% |
36% |
$300,207 |
| Year Ended 2/28/2022 |
$10.11 |
4.65% |
1.21% (d) |
1.15% (d),(f) |
2.20% |
43% |
$338,513 |
| Class C | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.98 |
(0.10% ) |
1.89% (d) |
1.89% (d) |
2.79% (c) |
25% |
$13,666 |
| Year Ended 2/28/2026 |
$15.72 |
49.89% |
1.91% (d),(e) |
1.90% (d),(e),(f) |
1.84% (c) |
57% |
$14,973 |
| Year Ended 2/28/2025 |
$11.25 |
15.32% |
1.94% (d),(e) |
1.91% (d),(e),(f) |
2.27% (c) |
41% |
$10,084 |
| Year Ended 2/29/2024 |
$10.18 |
6.52% |
1.96% (d),(e),(g) |
1.90% (d),(e),(f),(g) |
2.53% (c) |
34% |
$13,356 |
| Year Ended 2/28/2023 |
$9.86 |
(0.56% ) |
1.97% (d),(e) |
1.91% (d),(e),(f) |
1.82% |
36% |
$15,532 |
| Year Ended 2/28/2022 |
$10.03 |
3.88% |
1.96% (d) |
1.90% (d),(f) |
1.50% |
43% |
$19,243 |
| Institutional Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.29 |
0.38% |
0.89% (d) |
0.89% (d) |
3.73% (c) |
25% |
$3,185,617 |
| Year Ended 2/28/2026 |
$15.98 |
51.46% |
0.92% (d),(e) |
0.90% (d),(e),(f) |
2.43% (c) |
57% |
$3,092,627 |
| Year Ended 2/28/2025 |
$11.39 |
16.49% |
0.95% (d),(e) |
0.91% (d),(e),(f) |
2.54% (c) |
41% |
$1,014,794 |
| Year Ended 2/29/2024 |
$10.30 |
7.48% |
0.96% (d),(e),(g) |
0.90% (d),(e),(f),(g) |
3.48% (c) |
34% |
$470,143 |
| Year Ended 2/28/2023 |
$9.98 |
0.46% |
0.97% (d),(e) |
0.91% (d),(e),(f) |
2.72% |
36% |
$489,364 |
| Year Ended 2/28/2022 |
$10.13 |
4.91% |
0.96% (d) |
0.90% (d),(f) |
2.40% |
43% |
$518,966 |
| Institutional 2 Class | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.18 |
0.40% |
0.82% (d) |
0.81% (d) |
3.86% (c) |
25% |
$1,688,343 |
| Year Ended 2/28/2026 |
$15.87 |
51.52% |
0.84% (d),(e) |
0.82% (d),(e) |
2.88% (c) |
57% |
$1,604,965 |
| Year Ended 2/28/2025 |
$11.32 |
16.59% |
0.86% (d),(e) |
0.82% (d),(e) |
3.21% (c) |
41% |
$784,726 |
| Year Ended 2/29/2024 |
$10.24 |
7.61% |
0.87% (d),(e),(g) |
0.82% (d),(e),(g) |
3.60% (c) |
34% |
$740,968 |
| Year Ended 2/28/2023 |
$9.92 |
0.53% |
0.88% (d),(e) |
0.82% (d),(e) |
2.85% |
36% |
$660,833 |
| Year Ended 2/28/2022 |
$10.07 |
5.02% |
0.88% (d) |
0.82% (d) |
2.52% |
43% |
$716,539 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
15
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.90 |
0.29 (c) |
(0.26 ) |
0.03 |
(0.26 ) |
(0.45 ) |
(0.71 ) |
| Year Ended 2/28/2026 |
$11.34 |
0.39 (c) |
5.31 |
5.70 |
(0.50 ) |
(0.64 ) |
(1.14 ) |
| Year Ended 2/28/2025 |
$10.26 |
0.35 (c) |
1.31 |
1.66 |
(0.58 ) |
— |
(0.58 ) |
| Year Ended 2/29/2024 |
$9.93 |
0.36 (c) |
0.40 |
0.76 |
(0.43 ) |
— |
(0.43 ) |
| Year Ended 2/28/2023 |
$10.08 |
0.26 |
(0.22 ) |
0.04 |
(0.09 ) |
(0.10 ) |
(0.19 ) |
| Year Ended 2/28/2022 |
$9.96 |
0.26 |
0.24 |
0.50 |
(0.31 ) |
(0.07 ) |
(0.38 ) |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.41 |
0.24 (c) |
(0.27 ) |
(0.03 ) |
(0.24 ) |
(0.45 ) |
(0.69 ) |
| Year Ended 2/28/2026 |
$11.03 |
0.32 (c) |
5.13 |
5.45 |
(0.43 ) |
(0.64 ) |
(1.07 ) |
| Year Ended 2/28/2025 |
$9.99 |
0.28 (c) |
1.27 |
1.55 |
(0.51 ) |
— |
(0.51 ) |
| Year Ended 2/29/2024 |
$9.68 |
0.30 (c) |
0.38 |
0.68 |
(0.37 ) |
— |
(0.37 ) |
| Year Ended 2/28/2023 |
$9.84 |
0.20 |
(0.22 ) |
(0.02 ) |
(0.04 ) |
(0.10 ) |
(0.14 ) |
| Year Ended 2/28/2022 |
$9.73 |
0.19 |
0.24 |
0.43 |
(0.25 ) |
(0.07 ) |
(0.32 ) |
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Overseas Value Fund | 2026
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 | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.22 |
0.47% |
0.77% (d) |
0.77% (d) |
3.88% (c) |
25% |
$1,582,388 |
| Year Ended 2/28/2026 |
$15.90 |
51.58% |
0.79% (d),(e) |
0.77% (d),(e) |
2.89% (c) |
57% |
$1,646,052 |
| Year Ended 2/28/2025 |
$11.34 |
16.62% |
0.81% (d),(e) |
0.77% (d),(e) |
3.16% (c) |
41% |
$1,077,420 |
| Year Ended 2/29/2024 |
$10.26 |
7.75% |
0.82% (d),(e),(g) |
0.77% (d),(e),(g) |
3.55% (c) |
34% |
$892,665 |
| Year Ended 2/28/2023 |
$9.93 |
0.57% |
0.83% (d),(e) |
0.77% (d),(e) |
2.81% |
36% |
$791,531 |
| Year Ended 2/28/2022 |
$10.08 |
5.07% |
0.83% (d) |
0.77% (d) |
2.46% |
43% |
$721,028 |
| Class R | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$14.69 |
0.11% |
1.40% (d) |
1.40% (d) |
3.25% (c) |
25% |
$17,698 |
| Year Ended 2/28/2026 |
$15.41 |
50.66% |
1.41% (d),(e) |
1.40% (d),(e),(f) |
2.44% (c) |
57% |
$17,067 |
| Year Ended 2/28/2025 |
$11.03 |
15.91% |
1.44% (d),(e) |
1.41% (d),(e),(f) |
2.61% (c) |
41% |
$13,921 |
| Year Ended 2/29/2024 |
$9.99 |
7.06% |
1.46% (d),(e),(g) |
1.40% (d),(e),(f),(g) |
3.04% (c) |
34% |
$13,501 |
| Year Ended 2/28/2023 |
$9.68 |
(0.05% ) |
1.47% (d),(e) |
1.41% (d),(e),(f) |
2.25% |
36% |
$13,962 |
| Year Ended 2/28/2022 |
$9.84 |
4.40% |
1.47% (d) |
1.40% (d),(f) |
1.84% |
43% |
$15,567 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
17
Financial Highlights (continued)
| Net asset value, beginning of period |
Net investment income |
Net realized and unrealized gain (loss) |
Total from investment operations |
Distributions from net investment income |
Distributions from net realized gains |
Total distributions to shareholders | |
| Class S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.98 |
0.29 (c) |
(0.27 ) |
0.02 |
(0.26 ) |
(0.45 ) |
(0.71 ) |
| Year Ended 2/28/2026 |
$11.39 |
0.39 (c) |
5.32 |
5.71 |
(0.48 ) |
(0.64 ) |
(1.12 ) |
| Year Ended 2/28/2025(h) |
$11.57 |
0.05 (c) |
0.17 |
0.22 |
(0.40 ) |
— |
(0.40 ) |
| Notes to Financial Highlights | |
| (a) |
In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) |
Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable. |
| (c) |
Includes income resulting from European Union tax reclaims. The effect of these amounted to: |
| Class |
Net Investment income per share ($) |
Net Investment income ratio (%) |
| Six Months Ended 8/31/2026 (Unaudited) |
||
| Class A |
lessthan 0.01 |
0.01 |
| Class C |
lessthan 0.01 |
0.01 |
| Institutional Class |
lessthan 0.01 |
0.01 |
| Institutional 2 Class |
lessthan 0.01 |
0.01 |
| Institutional 3 Class |
lessthan 0.01 |
0.01 |
| Class R |
lessthan 0.01 |
0.01 |
| Class S |
lessthan 0.01 |
0.01 |
| Year Ended 2/28/2026 |
||
| Class A |
0.01 |
0.10 |
| Class C |
0.01 |
0.10 |
| Institutional Class |
0.01 |
0.10 |
| Institutional 2 Class |
0.01 |
0.10 |
| Institutional 3 Class |
0.01 |
0.10 |
| Class R |
0.01 |
0.10 |
| Class S |
0.01 |
0.10 |
| Year Ended 2/28/2025 |
||
| Class A |
0.02 |
0.15 |
| Class C |
0.02 |
0.15 |
| Institutional Class |
0.02 |
0.15 |
| Institutional 2 Class |
0.02 |
0.15 |
| Institutional 3 Class |
0.02 |
0.15 |
| Class R |
0.02 |
0.15 |
| Class S |
0.01 |
0.15 |
| Year Ended 2/29/2024 |
||
| Class A |
0.04 |
0.37 |
| Class C |
0.04 |
0.37 |
| Institutional Class |
0.04 |
0.37 |
| Institutional 2 Class |
0.04 |
0.37 |
| Institutional 3 Class |
0.04 |
0.37 |
| Class R |
0.04 |
0.37 |
| (d) |
Ratios include interest on collateral expense which is less than 0.01%. |
| (e) |
Ratios include interfund lending expense which is less than 0.01%. |
| (f) |
The benefits derived from expense reductions had an impact of less than 0.01%. |
| (g) |
Ratios include line of credit interest expense which is less than 0.01%. |
| (h) |
Class S shares commenced operations on October 2, 2024. Per share data and total return reflect activity from that date. |
The accompanying Notes to Financial Statements are an integral part of this statement.
18
Columbia Overseas Value Fund | 2026
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 S | |||||||
| Six Months Ended 8/31/2026 (Unaudited) |
$15.29 |
0.38% |
0.89% (d) |
0.89% (d) |
3.78% (c) |
25% |
$13,519 |
| Year Ended 2/28/2026 |
$15.98 |
51.46% |
0.91% (d),(e) |
0.90% (d),(e),(f) |
2.86% (c) |
57% |
$16,774 |
| Year Ended 2/28/2025 (h) |
$11.39 |
2.08% |
0.97% (d),(e) |
0.91% (d),(e) |
1.02% (c) |
41% |
$12,619 |
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Overseas Value Fund | 2026
19
Notes to Financial Statements
August 31, 2026 (Unaudited)
Note 1. Organization
Columbia Overseas Value 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. Institutional Class, Institutional 2 Class, Institutional 3 Class, Class R and Class S shares are available for purchase through authorized investment professionals to omnibus retirement plans or to institutional investors and to certain other investors as also described in the Fund’s prospectus.
Note 2. Summary of significant accounting policies
Basis of preparation
The Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (Topic 946), Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which require 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.
Segment reporting
The intent of FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures is to enable investors to better understand an entity’s overall performance and to assess its potential future cash flows through improved segment disclosures. The chief operating decision maker (CODM) for the Fund is Columbia Management Investment Advisers, LLC through its Investment Oversight Committee and Global Executive Group, which are responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund’s financial statements.
Security valuation
Equity securities listed on an exchange are valued at the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are valued at the mean between the closing bid and ask prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
20
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Foreign equity securities are valued based on the closing price or last trade price on their primary exchange at the close of business of the New York Stock Exchange. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are determined at the scheduled closing time of the New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In those situations, foreign securities will be fair valued pursuant to a policy approved by the Board of Trustees. Under the policy, the Fund may utilize a third-party pricing service to determine these fair values. The third-party pricing service takes into account multiple factors, including relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the New York Stock Exchange. The fair value of a security is likely to be different from the quoted or published price, if available.
Investments in open-end investment companies (other than exchange-traded funds (ETFs)) are valued at the latest net asset value reported by those companies as of the valuation time.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
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.
Foreign currency transactions and translations
The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of regular trading on the New York Stock Exchange. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.
For financial statement purposes, the Fund does not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.
Derivative instruments
The Fund invests in certain derivative instruments, as detailed below, in seeking to meet its investment objectives. Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more securities, currencies, commodities, indices, or other assets or instruments. Derivatives may be used to increase investment flexibility (including to maintain cash reserves while maintaining desired exposure to certain assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligations under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell or terminate, including at favorable prices) and the potential for market movements which may expose the Fund to gains
Columbia Overseas Value Fund | 2026
21
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional exposure of a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument and/or changes in value for the instrument. The notional exposure is a hypothetical underlying quantity upon which payment obligations are computed. Notional exposures provide a gauge for how the Fund may behave given changes in the underlying rate, asset or reference instrument and individual markets. 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 expected to be 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 provides some protection in the case of clearing member default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the primary counterparty credit risk is the risk of failure of the clearinghouse. However, credit risk still exists in exchange-traded and centrally cleared derivatives with respect to any collateral that is held in a broker’s customer accounts. 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 not remedied by the central counterparty 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) by account class, potentially resulting in losses to the Fund.
In connection with certain over-the-counter derivatives, 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 forward foreign currency exchange 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 central counterparty for exchange-traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms for most over-the-counter derivatives are subject to regulatory requirements to exchange variation margin with trading counterparties and may have contract specific margin terms as well. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund may also pay interest expense on cash collateral received from the 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.
22
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. The Fund utilized forward foreign currency exchange contracts to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing its investment objectives. These contracts are used to protect against a decline in value relative to the U.S. dollar of the currencies in which portfolio securities are denominated or quoted (or an increase in the value of a currency in which securities that a Fund intends to buy are denominated, when a Fund holds cash reserves and short-term investments), or for other investment purposes. These instruments may be used for other purposes in future periods.
The values of forward foreign currency exchange contracts fluctuate daily with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without delivery of foreign currency.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund’s portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.
Options contracts
Options are contracts which entitle the holder to purchase or sell securities or other identified assets at a specified price, or in the case of index option contracts, to receive or pay the difference between the index value and the strike price of the index option contract. Option contracts can be either exchange-traded or over-the-counter. The Fund may use options that are written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These instruments may be used for other purposes in future periods. Completion of transactions for option contracts traded in the over-the-counter market depends upon the performance of the other party. Collateral may be collected or posted by the Fund to secure over-the-counter option contract trades. Collateral held or posted by the Fund for such option contract trades must be returned to the broker or the Fund upon closure, exercise or expiration of the contract.
Options contracts purchased are recorded as investments. When the Fund writes an options contract, the premium received is recorded as an asset and an amount equivalent to the premium is recorded as a liability in the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current fair value of the option written. Changes in the fair value of the written option are recorded as unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund realizes a gain or loss when the option contract is closed or expires. When option contracts are exercised, the proceeds on sales for a written call or purchased put option contract, or the purchase cost for a written put or purchased call option contract, is adjusted by the amount of premium received or paid.
For over-the-counter options purchased, the Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Option contracts written by the Fund do not typically give rise to significant counterparty credit risk, as options written generally obligate the Fund and not the counterparty to perform. The risk in writing a call option contract is that the Fund gives up the opportunity for profit if the market price of the security increases above the strike price and the option contract is exercised. The risk in writing a put option contract is that the Fund may incur a loss if the market price of the security decreases below the strike price and the option contract is exercised. Exercise of a written option could result in the
Columbia Overseas Value Fund | 2026
23
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Fund purchasing or selling a security or foreign currency when it otherwise would not, or at a price different from the current market value. In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Fund may not be able to enter into a closing transaction due to an illiquid market.
Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; and the impact of derivative transactions over the period in the Statement of Operations, including realized and unrealized gains (losses). The derivative instrument schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
The following table is a summary of the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at August 31, 2026:
| Asset derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Foreign exchange risk |
Unrealized appreciation on forward foreign currency exchange contracts |
10,989,199 |
| Liability derivatives |
||
| Risk exposure category |
Statement of assets and liabilities location |
Fair value ($) |
| Foreign exchange risk |
Unrealized depreciation on forward foreign currency exchange contracts |
5,390,763 |
The following table indicates the effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended August 31, 2026:
| Amount of realized gain (loss) on derivatives recognized in income | ||||
| Risk exposure category |
Forward foreign currency exchange contracts ($) |
Option contracts purchased ($) |
Option contracts written ($) |
Total ($) |
| Equity risk |
— |
(13,113,934 ) |
2,988,734 |
(10,125,200 ) |
| Foreign exchange risk |
(8,844,172 ) |
— |
— |
(8,844,172 ) |
| Total |
(8,844,172 ) |
(13,113,934 ) |
2,988,734 |
(18,969,372 ) |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | ||||
| Risk exposure category |
Forward foreign currency exchange contracts ($) |
Option contracts purchased ($) |
Option contracts written ($) |
Total ($) |
| Equity risk |
— |
94,893 |
(112,914 ) |
(18,021 ) |
| Foreign exchange risk |
2,472,970 |
— |
— |
2,472,970 |
| Total |
2,472,970 |
94,893 |
(112,914 ) |
2,454,949 |
24
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2026:
| Derivative instrument |
Average value ($) |
| Option contracts purchased |
1,433,359 |
| Option contracts written |
(216,538 ) |
| Derivative instrument |
Average unrealized appreciation ($) |
Average unrealized depreciation ($) |
| Forward foreign currency exchange contracts |
20,033,464 |
(20,401,698 ) |
Offsetting of assets and liabilities
The following table presents the Fund’s gross and net amount of assets and liabilities available for offset under netting arrangements with counterparties as well as any related collateral received or pledged by the Fund as of August 31, 2026:
| Barclays |
Citi |
Goldman Sachs International |
HSBC |
JPMorgan |
Morgan Stanley |
UBS |
Total | ||
| Assets |
|||||||||
| Forward foreign currency exchange contracts |
$ |
526,628 |
2,544,432 |
- |
971,756 |
5,560,936 |
13,669 |
1,371,778 |
10,989,199 |
| Liabilities |
|||||||||
| Forward foreign currency exchange contracts |
$ |
- |
261,817 |
1,563,198 |
1,304,101 |
- |
2,117,639 |
144,008 |
5,390,763 |
| Total financial and derivative net assets |
526,628 |
2,282,615 |
(1,563,198 ) |
(332,345 ) |
5,560,936 |
(2,103,970 ) |
1,227,770 |
5,598,436 | |
| Total collateral received (pledged) (a) |
- |
- |
(1,080,000 ) |
- |
- |
- |
- |
(1,080,000 ) | |
| Net amount (b) |
$ |
526,628 |
2,282,615 |
(483,198 ) |
(332,345 ) |
5,560,936 |
(2,103,970 ) |
1,227,770 |
6,678,436 |
| (a) |
In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) |
Represents the net amount due from/(to) counterparties in the event of default. |
Security transactions
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
Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of an ex-dividend notification in the case of certain foreign securities.
The Fund may receive distributions from holdings in equity securities, business development companies (BDCs), exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the tax character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. Return of capital is recorded as a reduction of the cost basis of securities held. If the Fund no longer owns the applicable securities, return of capital is recorded as a realized gain. With respect to REITs, to the extent actual information has not yet been reported, estimates for return of capital are made by Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). The Investment Manager’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders.
Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities on the payment date, the proceeds are recorded as realized gains.
Columbia Overseas Value Fund | 2026
25
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
Expenses
General expenses of the Trust are allocated to the Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.
Foreign taxes
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level, based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
The Fund may file withholding tax reclaims in certain European Union countries to recover a portion of foreign taxes previously withheld on dividends earned, which may be reclaimable based upon certain provisions in the Treaty on the Functioning of the European Union (EU) and subsequent rulings by the European Court of Justice. The Fund may record a reclaim receivable when the amount is known, the Fund has received notice of a pending refund, and there are no significant uncertainties on collectability. Income received from EU reclaims is included in the Statement of Operations.
The Fund is seeking a closing agreement with the Internal Revenue Service to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of European Union tax reclaims. The closing agreement will result in the Fund paying a portion of those taxes refunded to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in the prior years. The Fund has accrued a liability for the estimated IRS Closing Agreement costs, which is disclosed on the Statement of Assets and Liabilities. The actual amount may differ from the estimate due to additional reclaims received or interest due and that difference may be material.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
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.
26
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 and is responsible for 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 0.87% to 0.67% as the Fund’s net assets increase. The annualized effective management services fee rate for the six months ended August 31, 2026 was 0.73% 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 "Deferred 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. 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 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 July 1, 2026 through June 30, 2027, Institutional 2 Class shares are subject to a contractual transfer agency fee annual limitation of not more than 0.04% of the average daily net assets attributable to that share class.
Columbia Overseas Value Fund | 2026
27
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
For the six months ended August 31, 2026, the Fund’s annualized effective transfer agency fee rates as a percentage of average daily net assets of each class were as follows:
| Effective rate (%) | |
| Class A |
0.13 |
| Class C |
0.13 |
| Institutional Class |
0.13 |
| Institutional 2 Class |
0.05 |
| Institutional 3 Class |
0.00 |
| Class R |
0.13 |
| Class S |
0.13 |
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2026, no minimum account balance fees were charged by the Fund.
Distribution and service fees
The Fund has entered into an agreement with Columbia Management Investment Distributors, Inc. (the Distributor), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, for distribution and shareholder services. The Board of Trustees has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.
Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class C shares of the Fund and a monthly distribution fee to the Distributor at the maximum annual rates of 0.75% and 0.50% of the average daily net assets attributable to Class C and Class R shares of the Fund, respectively.
Sales charges
Sales charges, including front-end charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended August 31, 2026, if any, are listed below:
| Front End (%) |
CDSC (%) |
Amount ($) | |
| Class A |
5.75 |
0.50 - 1.00 (a) |
153,037 |
| Class C |
— |
1.00 (b) |
1,097 |
| (a) |
This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) |
This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share classes are not subject to sales charges.
28
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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:
| July 1, 2026 through June 30, 2027 (%) |
Prior to July 1, 2026 (%) | |
| Class A |
1.20 |
1.16 |
| Class C |
1.95 |
1.91 |
| Institutional Class |
0.95 |
0.91 |
| Institutional 2 Class |
0.86 |
0.82 |
| Institutional 3 Class |
0.82 |
0.78 |
| Class R |
1.45 |
1.41 |
| Class S |
0.95 |
0.91 |
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 July 1, 2026 through June 30, 2027, is the Transfer Agent’s contractual agreement to limit total transfer agency fees to an annual rate of not more than 0.04% for Institutional 2 Class of the average daily net assets attributable to that share class, unless sooner terminated at the sole discretion of the Board of Trustees. Any fees waived and/or expenses reimbursed under the expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax information
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 August 31, 2026, the approximate cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Federal tax cost ($) |
Gross unrealized appreciation ($) |
Gross unrealized (depreciation) ($) |
Net unrealized appreciation ($) |
| 5,230,383,000 |
1,893,111,000 |
(196,393,000 ) |
1,696,718,000 |
Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
The following capital loss carryforwards, determined at February 28, 2026, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
| No expiration short-term ($) |
No expiration long-term ($) |
Total ($) |
| — |
(259,785,178 ) |
(259,785,178 ) |
Columbia Overseas Value Fund | 2026
29
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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 $1,783,174,551 and $1,626,128,595, respectively, for the six months ended August 31, 2026. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 6. Affiliated money market fund
The Fund invests in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds (the Affiliated MMF). The income earned by the Fund from such investments is included as Dividends - affiliated issuers in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of the Affiliated MMF. The Affiliated MMF prices its shares with a floating net asset value. The Securities and Exchange Commission has adopted amendments to money market fund rules requiring institutional prime money market funds like the Affiliated MMF to be subject to a discretionary liquidity fee of up to 2% if the imposition of such a fee is determined to be in the best interest of the Affiliated MMF and to a mandatory liquidity fee if daily net redemptions exceed 5% of net assets.
Note 7. Interfund lending
Pursuant to an exemptive order granted by the Securities and Exchange Commission, the Fund participates in a program (the Interfund Program) allowing each participating Columbia Fund (each, a Participating Fund) to lend money directly to and, except for closed-end funds and money market funds, borrow money directly from other Participating Funds for temporary purposes. The amounts eligible for borrowing and lending under the Interfund Program are subject to certain restrictions.
Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due, and a delay in repayment to the lending fund could result in lost opportunities and/or additional lending costs. The exemptive order is subject to conditions intended to mitigate conflicts of interest arising from the Investment Manager’s relationship with each Participating Fund.
The Fund’s activity in the Interfund Program during the six months ended August 31, 2026 was as follows:
| Borrower or lender |
Average loan balance ($) |
Weighted average interest rate (%) |
Number of days with outstanding loans |
| Lender |
500,000 |
4.21 |
3 |
Interest income earned by the Fund is recorded as Interfund lending in the Statement of Operations. The Fund had no outstanding interfund loans at August 31, 2026.
Note 8. Line of credit
Effective October 22, 2026, the Fund has access to a revolving credit facility with a syndicate of banks led by State Street Bank and Trust Company, 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. The credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager, severally and not jointly, permits aggregate borrowings up to $750 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 and (ii) the overnight bank funding rate, plus 1.00% in each case. 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
30
Columbia Overseas Value Fund | 2026
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
unless extended or renewed. Prior to October 22, 2026, 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 aggregate borrowings up to $750 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the highest of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended August 31, 2026.
Note 9. Risks and uncertainties
An investment in the Fund involves risks, including market risk and concentration risk, among others. The value of the Fund’s holdings and the Fund’s net asset value may go down. 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.
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, other conflicts, 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.
To the extent that the Fund concentrates its investment in particular issuers, countries, geographic regions, industries or sectors, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of issuers, countries, geographic regions, industries, sectors or investments.
Additional risk factors of the Fund are described more fully in the Fund’s Prospectus and Statement of Additional Information.
Shareholder concentration risk
At August 31, 2026, two unaffiliated shareholders of record owned 42.4% 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. Fund shares sold to or redeemed by concentrated accounts may have a significant effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 11. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates are involved, in the normal course of business, in legal proceedings that 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.
Columbia Overseas Value Fund | 2026
31
Notes to Financial Statements (continued)
August 31, 2026 (Unaudited)
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, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss that may result from such matters. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief, and may lead to further claims, examinations, adverse publicity or reputational damage, each of which could have a material adverse effect on the consolidated financial condition or results of operations or financial condition of Ameriprise Financial or one or more of its affiliates that provide services to the Fund.
32
Columbia Overseas Value Fund | 2026
Approval of Management Agreement
(Unaudited)
Columbia Management Investment Advisers, LLC (the Investment Manager, and together with its domestic and global affiliates, Columbia Threadneedle Investments), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), serves as the investment manager to Columbia Overseas Value Fund (the Fund). Under a management agreement (the Management Agreement), the Investment Manager provides investment advice and other services to the Fund. The Investment Manager also provides investment advice and other services to other funds in the Columbia Fund family (collectively, the Funds).
On an annual basis, the Fund’s Board of Trustees (the Board), including the independent Board members (the Independent Trustees), considers renewal of the Management Agreement. The Investment Manager prepared detailed reports for the Board and its Contracts Committee (including its Contracts Subcommittee) in March, April and June 2026, including reports providing the results of analyses performed by a third-party data provider, Broadridge Financial Solutions, Inc. (Broadridge), and comprehensive responses by the Investment Manager to written requests for information by independent legal counsel to the Independent Trustees (Independent Legal Counsel), to assist the Board in making this determination. In addition, throughout the year, the Board (or its committees or subcommittees) regularly meets with portfolio management teams and senior management personnel and reviews information prepared by the Investment Manager addressing the services the Investment Manager provides and Fund performance. The Board also accords appropriate weight to the work, deliberations and conclusions of the various committees (including their subcommittees), such as the Contracts Committee, the Investment Review Committee, the Audit Committee and the Compliance Committee, in determining whether to continue the Management Agreement.
The Board, at its June 18, 2026 Board meeting (the June Meeting), considered the renewal of the Management Agreement for an additional one-year term. At the June Meeting, Independent Legal Counsel reviewed with the Independent Trustees various factors relevant to the Board’s consideration of advisory agreements and the Board’s legal responsibilities related to such consideration. The Independent Trustees considered such information as they, their legal counsel or the Investment Manager believed reasonably necessary to evaluate and to approve the continuation of the Management Agreement. Among other things, the information and factors considered included the following:
•
Information on the investment performance of the Fund relative to the performance of a group of mutual funds determined to be comparable to the Fund by Broadridge, as well as performance relative to one or more benchmarks;
•
Information on the Fund’s management fees and total expenses, including information comparing the Fund’s expenses to those of a group of comparable mutual funds, as determined by Broadridge;
•
The Investment Manager’s agreement to contractually limit or cap total operating expenses for the Fund so that total operating expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses and infrequent and/or unusual expenses) would not exceed a specified annual rate, as a percentage of the Fund’s net assets;
•
Terms of the Management Agreement;
•
Descriptions of other agreements and arrangements with affiliates of the Investment Manager relating to the operations of the Fund, including agreements with respect to the provision of transfer agency and shareholder services to the Fund;
•
Descriptions of various services performed by the Investment Manager under the Management Agreement, including portfolio management and portfolio trading practices;
•
Information regarding any recently negotiated management fees of similarly-managed portfolios of other institutional clients of the Investment Manager;
•
Information regarding the resources of the Investment Manager, including information regarding senior management, portfolio managers and other personnel;
•
Information regarding the capabilities of the Investment Manager with respect to compliance monitoring services;
•
The profitability to the Investment Manager and its affiliates from their relationships with the Fund; and
Columbia Overseas Value Fund | 2026
33
Approval of Management Agreement (continued)
(Unaudited)
•
Report provided by the Board’s independent fee consultant, JDL Consultants, LLC (JDL).
Following an analysis and discussion of the foregoing, and the factors identified below, the Board, including all of the Independent Trustees, approved the renewal of the Management Agreement.
Nature, extent and quality of services provided by the Investment Manager
The Board analyzed various reports and presentations it had received detailing the services performed by the Investment Manager, as well as its history, expertise, resources and relative capabilities, and the qualifications of its personnel.
The Board specifically considered the many developments during recent years concerning the services provided by the Investment Manager. Among other things, the Board noted the organization and depth of the equity and credit research departments. The Board further observed the enhancements to the investment risk management department’s processes, systems and oversight over the past several years. The Board also took into account the broad scope of services provided by the Investment Manager to the Fund, including, among other services, investment, risk and compliance oversight. The Board also took into account the information it received concerning the Investment Manager’s ability to attract and retain key portfolio management personnel and that it has sufficient resources to provide competitive and adequate compensation to investment personnel.
In connection with the Board’s evaluation of the overall package of services provided by the Investment Manager, the Board also considered the nature, quality and range of administrative services provided to the Fund by the Investment Manager, as well as the achievements in 2025 in the performance of administrative services, and noted the various enhancements anticipated for 2026. In evaluating the quality of services provided under the Management Agreement, the Board also took into account the organization and strength of the Fund’s and its service providers’ compliance programs. The Board also reviewed the financial condition of the Investment Manager and its affiliates and each entity’s ability to carry out its responsibilities under the Management Agreement and the Fund’s other service agreements.
In addition, the Board discussed the acceptability of the terms of the Management Agreement, noting that no changes were proposed from the form of agreement previously approved. The Board also noted the wide array of legal and compliance services provided to the Fund under the Management Agreement.
After reviewing these and related factors (including investment performance as discussed below), the Board concluded, within the context of its overall conclusions, that the nature, extent and quality of the services provided to the Fund under the Management Agreement supported the continuation of the Management Agreement.
Investment performance
The Board carefully reviewed the investment performance of the Fund, including detailed reports providing the results of analyses performed by each of the Investment Manager, Broadridge and JDL collectively showing, for various periods (including since manager inception): (i) the performance of the Fund, (ii) the Fund’s performance relative to peers and benchmarks and (iii) the net assets of the Fund. The Board observed that the Fund’s performance for certain periods ranked above median relative to its peers based on information provided by Broadridge.
The Board also reviewed a description of the third-party data provider’s methodology for identifying the Fund’s peer groups for purposes of performance and expense comparisons.
The Board also considered the Investment Manager’s performance and reputation generally. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the performance of the Fund and the Investment Manager, in light of other considerations, supported the continuation of the Management Agreement.
Comparative fees, costs of services provided and the profits realized by the Investment Manager and its affiliates from their relationships with the Fund
The Board reviewed comparative fees and the costs of services provided under the Management Agreement. The Board members considered detailed comparative information set forth in an annual report on fees and expenses, including, among other things, data (based on analyses conducted by Broadridge and JDL) showing a comparison of the Fund’s expenses
34
Columbia Overseas Value Fund | 2026
Approval of Management Agreement (continued)
(Unaudited)
with median expenses paid by funds in its comparative peer universe, as well as data showing the Fund’s contribution to the Investment Manager’s profitability. The Board reviewed the fees charged to comparable institutional or other accounts/vehicles managed by the Investment Manager, including vehicles subadvised by the Investment Manager, and discussed differences in how the products are managed and operated, thus explaining many of the differences in fees.
The Board considered the reports of JDL, which assisted in the Board’s analysis of the Funds’ performance and expenses and the reasonableness of the Funds’ fee rates. The Board accorded particular weight to the notion that a primary objective of the level of fees is to achieve a rational pricing model applied consistently across the various product lines in the Fund family, while assuring that the overall fees for each Fund (with certain exceptions) are generally in line with the current “pricing philosophy” such that Fund total expense ratios, in general, approximate or are lower than the median expense ratios of funds in the same Lipper comparison universe. The Board took into account that the Fund’s total expense ratio (after considering proposed expense caps/waivers) was slightly below the peer universe’s median expense ratio shown in the reports.
After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the levels of management fees and expenses of the Fund, in light of other considerations, supported the continuation of the Management Agreement.
The Board also considered the profitability of the Investment Manager and its affiliates in connection with the Investment Manager providing management services to the Fund. With respect to the profitability of the Investment Manager and its affiliates, the Independent Trustees referred to information discussing the profitability to the Investment Manager and Ameriprise Financial from managing, operating and distributing the Funds. The Board considered that the profitability generated by the Investment Manager in 2025 had increased slightly from 2024 levels due to a variety of factors, including the increased assets under management of the Funds. It also took into account the indirect economic benefits flowing to the Investment Manager or its affiliates in connection with managing or distributing the Funds, such as the enhanced ability to offer various other financial products to Ameriprise Financial customers, soft dollar benefits and overall reputational advantages. The Board noted that the fees paid by the Fund should permit the Investment Manager to offer competitive compensation to its personnel, make necessary investments in its business and earn an appropriate profit. After reviewing these and related factors, the Board concluded, within the context of its overall conclusions, that the costs of services provided and the profitability to the Investment Manager and its affiliates from their relationships with the Fund supported the continuation of the Management Agreement.
Economies of scale
The Board considered the potential existence of economies of scale in the provision by the Investment Manager of services to the Fund, and whether those economies of scale were shared with the Fund through breakpoints in investment management fees or other means, such as expense limitation arrangements and additional investments by the Investment Manager in investment, trading, compliance and other resources. The Board considered the economies of scale that might be realized as the Fund’s net asset level grows and took note of the extent to which Fund shareholders might also benefit from such growth. In this regard, the Board took into account that management fees decline as Fund assets exceed various breakpoints, all of which have not been surpassed. The Board observed that the Management Agreement thus provides for breakpoints in the management fee rate schedule that allow opportunities for shareholders to realize lower fees as Fund assets grow and that there are additional opportunities through other means for sharing economies of scale with shareholders.
Conclusion
The Board reviewed all of the above considerations in reaching its decision to approve the continuation of the Management Agreement. In reaching its conclusions, no single factor was determinative.
On June 18, 2026, the Board, including all of the Independent Trustees, determined that fees payable under the Management Agreement were fair and reasonable in light of the extent and quality of services provided and approved the renewal of the Management Agreement.
Columbia Overseas Value Fund | 2026
35
Columbia Overseas Value Fund
P.O. Box 219104
Kansas City, MO 64121-9104
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to
columbiathreadneedleus.com/investor/. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved.
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SAR208_(10/26)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The fees and expenses of the independent trustees are included in “Compensation of board members” and “Deferred compensation of board members” on each Fund’s Statement of Operations as part of the Registrant’s financial statements filed under Item 7 of this Form N-CSR. Additionally, the compensation paid by the Trust to the Chief Compliance Officer is included in “Compensation of chief compliance officer” on each Fund’s Statement of Operations as part of the Registrant’s financial statements filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR. Not applicable for semiannual reports.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Columbia Funds Series Trust | ||
| By: | /s/ Michael G. Clarke | |
| Name: | Michael G. Clarke | |
| Title: | President and Principal Executive Officer | |
| Date: | October 23, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Michael G. Clarke | |
| Name: | Michael G. Clarke | |
| Title: | President and Principal Executive Officer | |
| Date: | October 23, 2026 | |
| By: | /s/ Charles H. Chiesa | |
| Name: | Charles H. Chiesa | |
| Title: | Treasurer, Chief Financial Officer, Chief Accounting Officer and Principal Financial Officer | |
| Date: | October 23, 2026 | |
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