Columbia Funds Series Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-09645
Columbia Funds Series Trust
(Exact name of registrant as specified in charter)
225 Franklin Street, Boston, Massachusetts					02110
(Address of principal executive offices)					(Zip code)
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-612-671-1947
Date of fiscal year end:	January 31
Date of reporting period:		January 31, 2013

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Annual Report

January 31, 2013

Columbia LifeGoal^® Growth Portfolio

Not FDIC insured • No bank guarantee • May lose value

Columbia LifeGoal^® Growth Portfolio

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as 2012 came to a close. However, they ended the year up strongly, as first and third quarter gains more than offset second and fourth quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Stock markets outside the United States generated some of the best returns for the fourth quarter, as optimism rebounded, thanks to the September actions of the European Central Bank in support of the euro and an improving outlook from China. Both developed and emerging foreign markets topped U.S. stocks by a solid margin.

Corporate and emerging markets led fixed income

Fixed-income investors took their cue from the equity markets and continued to favor the highest risk sectors through the end of 2012. Global fixed-income returns posted mixed results in the final quarter of the year. Gains were the highest for corporate high-yield and emerging market bonds. Although investors remained cautious ahead of the year-end budget negotiations, better economic data and a further improvement in the European sovereign debt crisis supported riskier assets and depressed government bond prices. In December, the Federal Reserve announced its intention to continue to purchase both Treasury and mortgage-backed securities and said that it would seek to keep short-term interest rates unchanged until the unemployment rate reaches 6.5%, or inflation turned noticeably higher.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2013

Columbia LifeGoal^® Growth Portfolio

Table of Contents

Performance Overview	2
Manager Discussion of Portfolio Performance	4
Understanding Your Portfolio's Expenses	6
Portfolio of Investments	8
Statement of Assets and Liabilities	13
Statement of Operations	15
Statement of Changes in Net Assets	16
Financial Highlights	19
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	33
Federal Income Tax Information	34
Trustees and Officers	35
Important Information About This Report	41

Portfolio Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Portfolio Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Portfolio Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

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

Annual Report 2013

Columbia LifeGoal^® Growth Portfolio

Performance Overview

Performance Summary

>  Columbia LifeGoal^® Growth Portfolio (the Portfolio) Class A shares returned 13.81% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 16.78% during the same 12-month period.

>  We attribute the Portfolio's underperformance primarily to an underweighting to international developed market equities and to the underperformance of several underlying U.S. equity funds.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			13.81		3.73		9.30
Including sales charges			7.24		2.51		8.65
Class B	08/12/97
Excluding sales charges			12.93		2.96		8.48
Including sales charges			7.93		2.63		8.48
Class C	10/15/96
Excluding sales charges			12.95		2.96		8.48
Including sales charges			11.95		2.96		8.48
Class K (formerly Class R4)*	03/07/11		13.93		3.77		9.32
Class R*	01/23/06		13.49		3.47		9.02
Class R4*	11/08/12		13.93		3.75		9.31
Class R5*	11/08/12		13.97		3.76		9.31
Class Z	10/15/96		14.09		4.00		9.58
S&P 500 Index			16.78		3.97		7.93

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares. Performance results reflect the effect of any fee waivers or reimbursements of Portfolio expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Portfolio, if shown, which are since Portfolio inception) include the returns of the Portfolio's oldest share class. Since the Portfolio launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

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

Annual Report 2013
2

Columbia LifeGoal^® Growth Portfolio

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (February 1, 2003 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia LifeGoal^® Growth Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares.

Annual Report 2013
3

Columbia LifeGoal^® Growth Portfolio

Manager Discussion of Portfolio Performance

For the 12-month period that ended January 31, 2013, the Portfolio's Class A shares returned 13.81% excluding sales charges. The Portfolio underperformed its benchmark, the S&P 500 Index, which returned 16.78% during the period. We attribute the Portfolio's underperformance primarily to the underperformance of several underlying U.S. equity funds.

Equity Markets Advanced Despite Market Gyrations

A rally in equity markets spanned the annual period, however it was not without a healthy dose of skepticism and market gyrations along the way. From the beginning of the annual period in February 2012 through early April 2012, global equity prices advanced at a brisk pace. Then, from early April 2012 through early June 2012, the equity markets corrected significantly. Concerns had surfaced around political negotiations in Washington D.C., and worries heightened about the pace of economic growth in Europe and China and geopolitical turmoil in the Middle East. In the U.S., economic data lost momentum as a disappointing series of payroll reports, sentiment indicators, Institute for Supply Management (ISM) manufacturing figures and inflation all exhibited cautionary readings.

From early June 2012 through the remainder of the annual period ended January 31, 2013, riskier assets performed strongly. U.S. equities enjoyed double-digit gains. The strong performance by riskier assets during these months was driven by several factors but included the European Central Bank's indication that it would do "whatever it takes" to preserve the currency union; the resolution of the U.S. presidential elections; improved U.S. housing, export and consumer spending data; seemingly stabilized economic growth in China; and anticipation of policies to be implemented by Japan's newly-elected prime minister Shinzo Abe. Further, stronger global economic growth overall, a cheaper U.S. dollar and a continued decline in borrowing costs contributed to a more favorable outlook for corporate profitability in the U.S.

Underlying Fund Performance Detracted from Relative Results

Areas that detracted from the Portfolio's relative results during the annual period included underlying funds in the mid-cap growth and small-cap segments of the U.S. equity market, as well as the Portfolio's exposure to commodities via Columbia Energy and Natural Resources Fund, which in general produced a nearly flat return. While the Portfolio's exposure to convertible securities and alternative investments via Columbia Convertible Securities Fund and Columbia Flexible Capital and Income Fund aided results on an absolute basis with double-digit gains from both for the fiscal year , both underperformed the Portfolio's benchmark and detracted from the Portfolio's overall relative return. Underlying funds that outperformed the Portfolio's benchmark during the period, contributing to relative results, included dividend-focused Columbia Dividend Opportunity Fund, and U.S. large-cap equity funds Columbia Contrarian Core Fund, Columbia Large Cap Core Fund and Columbia Large Cap Growth Fund.

Various Factors Drove Portfolio Changes

Changes within the Portfolio can be driven by active trading, by directing allocations to select market segments or by market appreciation or depreciation within a given market segment. In a world defined by low macroeconomic growth and extraordinary monetary policy stimulus across the developed world,

Portfolio Management

Colin Moore, AIIMR

Anwiti Bahugana, Ph.D.

Robert McConnaughey

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Portfolio Breakdown (%) (at January 31, 2013)
Equity Funds	87.7
Dividend Income	30.2
International	9.0
U.S. Large Cap	41.5
U.S. Mid Cap	5.0
U.S. Small Cap	2.0
Fixed-Income Funds	6.4
Convertible	6.4
Alternative Investments	5.9
Total	100.0

Percentages indicated are based upon total investments.

Annual Report 2013
4

Columbia LifeGoal^® Growth Portfolio

Manager Discussion of Portfolio Performance (continued)

we currently believe that the market's voracious hunger for yield may continue and secular growth may remain scarce and thus, in high demand. Therefore, we continue to believe in a balance between steady income generation and market-share gaining growers, all wrapped with a focus on the sustainability of those attributes. The Portfolio's allocation to international developed market equities increased, as we added a new dividend-focused global equity strategy to the Portfolio's available underlying funds during the annual period. The Portfolio's exposures to commodities and convertible/flexible capital strategies, via underlying funds, also increased during the annual period. The Portfolio's weightings in U.S. mid-cap and large-cap equities decreased, and we eliminated completely the Portfolio's allocation to underlying funds implementing absolute return strategies.

Looking Ahead

Global equities posted strong gains to start calendar year 2013, with the S&P 500 Index rallying to a new cyclical high. Indeed, as of January 31, 2013, the S&P 500 Index stood just shy of its all-time peak hit in 2007. With macroeconomic fears subsiding over the last few months of the annual period, the new concern amongst many on Wall Street was that excessive investor complacency may be growing. Whether or not complacency is creeping into investors' psyche or not is, of course, open for debate. However, we do currently expect the upcoming year to be marked by global economic growth that proves to be a little better than seen in 2012, despite the drag from potential fiscal policy and debt issues in the U.S., Japan and the Eurozone. At present, China's re-acceleration of economic growth is expected to help both fiscal policy and debt issues arithmetically and is also likely, in our view, to have a disproportionate impact on investor confidence through much of the world. At the end of the fiscal year, equity risk premiums were significantly elevated versus long-term averages and dividends exceeded corporate bond yields for some firms. We believe this indicates that many investors are currently seeking income over capital gains, and we currently expect this search for yield to continue. Amidst this environment, we believe investors should focus on risk-adjusted returns and emphasize risk diversification. Investors should be advised, however, that diversification does not assure a profit or guarantee against a loss.

Annual Report 2013
5

Columbia LifeGoal^® Growth Portfolio

Understanding Your Portfolio's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Portfolio's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Portfolio during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Portfolio's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Portfolio's actual return) and then applies the Portfolio's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Portfolio bears directly, the Portfolio's shareholders indirectly bear the Portfolio's allocable share of the costs and expenses of each underlying fund in which the Portfolio invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Portfolio with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

Annual Report 2013
6

Columbia LifeGoal^® Growth Portfolio

Understanding Your Portfolio's Expenses (continued)

(Unaudited)

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Portfolio's Annualized Expense Ratio (%)			Effective Expenses Paid During the Period ($)					Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual			Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,106.00			1,022.57		2.70			2.59		0.51			6.83			6.56		1.29
Class B		1,000.00		1,000.00		1,101.80			1,018.80		6.66			6.39		1.26			10.78			10.35		2.04
Class C		1,000.00		1,000.00		1,101.70			1,018.80		6.66			6.39		1.26			10.78			10.35		2.04
Class K (formerly Class R4)		1,000.00		1,000.00		1,106.30			1,023.23		2.01			1.93		0.38			6.14			5.90		1.16
Class R		1,000.00		1,000.00		1,104.80			1,021.32		4.02			3.86		0.76			8.15			7.82		1.54
Class R4		1,000.00		1,000.00		1,095.00	*		1,023.78		0.64	*		1.37		0.27	*		2.49	*		5.34		1.05	*
Cllass R5		1,000.00		1,000.00		1,095.40	*		1,024.38		0.36	*		0.76		0.15	*		2.21	*		4.73		0.93	*
Class Z		1,000.00		1,000.00		1,107.90			1,023.83		1.38			1.32		0.26			5.51			5.29		1.04

*For the period November 8, 2012 through January 31, 2013. Class R4 and Class R5 shares commenced operations on November 8, 2012.

Expenses paid during the period are equal to the Portfolio's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Portfolio's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Portfolio's effective annualized expense ratio include expenses borne directly to the class plus the Portfolio's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

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

Annual Report 2013
7

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 87.7%

	Shares		Value ($)
Dividend Income 30.2%
Columbia Dividend Income Fund, Class I Shares(a)		5,859,219		90,935,076
Columbia Dividend Opportunity Fund, Class I Shares(a)		8,249,653		75,896,808
Columbia Global Dividend Opportunity Fund, Class I Shares(a)		3,133,728		60,762,989
Total				227,594,873
International 9.0%
Columbia Emerging Markets Fund, Class I Shares(a)		3,625,508		37,959,074
Columbia Pacific/Asia Fund, Class I Shares(a)		3,487,712		30,238,461
Total				68,197,535
U.S. Large Cap 41.5%
Columbia Contrarian Core Fund, Class I Shares(a)		2,648,577		45,476,073
Columbia Energy and Natural Resources Fund, Class I Shares(a)		2,095,257		44,796,600
Columbia Large Cap Core Fund, Class I Shares(a)		2,524,729		37,896,173
Columbia Large Cap Growth Fund, Class I Shares(a)		2,350,432		68,068,513
Columbia Large Core Quantitative Fund, Class I Shares(a)		2,230,037		15,052,749
Columbia Large Growth Quantitative Fund, Class I Shares(a)		4,193,229		33,713,559
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		4,576,975		68,059,623
Total				313,063,290

Equity Funds (continued)

	Shares		Value ($)
U.S. Mid Cap 5.0%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		1,346,803		37,858,625
U.S. Small Cap 2.0%
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		517,140		15,147,039
Total Equity Funds (Cost: $580,629,432)				661,861,362
Fixed-Income Funds 6.5%
Convertible 6.5%
Columbia Convertible Securities Fund, Class I Shares(a)		3,092,673		48,647,743
Total Fixed-Income Funds (Cost: $43,184,380)				48,647,743
Alternative Investments 5.9%
Columbia Flexible Capital Income Fund, Class I Shares(a)		3,907,809		44,470,867
Total Alternative Investments (Cost: $41,951,026)				44,470,867
Total Investments (Cost: $665,764,838)				754,979,972
Other Assets and Liabilities				(410,406	)
Net Assets				754,569,566

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Portfolio owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Portfolio. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		7,229,901		—		(7,325,718	)		95,817		—		—		—		—

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

Annual Report 2013
8

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Contrarian Core Fund, Class I Shares		35,246,259		643,438		(10,347,239	)		5,138,953			30,681,411		50,467		521,618		45,476,073
Columbia Convertible Securities Fund, Class I Shares		43,201,148		3,730,670		(3,613,777	)		(133,662	)		43,184,379		—		1,500,080		48,647,743
Columbia Dividend Income Fund, Class I Shares		86,803,004		2,758,467		(13,488,922	)		974,669			77,047,218		—		2,497,639		90,935,076
Columbia Dividend Opportunity Fund, Class I Shares		84,351,144		3,885,256		(29,719,556	)		5,625,554			64,142,398		—		3,728,358		75,896,808
Columbia Emerging Markets Fund, Class I Shares		47,990,510		17,520,450		(28,447,842	)		(841,529	)		36,221,589		2,037,751		223,206		37,959,074
Columbia Energy and Natural Resources Fund, Class I Shares		23,139,402		22,109,479		(1,323,744	)		15,808			43,940,945		—		338,871		44,796,600
Columbia Flexible Capital Income Fund, Class I Shares		—		46,978,739		(5,094,682	)		66,969			41,951,026		188,480		1,558,991		44,470,867
Columbia Global Dividend Opportunity Fund, Class I Shares		—		63,454,010		(2,216,521	)		(81,225	)		61,156,264		3,859,640		883,508		60,762,989
Columbia Large Cap Core Fund, Class I Shares		31,183,416		9,123,699		(6,674,483	)		321,471			33,954,103		1,260,343		464,511		37,896,173
Columbia Large Cap Growth Fund, Class I Shares		64,279,014		548,419		(14,356,994	)		(1,452,962	)		49,017,477		—		433,156		68,068,513
Columbia Large Core Quantitative Fund, Class I Shares		20,027,990		291,104		(11,396,021	)		3,866,368			12,789,441		—		265,518		15,052,749

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

Annual Report 2013
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Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Large Growth Quantitative Fund, Class I Shares		28,663,917		15,296,710		(12,625,545	)		744,785			32,079,867		2,843,866		620,937		33,713,559
Columbia Large Value Quantitative Fund, Class I Shares		15,898,827		—		(15,942,988	)		44,161			—		—		—		—
Columbia Mid Cap Growth Fund, Class I Shares		40,777,448		1,130,689		(4,544,822	)		(154,534	)		37,208,781		1,037,066		—		37,858,625
Columbia Mid Cap Value Fund, Class I Shares		8,674,007		38,008		(8,244,012	)		(468,003	)		—		—		38,008		—
Columbia Mid Cap Value Opportunity Fund, Class I Shares		5,767,332		—		(8,596,943	)		2,829,611			—		—		—		—
Columbia Pacific/Asia Fund, Class I Shares		70,378,348		921,104		(44,191,684	)		(831,442	)		26,276,326		—		840,098		30,238,461
Columbia Select Large Cap Growth Fund, Class I Shares		82,680,397		6,442,030		(33,278,369	)		4,853,322			60,697,380		—		—		68,059,623
Columbia Select Large-Cap Value Fund, Class I Shares		15,752,455		—		(16,153,323	)		400,868			—		—		—		—
Columbia Short-Term Cash Fund		—		1,345,514		(1,345,514	)		—			—		—		86		—
Columbia Small Cap Growth Fund I, Class I Shares		16,642,187		1,466,936		(2,246,765	)		(446,125	)		15,416,233		1,430,659		—		15,147,039
Total		728,686,706		197,684,722		(281,175,464	)		20,568,874			665,764,838		12,708,272		13,914,585		754,979,972

(b)  Non-income producing.

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

Annual Report 2013
10

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2013

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

The Portfolio 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 Portfolio'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 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 Portfolio has the ability to access at the measurement date (including NAV for open-end mutual funds). 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 Portfolio'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 Portfolio uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

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

Annual Report 2013
11

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		661,861,362		—		—		661,861,362
Fixed-Income Funds		48,647,743		—		—		48,647,743
Alternative Investments		44,470,867		—		—		44,470,867
Total Mutual Funds		754,979,972		—		—		754,979,972
Total		754,979,972		—		—		754,979,972

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

There were no transfers of financial assets between Levels 1 and 2 during the period.

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

Annual Report 2013
12

Columbia LifeGoal^® Growth Portfolio

Statement of Assets and Liabilities

January 31, 2013

Assets
Investments, at value
Affiliated issuers (identified cost $665,764,838)	$	754,979,972
Receivable for:
Investments sold		129,623
Capital shares sold		334,319
Expense reimbursement due from Investment Manager		1,913
Prepaid expenses		1,398
Total assets		755,447,225
Liabilities
Payable for:
Investments purchased		1,700
Capital shares purchased		639,925
Distribution and/or service fees		7,920
Transfer agent fees		108,987
Administration fees		414
Plan administration fees		2
Compensation of board members		4,616
Other expenses		114,095
Total liabilities		877,659
Net assets applicable to outstanding capital stock	$	754,569,566
Represented by
Paid-in capital	$	759,092,593
Undistributed net investment income		73,946
Accumulated net realized loss		(93,812,107	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		89,215,134
Total — representing net assets applicable to outstanding capital stock	$	754,569,566

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

Annual Report 2013
13

Columbia LifeGoal^® Growth Portfolio

Statement of Assets and Liabilities (continued)

January 31, 2013

Class A
Net assets	$	552,395,481
Shares outstanding		42,616,031
Net asset value per share	$	12.96
Maximum offering price per share(a)	$	13.75
Class B
Net assets	$	59,438,039
Shares outstanding		5,039,368
Net asset value per share	$	11.79
Class C
Net assets	$	89,630,065
Shares outstanding		7,664,439
Net asset value per share	$	11.69
Class K(b)
Net assets	$	135,499
Shares outstanding		10,273
Net asset value per share	$	13.19
Class R
Net assets	$	3,312,417
Shares outstanding		258,117
Net asset value per share	$	12.83
Class R4
Net assets	$	2,716
Shares outstanding		203
Net asset value per share	$	13.35	(c)
Class R5
Net assets	$	2,715
Shares outstanding		203
Net asset value per share	$	13.35	(c)
Class Z
Net assets	$	49,652,634
Shares outstanding		3,762,457
Net asset value per share	$	13.20

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Annual Report 2013
14

Columbia LifeGoal^® Growth Portfolio

Statement of Operations

Year Ended January 31, 2013

	Year Ended January 31, 2013
Net investment income
Income:
Dividends — affiliated issuers	$	13,914,585
Total income		13,914,585
Expenses:
Investment management fees		976
Distribution and/or service fees
Class A		1,346,261
Class B		696,385
Class C		887,876
Class R		16,889
Transfer agent fees
Class A		1,082,982
Class B		139,161
Class C		178,471
Class K(a)		120
Class R		6,812
Class R4(b)		2
Class Z		100,360
Administration fees		150,091
Plan administration fees
Class K(a)		629
Compensation of board members		9,219
Custodian fees		12,602
Printing and postage fees		203,291
Registration fees		178,937
Professional fees		27,852
Other		11,954
Total expenses		5,050,870
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(376,520	)
Expense reductions		(1,780	)
Total net expenses		4,672,570
Net investment income		9,242,015
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		20,568,874
Capital gain distributions from underlying affiliated funds		12,708,272
Net realized gain		33,277,146
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		53,388,924
Net change in unrealized appreciation (depreciation)		53,388,924
Net realized and unrealized gain		86,666,070
Net increase in net assets resulting from operations	$	95,908,085

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b) For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

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

Annual Report 2013
15

Columbia LifeGoal^® Growth Portfolio

Statement of Changes in Net Assets

	Year Ended January 31, 2013(a)			Year Ended January 31, 2012(b)			Year Ended March 31, 2011(c)
Operations
Net investment income	$	9,242,015		$	4,169,952		$	1,712,789
Net realized gain		33,277,146			50,303,717			3,920,664
Net change in unrealized appreciation (depreciation)		53,388,924			(94,655,707	)		59,201,605
Net increase (decrease) in net assets resulting from operations		95,908,085			(40,182,038	)		64,835,058
Distributions to shareholders
Net investment income
Class A		(9,524,054	)		(2,173,604	)		(1,169,632	)
Class B		(784,343	)		(177,537	)		(135,848	)
Class C		(1,029,061	)		(176,339	)		(124,109	)
Class K(d)		(4,495	)		(1,115	)		(8	)
Class R		(52,818	)		(8,385	)		(6,818	)
Class R4		(21	)		—			—
Class R5		(22	)		—			—
Class Z		(997,211	)		(247,376	)		(398,565	)
Total distributions to shareholders		(12,392,025	)		(2,784,356	)		(1,834,980	)
Increase (decrease) in net assets from capital stock activity		(92,576,813	)		403,972,483			(52,207,149	)
Total increase (decrease) in net assets		(9,060,753	)		361,006,089			10,792,929
Net assets at beginning of year		763,630,319			402,624,230			391,831,301
Net assets at end of year	$	754,569,566		$	763,630,319		$	402,624,230
Undistributed net investment income	$	73,946		$	3,062,675		$	180,416

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b) For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(c) Class K shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(d) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
16

Columbia LifeGoal^® Growth Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2013(a)						Year Ended January 31, 2012(b)						Year Ended March 31, 2011(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(d)		4,863,471			58,763,329			4,679,165			53,694,808			2,942,148			32,004,906
Fund merger		—			—			33,362,333			402,184,297			—			—
Distributions reinvested		610,165			7,464,003			161,873			1,676,786			60,451			628,610
Redemptions		(9,382,818	)		(113,680,407	)		(8,122,929	)		(91,558,649	)		(3,866,896	)		(41,412,779	)
Net increase (decrease)		(3,909,182	)		(47,453,075	)		30,080,442			365,997,242			(864,297	)		(8,779,263	)
Class B shares
Subscriptions		76,918			850,701			83,022			864,754			68,216			691,508
Fund merger		—			—			4,532,209			49,947,366			—			—
Distributions reinvested		44,949			503,172			10,592			99,350			5,672			55,098
Redemptions(d)		(2,934,794	)		(32,181,984	)		(3,413,589	)		(36,069,046	)		(3,111,479	)		(30,764,657	)
Net increase (decrease)		(2,812,927	)		(30,828,111	)		1,212,234			14,842,424			(3,037,591	)		(30,018,051	)
Class C shares
Subscriptions		847,762			9,269,004			1,002,164			10,205,133			716,653			7,079,074
Fund merger		—			—			2,788,845			30,466,023			—			—
Distributions reinvested		62,834			697,710			11,800			109,741			6,456			65,447
Redemptions		(1,853,238	)		(20,259,200	)		(1,534,752	)		(15,728,714	)		(1,636,359	)		(15,900,649	)
Net increase (decrease)		(942,642	)		(10,292,486	)		2,268,057			25,052,183			(913,250	)		(8,756,128	)
Class K shares(e)
Subscriptions		—			—			265			3,333			204			2,500
Fund merger		—			—			23,841			292,223			—			—
Distributions reinvested		342			4,256			101			1,066			—			—
Redemptions		(13,763	)		(174,820	)		(717	)		(8,180	)		—			—
Net increase (decrease)		(13,421	)		(170,564	)		23,490			288,442			204			2,500
Class R shares
Subscriptions		85,252			1,023,468			209,990			2,494,421			59,234			614,043
Distributions reinvested		3,860			46,854			732			7,452			634			6,814
Redemptions		(103,124	)		(1,259,478	)		(59,051	)		(683,349	)		(94,211	)		(1,066,410	)
Net increase (decrease)		(14,012	)		(189,156	)		151,671			1,818,524			(34,343	)		(445,553	)
Class R4 shares
Subscriptions		203			2,500			—			—			—			—
Net increase		203			2,500			—			—			—			—
Class R5 shares
Subscriptions		203			2,500			—			—			—			—
Net increase		203			2,500			—			—			—			—

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

Annual Report 2013
17

Columbia LifeGoal^® Growth Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2013(a)						Year Ended January 31, 2012(b)						Year Ended March 31, 2011(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		1,215,190			15,030,587			692,051			8,123,766			1,269,960			14,082,120
Distributions reinvested		25,301			314,972			5,507			58,785			8,249			90,214
Redemptions		(1,526,783	)		(18,993,980	)		(1,055,990	)		(12,208,883	)		(1,792,037	)		(18,382,988	)
Net decrease		(286,292	)		(3,648,421	)		(358,432	)		(4,026,332	)		(513,828	)		(4,210,654	)
Total net increase (decrease)		(7,978,070	)		(92,576,813	)		33,377,462			403,972,483			(5,363,105	)		(52,207,149	)

(a) Class R4 and Class R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b) For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(c) Class K shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(d) Includes conversions of Class B shares to Class A shares, if any.

(e) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
18

Columbia LifeGoal^® Growth Portfolio

Financial Highlights

The following tables are intended to help you understand the Portfolio'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, and is not annualized for periods of less than one year.

	Year Ended January 31,						Year Ended March 31,
Class A	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.59		$	12.25		$	10.33		$	6.68		$	13.24		$	14.69
Income from investment operations:
Net investment income		0.17			0.09			0.08			0.05			0.06			0.05
Net realized and unrealized gain (loss)		1.42			(0.71	)		1.91			3.62			(4.12	)		(0.59	)
Total from investment operations		1.59			(0.62	)		1.99			3.67			(4.06	)		(0.54	)
Less distributions to shareholders:
Net investment income		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(0.03	)		(0.05	)
Net realized gains		—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(2.50	)		(0.91	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	12.96		$	11.59		$	12.25		$	10.33		$	6.68		$	13.24
Total return		13.81	%		(4.98	%)		19.35	%		55.04	%		(37.62	%)		(4.31	%)
Ratios to average net assets(c)
Total gross expenses		0.53	%		0.52	%(d)		0.51	%		0.50	%		0.50	%		0.50	%
Total net expenses(e)		0.48	%(f)		0.45	%(d)(f)		0.51	%		0.50	%		0.50	%(f)		0.50	%(f)
Net investment income		1.38	%		0.93	%(d)		0.72	%		0.54	%		0.68	%		0.31	%
Supplemental data
Net assets, end of period (in thousands)	$	552,395		$	539,370		$	201,437		$	178,769		$	116,169		$	210,861
Portfolio turnover		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
19

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class B	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.56		$	11.21		$	9.48		$	6.17		$	12.46		$	13.93
Income from investment operations:
Net investment income (loss)		0.06			0.00	(b)		0.00	(b)		(0.02	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		1.30			(0.63	)		1.75			3.34			(3.80	)		(0.55	)
Total from investment operations		1.36			(0.63	)		1.75			3.32			(3.81	)		(0.61	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		—
Net realized gains		—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)		(0.86	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	11.79		$	10.56		$	11.21		$	9.48		$	6.17		$	12.46
Total return		12.93	%		(5.60	%)		18.46	%		53.78	%		(37.99	%)		(5.08	%)
Ratios to average net assets(c)
Total gross expenses		1.28	%		1.27	%(d)		1.26	%		1.25	%		1.25	%		1.25	%
Total net expenses(e)		1.23	%(f)		1.20	%(d)(f)		1.26	%		1.25	%		1.25	%(f)		1.25	%(f)
Net investment income (loss)		0.55	%		0.06	%(d)		(0.05	%)		(0.21	%)		(0.09	%)		(0.46	%)
Supplemental data
Net assets, end of period (in thousands)	$	59,438		$	82,941		$	74,403		$	91,699		$	74,197		$	150,705
Portfolio turnover		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
20

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class C	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.47		$	11.11		$	9.40		$	6.12		$	12.38		$	13.85
Income from investment operations:
Net investment income (loss)		0.07			0.00	(b)		(0.00	)(b)		(0.02	)		(0.01	)		(0.06	)
Net realized and unrealized gain (loss)		1.28			(0.62	)		1.73			3.31			(3.77	)		(0.55	)
Total from investment operations		1.35			(0.62	)		1.73			3.29			(3.78	)		(0.61	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)		—
Net realized gains		—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)		(0.86	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	11.69		$	10.47		$	11.11		$	9.40		$	6.12		$	12.38
Total return		12.95	%		(5.56	%)		18.41	%		53.73	%		(37.99	%)		(5.11	%)
Ratios to average net assets(c)
Total gross expenses		1.28	%		1.27	%(d)		1.26	%		1.25	%		1.25	%		1.25	%
Total net expenses(e)		1.23	%(f)		1.20	%(d)(f)		1.26	%		1.25	%		1.25	%(f)		1.25	%(f)
Net investment income (loss)		0.62	%		0.06	%(d)		(0.04	%)		(0.21	%)		(0.09	%)		(0.41	%)
Supplemental data
Net assets, end of period (in thousands)	$	89,630		$	90,148		$	70,437		$	68,150		$	50,343		$	98,889
Portfolio turnover		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class K(a)	2013			2012(b)			2011(c)
Per share data
Net asset value, beginning of period	$	11.79		$	12.45		$	12.27
Income from investment operations:
Net investment income		0.17			0.11			0.01
Net realized and unrealized gain (loss)		1.46			(0.72	)		0.21
Total from investment operations		1.63			(0.61	)		0.22
Less distributions to shareholders:
Net investment income		(0.23	)		(0.05	)		(0.04	)
Total distributions to shareholders		(0.23	)		(0.05	)		(0.04	)
Net asset value, end of period	$	13.19		$	11.79		$	12.45
Total return		13.93	%		(4.88	%)		1.77	%
Ratios to average net assets(d)
Total gross expenses		0.38	%		0.37	%(e)		0.51	%(e)
Total net expenses(f)		0.38	%		0.37	%(e)		0.51	%(e)
Net investment income		1.42	%		1.15	%(e)		0.68	%(e)
Supplemental data
Net assets, end of period (in thousands)	$	135		$	279		$	3
Portfolio turnover		26	%		86	%		36	%

Notes to Financial Highlights

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(c)  For the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(d)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e)  Annualized.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
22

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class R	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.48		$	12.14		$	10.25		$	6.64		$	13.19		$	14.67
Income from investment operations:
Net investment income		0.14			0.05			0.06			0.03			0.04			0.02
Net realized and unrealized gain (loss)		1.40			(0.68	)		1.88			3.60			(4.10	)		(0.60	)
Total from investment operations		1.54			(0.63	)		1.94			3.63			(4.06	)		(0.58	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(0.02	)		(0.04	)
Net realized gains		—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(2.49	)		(0.90	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	12.83		$	11.48		$	12.14		$	10.25		$	6.64		$	13.19
Total return		13.49	%		(5.12	%)		18.99	%		54.68	%		(37.76	%)		(4.65	%)
Ratios to average net assets(c)
Total gross expenses		0.78	%		0.77	%(d)		0.76	%		0.75	%		0.75	%		0.75	%
Total net expenses(e)		0.73	%(f)		0.70	%(d)(f)		0.76	%		0.75	%		0.75	%(f)		0.75	%(f)
Net investment income		1.18	%		0.54	%(d)		0.54	%		0.29	%		0.45	%		0.12	%
Supplemental data
Net assets, end of period (in thousands)	$	3,312		$	3,124		$	1,463		$	1,586		$	831		$	1,206
Portfolio turnover		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
23

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

Class R4	Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	$	12.29
Income from investment operations:
Net investment income		0.11
Net realized and unrealized gain		1.05
Total from investment operations		1.16
Less distributions to shareholders:
Net investment income		(0.10	)
Total distributions to shareholders		(0.10	)
Net asset value, end of period	$	13.35
Total return		9.50	%
Ratios to average net assets(b)
Total gross expenses		0.37	%(c)
Total net expenses(d)		0.27	%(c)
Net investment income		3.94	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		26	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
24

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

Class R5	Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	$	12.29
Income from investment operations:
Net investment income		0.12
Net realized and unrealized gain		1.05
Total from investment operations		1.17
Less distributions to shareholders:
Net investment income		(0.11	)
Total distributions to shareholders		(0.11	)
Net asset value, end of period	$	13.35
Total return		9.54	%
Ratios to average net assets(b)
Total gross expenses		0.15	%(c)
Total net expenses(d)		0.15	%(c)
Net investment income		4.08	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		26	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
25

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class Z	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.80		$	12.45		$	10.49		$	6.78		$	13.37		$	14.80
Income from investment operations:
Net investment income		0.20			0.09			0.11			0.07			0.09			0.16
Net realized and unrealized gain (loss)		1.45			(0.68	)		1.94			3.66			(4.17	)		(0.66	)
Total from investment operations		1.65			(0.59	)		2.05			3.73			(4.08	)		(0.50	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(0.04	)		(0.07	)
Net realized gains		—			—			—			—			(2.46	)		(0.86	)
Tax return of capital		—			—			—			—			(0.01	)		—
Total distributions to shareholders		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(2.51	)		(0.93	)
Proceeds from regulatory settlements		—			—			—			0.00	(b)		—			—
Net asset value, end of period	$	13.20		$	11.80		$	12.45		$	10.49		$	6.78		$	13.37
Total return		14.09	%		(4.71	%)		19.64	%		55.20	%		(37.38	%)		(4.02	%)
Ratios to average net assets(c)
Total gross expenses		0.28	%		0.26	%(d)		0.26	%		0.25	%		0.25	%		0.25	%
Total net expenses(e)		0.23	%(f)		0.20	%(d)(f)		0.26	%		0.25	%		0.25	%(f)		0.25	%(f)
Net investment income		1.64	%		0.96	%(d)		0.97	%		0.78	%		0.90	%		1.07	%
Supplemental data
Net assets, end of period (in thousands)	$	49,653		$	47,768		$	54,882		$	51,627		$	29,467		$	55,202
Portfolio turnover		26	%		86	%		36	%		19	%		45	%		21	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
26

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements

January 31, 2013

Note 1. Organization

Columbia LifeGoal^® Growth Portfolio (the Portfolio), a series of Columbia Funds Series Trust (the Trust), is a diversified portfolio. 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.

The Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. The Portfolio may also invest in unaffiliated underlying funds, exchange traded funds, equity and fixed income securities (including treasury inflation protected securities) and derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds please refer to the Portfolio's most recent prospectus and the prospectuses of the underlying funds.

Portfolio Shares

The Trust may issue an unlimited number of shares (without par value). The Portfolio offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5 and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Portfolio no longer accepts investments by new or existing investors in the Portfolio's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares commenced operations on November 8, 2012.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

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.

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.

Annual Report 2013
27

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2013

Income Recognition

Income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Portfolio and other series 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 Portfolio are charged to the Portfolio. 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 Portfolio 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 Portfolio 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 taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Portfolio intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Portfolio should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid each calendar quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its portfolios. In addition, certain of the Portfolio's contracts with its service providers contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Portfolio cannot be

determined, and the Portfolio has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is a blend of (i) 0.00% on assets invested in funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange traded third-party advised mutual funds and (iii) 0.55% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment advisory fee, ETF's, derivatives and individual securities.

The effective investment management fee rate for the year ended January 31, 2013, was 0.00% of the Portfolio's average daily net assets.

In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the underlying funds (also referred to as "acquired funds") in which the Portfolio invests. Because the underlying funds have varied expense and fee levels and the Portfolio may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolio will vary.

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28

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2013

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. The Portfolio pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of the Portfolio's average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Portfolio or the Board of Trustees (the Board), including: Portfolio boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Portfolio and Board expenses is facilitated by a company providing limited administrative services to the Portfolio and the Board. For the year ended January 31, 2013, other expenses paid to this company were $1,208.

Compensation of Board Members

Board members are compensated for their services to the Portfolio as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Portfolio, as defined under the 1940 Act, 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 Portfolio's liability for these amounts is adjusted for market value changes and remains in the Portfolio until distributed in accordance with the Plan.

Transfer Agent 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 Portfolio. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Portfolio for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Portfolio that is a percentage of the average aggregate value of the Portfolio's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to

reimbursement for such fees from the Portfolio (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the year ended January 31, 2013, the Portfolio's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.20	%
Class B	0.20
Class C	0.20
Class K	0.05
Class R	0.20
Class R4	0.25
Class R5	0.03
Class Z	0.20

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolio's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended January 31, 2013, these minimum account balance fees reduced total expenses by $1,780.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Portfolio pays an annual fee at a rate of 0.25% of the Portfolio's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

The Portfolio has 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. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Portfolio has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Portfolio. 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 Portfolio and providing services to investors.

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Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2013

The Plans require the payment of 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 Portfolio. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Portfolio and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares of the Portfolio, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Portfolio shares were $868,292 for Class A, $42,926 for Class B and $5,982 for Class C shares for the year ended January 31, 2013.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

Effective August 1, 2012, the Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), through May 31, 2013, unless sooner terminated at the sole discretion of the Board, so that the Portfolio's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Portfolio's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.51	%
Class B	1.26
Class C	1.26
Class K	0.40
Class R	0.76
Class R4*	0.26
Class R5*	0.15
Class Z	0.26

*Annual rate is contractual from November 8, 2012 (the commencement of operations of each share class) through November 8, 2013.

Prior to August 1, 2012, the Investment Manager and certain of its affiliates contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), so that the Portfolio's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Portfolio's

custodian, did not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.45	%
Class B	1.20
Class C	1.20
Class K	0.39
Class R	0.70
Class Z	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 Portfolio, 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, the Portfolio's investment management fee, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

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 January 31, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sale losses, Trustees' deferred compensation, post-October capital losses, and re-characterization of distributions from investments. To the extent these differences are permanent, reclassifications are made among the components of the Portfolio's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Undistributed net investment income	$	161,281
Accumulated net realized loss		(161,281	)

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

Annual Report 2013
30

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2013

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

Year Ended January 31,	2013		2012		2011
Ordinary income	$	12,392,025	$	2,784,356	$	1,834,980

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

At January 31, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	78,483
Accumulated realized loss		(83,072,939	)
Unrealized appreciation		78,475,965

At January 31, 2013, the cost of investments for federal income tax purposes was $676,504,007 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	79,138,433
Unrealized depreciation		(662,468	)
Net unrealized appreciation	$	78,475,965

The following capital loss carryforward, determined at January 31, 2013, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount ($)
2016		902,133
2017		32,644,275
2018		47,841,948
2019		1,684,583
Total		83,072,939

For the year ended January 31, 2013, $29,166,112 of capital loss carryforward was utilized.

Management of the Portfolio has concluded that there are no significant uncertain tax positions 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 Portfolio'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 obligations, aggregated to $196,339,208 and $279,829,950, respectively, for the year ended January 31, 2013.

Note 6. Shareholder Concentration

At January 31, 2013, two unaffiliated shareholder accounts owned an aggregate of 39.5% of the outstanding shares of the Portfolio. The Portfolio has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Portfolio.

Note 7. Line of Credit

The Portfolio has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Portfolio may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Portfolio and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing.

The Portfolio had no borrowings during the year ended January 31, 2013.

Note 8. Fund Merger

At the close of business on June 3, 2011, the Portfolio acquired the assets and assumed the identified liabilities of Columbia Portfolio Builder Total Equity Fund, a series of RiverSource Market Advantage Series, Inc. The reorganization was completed after shareholders approved the plan on February 15, 2011. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of the Portfolio immediately before the acquisition were $389,808,690 and the combined net assets immediately after the acquisition were $872,698,599.

The merger was accomplished by a tax-free exchange of 46,780,747 shares of Columbia Portfolio Builder Total Equity Fund valued at $482,889,909 (including $48,740,099 of unrealized appreciation).

In exchange for Columbia Portfolio Builder Total Equity Fund shares, the Portfolio issued the following number of shares:

	Shares
Class A		33,362,333
Class B		4,532,209
Class C		2,788,845
Class R4		23,841

Annual Report 2013
31

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2013

For financial reporting purposes, net assets received and shares issued by the Portfolio were recorded at fair value; however, Columbia Portfolio Builder Total Equity Fund's cost of investments was carried forward.

The financial statements reflect the operations of the Portfolio for the period prior to the merger and the combined fund for the period subsequent to the merger. Because the combined investment portfolios have been managed as a single integrated portfolio since the merger was completed, it is not practicable to separate the amounts of revenue and earnings of Columbia Portfolio Builder Total Equity Fund that have been included in the combined Portfolio's Statement of Operations since the merger was completed.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 10. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties

ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission 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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2013
32

Columbia LifeGoal^® Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of
Columbia LifeGoal^® Growth Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia LifeGoal^® Growth Portfolio (the "Portfolio") (a series of Columbia Funds Series Trust) at January 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 22, 2013

Annual Report 2013
33

Columbia LifeGoal^® Growth Portfolio

Federal Income Tax Information

(Unaudited)

The Portfolio hereby designates the following tax attributes for the fiscal year ended January 31, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

Tax Designations:

Qualified Dividend Income		90.32	%
Dividends Received Deduction		71.84	%
Foreign Taxes Paid	$	163,156
Foreign Source Income	$	1,032,689

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Foreign Taxes. The Portfolio makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2013
34

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers

Shareholders elect the Board that oversees the funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds' Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds' Board ("Nations Funds"), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds ("RiverSource Funds") effective June 1, 2011.

Independent Trustees

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006		152	Director, BlueCross BlueShield of Minnesota since 2009
Edward J. Boudreau, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000		145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003		152	None
William P. Carmichael 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired		145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976		152	None
William A. Hawkins 901 S. Marquette Ave. Minneapolis, MN 55402 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.		145	Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
35

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
R. Glenn Hilliard 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011		145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College since 2002		152	Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)		152	Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1997		152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Director, Infinity, Inc. (oil and gas exploration and production) since 1994; Director, OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 901 S. Marquette Ave. Minneapolis, MN 55402 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President, Micco Corp. since 1998		145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology)		152	Director, Healthways, Inc. (health and well-being improvement) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

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Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Anthony M. Santomero 901 S. Marquette Ave. Minneapolis, MN 55402 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008		145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

*Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an "interested person" (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds	President, Columbia Management Investment Advisers, LLC since February 2012, (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Chief Executive Officer, Columbia Management Investment Distributors, Inc. since February 2012, (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; President and Chief Executive Officer, Ameriprise Certificate Company 2006-August 2012.		204	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Director, Ameriprise Certificate Company, 2006-January 2013

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

The SAI has additional information about the Portfolio's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

Annual Report 2013
37

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds' other officers are:

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

Annual Report 2013
38

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

Annual Report 2013
39

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40

Columbia LifeGoal^® Growth Portfolio

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2013
41

Columbia LifeGoal^® Growth Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

ANN181_01_C01_(03/13)

Annual Report

January 31, 2013

Columbia Masters International Equity Portfolio

Not FDIC insured • No bank guarantee • May lose value

Columbia Masters International Equity Portfolio

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as 2012 came to a close. However, they ended the year up strongly, as first and third quarter gains more than offset second and fourth quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Stock markets outside the United States generated some of the best returns for the fourth quarter, as optimism rebounded, thanks to the September actions of the European Central Bank in support of the euro and an improving outlook from China. Both developed and emerging foreign markets topped U.S. stocks by a solid margin.

Corporate and emerging markets led fixed income

Fixed-income investors took their cue from the equity markets and continued to favor the highest risk sectors through the end of 2012. Global fixed-income returns posted mixed results in the final quarter of the year. Gains were the highest for corporate high-yield and emerging market bonds. Although investors remained cautious ahead of the year-end budget negotiations, better economic data and a further improvement in the European sovereign debt crisis supported riskier assets and depressed government bond prices. In December, the Federal Reserve announced its intention to continue to purchase both Treasury and mortgage-backed securities and said that it would seek to keep short-term interest rates unchanged until the unemployment rate reaches 6.5%, or inflation turned noticeably higher.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2013

Columbia Masters International Equity Portfolio

Table of Contents

Performance Overview	2
Manager Discussion of Portfolio Performance	4
Understanding Your Portfolio's Expenses	5
Portfolio of Investments	6
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	21
Report of Independent Registered Public Accounting Firm	28
Federal Income Tax Information	29
Trustees and Officers	30
Important Information About This Report	37

Portfolio Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Portfolio Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Portfolio Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

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

Annual Report 2013

Columbia Masters International Equity Portfolio

Performance Overview

Performance Summary

>  Columbia Masters International Equity Portfolio (the Portfolio) Class A shares returned 15.40% excluding sales charges for the 12-month period that ended January 31, 2013.

>  The Portfolio's benchmark, the MSCI EAFE Index (Net), returned 17.25% during the same 12-month period.

>  In a period of generally strong returns from stock markets across the world, the Portfolio's exposure to emerging markets somewhat restrained returns relative to its benchmark.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		Life
Class A	02/15/06
Excluding sales charges			15.40		-1.42		1.99
Including sales charges			8.77		-2.57		1.13
Class B	02/15/06
Excluding sales charges			14.67		-2.16		1.25
Including sales charges			9.67		-2.51		1.25
Class C	02/15/06
Excluding sales charges			14.54		-2.16		1.24
Including sales charges			13.54		-2.16		1.24
Class R	02/15/06		15.17		-1.70		1.72
Class Z	02/15/06		15.80		-1.17		2.25
MSCI EAFE Index (Net)			17.25		-0.79		2.42

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

The MSCI EAFE (Europe, Australasia, Far East) Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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

Annual Report 2013
2

Columbia Masters International Equity Portfolio

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (February 15, 2006 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Masters International Equity Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares.

Annual Report 2013
3

Columbia Masters International Equity Portfolio

Manager Discussion of Portfolio Performance

For the 12-month period that ended January 31, 2013, the Portfolio's Class A shares returned 15.40% without sales charge. The Portfolio's benchmark, the MSCI EAFE Index (Net), returned 17.25% over the same period. The Portfolio invests in fixed allocations to four Columbia Funds: Columbia Acorn International, Columbia Emerging Markets Fund, Columbia Pacific/Asia Fund and Columbia European Equity Fund. Solid performance from the Portfolio's underlying funds helped bolster returns. Exposure to emerging markets accounted for the modest shortfall relative to the benchmark.

Investors Shrug Off Weak Global Growth

Although economic growth was weak to fair across the globe, investors chose to look beyond the numbers and bid stock prices significantly higher, buoyed by favorable central bank action in key markets. The U.S. economy expanded at a pace of just 1.5% over the past year, while much of Europe headed toward recession. The United Kingdom avoided recession — but only barely so — and Japan's economy slipped into negative territory for the fifth time in 15 years. Major emerging market economies forged ahead, although mostly at a slower pace. Investors remained concerned about slowing growth in China, but China's stock market ended the 12-month period with solid double-digit gains, as did most major international stock market indices. Emerging markets were the exception, with the MSCI Emerging Markets Index (Net) returning just 7.64%.

Underlying Funds Aided Returns

All four Columbia Funds in the Portfolio performed better than their individual benchmarks. Columbia European Equity Fund, which accounts for 60% of the Portfolio's assets, sustained a modest advantage over its benchmark, the MSCI Europe Index (Net). Columbia Acorn International Fund outperformed the S&P Global Ex-U.S. $500 million — $5 billion Index and performed in line with the MSCI EAFE Index (Net). Columbia Pacific/Asia Fund's return was slightly better than its benchmark, the MSCI All Country Asia Pacific Index (Net.) Columbia Emerging Markets Fund significantly outperformed the MSCI Emerging Markets Index (Net). However, emerging stock markets generally underperformed other regions and the Portfolio's exposure to emerging markets generally accounted for its modest shortfall relative to its EAFE benchmark. Emerging markets are not included in the index.

Looking Ahead

Our expectations for the global economy are somewhat better for 2013 than they were for the year behind us. We expect the United States, Japan and Europe to continue to struggle with problems that are more structural than cyclical in nature, including demographic shifts and, in Europe and the United States, colossal indebtedness. What's more, the upside for these regions appears limited, as we believe growth prospects remain low and lapses into recession are still a lingering concern. By contrast, we believe that emerging markets remain attractive, with upside potential that is quite exciting. We continue to believe that the Portfolio's diversified mix of well-managed Columbia Funds can help tap opportunity and balance risk over the long term.

Portfolio Management

Colin Moore, AIIMR

Fred Copper, CFA

Morningstar Style Box^TM

The Morningstar Style Box^TM is based on a fund's portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.

© 2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio Breakdown (%) (at January 31, 2013)
Equity Funds	99.0
International	99.0
Money Market Funds	1.0
Total	100.0

Percentages are based on total investments.

Annual Report 2013
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Columbia Masters International Equity Portfolio

Understanding Your Portfolio's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Portfolio's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Portfolio during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Portfolio's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Portfolio's actual return) and then applies the Portfolio's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Portfolio bears directly, the Portfolio's shareholders indirectly bear the Portfolio's allocable share of the costs and expenses of each underlying fund in which the Portfolio invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Portfolio with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,163.30		1,023.88		1.36		1.27		0.25		6.96		6.51		1.28
Class B		1,000.00		1,000.00		1,159.70		1,020.11		5.43		5.08		1.00		11.02		10.31		2.03
Class C		1,000.00		1,000.00		1,158.40		1,020.11		5.43		5.08		1.00		11.01		10.31		2.03
Class R		1,000.00		1,000.00		1,161.30		1,022.62		2.72		2.54		0.50		8.31		7.78		1.53
Class Z		1,000.00		1,000.00		1,165.60		1,025.14		—		—		0.00		5.61		5.24		1.03

Expenses paid during the period are equal to the Portfolio's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Portfolio's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Portfolio's effective annualized expense ratio include expenses borne directly to the class plus the Portfolio's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

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

Annual Report 2013
5

Columbia Masters International Equity Portfolio

Portfolio of Investments

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 99.3%

	Shares		Value ($)
International 99.3%
Columbia Acorn International, Class I Shares(a)		57,668		2,445,129
Columbia Emerging Markets Fund, Class I Shares(a)		460,749		4,824,040
Columbia European Equity Fund, Class I Shares(a)		4,528,819		29,256,169
Columbia Pacific/Asia Fund, Class I Shares(a)		1,411,680		12,239,267
Total				48,764,605
Total Equity Funds (Cost: $45,170,944)				48,764,605

Money Market Funds 1.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.132%(a)(b)		494,965		494,965

Total Money Market Funds (Cost: $494,965)	494,965
Total Investments (Cost: $45,665,909)	49,259,570
Other Assets and Liabilities	(163,451	)
Net Assets	49,096,119

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2013

At January 31, 2013, $18,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
E-Mini MCSI EAFE Index		6		504,420	March 2013		30,928		—

Forward Foreign Currency Exchange Contracts Open at January 31, 2013

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
HSBC Securities (USA), Inc.	February 15, 2013		4,542,000 (EUR)		6,013,435 (USD)		—		(154,062	)
Goldman, Sachs & Co.	February 15, 2013		1,529,000 (GBP)		2,488,075 (USD)		63,220		—
Goldman, Sachs & Co.	February 15, 2013		812,000 (GBP)		1,282,299 (USD)		—		(5,459	)
Deutsche Bank	February 15, 2013		15,637,000 (SEK)		2,403,567 (USD)		—		(55,367	)
Morgan Stanley	February 15, 2013		6,151,600 (USD)		5,909,000 (AUD)		5,493		—
UBS Securities	February 15, 2013		92,845 (USD)		93,000 (CAD)		377		—
Barclays Bank PLC	February 15, 2013		1,237,021 (USD)		1,220,000 (CAD)		—		(14,115	)
UBS Securities	February 15, 2013		2,432,710 (USD)		2,396,000 (CAD)		—		(31,002	)
Citigroup Global Markets Inc.	February 15, 2013		2,461,343 (USD)		2,963,000 (NZD)		23,512		—
J.P. Morgan Securities, Inc.	March 14, 2013		498,000 (CHF)		538,117 (USD)		—		(9,316	)

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

Annual Report 2013
6

Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2013

Forward Foreign Currency Exchange Contracts Open at January 31, 2013 (continued)

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.	March 14, 2013		1,369,000 (DKK)		244,855 (USD)		—		(4,385	)
J.P. Morgan Securities, Inc.	March 14, 2013		594,000 (EUR)		792,931 (USD)		—		(13,770	)
J.P. Morgan Securities, Inc.	March 14, 2013		4,263,422,000 (IDR)		429,997 (USD)		—		(6,019	)
J.P. Morgan Securities, Inc.	March 14, 2013		2,071,819,000 (KRW)		1,955,100 (USD)		56,644		—
J.P. Morgan Securities, Inc.	March 14, 2013		3,722,000 (MXN)		294,374 (USD)		2,724		—
J.P. Morgan Securities, Inc.	March 14, 2013		886,000 (MYR)		293,523 (USD)		9,093		—
J.P. Morgan Securities, Inc.	March 14, 2013		19,776,000 (PHP)		488,055 (USD)		1,986		—
J.P. Morgan Securities, Inc.	March 14, 2013		14,589,000 (THB)		487,845 (USD)		—		(281	)
J.P. Morgan Securities, Inc.	March 14, 2013		36,682,000 (TWD)		1,268,396 (USD)		25,766		—
J.P. Morgan Securities, Inc.	March 14, 2013		2,194,876 (USD)		2,090,000 (AUD)		—		(21,397	)
J.P. Morgan Securities, Inc.	March 14, 2013		1,952,867 (USD)		1,221,000 (GBP)		—		(16,750	)
J.P. Morgan Securities, Inc.	March 14, 2013		4,834,879 (USD)		432,156,000 (JPY)		—		(107,889	)
J.P. Morgan Securities, Inc.	March 14, 2013		735,992 (USD)		4,776,000 (SEK)		14,617		—
J.P. Morgan Securities, Inc.	March 14, 2013		286,075 (USD)		351,000 (SGD)		—		(2,485	)
Total							203,432		(442,297	)

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Portfolio owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Portfolio. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividend Income ($)		Value ($)
Columbia Acorn International, Class I Shares		1,925,337		127,272		(1,317,740	)		501,150			1,236,019		—		54,265		2,445,129
Columbia Emerging Markets Fund, Class I Shares		7,572,173		511,825		(2,579,655	)		(462,882	)		5,041,461		236,575		28,339		4,824,040
Columbia European Equity Fund, Class I Shares		42,235,125		1,613,802		(16,477,334	)		(602,082	)		26,769,511		116,724		578,658		29,256,169

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

Annual Report 2013
7

Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividend Income ($)		Value ($)
Columbia Pacific/Asia Fund, Class I Shares		17,968,287		862,674		(6,117,331	)		(589,677	)		12,123,953		—		307,692		12,239,267
Columbia Short-Term Cash Fund		7		2,750,687		(2,255,729	)		—			494,965		—		995		494,965
Total		69,700,929		5,866,260		(28,747,789	)		(1,153,491	)		45,665,909		353,299		969,949		49,259,570

(b)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Currency Legend

AUD  Australian Dollar

CAD  Canadian Dollar

CHF  Swiss Franc

DKK  Danish Krone

EUR  Euro

GBP  British Pound

IDR  Indonesian Rupiah

JPY  Japanese Yen

KRW  Korean Won

MXN  Mexican Peso

MYR  Malaysia Ringgits

NZD  New Zealand Dollar

PHP  Philippine Peso

SEK  Swedish Krona

SGD  Singapore Dollar

THB  Thailand Baht

TWD  Taiwan Dollar

USD  US Dollar

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

The Portfolio 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 Portfolio'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 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.

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

Annual Report 2013
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Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2013

Fair Value Measurements (continued)

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 Portfolio has the ability to access at the measurement date (including NAV for open-end mutual funds). 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 Portfolio'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 Portfolio uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Portfolio's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		48,764,605		—		—		48,764,605
Money Market Funds		494,965		—		—		494,965
Total Mutual Funds		49,259,570		—		—		49,259,570

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

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Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2013

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)			Level 3 Significant Unobservable Inputs ($)		Total ($)
Derivatives
Assets
Futures Contracts		30,928		—			—		30,928
Forward Foreign Currency Exchange Contracts		—		203,432			—		203,432
Liabilities
Forward Foreign Currency Exchange Contracts		—		(442,297	)		—		(442,297	)
Total		49,290,498		(238,865	)		—		49,051,633

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

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Annual Report 2013
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Columbia Masters International Equity Portfolio

Statement of Assets and Liabilities

January 31, 2013

Assets
Investments in affiliated funds, at value
(identified cost $45,665,909)	$	49,259,570
Margin deposits on futures contracts		18,000
Unrealized appreciation on forward foreign currency exchange contracts		203,432
Receivable for:
Investments sold		204,824
Capital shares sold		159,701
Dividends from affiliated funds		87
Expense reimbursement due from Investment Manager		331
Prepaid expenses		1,398
Total assets		49,847,343
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		442,297
Payable for:
Investments purchased		156,627
Capital shares purchased		41,496
Variation margin on futures contracts		2,220
Distribution and/or service fees		297
Transfer agent fees		9,057
Administration fees		27
Compensation of board members		45,114
Other expenses		54,089
Total liabilities		751,224
Net assets applicable to outstanding capital stock	$	49,096,119
Represented by
Paid-in capital	$	138,866,860
Excess of distributions over net investment income		(540,787	)
Accumulated net realized loss		(92,615,678	)
Unrealized appreciation (depreciation) on:
Affiliated investments		3,593,661
Forward foreign currency exchange contracts		(238,865	)
Futures contracts		30,928
Total — representing net assets applicable to outstanding capital stock	$	49,096,119

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

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Columbia Masters International Equity Portfolio

Statement of Assets and Liabilities (continued)

January 31, 2013

Class A
Net assets	$	19,543,307
Shares outstanding		2,183,935
Net asset value per share	$	8.95
Maximum offering price per share(a)	$	9.50
Class B
Net assets	$	1,618,810
Shares outstanding		181,307
Net asset value per share	$	8.93
Class C
Net assets	$	4,286,417
Shares outstanding		480,662
Net asset value per share	$	8.92
Class R
Net assets	$	88,535
Shares outstanding		9,913
Net asset value per share	$	8.93
Class Z
Net assets	$	23,559,050
Shares outstanding		2,630,781
Net asset value per share	$	8.96

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

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

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Columbia Masters International Equity Portfolio

Statement of Operations

Year Ended January 31, 2013

Net investment income
Income:
Dividends — affiliated issuers	$	969,949
Total income		969,949
Expenses:
Distribution and/or service fees
Class A		54,564
Class B		17,208
Class C		47,453
Class R		324
Transfer agent fees
Class A		37,631
Class B		2,967
Class C		8,196
Class R		107
Class Z		44,834
Administration fees		10,846
Compensation of board members		13,425
Custodian fees		9,408
Printing and postage fees		35,901
Registration fees		75,019
Professional fees		554
Other		7,823
Total expenses		366,260
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(246,708	)
Expense reductions		(61	)
Total net expenses		119,491
Net investment income		850,458
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		(1,153,491	)
Capital gain distributions from underlying affiliated funds		353,299
Foreign currency translations		10,376
Forward foreign currency exchange contracts		(1,105,584	)
Futures contracts		74,333
Net realized loss		(1,821,067	)
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		8,319,394
Forward foreign currency exchange contracts		(90,442	)
Futures contracts		30,928
Net change in unrealized appreciation (depreciation)		8,259,880
Net realized and unrealized gain		6,438,813
Net increase in net assets resulting from operations	$	7,289,271

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

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Columbia Masters International Equity Portfolio

Statement of Changes in Net Assets

	Year Ended January 31, 2013			Year Ended January 31, 2012(a)			Year Ended March 31, 2011
Operations
Net investment income	$	850,458		$	741,819		$	2,123,145
Net realized loss		(1,821,067	)		(530,406	)		(32,550,340	)
Net change in unrealized appreciation (depreciation)		8,259,880			(9,448,487	)		42,289,227
Net increase (decrease) in net assets resulting from operations		7,289,271			(9,237,074	)		11,862,032
Distributions to shareholders
Net investment income
Class A		(295,343	)		(330,929	)		(2,202,252	)
Class B		(14,577	)		(13,728	)		(124,341	)
Class C		(41,210	)		(37,257	)		(338,096	)
Class R		(751	)		(369	)		(1,323	)
Class Z		(396,344	)		(487,342	)		(3,064,636	)
Total distributions to shareholders		(748,225	)		(869,625	)		(5,730,648	)
Increase (decrease) in net assets from capital stock activity		(22,263,571	)		(33,477,580	)		(34,562,344	)
Total decrease in net assets		(15,722,525	)		(43,584,279	)		(28,430,960	)
Net assets at beginning of year		64,818,644			108,402,923			136,833,883
Net assets at end of year	$	49,096,119		$	64,818,644		$	108,402,923
Undistributed (excess of distributions over) net investment income	$	(540,787	)	$	450,752		$	—

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

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

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Columbia Masters International Equity Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2013						Year Ended January 31, 2012(a)						Year Ended March 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		156,533			1,274,090			239,852			1,967,901			262,902			2,132,786
Distributions reinvested		32,054			246,830			31,876			235,242			223,830			1,698,913
Redemptions		(1,191,691	)		(9,681,460	)		(1,782,769	)		(14,476,248	)		(2,218,381	)		(17,966,365	)
Net decrease		(1,003,104	)		(8,160,540	)		(1,511,041	)		(12,273,105	)		(1,731,649	)		(14,134,666	)
Class B shares
Subscriptions		2,510			20,186			3,611			31,983			8,062			64,000
Distributions reinvested		1,093			7,978			953			7,033			12,356			92,087
Redemptions(b)		(80,142	)		(647,392	)		(104,870	)		(855,978	)		(144,060	)		(1,173,513	)
Net decrease		(76,539	)		(619,228	)		(100,306	)		(816,962	)		(123,642	)		(1,017,426	)
Class C shares
Subscriptions		17,574			142,381			11,959			96,428			53,320			427,667
Distributions reinvested		4,012			29,246			3,291			24,258			32,952			249,551
Redemptions		(239,284	)		(1,911,043	)		(342,370	)		(2,893,474	)		(343,277	)		(2,768,247	)
Net decrease		(217,698	)		(1,739,416	)		(327,120	)		(2,772,788	)		(257,005	)		(2,091,029	)
Class R shares
Subscriptions		4,077			32,700			4,508			34,553			1,589			13,173
Distributions reinvested		80			610			48			351			99			740
Redemptions		(508	)		(4,262	)		(525	)		(1,227	)		(3,279	)		(26,273	)
Net increase (decrease)		3,649			29,048			4,031			33,677			(1,591	)		(12,360	)
Class Z shares
Subscriptions		113,071			964,880			145,916			1,220,541			616,761			5,026,829
Distributions reinvested		5,874			46,151			5,503			40,616			22,151			167,907
Redemptions		(1,578,043	)		(12,784,466	)		(2,325,700	)		(18,909,559	)		(2,764,352	)		(22,501,599	)
Net decrease		(1,459,098	)		(11,773,435	)		(2,174,281	)		(17,648,402	)		(2,125,440	)		(17,306,863	)
Total net decrease		(2,752,790	)		(22,263,571	)		(4,108,717	)		(33,477,580	)		(4,239,327	)		(34,562,344	)

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b) Includes conversions of Class B shares to Class A shares, if any.

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

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Columbia Masters International Equity Portfolio

Financial Highlights

The following tables are intended to help you understand the Portfolio'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, and is not annualized for periods of less than one year.

	Year Ended January 31,						Year Ended March 31,
Class A	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	7.87		$	8.78		$	8.24		$	5.49		$	11.14		$	11.69
Income from investment operations:
Net investment income		0.13			0.07			0.15			0.27			0.05			0.17
Net realized and unrealized gain (loss)		1.06			(0.88	)		0.78			2.64			(5.14	)		0.11
Total from investment operations		1.19			(0.81	)		0.93			2.91			(5.09	)		0.28
Less distributions to shareholders:
Net investment income		(0.11	)		(0.10	)		(0.39	)		(0.16	)		—			(0.13	)
Net realized gains		—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		(0.11	)		(0.10	)		(0.39	)		(0.16	)		(0.56	)		(0.83	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Net asset value, end of period	$	8.95		$	7.87		$	8.78		$	8.24		$	5.49		$	11.14
Total return		15.40	%		(9.18	%)		12.08	%		53.33	%		(48.03	%)		1.76	%
Ratios to average net assets(c)
Total gross expenses		0.70	%		0.76	%(d)		0.65	%		0.53	%		0.51	%		0.47	%
Total net expenses(e)		0.25	%(f)		0.25	%(d)(f)		0.25	%(f)		0.25	%(f)		0.25	%(f)		0.25	%(f)
Net investment income		1.56	%		1.01	%(d)		1.80	%		3.50	%		0.56	%		1.39	%
Supplemental data
Net assets, end of period (in thousands)	$	19,543		$	25,069		$	41,237		$	53,013		$	44,548		$	119,670
Portfolio turnover		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Masters International Equity Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class B	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	7.86		$	8.78		$	8.20		$	5.43		$	11.09		$	11.66
Income from investment operations:
Net investment income (loss)		0.07			0.02			0.08			0.21			(0.01	)		0.07
Net realized and unrealized gain (loss)		1.07			(0.89	)		0.79			2.62			(5.09	)		0.12
Total from investment operations		1.14			(0.87	)		0.87			2.83			(5.10	)		0.19
Less distributions to shareholders:
Net investment income		(0.07	)		(0.05	)		(0.29	)		(0.06	)		—			(0.06	)
Net realized gains		—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)		(0.76	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Net asset value, end of period	$	8.93		$	7.86		$	8.78		$	8.20		$	5.43		$	11.09
Total return		14.67	%		(9.86	%)		11.18	%		52.13	%		(48.35	%)		1.03	%
Ratios to average net assets(c)
Total gross expenses		1.45	%		1.51	%(d)		1.40	%		1.28	%		1.26	%		1.22	%
Total net expenses(e)		1.00	%(f)		1.00	%(d)(f)		1.00	%(f)		1.00	%(f)		1.00	%(f)		1.00	%(f)
Net investment income (loss)		0.86	%		0.26	%(d)		1.05	%		2.73	%		(0.18	%)		0.55	%
Supplemental data
Net assets, end of period (in thousands)	$	1,619		$	2,028		$	3,143		$	3,950		$	3,043		$	7,490
Portfolio turnover		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Masters International Equity Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class C	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	7.86		$	8.77		$	8.19		$	5.42		$	11.08		$	11.66
Income from investment operations:
Net investment income (loss)		0.07			0.02			0.09			0.21			(0.02	)		0.07
Net realized and unrealized gain (loss)		1.06			(0.88	)		0.78			2.62			(5.08	)		0.11
Total from investment operations		1.13			(0.86	)		0.87			2.83			(5.10	)		0.18
Less distributions to shareholders:
Net investment income		(0.07	)		(0.05	)		(0.29	)		(0.06	)		—			(0.06	)
Net realized gains		—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)		(0.76	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Net asset value, end of period	$	8.92		$	7.86		$	8.77		$	8.19		$	5.42		$	11.08
Total return		14.54	%		(9.75	%)		11.19	%		52.22	%		(48.39	%)		0.94	%
Ratios to average net assets(c)
Total gross expenses		1.46	%		1.51	%(d)		1.40	%		1.28	%		1.26	%		1.22	%
Total net expenses(e)		1.00	%(f)		1.00	%(d)(f)		1.00	%(f)		1.00	%(f)		1.00	%(f)		1.00	%(f)
Net investment income (loss)		0.81	%		0.25	%(d)		1.05	%		2.77	%		(0.19	%)		0.60	%
Supplemental data
Net assets, end of period (in thousands)	$	4,286		$	5,486		$	8,990		$	10,506		$	9,087		$	27,656
Portfolio turnover		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Masters International Equity Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class R	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	7.85		$	8.76		$	8.22		$	5.47		$	11.12		$	11.68
Income from investment operations:
Net investment income		0.16			0.07			0.14			0.28			0.02			0.15
Net realized and unrealized gain (loss)		1.01			(0.90	)		0.76			2.59			(5.11	)		0.09
Total from investment operations		1.17			(0.83	)		0.90			2.87			(5.09	)		0.24
Less distributions to shareholders:
Net investment income		(0.09	)		(0.08	)		(0.36	)		(0.12	)		—			(0.10	)
Net realized gains		—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		(0.09	)		(0.08	)		(0.36	)		(0.12	)		(0.56	)		(0.80	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Net asset value, end of period	$	8.93		$	7.85		$	8.76		$	8.22		$	5.47		$	11.12
Total return		15.17	%		(9.36	%)		11.62	%		52.81	%		(48.12	%)		1.48	%
Ratios to average net assets(c)
Total gross expenses		0.93	%		1.01	%(d)		0.90	%		0.78	%		0.76	%		0.72	%
Total net expenses(e)		0.50	%(f)		0.50	%(d)(f)		0.50	%(f)		0.50	%(f)		0.50	%(f)		0.50	%(f)
Net investment income		1.93	%		0.98	%(d)		1.75	%		3.78	%		0.26	%		1.22	%
Supplemental data
Net assets, end of period (in thousands)	$	89		$	49		$	20		$	31		$	26		$	44
Portfolio turnover		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Masters International Equity Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class Z	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	7.87		$	8.78		$	8.26		$	5.52		$	11.16		$	11.70
Income from investment operations:
Net investment income		0.14			0.09			0.17			0.29			0.07			0.23
Net realized and unrealized gain (loss)		1.08			(0.89	)		0.78			2.64			(5.15	)		0.08
Total from investment operations		1.22			(0.80	)		0.95			2.93			(5.08	)		0.31
Less distributions to shareholders:
Net investment income		(0.13	)		(0.11	)		(0.43	)		(0.19	)		—			(0.15	)
Net realized gains		—			—			—			—			(0.56	)		(0.70	)
Total distributions to shareholders		(0.13	)		(0.11	)		(0.43	)		(0.19	)		(0.56	)		(0.85	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			(0.00	)(b)		(0.00	)(b)		(0.00	)(b)
Net asset value, end of period	$	8.96		$	7.87		$	8.78		$	8.26		$	5.52		$	11.16
Total return		15.80	%		(8.99	%)		12.28	%		53.58	%		(47.84	%)		2.03	%
Ratios to average net assets(c)
Total gross expenses		0.46	%		0.51	%(d)		0.40	%		0.28	%		0.26	%		0.22	%
Total net expenses(e)		0.00	%(f)		0.00	%(d)(f)		0.00	%(f)		0.00	%(f)		0.00	%(f)		0.00	%(f)
Net investment income		1.76	%		1.23	%(d)		2.04	%		3.77	%		0.83	%		1.89	%
Supplemental data
Net assets, end of period (in thousands)	$	23,559		$	32,187		$	55,013		$	69,334		$	58,268		$	89,568
Portfolio turnover		6	%		3	%		95	%		2	%		20	%		3	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Annualized.

(e)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(f)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Masters International Equity Portfolio

Notes to Financial Statements

January 31, 2013

Note 1. Organization

Columbia Masters International Equity Portfolio (the Portfolio), a series of Columbia Funds Series Trust (the Trust), is a diversified portfolio. 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.

The Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. The Portfolio may also invest in derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds please refer to the Portfolio's most recent prospectus and the prospectuses of the underlying funds.

Portfolio Shares

The Trust may issue an unlimited number of shares (without par value). The Portfolio offers Class A, Class B, Class C, Class R and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Portfolio no longer accepts investments by new or existing investors in the Portfolio's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

Derivative Instruments

The Portfolio invests in certain derivative instruments, as detailed below, 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 other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. The Portfolio 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 obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Portfolio to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities.

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

The Portfolio and any counterparty are required to maintain an agreement that requires the Portfolio and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreement between the Portfolio and such counterparty. If the net fair value of such derivatives between the Portfolio and that counterparty exceeds a certain threshold (as defined in the agreement), the Portfolio or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Portfolio or any counterparty.

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are intended to be used to minimize the exposure to foreign exchange rate fluctuations during the period between the trade and settlement dates of the contract. The Portfolio utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Portfolio's securities, to shift investment exposure from one currency to another, and to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, and/or to recover an underweight country exposure in its portfolio.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Portfolio will record a realized gain or loss when the forward foreign currency exchange contract is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Portfolio's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statement of Assets and Liabilities.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Portfolio bought and sold futures contracts to manage exposure to the securities market and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Portfolio bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a

loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Portfolio pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments (variation margin) are made or received by the Portfolio 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 Portfolio 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 Portfolio, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions on the Portfolio's operations over the period including realized gains or losses and unrealized gains or losses. The derivative 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 at January 31, 2013:

	Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity contracts	Net assets — unrealized appreciation on futures contracts		30,928	*
Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		203,432
Total			234,360
	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		442,297

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Total ($)
Equity contracts		—			74,333		74,333
Foreign exchange contracts		(1,105,584	)		—		(1,105,584	)
Total		(1,105,584	)		74,333		(1,031,251	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Total ($)
Equity contracts		—			30,928		30,928
Foreign exchange contracts		(90,442	)		—		(90,442	)
Total		(90,442	)		30,928		(59,514	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instruments	Contracts Opened
Forward foreign currency exchange contracts		407
Futures contracts		41

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

Income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date.

Expenses

General expenses of the Trust are allocated to the Portfolio 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 Portfolio are charged to the Portfolio. 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 Portfolio 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 Portfolio 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 taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Portfolio intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Portfolio should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid semi-annually. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Portfolio's contracts with its service providers contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Portfolio cannot be determined, and the Portfolio has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date

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23

Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The Portfolio does not pay the Investment Manager a direct fee for these investment management services.

In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which the Portfolio invests. Because the underlying funds have varied expense and fee levels and the Portfolio may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolio will vary.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. The Portfolio pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of the Portfolio's average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Portfolio or the Board of Trustees (the Board), including: Portfolio boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Portfolio and Board expenses is facilitated by a company providing limited administrative services to the Portfolio and the Board. For the year ended January 31, 2013, other expenses paid to this company were $1,208.

Compensation of Board Members

Board members are compensated for their services to the Portfolio as set forth in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Portfolio as defined under the 1940 Act 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 the Portfolio or certain other funds managed by the Investment Manager. The Portfolio's liability for these amounts is

adjusted for market value changes and remains in the Portfolio until distributed in accordance with the Plan.

Transfer Agent 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 Portfolio. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Portfolio for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Portfolio that is a percentage of the average aggregate value of the Portfolio's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Portfolio (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the year ended January 31, 2013, the Portfolio's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.17	%
Class B	0.17
Class C	0.17
Class R	0.17
Class Z	0.17

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolio's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended January 31, 2013, these minimum account balance fees reduced total expenses by $61.

Distribution and Service Fees

The Portfolio has 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.

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Portfolio has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Portfolio. 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 Portfolio and providing services to investors.

The Plans require the payment of 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 Portfolio. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Portfolio and the payment of a monthly distribution fee at the maximum annual rates of 0.75%, 0.75% and 0.50% of the average daily net assets attributable to Class B, Class C and Class R shares, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Portfolio shares were $11,993 for Class A, $1,998 for Class B and $54 for Class C shares for the year ended January 31, 2013.

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), through May 31, 2013, unless sooner terminated at the sole discretion of the Board, so that the Portfolio's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Portfolio's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.25	%
Class B	1.00
Class C	1.00
Class R	0.50
Class Z	0.00

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 Portfolio, 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, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

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 January 31, 2013, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, post-October capital losses, late-year ordinary losses, re-characterization of distributions from investments and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Portfolio's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	(1,093,772	)
Accumulated net realized loss		1,093,771
Paid-in capital		1

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

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

	Year Ended January 31, 2013		Period Ended January 31, 2012		Year Ended March 31, 2011
Ordinary income	$	748,225	$	869,625	$	5,730,648

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

At January 31, 2013, the components of distributable earnings on a tax basis were as follows:

Accumulated realized loss	$	(91,524,054	)
Unrealized appreciation		1,774,674

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

At January 31, 2013, the cost of investments for federal income tax purposes was $47,484,896 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	2,136,818
Unrealized depreciation		(362,144	)
Net unrealized appreciation	$	1,774,674

The following capital loss carryforward, determined at January 31, 2013, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Year of Expiration	Amount
2017	$	4,980,942
2018		25,984,153
2019		19,955,661
Unlimited short-term		1,509,134
Unlimited long-term		38,335,873
Total	$	90,765,763

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. As of January 31, 2013, the Portfolio will elect to treat late year ordinary losses of $758,291 as arising on February 1, 2013.

Management of the Portfolio has concluded that there are no significant uncertain tax positions 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 Portfolio'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 obligations, aggregated to $3,115,573 and $26,492,060, respectively, for the year ended January 31, 2013.

Note 6. Shareholder Concentration

At January 31, 2013, two unaffiliated shareholder accounts owned an aggregate of 78.3% of the outstanding shares of the Portfolio . The Portfolio has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Portfolio .

Note 7. Line of Credit

The Portfolio has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Portfolio may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Portfolio and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. The Portfolio also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.08% per annum.

The Portfolio had no borrowings during the year ended January 31, 2013.

Note 8. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

Note 9. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2013

money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission 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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2013
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Columbia Masters International Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the Shareholders of
Columbia Masters International Equity Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Masters International Equity Portfolio (the "Portfolio") (a series of Columbia Funds Series Trust) at January 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the custodian, transfer agent and broker, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 22, 2013

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Columbia Masters International Equity Portfolio

Federal Income Tax Information

(Unaudited)

The Portfolio hereby designates the following tax attributes for the fiscal year ended January 31, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

Tax Designations:

Qualified Dividend Income		100.00	%
Dividends Received Deduction		1.03	%
Foreign Taxes Paid	$	64,519
Foreign Source Income	$	601,459

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Foreign Taxes. The Portfolio makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

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Columbia Masters International Equity Portfolio

Trustees and Officers

Shareholders elect the Board that oversees the Funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Funds' Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations Funds' Board ("Nations Funds"), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource Funds ("RiverSource Funds") effective June 1, 2011.

Independent Trustees

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006		152	Director, BlueCross BlueShield of Minnesota since 2009
Edward J. Boudreau, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000		145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003		152	None
William P. Carmichael 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired		145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976		152	None
William A. Hawkins 901 S. Marquette Ave. Minneapolis, MN 55402 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.		145	Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2013
30

Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
R. Glenn Hilliard 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011		145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College since 2002		152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)		152	Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation, 1983-1997		152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Director, Infinity, Inc. (oil and gas exploration and production) since 1994; Director, OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 901 S. Marquette Ave. Minneapolis, MN 55402 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President, Micco Corp. since 1998		145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology)		152	Director, Healthways, Inc. (health and well-being improvement) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

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Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Anthony M. Santomero 901 S. Marquette Ave. Minneapolis, MN 55402 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008		145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

*Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds	President, Columbia Management Investment Advisers, LLC since February 2012, (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Chief Executive Officer, Columbia Management Investment Distributors, Inc. since February 2012, (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; President and Chief Executive Officer, Ameriprise Certificate Company 2006-August 2012		204	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Director, Ameriprise Certificate Company, 2006-January 2013

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

The SAI has additional information about the Portfolio's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

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Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the Funds' other officers are:

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

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Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008-January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

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Columbia Masters International Equity Portfolio

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

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37

Columbia Masters International Equity Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Portfolio go to columbiamanagement.com. The Portfolio is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

ANN193_01_C01_(03/13)

Annual Report

January 31, 2013

Columbia LifeGoal^® Income Portfolio

Not FDIC insured • No bank guarantee • May lose value

Columbia LifeGoal® Income Portfolio

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as the year2012 came to a close. However, they ended the year up strongly, as first and third quarter gains more than offset second and fourth quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Stock markets outside the United States generated some of the best returns for the fourth quarter, as optimism rebounded, thanks to the September actions of the European Central Bank in support of the euro and an improving outlook from China. Both developed and emerging foreign markets topped U.S. stocks by a solid margin.

Corporate and emerging markets led fixed income

Fixed-income investors took their cue from the equity markets and continued to favor the highest risk sectors through the end of the year2012. Global fixed-income returns posted mixed results in the final quarter of the year. Gains were the highest for corporate high-yield and emerging market bonds. Although investors remained cautious ahead of the year-end budget negotiations, better economic data and a further improvement in the European sovereign debt crisis supported riskier assets and depressed government bond prices. In December, the Federal Reserve announced its intention to continue to purchase both Treasury and mortgage-backed securities and said that it would seek to keep short-term interest rates unchanged until the unemployment rate reaches 6.5%, or inflation turned noticeably higher.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2013

Columbia LifeGoal® Income Portfolio

Table of Contents

Performance Overview	2
Manager Discussion of Portfolio Performance	4
Understanding Your Portfolio's Expenses	6
Portfolio of Investments	7
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	14
Financial Highlights	16
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	26
Federal Income Tax Information	27
Trustees and Officers	28
Shareholder Meeting Results	33
Important Information About This Report	37

Portfolio Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Portfolio Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Portfolio Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

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

Annual Report 2013

Columbia LifeGoal® Income Portfolio

Performance Overview

Performance Summary

>  Columbia LifeGoal^® Income Portfolio (the Portfolio) Class A shares returned 5.17% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Portfolio outperformed its benchmark, the Barclays U.S. Aggregate 1-3 Years Index, which returned 0.99% during the same 12-month period.

>  The Portfolio also outperformed its Blended Index, which returned 3.47% for the same time frame.

>  We attribute the Portfolio's strong relative performance to its effective fixed income sector positioning overall.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		Life
Class A	09/04/03
Excluding sales charges			5.17		5.00		4.72
Including sales charges			1.78		4.30		4.34
Class B	09/04/03
Excluding sales charges			4.40		4.20		3.92
Including sales charges			1.40		4.20		3.92
Class C*	09/05/03
Excluding sales charges			4.40		4.20		3.93
Including sales charges			3.40		4.20		3.93
Class Z	09/04/03		5.43		5.28		4.98
Barclays U.S. Aggregate 1-3 Years Index			0.99		2.72		3.30
Blended Index			3.47		4.48		4.59

Returns for Class A are shown with and without the maximum initial sales charge of 3.25%. Returns for Class B are shown with and without the applicable contingent deferred sales charge (CDSC) of 3.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Portfolio's other classes are not subject to sales charges and have limited eligibility. Please see the Portfolio's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares. Performance results reflect the effect of any fee waivers or reimbursements of Portfolio expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Portfolio, if shown, which are since Portfolio inception) include the returns of the Portfolio's oldest share class. Since the Portfolio launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Barclays U.S. Aggregate 1-3 Years Index is an index of publicly-issued investment-grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three years.

The Blended Index consists of 80% Barclays U.S. Aggregate 1-3 Years Index and 20% Barclays U.S. Corporate High Yield Bond Index.

Annual Report 2013
2

Columbia LifeGoal® Income Portfolio

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (September 4, 2003 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia LifeGoal® Income Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares.

Annual Report 2013
3

Columbia LifeGoal® Income Portfolio

Manager Discussion of Portfolio Performance

At a Joint Special Meeting of Shareholders held on February 27, 2013, shareholders of Columbia LifeGoal Income Portfolio approved a proposal to merge the Portfolio with and into Columbia Capital Allocation Conservative Portfolio (formerly known as Columbia Portfolio Builder Conservative Fund). The reorganization is expected to occur on or about April 26, 2013.

For the 12-month period that ended January 31, 2013, the Portfolio's Class A shares returned 5.17% excluding sales charges. The Portfolio outperformed its benchmark, the Barclays U.S. Aggregate 1-3 Years Index, which returned 0.99% for the same 12-month period. The Portfolio also outperformed its Blended Index, comprised 80% of the Barclays U.S. Aggregate 1-3 Years Index and 20% of the Barclays U.S. Corporate High Yield Bond Index, which returned 3.47% for the same time period. We attribute the Portfolio's strong relative performance to its effective fixed income sector positioning overall.

Financial Markets Advanced Despite Market Gyrations

A rally in financial markets spanned the annual period, however it was not without a healthy dose of skepticism and market gyrations along the way. From the beginning of the annual period in February 2012 through early April 2012, global equity prices advanced at a brisk pace. Conversely, most core fixed income sectors lost ground during these months. Then, from early April 2012 through early June 2012, the equity markets corrected significantly. Concerns had surfaced around political negotiations in Washington, D.C., and worries heightened about the pace of economic growth in Europe and China and geopolitical turmoil in the Middle East. In the U.S., economic data lost momentum as a disappointing series of payroll reports, sentiment indicators, Institute for Supply Management (ISM) manufacturing figures and inflation all exhibited cautionary readings. Bond investors also turned more cautious, with most fixed income sectors posting single-digit gains and conservative U.S. Treasuries were among the strongest performers.

From early June 2012 through the remainder of the annual period ended January 31, 2013, riskier assets performed strongly. U.S. equities enjoyed double-digit gains. Bonds generated more mixed performance given improving investor sentiment. The Barclays U.S. Aggregate Bond Index, a broad measure for core bonds across the U.S. market, rose just less than 1% from the start of June 2012 through the end of January 2013. However, two areas that bucked the muted trend in the fixed income markets were U.S. high yield corporate bonds and emerging market bonds, which each posted gains of more than 12% from early June 2012 through the end of January 2013. The strong performance by riskier assets during these months was driven by several factors but included the European Central Bank's indication that it would do "whatever it takes" to preserve the currency union; the resolution of the U.S. presidential elections; improved U.S. housing, export and consumer spending data; seemingly stabilized economic growth in China; and anticipation of policies to be implemented by Japan's newly-elected prime minister Shinzo Abe. Further, stronger global economic growth overall, a cheaper U.S. dollar and a continued decline in borrowing costs contributed to a more favorable outlook for corporate profitability in the U.S.

Portfolio Management

Colin Moore, AIIMR

Anwiti Bahugana, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Portfolio Breakdown (%) (at January 31, 2013)
Alternative Investments	6.0
Fixed-Income Funds	83.5
Convertible	5.0
Emerging Markets	4.4
High Yield	10.0
International	4.5
Investment Grade	59.6
Inflation-Indexed Bonds	4.9
Money Market Funds	5.6
Total	100.0

Percentages indicated are based upon total investments.

Annual Report 2013
4

Columbia LifeGoal® Income Portfolio

Manager Discussion of Portfolio Performance (continued)

Effective Fixed Income Sector Positioning Boosted Results

Areas that contributed favorably to the Portfolio's relative returns during the annual period overall included investments in underlying funds focused on U.S. high yield corporate bonds, emerging market bonds and convertible, or hybrid, securities. The Portfolio's exposure to alternative assets, via underlying funds employing absolute return strategies, added value as well. There were no significant detractors from the Portfolio's relative results during the annual period.

Various Factors Drove Portfolio Changes

Changes within the Portfolio can be driven by active trading, by directing allocations to select market segments or by market appreciation or depreciation within a given market segment. During the annual period, the Portfolio's allocation to short-duration corporate bonds and to U.S. Treasury securities, via underlying funds, increased, while its weightings in mortgage-backed securities and investment grade corporate bonds broadly, via underlying funds, decreased.

Annual Report 2013
5

Columbia LifeGoal® Income Portfolio

Understanding Your Portfolio's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other portfolio expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Portfolio's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Portfolio during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Portfolio's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Portfolio's actual return) and then applies the Portfolio's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Portfolio bears directly, the Portfolio's shareholders indirectly bear the Portfolio's allocable share of the costs and expenses of each underlying fund in which the Portfolio invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Portfolio with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Portfolio's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Portfolio's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,022.60		1,022.47		2.69		2.69		0.53		5.24		5.24		1.03
Class B		1,000.00		1,000.00		1,018.80		1,018.65		6.55		6.55		1.29		9.08		9.08		1.79
Class C		1,000.00		1,000.00		1,018.80		1,018.65		6.55		6.55		1.29		9.08		9.08		1.79
Class Z		1,000.00		1,000.00		1,023.90		1,023.73		1.42		1.42		0.28		3.97		3.97		0.78

Expenses paid during the period are equal to the Portfolio's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Portfolio's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Portfolio's effective annualized expense ratio include expenses borne directly to the class plus the Portfolio's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Portfolio of Investments

January 31, 2013

(Percentages represent value of investments compared to net assets)

Fixed-Income Funds 84.0%

	Shares		Value ($)
Convertible 5.0%
Columbia Convertible Securities Fund, Class I Shares(a)		80,803		1,271,039
Emerging Markets 4.5%
Columbia Emerging Markets Bond Fund, Class I Shares(a)		89,887		1,134,377
High Yield 10.0%
Columbia Income Opportunities Fund, Class I Shares(a)		252,926		2,557,079
International 4.5%
Columbia International Bond Fund, Class I Shares(a)		98,725		1,142,246
Investment Grade 60.0%
Columbia Corporate Income Fund, Class I Shares(a)		121,606		1,271,995
Columbia Limited Duration Credit Fund, Class I Shares(a)		503,216		5,087,520
Columbia Short Term Bond Fund, Class I Shares(a)		253,577		2,535,770
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		682,588		3,822,491
Columbia U.S. Treasury Index Fund, Class I Shares(a)		222,707		2,538,856
Total				15,256,632
Total Fixed-Income Funds (Cost: $19,857,093)				21,361,373
Alternative Investments 6.0%
Columbia Absolute Return Currency and Income Fund, Class I Shares(a)		74,469		760,323
Columbia Absolute Return Multi-Strategy Fund, Class I Shares(a)		75,949		763,291
Total Alternative Investments (Cost: $1,510,536)				1,523,614

Inflation-Indexed Bonds 4.9%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Treasury Inflation-Indexed Bond 01/15/21		1.125	%		36,835		43,108
04/15/29		3.875	%		140,043		228,062
01/15/25		2.375	%		183,202		244,690
02/15/40		2.125	%		63,909		91,150
07/15/13		1.875	%		81,477		83,246
01/15/14		2.000	%		99,677		103,275
01/15/15		1.625	%		132,626		141,910
01/15/16		2.000	%		92,795		103,641
07/15/17		2.625	%		72,202		86,851
01/15/19		2.125	%		107,229		130,409
Total Inflation-Indexed Bonds (Cost: $1,105,356)							1,256,342
Money Market Funds 5.6%
				Shares		Value ($)
BofA Cash Reserves, Capital Class, 0.100%(b)	1,270,098					1,270,098
Columbia Short-Term Cash Fund, 0.132%(a)(b)	159,165					159,165
Total Money Market Funds (Cost: $1,429,263)							1,429,263
Total Investments (Cost: $23,902,248)							25,570,592
Other Assets and Liabilities							(130,539	)
Net Assets							25,440,053

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Portfolio of Investments (continued)

January 31, 2013

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Portfolio owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Portfolio. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		780,460		148,596		(175,744	)		554			753,866		18,188		—		760,323
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		791,207		140,860		(175,237	)		(160	)		756,670		—		9,746		763,291
Columbia Convertible Securities Fund, Class I Shares		969,212		348,578		(504,421	)		20,468			833,837		—		46,351		1,271,039
Columbia Corporate Income Fund, Class I Shares		3,599,292		241,473		(2,784,138	)		123,102			1,179,729		27,201		49,013		1,271,995
Columbia Emerging Markets Bond Fund, Class I Shares		1,044,901		395,829		(440,372	)		15,352			1,015,710		7,842		67,513		1,134,377
Columbia Income Opportunities Fund, Class I Shares		2,205,712		530,460		(796,619	)		23,317			1,962,870		—		157,888		2,557,079
Columbia International Bond Fund, Class I Shares		1,178,689		252,357		(335,600	)		3,056			1,098,502		—		23,843		1,142,246
Columbia Limited Duration Credit Fund, Class I Shares		2,913,015		3,294,944		(1,173,232	)		5,178			5,039,905		83,152		128,769		5,087,520
Columbia Short Term Bond Fund, Class I Shares		2,574,908		423,024		(559,784	)		2,224			2,440,372		—		40,678		2,535,770
Columbia Short-Term Cash Fund		17,826		221,870		(80,531	)		—			159,165		—		118		159,165
Columbia U.S. Government Mortgage Fund, Class I Shares		2,950,620		1,639,337		(910,799	)		5,599			3,684,757		78,065		130,561		3,822,491
Columbia U.S. Treasury Index Fund, Class I Shares		124,693		3,080,346		(599,296	)		(4,332	)		2,601,411		76,197		37,797		2,538,856
Mortgage- and Asset-Backed Portfolio		3,497,244		—		(3,637,126	)		139,882			—		—		—		—
Total		22,647,779		10,717,674		(12,172,899	)		334,240			21,526,794		290,645		692,277		23,044,152

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

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Columbia LifeGoal® Income Portfolio

Portfolio of Investments (continued)

January 31, 2013

(b)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

The Portfolio 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 Portfolio'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 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 Portfolio has the ability to access at the measurement date (including NAV for open-end mutual funds). 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 Portfolio'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 Portfolio uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Portfolio of Investments (continued)

January 31, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Portfolio's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Fixed-Income Funds		21,361,373		—		—		21,361,373
Alternative Investments		1,523,614		—		—		1,523,614
Money Market Funds		1,429,263		—		—		1,429,263
Total Mutual Funds		24,314,250		—		—		24,314,250
Bonds
Inflation-Indexed Bonds		—		1,256,342		—		1,256,342
Total Bonds		—		1,256,342		—		1,256,342
Total		24,314,250		1,256,342		—		25,570,592

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

The Portfolio's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Statement of Assets and Liabilities

January 31, 2013

Assets
Investments, at value
Unaffiliated issuers (identified cost $2,375,454)	$	2,526,440
Affiliated issuers (identified cost $21,526,794)		23,044,152
Total investments (identified cost $23,902,248)		25,570,592
Receivable for:
Investments sold		31,424
Capital shares sold		61,650
Dividends		36,793
Interest		3,026
Prepaid expenses		1,398
Other assets		12,982
Total assets		25,717,865
Liabilities
Payable for:
Investments purchased		36,771
Capital shares purchased		96,079
Investment management fees		19
Distribution and/or service fees		292
Transfer agent fees		6,546
Administration fees		14
Compensation of board members		47,518
Expense reimbursement due to Investment Manager		90,573
Total liabilities		277,812
Net assets applicable to outstanding capital stock	$	25,440,053
Represented by
Paid-in capital	$	24,627,506
Excess of distributions over net investment income		(28,798	)
Accumulated net realized loss		(826,999	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		150,986
Investments — affiliated issuers		1,517,358
Total — representing net assets applicable to outstanding capital stock	$	25,440,053

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Statement of Assets and Liabilities (continued)

January 31, 2013

Class A
Net assets	$	15,554,724
Shares outstanding		1,454,821
Net asset value per share	$	10.69
Maximum offering price per share(a)	$	11.05
Class B
Net assets	$	1,300,786
Shares outstanding		121,927
Net asset value per share	$	10.67
Class C
Net assets	$	5,467,050
Shares outstanding		512,865
Net asset value per share	$	10.66
Class Z
Net assets	$	3,117,493
Shares outstanding		291,398
Net asset value per share	$	10.70

(a) The maximum offering price is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 3.25%.

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

Annual Report 2013
12

Columbia LifeGoal® Income Portfolio

Statement of Operations

Year Ended January 31, 2013

Net investment income
Income:
Dividends — unaffiliated issuers	$	2,283
Dividends — affiliated issuers		692,277
Interest		25,612
Total income		720,172
Expenses:
Investment management fees		6,817
Distribution and/or service fees
Class A		41,504
Class B		18,866
Class C		55,118
Transfer agent fees
Class A		31,777
Class B		3,582
Class C		10,539
Class Z		6,055
Administration fees		5,431
Compensation of board members		13,650
Custodian fees		10,278
Printing and postage fees		27,941
Registration fees		64,570
Professional fees		17,745
Other		10,067
Total expenses		323,940
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(131,072	)
Total net expenses		192,868
Net investment income		527,304
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		334,240
Capital gain distributions from underlying affiliated funds		290,645
Net realized gain		624,885
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		21,750
Investments — affiliated issuers		155,488
Net change in unrealized appreciation (depreciation)		177,238
Net realized and unrealized gain		802,123
Net increase in net assets resulting from operations	$	1,329,427

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Statement of Changes in Net Assets

	Year Ended January 31, 2013			Year Ended January 31, 2012(a)			Year Ended March 31, 2011
Operations
Net investment income	$	527,304		$	590,005		$	752,770
Net realized gain		624,885			801,810			1,484,121
Net change in unrealized appreciation (depreciation)		177,238			(284,613	)		(384,859	)
Net increase in net assets resulting from operations		1,329,427			1,107,202			1,852,032
Distributions to shareholders
Net investment income
Class A		(467,586	)		(384,069	)		(392,912	)
Class B		(36,190	)		(82,017	)		(131,848	)
Class C		(115,096	)		(113,159	)		(110,683	)
Class Z		(97,912	)		(63,575	)		(110,974	)
Net realized gains
Class A		(53,020	)		—			—
Class B		(4,557	)		—			—
Class C		(18,026	)		—			—
Class Z		(10,521	)		—			—
Total distributions to shareholders		(802,908	)		(642,820	)		(746,417	)
Increase (decrease) in net assets from capital stock activity		(1,595,424	)		(802,053	)		(4,776,128	)
Total decrease in net assets		(1,068,905	)		(337,671	)		(3,670,513	)
Net assets at beginning of year		26,508,958			26,846,629			30,517,142
Net assets at end of year	$	25,440,053		$	26,508,958		$	26,846,629
Undistributed (excess of distributions over) net investment income	$	(28,798	)	$	(10,474	)	$	34,279

(a)   For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2013						Year Ended January 31, 2012(a)						Year Ended March 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(b)		404,610			4,291,625			452,484			4,687,854			371,656			3,740,809
Distributions reinvested		27,174			289,454			18,917			195,877			24,375			243,966
Redemptions		(476,988	)		(5,085,383	)		(253,477	)		(2,632,181	)		(465,982	)		(4,705,202	)
Net increase (decrease)		(45,204	)		(504,304	)		217,924			2,251,550			(69,951	)		(720,427	)
Class B shares
Subscriptions		4,647			49,238			23,131			238,641			32,959			327,934
Distributions reinvested		1,655			17,582			2,123			21,964			6,838			68,016
Redemptions(b)		(141,215	)		(1,497,339	)		(277,747	)		(2,873,945	)		(246,160	)		(2,471,808	)
Net decrease		(134,913	)		(1,430,519	)		(252,493	)		(2,613,340	)		(206,363	)		(2,075,858	)
Class C shares
Subscriptions		72,920			778,168			129,828			1,342,556			148,916			1,491,426
Distributions reinvested		7,521			79,894			5,302			54,730			6,200			61,918
Redemptions		(99,350	)		(1,056,588	)		(118,508	)		(1,223,947	)		(204,206	)		(2,043,283	)
Net increase (decrease)		(18,909	)		(198,526	)		16,622			173,339			(49,090	)		(489,939	)
Class Z shares
Subscriptions		169,161			1,802,511			121,024			1,261,821			278,353			2,786,284
Distributions reinvested		6,254			66,691			2,321			24,036			3,017			30,252
Redemptions		(124,241	)		(1,331,277	)		(183,451	)		(1,899,459	)		(432,823	)		(4,306,440	)
Net increase (decrease)		51,174			537,925			(60,106	)		(613,602	)		(151,453	)		(1,489,904	)
Total net decrease		(147,852	)		(1,595,424	)		(78,053	)		(802,053	)		(476,857	)		(4,776,128	)

(a) For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b) Includes conversions of Class B shares to Class A shares, if any.

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

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15

Columbia LifeGoal® Income Portfolio

Financial Highlights

The following tables are intended to help you understand the Portfolio'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. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended January 31,						Year Ended March 31,
Class A	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.49		$	10.31		$	9.90		$	8.58		$	9.83		$	10.22
Income from investment operations:
Net investment income		0.23			0.26			0.29			0.36			0.38			0.44
Net realized and unrealized gain (loss)		0.31			0.20			0.41			1.31			(1.19	)		(0.38	)
Total from investment operations		0.54			0.46			0.70			1.67			(0.81	)		0.06
Less distributions to shareholders:
Net investment income		(0.30	)		(0.28	)		(0.29	)		(0.35	)		(0.40	)		(0.43	)
Net realized gains		(0.04	)		—			—			—			(0.04	)		(0.02	)
Total distributions to shareholders		(0.34	)		(0.28	)		(0.29	)		(0.35	)		(0.44	)		(0.45	)
Net asset value, end of period	$	10.69		$	10.49		$	10.31		$	9.90		$	8.58		$	9.83
Total return		5.17	%		4.56	%		7.21	%		19.77	%		(8.37	%)		0.60	%
Ratios to average net assets(b)(c)
Total gross expenses		1.02	%		1.24	%(d)(e)		1.24	%		1.25	%		1.06	%		1.14	%
Total net expenses(f)		0.54	%		0.58	%(d)(e)		0.67	%		0.67	%		0.67	%		0.67	%(g)
Net investment income		2.12	%		3.00	%(d)		2.93	%		3.78	%		4.40	%		4.34	%
Supplemental data
Net assets, end of period (in thousands)	$	15,555		$	15,736		$	13,214		$	13,390		$	11,281		$	13,941
Portfolio turnover		40	%		66	%		109	%		35	%		51	%		24	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
16

Columbia LifeGoal® Income Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class B	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.47		$	10.29		$	9.89		$	8.56		$	9.82		$	10.21
Income from investment operations:
Net investment income		0.14			0.19			0.22			0.28			0.31			0.36
Net realized and unrealized gain (loss)		0.32			0.21			0.40			1.33			(1.20	)		(0.37	)
Total from investment operations		0.46			0.40			0.62			1.61			(0.89	)		(0.01	)
Less distributions to shareholders:
Net investment income		(0.22	)		(0.22	)		(0.22	)		(0.28	)		(0.33	)		(0.36	)
Net realized gains		(0.04	)		—			—			—			(0.04	)		(0.02	)
Total distributions to shareholders		(0.26	)		(0.22	)		(0.22	)		(0.28	)		(0.37	)		(0.38	)
Net asset value, end of period	$	10.67		$	10.47		$	10.29		$	9.89		$	8.56		$	9.82
Total return		4.40	%		3.91	%		6.31	%		19.04	%		(9.17	%)		(0.15	%)
Ratios to average net assets(b)(c)
Total gross expenses		1.74	%		1.95	%(d)(e)		1.99	%		2.00	%		1.81	%		1.89	%
Total net expenses(f)		1.29	%		1.33	%(d)(e)		1.42	%		1.42	%		1.42	%		1.42	%(g)
Net investment income		1.35	%		2.24	%(d)		2.16	%		3.02	%		3.66	%		3.58	%
Supplemental data
Net assets, end of period (in thousands)	$	1,301		$	2,690		$	5,242		$	7,079		$	7,467		$	8,849
Portfolio turnover		40	%		66	%		109	%		35	%		51	%		24	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia LifeGoal® Income Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class C	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.46		$	10.28		$	9.88		$	8.55		$	9.81		$	10.19
Income from investment operations:
Net investment income		0.14			0.20			0.22			0.28			0.31			0.36
Net realized and unrealized gain (loss)		0.32			0.20			0.40			1.33			(1.20	)		(0.36	)
Total from investment operations		0.46			0.40			0.62			1.61			(0.89	)		—
Less distributions to shareholders:
Net investment income		(0.22	)		(0.22	)		(0.22	)		(0.28	)		(0.33	)		(0.36	)
Net realized gains		(0.04	)		—			—			—			(0.04	)		(0.02	)
Total distributions to shareholders		(0.26	)		(0.22	)		(0.22	)		(0.28	)		(0.37	)		(0.38	)
Net asset value, end of period	$	10.66		$	10.46		$	10.28		$	9.88		$	8.55		$	9.81
Total return		4.40	%		3.92	%		6.32	%		19.07	%		(9.18	%)		(0.05	%)
Ratios to average net assets(b)(c)
Total gross expenses		1.77	%		1.98	%(d)(e)		1.99	%		2.00	%		1.81	%		1.89	%
Total net expenses(f)		1.29	%		1.33	%(d)(e)		1.42	%		1.42	%		1.42	%		1.42	%(g)
Net investment income		1.37	%		2.26	%(d)		2.18	%		3.02	%		3.70	%		3.59	%
Supplemental data
Net assets, end of period (in thousands)	$	5,467		$	5,562		$	5,294		$	5,573		$	5,104		$	4,932
Portfolio turnover		40	%		66	%		109	%		35	%		51	%		24	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia LifeGoal® Income Portfolio

Financial Highlights (continued)

	Year Ended January 31,						Year Ended March 31,
Class Z	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.50		$	10.31		$	9.91		$	8.57		$	9.83		$	10.22
Income from investment operations:
Net investment income		0.25			0.28			0.32			0.38			0.42			0.46
Net realized and unrealized gain (loss)		0.31			0.21			0.40			1.34			(1.21	)		(0.37	)
Total from investment operations		0.56			0.49			0.72			1.72			(0.79	)		0.09
Less distributions to shareholders:
Net investment income		(0.32	)		(0.30	)		(0.32	)		(0.38	)		(0.43	)		(0.46	)
Net realized gains		(0.04	)		—			—			—			(0.04	)		(0.02	)
Total distributions to shareholders		(0.36	)		(0.30	)		(0.32	)		(0.38	)		(0.47	)		(0.48	)
Net asset value, end of period	$	10.70		$	10.50		$	10.31		$	9.91		$	8.57		$	9.83
Total return		5.43	%		4.88	%		7.37	%		20.33	%		(8.25	%)		0.85	%
Ratios to average net assets(b)(c)
Total gross expenses		0.78	%		0.98	%(d)(e)		0.99	%		1.00	%		0.81	%		0.89	%
Total net expenses(f)		0.28	%		0.33	%(d)(e)		0.42	%		0.42	%		0.42	%		0.42	%(g)
Net investment income		2.37	%		3.24	%(d)		3.20	%		4.04	%		4.60	%		4.57	%
Supplemental data
Net assets, end of period (in thousands)	$	3,117		$	2,521		$	3,096		$	4,475		$	4,472		$	5,813
Portfolio turnover		40	%		66	%		109	%		35	%		51	%		24	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Portfolio's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the acquired funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia LifeGoal® Income Portfolio

Notes to Financial Statements

January 31, 2013

Note 1. Organization

Columbia LifeGoal^® Income Portfolio (the Portfolio), a series of Columbia Funds Series Trust (the Trust), is a diversified portfolio. 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.

The Portfolio is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. The Portfolio may also invest in unaffiliated underlying funds, exchange traded funds, equity and fixed income securities (including treasury inflation protected securities) and derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds please refer to the Portfolio's most recent prospectus and the prospectuses of the underlying funds.

Portfolio Shares

The Trust may issue an unlimited number of shares (without par value). The Portfolio offers Class A, Class B, Class C and Class Z shares. All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 3.25% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 3.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. The Portfolio no longer accepts investments by new or existing investors in the Portfolio's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

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

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

Debt securities generally are valued by pricing services approved by the Board of Trustees (the Board) based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. 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 last quoted market price for the security.

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

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Columbia LifeGoal® Income Portfolio

Notes to Financial Statements (continued)

January 31, 2013

Treasury Inflation Protected Securities

The Portfolio may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statement of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Expenses

General expenses of the Trust are allocated to the Portfolio and other series 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 Portfolio are charged to the Portfolio. 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 Portfolio 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 Portfolio 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 taxable income (including net short-term capital gains), if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the Portfolio intends to distribute in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, such that the Portfolio should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

Guarantees and Indemnifications

Under the Trust's organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its portfolios. In addition, certain of the Portfolio's contracts with its service providers contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against the Portfolio cannot be determined, and the Portfolio has no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee is an annual fee that is a blend of (i) 0.00% on assets invested in funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange traded third-party advised mutual funds and (iii) 0.40% on assets

Annual Report 2013
21

Columbia LifeGoal® Income Portfolio

Notes to Financial Statements (continued)

January 31, 2013

invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment advisory fee, ETFs, derivatives and individual securities.

The effective investment management fee rate for the year ended January 31, 2013, was 0.03% of the Portfolio's average daily net assets.

In addition to the fees and expenses which the Portfolio bears directly, the Portfolio indirectly bears a pro rata share of the fees and expenses of the underlying funds (also referred to as "acquired funds") in which the Portfolio invests. Because the underlying funds have varied expense and fee levels and the Portfolio may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by the Portfolio will vary.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. The Portfolio pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of the Portfolio's average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Portfolio or the Board, including: Portfolio boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Portfolio and Board expenses is facilitated by a company providing limited administrative services to the Portfolio and the Board. For the year ended January 31, 2013, other expenses paid to this company were $1,208.

Compensation of Board Members

Board members are compensated for their services to the Portfolio as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Portfolio, as defined under the 1940 Act, 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 Portfolio's liability for these amounts is adjusted for market value changes and remains in the Portfolio until distributed in accordance with the Plan.

Transfer Agent 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

Portfolio. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Portfolio for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Portfolio that is a percentage of the average aggregate value of the Portfolio's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Portfolio (with the exception of out of pocket expenses).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees.

For the year ended January 31, 2013, the Portfolio's effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Class A	0.19	%
Class B	0.19
Class C	0.19
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Portfolio's initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statement of Operations. For the year ended January 31, 2013, no minimum account balance fees were charged by the Portfolio.

Distribution and Service Fees

The Portfolio has 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. Pursuant to Rule 12b-1 under the 1940 Act, the Board of Trustees has approved, and the Portfolio has adopted, distribution and shareholder service plans (the Plans) which set the distribution and service fees for the Portfolio. 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 Portfolio and providing services to investors.

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Columbia LifeGoal® Income Portfolio

Notes to Financial Statements (continued)

January 31, 2013

The Plans require the payment of 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 Portfolio. The Plans also require the payment of a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Portfolio and the payment of a monthly distribution fee at the maximum annual rate of 0.75% of the average daily net assets attributable to Class B and Class C shares of the Portfolio.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Portfolio shares were $10,408 for Class A, $39 for Class B and $125 for Class C shares for the year ended January 31, 2013.

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), through May 31, 2013, unless sooner terminated at the sole discretion of the Board, so that the Portfolio's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Portfolio's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Class A	0.51	%
Class B	1.26
Class C	1.26
Class Z	0.26

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 Portfolio, 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, the Portfolio's investment management fee, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. This agreement may be modified or amended only with approval from all parties.

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 January 31, 2013, these differences are primarily due to differing treatment for deferral/reversal of wash sales losses, Trustees' deferred compensation and re-characterization of distributions from investments. To the extent these differences are permanent, reclassifications are made among the components of the Portfolio's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	171,156
Accumulated net realized loss		(171,156	)

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

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

Year Ended January 31,	2013		2012
Ordinary income	$	716,784	$	642,820
Long-term capital gains		86,124		—
Total	$	802,908	$	642,820

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

At January 31, 2013, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	18,642
Undistributed accumulated long-term gain		114,502
Unrealized appreciation		726,843

At January 31, 2013, the cost of investments for federal income tax purposes was $24,843,749 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	789,397
Unrealized depreciation		(62,554	)
Net unrealized appreciation	$	726,843

For the year ended January 31, 2013, $215,582 of capital loss carryforward was utilized.

Management of the Portfolio has concluded that there are no significant uncertain tax positions that would require

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23

Columbia LifeGoal® Income Portfolio

Notes to Financial Statements (continued)

January 31, 2013

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 Portfolio'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 obligations, aggregated to $10,705,064 and $12,542,170, respectively, for the year ended January 31, 2013, of which $0 and $80,532, respectively, were U.S. government securities.

Note 6. Shareholder Concentration

At January 31, 2013, two unaffiliated shareholder accounts owned an aggregate of 54.3% of the outstanding shares of the Portfolio. The Portfolio has no knowledge about whether any portion of those shares was owned beneficially by such accounts. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Portfolio.

Note 7. Line of Credit

The Portfolio has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Portfolio may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Portfolio and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing.

The Portfolio had no borrowings during the year ended January 31, 2013.

Note 8. 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.

On February 27, 2013, shareholders of the Portfolio approved a proposal to merge the Portfolio into Columbia Capital Allocation Conservative Portfolio (formerly known as Columbia Portfolio Builder Conservative Portfolio). The merger is expected to take place on or about April 26, 2013.

Note 9. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission 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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on

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24

Columbia LifeGoal® Income Portfolio

Notes to Financial Statements (continued)

January 31, 2013

the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

Annual Report 2013
25

Columbia LifeGoal® Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and
the Shareholders of Columbia LifeGoal® Income Portfolio

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia LifeGoal^® Income Portfolio (the "Portfolio") (a series of Columbia Funds Series Trust) at January 31, 2013, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 22, 2013

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26

Columbia LifeGoal® Income Portfolio

Federal Income Tax Information

(Unaudited)

The Portfolio hereby designates the following tax attributes for the fiscal year ended January 31, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

Tax Designations:

Qualified Dividend Income		1.33	%
Dividends Received Deduction		1.18	%
Capital Gain Dividend	$	210,657

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Capital Gain Dividend. The Portfolio designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Portfolio also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

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27

Columbia LifeGoal® Income Portfolio

Trustees and Officers

Shareholders elect the Board that oversees the funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the funds' Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations funds' Board ("Nations Funds"), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource funds ("RiverSource Funds") effective June 1, 2011.

Independent Trustees

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006		152	Director, BlueCross BlueShield of Minnesota since 2009
Edward J. Boudreau, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000		145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003		152	None
William P. Carmichael 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired		145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976		152	None
William A. Hawkins 901 S. Marquette Ave. Minneapolis, MN 55402 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.		145	Trustee, BofA Funds Series Trust (11 funds)

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Columbia LifeGoal® Income Portfolio

Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
R. Glenn Hilliard 901 S. Marquette Ave. Minneapolis, MN 55402 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011		145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College since 2002		152	Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)		152	Director, Valmont Industries, Inc. (manufacturer of irrigation systems) since 2012
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation from 1983-1987		152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Director, Infinity, Inc. (oil and gas exploration and production) since 1994; Director, OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 901 S. Marquette Ave. Minneapolis, MN 55402 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President Micco Corp. since 1998		145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology)		152	Director, Healthways, Inc. (health and well-being improvement) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

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Columbia LifeGoal® Income Portfolio

Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Anthony M. Santomero 901 S. Marquette Ave. Minneapolis, MN 55402 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008		145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

*Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the funds to be an "interested person" (as defined in the 1940 Act) of the funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002 for RiverSource Funds and 5/10 for Nations Funds	President, Columbia Management Investment Advisers, LLC since February 2012, (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Chief Executive Officer, Columbia Management Investment Distributors, Inc. since February 2012, (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; President and Chief Executive Officer, Ameriprise Certificate Company 2006-August 2012.		204	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; Director, Ameriprise Certificate Company, 2006-January 2013

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

The SAI has additional information about the Portfolio's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

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30

Columbia LifeGoal® Income Portfolio

Trustees and Officers (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the funds' other officers are:

Officers

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

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Columbia LifeGoal® Income Portfolio

Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008- January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America, June 2005-April 2010

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Columbia LifeGoal® Income Portfolio

Shareholder Meeting Results

Special Meeting of Shareholders Held on February 27, 2013 (Unaudited)

Columbia LifeGoal® Income Portfolio

At a Joint Special Meeting of Shareholders held on February 27, 2013 (the "Meeting"), shareholders of the Portfolio approved an Agreement and Plan of Reorganization pursuant to which the Portfolio will transfer its assets to Columbia Capital Allocation Conservative Portfolio (the "Buying Portfolio") in exchange for shares of the Buying Portfolio and the assumption by the Buying Portfolio of the Portfolio's liabilities. The votes cast for or against as well as the number of abstentions and broker non-votes as to the proposal are set forth below. A vote is based on the total number of Portfolio shares outstanding as of the record date for the Meeting.

Votes For		Votes Against		Abstentions		Broker Non-Votes
	1,126,892		42,700		102,150		0

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Columbia LifeGoal® Income Portfolio

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

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37

Columbia LifeGoal® Income Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Fund go to columbiamanagement.com. The Fund is distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

ANN182_01_C01_(03/13)

Annual Report

January 31, 2013

Columbia Capital Allocation Portfolios

Columbia Capital Allocation Conservative Portfolio
(formerly, Columbia Portfolio Builder Conservative Fund)

Columbia Capital Allocation Moderate Conservative Portfolio
(formerly, Columbia LifeGoal® Income and Growth Portfolio)

Columbia Capital Allocation Moderate Portfolio
(formerly, Columbia Portfolio Builder Moderate Fund)

Columbia Capital Allocation Moderate Aggressive Portfolio
(formerly, Columbia LifeGoal® Balanced Growth Portfolio)

Columbia Capital Allocation Aggressive Portfolio
(formerly, Columbia Portfolio Builder Aggressive Fund)

Not FDIC insured • No bank guarantee • May lose value

Columbia Capital Allocation Portfolios

President's Message

Dear Shareholders,

U.S. stocks flat, foreign markets strong in 2012 finale

After a strong third quarter, U.S. stock market averages treaded water as 2012 came to a close. However, they ended the year up strongly, as first and third quarter gains more than offset second and fourth quarter weakness. Typically a strong quarter for domestic small- and mid-cap issues, the fourth quarter of 2012 indeed proved to be another year-end positive for small-cap stocks. For the full calendar year 2012, the S&P 500 Index rose 16.00%.

Stock markets outside the United States generated some of the best returns for the fourth quarter, as optimism rebounded, thanks to the September actions of the European Central Bank in support of the euro and an improving outlook from China. Both developed and emerging foreign markets topped U.S. stocks by a solid margin.

Corporate and emerging markets led fixed income

Fixed-income investors took their cue from the equity markets and continued to favor the highest risk sectors through the end of 2012. Global fixed-income returns posted mixed results in the final quarter of the year. Gains were the highest for corporate high-yield and emerging market bonds. Although investors remained cautious ahead of the year-end budget negotiations, better economic data and a further improvement in the European sovereign debt crisis supported riskier assets and depressed government bond prices. In December, the Federal Reserve announced its intention to continue to purchase both Treasury and mortgage-backed securities and said that it would seek to keep short-term interest rates unchanged until the unemployment rate reaches 6.5%, or inflation turned noticeably higher.

Stay on track with Columbia Management

Backed by more than 100 years of experience, Columbia Management is one of the nation's largest asset managers. At the heart of our success — and, most importantly, that of our investors — are highly talented industry professionals, brought together by a unique way of working. We are dedicated to helping you take advantage of today's opportunities and anticipate tomorrow's. We stay abreast of the latest investment trends and ideas, using our collective insight to evaluate events and transform them into solutions you can use.

Visit columbiamanagement.com for:

>  The Columbia Management Perspectives blog, featuring timely posts by our investment teams

>  Detailed up-to-date fund performance and portfolio information

>  Economic analysis and market commentary

>  Quarterly fund commentaries

>Columbia Management Investor, our award-winning quarterly newsletter for shareholders

Thank you for your continued support of the Columbia Funds. We look forward to serving your investment needs for many years to come.

Best Regards,

J. Kevin Connaughton
President, Columbia Funds

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about a fund, visit columbiamanagement.com. The prospectus should be read carefully before investing.

Columbia Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

Annual Report 2013

Columbia Capital Allocation Portfolios

Table of Contents

Columbia Capital Allocation Conservative Portfolio
Performance Overview	2
Portfolio Overview	4
Columbia Capital Allocation Moderate Conservative Portfolio
Performance Overview	5
Portfolio Overview	7
Columbia Capital Allocation Moderate Portfolio
Performance Overview	8
Portfolio Overview	10
Columbia Capital Allocation Moderate Aggressive Portfolio
Performance Overview	11
Portfolio Overview	13
Columbia Capital Allocation Aggressive Portfolio
Performance Overview	14
Portfolio Overview	16
Manager Discussion of Fund Performance	17
Understanding Your Fund's Expenses	20
Portfolio of Investments	23
Statements of Assets and Liabilities	57
Statements of Operations	61
Statements of Changes in Net Assets	63
Financial Highlights	73
Notes to Financial Statements	106
Reports of Independent Registered Public Accounting Firm	118
Federal Tax Information	119
Trustees and Officers	120
Shareholder Meeting Results	125
Important Information About This Report	129

Fund Investment Manager

Columbia Management Investment
Advisers, LLC
225 Franklin Street
Boston, MA 02110

Fund Distributor

Columbia Management Investment
Distributors, Inc.
225 Franklin Street
Boston, MA 02110

Fund Transfer Agent

Columbia Management Investment
Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

For more information about any of the funds, please visit columbiamanagement.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 8 p.m. Eastern time.

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

Annual Report 2013

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Conservative Portfolio

Performance Summary

>  Columbia Capital Allocation Conservative Portfolio (the Fund) Class A shares returned 7.62% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Fund's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned 2.59% for the same time period.

>  The Fund outperformed its Blended Index, which returned 5.26% for the same time period.

>  The Fund's domestic equity benchmark, the Russell 3000 Index, returned 16.90% for the same 12 months.

>  The Citigroup 3-Month U.S. Treasury Bill Index returned 0.08% for the same 12 months.

>  The Fund's international equity benchmark, the MSCI EAFE Index (Gross), returned 17.83% for the 12-month period.

>  We attribute the Fund's relative performance to mixed results from asset class allocation and underlying fund performance.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			7.62		4.61		4.77
Including sales charges			2.55		3.59		4.20
Class B	03/04/04
Excluding sales charges			6.79		3.83		3.97
Including sales charges			1.79		3.49		3.97
Class C	03/04/04
Excluding sales charges			6.75		3.85		3.99
Including sales charges			5.75		3.85		3.99
Class K (formerly Class R4)	03/04/04		7.62		4.77		4.93
Class R*	09/27/10		7.39		4.40		4.56
Class Z*	09/27/10		7.91		4.74		4.84
Barclays U.S. Aggregate Bond Index			2.59		5.45		5.07
Blended Index			5.26		4.81		5.10	**
Russell 3000 Index			16.90		4.44		5.52
Citigroup 3-Month U.S. Treasury Bill Index			0.08		0.39		1.76	**
MSCI EAFE Index (Gross)			17.83		-0.30		5.96

Returns for Class A are shown with and without the maximum initial sales charge of 4.75%. Returns for Class B and are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*  The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

**  From February 29, 2004.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Blended Index consists of 70% Barclays U.S. Aggregate Bond Index, 14% Russell 3000 Index, 10% Citigroup 3-Month U.S. Treasury Bill Index and 6% MSCI EAFE Index (Gross). The Russell 3000 Index, the Citigroup 3-Month U.S. Treasury Bill Index and the MSCI EAFE Index (Gross) are shown in the table because they are separate components of the Blended Index.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills.

The MSCI EAFE (Europe, Australasia, Far East) Index (Gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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

Annual Report 2013
2

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Conservative Portfolio

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

*From February 29, 2004.

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3

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2013)
Alternative Investment Funds	8.1
Equity Funds	20.7
Dividend Income	4.2
International	4.4
U.S. Large Cap	8.8
U.S. Mid Cap	2.6
U.S. Small Cap	0.7
Fixed-Income Funds	68.6
Convertible	1.0
Emerging Markets	5.0
Inflation Proteceted Securities	4.9
Investment Grade	57.7
Money Market Funds	2.6
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
4

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Conservative Portfolio

Performance Summary

>  Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) Class A shares returned 8.94% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Fund underperformed its equity benchmark, the S&P 500 Index, which returned 16.78% for the same 12 months.

>  The Fund outperformed its fixed-income benchmark, the Barclays U.S. Aggregate Bond Index, which returned 2.59% for the same time period.

>  We attribute the Fund's relative performance to mixed results from asset class allocation and underlying fund performance.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			8.94		5.64		6.65
Including sales charges			2.67		4.40		6.02
Class B	08/07/97
Excluding sales charges			8.17		4.85		5.86
Including sales charges			3.17		4.52		5.86
Class C	10/15/96
Excluding sales charges			8.13		4.85		5.86
Including sales charges			7.13		4.85		5.86
Class R*	01/23/06		8.76		5.39		6.39
Class R4*	11/08/12		8.95		5.64		6.65
Class R5*	11/08/12		8.98		5.65		6.65
Class Z	10/15/96		9.22		5.91		6.90
S&P 500 Index			16.78		3.97		7.93
Barclays U.S. Aggregate Bond Index			2.59		5.45		5.10

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B and are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

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

Annual Report 2013
5

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2003 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Conservative Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

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6

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2013)
Alternative Investment Funds	4.9
Equity Funds	29.8
Dividend Income	5.9
International	3.6
U.S. Large Cap	14.9
U.S. Mid Cap	4.2
U.S. Small Cap	1.2
Fixed-Income Funds	57.6
Convertible	3.0
Emerging Markets	3.5
High Yield	8.5
International	2.9
Investment Grade	39.7
Inflation-Indexed Bonds	4.3
Money Market Funds	3.4
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

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7

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Portfolio

Performance Summary

>  Columbia Capital Allocation Moderate Portfolio (the Fund) Class A shares returned 10.87% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Fund's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned 2.59% for the same time period.

>  The Fund outperformed its Blended Index, which returned 9.94% for the same time period.

>  The Fund's domestic equity benchmark, the Russell 3000 Index, returned 16.90% for the same 12 months.

>  The Fund's international equity benchmark, the MSCI EAFE Index (Gross), returned 17.83% for the 12-month period.

>  We attribute the Fund's relative performance to mixed results from asset class allocation and underlying fund performance.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			10.87		4.87		5.82
Including sales charges			4.46		3.63		5.12
Class B	03/04/04
Excluding sales charges			9.99		4.07		5.01
Including sales charges			4.99		3.72		5.01
Class C	03/04/04
Excluding sales charges			9.95		4.09		5.02
Including sales charges			8.95		4.09		5.02
Class K (formerly Class R4)	03/04/04		10.94		5.05		6.03
Class R*	09/27/10		10.46		4.59		5.55
Class Z*	09/27/10		10.98		4.97		5.88
Barclays U.S. Aggregate Bond Index			2.59		5.45		5.07
Blended Index			9.94		4.80		5.76
Russell 3000 Index			16.90		4.44		5.52
MSCI EAFE Index (Gross)			17.83		-0.30		5.96

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B and are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

The Blended Index consists of 50% Barclays U.S. Aggregate Bond Index, 35% Russell 3000 Index and 15% MSCI EAFE Index (Gross). The Russell 3000 Index and the MSCI EAFE Index (Gross) are shown in the table because they are separate components of the Blended Index.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The MSCI EAFE (Europe, Australasia, Far East) Index (Gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

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

Annual Report 2013
8

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Portfolio

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2013
9

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Portfolio Breakdown (%) (at Jannuuary 31, 2013)
Alternative Investment Funds	4.0
Equity Funds	51.2
Dividend Income	5.6
International	13.4
U.S. Large Cap	20.6
U.S. Mid Cap	8.5
U.S. Small Cap	3.1
Fixed-Income Funds	44.5
Convertible	2.6
Emerging Markets	2.0
High Yield	4.2
Inflation Proteceted Securities	1.4
Investment Grade	34.3
Money Market Funds	0.3
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
10

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance Summary

>  Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) Class A shares returned 11.28% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Fund underperformed its equity benchmark, the S&P 500 Index, which returned 16.78% for the same 12 months.

>  The Fund outperformed its fixed-income benchmark, the Barclays U.S. Aggregate Bond Index, which returned 2.59% for the same time period.

>  We attribute the Fund's relative performance to mixed results from asset class allocation and underlying fund performance.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			11.28		5.35		8.14
Including sales charges			4.87		4.10		7.50
Class B	08/13/97
Excluding sales charges			10.45		4.54		7.32
Including sales charges			5.45		4.20		7.32
Class C	10/15/96
Excluding sales charges			10.49		4.55		7.33
Including sales charges			9.49		4.55		7.33
Class R*	01/23/06		11.01		5.09		7.87
Class R4*	11/08/12		11.33		5.36		8.15
Class R5*	11/08/12		11.37		5.37		8.15
Class T*	03/07/11
Excluding sales charges			11.23		5.30		8.09
Including sales charges			4.83		4.05		7.45
Class Z	10/15/96		11.57		5.60		8.42
S&P 500 Index			16.78		3.97		7.93
Barclays U.S. Aggregate Bond Index			2.59		5.45		5.10

Returns for Class A and Class T are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B and are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

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

Annual Report 2013
11

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Performance of a Hypothetical $10,000 Investment (February 1, 2003 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Moderate Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2013
12

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2013)
Alternative Investment Funds	6.1
Common Stocks	0.0	(a)
Equity Funds	60.6
Dividend Income	6.1
International	12.0
U.S. Large Cap	26.3
U.S. Mid Cap	9.1
U.S. Small Cap	7.1
Fixed-Income Funds	28.8
Convertible	2.0
Emerging Markets	2.0
High Yield	4.5
International	1.9
Investment Grade	18.4
Inflation-Indexed Bonds	2.5
Money Market Funds	2.0
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Rounds to zero.

Annual Report 2013
13

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Aggressive Portfolio

Performance Summary

>  Columbia Capital Allocation Aggressive Portfolio (the Fund) Class A shares returned 13.63% excluding sales charges for the 12-month period ended January 31, 2013.

>  The Fund's domestic equity benchmark, the Russell 3000 Index, returned 16.90% for the same 12 months.

>  The Fund underperformed its Blended Index, which returned 14.34% for the same time period.

>  The Fund's international equity benchmark, the MSCI EAFE Index (Gross), returned 17.83% for the 12-month period.

>  The Fund's bond benchmark, the Barclays U.S. Aggregate Bond Index, returned 2.59% for the same time period.

>  We attribute the Fund's relative performance to mixed results from asset class allocation and underlying fund performance.

Average Annual Total Returns (%) (for period ended January 31, 2013)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			13.63		3.52		5.44
Including sales charges			7.11		2.30		4.75
Class B	03/04/04
Excluding sales charges			12.80		2.74		4.64
Including sales charges			7.80		2.38		4.64
Class C	03/04/04
Excluding sales charges			12.86		2.76		4.63
Including sales charges			11.86		2.76		4.63
Class K (formerly Class R4)	03/04/04		13.84		3.75		5.64
Class R*	09/27/10		13.38		3.29		5.22
Class Z*	09/27/10		13.87		3.64		5.52
Russell 3000 Index			16.90		4.44		5.52
Blended Index			14.34		3.90		5.83
MSCI EAFE Index (Gross)			17.83		-0.30		5.96
Barclays U.S. Aggregate Bond Index			2.59		5.45		5.07

Returns for Class A are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B and are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C are shown with and without the 1.00% CDSC for the first year only. The Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectuses for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each class. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results reflect the effect of any fee waivers or reimbursements of Fund expenses by Columbia Management Investment Advisers, LLC and/or any of its affiliates. Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.345.6611.

*The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund's oldest share class. Since the Fund launched more than one share class at its inception, Class A shares were used. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Blended Index consists of 56% Russell 3000 Index, 24% MSCI EAFE Index (Gross) and 20% Barclays U.S. Aggregate Bond Index. The MSCI EAFE Index (Gross) and the Barclays U.S. Aggregate Bond Index are shown in the table because they are separate components of the Blended Index.

The MSCI EAFE (Europe, Australasia, Far East) Index (Gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.

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

Annual Report 2013
14

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Aggressive Portfolio

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2013)

The chart above shows the change in value of a hypothetical $10,000 investment in Class A shares of Columbia Capital Allocation Aggressive Portfolio during the stated time period, and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Annual Report 2013
15

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2013)
Alternative Investment Funds	3.3
Equity Funds	82.3
Dividend Income	5.3
International	21.8
Real Estate	1.9
U.S. Large Cap	34.4
U.S. Mid Cap	13.7
U.S. Small Cap	5.2
Fixed-Income Funds	13.5
High Yield	3.2
Investment Grade	10.3
Money Market Funds	0.9
Total	100.0

Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Annual Report 2013
16

Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance

Effective December 14, 2012, Columbia Portfolio Builder Conservative Fund was renamed Columbia Capital Allocation Conservative Portfolio, Columbia LifeGoal^® Income and Growth Portfolio was renamed Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Portfolio Builder Moderate Fund was renamed Columbia Capital Allocation Moderate Portfolio, Columbia LifeGoal^® Balanced Growth Portfolio was renamed Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Portfolio Builder Aggressive Fund was renamed Columbia Capital Allocation Aggressive Portfolio.

All Fund returns listed below are for Class A shares excluding sales charges for the 12-month period that ended January 31, 2013. We attribute the Funds' relative performance to mixed results from asset class allocation and underlying fund performance.

>  Columbia Capital Allocation Conservative Portfolio (the Fund) returned 7.62%. The Fund outperformed its Blended Index, composed of 70% Barclays U.S. Aggregate Bond Index, 14% Russell 3000 Index, 10% Citigroup 3-Month U.S. Treasury Bill Index and 6% MSCI EAFE Index (Gross), which returned 5.26% for the 12-month period.

>  Columbia Capital Allocation Moderate Conservative Portfolio (the Fund) returned 8.94%. The Fund underperformed the S&P 500 Index, which returned 16.78%, but outperformed the Barclays U.S. Aggregate Bond Index, which returned 2.59% for the 12-month period.

>  Columbia Capital Allocation Moderate Portfolio (the Fund) returned 10.87%. The Fund outperformed its Blended Index, composed of 50% Barclays U.S. Aggregate Bond Index, 35% Russell 3000 Index and 15% MSCI EAFE Index (Gross), which returned 9.94% for the 12-month period.

>  Columbia Capital Allocation Moderate Aggressive Portfolio (the Fund) returned 11.28%. The Fund underperformed the S&P 500 Index, which returned 16.78%, but outperformed the Barclays U.S. Aggregate Bond Index, which returned 2.59% for the 12-month period.

>  Columbia Capital Allocation Aggressive Portfolio (the Fund) returned 13.63%. The Fund underperformed its Blended Index, composed of 56% Russell 3000 Index, 24% MSCI EAFE Index (Gross) and 20% Barclays U.S. Aggregate Bond Index, which returned 14.34% for the 12-month period.

During the same time frame, the Russell 3000 Index, which measures domestic equities, returned 16.90%; the Barclays U.S. Aggregate Bond Index, which measures the U.S. fixed income market, returned 2.59%; the MSCI EAFE Index (Gross), which measures international equities, returned 17.83%; and the Citigroup 3-Month U.S. Treasury Bill Index returned 0.08% for the 12-month period.

Financial Markets Advanced Despite Market Gyrations

A rally in financial markets spanned the annual period, however it was not without a healthy dose of skepticism and market gyrations along the way. From the beginning of the annual period in February 2012 through early April 2012, global equity prices advanced at a brisk pace. Conversely, most core fixed income sectors lost ground during these months. Then, from early April 2012 through early June 2012, the equity markets corrected significantly. Concerns had surfaced around political negotiations in Washington D.C., and worries heightened about the pace of economic growth in Europe and China and

Portfolio Management

Jeffrey Knight, CFA*

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

*Effective February 11, 2013, Mr. Knight joined the team responsible for the day-to-day portfolio management of the Fund as the Lead Portfolio Manager.

Annual Report 2013
17

Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance (continued)

geopolitical turmoil in the Middle East. In the U.S., economic data lost momentum as a disappointing series of payroll reports, sentiment indicators, the Institute for Supply Management manufacturing figures and inflation all exhibited cautionary readings. Bond investors also turned more cautious, with most fixed income sectors posting single-digit gains and conservative U.S. Treasuries among the strongest performers.

From early June 2012 through the remainder of the annual period ended January 31, 2013, riskier assets performed strongly. U.S. equities enjoyed double-digit gains. Bonds generated more mixed performance given improving investor sentiment. The Barclays U.S. Aggregate Bond Index, a broad measure for core bonds across the U.S. market, rose just less than 1% from the start of June 2012 through the end of January 2013. However, two areas that bucked the muted trend in the fixed income markets were U.S. high yield corporate bonds and emerging market bonds, which each posted gains of more than 12% from early June 2012 through the end of January 2013. The strong performance by riskier assets during these months was driven by several factors but included the European Central Bank's indication that it would do whatever it takes to preserve the currency union; the resolution of the U.S. presidential elections; improved U.S. housing, export and consumer spending data; seemingly stabilized economic growth in China; and anticipation of policies to be implemented by Japan's newly-elected prime minister Shinzo Abe. Further, stronger global economic growth overall, a cheaper U.S. dollar and a continued decline in borrowing costs contributed to a more favorable outlook for corporate profitability in the U.S.

Positioning and Underlying Fund Performance Generated Mixed Results

For each Fund, areas that contributed favorably to relative returns during the annual period overall included investments in underlying funds focused on emerging market equities, European developed market equities, U.S. large-cap equities, U.S. high yield corporate bonds, emerging market bonds and convertible, or hybrid, securities. The Funds' exposure to alternative assets, via underlying funds employing absolute return strategies, added value as well.

Areas that detracted from the Funds' relative results during the annual period included an underweight to international developed market equities, challenged relative performance in the mid-cap growth and small-cap segments of the U.S. equity market, and exposure to commodities, which in general produced nearly flat returns — all via investments in underlying funds.

Various Factors Drove Fund Changes

Asset class changes within the Funds can be driven by active trading, by directing allocations to select asset classes or by market appreciation or depreciation within a given asset class. In Columbia Capital Allocation Aggressive Portfolio, there were no significant changes made during the annual period, though its allocation to U.S. large-cap equities increased slightly and its exposure to alternative absolute return strategies decreased modestly. In Columbia Capital Allocation Moderate Aggressive Portfolio, its allocations to U.S. large-cap equities and to U.S. small-cap equities increased and its weighting in international developed market equities decreased. In Columbia Capital Allocation Moderate Portfolio, its exposure to emerging market equities

Annual Report 2013
18

Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance (continued)

increased, while its exposure to U.S. core bonds decreased. In Columbia Capital Allocation Moderate Conservative Portfolio, its weightings in U.S. large-cap equities and U.S. small-cap equities increased, and its allocation to international developed market equities decreased. In Columbia Capital Allocation Conservative Portfolio, its allocation to U.S. large-cap equities and to alternative absolute return strategies increased, while its exposure to convertible/flexible capital strategies decreased.

Looking Ahead

Global equities posted strong gains to start calendar year 2013, with the S&P 500 Index rallying to a new cyclical high. Indeed, as of January 31, 2013, the S&P 500 Index stood just shy of its all-time peak hit in 2007. With macroeconomic fears subsiding over the last few months of the annual period, the new concern amongst many on Wall Street was that excessive investor complacency may be growing. Whether or not complacency is creeping into investors' psyche or not is, of course, open for debate. However, we do expect the upcoming year to be marked by global economic growth that proves to be a little better than seen in 2012, despite the drag from potential fiscal policy and debt issues in the U.S., Japan and the Eurozone. China's re-acceleration of economic growth is expected to help both fiscal policy and debt issues arithmetically and is also likely, in our view, to have a disproportionate impact on investor confidence through much of the world.

Equity risk premiums were still significantly elevated versus long-term averages at the end of the annual period and dividends exceeded corporate bond yields for some firms. We believe this indicates that many investors are clearly seeking income over capital gains. We currently expect this search for yield by investors to continue. Amidst this environment, we feel investors should focus on risk-adjusted returns and emphasize risk diversification. Investors should be advised, however, that diversification does not assure a profit or guarantee against a loss.

Annual Report 2013
19

Columbia Capital Allocation Portfolios

Understanding Your Fund's Expenses

(Unaudited)

As an investor, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other Fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in each share class of the Fund during the period. The actual and hypothetical information in the table is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Fund's actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Fund's actual return) and then applies the Fund's actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Fund bears directly, the Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Fund with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

Columbia Capital Allocation Conservative Portfolio

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,035.60		1,022.77		2.40		2.39		0.47		5.37		5.34		1.05
Class B		1,000.00		1,000.00		1,032.50		1,018.95		6.28		6.24		1.23		9.25		9.19		1.81
Class C		1,000.00		1,000.00		1,031.90		1,019.00		6.23		6.19		1.22		9.19		9.14		1.80
Class K (formerly Class R4)		1,000.00		1,000.00		1,036.50		1,023.23		1.95		1.93		0.38		4.91		4.88		0.96
Class R		1,000.00		1,000.00		1,034.60		1,021.57		3.63		3.61		0.71		6.60		6.56		1.29
Class Z		1,000.00		1,000.00		1,037.80		1,024.03		1.13		1.12		0.22		4.10		4.07		0.80

Expenses paid during the period are equal to the Fund's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Annual Report 2013
20

Columbia Capital Allocation Portfolios

Understanding Your Fund's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Conservative Portfolio

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,046.20			1,022.32		2.88			2.85		0.56		6.02			5.95		1.17
Class B		1,000.00		1,000.00		1,042.40			1,018.55		6.73			6.65		1.31		9.86			9.74		1.92
Class C		1,000.00		1,000.00		1,041.80			1,018.55		6.72			6.65		1.31		9.85			9.74		1.92
Class R		1,000.00		1,000.00		1,044.80			1,021.11		4.11			4.06		0.80		7.25			7.16		1.41
Class R4		1,000.00		1,000.00		1,031.10	*		1,023.28		0.85	*		1.88		0.37		2.26	*		4.98		0.98
Class R5		1,000.00		1,000.00		1,031.30	*		1,023.68		0.67	*		1.48		0.29		2.07	*		4.58		0.90
Class Z		1,000.00		1,000.00		1,047.00			1,023.58		1.60			1.58		0.31		4.73			4.68		0.92

Expenses paid during the period are equal to the Fund's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

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

*Classes R4 and R5 are for the period from November 8, 2012 (commencement of operations) through January 31, 2013.

Columbia Capital Allocation Moderate Portfolio

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,075.40		1,022.72		2.50		2.44		0.48		6.21		6.05		1.19
Class B		1,000.00		1,000.00		1,070.80		1,018.95		6.40		6.24		1.23		10.10		9.85		1.94
Class C		1,000.00		1,000.00		1,070.20		1,018.95		6.40		6.24		1.23		10.10		9.85		1.94
Class K (formerly Class R4)		1,000.00		1,000.00		1,075.90		1,023.33		1.88		1.83		0.36		5.58		5.44		1.07
Class R		1,000.00		1,000.00		1,073.60		1,021.47		3.80		3.71		0.73		7.51		7.32		1.44
Class Z		1,000.00		1,000.00		1,076.00		1,023.93		1.25		1.22		0.24		4.96		4.83		0.95

Expenses paid during the period are equal to the Fund's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Annual Report 2013
21

Columbia Capital Allocation Portfolios

Understanding Your Fund's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Aggressive Portfolio

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)					Expenses Paid During the Period ($)					Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)					Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual		Actual			Hypothetical		Actual
Class A		1,000.00		1,000.00		1,083.80			1,022.42		2.83			2.75		0.54		6.65			6.46		1.27
Class B		1,000.00		1,000.00		1,079.60			1,018.65		6.74			6.55		1.29		10.56			10.25		2.02
Class C		1,000.00		1,000.00		1,080.30			1,018.65		6.75			6.55		1.29		10.56			10.25		2.02
Class R		1,000.00		1,000.00		1,082.60			1,021.17		4.14			4.01		0.79		7.96			7.72		1.52
Class R4		1,000.00		1,000.00		1,066.00	*		1,023.93		0.56	*		1.22		0.24		2.27	*		4.93		0.97
Class R5		1,000.00		1,000.00		1,066.40	*		1,024.53		0.28	*		0.61		0.12		1.99	*		4.33		0.85
Class T		1,000.00		1,000.00		1,083.60			1,022.17		3.09			3.00		0.59		6.91			6.71		1.32
Class Z		1,000.00		1,000.00		1,085.30			1,023.68		1.52			1.48		0.29		5.35			5.19		1.02

Expenses paid during the period are equal to the Fund's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

*Class R4 and Class R5 are for the period from November 8, 2012 through January 31, 2013.

Columbia Capital Allocation Aggressive Portfolio

August 1, 2012 – January 31, 2013

	Account Value at the Beginning of the Period ($)				Account Value at the End of the Period ($)				Expenses Paid During the Period ($)				Fund's Annualized Expense Ratio (%)		Effective Expenses Paid During the Period ($)				Fund's Effective Annualized Expense Ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Class A		1,000.00		1,000.00		1,112.30		1,022.47		2.81		2.69		0.53		7.11		6.81		1.34
Class B		1,000.00		1,000.00		1,107.30		1,018.65		6.83		6.55		1.29		11.12		10.66		2.10
Class C		1,000.00		1,000.00		1,107.60		1,018.70		6.78		6.50		1.28		11.07		10.61		2.09
Class K (formerly Class R4)		1,000.00		1,000.00		1,112.30		1,023.13		2.12		2.03		0.40		6.42		6.15		1.21
Class R		1,000.00		1,000.00		1,110.80		1,021.32		4.03		3.86		0.76		8.33		7.98		1.57
Class Z		1,000.00		1,000.00		1,112.40		1,023.78		1.43		1.37		0.27		5.73		5.49		1.08

Expenses paid during the period are equal to the Fund's annualized expense ratio for each class as indicated above, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 366.

Effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly to the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

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

Annual Report 2013
22

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 20.7%

	Shares		Value ($)
Dividend Income 4.2%
Columbia Dividend Income Fund, Class I Shares(a)		473,766		7,352,854
Columbia Dividend Opportunity Fund, Class I Shares(a)		805,168		7,407,545
Total				14,760,399
International 4.4%
Columbia Acorn International, Class I Shares(a)		12,705		538,676
Columbia Emerging Markets Fund, Class I Shares(a)		270,855		2,835,848
Columbia European Equity Fund, Class I Shares(a)		1,011,686		6,535,495
Columbia Pacific/Asia Fund, Class I Shares(a)		622,258		5,394,977
Total				15,304,996
U.S. Large Cap 8.8%
Columbia Contrarian Core Fund, Class I Shares(a)		421,783		7,242,021
Columbia Large Cap Core Fund, Class I Shares(a)		120,076		1,802,333
Columbia Large Cap Growth Fund, Class I Shares(a)		155,354		4,499,065
Columbia Large Core Quantitative Fund, Class I Shares(a)		1,320,116		8,910,779
Columbia Large Growth Quantitative Fund, Class I Shares(a)		992,332		7,978,350
Total				30,432,548
U.S. Mid Cap 2.6%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		160,401		4,508,862
Columbia Mid Cap Value Fund, Class I Shares(a)		289,035		4,578,320
Total				9,087,182
U.S. Small Cap 0.7%
Columbia Small Cap Core Fund, Class I Shares(a)		138,536		2,378,672
Total Equity Funds (Cost: $62,839,128)				71,963,797

Fixed-Income Funds 68.6%

	Shares		Value ($)
Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares(a)		228,149		3,588,787
Emerging Markets 5.0%
Columbia Emerging Markets Bond Fund, Class I Shares(a)		1,379,602		17,410,576
Inflation Protected Securities 4.9%
Columbia Inflation Protected Securities Fund, Class I Shares(a)		1,653,076		17,158,925
Investment Grade 57.7%
Columbia Corporate Income Fund, Class I Shares(a)		5,940,376		62,136,330
Columbia Limited Duration Credit Fund, Class I Shares(a)		3,435,954		34,737,499
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		14,280,829		79,972,641
Columbia U.S. Treasury Index Fund, Class I Shares(a)		2,112,175		24,078,800
Total				200,925,270
Total Fixed-Income Funds (Cost: $231,613,386)				239,083,558

Alternative Investment Funds 8.1%

Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares(a)	497,780	5,211,755
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares(a)	787,127	7,894,887
Columbia Absolute Return Multi-Strategy Fund, Class I Shares(a)	783,170	7,870,856
Columbia Flexible Capital Income Fund, Class I Shares(a)	626,786	7,132,822
Total Alternative Investment Funds (Cost: $26,951,821)		28,110,320

Money Market Funds 2.6%

Columbia Short-Term Cash Fund, 0.132%(a)(c)	8,880,035	8,880,035
Total Money Market Funds (Cost: $8,880,035)		8,880,035
Total Investments (Cost: $330,284,370)		348,037,710
Other Assets and Liabilities		136,652
Net Assets		348,174,362

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

Annual Report 2013
23

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2013

At January 31, 2013, $82,300 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Long Bond, 20-year		14		2,008,562	March 2013		—		(96,611	)
U.S. Treasury Note, 10-year		43		5,645,094	March 2013		—		(97,187	)
Total							—		(193,798	)

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
CMG Ultra- Short Term Bond Fund		14,533,485		268,352		(14,834,116	)		32,279			—		—		22,087		—
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		3,996,344		1,125,177		(101,427	)		1,042			5,021,136		—		52,040		5,211,755
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		8,152,740		(272,841	)		90			7,879,989		—		210,367		7,894,887
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		6,108,714		3,277,171		(1,583,251	)		9,311			7,811,945		—		94,139		7,870,856
Columbia Acorn International, Class I Shares		504,501		123,170		(131,998	)		(2,081	)		493,592		—		11,216		538,676
Columbia Contrarian Core Fund, Class I Shares		6,096,893		856,755		(1,969,422	)		723,644			5,707,870		8,174		84,489		7,242,021
Columbia Convertible Securities Fund, Class I Shares		13,332,351		624,025		(10,269,136	)		(412,142	)		3,275,098		—		179,999		3,588,787

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

Annual Report 2013
24

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Corporate Income Fund, Class I Shares		54,880,305		7,402,080		(3,120,513	)		102,068			59,263,940		1,236,290		2,101,494		62,136,330
Columbia Dividend Income Fund, Class I Shares		5,294,000		1,851,201		(817,927	)		68,600			6,395,874		—		186,627		7,352,854
Columbia Dividend Opportunity Fund, Class I Shares		4,751,716		1,987,125		(882,451	)		367,809			6,224,199		—		305,457		7,407,545
Columbia Emerging Markets Bond Fund, Class I Shares		15,170,380		1,631,502		(1,483,862	)		92,227			15,410,247		112,740		909,044		17,410,576
Columbia Emerging Markets Fund, Class I Shares		952,831		1,940,954		(249,414	)		(15,315	)		2,629,056		113,713		17,178		2,835,848
Columbia European Equity Fund, Class I Shares		4,737,392		2,657,364		(1,785,041	)		(110,618	)		5,499,097		26,598		131,862		6,535,495
Columbia Flexible Capital Income Fund, Class I Shares		6,150,343		895,904		(892,928	)		85,432			6,238,751		30,972		264,040		7,132,822
Columbia Inflation Protected Securities Fund, Class I Shares		14,227,858		3,336,940		(749,646	)		102,268			16,917,420		1,436,533		345,324		17,158,925
Columbia Large Cap Core Fund, Class I Shares		1,613,695		303,635		(306,500	)		15,480			1,626,310		61,513		22,899		1,802,333
Columbia Large Cap Growth Fund, Class I Shares		3,020,519		630,714		(779,699	)		291,752			3,163,286		—		29,394		4,499,065
Columbia Large Core Quantitative Fund, Class I Shares		3,302,105		5,114,372		(1,124,079	)		480,954			7,773,352		—		161,328		8,910,779

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

Annual Report 2013
25

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Large Growth Quantitative Fund, Class I Shares		5,081,091		3,449,249		(971,922	)		324,648			7,883,066		689,232		150,489		7,978,350
Columbia Limited Duration Credit Fund, Class I Shares		32,345,723		4,041,885		(3,647,640	)		268,991			33,008,959		525,134		776,516		34,737,499
Columbia Mid Cap Growth Fund, Class I Shares		2,376,091		2,422,223		(482,436	)		(15,486	)		4,300,392		126,108		—		4,508,862
Columbia Mid Cap Value Fund, Class I Shares		825,180		3,741,932		(588,308	)		22,986			4,001,790		—		48,762		4,578,320
Columbia Mid Cap Value Opportunity Fund, Class I Shares		1,381,019		868		(1,657,068	)		275,181			—		—		—		—
Columbia Money Market Fund, Class I Shares		2		53		(55	)		—			—		—		—		—
Columbia Pacific/Asia Fund, Class I Shares		2,316,805		3,084,473		(504,997	)		(24,406	)		4,871,875		—		130,580		5,394,977
Columbia Short-Term Cash Fund		582,304		16,225,726		(7,927,995	)		—			8,880,035		—		10,744		8,880,035
Columbia Small Cap Core Fund, Class I Shares		—		3,590,842		(1,304,206	)		(17,267	)		2,269,369		71,591		19,537		2,378,672
Columbia U.S. Government Mortgage Fund, Class I Shares		74,107,909		10,122,284		(5,296,660	)		100,967			79,034,500		1,518,739		2,439,396		79,972,641
Columbia U.S. Treasury Index Fund, Class I Shares		24,370,994		3,837,113		(3,700,067	)		195,182			24,703,222		640,927		320,465		24,078,800
Total		302,060,550		92,695,829		(67,435,605	)		2,963,596			330,284,370		6,598,264		9,025,473		348,037,710

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2013.

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

Annual Report 2013
26

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

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 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 (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

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

Annual Report 2013
27

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2013

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		71,963,797			—		—		71,963,797
Fixed-Income Funds		239,083,558			—		—		239,083,558
Alternative Investment Funds		28,110,320			—		—		28,110,320
Money Market Funds		8,880,035			—		—		8,880,035
Total Mutual Funds		348,037,710			—		—		348,037,710
Derivatives
Liabilities
Futures Contracts		(193,798	)		—		—		(193,798	)
Total		347,843,912			—		—		347,843,912

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

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Annual Report 2013
28

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 29.8%

	Shares		Value ($)
Dividend Income 5.9%
Columbia Dividend Income Fund, Class I Shares(a)		281,711		4,372,156
Columbia Dividend Opportunity Fund, Class I Shares(a)		339,749		3,125,689
Total				7,497,845
International 3.6%
Columbia Emerging Markets Fund, Class I Shares(a)		251,376		2,631,906
Columbia Greater China Fund, Class I Shares(a)		11,637		619,562
Columbia Pacific/Asia Fund, Class I Shares(a)		141,918		1,230,431
Total				4,481,899
U.S. Large Cap 14.9%
Columbia Contrarian Core Fund, Class I Shares(a)		255,741		4,391,077
Columbia Large Cap Growth Fund, Class I Shares(a)		173,728		5,031,161
Columbia Large Core Quantitative Fund, Class I Shares(a)		646,890		4,366,508
Columbia Large Growth Quantitative Fund, Class I Shares(a)		466,081		3,747,295
Columbia Large Value Quantitative Fund, Class I Shares(a)		164,924		1,248,472
Total				18,784,513
U.S. Mid Cap 4.2%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		93,010		2,614,524
Columbia Mid Cap Value Fund, Class I Shares(a)		165,725		2,625,077
Total				5,239,601
U.S. Small Cap 1.2%
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		25,683		752,252
Columbia Small Cap Value Fund I, Class I Shares(a)		15,967		737,974
Total				1,490,226
Total Equity Funds (Cost: $33,585,673)				37,494,084

Fixed-Income Funds 57.6%

	Shares		Value ($)
Convertible 3.0%
Columbia Convertible Securities Fund, Class I Shares(a)		238,820		3,756,633
Emerging Markets 3.5%
Columbia Emerging Markets Bond Fund, Class I Shares(a)		346,017		4,366,734
High Yield 8.5%
Columbia Income Opportunities Fund, Class I Shares(a)		1,058,834		10,704,813
International 2.9%
Columbia International Bond Fund, Class I Shares(a)		322,874		3,735,658
Investment Grade 39.7%
Columbia Corporate Income Fund, Class I Shares(a)		2,156,238		22,554,251
Columbia Limited Duration Credit Fund, Class I Shares(a)		846,459		8,557,704
Columbia U.S. Government Mortgage Fund, Class I Shares(a)		3,375,176		18,900,983
Total				50,012,938
Total Fixed-Income Funds (Cost: $69,110,835)				72,576,776

Alternative Investment Funds 4.9%

Columbia Absolute Return Currency and Income Fund, Class I Shares(a)(b)	305,238	3,116,482
Columbia Absolute Return Multi-Strategy Fund, Class I Shares(a)	311,676	3,132,342
Total Alternative Investment Funds (Cost: $6,196,122)		6,248,824

Inflation-Indexed Bonds 4.3%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Treasury Inflation-Indexed Bond 07/15/13		1.875	%		363,512		371,407
01/15/14		2.000	%		436,086		451,826
01/15/15		1.625	%		542,560		580,540
01/15/16		2.000	%		411,779		459,905
07/15/17		2.625	%		333,240		400,851

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

Annual Report 2013
29

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

Inflation-Indexed Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
01/15/19		2.125	%		461,085		560,758
01/15/21		1.125	%		168,389		197,068
01/15/25		2.375	%		720,596		962,447
04/15/29		3.875	%		686,211		1,117,505
02/15/40		2.125	%		213,030		303,834
Total Inflation-Indexed Bonds (Cost: $4,805,209)							5,406,141

Money Market Funds 3.4%

	Shares		Value ($)
BofA Cash Reserves, Capital Class, 0.100%(c)		1,257,927		1,257,927
Columbia Short-Term Cash Fund, 0.132%(a)(c)		2,975,445		2,975,445
Total Money Market Funds (Cost: $4,233,372)				4,233,372
Total Investments (Cost: $117,931,211)				125,959,197
Other Assets and Liabilities				28,769
Net Assets				125,987,966

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2013

At January 31, 2013, $31,900 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Note, 5-year		24		2,969,625	April 2013		—		(17,602	)
U.S. Treasury Note, 10-year		17		2,231,781	March 2013		—		(34,169	)
Total							—		(51,771	)

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		3,377,956		220,744		(517,746	)		12,159		3,093,113		70,367		—		3,116,482
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		4,496,081		195,857		(1,598,008	)		9,080		3,103,010		—		37,850		3,132,342
Columbia Bond Fund, Class I Shares		9,767,911		12,568		(10,048,522	)		268,043		—		—		2,874		—
Columbia Contrarian Core Fund, Class I Shares		2,720,106		1,520,499		(1,107,390	)		371,548		3,504,763		5,105		52,764		4,391,077

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

Annual Report 2013
30

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Convertible Securities Fund, Class I Shares		3,673,908		312,997		(785,204	)		65,139			3,266,840		—		130,293		3,756,633
Columbia Corporate Income Fund, Class I Shares		13,849,170		11,023,753		(3,609,839	)		278,971			21,542,055		458,235		828,327		22,554,251
Columbia Dividend Income Fund, Class I Shares		3,991,120		641,426		(973,973	)		85,571			3,744,144		—		123,122		4,372,156
Columbia Dividend Opportunity Fund, Class I Shares		1,295,105		2,181,122		(687,383	)		52,388			2,841,232		—		141,333		3,125,689
Columbia Emerging Markets Bond Fund, Class I Shares		3,861,625		1,006,694		(977,155	)		78,155			3,969,319		28,334		248,646		4,366,734
Columbia Emerging Markets Fund, Class I Shares		2,101,112		1,129,312		(620,126	)		(16,693	)		2,593,605		120,405		15,673		2,631,906
Columbia Greater China Fund, Class I Shares		717,880		111,875		(234,603	)		(12,884	)		582,268		—		9,102		619,562
Columbia Income Opportunities Fund, Class I Shares		10,298,536		838,614		(1,884,595	)		226,451			9,479,006		—		636,713		10,704,813
Columbia International Bond Fund, Class I Shares		4,401,191		257,448		(1,075,119	)		27,775			3,611,295		—		74,396		3,735,658
Columbia Large Cap Core Fund, Class I Shares		2,774,622		—		(3,348,757	)		574,135			—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		2,623,109		2,504,084		(1,244,496	)		376,187			4,258,884		—		33,320		5,031,161

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

Annual Report 2013
31

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Large Core Quantitative Fund, Class I Shares		2,199,459		2,517,991		(896,427	)		111,291			3,932,314		—		80,274		4,366,508
Columbia Large Growth Quantitative Fund, Class I Shares		—		4,465,815		(639,699	)		17,641			3,843,757		326,981		71,394		3,747,295
Columbia Large Value Quantitative Fund, Class I Shares		820,489		460,919		(334,527	)		121,846			1,068,727		31,242		43,095		1,248,472
Columbia Limited Duration Credit Fund, Class I Shares		8,686,033		742,035		(963,975	)		15,894			8,479,987		132,336		208,704		8,557,704
Columbia Mid Cap Growth Fund, Class I Shares		1,986,655		1,052,640		(1,177,635	)		530,360			2,392,020		75,264		—		2,614,524
Columbia Mid Cap Value Fund, Class I Shares		1,650,005		977,960		(704,362	)		264,242			2,187,845		—		31,548		2,625,077
Columbia Multi-Advisor International Equity Fund, Class I Shares		5,606,084		26,852		(5,473,563	)		(159,373	)		—		—		—		—
Columbia Pacific/Asia Fund, Class I Shares		—		1,420,646		(278,590	)		5,278			1,147,334		—		31,628		1,230,431
Columbia Select Large Cap Growth Fund, Class I Shares		2,801,995		—		(3,375,630	)		573,635			—		—		—		—
Columbia Select Large-Cap Value Fund, Class I Shares		1,267,559		1,892		(1,277,054	)		7,603			—		—		—		—
Columbia Short Term Bond Fund, Class I Shares		2,551,887		2,009		(2,551,002	)		(2,894	)		—		—		478		—

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

Annual Report 2013
32

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		3,179,381		5,560,606		(5,764,542	)		—			2,975,445		—		4,929		2,975,445
Columbia Small Cap Growth Fund I, Class I Shares		—		867,363		(87,755	)		(4,379	)		775,229		74,248		—		752,252
Columbia Small Cap Value Fund I, Class I Shares		—		829,861		(116,320	)		12			713,553		28,157		7,379		737,974
Columbia U.S. Government Mortgage Fund, Class I Shares		8,396,607		11,727,377		(1,450,456	)		88,802			18,762,330		366,819		505,649		18,900,983
Mortgage- and Asset-Backed Portfolio		9,062,948		673,669		(9,711,704	)		(24,913	)		—		361,044		136,346		—
Total		118,158,534		53,284,628		(63,516,157	)		3,941,070			111,868,075		2,078,537		3,455,837		119,295,129

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

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 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 (including NAV for open-end mutual funds). 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.

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

Annual Report 2013
33

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2013

Fair Value Measurements (continued)

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		37,494,084			—		—		37,494,084
Fixed-Income Funds		72,576,776			—		—		72,576,776
Alternative Investment Funds		6,248,824			—		—		6,248,824
Money Market Funds		4,233,372			—		—		4,233,372
Total Mutual Funds		120,553,056			—		—		120,553,056
Bonds
Inflation-Indexed Bonds		—			5,406,141		—		5,406,141
Total Bonds		—			5,406,141		—		5,406,141
Investments in Securities		120,553,056			5,406,141		—		125,959,197
Derivatives
Liabilities
Futures Contracts		(51,771	)		—		—		(51,771	)
Total		120,501,285			5,406,141		—		125,907,426

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Annual Report 2013
34

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 51.2%

	Shares		Value ($)
Dividend Income 5.6%
Columbia Dividend Income Fund, Class I Shares(a)		3,050,198		47,339,077
Columbia Dividend Opportunity Fund, Class I Shares(a)		4,355,026		40,066,235
Total				87,405,312
International 13.4%
Columbia Acorn International, Class I Shares(a)		143,394		6,079,904
Columbia Emerging Markets Fund, Class I Shares(a)		4,379,725		45,855,723
Columbia European Equity Fund, Class I Shares(a)		11,286,725		72,912,245
Columbia Greater China Fund, Class I Shares(a)		371,508		19,779,078
Columbia Pacific/Asia Fund, Class I Shares(a)		7,385,552		64,032,733
Total				208,659,683
U.S. Large Cap 20.6%
Columbia Contrarian Core Fund, Class I Shares(a)		4,935,028		84,734,426
Columbia Large Cap Core Fund, Class I Shares(a)		1,592,049		23,896,653
Columbia Large Cap Growth Fund, Class I Shares(a)		959,469		27,786,233
Columbia Large Core Quantitative Fund, Class I Shares(a)		9,260,714		62,509,820
Columbia Large Growth Quantitative Fund, Class I Shares(a)		5,738,032		46,133,778
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		2,942,802		43,759,470
Columbia Select Large-Cap Value Fund, Class I Shares(a)		1,886,370		33,124,648
Total				321,945,028
U.S. Mid Cap 8.5%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		2,369,052		66,594,049
Columbia Mid Cap Value Fund, Class I Shares(a)		1,814,138		28,735,946
Columbia Mid Cap Value Opportunity Fund, Class I Shares(a)		4,019,111		37,136,592
Total				132,466,587

Equity Funds (continued)

	Shares		Value ($)
U.S. Small Cap 3.1%
Columbia Select Smaller-Cap Value Fund, Class I Shares(a)(b)		922,088		16,422,377
Columbia Small Cap Core Fund, Class I Shares(a)		1,431,387		24,576,918
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		272,871		7,992,393
Total				48,991,688
Total Equity Funds (Cost: $674,999,933)				799,468,298

Fixed-Income Funds 44.5%

Convertible 2.6%
Columbia Convertible Securities Fund, Class I Shares(a)	2,541,068	39,970,994
Emerging Markets 2.0%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	2,440,713	30,801,797
High Yield 4.2%
Columbia Income Opportunities Fund, Class I Shares(a)	6,513,841	65,854,938
Inflation Protected Securities 1.4%
Columbia Inflation Protected Securities Fund, Class I Shares(a)	2,178,175	22,609,452
Investment Grade 34.3%
Columbia Corporate Income Fund, Class I Shares(a)	10,515,883	109,996,143
Columbia Diversified Bond Fund, Class I Shares(a)	45,240,652	227,560,478
Columbia Limited Duration Credit Fund, Class I Shares(a)	4,514,852	45,645,151
Columbia U.S. Government Mortgage Fund, Class I Shares(a)	27,177,635	152,194,757
Total		535,396,529
Total Fixed-Income Funds (Cost: $662,244,179)		694,633,710

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

Annual Report 2013
35

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Alternative Investment Funds 4.0%

	Shares		Value ($)
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares(a)		2,473,436		25,896,873
Columbia Absolute Return Multi-Strategy Fund, Class I Shares(a)		2,699,230		27,127,259
Columbia Flexible Capital Income Fund, Class I Shares(a)		723,337		8,231,574
Total Alternative Investment Funds (Cost: $58,914,755)				61,255,706

Money Market Funds 0.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.132%(a)(c)		5,311,411		5,311,411
Total Money Market Funds (Cost: $5,311,411)				5,311,411
Total Investments (Cost: $1,401,470,278)				1,560,669,125
Other Assets and Liabilities				617,157
Net Assets				1,561,286,282

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2013

At January 31, 2013, $232,000 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Long Bond, 20-year		40		5,738,750	March 2013		—		(276,032	)
U.S. Treasury Note, 10-year		120		15,753,750	March 2013		—		(271,219	)
Total							—		(547,251	)

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		24,714,834		1,033,263		(831,576	)		18,622		24,935,143		—		257,526		25,896,873
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		31,548,322		1,526,574		(6,277,630	)		37,221		26,834,487		—		321,606		27,127,259
Columbia Acorn International, Class I Shares		8,788,868		299,136		(3,870,782	)		354,727		5,571,949		—		125,494		6,079,904

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

Annual Report 2013
36

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Contrarian Core Fund, Class I Shares		49,669,152		23,052,993		(6,194,947	)		(239,934	)		66,287,264		91,358		944,263		84,734,426
Columbia Convertible Securities Fund, Class I Shares		37,170,058		2,448,214		(2,492,215	)		38,108			37,164,165		—		1,271,954		39,970,994
Columbia Corporate Income Fund, Class I Shares		90,941,580		21,485,293		(7,793,455	)		379,716			105,013,134		2,199,022		3,886,815		109,996,143
Columbia Diversified Bond Fund, Class I Shares		311,798,096		24,800,290		(127,693,505	)		8,443,800			217,348,681		8,871,802		7,442,631		227,560,478
Columbia Dividend Income Fund, Class I Shares		50,130,108		1,634,707		(10,540,705	)		537,672			41,761,782		—		1,239,884		47,339,077
Columbia Dividend Opportunity Fund, Class I Shares		35,006,245		2,050,282		(9,981,687	)		1,976,073			29,050,913		—		1,667,597		40,066,235
Columbia Emerging Markets Bond Fund, Class I Shares		27,856,147		2,349,827		(3,246,739	)		264,154			27,223,389		198,369		1,671,439		30,801,797
Columbia Emerging Markets Fund, Class I Shares		18,170,464		28,582,446		(3,198,522	)		(230,969	)		43,323,419		1,890,539		269,925		45,855,723
Columbia European Equity Fund, Class I Shares		84,425,252		23,973,006		(48,043,420	)		1,305,064			61,659,902		287,189		1,423,734		72,912,245

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

Annual Report 2013
37

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Flexible Capital Income Fund, Class I Shares		7,063,237		453,412		(412,486	)		40,961			7,145,124		34,744		309,112		8,231,574
Columbia Greater China Fund, Class I Shares		18,434,786		1,244,087		(1,369,678	)		(17,521	)		18,291,674		—		274,060		19,779,078
Columbia Income Opportunities Fund, Class I Shares		54,471,849		8,440,198		(5,001,971	)		1,166,360			59,076,436		—		3,713,719		65,854,938
Columbia Inflation Protected Securities Fund, Class I Shares		25,932,361		3,355,030		(8,030,316	)		1,099,127			22,356,202		1,885,338		473,226		22,609,452
Columbia Large Cap Core Fund, Class I Shares		22,717,692		1,304,921		(2,207,846	)		106,864			21,921,631		778,969		294,192		23,896,653
Columbia Large Cap Growth Fund, Class I Shares		24,802,349		517,093		(9,806,043	)		2,063,953			17,577,352		—		172,827		27,786,233
Columbia Large Core Quantitative Fund, Class I Shares		36,059,536		15,329,952		(3,910,728	)		1,558,798			49,037,558		—		1,092,016		62,509,820
Columbia Large Growth Quantitative Fund, Class I Shares		45,778,743		5,577,725		(7,095,807	)		(873,622	)		43,387,039		3,843,972		839,303		46,133,778
Columbia Limited Duration Credit Fund, Class I Shares		30,599,366		15,032,708		(1,741,861	)		156,948			44,047,161		692,697		1,057,920		45,645,151

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

Annual Report 2013
38

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Mid Cap Growth Fund, Class I Shares		45,226,978		16,923,467		(463,587	)		(12,654	)		61,674,204		1,758,278		—		66,594,049
Columbia Mid Cap Value Fund, Class I Shares		18,953,185		7,510,128		(1,225,554	)		42,783			25,280,542		—		301,384		28,735,946
Columbia Mid Cap Value Opportunity Fund, Class I Shares		22,909,673		969,152		(2,782,207	)		1,274,623			22,371,241		—		319,809		37,136,592
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		6,744,426		9,437		(11,795,472	)		5,041,609			—		—		—		—
Columbia Pacific/Asia Fund, Class I Shares		41,637,086		18,060,591		(2,591,303	)		(98,383	)		57,007,991		—		1,524,536		64,032,733
Columbia Select Large Cap Growth Fund, Class I Shares		41,417,116		1,551,754		(6,292,074	)		146,494			36,823,290		—		—		43,759,470
Columbia Select Large-Cap Value Fund, Class I Shares		25,921,654		2,179,330		(2,719,365	)		738,959			26,120,578		996,457		512,660		33,124,648
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,113,629		11,934,308		(433,923	)		(29,011	)		15,585,003		397,658		—		16,422,377
Columbia Short-Term Cash Fund		2,735,837		28,891,388		(26,315,814	)		—			5,311,411		—		9,891		5,311,411
Columbia Small Cap Core Fund, Class I Shares		—		24,429,280		(762,299	)		(5,830	)		23,661,151		692,575		190,213		24,576,918

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

Annual Report 2013
39

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Small Cap Growth Fund I, Class I Shares		16,566,093		994,758		(8,163,044	)		(792,353	)		8,605,454		725,736		—		7,992,393
Columbia U.S. Government Mortgage Fund, Class I Shares		66,103,655		90,344,413		(7,194,597	)		761,537			150,015,008		2,900,666		4,770,926		152,194,757
Columbia U.S. Treasury Index Fund, Class I Shares		26,757,834		25,165		(28,226,011	)		1,443,012			—		—		8,444		—
Total		1,355,166,211		388,314,328		(368,707,169	)		26,696,908			1,401,470,278		28,245,369		36,387,106		1,560,669,125

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

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 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 (to include NAV for open-end mutual funds). 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.

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

Annual Report 2013
40

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2013

Fair Value Measurements (continued)

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		799,468,298			—		—		799,468,298
Fixed-Income Funds		694,633,710			—		—		694,633,710
Alternative Investment Funds		61,255,706			—		—		61,255,706
Money Market Funds		5,311,411			—		—		5,311,411
Total Mutual Funds		1,560,669,125			—		—		1,560,669,125
Derivatives
Liabilities
Futures Contracts		(547,251	)		—		—		(547,251	)
Total		1,560,121,874			—		—		1,560,121,874

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

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

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

Annual Report 2013
41

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 60.6%

	Shares		Value ($)
Dividend Income 6.1%
Columbia Dividend Income Fund, Class I Shares(a)		2,093,843		32,496,437
Columbia Dividend Opportunity Fund, Class I Shares(a)		3,540,405		32,571,726
Total				65,068,163
International 12.0%
Columbia Emerging Markets Fund, Class I Shares(a)		5,716,113		59,847,706
Columbia European Equity Fund, Class I Shares(a)		836,979		5,406,882
Columbia Greater China Fund, Class I Shares(a)		202,158		10,762,900
Columbia Overseas Value Fund, Class I Shares(a)		3,209,556		25,259,204
Columbia Pacific/Asia Fund, Class I Shares(a)		3,090,685		26,796,236
Total				128,072,928
U.S. Large Cap 26.3%
Columbia Contrarian Core Fund, Class I Shares(a)		4,113,411		70,627,258
Columbia Large Cap Growth Fund, Class I Shares(a)		1,119,657		32,425,268
Columbia Large Core Quantitative Fund, Class I Shares(a)		11,934,803		80,559,922
Columbia Large Growth Quantitative Fund, Class I Shares(a)		2,660,853		21,393,260
Columbia Large Value Quantitative Fund, Class I Shares(a)		2,874,644		21,761,055
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		2,921,029		43,435,702
Columbia Select Large-Cap Value Fund, Class I Shares(a)		625,375		10,981,585
Total				281,184,050
U.S. Mid Cap 9.1%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		1,734,792		48,765,020
Columbia Mid Cap Value Fund, Class I Shares(a)		3,110,481		49,270,015
Total				98,035,035

Equity Funds (continued)

	Shares		Value ($)
U.S. Small Cap 7.1%
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		1,299,603		38,065,372
Columbia Small Cap Value Fund I, Class I Shares(a)		353,074		16,319,104
Columbia Small Cap Value Fund II, Class I Shares(a)		1,376,853		21,795,580
Total				76,180,056
Total Equity Funds (Cost: $599,635,835)				648,540,232

Fixed-Income Funds 28.8%

Convertible 2.0%
Columbia Convertible Securities Fund, Class I Shares(a)	1,376,078	21,645,705
Emerging Markets 2.0%
Columbia Emerging Markets Bond Fund, Class I Shares(a)	1,644,818	20,757,602
High Yield 4.5%
Columbia High Yield Bond Fund, Class I Shares(a)	5,491,184	16,363,729
Columbia Income Opportunities Fund, Class I Shares(a)	3,118,806	31,531,126
Total		47,894,855
International 1.9%
Columbia International Bond Fund, Class I Shares(a)	1,782,251	20,620,647
Investment Grade 18.4%
Columbia Corporate Income Fund, Class I Shares(a)	8,865,301	92,731,052
Columbia Limited Duration Credit Fund, Class I Shares(a)	3,086,118	31,200,657
Columbia U.S. Government Mortgage Fund, Class I Shares(a)	13,028,422	72,959,161
Total		196,890,870
Total Fixed-Income Funds (Cost: $295,217,384)		307,809,679

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

Annual Report 2013
42

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Alternative Investment Funds 6.1%

	Shares		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares(a)(b)		2,020,480		20,629,102
Columbia Absolute Return Multi-Strategy Fund, Class I Shares(a)		2,850,841		28,650,949
Columbia Commodity Strategy Fund, Class I Shares(a)(b)		1,655,435		15,958,392
Total Alternative Investment Funds (Cost: $64,639,537)				65,238,443

Common Stocks —%

Issuer	Shares		Value ($)
Consumer Staples —%
Food Products —%
China Milk Products Group Ltd.(b)(c)(d)		322,000		10,407
Total Consumer Staples				10,407
Total Common Stocks (Cost: $172,880)				10,407

Inflation-Indexed Bonds 2.5%

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
U.S. Treasury Inflation-Indexed Bond 07/15/13		1.875	%		1,630,988		1,658,525
01/15/14		2.000	%		2,347,294		2,420,497

Inflation-Indexed Bonds (continued)

Issuer	Coupon Rate			Principal Amount ($)		Value ($)
01/15/15		1.625	%		3,052,803		3,251,023
01/15/16		2.000	%		2,109,483		2,344,870
07/15/17		2.625	%		1,735,520		2,077,746
01/15/19		2.125	%		2,332,571		2,823,353
01/15/21		1.125	%		285,509		332,551
01/15/25		2.375	%		3,706,053		4,926,422
04/15/29		3.875	%		3,377,016		5,473,494
02/15/40		2.125	%		1,022,060		1,450,808
Total Inflation-Indexed Bonds (Cost: $23,728,908)							26,759,289

Money Market Funds 2.0%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.132%(a)(e)		21,553,489		21,553,489
Total Money Market Funds (Cost: $21,553,489)				21,553,489
Total Investments (Cost: $1,004,948,033)				1,069,911,539
Other Assets and Liabilities				(388,379	)
Net Assets				1,069,523,160

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2013

At January 31, 2013, $58,300 was held in a margin deposit account as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
U.S. Treasury Note, 10-year		53		6,957,906	March 2013		—		(106,525	)

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

Annual Report 2013
43

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		21,809,715		1,253,096		(2,691,515	)		60,321		20,431,617		461,787		—		20,629,102
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		29,866,961		1,344,583		(2,834,592	)		8,241		28,385,193		—		345,441		28,650,949
Columbia Bond Fund, Class I Shares		20,656,573		—		(20,988,337	)		331,764		—		—		6,007		—
Columbia Commodity Strategy Fund, Class I Shares		—		16,948,735		(1,127,932	)		1,923		15,822,726		—		—		15,958,392
Columbia Contrarian Core Fund, Class I Shares		52,575,084		17,377,263		(13,431,392	)		4,553,163		61,074,118		78,027		806,477		70,627,258
Columbia Convertible Securities Fund, Class I Shares		22,640,177		901,420		(3,730,082	)		369,984		20,181,499		—		726,304		21,645,705
Columbia Corporate Income Fund, Class I Shares		73,824,597		28,821,643		(16,013,955	)		1,187,214		87,819,499		1,861,557		3,430,098		92,731,052
Columbia Dividend Income Fund, Class I Shares		27,969,217		4,540,325		(4,968,440	)		475,356		28,016,458		—		881,231		32,496,437

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

Annual Report 2013
44

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Dividend Opportunity Fund, Class I Shares		17,037,201		16,667,224		(4,918,562	)		594,939			29,380,802		—		1,409,009		32,571,726
Columbia Emerging Markets Bond Fund, Class I Shares		19,214,757		3,962,772		(4,655,359	)		334,918			18,857,088		134,222		1,181,107		20,757,602
Columbia Emerging Markets Fund, Class I Shares		37,218,998		33,535,143		(9,723,997	)		(1,201,175	)		59,828,969		2,671,840		351,347		59,847,706
Columbia Energy and Natural Resources Fund, Class I Shares		19,215,927		—		(17,739,376	)		(1,476,551	)		—		—		—		—
Columbia European Equity Fund, Class I Shares		43,721,849		577,220		(37,853,644	)		(1,434,912	)		5,010,513		21,054		104,377		5,406,882
Columbia Greater China Fund, Class I Shares		22,078,556		533,830		(9,296,423	)		(2,618,681	)		10,697,282		—		149,551		10,762,900
Columbia High Yield Bond Fund, Class I Shares		16,902,033		1,416,773		(2,967,424	)		115,840			15,467,222		—		1,065,953		16,363,729
Columbia Income Opportunities Fund, Class I Shares		34,918,583		2,416,492		(7,699,428	)		325,799			29,961,446		—		1,865,452		31,531,126
Columbia International Bond Fund, Class I Shares		18,918,739		3,773,405		(2,814,373	)		71,172			19,948,943		—		410,514		20,620,647

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

Annual Report 2013
45

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia International Value Fund, Class I Shares		11		—		—			(11	)		—		—		—		—
Columbia Large Cap Core Fund, Class I Shares		44,036,837		—		(48,504,710	)		4,467,873			—		—		—		—
Columbia Large Cap Growth Fund, Class I Shares		49,082,736		457,964		(28,213,611	)		5,317,788			26,644,877		—		205,645		32,425,268
Columbia Large Core Quantitative Fund, Class I Shares		27,608,545		56,100,901		(11,874,817	)		1,343,474			73,178,103		—		1,417,044		80,559,922
Columbia Large Growth Quantitative Fund, Class I Shares		—		25,297,422		(3,505,368	)		116,920			21,908,974		1,791,870		391,242		21,393,260
Columbia Large Value Quantitative Fund, Class I Shares		16,558,082		6,160,343		(3,948,776	)		1,198,675			19,968,324		513,803		708,736		21,761,055
Columbia Limited Duration Credit Fund, Class I Shares		38,298,682		2,201,531		(9,579,314	)		80,910			31,001,809		474,148		763,276		31,200,657
Columbia Mid Cap Growth Fund, Class I Shares		40,533,283		12,664,497		(11,495,142	)		4,295,111			45,997,749		1,324,203		—		48,765,020
Columbia Mid Cap Value Fund, Class I Shares		33,218,807		16,085,700		(8,044,917	)		1,854,964			43,114,554		—		561,514		49,270,015

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

Annual Report 2013
46

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Multi-Advisor International Equity Fund, Class I Shares		56,428,089		—		(54,471,405	)		(1,956,684	)		—		—		—		—
Columbia Overseas Value Fund, Class I Shares		28,157,431		901,660		(4,150,363	)		(281,947	)		24,626,781		—		570,939		25,259,204
Columbia Pacific/Asia Fund, Class I Shares		17,204,848		12,285,663		(3,958,535	)		134,247			25,666,223		—		654,348		26,796,236
Columbia Select Large Cap Growth Fund, Class I Shares		38,640,963		5,232,521		(6,909,481	)		1,973,651			38,937,654		—		—		43,435,702
Columbia Select Large-Cap Value Fund, Class I Shares		9,045,981		2,900,656		(1,981,039	)		49,794			10,015,392		335,509		172,614		10,981,585
Columbia Short-Term Cash Fund		37,781,238		33,527,833		(49,755,582	)		—			21,553,489		—		38,405		21,553,489
Columbia Small Cap Growth Fund I, Class I Shares		7,696,860		34,365,137		(3,925,313	)		1,086,691			39,223,375		3,547,413		—		38,065,372
Columbia Small Cap Growth Fund II, Class I Shares		10,486,102		—		(11,729,251	)		1,243,149			—		—		—		—
Columbia Small Cap Value Fund I, Class I Shares		19,668,743		1,311,774		(6,099,601	)		1,038,580			15,919,496		576,379		151,243		16,319,104

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

Annual Report 2013
47

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Small Cap Value Fund II, Class I Shares		11,705,906		12,063,119		(3,615,539	)		272,703		20,426,189		450,508		251,261		21,795,580
Columbia U.S. Government Mortgage Fund, Class I Shares		50,421,820		27,902,813		(6,753,052	)		408,300		71,979,881		1,392,345		2,012,987		72,959,161
Mortgage- and Asset- Backed Portfolio		37,328,344		2,116,450		(39,465,831	)		21,037		—		1,182,652		451,729		—
Total		1,052,472,275		385,645,908		(481,436,478	)		24,364,540		981,046,245		16,817,317		21,083,851		1,043,141,843

(b)  Non-income producing.

(c)  Identifies issues considered to be illiquid as to their marketability. The aggregate value of such securities at January 31, 2013 was $10,407, representing less than 0.01% of net assets. Information concerning such security holdings at January 31, 2013 is as follows:

Security Description	Acquisition Dates	Cost ($)
China Milk Products Group Ltd.	11/17/10		172,880

(d)  Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At January 31, 2013, the value of these securities amounted to $10,407, which represents less than 0.01% of net assets.

(e)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

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 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 (including NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

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

Annual Report 2013
48

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Fair Value Measurements (continued)

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		648,540,232		—		—		648,540,232
Fixed-Income Funds		307,809,679		—		—		307,809,679
Alternative Investment Funds		65,238,443		—		—		65,238,443
Money Market Funds		21,553,489		—		—		21,553,489
Total Mutual Funds		1,043,141,843		—		—		1,043,141,843
Equity Securities
Common Stocks
Consumer Staples		—		—		10,407		10,407
Total Equity Securities		—		—		10,407		10,407

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

Annual Report 2013
49

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2013

Fair Value Measurements (continued)

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)			Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Bonds
Inflation-Indexed Bonds		—			26,759,289		—		26,759,289
Total Bonds		—			26,759,289		—		26,759,289
Investments in Securities		1,043,141,843			26,759,289		10,407		1,069,911,539
Derivatives
Liabilities
Futures Contracts		(106,525	)		—		—		(106,525	)
Total		1,043,035,318			26,759,289		10,407		1,069,805,014

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

There were no transfers of financial assets between Levels 1 and 2 during the period.

Derivative instruments are valued at unrealized appreciation (depreciation).

The following table is a reconciliation of Level 3 assets for which significant observable and/or unobservable inputs were used to determine fair value.

	Common Stocks ($)
Balance as of January 31, 2012		10,240
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)(a)		167
Sales		—
Purchases		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of January 31, 2013		10,407

(a) Change in unrealized appreciation (depreciation) relating to securities held at January 31, 2013 was $167.

The Fund does not hold any significant investments with unobservable inputs which are categorized as Level 3.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 securities are valued using the market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer, the movement in certain foreign or domestic market indices, and the position of the security within the respective company's capital structure. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

Transfers in and/or out of Level 3 are determined based on the fair value at the beginning of the period for security positions held throughout the period.

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

Annual Report 2013
50

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

(Percentages represent value of investments compared to net assets)

Equity Funds 82.3%

	Shares		Value ($)
Dividend Income 5.3%
Columbia Dividend Income Fund, Class I Shares(a)		925,315		14,360,886
Columbia Dividend Opportunity Fund, Class I Shares(a)		1,731,445		15,929,297
Total				30,290,183
International 21.8%
Columbia Acorn International, Class I Shares(a)		97,784		4,146,044
Columbia Emerging Markets Fund, Class I Shares(a)		2,325,158		24,344,398
Columbia European Equity Fund, Class I Shares(a)		7,073,017		45,691,689
Columbia Greater China Fund, Class I Shares(a)		314,445		16,741,056
Columbia Pacific/Asia Fund, Class I Shares(a)		3,951,311		34,257,868
Total				125,181,055
Real Estate 1.9%
Columbia Real Estate Equity Fund, Class I Shares(a)		757,514		11,203,634
U.S. Large Cap 34.4%
Columbia Contrarian Core Fund, Class I Shares(a)		2,534,907		43,524,345
Columbia Diversified Equity Income Fund, Class I Shares(a)		1,418,738		15,960,801
Columbia Large Cap Core Fund, Class I Shares(a)		1,539,155		23,102,719
Columbia Large Cap Growth Fund, Class I Shares(a)		597,316		17,298,272
Columbia Large Core Quantitative Fund, Class I Shares(a)		4,211,589		28,428,225
Columbia Large Growth Quantitative Fund, Class I Shares(a)		2,089,724		16,801,383
Columbia Select Large Cap Growth Fund, Class I Shares(a)(b)		2,145,405		31,902,166
Columbia Select Large-Cap Value Fund, Class I Shares(a)		1,169,506		20,536,531
Total				197,554,442

Equity Funds (continued)

	Shares		Value ($)
U.S. Mid Cap 13.7%
Columbia Mid Cap Growth Fund, Class I Shares(a)(b)		1,438,206		40,427,968
Columbia Mid Cap Value Fund, Class I Shares(a)		1,107,457		17,542,128
Columbia Mid Cap Value Opportunity Fund, Class I Shares(a)		2,217,580		20,490,435
Total				78,460,531
U.S. Small Cap 5.2%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares(a)		848,387		5,811,453
Columbia Select Smaller-Cap Value Fund, Class I Shares(a)(b)		245,751		4,376,818
Columbia Small Cap Core Fund, Class I Shares(a)		545,614		9,368,190
Columbia Small Cap Growth Fund I, Class I Shares(a)(b)		346,527		10,149,790
Total				29,706,251
Total Equity Funds (Cost: $393,399,251)				472,396,096

Fixed-Income Funds 13.5%

High Yield 3.2%
Columbia Income Opportunities Fund, Class I Shares(a)	1,787,529	18,071,915
Investment Grade 10.3%
Columbia Corporate Income Fund, Class I Shares(a)	3,076,124	32,176,252
Columbia U.S. Government Mortgage Fund, Class I Shares(a)	4,826,559	27,028,732
Total		59,204,984
Total Fixed-Income Funds (Cost: $74,042,799)		77,276,899

Alternative Investment Funds 3.3%

Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares(a)	1,036,566	10,852,850
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares(a)	539,008	5,406,247
Columbia Flexible Capital Income Fund, Class I Shares(a)	261,839	2,979,733
Total Alternative Investment Funds (Cost: $18,351,839)		19,238,830

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

Annual Report 2013
51

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

Money Market Funds 0.9%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.132%(a)(c)		5,165,113		5,165,113
Total Money Market Funds (Cost: $5,165,113)				5,165,113
Total Investments (Cost: $490,959,002)				574,076,938
Other Assets and Liabilities				(152,173	)
Net Assets				573,924,765

Notes to Portfolio of Investments Funds

(a)  As defined in the Investment Company Act of 1940, an affiliated company is one in which the Fund owns 5% or more of its outstanding voting securities, or a company which is under common ownership or control with the Fund. Holdings and transactions in these affiliated companies during the year ended January 31, 2013, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Acorn International, Class I Shares		5,363,890		106,104		(2,438,324	)		659,008			3,690,678		—		86,396		4,146,044
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		18,985,576		541,852		(9,150,827	)		51,924			10,428,525		—		107,963		10,852,850
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		8,096,757		366,424		(3,174,165	)		45,713			5,334,729		—		142,871		5,406,247
Columbia Contrarian Core Fund, Class I Shares		31,214,502		10,347,222		(6,034,937	)		(914,877	)		34,611,910		47,160		487,439		43,524,345
Columbia Corporate Income Fund, Class I Shares		37,650,987		3,314,390		(10,736,785	)		309,314			30,537,906		642,411		1,173,101		32,176,252
Columbia Diversified Equity Income Fund, Class I Shares		14,081,372		413,323		(4,786,549	)		1,164,497			10,872,643		—		376,754		15,960,801

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

Annual Report 2013
52

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Dividend Income Fund, Class I Shares		20,582,376		430,773		(8,781,871	)		392,492			12,623,770		—		380,858		14,360,886
Columbia Dividend Opportunity Fund, Class I Shares		18,268,084		711,876		(8,998,615	)		1,186,436			11,167,781		—		673,396		15,929,297
Columbia Emerging Markets Fund, Class I Shares		19,266,959		7,708,403		(5,205,685	)		(519,657	)		21,250,020		1,065,036		142,328		24,344,398
Columbia European Equity Fund, Class I Shares		45,405,388		16,024,132		(24,674,375	)		2,018,642			38,773,787		177,975		882,311		45,691,689
Columbia Flexible Capital Income Fund, Class I Shares		2,719,943		190,513		(349,461	)		27,592			2,588,587		12,511		113,072		2,979,733
Columbia Greater China Fund, Class I Shares		17,043,200		790,932		(2,342,122	)		(43,781	)		15,448,229		—		232,162		16,741,056
Columbia Income Opportunities Fund, Class I Shares		10,380,418		8,672,089		(2,878,480	)		678,813			16,852,840		—		1,030,568		18,071,915
Columbia Large Cap Core Fund, Class I Shares		17,422,069		6,492,008		(2,916,910	)		133,791			21,130,958		755,007		286,379		23,102,719
Columbia Large Cap Growth Fund, Class I Shares		18,769,297		155,603		(8,000,791	)		(320,371	)		10,603,738		—		107,711		17,298,272
Columbia Large Core Quantitative Fund, Class I Shares		18,689,573		5,793,572		(3,260,788	)		(136,196	)		21,086,161		—		495,861		28,428,225

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

Annual Report 2013
53

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Large Growth Quantitative Fund, Class I Shares		20,809,126		1,784,942		(7,682,797	)		203,987		15,115,258		1,403,100		306,356		16,801,383
Columbia Mid Cap Growth Fund, Class I Shares		32,654,912		6,628,100		(1,682,433	)		690,714		38,291,293		1,073,617		—		40,427,968
Columbia Mid Cap Value Fund, Class I Shares		11,720,294		5,851,358		(2,121,328	)		29,390		15,479,714		—		189,772		17,542,128
Columbia Mid Cap Value Opportunity Fund, Class I Shares		15,599,531		322,043		(5,864,224	)		2,614,719		12,672,069		—		178,815		20,490,435
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		5,247,216		248,388		(4,025,299	)		2,066,126		3,536,431		29,649		13,921		5,811,453
Columbia Pacific/Asia Fund, Class I Shares		27,615,603		9,252,129		(6,957,199	)		230,618		30,141,151		—		827,484		34,257,868
Columbia Real Estate Equity Fund, Class I Shares		8,573,499		725,149		(2,186,338	)		1,201,024		8,313,334		156,195		245,629		11,203,634
Columbia Select Large Cap Growth Fund, Class I Shares		25,213,398		4,874,144		(3,053,672	)		158,960		27,192,830		—		—		31,902,166
Columbia Select Large-Cap Value Fund, Class I Shares		9,858,164		9,434,648		(2,703,143	)		722,989		17,312,658		622,021		320,019		20,536,531
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,370,116		219,754		(678,772	)		249,525		4,160,623		106,968		—		4,376,818

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

Annual Report 2013
54

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Cost/ Proceeds From Sales ($)			Realized Gain/Loss ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends or Interest Income ($)		Value ($)
Columbia Short-Term Cash Fund		1,508,970		9,772,007		(6,115,864	)		—			5,165,113		—		6,019		5,165,113
Columbia Small Cap Core Fund, Class I Shares		—		9,878,610		(891,052	)		(20,163	)		8,967,395		270,407		73,749		9,368,190
Columbia Small Cap Growth Fund I, Class I Shares		10,979,888		1,158,995		(1,071,845	)		(110,220	)		10,956,818		925,317		—		10,149,790
Columbia U.S. Government Mortgage Fund, Class I Shares		28,581,019		2,457,038		(4,445,122	)		59,118			26,652,053		516,044		876,249		27,028,732
Columbia U.S. Treasury Index Fund, Class I Shares		10,273,753		405		(10,519,463	)		245,305			—		—		3,144		—
Total		516,945,880		124,666,926		(163,729,236	)		13,075,432			490,959,002		7,803,418		9,760,327		574,076,938

(b)  Non-income producing.

(c)  The rate shown is the seven-day current annualized yield at January 31, 2013.

Fair Value Measurements

Generally accepted accounting principles (GAAP) require 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.

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 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 (to include NAV for open-end mutual funds). Valuation adjustments are not applied to Level 1 investments.

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

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

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

Annual Report 2013
55

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2013

Fair Value Measurements (continued)

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

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

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

The Committee meets at least monthly to review and approve valuation matters, which may include a description of specific valuation determinations, data regarding pricing information received from approved pricing vendors and brokers and the results of Board-approved valuation control policies and procedures (the Policies). The Policies address, among other things, instances when market quotations are readily available, including recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2013:

Description	Level 1 Quoted Prices in Active Markets for Identical Assets ($)		Level 2 Other Significant Observable Inputs ($)		Level 3 Significant Unobservable Inputs ($)		Total ($)
Mutual Funds
Equity Funds		472,396,096		—		—		472,396,096
Fixed-Income Funds		77,276,899		—		—		77,276,899
Alternative Investment Funds		19,238,830		—		—		19,238,830
Money Market Funds		5,165,113		—		—		5,165,113
Total Mutual Funds		574,076,938		—		—		574,076,938

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

There were no transfers of financial assets between Levels 1 and 2 during the period.

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

Annual Report 2013
56

Columbia Capital Allocation Portfolios

Statements of Assets and Liabilities

January 31, 2013

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $—, $6,063,136, $—)	$	—	$	6,664,068	$	—
Affiliated issuers (identified cost $330,284,370, $111,868,075, $1,401,470,278)		348,037,710		119,295,129		1,560,669,125
Total investments (identified cost $330,284,370, $117,931,211, $1,401,470,278)		348,037,710		125,959,197		1,560,669,125
Margin deposits on futures contracts		82,300		31,900		232,000
Receivable for:
Investments sold		—		52,362		73,793
Capital shares sold		565,452		185,872		2,099,614
Dividends		408,400		163,753		1,438,997
Interest		—		13,348		—
Variation margin on futures contracts		9,719		2,531		27,500
Expense reimbursement due from Investment Manager		—		175		—
Prepaid expenses		1,398		1,398		1,379
Total assets		349,104,979		126,410,536		1,564,542,408
Liabilities
Payable for:
Investments purchased		475,493		163,407		1,438,368
Capital shares purchased		341,511		177,036		1,554,652
Investment management fees		—		130		—
Distribution and/or service fees		3,711		1,387		15,332
Transfer agent fees		20,065		24,017		107,833
Administration fees		191		69		856
Plan administration fees		—		—		2
Compensation of board members		4,478		4,614		4,616
Other expenses		85,168		51,910		134,467
Total liabilities		930,617		422,570		3,256,126
Net assets applicable to outstanding capital stock	$	348,174,362	$	125,987,966	$	1,561,286,282

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

Annual Report 2013
57

Columbia Capital Allocation Portfolios

Statements of Assets and Liabilities (continued)

January 31, 2013

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Represented by
Paid-in capital	$	328,010,091		$	117,716,595		$	1,399,149,493
Undistributed net investment income		590,704			218,846			5,353,167
Accumulated net realized gain (loss)		2,014,025			76,310			(1,867,974	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		—			600,932			—
Investments — affiliated issuers		17,753,340			7,427,054			159,198,847
Futures contracts		(193,798	)		(51,771	)		(547,251	)
Total — representing net assets applicable to outstanding capital stock	$	348,174,362		$	125,987,966		$	1,561,286,282
Class A
Net assets	$	282,382,232		$	71,320,574		$	1,331,310,666
Shares outstanding		26,566,612			6,293,718			114,714,357
Net asset value per share	$	10.63		$	11.33		$	11.61
Maximum offering price per share(a)	$	11.16		$	12.02		$	12.32
Class B
Net assets	$	19,597,783		$	8,334,814		$	94,225,125
Shares outstanding		1,849,043			739,222			8,155,368
Net asset value per share	$	10.60		$	11.28		$	11.55
Class C
Net assets	$	45,368,326		$	23,470,108		$	132,769,881
Shares outstanding		4,288,773			2,094,907			11,512,283
Net asset value per share	$	10.58		$	11.20		$	11.53
Class K(b)
Net assets	$	11,518		$	—		$	298,277
Shares outstanding		1,093			—			25,717
Net asset value per share	$	10.54		$	—		$	11.60
Class R
Net assets	$	114,070		$	2,147,771		$	138,070
Shares outstanding		10,735			189,379			11,919
Net asset value per share	$	10.63		$	11.34		$	11.58
Class R4
Net assets	$	—		$	2,490		$	—
Shares outstanding		—			221			—
Net asset value per share(c)	$	—		$	11.25		$	—
Class R5
Net assets	$	—		$	2,490		$	—
Shares outstanding		—			221			—
Net asset value per share(c)	$	—		$	11.25		$	—
Class Z
Net assets	$	700,433		$	20,709,719		$	2,544,263
Shares outstanding		65,922			1,846,950			219,428
Net asset value per share	$	10.63		$	11.21		$	11.59

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 4.75% for Columbia Capital Allocation Conservative Portfolio and dividing the net asset value by 1.0 minus the maximum sales charge of 5.75% for Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares for Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Annual Report 2013
58

Columbia Capital Allocation Portfolios

Statements of Assets and Liabilities (continued)

January 31, 2013

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $23,901,788, $—)	$	26,769,696	$	—
Affiliated issuers (identified cost $981,046,245, $490,959,002)		1,043,141,843		574,076,938
Total investments (identified cost $1,004,948,033, $490,959,002)		1,069,911,539		574,076,938
Margin deposits on futures contracts		58,300		—
Receivable for:
Investments sold		489,814		251,139
Capital shares sold		234,266		430,710
Dividends		678,085		226,947
Interest		65,610		—
Reclaims		723		—
Variation margin on futures contracts		4,969		—
Expense reimbursement due from Investment Manager		—		—
Prepaid expenses		1,398		1,379
Trustees' deferred compensation plan		139,639		—
Total assets		1,071,584,343		574,987,113
Liabilities
Payable for:
Investments purchased		675,618		226,355
Capital shares purchased		888,482		687,694
Investment management fees		718		—
Distribution and/or service fees		9,312		5,524
Transfer agent fees		164,329		50,104
Administration fees		586		315
Plan administration fees		—		3
Compensation of board members		79,186		4,612
Expense reimbursement due to Investment Manager		—		166
Other expenses		103,313		87,575
Trustees' deferred compensation plan		139,639		—
Total liabilities		2,061,183		1,062,348
Net assets applicable to outstanding capital stock	$	1,069,523,160	$	573,924,765

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

Annual Report 2013
59

Columbia Capital Allocation Portfolios

Statements of Assets and Liabilities (continued)

January 31, 2013

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	993,602,551		$	548,457,694
Undistributed net investment income		547,716			2,657,459
Accumulated net realized gain (loss)		10,515,954			(60,308,324	)
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		2,867,908			—
Investments — affiliated issuers		62,095,598			83,117,936
Foreign currency translations		(42	)		—
Futures contracts		(106,525	)		—
Total — representing net assets applicable to outstanding capital stock	$	1,069,523,160		$	573,924,765
Class A
Net assets	$	679,108,505		$	495,721,911
Shares outstanding		56,383,093			43,464,182
Net asset value per share	$	12.04		$	11.41
Maximum offering price per share(a)	$	12.77		$	12.11
Class B
Net assets	$	53,008,802		$	39,020,467
Shares outstanding		4,437,932			3,420,837
Net asset value per share	$	11.94		$	11.41
Class C
Net assets	$	84,348,970		$	38,461,155
Shares outstanding		6,967,418			3,422,907
Net asset value per share	$	12.11		$	11.24
Class K(b)
Net assets	$	—		$	126,358
Shares outstanding		—			11,058
Net asset value per share	$	—		$	11.43
Class R
Net assets	$	4,664,338		$	182,220
Shares outstanding		387,722			16,055
Net asset value per share	$	12.03		$	11.35
Class R4
Net assets	$	2,586		$	—
Shares outstanding		213			—
Net asset value per share(c)	$	12.11		$	—
Class R5
Net assets	$	2,586		$	—
Shares outstanding		213			—
Net asset value per share(c)	$	12.11		$	—
Class T
Net assets	$	100,954,846		$	—
Shares outstanding		8,384,540			—
Net asset value per share	$	12.04		$	—
Maximum offering price per share(a)	$	12.77		$	—
Class Z
Net assets	$	147,432,527		$	412,654
Shares outstanding		12,257,017			36,311
Net asset value per share	$	12.03		$	11.36

(a) The maximum offering price per share is calculated by dividing the net asset value by 1.0 minus the maximum sales charge of 5.75%.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares for Columbia Capital Allocation Aggressive Portfolio.

(c) Net asset value per share rounds to this amount due to fractional shares outstanding.

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

Annual Report 2013
60

Columbia Capital Allocation Portfolios

Statements of Operations

Year Ended January 31, 2013

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	—		$	2,127		$	—
Dividends — affiliated issuers		9,025,473			3,455,837			36,387,106
Interest		—			100,347			—
Total income		9,025,473			3,558,311			36,387,106
Expenses:
Investment management fees		—			72,183			—
Distribution and/or service fees
Class A		662,668			175,652			3,174,852
Class B		217,784			109,645			1,039,476
Class C		405,824			241,420			1,191,298
Class R		194			9,231			830
Transfer agent fees
Class A		361,813			128,642			2,019,733
Class B		29,382			20,054			162,446
Class C		55,492			44,187			190,050
Class K(a)		32			—			195
Class R		55			3,384			262
Class R4(b)		—			1			—
Class Z		592			40,344			2,339
Administration fees		65,589			25,851			298,998
Plan administration fees
Class K(a)		161			—			975
Compensation of board members		9,177			9,276			10,212
Custodian fees		9,785			15,811			7,182
Printing and postage fees		64,216			69,977			188,080
Registration fees		118,457			119,141			173,922
Professional fees		21,420			19,157			17,138
Other		10,123			12,612			17,775
Total expenses		2,032,764			1,116,568			8,495,763
Fees waived or expenses reimbursed by Investment Manager and its affiliates		—			(172,293	)		—
Expense reductions		(40	)		(280	)		(60	)
Total net expenses		2,032,724			943,995			8,495,703
Net investment income		6,992,749			2,614,316			27,891,403
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		2,963,596			3,941,070			26,696,908
Capital gain distributions from underlying affiliated funds		6,598,264			2,078,537			28,245,369
Foreign currency translations		(19,397	)		—			(61,000	)
Futures contracts		(255,861	)		68,026			(2,849,358	)
Net realized gain		9,286,602			6,087,633			52,031,919
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		—			100,441			—
Investments — affiliated issuers		7,328,635			2,220,014			72,877,333
Futures contracts		(193,381	)		(126,817	)		(545,418	)
Net change in unrealized appreciation (depreciation)		7,135,254			2,193,638			72,331,915
Net realized and unrealized gain		16,421,856			8,281,271			124,363,834
Net increase in net assets resulting from operations	$	23,414,605		$	10,895,587		$	152,255,237

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares for Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

(b) For the period from November 8, 2012 (commencement of operations) to January 31, 2013 for Columbia Capital Allocation Moderate Conservative Portfolio.

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

Annual Report 2013
61

Columbia Capital Allocation Portfolios

Statements of Operations (continued)

Year Ended January 31, 2013

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	7,399		$	—
Dividends — affiliated issuers		21,083,851			9,760,327
Interest		512,585			—
Total income		21,603,835			9,760,327
Expenses:
Investment management fees		363,620			—
Distribution and/or service fees
Class A		1,670,123			1,190,622
Class B		671,164			429,176
Class C		846,518			353,645
Class R		21,558			309
Class T		304,498			—
Transfer agent fees
Class A		1,153,206			936,123
Class B		114,956			83,201
Class C		146,034			69,667
Class K(a)		—			213
Class R		7,452			128
Class R4(b)		1			—
Class T		175,105			—
Class Z		249,095			474
Administration fees		213,998			111,051
Plan administration fees
Class K(a)		—			1,064
Compensation of board members		18,302			11,091
Custodian fees		26,898			6,126
Printing and postage fees		229,337			98,946
Registration fees		198,146			131,829
Professional fees		33,817			19,508
Other		15,050			16,541
Total expenses		6,458,878			3,459,714
Fees waived or expenses reimbursed by Investment Manager and its affiliates		—			(42,247	)
Expense reductions		(26,139	)		(360	)
Total net expenses		6,432,739			3,417,107
Net investment income		15,171,096			6,343,220
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		380,096			—
Investments — affiliated issuers		24,364,540			13,075,432
Capital gain distributions from underlying affiliated funds		16,817,317			7,803,418
Foreign currency translations		4,020			53
Futures contracts		1,009,311			(1,105,514	)
Net realized gain		42,575,284			19,773,389
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		482,915			—
Investments — affiliated issuers		56,981,818			44,510,376
Foreign currency translations		(1,595	)		—
Futures contracts		(1,777,755	)		(5,338	)
Net change in unrealized appreciation (depreciation)		55,685,383			44,505,038
Net realized and unrealized gain		98,260,667			64,278,427
Net increase in net assets resulting from operations	$	113,431,763		$	70,621,647

(a) Effective October 25, 2012, Class R4 shares were renamed Class K shares for Columbia Capital Allocation Aggressive Portfolio.

(b) For the period from November 8, 2012 (commencement of operations) to January 31, 2013 for Columbia Capital Allocation Moderate Aggressive Portfolio.

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

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62

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets

	Columbia Capital Allocation Conservative Portfolio
	Year Ended January 31, 2013			Year Ended January 31, 2012
Operations
Net investment income	$	6,992,749		$	6,334,918
Net realized gain		9,286,602			19,796,978
Net change in unrealized appreciation (depreciation)		7,135,254			(14,914,019	)
Net increase in net assets resulting from operations		23,414,605			11,217,877
Distributions to shareholders
Net investment income
Class A		(8,858,422	)		(5,549,323	)
Class B		(512,560	)		(416,073	)
Class C		(1,083,261	)		(551,460	)
Class K(a)		(2,065	)		(1,899	)
Class R		(1,567	)		(55	)
Class Z		(18,883	)		(1,699	)
Net realized gains
Class A		(3,076,707	)		(6,183,636	)
Class B		(216,489	)		(621,902	)
Class C		(489,418	)		(890,011	)
Class K(a)		(647	)		(1,994	)
Class R		(757	)		(64	)
Class Z		(5,981	)		(1,868	)
Total distributions to shareholders		(14,266,757	)		(14,219,984	)
Increase (decrease) in net assets from capital stock activity		26,360,589			41,606,341
Total increase in net assets		35,508,437			38,604,234
Net assets at beginning of year		312,665,925			274,061,691
Net assets at end of year	$	348,174,362		$	312,665,925
Undistributed net investment income	$	590,704		$	517,613

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
63

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2013(a)			Year Ended January 31, 2012(b)			Year Ended March 31, 2011
Operations
Net investment income	$	2,614,316		$	2,353,562		$	3,097,506
Net realized gain		6,087,633			6,982,936			10,411,760
Net change in unrealized appreciation (depreciation)		2,193,638			(6,304,987	)		518,350
Net increase in net assets resulting from operations		10,895,587			3,031,511			14,027,616
Distributions to shareholders
Net investment income
Class A		(2,019,638	)		(1,287,509	)		(1,484,710	)
Class B		(208,910	)		(245,328	)		(565,960	)
Class C		(511,820	)		(323,481	)		(411,751	)
Class R		(51,816	)		(13,383	)		(12,309	)
Class R4		(36	)		—			—
Class R5		(37	)		—			—
Class Z		(695,159	)		(440,198	)		(582,134	)
Net realized gains
Class A		(1,644,654	)		—			—
Class B		(208,483	)		—			—
Class C		(554,310	)		—			—
Class R		(47,757	)		—			—
Class R4		(51	)		—			—
Class R5		(51	)		—			—
Class Z		(518,082	)		—			—
Total distributions to shareholders		(6,460,804	)		(2,309,899	)		(3,056,864	)
Increase (decrease) in net assets from capital stock activity		(7,902,019	)		(7,172,876	)		(20,706,161	)
Total decrease in net assets		(3,467,236	)		(6,451,264	)		(9,735,409	)
Net assets at beginning of year		129,455,202			135,906,466			145,641,875
Net assets at end of year	$	125,987,966		$	129,455,202		$	135,906,466
Undistributed net investment income	$	218,846		$	240,169		$	134,174

(a)  Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Year Ended January 31, 2013			Year Ended January 31, 2012
Operations
Net investment income	$	27,891,403		$	28,212,098
Net realized gain		52,031,919			59,725,049
Net change in unrealized appreciation (depreciation)		72,331,915			(50,051,615	)
Net increase in net assets resulting from operations		152,255,237			37,885,532
Distributions to shareholders
Net investment income
Class A		(33,484,327	)		(28,279,024	)
Class B		(1,898,902	)		(2,100,858	)
Class C		(2,336,981	)		(1,672,751	)
Class K(a)		(9,733	)		(18,729	)
Class R		(3,952	)		(547	)
Class Z		(48,911	)		(11,006	)
Total distributions to shareholders		(37,782,806	)		(32,082,915	)
Increase (decrease) in net assets from capital stock activity		4,645,590			27,527,143
Total increase in net assets		119,118,021			33,329,760
Net assets at beginning of year		1,442,168,261			1,408,838,501
Net assets at end of year	$	1,561,286,282		$	1,442,168,261
Undistributed net investment income	$	5,353,167		$	5,371,818

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
65

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Year Ended January 31, 2013(a)			Year Ended January 31, 2012(b)			Year Ended March 31, 2011(c)
Operations
Net investment income	$	15,171,096		$	13,402,329		$	8,088,913
Net realized gain		42,575,284			65,594,144			34,013,224
Net change in unrealized appreciation (depreciation)		55,685,383			(116,910,856	)		35,185,237
Net increase (decrease) in net assets resulting from operations		113,431,763			(37,914,383	)		77,287,374
Distributions to shareholders
Net investment income
Class A		(12,092,814	)		(8,763,127	)		(4,512,130	)
Class B		(612,563	)		(713,220	)		(1,529,833	)
Class C		(888,392	)		(652,539	)		(857,409	)
Class R		(67,920	)		(35,925	)		(31,530	)
Class R4		(30	)		—			—
Class R5		(31	)		—			—
Class T		(1,780,427	)		(1,332,779	)		(6	)
Class Z		(2,926,629	)		(2,351,181	)		(1,130,790	)
Net realized gains
Class A		(16,397,431	)		(1,000,010	)		—
Class B		(1,442,652	)		(134,466	)		—
Class C		(2,047,116	)		(130,698	)		—
Class R		(106,359	)		(5,155	)		—
Class R4		(47	)		—			—
Class R5		(47	)		—			—
Class T		(2,478,029	)		(155,678	)		—
Class Z		(3,474,247	)		(223,444	)		—
Total distributions to shareholders		(44,314,734	)		(15,498,222	)		(8,061,698	)
Increase (decrease) in net assets from capital stock activity		(90,403,587	)		568,809,486			(74,373,436	)
Proceeds from regulatory settlements (Note 7)		—			4,433			—
Total increase (decrease) in net assets		(21,286,558	)		515,401,314			(5,147,760	)
Net assets at beginning of year		1,090,809,718			575,408,404			580,556,164
Net assets at end of year	$	1,069,523,160		$	1,090,809,718		$	575,408,404
Undistributed net investment income	$	547,716		$	314,308		$	328,801

(a)  Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(c)  Class T shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011.

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

Annual Report 2013
66

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2013			Year Ended January 31, 2012
Operations
Net investment income	$	6,343,220		$	6,036,946
Net realized gain (loss)		19,773,389			(2,722,468	)
Net change in unrealized appreciation (depreciation)		44,505,038			(1,878,258	)
Net increase in net assets resulting from operations		70,621,647			1,436,220
Distributions to shareholders
Net investment income
Class A		(6,990,036	)		(6,633,718	)
Class B		(203,687	)		(219,908	)
Class C		(291,987	)		(238,061	)
Class K(a)		(6,465	)		(6,830	)
Class R		(980	)		(31	)
Class Z		(6,998	)		(1,860	)
Total distributions to shareholders		(7,500,153	)		(7,100,408	)
Increase (decrease) in net assets from capital stock activity		(44,943,075	)		(26,391,393	)
Total increase (decrease) in net assets		18,178,419			(32,055,581	)
Net assets at beginning of year		555,746,346			587,801,927
Net assets at end of year	$	573,924,765		$	555,746,346
Undistributed net investment income	$	2,657,459		$	2,821,505

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
67

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Conservative Portfolio
	Year Ended January 31, 2013						Year Ended January 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		6,781,719			72,018,617			7,913,022			82,910,451
Distributions reinvested		1,110,833			11,708,940			1,101,338			11,183,272
Redemptions		(5,654,986	)		(59,897,077	)		(5,492,438	)		(57,565,180	)
Net increase		2,237,566			23,830,480			3,521,922			36,528,543
Class B shares
Subscriptions		296,084			3,129,259			509,124			5,307,025
Distributions reinvested		68,064			715,538			96,881			980,182
Redemptions(a)		(916,733	)		(9,644,126	)		(1,146,328	)		(12,062,778	)
Net decrease		(552,585	)		(5,799,329	)		(540,323	)		(5,775,571	)
Class C shares
Subscriptions		1,263,252			13,333,831			1,481,126			15,430,759
Distributions reinvested		147,801			1,551,695			127,694			1,288,663
Redemptions		(687,099	)		(7,233,547	)		(565,975	)		(5,897,139	)
Net increase		723,954			7,651,979			1,042,845			10,822,283
Class K shares(b)
Subscriptions		28			294			12			117
Distributions reinvested		214			2,232			335			3,380
Redemptions		(6,867	)		(72,046	)		(467	)		(4,903	)
Net decrease		(6,625	)		(69,520	)		(120	)		(1,406	)
Class R shares
Subscriptions		10,284			108,921			—			—
Distributions reinvested		210			2,215			—			—
Redemptions		(3	)		(28	)		—			—
Net increase		10,491			111,108			—			—
Class Z shares
Subscriptions		126,954			1,336,128			10,518			109,313
Distributions reinvested		2,350			24,744			339			3,435
Redemptions		(68,393	)		(725,001	)		(7,730	)		(80,256	)
Net increase		60,911			635,871			3,127			32,492
Total net increase		2,473,712			26,360,589			4,027,451			41,606,341

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

Annual Report 2013
68

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2013(a)						Year Ended January 31, 2012(b)						Year Ended March 31, 2011
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(c)		1,263,090			14,202,737			1,554,698			16,759,129			1,770,333			18,308,738
Distributions reinvested		137,040			1,532,528			42,979			455,165			70,168			713,359
Redemptions		(1,353,714	)		(15,254,025	)		(1,210,036	)		(13,006,625	)		(2,041,585	)		(20,875,315	)
Net increase (decrease)		46,416			481,240			387,641			4,207,669			(201,084	)		(1,853,218	)
Class B shares
Subscriptions		53,589			597,049			89,180			950,952			102,115			1,035,407
Distributions reinvested		10,630			118,401			4,555			48,153			25,558			254,142
Redemptions(c)		(662,372	)		(7,410,612	)		(1,169,734	)		(12,578,086	)		(1,763,643	)		(18,113,872	)
Net decrease		(598,153	)		(6,695,162	)		(1,075,999	)		(11,578,981	)		(1,635,970	)		(16,824,323	)
Class C shares
Subscriptions		298,681			3,326,163			448,336			4,773,031			344,262			3,500,601
Distributions reinvested		53,807			595,527			13,879			145,532			21,010			211,334
Redemptions		(486,194	)		(5,429,932	)		(427,640	)		(4,557,514	)		(517,115	)		(5,270,481	)
Net increase (decrease)		(133,706	)		(1,508,242	)		34,575			361,049			(151,843	)		(1,558,546	)
Class R shares
Subscriptions		124,813			1,404,746			71,112			765,094			24,212			251,076
Distributions reinvested		7,535			84,402			1,242			13,182			1,199			12,309
Redemptions		(43,497	)		(494,573	)		(11,128	)		(121,119	)		(41,743	)		(439,144	)
Net increase (decrease)		88,851			994,575			61,226			657,157			(16,332	)		(175,759	)
Class R4 shares
Subscriptions		221			2,500			—			—			—			—
Net increase		221			2,500			—			—			—			—
Class R5 shares
Subscriptions		221			2,500			—			—			—			—
Net increase		221			2,500			—			—			—			—
Class Z shares
Subscriptions		366,700			4,078,776			312,750			3,346,709			632,691			6,396,894
Distributions reinvested		50,534			559,185			17,365			182,189			24,952			254,906
Redemptions		(520,598	)		(5,817,391	)		(405,484	)		(4,348,668	)		(684,476	)		(6,946,115	)
Net decrease		(103,364	)		(1,179,430	)		(75,369	)		(819,770	)		(26,833	)		(294,315	)
Total net decrease		(699,514	)		(7,902,019	)		(667,926	)		(7,172,876	)		(2,032,062	)		(20,706,161	)

(a)  Class R4 and R5 are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(c)  Includes conversions of Class B shares to Class A shares, if any.

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

Annual Report 2013
69

Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Year Ended January 31, 2013						Year Ended January 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		20,436,757			226,643,024			24,050,965			257,275,879
Distributions reinvested		2,955,792			33,017,329			2,597,985			27,200,795
Redemptions		(21,722,889	)		(241,624,219	)		(22,340,003	)		(238,031,148	)
Net increase		1,669,660			18,036,134			4,308,947			46,445,526
Class B shares
Subscriptions		714,059			7,890,332			1,389,537			14,775,221
Distributions reinvested		169,808			1,890,351			192,392			2,012,722
Redemptions(a)		(3,680,334	)		(40,155,576	)		(5,014,892	)		(54,009,930	)
Net decrease		(2,796,467	)		(30,374,893	)		(3,432,963	)		(37,221,987	)
Class C shares
Subscriptions		3,196,378			35,365,027			3,330,891			35,311,883
Distributions reinvested		208,454			2,321,367			146,166			1,521,429
Redemptions		(1,979,826	)		(21,878,134	)		(1,838,943	)		(19,404,704	)
Net increase		1,425,006			15,808,260			1,638,114			17,428,608
Class K shares(b)
Subscriptions		9,909			112,636			13,432			145,283
Distributions reinvested		849			9,431			1,764			18,464
Redemptions		(54,681	)		(601,177	)		(16,538	)		(174,403	)
Net decrease		(43,923	)		(479,110	)		(1,342	)		(10,656	)
Class R shares
Subscriptions		18,048			199,494			5,287			53,421
Distributions reinvested		350			3,885			47			488
Redemptions		(12,052	)		(133,325	)		(9	)		(94	)
Net increase		6,346			70,054			5,325			53,815
Class Z shares
Subscriptions		211,738			2,369,031			80,993			871,373
Distributions reinvested		4,185			46,841			1,038			10,790
Redemptions		(74,333	)		(830,727	)		(4,874	)		(50,326	)
Net increase		141,590			1,585,145			77,157			831,837
Total net increase		402,212			4,645,590			2,595,238			27,527,143

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

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Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Year Ended January 31, 2013(a)						Year Ended January 31, 2012(b)						Year Ended March 31, 2011(c)
	Shares			Dollars ($)			Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(d)		5,118,664			59,713,687			5,912,598			66,186,698			6,541,121			69,860,832
Fund merger		—			—			35,995,473			429,174,661			—			—
Distributions reinvested		1,503,792			17,424,301			535,765			5,802,182			215,592			2,209,949
Redemptions		(9,165,395	)		(106,841,676	)		(8,647,077	)		(96,275,570	)		(5,615,106	)		(59,795,287	)
Net increase (decrease)		(2,542,939	)		(29,703,688	)		33,796,759			404,887,971			1,141,607			12,275,494
Class B shares
Subscriptions		155,609			1,787,919			129,496			1,427,206			213,510			2,293,757
Fund merger		—			—			761,031			9,005,433			—			—
Distributions reinvested		48,899			561,009			18,923			203,617			72,300			715,651
Redemptions(d)		(3,349,084	)		(38,757,333	)		(4,929,584	)		(54,849,016	)		(6,505,211	)		(68,380,032	)
Net decrease		(3,144,576	)		(36,408,405	)		(4,020,134	)		(44,212,760	)		(6,219,401	)		(65,370,624	)
Class C shares
Subscriptions		799,777			9,368,298			848,142			9,606,164			966,168			10,322,022
Fund merger		—			—			584,952			7,007,012			—			—
Distributions reinvested		127,886			1,489,852			31,621			344,295			43,487			447,942
Redemptions		(1,561,467	)		(18,303,886	)		(1,704,392	)		(18,964,791	)		(1,674,694	)		(17,771,209	)
Net decrease		(633,804	)		(7,445,736	)		(239,677	)		(2,007,320	)		(665,039	)		(7,001,245	)
Class R shares
Subscriptions		173,922			2,037,313			249,996			2,804,879			116,201			1,182,795
Distributions reinvested		15,056			174,279			3,805			41,080			2,990			31,530
Redemptions		(147,472	)		(1,717,075	)		(38,358	)		(427,710	)		(158,727	)		(1,747,133	)
Net increase (decrease)		41,506			494,517			215,443			2,418,249			(39,536	)		(532,808	)
Class R4 shares
Subscriptions		213			2,500			—			—			—			—
Net increase		213			2,500			—			—			—			—
Class R5 shares
Subscriptions		213			2,500			—			—			—			—
Net increase		213			2,500			—			—			—			—
Class T shares
Subscriptions		31,954			372,493			24,511			270,790			218			2,500
Fund merger		—			—			9,782,229			116,583,107			—			—
Distributions reinvested		280,223			3,244,818			102,021			1,104,992			—			—
Redemptions		(1,037,773	)		(12,108,142	)		(798,843	)		(8,887,325	)		—			—
Net increase (decrease)		(725,596	)		(8,490,831	)		9,109,918			109,071,564			218			2,500
Class Z shares
Subscriptions		2,164,449			25,259,972			1,278,833			14,425,281			1,292,743			13,769,633
Fund merger		—			—			10,650,993			126,822,052			—			—
Distributions reinvested		284,546			3,292,261			103,756			1,121,594			40,312			424,948
Redemptions		(3,200,487	)		(37,406,677	)		(3,923,537	)		(43,717,145	)		(2,794,570	)		(27,941,334	)
Net increase (decrease)		(751,492	)		(8,854,444	)		8,110,045			98,651,782			(1,461,515	)		(13,746,753	)
Total net increase (decrease)		(7,756,475	)		(90,403,587	)		46,972,354			568,809,486			(7,243,666	)		(74,373,436	)

(a)  Class R4 and R5 shares are for the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(c)  Class T shares are for the period from March 7, 2011 (commencement of operations) to March 31, 2011.

(d)  Includes conversions of Class B shares to Class A shares, if any.

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

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Columbia Capital Allocation Portfolios

Statements of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2013						Year Ended January 31, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions(a)		5,431,267			57,544,416			7,252,231			74,451,528
Distributions reinvested		634,768			6,944,361			664,668			6,400,753
Redemptions		(9,022,215	)		(96,135,357	)		(9,068,967	)		(92,101,891	)
Net decrease		(2,956,180	)		(31,646,580	)		(1,152,068	)		(11,249,610	)
Class B shares
Subscriptions		123,248			1,307,406			304,034			3,151,406
Distributions reinvested		18,355			200,985			22,043			212,051
Redemptions(a)		(1,539,524	)		(15,989,548	)		(1,983,801	)		(20,512,069	)
Net decrease		(1,397,921	)		(14,481,157	)		(1,657,724	)		(17,148,612	)
Class C shares
Subscriptions		729,806			7,657,395			846,098			8,505,955
Distributions reinvested		26,508			285,762			22,854			217,113
Redemptions		(645,587	)		(6,774,390	)		(689,270	)		(6,885,247	)
Net increase		110,727			1,168,767			179,682			1,837,821
Class K shares(b)
Subscriptions		677			7,275			4,239			44,892
Distributions reinvested		574			6,291			692			6,673
Redemptions		(34,435	)		(383,185	)		(5,409	)		(53,339	)
Net decrease		(33,184	)		(369,619	)		(478	)		(1,774	)
Class R shares
Subscriptions		15,707			169,400			—			—
Distributions reinvested		86			936			—			—
Redemptions		(3	)		(34	)		—			—
Net increase		15,790			170,302			—			—
Class Z shares
Subscriptions		34,663			377,096			21,187			221,433
Distributions reinvested		569			6,200			136			1,301
Redemptions		(15,506	)		(168,084	)		(5,003	)		(51,952	)
Net increase		19,726			215,212			16,320			170,782
Total net decrease		(4,241,042	)		(44,943,075	)		(2,614,268	)		(26,391,393	)

(a) Includes conversions of Class B shares to Class A shares, if any. The line items from the prior year have been combined to conform to the current year presentation.

(b) Effective October 25, 2012, Class R4 shares were renamed Class K shares.

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

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Columbia Capital Allocation Portfolios

Financial Highlights

Columbia Capital Allocation Conservative Portfolio

The following tables are intended to help you understand the Funds' 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, and is not annualized for periods of less than one year.

	Year Ended January 31,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.32		$	10.44		$	9.77		$	8.51		$	10.15
Income from investment operations:
Net investment income		0.24			0.25			0.24			0.25			0.32
Net realized and unrealized gain (loss)		0.54			0.14			0.68			1.25			(1.63	)
Total from investment operations		0.78			0.39			0.92			1.50			(1.31	)
Less distributions to shareholders:
Net investment income		(0.35	)		(0.25	)		(0.25	)		(0.24	)		(0.31	)
Net realized gains		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.47	)		(0.51	)		(0.25	)		(0.24	)		(0.33	)
Net asset value, end of period	$	10.63		$	10.32		$	10.44		$	9.77		$	8.51
Total return		7.62	%		3.90	%		9.47	%		17.78	%		(13.09	%)
Ratios to average net assets(a)
Total gross expenses		0.48	%		0.49	%		0.48	%		0.47	%		0.47	%
Total net expenses(b)		0.48	%(c)		0.49	%(c)		0.48	%		0.47	%		0.47	%
Net investment income		2.28	%		2.35	%		2.32	%		2.71	%		3.44	%
Supplemental data
Net assets, end of period (in thousands)	$	282,382		$	251,178		$	217,147		$	188,324		$	145,919
Portfolio turnover		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.29		$	10.40		$	9.73		$	8.48		$	10.11
Income from investment operations:
Net investment income		0.15			0.16			0.15			0.17			0.25
Net realized and unrealized gain (loss)		0.54			0.16			0.69			1.25			(1.62	)
Total from investment operations		0.69			0.32			0.84			1.42			(1.37	)
Less distributions to shareholders:
Net investment income		(0.26	)		(0.17	)		(0.17	)		(0.17	)		(0.24	)
Net realized gains		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.38	)		(0.43	)		(0.17	)		(0.17	)		(0.26	)
Net asset value, end of period	$	10.60		$	10.29		$	10.40		$	9.73		$	8.48
Total return		6.79	%		3.19	%		8.64	%		16.82	%		(13.69	%)
Ratios to average net assets(a)
Total gross expenses		1.23	%		1.24	%		1.23	%		1.23	%		1.22	%
Total net expenses(b)		1.23	%(c)		1.24	%(c)		1.23	%		1.23	%		1.22	%
Net investment income		1.47	%		1.56	%		1.47	%		1.89	%		2.60	%
Supplemental data
Net assets, end of period (in thousands)	$	19,598		$	24,717		$	30,599		$	38,996		$	41,590
Portfolio turnover		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.28		$	10.39		$	9.73		$	8.48		$	10.12
Income from investment operations:
Net investment income		0.16			0.17			0.16			0.18			0.25
Net realized and unrealized gain (loss)		0.53			0.16			0.67			1.25			(1.63	)
Total from investment operations		0.69			0.33			0.83			1.43			(1.38	)
Less distributions to shareholders:
Net investment income		(0.27	)		(0.18	)		(0.17	)		(0.18	)		(0.24	)
Net realized gains		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.39	)		(0.44	)		(0.17	)		(0.18	)		(0.26	)
Net asset value, end of period	$	10.58		$	10.28		$	10.39		$	9.73		$	8.48
Total return		6.75	%		3.28	%		8.63	%		16.92	%		(13.75	%)
Ratios to average net assets(a)
Total gross expenses		1.23	%		1.24	%		1.23	%		1.22	%		1.22	%
Total net expenses(b)		1.23	%(c)		1.24	%(c)		1.23	%		1.22	%		1.22	%
Net investment income		1.54	%		1.62	%		1.60	%		1.99	%		2.68	%
Supplemental data
Net assets, end of period (in thousands)	$	45,368		$	36,637		$	26,212		$	18,362		$	10,602
Portfolio turnover		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class K(a)	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.25		$	10.35		$	9.69		$	8.43		$	10.05
Income from investment operations:
Net investment income		0.24			0.25			0.24			0.24			0.35
Net realized and unrealized gain (loss)		0.53			0.16			0.67			1.25			(1.60	)
Total from investment operations		0.77			0.41			0.91			1.49			(1.25	)
Less distributions to shareholders:
Net investment income		(0.36	)		(0.25	)		(0.25	)		(0.23	)		(0.35	)
Net realized gains		(0.12	)		(0.26	)		—			—			(0.02	)
Total distributions to shareholders		(0.48	)		(0.51	)		(0.25	)		(0.23	)		(0.37	)
Net asset value, end of period	$	10.54		$	10.25		$	10.35		$	9.69		$	8.43
Total return		7.62	%		4.14	%		9.49	%		17.86	%		(12.71	%)
Ratios to average net assets(b)
Total gross expenses		0.39	%		0.41	%		0.44	%		0.38	%		0.39	%
Total net expenses(c)		0.39	%		0.39	%		0.44	%		0.38	%		0.13	%
Net investment income		2.27	%		2.43	%		2.35	%		2.69	%		3.68	%
Supplemental data
Net assets, end of period (in thousands)	$	12		$	79		$	81		$	68		$	21
Portfolio turnover		19	%		88	%		16	%		26	%		27	%

Notes to Financial Highlights

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class R	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.25			0.22			0.10
Net realized and unrealized gain		0.50			0.15			0.21
Total from investment operations		0.75			0.37			0.31
Less distributions to shareholders:
Net investment income		(0.32	)		(0.23	)		(0.11	)
Net realized gains		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.44	)		(0.49	)		(0.11	)
Net asset value, end of period	$	10.63		$	10.32		$	10.44
Total return		7.39	%		3.66	%		3.03	%
Ratios to average net assets(b)
Total gross expenses		0.72	%		0.75	%		0.68	%(c)
Total net expenses(d)		0.72	%		0.75	%		0.68	%(c)
Net investment income		2.36	%		2.07	%		2.78	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	114		$	3		$	3
Portfolio turnover		19	%		88	%		16	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class Z	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.30			0.28			0.12
Net realized and unrealized gain		0.51			0.14			0.20
Total from investment operations		0.81			0.42			0.32
Less distributions to shareholders:
Net investment income		(0.38	)		(0.28	)		(0.12	)
Net realized gains		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.50	)		(0.54	)		(0.12	)
Net asset value, end of period	$	10.63		$	10.32		$	10.44
Total return		7.91	%		4.19	%		3.15	%
Ratios to average net assets(b)
Total gross expenses		0.22	%		0.24	%		0.26	%(c)
Total net expenses(d)		0.22	%(e)		0.24	%(e)		0.21	%(c)
Net investment income		2.80	%		2.71	%		3.28	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	700		$	52		$	20
Portfolio turnover		19	%		88	%		16	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,						Year Ended March 31,
Class A	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.96		$	10.89		$	10.04		$	8.03		$	10.40		$	11.04
Income from investment operations:
Net investment income		0.25			0.21			0.26			0.31			0.33			0.36
Net realized and unrealized gain (loss)		0.71			0.07			0.85			2.00			(1.97	)		(0.30	)
Total from investment operations		0.96			0.28			1.11			2.31			(1.64	)		0.06
Less distributions to shareholders:
Net investment income		(0.32	)		(0.21	)		(0.26	)		(0.30	)		(0.33	)		(0.36	)
Net realized gains		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.59	)		(0.21	)		(0.26	)		(0.30	)		(0.73	)		(0.70	)
Net asset value, end of period	$	11.33		$	10.96		$	10.89		$	10.04		$	8.03		$	10.40
Total return		8.94	%		2.63	%		11.21	%		29.06	%		(16.58	%)		0.34	%
Ratios to average net assets(b)(c)
Total gross expenses		0.70	%		0.64	%(d)(e)		0.50	%		0.50	%		0.50	%(e)		0.50	%
Total net expenses(f)		0.57	%(g)		0.57	%(d)(e)(g)		0.50	%		0.50	%		0.50	%(e)(g)		0.50	%(g)
Net investment income		2.19	%		2.37	%(d)		2.52	%		3.26	%		3.59	%		3.29	%
Supplemental data
Net assets, end of period (in thousands)	$	71,321		$	68,452		$	63,807		$	60,848		$	44,825		$	54,370
Portfolio turnover		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,						Year Ended March 31,
Class B	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.91		$	10.85		$	10.00		$	8.01		$	10.36		$	11.00
Income from investment operations:
Net investment income		0.15			0.14			0.18			0.23			0.26			0.28
Net realized and unrealized gain (loss)		0.73			0.07			0.85			1.99			(1.95	)		(0.31	)
Total from investment operations		0.88			0.21			1.03			2.22			(1.69	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)		(0.61	)
Net asset value, end of period	$	11.28		$	10.91		$	10.85		$	10.00		$	8.01		$	10.36
Total return		8.17	%		1.96	%		10.43	%		27.94	%		(17.09	%)		(0.41	%)
Ratios to average net assets(b)(c)
Total gross expenses		1.44	%		1.39	%(d)(e)		1.25	%		1.25	%		1.25	%(e)		1.25	%
Total net expenses(f)		1.32	%(g)		1.31	%(d)(e)(g)		1.25	%		1.25	%		1.25	%(e)(g)		1.25	%(g)
Net investment income		1.36	%		1.58	%(d)		1.75	%		2.51	%		2.80	%		2.53	%
Supplemental data
Net assets, end of period (in thousands)	$	8,335		$	14,587		$	26,181		$	40,508		$	40,270		$	66,558
Portfolio turnover		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,						Year Ended March 31,
Class C	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.84		$	10.78		$	9.94		$	7.96		$	10.30		$	10.94
Income from investment operations:
Net investment income		0.16			0.14			0.18			0.23			0.26			0.28
Net realized and unrealized gain (loss)		0.71			0.07			0.84			1.98			(1.94	)		(0.31	)
Total from investment operations		0.87			0.21			1.02			2.21			(1.68	)		(0.03	)
Less distributions to shareholders:
Net investment income		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)		(0.27	)
Net realized gains		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)		(0.61	)
Net asset value, end of period	$	11.20		$	10.84		$	10.78		$	9.94		$	7.96		$	10.30
Total return		8.13	%		1.97	%		10.39	%		27.99	%		(17.09	%)		(0.41	%)
Ratios to average net assets(b)(c)
Total gross expenses		1.45	%		1.39	%(d)(e)		1.25	%		1.25	%		1.25	%(e)		1.25	%
Total net expenses(f)		1.32	%(g)		1.32	%(d)(e)(g)		1.25	%		1.25	%		1.25	%(e)(g)		1.25	%(g)
Net investment income		1.44	%		1.61	%(d)		1.77	%		2.51	%		2.81	%		2.55	%
Supplemental data
Net assets, end of period (in thousands)	$	23,470		$	24,156		$	23,651		$	23,321		$	18,370		$	26,501
Portfolio turnover		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,						Year Ended March 31,
Class R	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.96		$	10.90		$	10.04		$	8.04		$	10.40		$	11.04
Income from investment operations:
Net investment income		0.23			0.18			0.23			0.28			0.31			0.32
Net realized and unrealized gain (loss)		0.72			0.07			0.86			2.00			(1.96	)		(0.29	)
Total from investment operations		0.95			0.25			1.09			2.28			(1.65	)		0.03
Less distributions to shareholders:
Net investment income		(0.30	)		(0.19	)		(0.23	)		(0.28	)		(0.31	)		(0.33	)
Net realized gains		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.57	)		(0.19	)		(0.23	)		(0.28	)		(0.71	)		(0.67	)
Net asset value, end of period	$	11.34		$	10.96		$	10.90		$	10.04		$	8.04		$	10.40
Total return		8.76	%		2.34	%		11.03	%		28.58	%		(16.69	%)		0.09	%
Ratios to average net assets(b)(c)
Total gross expenses		0.96	%		0.89	%(d)(e)		0.75	%		0.75	%		0.75	%(e)		0.75	%
Total net expenses(f)		0.81	%(g)		0.82	%(d)(e)(g)		0.75	%		0.75	%		0.75	%(e)(g)		0.75	%(g)
Net investment income		2.04	%		2.03	%(d)		2.28	%		3.00	%		3.34	%		2.93	%
Supplemental data
Net assets, end of period (in thousands)	$	2,148		$	1,102		$	428		$	559		$	358		$	451
Portfolio turnover		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class R4	Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	$	11.30
Income from investment operations:
Net investment income		0.09
Net realized and unrealized gain		0.26
Total from investment operations		0.35
Less distributions to shareholders:
Net investment income		(0.17	)
Net realized gains		(0.23	)
Total distributions to shareholders		(0.40	)
Net asset value, end of period	$	11.25
Total return		3.11	%
Ratios to average net assets(b)
Total gross expenses		0.51	%(c)
Total net expenses(d)		0.37	%(c)
Net investment income		3.68	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		38	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class R5		Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	��	$	11.30
Income from investment operations:
Net investment income			0.10
Net realized and unrealized gain			0.25
Total from investment operations			0.35
Less distributions to shareholders:
Net investment income			(0.17	)
Net realized gains			(0.23	)
Total distributions to shareholders			(0.40	)
Net asset value, end of period		$	11.25
Total return			3.13	%
Ratios to average net assets(b)
Total gross expenses			0.41	%(c)
Total net expenses(d)			0.29	%(c)
Net investment income			3.77	%(c)
Supplemental data
Net assets, end of period (in thousands)		$	2
Portfolio turnover			38	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,						Year Ended March 31,
Class Z	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	10.85		$	10.78		$	9.94		$	7.96		$	10.30		$	10.96
Income from investment operations:
Net investment income		0.27			0.23			0.28			0.33			0.35			0.42
Net realized and unrealized gain (loss)		0.71			0.07			0.84			1.98			(1.93	)		(0.36	)
Total from investment operations		0.98			0.30			1.12			2.31			(1.58	)		0.06
Less distributions to shareholders:
Net investment income		(0.35	)		(0.23	)		(0.28	)		(0.33	)		(0.36	)		(0.38	)
Net realized gains		(0.27	)		—			—			—			(0.40	)		(0.34	)
Total distributions to shareholders		(0.62	)		(0.23	)		(0.28	)		(0.33	)		(0.76	)		(0.72	)
Net asset value, end of period	$	11.21		$	10.85		$	10.78		$	9.94		$	7.96		$	10.30
Total return		9.22	%		2.85	%		11.49	%		29.25	%		(16.23	%)		0.40	%
Ratios to average net assets(b)(c)
Total gross expenses		0.45	%		0.39	%(d)(e)		0.25	%		0.25	%		0.25	%(e)		0.25	%
Total net expenses(f)		0.32	%(g)		0.32	%(d)(e)(g)		0.25	%		0.25	%		0.25	%(e)(g)		0.25	%(g)
Net investment income		2.45	%		2.61	%(d)		2.77	%		3.51	%		3.98	%		3.78	%
Supplemental data
Net assets, end of period (in thousands)	$	20,710		$	21,157		$	21,839		$	20,406		$	16,275		$	13,598
Portfolio turnover		38	%		55	%		87	%		34	%		52	%		20	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Certain line items from prior years have been reclassified to conform to the current presentation.

(d)  Annualized.

(e)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(f)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(g)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.75		$	10.71		$	9.46		$	7.58		$	10.46
Income from investment operations:
Net investment income		0.22			0.23			0.23			0.23			0.30
Net realized and unrealized gain (loss)		0.93			0.06			1.29			1.90			(2.93	)
Total from investment operations		1.15			0.29			1.52			2.13			(2.63	)
Less distributions to shareholders:
Net investment income		(0.29	)		(0.25	)		(0.27	)		(0.25	)		(0.23	)
Net realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.29	)		(0.25	)		(0.27	)		(0.25	)		(0.25	)
Net asset value, end of period	$	11.61		$	10.75		$	10.71		$	9.46		$	7.58
Total return		10.87	%		2.84	%		16.23	%		28.49	%		(25.51	%)
Ratios to average net assets(a)
Total gross expenses		0.46	%		0.43	%		0.43	%		0.45	%		0.43	%
Total net expenses(b)		0.46	%(c)		0.43	%(c)		0.43	%		0.45	%		0.43	%
Net investment income		1.98	%		2.11	%		2.32	%		2.63	%		3.19	%
Supplemental data
Net assets, end of period (in thousands)	$	1,331,311		$	1,215,462		$	1,164,732		$	936,670		$	664,054
Portfolio turnover		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.70		$	10.66		$	9.41		$	7.54		$	10.41
Income from investment operations:
Net investment income		0.13			0.14			0.15			0.15			0.22
Net realized and unrealized gain (loss)		0.93			0.07			1.29			1.91			(2.91	)
Total from investment operations		1.06			0.21			1.44			2.06			(2.69	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.17	)		(0.19	)		(0.19	)		(0.16	)
Net realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.21	)		(0.17	)		(0.19	)		(0.19	)		(0.18	)
Net asset value, end of period	$	11.55		$	10.70		$	10.66		$	9.41		$	7.54
Total return		9.99	%		2.03	%		15.43	%		27.54	%		(26.12	%)
Ratios to average net assets(a)
Total gross expenses		1.20	%		1.18	%		1.19	%		1.21	%		1.19	%
Total net expenses(b)		1.20	%(c)		1.18	%(c)		1.19	%		1.21	%		1.19	%
Net investment income		1.17	%		1.32	%		1.47	%		1.79	%		2.32	%
Supplemental data
Net assets, end of period (in thousands)	$	94,225		$	117,235		$	153,336		$	163,375		$	144,798
Portfolio turnover		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.69		$	10.65		$	9.41		$	7.55		$	10.41
Income from investment operations:
Net investment income		0.14			0.15			0.16			0.17			0.23
Net realized and unrealized gain (loss)		0.91			0.07			1.28			1.88			(2.91	)
Total from investment operations		1.05			0.22			1.44			2.05			(2.68	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.18	)		(0.20	)		(0.19	)		(0.16	)
Net realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.21	)		(0.18	)		(0.20	)		(0.19	)		(0.18	)
Net asset value, end of period	$	11.53		$	10.69		$	10.65		$	9.41		$	7.55
Total return		9.95	%		2.10	%		15.40	%		27.45	%		(25.99	%)
Ratios to average net assets(a)
Total gross expenses		1.21	%		1.18	%		1.19	%		1.20	%		1.19	%
Total net expenses(b)		1.21	%(c)		1.18	%(c)		1.19	%		1.20	%		1.19	%
Net investment income		1.25	%		1.38	%		1.62	%		1.92	%		2.45	%
Supplemental data
Net assets, end of period (in thousands)	$	132,770		$	107,827		$	90,001		$	60,533		$	33,449
Portfolio turnover		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class K(a)	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.74		$	10.70		$	9.45		$	7.57		$	10.45
Income from investment operations:
Net investment income		0.21			0.23			0.27			0.26			0.33
Net realized and unrealized gain (loss)		0.95			0.08			1.26			1.88			(2.92	)
Total from investment operations		1.16			0.31			1.53			2.14			(2.59	)
Less distributions to shareholders:
Net investment income		(0.30	)		(0.27	)		(0.28	)		(0.26	)		(0.27	)
Net realized gains		—			—			—			—			(0.02	)
Total distributions to shareholders		(0.30	)		(0.27	)		(0.28	)		(0.26	)		(0.29	)
Net asset value, end of period	$	11.60		$	10.74		$	10.70		$	9.45		$	7.57
Total return		10.94	%		2.94	%		16.38	%		28.70	%		(25.22	%)
Ratios to average net assets(b)
Total gross expenses		0.34	%		0.34	%		0.33	%		0.35	%		0.35	%
Total net expenses(c)		0.34	%		0.34	%		0.33	%		0.35	%		0.06	%
Net investment income		1.93	%		2.18	%		2.66	%		2.96	%		3.50	%
Supplemental data
Net assets, end of period (in thousands)	$	298		$	748		$	760		$	221		$	78
Portfolio turnover		23	%		58	%		9	%		26	%		34	%

Notes to Financial Highlights

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class R	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.74		$	10.70		$	10.10
Income from investment operations:
Net investment income		0.18			0.30			0.11
Net realized and unrealized gain (loss)		0.93			(0.02	)		0.60
Total from investment operations		1.11			0.28			0.71
Less distributions to shareholders:
Net investment income		(0.27	)		(0.24	)		(0.11	)
Total distributions to shareholders		(0.27	)		(0.24	)		(0.11	)
Net asset value, end of period	$	11.58		$	10.74		$	10.70
Total return		10.46	%		2.66	%		7.06	%
Ratios to average net assets(b)
Total gross expenses		0.70	%		0.71	%		0.67	%(c)
Total net expenses(d)		0.70	%(e)		0.71	%		0.67	%(c)
Net investment income		1.67	%		2.93	%		3.18	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	138		$	60		$	3
Portfolio turnover		23	%		58	%		9	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class Z	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.75		$	10.71		$	10.10
Income from investment operations:
Net investment income		0.28			0.26			0.16
Net realized and unrealized gain		0.88			0.07			0.58
Total from investment operations		1.16			0.33			0.74
Less distributions to shareholders:
Net investment income		(0.32	)		(0.29	)		(0.13	)
Total distributions to shareholders		(0.32	)		(0.29	)		(0.13	)
Net asset value, end of period	$	11.59		$	10.75		$	10.71
Total return		10.98	%		3.15	%		7.31	%
Ratios to average net assets(b)
Total gross expenses		0.22	%		0.19	%		0.11	%(c)
Total net expenses(d)		0.22	%(e)		0.19	%(e)		0.11	%(c)
Net investment income		2.54	%		2.49	%		4.32	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,544		$	836		$	7
Portfolio turnover		23	%		58	%		9	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class A	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.30		$	11.61		$	10.23		$	7.33		$	11.36		$	12.38
Income from investment operations:
Net investment income		0.18			0.15			0.19			0.23			0.22			0.25
Net realized and unrealized gain (loss)		1.07			(0.30	)		1.37			2.89			(2.91	)		(0.45	)
Total from investment operations		1.25			(0.15	)		1.56			3.12			(2.69	)		(0.20	)
Less distributions to shareholders:
Net investment income		(0.22	)		(0.14	)		(0.18	)		(0.22	)		(0.22	)		(0.25	)
Net realized gains		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.51	)		(0.16	)		(0.18	)		(0.22	)		(1.34	)		(0.82	)
Proceeds from regulatory settlements		—			0.00	(b)		—			—			—			—
Net asset value, end of period	$	12.04		$	11.30		$	11.61		$	10.23		$	7.33		$	11.36
Total return		11.28	%		(1.20	%)		15.48	%		42.94	%		(26.48	%)		(1.99	%)
Ratios to average net assets(c)(d)
Total gross expenses		0.53	%		0.51	%(e)(f)		0.50	%(f)		0.50	%		0.50	%		0.50	%
Total net expenses(g)		0.53	%(h)		0.51	%(e)(f)(h)		0.50	%(f)		0.50	%		0.50	%(h)		0.50	%(h)
Net investment income		1.51	%		1.60	%(e)		1.75	%		2.45	%		2.44	%		2.05	%
Supplemental data
Net assets, end of period (in thousands)	$	679,109		$	665,859		$	291,758		$	245,327		$	170,155		$	275,576
Portfolio turnover		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Certain line items from prior years have been reclassified to conform to the current presentation.

(e)  Annualized.

(f)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(g)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class B	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.21		$	11.53		$	10.16		$	7.29		$	11.30		$	12.31
Income from investment operations:
Net investment income		0.07			0.07			0.10			0.16			0.15			0.16
Net realized and unrealized gain (loss)		1.08			(0.29	)		1.37			2.87			(2.89	)		(0.44	)
Total from investment operations		1.15			(0.22	)		1.47			3.03			(2.74	)		(0.28	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)		(0.16	)
Net realized gains		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)		(0.73	)
Proceeds from regulatory settlements		—			0.00	(b)		—			—			—			—
Net asset value, end of period	$	11.94		$	11.21		$	11.53		$	10.16		$	7.29		$	11.30
Total return		10.45	%		(1.87	%)		14.63	%		41.72	%		(27.01	%)		(2.66	%)
Ratios to average net assets(c)(d)
Total gross expenses		1.27	%		1.26	%(e)(f)		1.25	%(f)		1.25	%		1.25	%		1.25	%
Total net expenses(g)		1.27	%(h)		1.26	%(e)(f)(h)		1.25	%(f)		1.25	%		1.25	%(h)		1.25	%(h)
Net investment income		0.65	%		0.75	%(e)		0.99	%		1.70	%		1.67	%		1.28	%
Supplemental data
Net assets, end of period (in thousands)	$	53,009		$	85,005		$	133,770		$	181,026		$	156,679		$	282,912
Portfolio turnover		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Certain line items from prior years have been reclassified to conform to the current presentation.

(e)  Annualized.

(f)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(g)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class C	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.36		$	11.68		$	10.29		$	7.38		$	11.43		$	12.44
Income from investment operations:
Net investment income		0.09			0.08			0.11			0.16			0.15			0.16
Net realized and unrealized gain (loss)		1.08			(0.30	)		1.38			2.91			(2.93	)		(0.44	)
Total from investment operations		1.17			(0.22	)		1.49			3.07			(2.78	)		(0.28	)
Less distributions to shareholders:
Net investment income		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)		(0.16	)
Net realized gains		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)		(0.73	)
Proceeds from regulatory settlements		—			0.00	(b)		—			—			—			—
Net asset value, end of period	$	12.11		$	11.36		$	11.68		$	10.29		$	7.38		$	11.43
Total return		10.49	%		(1.85	%)		14.64	%		41.76	%		(27.05	%)		(2.63	%)
Ratios to average net assets(c)(d)
Total gross expenses		1.28	%		1.26	%(e)(f)		1.25	%(f)		1.25	%		1.25	%		1.25	%
Total net expenses(g)		1.28	%(h)		1.26	%(e)(f)(h)		1.25	%(f)		1.25	%		1.25	%(h)		1.25	%(h)
Net investment income		0.75	%		0.81	%(e)		1.00	%		1.70	%		1.67	%		1.30	%
Supplemental data
Net assets, end of period (in thousands)	$	84,349		$	86,321		$	91,556		$	87,496		$	64,940		$	112,902
Portfolio turnover		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Certain line items from prior years have been reclassified to conform to the current presentation.

(e)  Annualized.

(f)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(g)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class R	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.29		$	11.60		$	10.22		$	7.33		$	11.36		$	12.37
Income from investment operations:
Net investment income		0.15			0.13			0.16			0.20			0.22			0.21
Net realized and unrealized gain (loss)		1.07			(0.30	)		1.38			2.89			(2.94	)		(0.43	)
Total from investment operations		1.22			(0.17	)		1.54			3.09			(2.72	)		(0.22	)
Less distributions to shareholders:
Net investment income		(0.19	)		(0.12	)		(0.16	)		(0.20	)		(0.19	)		(0.22	)
Net realized gains		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.48	)		(0.14	)		(0.16	)		(0.20	)		(1.31	)		(0.79	)
Proceeds from regulatory settlements		—			0.00	(b)		—			—			—			—
Net asset value, end of period	$	12.03		$	11.29		$	11.60		$	10.22		$	7.33		$	11.36
Total return		11.01	%		(1.39	%)		15.21	%		42.46	%		(26.67	%)		(2.15	%)
Ratios to average net assets(c)(d)
Total gross expenses		0.78	%		0.77	%(e)(f)		0.75	%(f)		0.75	%		0.75	%		0.75	%
Total net expenses(g)		0.78	%(h)		0.77	%(e)(f)(h)		0.75	%(f)		0.75	%		0.75	%(h)		0.75	%(h)
Net investment income		1.26	%		1.40	%(e)		1.54	%		2.16	%		2.48	%		1.69	%
Supplemental data
Net assets, end of period (in thousands)	$	4,664		$	3,908		$	1,517		$	1,740		$	1,666		$	1,257
Portfolio turnover		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Certain line items from prior years have been reclassified to conform to the current presentation.

(e)  Annualized.

(f)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(g)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class R4	Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	$	11.71
Income from investment operations:
Net investment income		0.11
Net realized and unrealized gain		0.65
Total from investment operations		0.76
Less distributions to shareholders:
Net investment income		(0.14	)
Net realized gains		(0.22	)
Total distributions to shareholders		(0.36	)
Net asset value, end of period	$	12.11
Total return		6.60	%
Ratios to average net assets(b)
Total gross expenses		0.24	%(c)
Total net expenses(d)		0.24	%(c)
Net investment income		3.98	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		34	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

Class R5	Year Ended January 31, 2013(a)
Per share data
Net asset value, beginning of period	$	11.71
Income from investment operations:
Net investment income		0.11
Net realized and unrealized gain		0.66
Total from investment operations		0.77
Less distributions to shareholders:
Net investment income		(0.15	)
Net realized gains		(0.22	)
Total distributions to shareholders		(0.37	)
Net asset value, end of period	$	12.11
Total return		6.64	%
Ratios to average net assets(b)
Total gross expenses		0.12	%(c)
Total net expenses(d)		0.12	%(c)
Net investment income		4.10	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		34	%

Notes to Financial Highlights

(a)  For the period from November 8, 2012 (commencement of operations) to January 31, 2013.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class T	2013			2012(a)			2011(b)
Per share data
Net asset value, beginning of period	$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.17			0.15			0.02
Net realized and unrealized gain (loss)		1.07			(0.30	)		0.13
Total from investment operations		1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			0.00	(c)		—
Net asset value, end of period	$	12.04		$	11.30		$	11.61
Total return		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets(d)(e)
Total gross expenses		0.58	%		0.56	%(f)(g)		0.55	%(f)
Total net expenses(h)		0.58	%(i)		0.56	%(f)(g)(i)		0.55	%(f)
Net investment income		1.46	%		1.58	%(f)		2.26	%(f)
Supplemental data
Net assets, end of period (in thousands)	$	100,955		$	102,913		$	3
Portfolio turnover		34	%		42	%		68	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  For the period from March 1, 2011 (commencement of operations) to March 31, 2011.

(c)  Rounds to zero.

(d)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(e)  Certain line items from prior years have been reclassified to conform to the current presentation.

(f)  Annualized.

(g)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(h)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(i)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

Annual Report 2013
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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,						Year Ended March 31,
Class Z	2013			2012(a)			2011			2010			2009			2008
Per share data
Net asset value, beginning of period	$	11.29		$	11.60		$	10.21		$	7.33		$	11.36		$	12.35
Income from investment operations:
Net investment income		0.20			0.17			0.21			0.25			0.25			0.34
Net realized and unrealized gain (loss)		1.08			(0.30	)		1.39			2.88			(2.92	)		(0.47	)
Total from investment operations		1.28			(0.13	)		1.60			3.13			(2.67	)		(0.13	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.16	)		(0.21	)		(0.25	)		(0.24	)		(0.29	)
Net realized gains		(0.29	)		(0.02	)		—			—			(1.12	)		(0.57	)
Total distributions to shareholders		(0.54	)		(0.18	)		(0.21	)		(0.25	)		(1.36	)		(0.86	)
Proceeds from regulatory settlements		—			0.00	(b)		—			—			—			—
Net asset value, end of period	$	12.03		$	11.29		$	11.60		$	10.21		$	7.33		$	11.36
Total return		11.57	%		(1.00	%)		15.89	%		43.01	%		(26.28	%)		(1.49	%)
Ratios to average net assets(c)(d)
Total gross expenses		0.28	%		0.26	%(e)(f)		0.25	%(f)		0.25	%		0.25	%		0.25	%
Total net expenses(g)		0.28	%(h)		0.26	%(e)(f)(h)		0.25	%(f)		0.25	%		0.25	%(h)		0.25	%(h)
Net investment income		1.72	%		1.86	%(e)		2.03	%		2.69	%		2.83	%		2.68	%
Supplemental data
Net assets, end of period (in thousands)	$	147,433		$	146,805		$	56,805		$	64,967		$	44,020		$	46,711
Portfolio turnover		34	%		42	%		68	%		27	%		47	%		18	%

Notes to Financial Highlights

(a)  For the period from April 1, 2011 to January 31, 2012. During the period, the Fund's fiscal year end was changed from March 31 to January 31.

(b)  Rounds to zero.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Certain line items from prior years have been reclassified to conform to the current presentation.

(e)  Annualized.

(f)  Ratios include line of credit interest expense which rounds to less than 0.01%.

(g)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(h)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Financial Highlights

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class A	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.19		$	10.28		$	8.62		$	6.49		$	10.46
Income from investment operations:
Net investment income		0.13			0.12			0.14			0.15			0.17
Net realized and unrealized gain (loss)		1.25			(0.07	)		1.69			2.14			(3.98	)
Total from investment operations		1.38			0.05			1.83			2.29			(3.81	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.17	)		(0.16	)		(0.12	)
Net realized gains		—			—			—			—			(0.04	)
Total distributions to shareholders		(0.16	)		(0.14	)		(0.17	)		(0.16	)		(0.16	)
Net asset value, end of period	$	11.41		$	10.19		$	10.28		$	8.62		$	6.49
Total return		13.63	%		0.60	%		21.22	%		35.27	%		(36.52	%)
Ratios to average net assets(a)
Total gross expenses		0.52	%		0.49	%		0.50	%		0.53	%		0.51	%
Total net expenses(b)		0.51	%(c)		0.49	%(c)		0.50	%		0.51	%		0.50	%
Net investment income		1.25	%		1.18	%		1.48	%		1.92	%		1.83	%
Supplemental data
Net assets, end of period (in thousands)	$	495,722		$	472,855		$	489,241		$	411,906		$	294,773
Portfolio turnover		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class B	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.17		$	10.24		$	8.57		$	6.46		$	10.38
Income from investment operations:
Net investment income		0.04			0.04			0.06			0.08			0.09
Net realized and unrealized gain (loss)		1.26			(0.07	)		1.69			2.12			(3.93	)
Total from investment operations		1.30			(0.03	)		1.75			2.20			(3.84	)
Less distributions to shareholders:
Net investment income		(0.06	)		(0.04	)		(0.08	)		(0.09	)		(0.04	)
Net realized gains		—			—			—			—			(0.04	)
Total distributions to shareholders		(0.06	)		(0.04	)		(0.08	)		(0.09	)		(0.08	)
Net asset value, end of period	$	11.41		$	10.17		$	10.24		$	8.57		$	6.46
Total return		12.80	%		(0.22	%)		20.46	%		34.10	%		(37.04	%)
Ratios to average net assets(a)
Total gross expenses		1.26	%		1.24	%		1.26	%		1.29	%		1.26	%
Total net expenses(b)		1.26	%(c)		1.24	%(c)		1.26	%		1.27	%		1.26	%
Net investment income		0.41	%		0.38	%		0.62	%		1.09	%		0.99	%
Supplemental data
Net assets, end of period (in thousands)	$	39,020		$	49,003		$	66,323		$	69,632		$	56,864
Portfolio turnover		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class C	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.04		$	10.14		$	8.50		$	6.42		$	10.33
Income from investment operations:
Net investment income		0.05			0.04			0.07			0.11			0.10
Net realized and unrealized gain (loss)		1.24			(0.07	)		1.67			2.08			(3.92	)
Total from investment operations		1.29			(0.03	)		1.74			2.19			(3.82	)
Less distributions to shareholders:
Net investment income		(0.09	)		(0.07	)		(0.10	)		(0.11	)		(0.05	)
Net realized gains		—			—			—			—			(0.04	)
Total distributions to shareholders		(0.09	)		(0.07	)		(0.10	)		(0.11	)		(0.09	)
Net asset value, end of period	$	11.24		$	10.04		$	10.14		$	8.50		$	6.42
Total return		12.86	%		(0.23	%)		20.45	%		34.07	%		(37.00	%)
Ratios to average net assets(a)
Total gross expenses		1.27	%		1.24	%		1.25	%		1.28	%		1.26	%
Total net expenses(b)		1.26	%(c)		1.24	%(c)		1.25	%		1.26	%		1.25	%
Net investment income		0.52	%		0.44	%		0.72	%		1.37	%		1.09	%
Supplemental data
Net assets, end of period (in thousands)	$	38,461		$	33,266		$	31,772		$	26,852		$	11,330
Portfolio turnover		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(c)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class K(a)	2013			2012			2011			2010			2009
Per share data
Net asset value, beginning of period	$	10.20		$	10.30		$	8.63		$	6.50		$	10.48
Income from investment operations:
Net investment income		0.15			0.13			0.15			0.17			0.22
Net realized and unrealized gain (loss)		1.25			(0.07	)		1.70			2.13			(4.01	)
Total from investment operations		1.40			0.06			1.85			2.30			(3.79	)
Less distributions to shareholders:
Net investment income		(0.17	)		(0.16	)		(0.18	)		(0.17	)		(0.15	)
Net realized gains		—			—			—			—			(0.04	)
Total distributions to shareholders		(0.17	)		(0.16	)		(0.18	)		(0.17	)		(0.19	)
Net asset value, end of period	$	11.43		$	10.20		$	10.30		$	8.63		$	6.50
Total return		13.84	%		0.64	%		21.46	%		35.36	%		(36.20	%)
Ratios to average net assets(b)
Total gross expenses		0.37	%		0.35	%		0.38	%		0.36	%		0.36	%
Total net expenses(c)		0.37	%		0.35	%		0.38	%		0.36	%		0.11	%
Net investment income		1.37	%		1.30	%		1.62	%		2.13	%		2.57	%
Supplemental data
Net assets, end of period (in thousands)	$	126		$	451		$	461		$	391		$	141
Portfolio turnover		21	%		83	%		10	%		28	%		35	%

Notes to Financial Highlights

(a)  Effective October 25, 2012, Class R4 shares were renamed Class K shares.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class R	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.16		$	10.25		$	9.42
Income from investment operations:
Net investment income		0.11			0.10			0.10
Net realized and unrealized gain (loss)		1.24			(0.07	)		0.92
Total from investment operations		1.35			0.03			1.02
Less distributions to shareholders:
Net investment income		(0.16	)		(0.12	)		(0.19	)
Total distributions to shareholders		(0.16	)		(0.12	)		(0.19	)
Net asset value, end of period	$	11.35		$	10.16		$	10.25
Total return		13.38	%		0.33	%		10.87	%
Ratios to average net assets(b)
Total gross expenses		0.79	%		0.70	%		0.71	%(c)
Total net expenses(d)		0.76	%(e)		0.70	%		0.71	%(c)
Net investment income		1.03	%		0.98	%		2.91	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	182		$	3		$	3
Portfolio turnover		21	%		83	%		10	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Columbia Capital Allocation Portfolios

Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class Z	2013			2012			2011(a)
Per share data
Net asset value, beginning of period	$	10.16		$	10.26		$	9.42
Income from investment operations:
Net investment income		0.21			0.14			0.12
Net realized and unrealized gain (loss)		1.19			(0.07	)		0.92
Total from investment operations		1.40			0.07			1.04
Less distributions to shareholders:
Net investment income		(0.20	)		(0.17	)		(0.20	)
Total distributions to shareholders		(0.20	)		(0.17	)		(0.20	)
Net asset value, end of period	$	11.36		$	10.16		$	10.26
Total return		13.87	%		0.83	%		11.11	%
Ratios to average net assets(b)
Total gross expenses		0.28	%		0.24	%		0.18	%(c)
Total net expenses(d)		0.26	%(e)		0.24	%(e)		0.18	%(c)
Net investment income		2.00	%		1.40	%		3.44	%(c)
Supplemental data
Net assets, end of period (in thousands)	$	413		$	168		$	3
Portfolio turnover		21	%		83	%		10	%

Notes to Financial Highlights

(a)  For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

(d)  Total net expenses include the impact of certain waivers/reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

(e)  The benefits derived from expense reductions had an impact of less than 0.01%.

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

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Notes to Financial Statements

January 31, 2013

Note 1. Organization

Columbia Funds Series Trust and Columbia Funds Series Trust II (each a Trust and collectively, the Trusts) are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as open-end management investment companies. Columbia Funds Series Trust is organized as a Delaware statutory trust and Columbia Funds Series Trust II is organized as a Massachusetts business trust.

Information presented in these financial statements pertains to the following series of the Trusts (each a Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio (formerly known as Columbia LifeGoal^® Income and Growth Portfolio) and Columbia Capital Allocation Moderate Aggressive Portfolio (formerly known as Columbia LifeGoal^® Balanced Growth Portfolio), each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio (formerly known as Columbia Portfolio Builder Conservative Fund), Columbia Capital Allocation Moderate Portfolio (formerly known as Columbia Portfolio Builder Moderate Fund), and Columbia Capital Allocation Aggressive Portfolio (formerly known as Columbia Portfolio Builder Aggressive Fund), each a series of Columbia Funds Series Trust II. Each Fund currently operates as a diversified fund.

Each Fund is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (Columbia Management), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter. Each Fund may also invest in unaffiliated underlying funds, exchange traded funds (ETFs), equity and fixed income securities (including treasury inflation protected securities (TIPs)) and derivative instruments. Columbia Management is the Investment Manager for the underlying affiliated funds.

*For information on the goals, investment strategies and risks of the underlying funds please refer to the Funds' most recent prospectus and the prospectuses of the underlying funds.

Fund Shares

Each Trust may issue an unlimited number of shares (without par value) that can be allocated among the separate series as designated by the Board of Trustees (the Board).

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio each offers Class A, Class B, Class C, Class K, Class R and Class Z shares.

Columbia Capital Allocation Moderate Conservative Portfolio offers Class A, Class B, Class C, Class R, Class R4, Class R5 and Class Z shares.

Columbia Capital Allocation Moderate Aggressive Portfolio offers Class A, Class B, Class C, Class R, Class R4, Class R5, Class T and Class Z shares.

All share classes have identical voting, dividend and liquidation rights. Each share class has its own expense structure and sales charges, as applicable.

Class A shares are subject to a maximum front-end sales charge of 4.75% for Columbia Capital Allocation Conservative Portfolio. Class A shares of Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio are subject to a maximum front-end sales charge of 5.75% based on the initial investment amount. Class A shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase.

Class B shares may be subject to a maximum CDSC of 5.00% based upon the holding period after purchase. Class B shares will generally convert to Class A shares eight years after purchase. Each Portfolio no longer accepts investments by new or existing investors in the Portfolio's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Portfolio and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

Class C shares are subject to a 1.00% CDSC on shares redeemed within one year of purchase.

Class K shares (formerly Class R4 shares) are not subject to sales charges; however, this share class is closed to new investors. Effective October 25, 2012, Class R4 shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio were renamed Class K shares.

Class R shares are not subject to sales charges and are only available to qualifying institutional investors.

Class R4 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R4 shares of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia

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Notes to Financial Statements (continued)

January 31, 2013

Capital Allocation Moderate Aggressive Portfolio commenced operations on November 8, 2012.

Class R5 shares are not subject to sales charges and are only available to investors purchasing through authorized investment professionals. Class R5 shares of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio commenced operations on November 8, 2012.

Class T shares are subject to a maximum front-end sales charge of 5.75% based on the investment amount. Class T shares purchased without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a contingent deferred sales charge (CDSC) if the shares are sold within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months after purchase. Class T shares are available only to investors who received (and who have continuously held) Class T shares in connection with the merger of certain Galaxy Funds into various Columbia Funds (formerly named Liberty Funds).

Class Z shares are not subject to sales charges, and are only available to certain investors.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (GAAP) 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Security Valuation

Investments in the underlying funds are valued at the net asset value of each class of the respective underlying fund determined as of the close of the New York Stock Exchange on the valuation date.

Debt securities generally are valued by pricing services approved by the Board based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take

into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available may also be valued based upon an over-the-counter or exchange bid quotation.

All equity securities are valued at the close of business of the New York Stock Exchange (NYSE). Equity securities are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

Foreign securities are valued based on quotations from the principal market in which such securities are normally traded. If any foreign share prices are not readily available as a result of limited share activity 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 generally determined at 4:00 p.m. Eastern (U.S.) time. However, many securities markets and exchanges outside the U.S. close prior to the close of the NYSE; 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 NYSE. In those situations, foreign securities will be fair valued pursuant to the policy adopted by the Board, including utilizing a third party pricing service to determine these fair values. The third party pricing service takes into account multiple factors, including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign exchange rates that have occurred subsequent to the close of the foreign exchange or market, to determine a good faith estimate that reasonably reflects the current market conditions as of the close of the NYSE. The fair value of a security is likely to be different from the quoted or published price, if available.

Short-term securities purchased within 60 days to maturity are valued at amortized cost, which approximates market value. The value of short-term securities originally purchased with maturities greater than 60 days is determined based on an amortized value to par upon reaching 60 days to maturity. Short-term securities maturing in more than 60 days from the valuation date are valued at the market price or approximate market value based on current interest rates.

Futures and options on futures contracts are valued based upon the settlement price established each day by the board of trade or exchange on which they are traded.

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Notes to Financial Statements (continued)

January 31, 2013

Investments for which market quotations are not readily available, or that have quotations which management believes are not reliable, are valued at fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. 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 last quoted market price for the security.

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.

Foreign Currency Transactions and Translation

The values of all assets and liabilities denominated in foreign currencies are translated into U.S. dollars at that day's exchange rates. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statements of Operations.

Derivative Instruments

Each Fund may invest in certain derivative instruments as detailed below 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 other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to maintain cash reserves while maintaining exposure to certain other assets, to offset anticipated declines in values of investments, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Each 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 obligation under the terms of the contract, the potential for an illiquid secondary market and the potential for market movements which may expose the Fund to gains or losses in

excess of the amount shown in the Statements of Assets and Liabilities.

Each Fund and any counterparty are required to maintain an agreement that requires the Fund and that counterparty to monitor (on a daily basis) the net fair value of all derivatives entered into pursuant to the agreementt between the Fund and such counterparty. If the net fair value of such derivatives between the Fund and that counterparty exceeds a certain threshold (as defined in the agreement), the Fund or the counterparty (as the case may be) is required to post cash and/or securities as collateral. Fair values of derivatives presented in the financial statements are not netted with the fair value of other derivatives or with any collateral amounts posted by the Fund or any counterparty.

Futures Contracts

Futures contracts represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio each bought and sold futures contracts to produce incremental earnings, manage the duration and yield curve exposure of the Funds versus the benchmark, manage exposure to movements in interest rates, manage exposure to the securities market, and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. Upon entering into futures contracts, the Fund bears risks which may include interest rates, exchange rates or securities prices moving unexpectedly, in which case, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Upon entering into a futures contract, the Fund pledges cash or securities with the broker in an amount sufficient to meet the initial margin requirement. 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 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.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

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 Funds, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; the impact of derivative transactions on each Funds' operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedules following each Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2013:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		193,798	*

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(379,332	)
Interest rate contracts		123,471
Total		(255,861	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		417
Interest rate contracts		(193,798	)
Total		(193,381	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instrument	Contracts Opened
Futures contracts		791

Columbia Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2013:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		51,771	*

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(105,138	)
Interest rate contracts		173,164
Total		68,026
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(981	)
Interest rate contracts		(125,836	)
Total		(126,817	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instrument	Contracts Opened
Futures contracts		338

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2013:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		547,251	*

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(3,197,457	)
Interest rate contracts		348,099
Total		(2,849,358	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		1,833
Interest rate contracts		(547,251	)
Total		(545,418	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instrument	Contracts Opened
Futures contracts		3,106

Columbia Capital Allocation Moderate Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2013:

	Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Interest rate contracts	Net assets — unrealized depreciation on futures contracts		106,525	*

*Includes cumulative appreciation (depreciation) of futures contracts as reported in the Futures Contracts Outstanding table following the Portfolio of Investments. Only the current day's variation margin is reported in receivables or payables in the Statement of Assets and Liabilities.

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		670,666
Interest rate contracts		338,645
Total		1,009,311
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(1,542,266	)
Interest rate contracts		(235,489	)
Total		(1,777,755	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instrument	Contracts Opened
Futures contracts		1,471

Columbia Capital Allocation Aggressive Portfolio

At January 31, 2013, the fund had no outstanding derivatives.

The effect of derivative instruments in the Statement of Operations for the year ended January 31, 2013:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(1,105,514	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity contracts		(5,338	)

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2013:

Derivative Instrument	Contracts Opened
Futures contracts		572

Treasury Inflation Protected Securities

The Funds may invest in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. Interest payments are based on the adjusted principal at the time the interest is paid. These adjustments are recorded as interest income in the Statements of Operations.

Security Transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income Recognition

Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.

Interest income is recorded on an accrual basis. Market premiums and discounts, including original issue discounts, are amortized and accreted, respectively, over the expected life of the security on all debt securities, unless otherwise noted.

Corporate actions and dividend income are recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of ex-dividend notification in the case of certain foreign securities.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

Expenses

General expenses of the Trusts are allocated to the Funds, respectively, and other series of the Trusts based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to such 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 directly to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of a 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

For federal income tax purposes, each Fund is treated as a separate entity. The Funds intend to qualify each year as separate regulated investment companies under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of their taxable income for their tax year, and as such will not be subject to federal income taxes. In addition, the Funds intend to distribute in each calendar year substantially all of their net investment income, capital gains and certain other amounts, if any, such that the Funds should not be subject to federal excise tax. Therefore, no federal income or excise tax provisions are recorded.

Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. Distribution from net investment income, if any, are declared and paid annually for Columbia Capital Allocation Aggressive Portfolio. Net realized capital gains, if any, are distributed along with the income dividend. 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 Trusts' organizational documents and, in some cases by contract, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to a Trust or its funds. In addition, certain of the Funds' contracts with their service providers contain general indemnification clauses. The Funds' maximum exposure

under these arrangements is unknown since the amount of any future claims that may be made against the Funds cannot be determined, and the Funds have no historical basis for predicting the likelihood of any such claims.

Recent Accounting Pronouncement

Disclosures about Offsetting Assets and Liabilities

In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees

Under an Investment Management Services Agreement (IMSA), the Investment Manager determines which securities will be purchased, held or sold.

Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio do not pay the Investment Manager a direct investment management fee for managing its assets.

The investment management fee for Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio is an annual fee that is a blend of (i) 0.00% on assets invested in funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10% on assets invested in non-exchange traded third party funds and (iii) 0.55% on assets invested in all other securities, including other funds advised by the Investment Manager that do not pay an investment advisory fee, ETFs, derivatives and individual securities.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

The annualized effective investment management fee rates for the year ended January 31, 2013, was 0.06% for Columbia Capital Allocation Moderate Conservative Portfolio and 0.03% for Columbia Capital Allocation Moderate Aggressive Portfolio, of each Fund's average daily net assets.

On February 27, 2013, shareholders of the Funds approved an amended IMSA for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio that includes an annual investment management fee that is the same structure as the investment management fee for Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio. The fee change became effective on March 1, 2013.

In addition to the fees and expenses which each Fund bears directly, each Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds (also referred to as "acquired funds") in which a Fund invests. Because the underlying funds have varied expense and fee levels and each Fund may own different proportions of underlying funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Portfolio Administrator. Each Fund pays the Portfolio Administrator an annual fee for administration and accounting services equal to 0.02% of each Fund's average daily net assets.

Other Expenses

Other expenses are for, among other things, certain expenses of the Funds or the Board, including: Fund boardroom and office expense, employee compensation, employee health and retirement benefits, and certain other expenses. Payment of these Fund and Board expenses is facilitated by a company providing limited administrative services to each Fund and the Board. For the year ended January 31, 2013, other expenses paid to this company were as follows:

Portfolio	Amount ($)
Columbia Capital Allocation Conservative Portfolio		1,208
Columbia Capital Allocation Moderate Conservative Portfolio		1,208
Columbia Capital Allocation Moderate Portfolio		1,208
Columbia Capital Allocation Moderate Aggressive Portfolio		1,208
Columbia Capital Allocation Aggressive Portfolio		1,208

Compensation of Board Members

Board members are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members

who are not "interested persons" of each Fund as defined under the 1940 Act may defer receipt of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of each Fund or certain other funds managed by the Investment Manager. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Funds until distributed in accordance with the Plan.

Transfer Agent 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 Funds. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent.

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Funds for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Funds that is a percentage of the average aggregate value of each Fund's shares maintained in each such omnibus account (other than omnibus accounts for which American Enterprise Investment Services Inc. is the broker of record or accounts where the beneficial shareholder is a customer of Ameriprise Financial Services, Inc., which are paid a per account fee). The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and is not entitled to reimbursement for such fees from the Funds (with the exception of out-of-pocket fees).

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agent fees for Class K and Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to each share class.

For the year ended January 31, 2013, the Funds' annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Portfolio	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.14		0.13		0.14		0.05		0.14		—		—		—		0.14
Columbia Capital Allocation Moderate Conservative Portfolio		0.18		0.18		0.18		—		0.18		0.15		0.05		—		0.18

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

Portfolio	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Moderate Portfolio		0.16		0.16		0.16		0.05		0.16		—		—		—		0.17
Columbia Capital Allocation Moderate Aggressive Portfolio		0.17		0.17		0.17		—		0.17		0.17		0.05		0.17		0.17
Columbia Capital Allocation Aggressive Portfolio		0.20		0.19		0.20		0.05		0.21		—		—		—		0.20

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Funds' initial minimum investment requirements to reduce the impact of small accounts on transfer agent fees. These minimum account balance fees are recorded as part of expense reductions in the Statements of Operations.

For the year ended January 31, 2013 these minimum account balance fees reduced total expenses as follows:

Portfolio	Amount ($)
Columbia Capital Allocation Conservative Portfolio		40
Columbia Capital Allocation Moderate Conservative Portfolio		280
Columbia Capital Allocation Moderate Portfolio		60
Columbia Capital Allocation Moderate Aggressive Portfolio		26,139
Columbia Capital Allocation Aggressive Portfolio		360

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Conservative Portfolio, each pay an annual fee at a rate of 0.25% of the Portfolio's average daily net assets attributable to Class K shares for the provision of various administrative, recordkeeping, communication and educational services.

Distribution and Service Fees

The Funds have 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. Pursuant to Rule 12b-1 under the 1940 Act, the Board has approved, and the Funds have adopted, distribution and/or shareholder service plans (the Plans) which set the distribution and/or service fees for the Funds. 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 Funds and providing services to investors.

Under the Plans, each Fund pays a monthly fee to the Distributor at the annual rates of up to 0.25% of each Fund's average daily net assets attributable to Class A shares, up to 1.00% of the Fund's average daily net assets attributable to Class B and Class C shares and up to 0.50% of each Fund's average daily net assets attributable to Class R shares (of which up to 0.25% may be used for shareholder services for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio).

For Class B and Class C shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio, of the 1.00% fee, up to 0.75% is reimbursed for distribution expenses. The amount of distribution expenses incurred by the Distributor and not yet reimbursed (unreimbursed expense) for each Fund was approximately as follows:

Portfolio	Class B ($)		Class C ($)
Columbia Capital Allocation Conservative Portfolio		1,967,000		306,000
Columbia Capital Allocation Moderate Conservative Portfolio		469,000		29,000
Columbia Capital Allocation Moderate Portfolio		6,280,000		1,727,000
Columbia Capital Allocation Moderate Aggressive Portfolio		1,641,000		—
Columbia Capital Allocation Aggressive Portfolio		1,898,000		229,000

These amounts are based on the most recent information available as of December 31, 2012, and may be recovered from future payments under the distribution plan or CDSCs. To the extent the unreimbursed expense has been fully recovered, the distribution fee is reduced.

Shareholder Services Fees

Columbia Capital Allocation Moderate Aggressive Portfolio has adopted a shareholder services plan that permits it to pay for certain services provided to Class T shareholders by their selling and/or servicing agents. The Fund may pay shareholder servicing fees up to an aggregate annual rate of 0.50% of the Fund's average daily net assets attributable to Class T shares (comprised of up to 0.25% for shareholder liaison services and up to 0.25% for administrative support services). These fees are currently limited to an aggregate annual rate of not more than 0.30% of the Fund's average daily net assets attributable to Class T shares. The annualized shareholder services fees for the year ended January 31, 2013 was 0.30% of the Fund's average daily net assets attributable to Class T shares.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

Sales Charges

Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the year ended January 31, 2013, were as follows:

Portfolio	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		446,948		3,447		1,988		—
Columbia Capital Allocation Moderate Conservative Portfolio		99,556		7,243		745		—
Columbia Capital Allocation Moderate Portfolio		2,809,196		29,092		10,856		—
Columbia Capital Allocation Moderate Aggressive Portfolio		454,893		38,975		4,358		6,636
Columbia Capital Allocation Aggressive Portfolio		1,162,343		13,540		3,539		—

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), through May 31, 2013, unless sooner terminated at the sole discretion of the Board, so that each Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges from the Funds' custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

Portfolio	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4* (%)		Class R5* (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		N/A		0.76		0.26		0.18		N/A		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		N/A		0.76		0.26		0.18		0.56		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.44		0.76		N/A		N/A		N/A		0.26

*Annual rate is contractual from November 8, 2012 (the commencement of operations of each share class) through November 8, 2013.

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 Funds, 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, extraordinary expenses and any other expenses the exclusion of which is specifically approved by the Board. For Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each Fund's investment management fee is also excluded from the waiver/reimbursement commitment and is therefore paid by the Funds. This agreement may be modified or amended only with approval from all parties.

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 January 31, 2013, these differences are primarily due to differing treatments for capital loss carryforwards, principal and/or interest of fixed income securities, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, post-October capital losses, re-characterization of distributions from investments and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Funds' net assets in the Statements of Assets and Liabilities. Temporary differences do not require reclassifications. In the Statements of Assets and Liabilities the following reclassifications were made:

Portfolio	Undistributed (Excess of Distributions Over) Net Investment Income ($)		Accumulated Net Realized Gain (Loss) ($)			Paid-in Capital Increase (Decrease) ($)
Columbia Capital Allocation Conservative Portfolio		3,557,100		(3,557,100	)		—
Columbial Capital Allocation Moderate Conservative Portfolio		851,777		(851,777	)		—
Columbia Capital Allocation Moderate Portfolio		9,872,752		(9,872,752	)		—
Columbia Capital Allocation Moderate Aggressive Portfolio		3,431,118		(3,393,349	)		(37,769	)
Columbia Capital Allocation Aggressive Portfolio		992,887		(992,887	)		—

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

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

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

	Year Ended January 31, 2013
Portfolio	Ordinary Income ($)		Long-Term Capital Gains ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		10,476,758		3,789,999		14,266,757
Columbial Capital Allocation Moderate Conservative Portfolio		3,487,416		2,973,388		6,460,804
Columbia Capital Allocation Moderate Portfolio		37,782,806		—		37,782,806
Columbia Capital Allocation Moderate Aggressive Portfolio		18,368,806		25,945,928		44,314,734
Columbia Capital Allocation Aggressive Portfolio		7,500,153		—		7,500,153

	Year Ended January 31, 2012
Portfolio	Ordinary Income ($)		Long-Term Capital Gains ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		6,520,509		7,699,475		14,219,984
Columbial Capital Allocation Moderate Conservative Portfolio		2,309,899		—		2,309,899
Columbia Capital Allocation Moderate Portfolio		32,082,915		—		32,082,915
Columbia Capital Allocation Moderate Aggressive Portfolio		13,848,771		1,649,451		15,498,222
Columbia Capital Allocation Aggressive Portfolio		7,100,408		—		7,100,408

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

At January 31, 2013, the components of distributable earnings on a tax basis were as follows:

Portfolio	Undistributed Ordinary Income ($)		Undistributed Accumulated Long-Term Gain ($)
Columbia Capital Allocation Conservative Portfolio		595,234		3,566,894
Columbial Capital Allocation Moderate Conservative Portfolio		223,383		1,414,564
Columbia Capital Allocation Moderate Portfolio		5,357,701		15,058,914
Columbia Capital Allocation Moderate Aggressive Portfolio		766,461		13,985,966
Columbia Capital Allocation Aggressive Portfolio		2,661,993		—

Portfolio	Accumulated Realized Loss ($)			Unrealized Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		(43,146	)		16,049,819
Columbial Capital Allocation Moderate Conservative Portfolio		—			6,637,960
Columbia Capital Allocation Moderate Portfolio		(161,817	)		141,886,526
Columbia Capital Allocation Moderate Aggressive Portfolio		—			61,386,969
Columbia Capital Allocation Aggressive Portfolio		(45,623,453	)		68,433,064

At January 31, 2013, the cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Portfolio	Tax Cost ($)		Gross Unrealized Appreciation ($)		Gross Unrealized Depreciation ($)			Net Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		331,987,891		16,674,240		(624,421	)	��	16,049,819
Columbial Capital Allocation Moderate Conservative Portfolio		119,321,237		6,757,397		(119,437	)		6,637,960
Columbia Capital Allocation Moderate Portfolio		1,418,782,599		142,499,587		(613,061	)		141,886,526
Columbia Capital Allocation Moderate Aggressive Portfolio		1,008,524,570		67,229,408		(5,842,439	)		61,386,969
Columbia Capital Allocation Aggressive Portfolio		505,643,874		69,240,091		(807,027	)		68,433,064

The following capital loss carryforward, determined at January 31, 2013, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Portfolio	2017 ($)		2018 ($)		2019 ($)
Columbia Capital Allocation Conservative Portfolio		—		—		—
Columbial Capital Allocation Moderate Conservative Portfolio		—		—		—
Columbia Capital Allocation Moderate Portfolio		—		—		—
Columbia Capital Allocation Moderate Aggressive Portfolio		—		—		—
Columbia Capital Allocation Aggressive Portfolio		6,629,032		28,221,611		8,579,032

Portfolio	Unlimited Short-Term ($)		Unlimited Long-Term ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		—		—		—
Columbial Capital Allocation Moderate Conservative Portfolio		—		—		—
Columbia Capital Allocation Moderate Portfolio		—		—		—
Columbia Capital Allocation Moderate Aggressive Portfolio		—		—		—
Columbia Capital Allocation Aggressive Portfolio		2,193,778		—		45,623,453

For the year ended January 31, 2013, the amount of capital loss carryforward utilized and expired unused were as follows:

Portfolio	Utilized ($)		Expired ($)
Columbia Capital Allocation Conservative Portfolio		—		—
Columbial Capital Allocation Moderate Conservative Portfolio		—		—
Columbia Capital Allocation Moderate Portfolio		25,221,042		—
Columbia Capital Allocation Moderate Aggressive Portfolio		—		—
Columbia Capital Allocation Aggressive Portfolio		16,910,636		—

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Notes to Financial Statements (continued)

January 31, 2013

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. At January 31, 2013, the Funds have elected to treat the following post-October capital losses as arising on February 1, 2013:

Portfolio	Amount ($)
Columbia Capital Allocation Conservative Portfolio		43,146
Columbia Capital Allocation Moderate Conservative Portfolio		—
Columbia Capital Allocation Moderate Portfolio		161,817
Columbia Capital Allocation Moderate Aggressive Portfolio		—
Columbia Capital Allocation Aggressive Portfolio		—

Management of the Funds has concluded that there are no significant uncertain tax positions 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 Portfolios' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

For the year ended January 31, 2013, the cost of purchases and proceeds from sales of securities, excluding investments in money market funds, for each Fund aggregated to:

	U.S. Government Securities				Other Investment Securities
Portfolio	Purchases ($)		Proceeds ($)		Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		—		—		76,470,050		59,507,555
Columbia Capital Allocation Moderate Conservative Portfolio		420,213		147,084		47,724,022		57,751,615
Columbia Capital Allocation Moderate Portfolio		—		—		359,422,940		342,391,355
Columbia Capital Allocation Moderate Aggressive Portfolio		396,277		722,629		352,118,075		431,680,896
Columbia Capital Allocation Aggressive Portfolio		—		—		114,894,919		157,613,372

Note 6. Shareholder Concentration

At January 31, 2013, certain shareholder accounts owned more than 10% of the outstanding shares of one or more of the Funds. For unaffiliated shareholder accounts, the Funds have no knowledge about whether any portion of those shares was owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of

the Funds. The number of accounts and aggregate percentages of shares outstanding held therein were as follows:

Portfolio	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)
Columbia Capital Allocation Conservative Portfolio		1		27.8
Columbia Capital Allocation Moderate Conservative Portfolio		1		53.9
Columbia Capital Allocation Moderate Portfolio		1		23.9
Columbia Capital Allocation Moderate Aggressive Portfolio		1		38.7
Columbia Capital Allocation Aggressive Portfolio		1		28.1

Note 7. Regulatory Settlements

During the period ended January 31, 2012, Columbia Capital Allocation Moderate Aggressive Portfolio received payments of $4,433 resulting from certain regulatory settlements with third parties in which the Fund had participated. The payments have been included in "Proceeds from regulatory settlements" in the Statement of Changes in Net Assets.

Note 8. Line of Credit

Each Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Funds and certain other funds managed by the Investment Manager, severally and not jointly, permits collective borrowings up to $500 million. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing.

No Funds had borrowings during the year ended January 31, 2013.

Note 9. Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 3 above and as noted below, there were no items requiring adjustment of the financial statements or additional disclosure.

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Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2013

At the close of business on March 15, 2013, Columbia Capital Allocation Moderate Conservative Portfolio acquired the assets and assumed the identified liabilities of Columbia Portfolio Builder Moderate Conservative Fund, a series of Columbia Funds Series Trust II. The reorganization was completed after shareholders of Columbia Portfolio Builder Moderate Conservative Fund approved the plan on February 27, 2013.

At the close of business on March 15, 2013, Columbia Capital Allocation Moderate Aggressive Portfolio acquired the assets and assumed the identified liabilities of Columbia Portfolio Builder Moderate Aggressive Fund, a series of Columbia Funds Series Trust II. The reorganization was completed after shareholders of Columbia Portfolio Builder Moderate Aggressive Fund approved the plan on February 27, 2013.

The purpose of these transactions was to combine funds managed by the Investment Manager with comparable investment objectives and strategies.

Note 10. Information Regarding Pending and Settled Legal Proceedings

In December 2005, without admitting or denying the allegations, American Express Financial Corporation (AEFC, which is now known as Ameriprise Financial, Inc. (Ameriprise Financial)) entered into settlement agreements with the Securities and Exchange Commission (SEC) and Minnesota Department of Commerce (MDOC) related to market timing activities. As a result, AEFC was censured and ordered to cease and desist from committing or causing any violations of certain provisions of the Investment Advisers Act of 1940, the Investment Company Act of 1940, and various Minnesota laws. AEFC agreed to pay disgorgement of $10 million and civil money penalties of $7 million. AEFC also agreed to retain an independent distribution consultant to assist in developing a plan for distribution of all disgorgement and civil penalties ordered by the SEC in accordance with various undertakings detailed at www.sec.gov/litigation/admin/ia-2451.pdf. Ameriprise Financial and its affiliates have cooperated with the SEC and the MDOC in these legal proceedings, and have made regular reports to the funds' Boards of Trustees.

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are 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 Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission 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 Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

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Reports of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Capital Allocation Moderate Conservative Portfolio (formerly known as Columbia LifeGoal^® Income and Growth Portfolio) and Columbia Capital Allocation Moderate Aggressive Portfolio (formerly known as Columbia LifeGoal^® Balanced Growth Portfolio), each a series of Columbia Funds Series Trust (collectively, the "Portfolios") at January 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the custodian, transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 22, 2013

To the Trustees of Columbia Funds Series Trust II

In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Columbia Capital Allocation Conservative Portfolio (formerly known as Columbia Portfolio Builder Conservative Fund), Columbia Capital Allocation Moderate Portfolio (formerly known as Columbia Portfolio Builder Moderate Fund), and Columbia Capital Allocation Aggressive Portfolio (formerly known as Columbia Portfolio Builder Aggressive Fund), each a series of Columbia Funds Series Trust II (collectively, the "Portfolios") at January 31, 2013, the results of each of their operations, the changes in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at January 31, 2013 by correspondence with the transfer agent and brokers, provide a reasonable basis for our opinion. The statements of changes in net assets and the financial highlights of the Portfolios for the periods ended January 31, 2012 and prior were audited by another independent registered public accounting firm whose report dated March 26, 2012 expressed an unqualified opinion on those statements and highlights.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 22, 2013

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Federal Income Tax Information

(Unaudited)

The Funds hereby designates the following tax attributes for the fiscal year ended January 31, 2013. Shareholders will be notified in early 2014 of the amounts for use in preparing 2013 income tax returns.

	Qualified Dividend Income (%)		Dividends Received Deduction (%)		Capital Gain Dividend ($)		U.S. Government Income, may be exempt from state taxation (%)		Foreign Taxes Paid ($)		Foreign Source Income ($)
Columbia Capital      Allocation       Conservative Portfolio		14.38		10.79		7,625,878		6.60		39,857		1,083,932
Columbia Capital Allocation Moderate Conservative Portfolio		18.19		15.47		4,194,507		2.96		14,057		299,733
Columbia Capital Allocation Moderate Portfolio		30.45		20.18		15,811,860		4.50		394,037		3,937,713
Columbia Capital Allocation Aggressive Portfolio		79.41		49.99		—		2.94		215,072		1,340,422
Columbia Capital Allocation Moderate Aggressive Portfolio		46.37		35.01		35,039,043		2.52		290,548		1,701,667

Qualified Dividend Income. For taxable, non-corporate shareholders, the percentage of ordinary income dividends paid during the fiscal year that represents qualified dividend income subject to reduced tax rates under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Dividends Received Deduction. The percentage of ordinary income dividends paid during the fiscal year that qualifies for the corporate dividends received deduction.

Capital Gain Dividend. The Fund designates as a capital gain dividend the amount reflected above, or if subsequently determined to be different, the net capital gain of such fiscal period. The Fund also designates as capital gain dividends, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

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Trustees and Officers

Shareholders elect the Board that oversees the Funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Funds' Board members, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Under current Board policy, members may serve until the next Board meeting after he or she reaches the mandatory retirement age established by the Board, or the fifteenth anniversary of the first Board meeting they attended as a member of the Board.

Mr. Edward J. Boudreau, Jr., Mr. William P. Carmichael, Mr. William A. Hawkins, Mr. R. Glenn Hilliard, Ms. Minor M. Shaw and Dr. Anthony M. Santomero, were members of the Legacy Columbia Nations Funds' Board ("Nations Funds"), which includes Columbia Funds Series Trust, Columbia Funds Variable Insurance Trust I and Columbia Funds Master Investment Trust, LLC and began service on the Board for the Legacy RiverSource Funds ("RiverSource Funds") effective June 1, 2011.

Independent Trustees

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Kathleen Blatz 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 1/06 for RiverSource Funds and since 6/11 for Nations Funds	Attorney; Chief Justice, Minnesota Supreme Court, 1998-2006		152	Director, BlueCross BlueShield of Minnesota since 2009
Edward J. Boudreau, Jr. 225 Franklin Street Boston, MA 02110 1944	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, E.J. Boudreau & Associates (consulting) since 2000		145	Former Trustee, BofA Funds Series Trust (11 funds)
Pamela G. Carlton 901 S. Marquette Ave. Minneapolis, MN 55402 1954	Board member since 7/07 for RiverSource Funds and since 6/11 for Nations Funds	President, Springboard — Partners in Cross Cultural Leadership (consulting company) since 2003		152	None
William P. Carmichael 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1999 for Nations Funds	Retired		145	Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; McMoRan Exploration Company (oil and gas exploration and development) since 2010; former Trustee, BofA Funds Series Trust (11 funds); former Director, Spectrum Brands, Inc. (consumer products); former Director, Simmons Company (bedding)
Patricia M. Flynn 901 S. Marquette Ave. Minneapolis, MN 55402 1950	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Trustee Professor of Economics and Management, Bentley University since 1976		152	None
William A. Hawkins 225 Franklin Street Boston, MA 02110 1942	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Managing Director, Overton Partners (financial consulting), since August 2010; President and Chief Executive Officer, California General Bank, N.A., January 2008-August 2010.		145	Trustee, BofA Funds Series Trust (11 funds)

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Trustees and Officers (continued)

Independent Trustees (continued)

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
R. Glenn Hilliard 225 Franklin Street Boston, MA 02110 1943	Board member since 6/11 for RiverSource Funds and since 1/05 for Nations Funds	Chairman and Chief Executive Officer, Hilliard Group LLC (investing and consulting), since April 2003; Non-Executive Director & Chairman, CNO Financial Group, Inc. (insurance), September 2003-May 2011		145	Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance)
Stephen R. Lewis, Jr. 901 S. Marquette Ave. Minneapolis, MN 55402 1939	Chair of the Board for RiverSource Funds since 1/07, Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds	President Emeritus and Professor of Economics Emeritus, Carleton College since 2002		152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2002
Catherine James Paglia 901 S. Marquette Ave. Minneapolis, MN 55402 1952	Board member since 11/04 for RiverSource Funds and since 6/11 for Nations Funds	Director, Enterprise Asset Management, Inc. (private real estate and asset management company)		152	Director, Valmont Industries, Inc. (manufactures irrigation systems) since 2012
Leroy C. Richie 901 S. Marquette Ave. Minneapolis, MN 55402 1941	Board member since 2000 for Legacy Seligman Funds, since 11/08 for RiverSource Funds and since 6/11 for Nations Funds	Counsel, Lewis & Munday, P.C. (law firm) since 2004; former Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation		152	Lead Outside Director, Digital Ally, Inc. (digital imaging) since September 2005; Director, Infinity, Inc. (oil and gas exploration and production) since 1994; Director, OGE Energy Corp. (energy and energy services) since November 2007
Minor M. Shaw 225 Franklin Street Boston, MA 02110 1947	Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds	President, Micco LLC (private investments) since 2011; President, Micco Corp. since 1998		145	Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Former Trustee, BofA Funds Series Trust (11 funds)
Alison Taunton-Rigby 901 S. Marquette Ave. Minneapolis, MN 55402 1944	Board member since 11/02 for RiverSource Funds and since 6/11 for Nations Funds	Chief Executive Officer and Director, RiboNovix, Inc., 2003-2010 (biotechnology)		152	Director, Healthways, Inc. (health and well-being improvement) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

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Trustees and Officers (continued)

Interested Trustee Not Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
Anthony M. Santomero 225 Franklin Street Boston, MA 02110 1946	Board member since 6/11 for RiverSource Funds and since 1/08 for Nations Funds	Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008		145	Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds)

*Dr. Santomero is not an affiliated person of the investment manager or Ameriprise Financial. However, he is currently deemed by the Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup, Inc. and Citibank N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Funds or accounts advised/managed by the investment manager.

Interested Trustee Affiliated With Investment Manager*

Name, Address, Year of Birth	Position Held With Funds and Length of Service	Principal Occupation During Past Five Years	Number of Funds in the Fund Family Overseen by Board Member		Other Present or Past Directorships/Trusteeships (Within Past 5 Years)
William F. Truscott 53600 Ameriprise Financial Center Minneapolis, MN 55474 1960	Board member since 11/01 for RiverSource Funds and since 6/11 for Nations Funds; Senior Vice President since 2002	President, Columbia Management Investment Advisers, LLC since February 2012, (previously President, Chairman of the Board and Chief Investment Officer, 2001-April 2010); Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012 and President — U.S. Asset Management and Chief Investment Officer, 2005-April 2010); Chief Executive Officer, Columbia Management Investment Distributors, Inc. since February 2012, (previously Chairman of the Board and Chief Executive Officer, 2006-April 2010); Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; President and Chief Executive Officer, Ameriprise Certificate Company 2006-August 2012.		204	Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2012; Director, Columbia Management Investment Distributors, Inc. since May 2010; Director, Ameriprise Certificate Company, 2006-January 2013

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

The SAI has additional information about the Fund's Board members and is available, without charge, upon request by calling 800.345.6611; contacting your financial intermediary; or visiting columbiamanagement.com.

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Trustees and Officers (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. In addition to Mr. Truscott, who is Senior Vice President, the Funds' other officers are:

Officers

Name, Address, Year of Birth	Position Held With	Principal Occupation During Past Five Years Funds and Length of Service
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 1964	President and Principal Executive Officer since 5/10 for RiverSource Funds and 2009 for Nations Funds	Senior Vice President and General Manager — Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; Treasurer, Columbia Funds, October 2003-May 2008
Amy K. Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 1965	Vice President since 12/06 for RiverSource Funds and 5/10 for Nations Funds	Senior Vice President and Chief Operating Officer, Columbia Management Investment Advisers, LLC since May 2010 (previously Chief Administrative Officer, 2009-April 2010 and Vice President — Asset Management and Trust Company Services, 2006-2009)
Michael G. Clarke 225 Franklin Street Boston, MA 02110 1969	Treasurer since 1/11 and Chief Financial Officer since 4/11 RiverSource Funds and Treasurer since 3/11 and Chief Financial Officer since 2009 for Nations Funds	Vice President, Columbia Management Investment Advisers, LLC since May 2010; Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 1959	Senior Vice President and Chief Legal Officer since 12/06 and Assistant Secretary since 6/11 for RiverSource Funds and Senior Vice President and Chief Legal Officer since 5/10 and Assistant Secretary since 6/11 for Nations Funds	Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; Vice President and Lead Chief Counsel — Asset Management, Ameriprise Financial, Inc. since May 2010 (previously Vice President and Chief Counsel — Asset Management, 2005-April 2010); Vice President, Chief Counsel and Assistant Secretary, Columbia Management Investment Distributors, Inc. since 2008; Vice President, General Counsel and Secretary, Ameriprise Certificate Company since 2005; Chief Counsel, RiverSource Distributors, Inc. since 2006
Colin Moore 225 Franklin Street Boston, MA 02110 1958	Senior Vice President since 5/10 for RiverSource Funds and Nations Funds	Director and Chief Investment Officer, Columbia Management Investment Advisers, LLC since May 2010; Manager, Managing Director and Chief Investment Officer, Columbia Management Advisors, LLC, 2007-April 2010
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 1972	Chief Compliance Officer since 3/12	Vice President — Asset Management Compliance, Columbia Management Investment Advisers, LLC since 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010; Compliance Executive, Bank of America, 2005-2010
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 1957	Vice President since 4/11 for RiverSource Funds and 2006 for Nations Funds	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., July 2004- April 2010; Managing Director, Columbia Management Distributors, Inc., August 2007-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 1970	Vice President and Secretary since 4/11 for RiverSource Funds and 3/11 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since January 2010 (formerly Vice President and Group Counsel or Counsel, April 2004-January 2010); Assistant Secretary of Legacy RiverSource Funds, January 2007-April 2011 and of the Nations Funds, May 2010-March 2011

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Trustees and Officers (continued)

Officers (continued)

Name, Address, Year of Birth	Position Held With	Principal Occupation During Past Five Years Funds and Length of Service
Paul D. Pearson 10468 Ameriprise Financial Center Minneapolis, MN 55474 1956	Vice President since 4/11 and Assistant Treasurer since 1999 for RiverSource Funds and Vice President and Assistant Treasurer since 6/11 for Nations Funds	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC, since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial Corporation, February 1998-May 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 1968	Vice President and Chief Accounting Officer since 4/11 and Vice President since 3/11 and Chief Accounting Officer since 2008 for Nations Funds	Vice President, Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, January 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 1968	Vice President since 4/11 and Assistant Secretary since 11/08 for RiverSource Funds and 5/10 for Nations Funds	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (formerly, Chief Counsel, January 2010-January 2013 and Group Counsel from November 2008-January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008 (previously, Managing Director and Associate General Counsel, January 2005-July 2008)
Michael E. DeFao 225 Franklin Street Boston, MA 02110 1968	Vice President since 4/11 and Assistant Secretary since 5/10 for RiverSource Funds and 2011 for Nations Funds	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel Bank of America, June 2005-April 2010

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Shareholder Meeting Results

(Unaudited)

Columbia Capital Allocation Conservative Portfolio

Special Meeting of Shareholders Held on February 27, 2013

At a Joint Special Meeting of Shareholders held on February 27, 2013 (the "Meeting"), shareholders of the Fund approved a proposed amendment to the Fund's investment management services agreement changing the Fund's advisory fee structure. The votes cast for or against as well as the number of abstentions and broker non-votes as to the proposal are set forth below. A vote is based on total dollar interest in the Fund as of the record date of the Meeting.

Votes For		Votes Against		Abstentions		Broker Non-Votes
	15,800,927		612,375		1,006,846		0

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Columbia Capital Allocation Portfolios

Shareholder Meeting Results

(Unaudited)

Columbia Capital Allocation Moderate Portfolio

Special Meeting of Shareholders Held on February 27, 2013

At a Joint Special Meeting of Shareholders held on February 27, 2013 (the "Meeting"), shareholders of the Fund approved a proposed amendment to the Fund's investment management services agreement changing the Fund's advisory fee structure. The votes cast for or against as well as the number of abstentions and broker non-votes as to the proposal are set forth below. A vote is based on total dollar interest in the Fund as of the record date of the Meeting.

Votes For		Votes Against		Abstentions		Broker Non-Votes
	69,058,870		4,409,453		4,569,862		0

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Columbia Capital Allocation Portfolios

Shareholder Meeting Results

(Unaudited)

Columbia Capital Allocation Aggressive Portfolio

Special Meeting of Shareholders Held on February 27, 2013

At a Joint Special Meeting of Shareholders held on February 27, 2013 (the "Meeting"), shareholders of the Fund approved a proposed amendment to the Fund's investment management services agreement changing the Fund's advisory fee structure. The votes cast for or against as well as the number of abstentions and broker non-votes as to the proposal are set forth below. A vote is based on total dollar interest in the Fund as of the record date of the Meeting.

Votes For		Votes Against		Abstentions		Broker Non-Votes
	24,257,220		2,153,890		1,496,992		0

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Columbia Capital Allocation Portfolios

Important Information About This Report

Each fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.

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

Each fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each fund's Form N-Q is available on the SEC's website at sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. Each fund's complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.

Annual Report 2013
129

Columbia Capital Allocation Portfolios

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

This information is for use with concurrent or prior delivery of a fund prospectus. Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus which contains this and other important information about the Funds go to columbiamanagement.com. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

ANN124_01_C01_(03/13)

Item 2. Code of Ethics.

(a)The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Edward J. Boudreau, Pamela G. Carlton, William P. Carmichael, William A. Hawkins and Alison Taunton-Rigby, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert.  Mr. Boudreau, Ms. Carlton, Mr. Carmichael, Mr. Hawkins and Ms. Taunton-Rigby are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the five series of the registrant whose report to stockholders are included in this annual filing. The series changed its fiscal year end from March 31 to January 31, effective January 31, 2012.  The fees presented for 2012 represent the ten month period ended January 31, 2012.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	66,300	$	77,900

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

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	9,500	$	44,000

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.  In both fiscal years 2013 and 2012, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports and agreed- upon procedures related to fund mergers. Fiscal year 2012 also included Audit-Related Fees for agreed-upon procedures for fund accounting and custody conversions.

During the fiscal years ended January 31, 2013 and January 31, 2012, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	28,600	$	36,200

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. In both fiscal years 2013 and 2012, Tax Fees also include agreed-upon procedures related to foreign tax filings.

During the fiscal years ended January 31, 2013 and January 31, 2012, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services

to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	0	$	0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	285,800	$	225,000

In both fiscal years 2013 and 2012, All Other Fees consist of fees billed for internal control examinations of the registrant’s transfer agent and investment advisor.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent accountants to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by or under common control with such investment adviser that provides ongoing services to the registrant (“Adviser Affiliates”), if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Accountants for Audit and Non-Audit Services (“Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (collectively “Fund Services”); (ii) non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates, if the engagement relates directly to the operations or financial

reporting of a Fund (collectively “Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Adviser Affiliates. As set forth in this Fund Policy, a service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are Independent Trustees/Directors.  The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent accountants may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund Officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval.

This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service.  The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations.  This specific approval acknowledges that the Audit Committee is in agreement with the types of services that the independent accountants will be permitted to perform.

The Fund’s Treasurer or other Fund Officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services initiated since the last such report was rendered, including a general description of the services with forecasted fees for the annual period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor with actual fees during the current reporting period.

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(e)(2) 100% of the services performed for items (b) through (d) above during 2013 and 2012 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is

subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended January 31, 2013 and January 31, 2012 are approximately as follows:

2013		2012
$	323,900	$	305,200

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material 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)During November 2012, the registrant enhanced internal controls over financial reporting relating to the recording of certain last day trades.  These controls include (i) additional analysis of last day security purchase prices, (ii) comparisons of cost and market value for last day trades and (iii) analytical review of per share changes resulting from financial statement adjustments.

Item 12. Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

(registrant)	Columbia Funds Series Trust
By (Signature and Title)	/s/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer
Date	March 22, 2013

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/ J. Kevin Connaughton
	J. Kevin Connaughton, President and Principal Executive Officer
Date	March 22, 2013
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Treasurer and Chief Financial Officer
Date	March 22, 2013