Columbia Funds Series Trust

11/06/2025 | Press release | Distributed by Public on 11/06/2025 13:58

Semi-Annual Report by Investment Company (Form N-CSRS)

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, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders
Columbia Mid Cap Index Fund
Class A / NTIAX
Semi-Annual Shareholder Report | August 31, 2025
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2025 to August 31, 2025. 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
%
(a)
(a)
Annualized.
Key Fund Statistics
Fund
net
assets
$
2,580,372,035
Total number of portfolio
holdings
403
Portfolio turnover for the reporting period
8%
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
EMCOR Group, Inc. 0.9
%
Comfort Systems U.S.A., Inc. 0.8
%
Pure Storage, Inc., Class A 0.8
%
RB Global, Inc. 0.7
%
Flex Ltd. 0.7
%
Casey's General Stores, Inc. 0.6
%
Burlington Stores, Inc. 0.6
%
Guidewire Software, Inc. 0.6
%
Curtiss-Wright Corp. 0.6
%
U.S. Foods Holding Corp. 0.6
%
Asset Categories
Equity Sector Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Class A | SSR196_01_(10/25)
Columbia Mid Cap Index Fund
Institutional Class / NMPAX
Semi-Annual Shareholder Report | August 31, 2025
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2025 to August 31, 2025. 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
%
(a)
(a)
Annualized.
Key Fund Statistics
Fund net assets
$
2,580,372,035
Total number of portfolio holdings
403
Portfolio turnover for the reporting period
8%
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
EMCOR Group, Inc. 0.9
%
Comfort Systems U.S.A., Inc. 0.8
%
Pure Storage, Inc., Class A 0.8
%
RB Global, Inc. 0.7
%
Flex Ltd. 0.7
%
Casey's General Stores, Inc. 0.6
%
Burlington Stores, Inc. 0.6
%
Guidewire Software, Inc. 0.6
%
Curtiss-Wright Corp. 0.6
%
U.S. Foods Holding Corp. 0.6
%
Asset Categories
Equity Sector Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional Class | SSR196_08_(10/25)
Columbia Mid Cap Index Fund
Institutional 2 Class / CPXRX
Semi-Annual Shareholder Report | August 31, 2025
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2025 to August 31, 2025. 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
%
(a)
(a)
Annualized.
Key Fund Statistics
Fund net assets
$
2,580,372,035
Total number of portfolio holdings
403
Portfolio turnover for the
reporting period
8%
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
EMCOR Group, Inc. 0.9
%
Comfort Systems U.S.A., Inc. 0.8
%
Pure Storage, Inc., Class A 0.8
%
RB Global, Inc. 0.7
%
Flex Ltd. 0.7
%
Casey's General Stores, Inc. 0.6
%
Burlington Stores, Inc. 0.6
%
Guidewire Software, Inc. 0.6
%
Curtiss-Wright Corp. 0.6
%
U.S. Foods Holding Corp. 0.6
%
Asset Categories
Equity Sector Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional 2 Class | SSR196_15_(10/25)
Columbia Mid Cap Index Fund
Institutional 3 Class / CMDYX
Semi-Annual Shareholder Report | August 31, 2025
This semi-annual shareholder report contains important information about Columbia Mid Cap Index Fund (the Fund) for the period of March 1, 2025 to August 31, 2025. 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
%
(a)
(a)
Annualized.
Key Fund Statistics
Fund net assets
$
2,580,372,035
Total number of portfolio
holdings
403
Portfolio turnover for the reporting period
8%
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
EMCOR Group, Inc. 0.9
%
Comfort Systems U.S.A., Inc. 0.8
%
Pure Storage, Inc., Class A 0.8
%
RB Global, Inc. 0.7
%
Flex Ltd. 0.7
%
Casey's General Stores, Inc. 0.6
%
Burlington Stores, Inc. 0.6
%
Guidewire Software, Inc. 0.6
%
Curtiss-Wright Corp. 0.6
%
U.S. Foods Holding Corp. 0.6
%
Asset Categories
Equity Sector Allocation
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. All rights reserved.
© 2025 Columbia Management Investment Advisers, LLC.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Mid Cap Index Fund | Institutional 3 Class | SSR196_17_(10/25)

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 Mid Cap Index Fund
Semi-Annual Financial Statements and Additional Information
August 31, 2025 (Unaudited)
Not FDIC or NCUA Insured
No Financial Institution Guarantee
May Lose Value
Table of Contents
Portfolio of Investments
3
Statement of Assets and Liabilities
13
Statement of Operations
14
Statement of Changes in Net Assets
15
Financial Highlights
16
Notes to Financial Statements
20
Approval of Management Agreement
30
Columbia Mid Cap Index Fund | 2025
Portfolio of Investments August 31, 2025 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.7%
Issuer
Shares
Value ($)
Communication Services 1.3%
Diversified Telecommunication Services 0.3%
Frontier Communications Parent, Inc.(a)
183,054
6,787,642
Iridium Communications, Inc.
88,897
2,212,647
Total
9,000,289
Entertainment 0.1%
Warner Music Group Corp., Class A
119,905
3,998,832
Interactive Media & Services 0.1%
ZoomInfo Technologies, Inc.(a)
213,563
2,327,837
Media 0.8%
EchoStar Corp., Class A(a)
110,288
6,814,695
New York Times Co. (The), Class A
133,370
7,980,861
Nexstar Media Group, Inc., Class A
23,293
4,764,117
Total
19,559,673
Total Communication Services
34,886,631
Consumer Discretionary 12.8%
Automobile Components 0.9%
Autoliv, Inc.
58,454
7,252,388
Gentex Corp.
184,766
5,175,296
Goodyear Tire & Rubber Co. (The)(a)
234,820
1,991,273
Lear Corp.
43,941
4,833,510
Visteon Corp.
22,403
2,777,076
Total
22,029,543
Automobiles 0.3%
Harley-Davidson, Inc.
89,866
2,616,898
Thor Industries, Inc.
43,729
4,792,698
Total
7,409,596
Broadline Retail 0.4%
Macy's, Inc.
228,961
3,029,154
Ollie's Bargain Outlet Holdings, Inc.(a)
50,467
6,401,234
Total
9,430,388
Common Stocks (continued)
Issuer
Shares
Value ($)
Diversified Consumer Services 1.2%
Duolingo, Inc.(a)
32,269
9,611,644
Graham Holdings Co., Class B
2,791
3,031,166
Grand Canyon Education, Inc.(a)
22,990
4,634,094
H&R Block, Inc.
110,036
5,540,313
Service Corp. International
117,005
9,272,646
Total
32,089,863
Hotels, Restaurants & Leisure 3.1%
Aramark
215,397
8,424,177
Boyd Gaming Corp.
50,179
4,308,369
Cava Group, Inc.(a)
67,494
4,559,220
Choice Hotels International, Inc.
18,171
2,172,888
Churchill Downs, Inc.
59,368
6,158,243
Hilton Grand Vacations, Inc.(a)
52,202
2,480,639
Hyatt Hotels Corp., Class A
34,474
4,973,909
Light & Wonder, Inc.(a)
69,351
6,412,887
Marriott Vacations Worldwide Corp.
26,114
2,040,809
Planet Fitness, Inc., Class A(a)
68,917
7,222,501
Texas Roadhouse, Inc.
54,527
9,408,634
Travel + Leisure Co.
54,588
3,450,507
Vail Resorts, Inc.
30,688
5,026,694
Wendy's Co. (The)
132,574
1,406,610
Wingstop, Inc.
22,934
7,525,104
Wyndham Hotels & Resorts, Inc.
63,285
5,481,114
Total
81,052,305
Household Durables 1.9%
KB Home
58,958
3,746,781
Somnigroup International, Inc.
169,722
14,248,162
Taylor Morrison Home Corp., Class A(a)
82,493
5,557,553
Toll Brothers, Inc.
81,728
11,360,192
TopBuild Corp.(a)
23,356
9,827,271
Whirlpool Corp.
45,706
4,257,514
Total
48,997,473
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
3
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Leisure Products 0.5%
Brunswick Corp.
53,985
3,432,906
Mattel, Inc.(a)
265,393
4,856,692
Polaris, Inc.
43,418
2,456,590
YETI Holdings, Inc.(a)
68,066
2,393,201
Total
13,139,389
Specialty Retail 3.6%
Abercrombie & Fitch Co., Class A(a)
39,155
3,662,167
AutoNation, Inc.(a)
20,451
4,480,405
Bath & Body Works, Inc.
175,071
5,113,824
Burlington Stores, Inc.(a)
51,772
15,049,085
Chewy, Inc., Class A(a)
180,378
7,388,283
Dick's Sporting Goods, Inc.
46,424
9,879,027
Five Below, Inc.(a)
45,251
6,565,920
Floor & Decor Holdings, Inc., Class A(a)
88,442
7,245,169
GameStop Corp., Class A(a)
334,551
7,497,288
Gap, Inc. (The)
182,624
4,019,554
Lithia Motors, Inc., Class A
21,395
7,203,269
Murphy U.S.A., Inc.
14,781
5,565,046
Penske Automotive Group, Inc.
15,227
2,808,011
Restoration Hardware Holdings, Inc.(a)
12,468
2,813,654
Valvoline, Inc.(a)
104,474
4,051,502
Total
93,342,204
Textiles, Apparel & Luxury Goods 0.9%
Capri Holdings Ltd.(a)
96,911
1,995,397
Columbia Sportswear Co.
25,197
1,403,977
Crocs, Inc.(a)
46,088
4,018,874
PVH Corp.
39,446
3,326,087
Skechers U.S.A., Inc., Class A(a)
107,085
6,754,922
Under Armour, Inc., Class A(a)
155,194
775,970
Under Armour, Inc., Class C(a)
105,272
517,938
VF Corp.
272,163
4,117,826
Total
22,910,991
Total Consumer Discretionary
330,401,752
Common Stocks (continued)
Issuer
Shares
Value ($)
Consumer Staples 4.9%
Beverages 0.6%
Boston Beer Co., Inc. (The), Class A(a)
6,766
1,495,895
Celsius Holdings, Inc.(a)
129,221
8,125,416
Coca-Cola Bottling Co. Consolidated
48,180
5,648,623
Total
15,269,934
Consumer Staples Distribution & Retail 3.0%
Albertsons Companies, Inc., Class A
331,248
6,446,086
BJ's Wholesale Club Holdings, Inc.(a)
108,534
10,601,601
Casey's General Stores, Inc.
30,508
15,086,816
Maplebear, Inc.(a)
135,008
5,855,297
Performance Food Group, Inc.(a)
128,292
13,008,809
Sprouts Farmers Market, Inc.(a)
80,431
11,303,773
U.S. Foods Holding Corp.(a)
190,147
14,755,407
Total
77,057,789
Food Products 0.9%
Darling Ingredients, Inc.(a)
129,991
4,414,494
Flowers Foods, Inc.
161,388
2,427,276
Ingredion, Inc.
52,857
6,847,096
Marzetti Co. (The)
15,861
2,896,219
Pilgrim's Pride Corp.
33,132
1,472,717
Post Holdings, Inc.(a)
37,094
4,197,186
Total
22,254,988
Personal Care Products 0.4%
BellRing Brands, Inc.(a)
104,379
4,284,758
Coty, Inc., Class A(a)
301,114
1,288,768
elf Beauty, Inc.(a)
46,355
5,794,375
Total
11,367,901
Total Consumer Staples
125,950,612
Energy 3.4%
Energy Equipment & Services 0.4%
NOV, Inc.
308,821
4,104,231
Valaris Ltd.(a)
53,739
2,669,216
Weatherford International PLC
59,634
3,798,984
Total
10,572,431
The accompanying Notes to Financial Statements are an integral part of this statement.
4
Columbia Mid Cap Index Fund | 2025
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Oil, Gas & Consumable Fuels 3.0%
Antero Midstream Corp.
275,710
4,904,881
Antero Resources Corp.(a)
239,910
7,657,927
Chord Energy Corp.
47,469
5,216,368
Civitas Resources, Inc.
70,005
2,574,784
CNX Resources Corp.(a)
118,948
3,473,282
DT Midstream, Inc.
83,498
8,698,822
HF Sinclair Corp.
131,627
6,697,182
Matador Resources Co.
95,701
4,819,502
Murphy Oil Corp.
110,261
2,741,088
Ovintiv, Inc.
213,543
8,994,431
PBF Energy, Inc., Class A
80,793
2,207,265
Permian Resources Corp.
524,165
7,490,318
Range Resources Corp.
196,414
6,731,108
Viper Energy, Inc., Class A
138,671
5,525,346
Total
77,732,304
Total Energy
88,304,735
Financials 17.0%
Banks 6.7%
Associated Banc-Corp.
134,249
3,620,695
Bank OZK
86,836
4,556,285
Cadence Bank
153,185
5,765,883
Columbia Banking System, Inc.
244,979
6,558,088
Comerica, Inc.
108,009
7,623,275
Commerce Bancshares, Inc.
99,795
6,181,302
Cullen/Frost Bankers, Inc.
52,839
6,817,816
East West Bancorp, Inc.
113,279
11,910,154
First Financial Bankshares, Inc.
105,816
3,933,181
First Horizon Corp.
416,897
9,421,872
Flagstar Financial, Inc.
249,044
3,192,744
FNB Corp.
295,726
4,935,667
Glacier Bancorp, Inc.
97,297
4,782,148
Hancock Whitney Corp.
70,390
4,428,939
Home Bancshares, Inc.
150,936
4,491,855
International Bancshares Corp.
43,924
3,142,323
Old National Bancorp
267,561
6,124,471
Pinnacle Financial Partners, Inc.
63,184
6,142,748
Prosperity Bancshares, Inc.
78,313
5,413,778
SouthState Corp.
80,915
8,258,185
Common Stocks (continued)
Issuer
Shares
Value ($)
Synovus Financial Corp.
114,255
5,896,701
Texas Capital Bancshares, Inc.(a)
37,728
3,266,113
UMB Financial Corp.
58,654
7,149,923
United Bankshares, Inc.
116,481
4,465,882
Valley National Bancorp
391,464
4,094,713
Webster Financial Corp.
138,268
8,603,035
Western Alliance Bancorp
89,591
8,022,874
Wintrust Financial Corp.
55,010
7,552,323
Zions Bancorp NA
121,289
7,035,975
Total
173,388,948
Capital Markets 3.1%
Affiliated Managers Group, Inc.
23,366
5,253,144
Carlyle Group, Inc. (The)
175,123
11,305,941
Evercore, Inc., Class A
29,550
9,501,803
Federated Hermes, Inc., Class B
62,018
3,293,156
Hamilton Lane, Inc., Class A
35,619
5,497,436
Houlihan Lokey, Inc., Class A
44,210
8,808,843
Janus Henderson Group PLC
103,598
4,591,463
Jefferies Financial Group, Inc.
133,923
8,684,907
Morningstar, Inc.
21,877
5,740,962
SEI Investments Co.
77,760
6,864,653
Stifel Financial Corp.
84,432
9,734,165
Total
79,276,473
Consumer Finance 0.7%
Ally Financial, Inc.
227,221
9,327,422
FirstCash Holdings, Inc.
31,723
4,671,846
SLM Corp.
172,482
5,395,237
Total
19,394,505
Financial Services 1.8%
Equitable Holdings, Inc.
249,772
13,302,857
Essent Group Ltd.
83,343
5,228,940
Euronet Worldwide, Inc.(a)
33,411
3,113,571
MGIC Investment Corp.
195,150
5,431,024
Shift4 Payments, Inc., Class A(a)
55,455
5,014,796
Voya Financial, Inc.
79,144
5,942,923
Western Union Co. (The)
271,660
2,355,292
WEX, Inc.(a)
28,146
4,822,817
Total
45,212,220
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
5
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Insurance 4.1%
American Financial Group, Inc.
59,034
8,020,359
Brighthouse Financial, Inc.(a)
47,185
2,229,963
CNO Financial Group, Inc.
81,484
3,216,174
Fidelity National Financial, Inc.
214,441
12,838,583
First American Financial Corp.
84,574
5,581,884
Hanover Insurance Group, Inc. (The)
29,519
5,120,956
Kemper Corp.
49,442
2,652,563
Kinsale Capital Group, Inc.
18,201
8,326,047
Old Republic International Corp.
186,893
7,470,113
Primerica, Inc.
27,007
7,274,065
Reinsurance Group of America, Inc.
54,316
10,580,214
RenaissanceRe Holdings Ltd.
39,986
9,716,198
RLI Corp.
68,640
4,648,987
Ryan Specialty Holdings, Inc., Class A
88,475
5,001,492
Selective Insurance Group, Inc.
49,950
3,907,589
Unum Group
131,844
9,210,622
Total
105,795,809
Mortgage Real Estate Investment Trusts (REITS) 0.6%
Annaly Capital Management, Inc.
497,325
10,538,317
Starwood Property Trust, Inc.
284,960
5,776,139
Total
16,314,456
Total Financials
439,382,411
Health Care 8.3%
Biotechnology 2.1%
BioMarin Pharmaceutical, Inc.(a)
157,621
9,184,576
Cytokinetics, Inc.(a)
98,158
3,467,922
Exelixis, Inc.(a)
224,140
8,387,319
Halozyme Therapeutics, Inc.(a)
101,276
7,408,339
Neurocrine Biosciences, Inc.(a)
81,341
11,355,204
Roivant Sciences Ltd.(a)
346,017
4,127,983
United Therapeutics Corp.(a)
37,074
11,298,672
Total
55,230,015
Health Care Equipment & Supplies 1.3%
Dentsply Sirona, Inc.
163,800
2,342,340
Envista Holdings Corp.(a)
139,302
2,950,416
Globus Medical, Inc., Class A(a)
92,833
5,687,878
Haemonetics Corp.(a)
41,290
2,251,957
Common Stocks (continued)
Issuer
Shares
Value ($)
Lantheus Holdings, Inc.(a)
56,864
3,121,834
LivaNova PLC(a)
44,815
2,526,221
Masimo Corp.(a)
36,987
5,167,454
Penumbra, Inc.(a)
31,829
8,677,858
Total
32,725,958
Health Care Providers & Services 2.2%
Acadia Healthcare Co., Inc.(a)
75,715
1,738,416
Chemed Corp.
12,024
5,506,391
Encompass Health Corp.
82,845
10,087,207
Ensign Group, Inc. (The)
46,907
8,057,685
HealthEquity, Inc.(a)
71,202
6,360,475
Hims & Hers Health, Inc., Class A(a)
161,145
6,824,491
Option Care Health, Inc.(a)
134,584
3,859,869
Tenet Healthcare Corp.(a)
76,343
14,072,305
Total
56,506,839
Health Care Technology 0.3%
Doximity, Inc., Class A(a)
109,726
7,454,784
Life Sciences Tools & Services 1.7%
Avantor, Inc.(a)
560,070
7,544,143
Bio-Rad Laboratories, Inc., Class A(a)
15,287
4,553,691
Bruker Corp.
90,918
3,089,394
Illumina, Inc.(a)
130,107
13,005,496
Medpace Holdings, Inc.(a)
19,371
9,211,104
Repligen Corp.(a)
42,945
5,253,032
Sotera Health Co.(a)
125,983
2,062,342
Total
44,719,202
Pharmaceuticals 0.7%
Elanco Animal Health, Inc.(a)
406,903
7,466,670
Jazz Pharmaceuticals PLC(a)
50,656
6,471,304
Perrigo Co. PLC
112,993
2,682,454
Total
16,620,428
Total Health Care
213,257,226
Industrials 23.3%
Aerospace & Defense 2.7%
Aerovironment, Inc.(a)
26,162
6,314,199
ATI, Inc.(a)
115,944
8,990,298
BWX Technologies, Inc.
75,090
12,167,584
Carpenter Technology Corp.
40,914
9,855,364
The accompanying Notes to Financial Statements are an integral part of this statement.
6
Columbia Mid Cap Index Fund | 2025
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Curtiss-Wright Corp.
30,977
14,811,653
Hexcel Corp.
66,090
4,173,583
Woodward, Inc.
48,904
12,070,485
Total
68,383,166
Air Freight & Logistics 0.2%
GXO Logistics, Inc.(a)
94,041
4,951,258
Building Products 2.3%
AAON, Inc.
55,506
4,604,222
Advanced Drainage Systems, Inc.
58,028
8,354,291
Carlisle Companies, Inc.
35,468
13,686,747
Fortune Brands Innovations, Inc.
98,843
5,784,292
Owens Corning
69,905
10,497,634
Simpson Manufacturing Co., Inc.
34,379
6,570,514
Trex Company, Inc.(a)
88,130
5,431,452
UFP Industries, Inc.
49,639
5,012,050
Total
59,941,202
Commercial Services & Supplies 1.7%
Brink's Co. (The)
34,520
3,867,621
Clean Harbors, Inc.(a)
41,395
10,026,283
MSA Safety, Inc.
32,306
5,511,404
RB Global, Inc.
152,210
17,434,133
Tetra Tech, Inc.
216,574
7,887,625
Total
44,727,066
Construction & Engineering 3.4%
AECOM
108,739
13,580,414
API Group Corp.(a)
300,347
10,716,381
Comfort Systems U.S.A., Inc.
28,928
20,347,377
EMCOR Group, Inc.
36,787
22,807,940
Fluor Corp.(a)
135,339
5,551,606
MasTec, Inc.(a)
50,389
9,155,177
Valmont Industries, Inc.
16,496
6,056,011
Total
88,214,906
Electrical Equipment 1.7%
Acuity, Inc.
25,154
8,212,026
EnerSys
32,406
3,326,476
NEXTracker, Inc., Class A(a)
118,116
7,944,482
nVent Electric PLC
135,315
12,231,123
Common Stocks (continued)
Issuer
Shares
Value ($)
Regal Rexnord Corp.
54,522
8,141,770
Sensata Technologies Holding
120,236
3,912,480
Total
43,768,357
Ground Transportation 1.4%
Avis Budget Group, Inc.(a)
13,884
2,196,865
Knight-Swift Transportation Holdings, Inc.
133,190
5,847,041
Landstar System, Inc.
28,722
3,800,782
Ryder System, Inc.
33,978
6,371,555
Saia, Inc.(a)
21,891
6,489,806
XPO, Inc.(a)
96,826
12,558,332
Total
37,264,381
Machinery 5.2%
AGCO Corp.
50,879
5,504,599
Chart Industries, Inc.(a)
36,933
7,362,963
CNH Industrial NV
718,839
8,230,707
Crane Co.
40,169
7,443,316
Donaldson Co., Inc.
98,233
7,826,223
Esab Corp.
46,837
5,403,585
Flowserve Corp.
107,447
5,765,606
Graco, Inc.
137,367
11,729,768
ITT, Inc.
64,684
11,012,451
Lincoln Electric Holdings, Inc.
45,884
11,132,835
Middleby Corp. (The)(a)
43,957
6,015,515
Mueller Industries, Inc.
90,944
8,725,167
Oshkosh Corp.
52,908
7,373,788
RBC Bearings, Inc.(a)
25,763
10,046,539
Terex Corp.
53,917
2,692,615
Timken Co. (The)
52,328
4,041,291
Toro Co. (The)
82,042
6,650,325
Watts Water Technologies, Inc., Class A
22,538
6,240,772
Total
133,198,065
Marine Transportation 0.2%
Kirby Corp.(a)
46,109
4,481,795
Passenger Airlines 0.5%
Alaska Air Group, Inc.(a)
99,773
6,263,749
American Airlines Group, Inc.(a)
542,055
7,247,275
Total
13,511,024
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
7
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Professional Services 2.2%
CACI International, Inc., Class A(a)
18,074
8,670,459
Concentrix Corp.
37,804
1,994,539
ExlService Holdings, Inc.(a)
133,719
5,854,218
Exponent, Inc.
41,712
2,977,403
FTI Consulting, Inc.(a)
27,678
4,667,618
Genpact Ltd.
132,231
5,995,353
Insperity, Inc.
29,379
1,622,308
KBR, Inc.
106,631
5,380,600
ManpowerGroup, Inc.
38,039
1,612,854
MAXIMUS, Inc.
46,313
4,071,839
Parsons Corp.(a)
38,650
3,095,865
Paylocity Holding Corp.(a)
35,407
6,345,997
Science Applications International Corp.
38,767
4,562,876
Total
56,851,929
Trading Companies & Distributors 1.8%
Applied Industrial Technologies, Inc.
31,302
8,250,581
Core & Main, Inc., Class A(a)
155,673
10,075,157
GATX Corp.
29,342
4,938,552
MSC Industrial Direct Co., Inc., Class A
36,639
3,305,937
Watsco, Inc.
28,672
11,537,039
WESCO International, Inc.
36,502
8,024,600
Total
46,131,866
Total Industrials
601,425,015
Information Technology 11.9%
Communications Equipment 0.7%
Ciena Corp.(a)
116,830
10,978,515
Lumentum Holdings, Inc.(a)
57,040
7,575,482
Total
18,553,997
Electronic Equipment, Instruments & Components 3.3%
Arrow Electronics, Inc.(a)
42,635
5,386,080
Avnet, Inc.
68,922
3,761,073
Belden, Inc.
32,463
4,226,683
Cognex Corp.
137,969
6,062,358
Coherent Corp.(a)
127,758
11,558,266
Crane NXT Co.
40,548
2,421,932
Fabrinet(a)
29,450
9,756,490
Flex Ltd.(a)
314,874
16,883,544
Common Stocks (continued)
Issuer
Shares
Value ($)
IPG Photonics Corp.(a)
21,675
1,773,448
Littelfuse, Inc.
20,313
5,277,927
Novanta, Inc.(a)
29,565
3,441,662
TD SYNNEX Corp.
61,388
9,089,721
Vontier Corp.
121,560
5,216,140
Total
84,855,324
IT Services 1.3%
ASGN, Inc.(a)
35,999
1,952,946
Kyndryl Holdings, Inc.(a)
191,253
6,079,933
Okta, Inc.(a)
137,390
12,745,670
Twilio, Inc., Class A(a)
125,483
13,252,260
Total
34,030,809
Semiconductors & Semiconductor Equipment 2.5%
Allegro MicroSystems, Inc.(a)
107,446
3,314,709
Amkor Technology, Inc.
93,406
2,259,491
Cirrus Logic, Inc.(a)
43,680
4,987,819
Entegris, Inc.
124,436
10,420,271
Lattice Semiconductor Corp.(a)
113,018
7,502,135
MACOM Technology Solutions Holdings, Inc.(a)
48,914
6,268,329
MKS, Inc.
55,127
5,696,824
Onto Innovation, Inc.(a)
40,170
4,258,020
Power Integrations, Inc.
46,265
2,086,551
Rambus, Inc.(a)
88,282
6,512,563
Silicon Laboratories, Inc.(a)
26,771
3,596,684
Synaptics, Inc.(a)
31,680
2,213,165
Universal Display Corp.
36,327
5,034,559
Total
64,151,120
Software 3.3%
Appfolio, Inc., Class A(a)
18,942
5,254,132
BILL Holdings, Inc.(a)
77,904
3,616,304
Blackbaud, Inc.(a)
30,974
2,066,276
CommVault Systems, Inc.(a)
36,267
6,769,054
DocuSign, Inc.(a)
166,438
12,759,137
Dolby Laboratories, Inc., Class A
50,470
3,617,690
Dropbox, Inc., Class A(a)
161,270
4,686,506
Dynatrace, Inc.(a)
246,417
12,468,700
Guidewire Software, Inc.(a)
68,942
14,961,793
Manhattan Associates, Inc.(a)
49,902
10,750,887
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Columbia Mid Cap Index Fund | 2025
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Pegasystems, Inc.
73,154
3,965,678
Qualys, Inc.(a)
29,856
4,054,743
Total
84,970,900
Technology Hardware, Storage & Peripherals 0.8%
Pure Storage, Inc., Class A(a)
255,436
19,824,388
Total Information Technology
306,386,538
Materials 4.8%
Chemicals 1.5%
Ashland, Inc.
37,557
2,108,826
Avient Corp.
75,231
2,813,639
Axalta Coating Systems Ltd.(a)
179,634
5,615,359
Cabot Corp.
44,155
3,601,282
NewMarket Corp.
6,204
5,130,460
Olin Corp.
94,631
2,238,969
RPM International, Inc.
105,551
13,226,596
Scotts Miracle-Gro Co. (The), Class A
35,577
2,178,024
Westlake Corp.
27,404
2,406,619
Total
39,319,774
Construction Materials 0.4%
Eagle Materials, Inc.
27,360
6,317,424
Knife River Corp.(a)
46,562
3,771,522
Total
10,088,946
Containers & Packaging 1.2%
AptarGroup, Inc.
54,279
7,559,436
Crown Holdings, Inc.
94,570
9,398,367
Graphic Packaging Holding Co.
248,013
5,523,249
Greif, Inc., Class A
21,457
1,401,357
Silgan Holdings, Inc.
66,833
3,135,804
Sonoco Products Co.
81,063
3,830,227
Total
30,848,440
Metals & Mining 1.5%
Alcoa Corp.
212,779
6,849,356
Cleveland-Cliffs, Inc.(a)
398,428
4,283,101
Commercial Metals Co.
92,876
5,356,159
Reliance, Inc.
43,222
12,779,016
Royal Gold, Inc.
54,094
9,714,201
Total
38,981,833
Common Stocks (continued)
Issuer
Shares
Value ($)
Paper & Forest Products 0.2%
Louisiana-Pacific Corp.
50,904
4,841,480
Total Materials
124,080,473
Real Estate 6.7%
Diversified REITs 0.5%
WP Carey, Inc.
179,977
12,076,457
Health Care REITs 0.7%
Healthcare Realty Trust, Inc.
288,836
5,019,970
Omega Healthcare Investors, Inc.
237,855
10,125,487
Sabra Health Care REIT, Inc.
195,561
3,737,171
Total
18,882,628
Hotel & Resort REITs 0.1%
Park Hotels & Resorts, Inc.
164,292
1,932,074
Industrial REITs 1.0%
EastGroup Properties, Inc.
43,101
7,308,205
First Industrial Realty Trust, Inc.
108,818
5,723,827
Rexford Industrial Realty, Inc.
194,072
8,036,521
STAG Industrial, Inc.
153,382
5,652,127
Total
26,720,680
Office REITs 0.6%
COPT Defense Properties
92,584
2,664,567
Cousins Properties, Inc.
138,008
4,069,856
Kilroy Realty Corp.
87,494
3,638,875
Vornado Realty Trust
137,254
5,219,770
Total
15,593,068
Real Estate Management & Development 0.5%
Jones Lang LaSalle, Inc.(a)
39,019
11,923,036
Residential REITs 0.9%
American Homes 4 Rent, Class A
261,195
9,356,005
Equity LifeStyle Properties, Inc.
157,140
9,473,971
Independence Realty Trust, Inc.
191,823
3,473,914
Total
22,303,890
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
9
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Common Stocks (continued)
Issuer
Shares
Value ($)
Retail REITs 0.9%
Agree Realty Corp.
90,251
6,564,858
Brixmor Property Group, Inc.
251,552
7,040,941
Kite Realty Group Trust
180,664
4,122,752
NNN REIT, Inc.
154,478
6,628,651
Total
24,357,202
Specialized REITs 1.5%
CubeSmart
187,356
7,666,608
EPR Properties
62,521
3,391,764
Gaming and Leisure Properties, Inc.
225,886
10,844,787
Lamar Advertising Co., Class A
72,303
9,200,557
National Storage Affiliates Trust
57,823
1,863,635
PotlatchDeltic Corp.
58,785
2,470,734
Rayonier, Inc.
115,230
3,028,244
Total
38,466,329
Total Real Estate
172,255,364
Utilities 3.3%
Electric Utilities 0.9%
Allete, Inc.
47,589
3,052,834
IDACORP, Inc.
44,400
5,554,440
OGE Energy Corp.
165,475
7,390,114
Portland General Electric Co.
90,010
3,850,628
TXNM Energy, Inc.
76,157
4,313,532
Total
24,161,548
Gas Utilities 1.1%
National Fuel Gas Co.
74,261
6,441,399
New Jersey Resources Corp.
82,496
3,901,236
ONE Gas, Inc.
49,258
3,768,237
Southwest Gas Holdings, Inc.
49,649
3,965,962
Common Stocks (continued)
Issuer
Shares
Value ($)
Spire, Inc.
48,506
3,715,560
UGI Corp.
176,250
6,105,300
Total
27,897,694
Independent Power and Renewable Electricity Producers 0.7%
Ormat Technologies, Inc.
47,366
4,352,462
Talen Energy Corp.(a)
37,405
14,173,502
Total
18,525,964
Multi-Utilities 0.3%
Black Hills Corp.
59,595
3,564,377
Northwestern Energy Group, Inc.
50,448
2,901,265
Total
6,465,642
Water Utilities 0.3%
Essential Utilities, Inc.
211,978
8,375,251
Total Utilities
85,426,099
Total Common Stocks
(Cost $1,550,653,332)
2,521,756,856
Money Market Funds 2.4%
Shares
Value ($)
Columbia Short-Term Cash Fund, 4.463%(b),(c)
61,723,578
61,705,061
Total Money Market Funds
(Cost $61,703,666)
61,705,061
Total Investments in Securities
(Cost: $1,612,356,998)
2,583,461,917
Other Assets & Liabilities, Net
(3,089,882
)
Net Assets
2,580,372,035
At August 31, 2025, securities and/or cash totaling $4,261,238 were pledged as collateral.
Investments in derivatives
Long futures contracts
Description
Number of
contracts
Expiration
date
Trading
currency
Notional
amount
Value/Unrealized
appreciation ($)
Value/Unrealized
depreciation ($)
S&P Mid 400 Index E-mini
182
09/2025
USD
59,304,700
1,564,618
-
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Columbia Mid Cap Index Fund | 2025
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Notes to Portfolio of Investments
(a)
Non-income producing investment.
(b)
The rate shown is the seven-day current annualized yield at August 31, 2025.
(c)
Under Section 2(a)(3) of the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of the company's outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended August 31, 2025 are as follows:
Affiliated issuers
Beginning
of period($)
Purchases($)
Sales($)
Net change in
unrealized
appreciation
(depreciation)($)
End of
period($)
Realized gain
(loss)($)
Dividends($)
End of
period shares
Columbia Short-Term Cash Fund, 4.463%
29,582,068
214,219,838
(182,095,748
)
(1,097
)
61,705,061
(4,409
)
666,975
61,723,578
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 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 Columbia Management Investment Advisers, LLC report to the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
11
Portfolio of Investments (continued) August 31, 2025 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund's investments at August 31, 2025:
Level 1 ($)
Level 2 ($)
Level 3 ($)
Total ($)
Investments in Securities
Common Stocks
Communication Services
34,886,631
-
-
34,886,631
Consumer Discretionary
330,401,752
-
-
330,401,752
Consumer Staples
125,950,612
-
-
125,950,612
Energy
88,304,735
-
-
88,304,735
Financials
439,382,411
-
-
439,382,411
Health Care
213,257,226
-
-
213,257,226
Industrials
601,425,015
-
-
601,425,015
Information Technology
306,386,538
-
-
306,386,538
Materials
124,080,473
-
-
124,080,473
Real Estate
172,255,364
-
-
172,255,364
Utilities
85,426,099
-
-
85,426,099
Total Common Stocks
2,521,756,856
-
-
2,521,756,856
Money Market Funds
61,705,061
-
-
61,705,061
Total Investments in Securities
2,583,461,917
-
-
2,583,461,917
Investments in Derivatives
Asset
Futures Contracts
1,564,618
-
-
1,564,618
Total
2,585,026,535
-
-
2,585,026,535
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 | 2025
Statement of Assets and Liabilities August 31, 2025 (Unaudited)
Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,550,653,332)
$2,521,756,856
Affiliated issuers (cost $61,703,666)
61,705,061
Margin deposits on:
Futures contracts
4,261,238
Receivable for:
Investments sold
1,470,087
Capital shares sold
1,352,670
Dividends
1,749,709
Foreign tax reclaims
16,737
Expense reimbursement due from Investment Manager
7,306
Prepaid expenses
15,293
Total assets
2,592,334,957
Liabilities
Payable for:
Investments purchased
9,398,881
Capital shares redeemed
1,504,851
Variation margin for futures contracts
395,632
Management services fees
14,216
Distribution and/or service fees
3,701
Transfer agent fees
224,741
Compensation of chief compliance officer
236
Compensation of board members
4,870
Other expenses
65,329
Deferred compensation of board members
350,465
Total liabilities
11,962,922
Net assets applicable to outstanding capital stock
$2,580,372,035
Represented by
Paid in capital
1,523,357,007
Total distributable earnings (loss)
1,057,015,028
Total - representing net assets applicable to outstanding capital stock
$2,580,372,035
Class A
Net assets
$536,863,901
Shares outstanding
35,963,988
Net asset value per share
$14.93
Institutional Class
Net assets
$1,147,513,621
Shares outstanding
77,472,630
Net asset value per share
$14.81
Institutional 2 Class
Net assets
$572,158,514
Shares outstanding
37,068,190
Net asset value per share
$15.44
Institutional 3 Class
Net assets
$323,835,999
Shares outstanding
22,662,929
Net asset value per share
$14.29
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
13
Statement of Operations Six Months Ended August 31, 2025 (Unaudited)
Net investment income
Income:
Dividends - unaffiliated issuers
$19,672,419
Dividends - affiliated issuers
666,975
Foreign taxes withheld
(23,054
)
Total income
20,316,340
Expenses:
Management services fees
2,429,407
Distribution and/or service fees
Class A
644,447
Transfer agent fees
Class A
298,025
Institutional Class
615,244
Institutional 2 Class
156,908
Institutional 3 Class
9,555
Custodian fees
16,195
Printing and postage fees
34,173
Registration fees
42,198
Licensing fees and expenses
12,546
Accounting services fees
16,480
Legal fees
23,346
Compensation of chief compliance officer
199
Compensation of board members
18,721
Deferred compensation of board members
17,852
Other
22,226
Total expenses
4,357,522
Fees waived or expenses reimbursed by Investment Manager and its affiliates
(1,283,667
)
Total net expenses
3,073,855
Net investment income
17,242,485
Realized and unrealized gain (loss) - net
Net realized gain (loss) on:
Investments - unaffiliated issuers
75,098,095
Investments - affiliated issuers
(4,409
)
Futures contracts
(1,817,553
)
Net realized gain
73,276,133
Net change in unrealized appreciation (depreciation) on:
Investments - unaffiliated issuers
52,025,249
Investments - affiliated issuers
(1,097
)
Futures contracts
2,846,890
Net change in unrealized appreciation (depreciation)
54,871,042
Net realized and unrealized gain
128,147,175
Net increase in net assets resulting from operations
$145,389,660
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Columbia Mid Cap Index Fund | 2025
Statement of Changes in Net Assets
Six Months Ended
August 31, 2025
(Unaudited)
Year Ended
February 28, 2025
Operations
Net investment income
$17,242,485
$32,305,335
Net realized gain
73,276,133
252,249,997
Net change in unrealized appreciation (depreciation)
54,871,042
(68,293,912
)
Net increase in net assets resulting from operations
145,389,660
216,261,420
Distributions to shareholders
Net investment income and net realized gains
Class A
(14,057,114
)
(61,646,633
)
Institutional Class
(30,180,601
)
(115,547,104
)
Institutional 2 Class
(14,682,066
)
(58,083,384
)
Institutional 3 Class
(9,126,899
)
(38,538,821
)
Total distributions to shareholders
(68,046,680
)
(273,815,942
)
Decrease in net assets from capital stock activity
(3,925,588
)
(63,477,585
)
Total increase (decrease) in net assets
73,417,392
(121,032,107
)
Net assets at beginning of period
2,506,954,643
2,627,986,750
Net assets at end of period
$2,580,372,035
$2,506,954,643
Six Months Ended
Year Ended
August 31, 2025 (Unaudited)
February 28, 2025
Shares
Dollars ($)
Shares
Dollars ($)
Capital stock activity
Class A
Shares sold
3,619,262
50,401,513
7,105,564
108,093,751
Distributions reinvested
719,763
9,911,133
2,872,907
43,806,872
Shares redeemed
(6,773,720
)
(95,142,507
)
(13,151,207
)
(200,825,884
)
Net decrease
(2,434,695
)
(34,829,861
)
(3,172,736
)
(48,925,261
)
Institutional Class
Shares sold
6,594,348
90,126,579
10,490,250
157,384,602
Distributions reinvested
2,116,890
28,895,545
7,326,362
110,897,091
Shares redeemed
(6,068,170
)
(84,549,205
)
(14,456,623
)
(218,995,008
)
Net increase
2,643,068
34,472,919
3,359,989
49,286,685
Institutional 2 Class
Shares sold
5,669,732
81,111,922
9,709,297
152,194,432
Distributions reinvested
709,626
10,097,981
2,583,759
40,584,589
Shares redeemed
(5,790,894
)
(84,342,297
)
(13,910,525
)
(218,338,340
)
Net increase (decrease)
588,464
6,867,606
(1,617,469
)
(25,559,319
)
Institutional 3 Class
Shares sold
1,485,815
19,843,756
3,508,049
51,272,997
Distributions reinvested
202,934
2,672,644
694,761
10,119,134
Shares redeemed
(2,455,235
)
(32,952,652
)
(6,912,872
)
(99,671,821
)
Net decrease
(766,486
)
(10,436,252
)
(2,710,062
)
(38,279,690
)
Total net increase (decrease)
30,351
(3,925,588
)
(4,140,278
)
(63,477,585
)
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
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 8/31/2025 (Unaudited)
$14.52
0.09
0.71
0.80
(0.02
)
(0.37
)
(0.39
)
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
)
Year Ended 2/28/2021
$14.07
0.14
5.02
5.16
(0.16
)
(1.35
)
(1.51
)
Institutional Class
Six Months Ended 8/31/2025 (Unaudited)
$14.40
0.10
0.71
0.81
(0.03
)
(0.37
)
(0.40
)
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
)
Year Ended 2/28/2021
$14.00
0.18
4.99
5.17
(0.19
)
(1.35
)
(1.54
)
Institutional 2 Class
Six Months Ended 8/31/2025 (Unaudited)
$14.98
0.11
0.75
0.86
(0.03
)
(0.37
)
(0.40
)
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
)
Year Ended 2/28/2021
$14.32
0.18
5.12
5.30
(0.19
)
(1.35
)
(1.54
)
The accompanying Notes to Financial Statements are an integral part of this statement.
16
Columbia Mid Cap Index Fund | 2025
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 8/31/2025 (Unaudited)
$14.93
5.74%
0.58%
0.45%
1.23%
8%
$536,864
Year Ended 2/28/2025
$14.52
8.23%
0.58%
(c),(d)
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),(e)
1.19%
19%
$617,822
Year Ended 2/28/2023
$14.29
(1.05%
)
0.58%
(c),(d)
0.45%
(c),(d),(e)
1.10%
12%
$653,592
Year Ended 2/28/2022
$16.13
7.48%
0.58%
(c),(d)
0.45%
(c),(d),(e)
0.78%
16%
$768,487
Year Ended 2/28/2021
$17.72
39.13%
0.58%
(d)
0.45%
(d),(e)
1.01%
14%
$902,341
Institutional Class
Six Months Ended 8/31/2025 (Unaudited)
$14.81
5.84%
0.33%
0.20%
1.47%
8%
$1,147,514
Year Ended 2/28/2025
$14.40
8.48%
0.33%
(c),(d)
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),(e)
1.45%
19%
$1,054,017
Year Ended 2/28/2023
$14.19
(0.80%
)
0.33%
(c),(d)
0.20%
(c),(d),(e)
1.35%
12%
$1,017,847
Year Ended 2/28/2022
$16.03
7.72%
0.33%
(c),(d)
0.20%
(c),(d),(e)
1.03%
16%
$1,534,550
Year Ended 2/28/2021
$17.63
39.49%
0.34%
(d)
0.20%
(d),(e)
1.25%
14%
$1,642,259
Institutional 2 Class
Six Months Ended 8/31/2025 (Unaudited)
$15.44
5.94%
0.27%
0.20%
1.47%
8%
$572,159
Year Ended 2/28/2025
$14.98
8.44%
0.28%
(c),(d)
0.20%
(c),(d)
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),(d)
0.20%
(c),(d)
1.35%
12%
$560,860
Year Ended 2/28/2022
$16.52
7.75%
0.27%
(c),(d)
0.20%
(c),(d)
1.03%
16%
$634,732
Year Ended 2/28/2021
$18.08
39.52%
0.28%
(d)
0.20%
(d)
1.24%
14%
$843,249
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
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 8/31/2025 (Unaudited)
$13.90
0.10
0.69
0.79
(0.03
)
(0.37
)
(0.40
)
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
)
Year Ended 2/28/2021
$13.73
0.17
4.89
5.06
(0.19
)
(1.35
)
(1.54
)
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%.
(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 | 2025
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 8/31/2025 (Unaudited)
$14.29
5.90%
0.22%
0.20%
1.48%
8%
$323,836
Year Ended 2/28/2025
$13.90
8.47%
0.22%
(c),(d)
0.20%
(c),(d)
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),(d)
0.20%
(c),(d)
1.36%
12%
$350,859
Year Ended 2/28/2022
$15.63
7.78%
0.22%
(c),(d)
0.20%
(c),(d)
1.04%
16%
$69,950
Year Ended 2/28/2021
$17.25
39.46%
0.23%
(d)
0.20%
(d)
1.23%
14%
$64,740
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Mid Cap Index Fund | 2025
19
Notes to Financial Statements August 31, 2025 (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 requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.
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 | 2025
Notes to Financial Statements (continued) August 31, 2025 (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 | 2025
21
Notes to Financial Statements (continued) August 31, 2025 (Unaudited)
exchange-traded or centrally cleared derivatives, there is reduced counterparty credit risk to the Fund since the clearinghouseor central counterparty provides some protection in the case of clearing member default. The clearinghouse or central counterparty stands between the buyer and the seller of the contract; therefore, failure of the clearinghouse or central counterparty may pose additional counterparty credit risk. However, credit risk still exists in exchange-traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer account. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients and such shortfall is remedied by the 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), potentially resulting in losses to the Fund.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk in respect of 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 foreign exchange forward contracts and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset or netting in bankruptcy, insolvency or other events.
Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the clearinghouse or 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 maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. 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
22
Columbia Mid Cap Index Fund | 2025
Notes to Financial Statements (continued) August 31, 2025 (Unaudited)
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, 2025:
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
1,564,618
*
*
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, 2025:
Amount of realized gain (loss) on derivatives recognized in income
Risk exposure category
Futures
contracts
($)
Equity risk
(1,817,553
)
Change in unrealized appreciation (depreciation) on derivatives recognized in income
Risk exposure category
Futures
contracts
($)
Equity risk
2,846,890
The following table is a summary of the average daily outstanding volume by derivative instrument for the six months ended August 31, 2025:
Derivative instrument
Average notional
amounts ($)
Futures contracts - long
36,291,145
Columbia Mid Cap Index Fund | 2025
23
Notes to Financial Statements (continued) August 31, 2025 (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 | 2025
Notes to Financial Statements (continued) August 31, 2025 (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.
Recent accounting pronouncements and regulatory updates
Accounting Standards Update 2023-09 Income Taxes (Topic 740)
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management expects that the adoption of the amendments will not have a material impact on its financial statements.
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 ManagementAgreement, the Investment Manager provides the Fund with investment research and advice, as well as administrative and accounting services. The management services fee is an annual fee that is equal to 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.
Columbia Mid Cap Index Fund | 2025
25
Notes to Financial Statements (continued) August 31, 2025 (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, 2025, 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
0.01
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class's initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Fund and recorded as part of expense reductions in the Statement of Operations. For the six months ended August 31, 2025, 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.
26
Columbia Mid Cap Index Fund | 2025
Notes to Financial Statements (continued) August 31, 2025 (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/expensesreimbursed 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, 2026 (%)
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.
At August 31, 2025, 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 ($)
1,612,357,000
1,093,767,000
(121,097,000
)
972,670,000
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 $189,642,393 and $256,291,839, respectively, for the six months ended August 31, 2025. The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.
Columbia Mid Cap Index Fund | 2025
27
Notes to Financial Statements (continued) August 31, 2025 (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 did not borrow or lend money under the Interfund Program during the six months ended August 31, 2025.
Note 8. Line of credit
The Fund has access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. Pursuant to an October 23, 2025 amendment and restatement, the credit facility, which is an agreement between the Fund and certain other funds managed by the Investment Manager or an affiliated investment manager, severally and not jointly, permits aggregate borrowings up to $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, (ii) the secured overnight financing rate plus 0.10% and (iii) 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 the October 23, 2025 amendment and restatement, the Fund had access to a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10% 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, 2025.
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 NAV 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,
28
Columbia Mid Cap Index Fund | 2025
Notes to Financial Statements (continued) August 31, 2025 (Unaudited)
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, 2025, one unaffiliated shareholder of record owned 23.7% 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 21.3% 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. Other than as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.
The Board of Trustees of the Fund approved a custody agreement with State Street Bank and Trust Company (State Street). The transition of custody services to State Street is expected to be completed by December, 2026. In addition, the Board approved the engagement by the Investment Manager of State Street as sub-administrator. In such capacity, and subject to the supervision and direction of the Investment Manager, State Street will provide certain sub-administration services to the Fund, including fund accounting and financial reporting services.
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 | 2025
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 and other funds distributed by Columbia Management Investment Distributors, Inc. (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 2025, 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 26, 2025 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 | 2025
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 compensationto 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 2024 in the performance of administrative services, and noted the various enhancements anticipated for 2025. 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 their 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 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 their 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 | 2025
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 their 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 2024 had increased from 2023 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 their 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 26, 2025, 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 | 2025
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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.
© 2025 Columbia Management Investment Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR196_02_R01_(10/25)


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) Not applicable.

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

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


SIGNATURES

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

(registrant) Columbia Funds Series Trust

By (Signature and Title) /s/ Michael G. Clarke
Michael G. Clarke, President and Principal Executive Officer

Date October 24, 2025

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

By (Signature and Title) /s/ Michael G. Clarke
Michael G. Clarke, President and Principal Executive Officer

Date October 24, 2025

By (Signature and Title) /s/ Charles H. Chiesa
Charles H. Chiesa, Treasurer, Chief Financial Officer, Chief Accounting
Officer and Principal Financial Officer

Date October 24, 2025

Columbia Funds Series Trust published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 06, 2025 at 19:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]