Columbia Funds Series Trust NCSR 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)

50606 Ameriprise Financial Center Minneapolis, MN					55474
(Address of principal executive offices)					(Zip code)

Christopher O. Petersen, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code:				(800) 345-6611

Date of fiscal year end:	January 31

Date of reporting period:		January 31, 2014

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, 2014

Columbia LifeGoal^® Growth Portfolio

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

Equities recovered

In the final months of 2013, the U.S. economy embraced a robust recovery. After five years of only modest progress, the pace of economic growth picked up, job gains continued, manufacturing activity accelerated and a rebound in the housing market showed staying power. Growth, as measured by gross domestic product, was 4.1% in the third quarter, with expectations for a solid fourth quarter. Job growth averaged close to 200,000 monthly. Industrial production rose at a rate of 3.3%, considerably higher than the 12-month average of 2.5%. Factories were busier than at any point since the 2008/2009 recession, with capacity utilization at 79%. Orders for durable goods were strong, bolstered by rising auto sales. Holiday spending was solid, especially online sales, which rose 10% year over year, despite a shorter season.

Against this backdrop, the Federal Reserve's (the Fed's) announcement that it would slowly retreat from its monthly bond buying program and a bipartisan budget deal in Washington were welcome news for investors. Stocks climbed to new highs in the fourth quarter, while bonds retreated as yields moved higher. Small-cap stocks outperformed large- and mid-cap stocks, led by significant gains from the industrials, technology and consumer discretionary sectors. All 10 sectors of the S&P 500 Index delivered positive returns, although telecommunications and utilities posted only modest gains.

Fixed-income retreated

Improved economic data drove interest rates higher over the fourth quarter, credit spreads narrowed and the dollar weakened against most developed market currencies. Against this backdrop, most non-Treasury, fixed-income sectors delivered positive returns. Outgoing Fed chairman Ben Bernanke expressed concern about the persistently low level of core inflation, but gains in the labor market and reduced unemployment led to the Fed's decision to taper its bond-buying program gradually beginning in January 2014.

As the stock market soared, the riskiest sectors of the fixed-income markets fared the best. U.S. and foreign high-yield bonds were the strongest performers, followed by emerging-market and U.S. investment-grade corporate bonds. U.S. mortgage-backed securities (MBS) and securitized bonds produced negative total returns, as did U.S. Treasuries and developed world government bonds. Treasury inflation-protected bonds were the period's biggest losers. Investment-grade municipals delivered fractional gains, as better economic conditions helped steady state finances.

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. At Columbia Management, reaching our performance goals matters, and how we reach them matters just as much.

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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 Dow Jones Industrial Average is a price weighted average of 30 actively traded shares of blue chip US industrial corporations listed on the New York Stock Exchange. 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 and, if available, a summary 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.

Annual Report 2014

Columbia LifeGoal^® Growth Portfolio

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund's Expenses					6
Portfolio of Investments					7
Statement of Assets and Liabilities					12
Statement of Operations					14
Statement of Changes in Net Assets					15
Financial Highlights					17
Notes to Financial Statements					25
Report of Independent Registered Public Accounting Firm					30
Federal Income Tax Information					31
Trustees and Officers					32
Important Information About This Report					41

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 7 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 2014

Columbia LifeGoal^® Growth Portfolio

Performance Overview

Performance Summary

> Columbia LifeGoal^® Growth Portfolio (the Fund) Class A shares returned 16.86% excluding sales charges for the 12-month period ended January 31, 2014.

> The Fund underperformed its benchmark, the S&P 500 Index, which returned 21.52% during the same 12-month period.

> We attribute the Fund's underperformance primarily to exposure, via underlying funds, to emerging market and commodity-related equities.

Average Annual Total Returns (%) (for period ended January 31, 2014)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			16.86		18.24		7.39
Including sales charges			10.15		16.85		6.75
Class B	08/12/97
Excluding sales charges			16.09		17.35		6.59
Including sales charges			11.09		17.14		6.59
Class C	10/15/96
Excluding sales charges			16.06		17.38		6.59
Including sales charges			15.06		17.38		6.59
Class K*	03/07/11		17.04		18.31		7.42
Class R*	01/23/06		16.59		17.95		7.11
Class R4*	11/08/12		17.19		18.33		7.43
Class R5*	11/08/12		17.39		18.38		7.45
Class Z	10/15/96		17.14		18.54		7.67
S&P 500 Index			21.52		19.19		6.83

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 Fund's other classes are not subject to sales charges and have limited eligibility. Please see the Fund's prospectus for details. Performance for different share classes will vary based on differences in sales charges and fees associated with each 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.

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 2014
2

Columbia LifeGoal^® Growth Portfolio

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (February 1, 2004 – January 31, 2014)

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 Fund distributions or on the redemption of Fund shares.

Annual Report 2014
3

Columbia LifeGoal^® Growth Portfolio

Manager Discussion of Fund Performance

For the 12-month period that ended January 31, 2014, the Fund's Class A shares returned 16.86% excluding sales charges. The Fund underperformed its benchmark, the S&P 500 Index, which returned 21.52% during the same time period. We attribute the Fund's underperformance primarily to exposure, via underlying funds, to emerging market and commodity-related equities.

Global Equity Markets Advanced

Global equity markets declined in January 2014 as volatility spiked and investor risk tolerance lessened on emerging market weakness and reduction of the U.S. Federal Reserve (Fed) stimulus measures. Still, for the annual period overall, global equity markets advanced, climbing to new highs in the fourth quarter of 2013, as the U.S. economy showed signs of improvement. After five years of modest progress, the pace of economic growth picked up, job gains persisted, manufacturing activity accelerated and a rebound in the housing market continued. Still, global equity market performance varied significantly amongst regions. Developed markets led the way, while emerging markets lost ground. Within the U.S. equity market, small-cap stocks outperformed large-cap and mid-cap stocks, and growth stocks outperformed value stocks across the capitalization spectrum. All ten sectors within the S&P 500 Index delivered positive returns, led by significant gains in the industrials, information technology and consumer discretionary sectors. Telecommunication services, energy and utilities were the weakest on a relative basis, posting more modest gains.

Emerging Market and Commodity-Related Equities Hampered Results

Areas that detracted most from the Fund's relative results during the annual period were exposure to emerging market and commodity-related equities via positions in underlying funds Columbia Emerging Markets Fund, Columbia Global Energy and Natural Resources Fund and Columbia Pacific/Asia Fund. Weakness in emerging markets and materials stocks was driven largely by the potential for slowing economic growth in China. Also detracting from relative results was exposure to high dividend-yielding stocks via investments in underlying funds Columbia Global Dividend Opportunities Fund, Columbia Dividend Income Fund and Columbia Dividend Opportunity Fund, which were seen as vulnerable to both the anticipation and actuality of rapidly rising interest rates.

The area that contributed most favorably to the Fund's relative returns during the annual period overall was exposure to growth-oriented equities, via investments in underlying funds Columbia Select Large Cap Growth Fund and Columbia Small Cap Growth Fund.

Portfolio Changes

Changes within the Fund can be driven by active trading, by directing allocations to select market segments or by market appreciation or depreciation within a given market segment, all via investments in underlying funds. During the annual period, we modestly decreased the Fund's allocation to international equities in favor of a greater focus on U.S. equities. We also slightly reduced the Fund's overweight position in equity dividend payers in favor of more growth-oriented factors. We added on the margin to the Fund's exposure to smaller-capitalization equities.

Portfolio Management

Anwiti Bahugana, Ph.D.

Robert McConnaughey

Melda Mergen, CFA, CAIA

Colin Moore, AIIMR

Marie Schofield, CFA

Beth Vanney, 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.

© 2014 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, 2014)
Alternative Investment Funds					6.0
Equity Funds					87.2
Dividend Income					27.0
International					9.2
Real Estate					2.0
U.S. Large Cap					39.8
U.S. Mid Cap					5.1
U.S. Small Cap					4.1
Fixed-Income Funds					6.8
Convertible					6.8
Total					100.0

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

Annual Report 2014
4

Columbia LifeGoal^® Growth Portfolio

Manager Discussion of Fund Performance (continued)

During the annual period, the Fund did not directly invest in derivatives. However, some of the underlying funds used derivatives to attempt to enhance Fund return and for hedging purposes as market conditions warranted.

Looking Ahead

The annual period ended January 31, 2014 was a strong one for U.S. equities — the top-performing segment as compared to bonds, foreign developed market equities and emerging market equities. With the Fed having begun to taper its quantitative easing program in January 2014, we believe volatility may rise in the months ahead, which could make the environment for equities more challenging. If interest rates head higher and puts pressure on the housing sector, this, too, may hurt U.S. large-cap companies. Despite these potential headwinds, we believe U.S. stock valuations remained reasonable at the end of the annual period and that there was reason to remain cautiously optimistic about U.S. equity markets for the near term. As such, we currently continue to seek intriguing ideas in the domestic market. At the same time, we believe stock markets outside the U.S. may show more potential in the year ahead. That said, we remain cautious at this time regarding emerging market equities and intend to look for signs of acceleration in global trade before we selectively add to the sector.

Investment Risks

Underlying holdings are subject to stock market fluctuations and changes in the values of specific fund holdings due to economic and business developments. International investing involves special risks including foreign taxation, currency risks, risks associated with possible differences in financial standards, and other monetary and political risks. The Fund and certain underlying funds may be subject to credit risk, which applies to most debt securities. Certain underlying funds use repurchase agreements, which carry the risk that the counterparty may not fulfill its obligations under the agreement. Derivative instruments are financial instruments that have a value dependent on the value of something else, such as one or more underlying securities. Gains or losses may be substantial, because a relatively small price movement in an underlying security may result in a substantial gain or loss. See the Fund's prospectus for information on these and other risks associated with the Fund.

Annual Report 2014
5

Columbia LifeGoal^® Growth Portfolio

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/or service fees, and other fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

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

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.

August 1, 2013 – January 31, 2014

	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		1,067.10		1,022.74		2.55		2.50		0.49		6.46		6.32		1.24
Class B		1,000.00		1,000.00		1,063.30		1,018.95		6.45		6.31		1.24		10.35		10.13		1.99
Class C		1,000.00		1,000.00		1,063.10		1,018.95		6.45		6.31		1.24		10.35		10.13		1.99
Class K		1,000.00		1,000.00		1,068.10		1,023.44		1.82		1.79		0.35		5.73		5.61		1.10
Class R		1,000.00		1,000.00		1,065.80		1,021.48		3.85		3.77		0.74		7.76		7.59		1.49
Class R4		1,000.00		1,000.00		1,069.30		1,024.00		1.25		1.22		0.24		5.16		5.05		0.99
Class R5		1,000.00		1,000.00		1,069.30		1,024.70		0.52		0.51		0.10		4.43		4.34		0.85
Class Z		1,000.00		1,000.00		1,068.60		1,024.00		1.25		1.22		0.24		5.16		5.05		0.99

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 365.

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 2014
6

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 87.2%

Issuer	Shares		Value ($)
Dividend Income 27.0%
Columbia Dividend Income Fund, Class I Shares^(a)		5,469,972		96,545,006
Columbia Dividend Opportunity Fund, Class I Shares^(a)		6,548,752		64,439,724
Columbia Global Dividend Opportunity Fund, Class I Shares^(a)		2,810,931		56,078,066
Total				217,062,796
International 9.2%
Columbia Emerging Markets Fund, Class I Shares^(a)		3,719,059		36,037,682
Columbia Global Infrastructure Fund, Class I Shares^(a)		1,210,929		24,472,874
Columbia Pacific/Asia Fund, Class I Shares^(a)		1,571,757		13,532,827
Total				74,043,383
Real Estate 2.1%
Columbia Real Estate Equity Fund, Class I Shares^(a)		1,240,360		16,633,229
U.S. Large Cap 39.7%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,856,026		56,520,758
Columbia Global Energy and Natural Resources Fund, Class I Shares^(a)		2,518,634		54,251,380
Columbia Large Cap Growth Fund, Class I Shares^(a)		1,232,600		40,959,306
Columbia Large Core Quantitative Fund, Class I Shares^(a)		1,972,020		16,091,680
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		4,396,958		36,450,782
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		3,239,959		40,467,082
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		3,904,420		74,964,868
Total				319,705,856

Equity Funds (continued)

Issuer	Shares		Value ($)
U.S. Mid Cap 5.1%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,307,388		41,143,504
U.S. Small Cap 4.1%
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		1,005,250		32,841,528
Total Equity Funds (Cost: $606,300,045)				701,430,296
Fixed-Income Funds 6.8%
Convertible 6.8%
Columbia Convertible Securities Fund, Class I Shares^(a)		2,956,731		54,669,955
Total Fixed-Income Funds (Cost: $41,232,022)				54,669,955
Alternative Investment Funds 6.0%
Columbia Flexible Capital Income Fund, Class I Shares^(a)		4,008,711		48,064,443
Total Alternative Investment Funds (Cost: $43,337,521)				48,064,443
Total Investments (Cost: $690,869,588)				804,164,694
Other Assets and Liabilities				(237,532	)
Net Assets				803,927,162

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

Annual Report 2014
7

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2014

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, 2014, are as follows:

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Contrarian Core Fund, Class I Shares		30,681,411		11,739,848		(6,894,383	)		4,164,123			39,690,999		3,063,016		511,831		56,520,758
Columbia Convertible Securities Fund, Class I Shares		43,184,379		1,423,105		(3,840,374	)		464,912			41,232,022		—		1,380,309		54,669,955
Columbia Dividend Income Fund, Class I Shares		77,047,218		3,527,023		(9,995,447	)		1,913,202			72,491,996		1,315,602		2,119,530		96,545,006
Columbia Dividend Opportunity Fund, Class I Shares		64,142,398		5,072,693		(23,018,386	)		5,749,589			51,946,294		3,099,986		1,956,323		64,439,724
Columbia Emerging Markets Fund, Class I Shares		36,221,589		977,081		(50,242	)		(3,547	)		37,144,881		—		226,407		36,037,682
Columbia Flexible Capital Income Fund, Class I Shares		41,951,026		3,270,266		(2,075,319	)		191,548			43,337,521		1,331,871		1,911,996		48,064,443
Columbia Global Dividend Opportunity Fund, Class I Shares		61,156,264		4,148,950		(11,214,590	)		675,530			54,766,154		2,197,901		1,947,560		56,078,066
Columbia Global Energy and Natural Resources Fund, Class I Shares		43,940,945		9,901,702		(215,340	)		5,602			53,632,909		750,425		629,116		54,251,380
Columbia Global Infrastructure Fund, Class I Shares		—		24,771,000		—			—			24,771,000		—		—		24,472,874
Columbia Large Cap Growth Fund, Class I Shares		49,017,477		3,504,932		(41,260,205	)		19,494,530			30,756,734		3,083,144		406,048		40,959,306

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

Annual Report 2014
8

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Large Core Quantitative Fund, Class I Shares		12,789,441		348,301		(2,310,928	)		612,896		11,439,710		—		348,298		16,091,680
Columbia Large Growth Quantitative Fund, Class I Shares		32,079,867		6,833,977		(5,624,870	)		2,209,098		35,498,072		6,366,068		467,908		36,450,782
Columbia Mid Cap Growth Fund, Class I Shares		37,208,781		12,799,841		(13,542,857	)		826,724		37,292,489		4,573,701		—		41,143,504
Columbia Pacific/Asia Fund, Class I Shares		26,276,326		973,836		(18,142,097	)		3,138,045		12,246,110		—		677,605		13,532,827
Columbia Real Estate Equity Fund, Class I Shares		—		16,534,000		—			—		16,534,000		—		—		16,633,229
Columbia Select Large Cap Equity Fund, Class I Shares		33,954,103		13,452,527		(4,763,082	)		425,236		43,068,784		12,948,609		501,843		40,467,082
Columbia Select Large Cap Growth Fund, Class I Shares		60,697,380		2,803,317		(14,649,529	)		2,765,762		51,616,930		2,794,448		—		74,964,868
Columbia Small Cap Growth Fund I, Class I Shares		15,416,233		21,240,559		(3,316,270	)		62,461		33,402,983		4,783,986		—		32,841,528
Total		665,764,838		143,322,958		(160,913,919	)		42,695,711		690,869,588		46,308,757		13,084,774		804,164,694

(b) Non-income producing.

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

Annual Report 2014
9

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2014

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.

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

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

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

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 2014
10

Columbia LifeGoal^® Growth Portfolio

Portfolio of Investments (continued)

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		701,430,296		—		—		701,430,296
Fixed-Income Funds		54,669,955		—		—		54,669,955
Alternative Investment Funds		48,064,443		—		—		48,064,443
Total Mutual Funds		804,164,694		—		—		804,164,694
Total		804,164,694		—		—		804,164,694

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 2014
11

Columbia LifeGoal^® Growth Portfolio

Statement of Assets and Liabilities

January 31, 2014

Assets
Investments, at value
Affiliated issuers (identified cost $690,869,588)	$	804,164,694
Receivable for:
Investments sold		374,194
Capital shares sold		365,369
Prepaid expenses		3,258
Total assets		804,907,515
Liabilities
Disbursements in excess of cash		1,000
Payable for:
Capital shares purchased		805,593
Distribution and/or service fees		8,114
Transfer agent fees		97,988
Administration fees		443
Plan administration fees		1
Compensation of board members		11,831
Other expenses		55,383
Total liabilities		980,353
Net assets applicable to outstanding capital stock	$	803,927,162
Represented by
Paid-in capital	$	703,374,586
Undistributed net investment income		2,122,644
Accumulated net realized loss		(14,865,174	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		113,295,106
Total — representing net assets applicable to outstanding capital stock	$	803,927,162

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

Annual Report 2014
12

Columbia LifeGoal^® Growth Portfolio

Statement of Assets and Liabilities (continued)

January 31, 2014

Class A
Net assets	$	605,624,555
Shares outstanding		40,825,938
Net asset value per share	$	14.83
Maximum offering price per share^(a)	$	15.73
Class B
Net assets	$	44,367,561
Shares outstanding		3,292,557
Net asset value per share	$	13.48
Class C
Net assets	$	96,989,395
Shares outstanding		7,260,429
Net asset value per share	$	13.36
Class K
Net assets	$	158,238
Shares outstanding		10,479
Net asset value per share	$	15.10
Class R
Net assets	$	3,130,681
Shares outstanding		213,225
Net asset value per share	$	14.68
Class R4
Net assets	$	14,888
Shares outstanding		974
Net asset value per share	$	15.29
Class R5
Net assets	$	28,532
Shares outstanding		1,866
Net asset value per share	$	15.29
Class Z
Net assets	$	53,613,312
Shares outstanding		3,548,033
Net asset value per share	$	15.11

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

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

Annual Report 2014
13

Columbia LifeGoal^® Growth Portfolio

Statement of Operations

Year Ended January 31, 2014

Net investment income
Income:
Dividends — affiliated issuers	$	13,084,774
Total income		13,084,774
Expenses:
Investment management fees		930
Distribution and/or service fees
Class A		1,462,926
Class B		524,118
Class C		944,677
Class R		17,244
Transfer agent fees
Class A		1,125,030
Class B		101,237
Class C		181,637
Class K		74
Class R		6,641
Class R4		19
Class R5		6
Class Z		100,735
Administration fees		157,611
Plan administration fees
Class K		371
Compensation of board members		17,100
Custodian fees		11,704
Printing and postage fees		114,347
Registration fees		77,814
Professional fees		29,397
Other		26,784
Total expenses		4,900,402
Expense reductions		(1,514	)
Total net expenses		4,898,888
Net investment income		8,185,886
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		42,695,711
Capital gain distributions from underlying affiliated funds		46,308,757
Net realized gain		89,004,468
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		24,079,972
Net change in unrealized appreciation (depreciation)		24,079,972
Net realized and unrealized gain		113,084,440
Net increase in net assets resulting from operations	$	121,270,326

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

Annual Report 2014
14

Columbia LifeGoal^® Growth Portfolio

Statement of Changes in Net Assets

	Year Ended January 31, 2014			Year Ended January 31, 2013^(a)
Operations
Net investment income	$	8,185,886		$	9,242,015
Net realized gain		89,004,468			33,277,146
Net change in unrealized appreciation (depreciation)		24,079,972			53,388,924
Net increase in net assets resulting from operations		121,270,326			95,908,085
Distributions to shareholders
Net investment income
Class A		(12,657,833	)		(9,524,054	)
Class B		(722,356	)		(784,343	)
Class C		(1,509,760	)		(1,029,061	)
Class K		(3,419	)		(4,495	)
Class R		(64,335	)		(52,818	)
Class R4		(310	)		(21	)
Class R5		(481	)		(22	)
Class Z		(1,236,228	)		(997,211	)
Total distributions to shareholders		(16,194,722	)		(12,392,025	)
Increase (decrease) in net assets from capital stock activity		(55,718,008	)		(92,576,813	)
Total increase (decrease) in net assets		49,357,596			(9,060,753	)
Net assets at beginning of year		754,569,566			763,630,319
Net assets at end of year	$	803,927,162		$	754,569,566
Undistributed net investment income	$	2,122,644		$	73,946

(a) Class R4 and Class R5 shares are 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 2014
15

Columbia LifeGoal^® Growth Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2014						Year Ended January 31, 2013^(a)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		4,007,780			56,454,168			4,863,471			58,763,329
Distributions reinvested		680,522			9,988,192			610,165			7,464,003
Redemptions		(6,478,395	)		(91,095,307	)		(9,382,818	)		(113,680,407	)
Net decrease		(1,790,093	)		(24,652,947	)		(3,909,182	)		(47,453,075	)
Class B shares
Subscriptions		50,334			642,922			76,918			850,701
Distributions reinvested		37,633			512,164			44,949			503,172
Redemptions^(b)		(1,834,778	)		(23,502,561	)		(2,934,794	)		(32,181,984	)
Net decrease		(1,746,811	)		(22,347,475	)		(2,812,927	)		(30,828,111	)
Class C shares
Subscriptions		832,735			10,619,893			847,762			9,269,004
Distributions reinvested		80,338			1,085,279			62,834			697,710
Redemptions		(1,317,083	)		(16,748,524	)		(1,853,238	)		(20,259,200	)
Net decrease		(404,010	)		(5,043,352	)		(942,642	)		(10,292,486	)
Class K shares
Distributions reinvested		206			3,072			342			4,256
Redemptions		—			—			(13,763	)		(174,820	)
Net increase (decrease)		206			3,072			(13,421	)		(170,564	)
Class R shares
Subscriptions		47,369			654,724			85,252			1,023,468
Distributions reinvested		3,879			56,536			3,860			46,854
Redemptions		(96,140	)		(1,363,640	)		(103,124	)		(1,259,478	)
Net decrease		(44,892	)		(652,380	)		(14,012	)		(189,156	)
Class R4 shares
Subscriptions		755			10,689			203			2,500
Distributions reinvested		16			239			—			—
Net increase		771			10,928			203			2,500
Class R5 shares
Subscriptions		1,642			24,493			203			2,500
Distributions reinvested		26			405			—			—
Redemptions		(5	)		(82	)		—			—
Net increase		1,663			24,816			203			2,500
Class Z shares
Subscriptions		737,279			10,594,063			1,215,190			15,030,587
Distributions reinvested		21,987			327,176			25,301			314,972
Redemptions		(973,690	)		(13,981,909	)		(1,526,783	)		(18,993,980	)
Net decrease		(214,424	)		(3,060,670	)		(286,292	)		(3,648,421	)
Total net decrease		(4,197,590	)		(55,718,008	)		(7,978,070	)		(92,576,813	)

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

(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.

Annual Report 2014
16

Columbia LifeGoal^® Growth Portfolio

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

	Year Ended January 31,									Year Ended March 31,
Class A	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.96		$	11.59		$	12.25		$	10.33		$	6.68		$	13.24
Income from investment operations:
Net investment income		0.16			0.17			0.09			0.08			0.05			0.06
Net realized and unrealized gain (loss)		2.02			1.42			(0.71	)		1.91			3.62			(4.12	)
Total from investment operations		2.18			1.59			(0.62	)		1.99			3.67			(4.06	)
Less distributions to shareholders:
Net investment income		(0.31	)		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(0.03	)
Net realized gains		—			—			—			—			—			(2.46	)
Tax return of capital		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.31	)		(0.22	)		(0.04	)		(0.07	)		(0.02	)		(2.50	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	14.83		$	12.96		$	11.59		$	12.25		$	10.33		$	6.68
Total return		16.86	%		13.81	%		(4.98	%)		19.35	%		55.04	%		(37.62	%)
Ratios to average net assets^(c)
Total gross expenses		0.50	%		0.53	%		0.52	%^(d)		0.51	%		0.50	%		0.50	%
Total net expenses^(e)		0.50	%^(f)		0.48	%^(f)		0.45	%^(d)(f)		0.51	%		0.50	%		0.50	%^(f)
Net investment income		1.17	%		1.38	%		0.93	%^(d)		0.72	%		0.54	%		0.68	%
Supplemental data
Net assets, end of period (in thousands)	$	605,625		$	552,395		$	539,370		$	201,437		$	178,769		$	116,169
Portfolio turnover		18	%		26	%		86	%		36	%		19	%		45	%

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 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 2014
17

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,									Year Ended March 31,
Class B	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.79		$	10.56		$	11.21		$	9.48		$	6.17		$	12.46
Income from investment operations:
Net investment income (loss)		0.04			0.06			0.00	^(b)		0.00	^(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.86			1.30			(0.63	)		1.75			3.34			(3.80	)
Total from investment operations		1.90			1.36			(0.63	)		1.75			3.32			(3.81	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net realized gains		—			—			—			—			—			(2.46	)
Tax return of capital		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.21	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	13.48		$	11.79		$	10.56		$	11.21		$	9.48		$	6.17
Total return		16.09	%		12.93	%		(5.60	%)		18.46	%		53.78	%		(37.99	%)
Ratios to average net assets^(c)
Total gross expenses		1.25	%		1.28	%		1.27	%^(d)		1.26	%		1.25	%		1.25	%
Total net expenses^(e)		1.25	%^(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%		1.25	%		1.25	%^(f)
Net investment income (loss)		0.35	%		0.55	%		0.06	%^(d)		(0.05	%)		(0.21	%)		(0.09	%)
Supplemental data
Net assets, end of period (in thousands)	$	44,368		$	59,438		$	82,941		$	74,403		$	91,699		$	74,197
Portfolio turnover		18	%		26	%		86	%		36	%		19	%		45	%

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.

(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 2014
18

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,									Year Ended March 31,
Class C	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.69		$	10.47		$	11.11		$	9.40		$	6.12		$	12.38
Income from investment operations:
Net investment income (loss)		0.05			0.07			0.00	^(b)		(0.00	)^(b)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		1.83			1.28			(0.62	)		1.73			3.31			(3.77	)
Total from investment operations		1.88			1.35			(0.62	)		1.73			3.29			(3.78	)
Less distributions to shareholders:
Net investment income		(0.21	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net realized gains		—			—			—			—			—			(2.46	)
Tax return of capital		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.21	)		(0.13	)		(0.02	)		(0.02	)		(0.01	)		(2.48	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	13.36		$	11.69		$	10.47		$	11.11		$	9.40		$	6.12
Total return		16.06	%		12.95	%		(5.56	%)		18.41	%		53.73	%		(37.99	%)
Ratios to average net assets^(c)
Total gross expenses		1.25	%		1.28	%		1.27	%^(d)		1.26	%		1.25	%		1.25	%
Total net expenses^(e)		1.25	%^(f)		1.23	%^(f)		1.20	%^(d)(f)		1.26	%		1.25	%		1.25	%^(f)
Net investment income (loss)		0.42	%		0.62	%		0.06	%^(d)		(0.04	%)		(0.21	%)		(0.09	%)
Supplemental data
Net assets, end of period (in thousands)	$	96,989		$	89,630		$	90,148		$	70,437		$	68,150		$	50,343
Portfolio turnover		18	%		26	%		86	%		36	%		19	%		45	%

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.

(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 2014
19

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,									Year Ended March 31,
Class K	2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	13.19		$	11.79		$	12.45		$	12.27
Income from investment operations:
Net investment income		0.19			0.17			0.11			0.01
Net realized and unrealized gain (loss)		2.05			1.46			(0.72	)		0.21
Total from investment operations		2.24			1.63			(0.61	)		0.22
Less distributions to shareholders:
Net investment income		(0.33	)		(0.23	)		(0.05	)		(0.04	)
Total distributions to shareholders		(0.33	)		(0.23	)		(0.05	)		(0.04	)
Net asset value, end of period	$	15.10		$	13.19		$	11.79		$	12.45
Total return		17.04	%		13.93	%		(4.88	%)		1.77	%
Ratios to average net assets^(c)
Total gross expenses		0.36	%		0.38	%		0.37	%^(d)		0.51	%^(d)
Total net expenses^(e)		0.36	%		0.38	%		0.37	%^(d)		0.51	%^(d)
Net investment income		1.32	%		1.42	%		1.15	%^(d)		0.68	%^(d)
Supplemental data
Net assets, end of period (in thousands)	$	158		$	135		$	279		$	3
Portfolio turnover		18	%		26	%		86	%		36	%

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 7, 2011 (commencement of operations) to March 31, 2011.

(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.

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

Annual Report 2014
20

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,									Year Ended March 31,
Class R	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.83		$	11.48		$	12.14		$	10.25		$	6.64		$	13.19
Income from investment operations:
Net investment income		0.13			0.14			0.05			0.06			0.03			0.04
Net realized and unrealized gain (loss)		2.00			1.40			(0.68	)		1.88			3.60			(4.10	)
Total from investment operations		2.13			1.54			(0.63	)		1.94			3.63			(4.06	)
Less distributions to shareholders:
Net investment income		(0.28	)		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(0.02	)
Net realized gains		—			—			—			—			—			(2.46	)
Tax return of capital		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.28	)		(0.19	)		(0.03	)		(0.05	)		(0.02	)		(2.49	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	14.68		$	12.83		$	11.48		$	12.14		$	10.25		$	6.64
Total return		16.59	%		13.49	%		(5.12	%)		18.99	%		54.68	%		(37.76	%)
Ratios to average net assets^(c)
Total gross expenses		0.75	%		0.78	%		0.77	%^(d)		0.76	%		0.75	%		0.75	%
Total net expenses^(e)		0.75	%^(f)		0.73	%^(f)		0.70	%^(d)(f)		0.76	%		0.75	%		0.75	%^(f)
Net investment income		0.93	%		1.18	%		0.54	%^(d)		0.54	%		0.29	%		0.45	%
Supplemental data
Net assets, end of period (in thousands)	$	3,131		$	3,312		$	3,124		$	1,463		$	1,586		$	831
Portfolio turnover		18	%		26	%		86	%		36	%		19	%		45	%

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.

(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 2014
21

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,
Class R4	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	13.35		$	12.29
Income from investment operations:
Net investment income		0.27			0.11
Net realized and unrealized gain		2.02			1.05
Total from investment operations		2.29			1.16
Less distributions to shareholders:
Net investment income		(0.35	)		(0.10	)
Total distributions to shareholders		(0.35	)		(0.10	)
Net asset value, end of period	$	15.29		$	13.35
Total return		17.19	%		9.50	%
Ratios to average net assets^(b)
Total gross expenses		0.24	%		0.37	%^(c)
Total net expenses^(d)		0.24	%^(e)		0.27	%^(c)
Net investment income		1.84	%		3.94	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	15		$	3
Portfolio turnover		18	%		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 Fund bears directly, the Fund 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) 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.

Annual Report 2014
22

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,
Class R5	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	13.35		$	12.29
Income from investment operations:
Net investment income		0.29			0.12
Net realized and unrealized gain		2.02			1.05
Total from investment operations		2.31			1.17
Less distributions to shareholders:
Net investment income		(0.37	)		(0.11	)
Total distributions to shareholders		(0.37	)		(0.11	)
Net asset value, end of period	$	15.29		$	13.35
Total return		17.39	%		9.54	%
Ratios to average net assets^(b)
Total gross expenses		0.10	%		0.15	%^(c)
Total net expenses^(d)		0.10	%		0.15	%^(c)
Net investment income		1.96	%		4.08	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	29		$	3
Portfolio turnover		18	%		26	%

Notes to Financial Highlights

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

(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 2014
23

Columbia LifeGoal^® Growth Portfolio

Financial Highlights (continued)

	Year Ended January 31,									Year Ended March 31,
Class Z	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	13.20		$	11.80		$	12.45		$	10.49		$	6.78		$	13.37
Income from investment operations:
Net investment income		0.20			0.20			0.09			0.11			0.07			0.09
Net realized and unrealized gain (loss)		2.05			1.45			(0.68	)		1.94			3.66			(4.17	)
Total from investment operations		2.25			1.65			(0.59	)		2.05			3.73			(4.08	)
Less distributions to shareholders:
Net investment income		(0.34	)		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(0.04	)
Net realized gains		—			—			—			—			—			(2.46	)
Tax return of capital		—			—			—			—			—			(0.01	)
Total distributions to shareholders		(0.34	)		(0.25	)		(0.06	)		(0.09	)		(0.02	)		(2.51	)
Proceeds from regulatory settlements		—			—			—			—			0.00	^(b)		—
Net asset value, end of period	$	15.11		$	13.20		$	11.80		$	12.45		$	10.49		$	6.78
Total return		17.14	%		14.09	%		(4.71	%)		19.64	%		55.20	%		(37.38	%)
Ratios to average net assets^(c)
Total gross expenses		0.25	%		0.28	%		0.26	%^(d)		0.26	%		0.25	%		0.25	%
Total net expenses^(e)		0.25	%^(f)		0.23	%^(f)		0.20	%^(d)(f)		0.26	%		0.25	%		0.25	%^(f)
Net investment income		1.42	%		1.64	%		0.96	%^(d)		0.97	%		0.78	%		0.90	%
Supplemental data
Net assets, end of period (in thousands)	$	53,613		$	49,653		$	47,768		$	54,882		$	51,627		$	29,467
Portfolio turnover		18	%		26	%		86	%		36	%		19	%		45	%

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.

(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 2014
24

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements

January 31, 2014

Note 1. Organization

Columbia LifeGoal^® Growth Portfolio (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

The Fund is a "fund-of-funds" and invests in a combination of underlying affiliated funds* for which Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter (affiliated underlying funds). The Fund may also invest in third-party advised (unaffiliated) funds and exchange-traded funds (ETFs), (collectively with the affiliated underlying funds, the Underlying Funds), equity and fixed income securities, including treasury inflation protected securities (TIPS) and other instruments such as derivatives.

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

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5 and Class Z shares. All share classes have generally identical voting, dividend and liquidation rights, although each share class votes separately when required by law, different share classes pay different distribution amounts to the extent the expenses of each such share class differ, and distributions in liquidation will be proportional to the net asset value of each share class. 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.

capital gain distributions in Class B shares of the Fund 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 are not subject to sales charges, however this share class is closed to new investors.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through authorized investment professionals and omnibus retirement plans.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

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 Fund 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.

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 2014
25

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2014

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 Fund and other funds of the Trust based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares are charged to that share class.

Determination of Class Net Asset Value

All income, expenses (other than class-specific expenses, which are charged to that share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value of each class.

Federal Income Tax Status

The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and will distribute substantially all of its 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 Fund 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 Fund should not be subject to federal excise tax. Therefore, no federal income or excise tax provision is recorded.

Distributions to Shareholders

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

Guarantees and Indemnifications

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Fund 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, ETFs, derivatives and individual securities.

The effective investment management fee rate for the year ended January 31, 2014 was less than 0.01% of the Fund's average daily net assets.

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 (also referred to as "acquired funds") in which the Fund invests. Because the Underlying Funds have varied expense and fee levels and the Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by the Fund will vary.

Administration Fees

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

Other Expenses

Other expenses are for, among other things, certain expenses of the Fund or the Board of Trustees (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 the Fund and the Board. For the year ended January 31, 2014, other expenses paid to this company were $2,172.

Compensation of Board Members

Board members are compensated for their services to the Fund as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Fund, as defined under the 1940 Act, may elect to defer payment of up to 100% of their

Annual Report 2014
26

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2014

compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the 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 Fund. 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 also receives sub-transfer agency fees based on a percentage of the average aggregate value of the Fund's shares maintained in omnibus accounts (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 Fund (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, 2014, the Fund'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 K	0.05
Class R	0.19
Class R4	0.19
Class R5	0.05
Class Z	0.19

An annual minimum account balance fee of $20 may apply to certain accounts with a value below the Fund'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, 2014,

these minimum account balance fees reduced total expenses by $1,514.

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, the Fund pays an annual fee at a rate of 0.25% of the Fund'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 Fund 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. The Board has approved, and the Fund has adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and service fees for the Fund. These fees are calculated daily and are intended to compensate the Distributor and/or eligible selling and/or servicing agents for selling shares of the Fund and providing services to investors.

Under the Plans, the Fund pays a monthly combined distribution and service fee to the Distributor at the maximum annual rate of 0.25% of the average daily net assets attributable to Class A shares of the Fund. Also under the Plans, the Fund pays a monthly service fee at the maximum annual rate of 0.25% of the average daily net assets attributable to Class B and Class C shares of the Fund 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 Fund, respectively.

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $803,690 for Class A, $15,718 for Class B and $5,263 for Class C shares for the year ended January 31, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

The Investment Manager and certain of its affiliates have contractually agreed to waive fees and/or reimburse expenses (excluding certain fees and expenses described below), for the period disclosed below, unless sooner terminated at the sole discretion of the Board, so that the Fund's net operating expenses, after giving effect to fees waived/expenses reimbursed and any balance credits and/or overdraft charges

Annual Report 2014
27

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2014

from the Fund's custodian, do not exceed the following annual rates as a percentage of the class' average daily net assets:

	Fee Rates Contractual through May 31, 2014
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

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, 2014, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, and re-characterization of distributions for investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund'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	$	10,057,534
Accumulated net realized loss		(10,057,535	)
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,				2014				2013
Ordinary income				$	16,194,722			$	12,392,025

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

At January 31, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	2,133,398
Accumulated realized loss		(4,453,141	)
Unrealized appreciation		102,883,073

At January 31, 2014, the cost of investments for federal income tax purposes was $701,281,621 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	107,451,555
Unrealized depreciation		(4,568,482	)
Net unrealized appreciation	$	102,883,073

The following capital loss carryforward, determined at January 31, 2014, 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
2018	$	2,768,558
2019		1,684,583
Total	$	4,453,141

For the year ended January 31, 2014, $78,619,799 of capital loss carryforward was utilized.

Management of the Fund 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 Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of investments in Underlying Funds, excluding money market funds, aggregated to $143,322,958 and $160,913,919, respectively, for the year ended January 31, 2014.

Annual Report 2014
28

Columbia LifeGoal^® Growth Portfolio

Notes to Financial Statements (continued)

January 31, 2014

Note 6. Shareholder Concentration

At January 31, 2014, one unaffiliated shareholder account owned 25.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 13.4% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 7. Line of Credit

The Fund has entered into a revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank N.A. whereby the Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility agreement, as amended, which is a collective agreement between the Fund 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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. For the period July 1, 2013 through December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. Prior to July 1, 2013, the Fund was not charged a commitment fee. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the year ended January 31, 2014.

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

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 2014
29

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 "Fund", a series of Columbia Funds Series Trust) at January 31, 2014, the results of its operations, the changes in its 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 Fund'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, 2014 by correspondence with the custodian and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2014

Annual Report 2014
30

Columbia LifeGoal^® Growth Portfolio

Federal Income Tax Information

(Unaudited)

The Fund hereby designates the following tax attributes for the fiscal year ended January 31, 2014. Shareholders will be notified in early 2015 of the amounts for use in preparing 2014 income tax returns.

Tax Designations:

Qualified Dividend Income		77.55	%
Dividends Received Deduction		58.32	%
Foreign Taxes Paid	$	114,859

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.

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 Fund makes the election to pass through to shareholders the foreign taxes paid. These taxes, and the corresponding foreign source income, are provided.

Annual Report 2014
31

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 through the end of the calendar year in which he or she reaches either 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.

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)
Board Member

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

131

Trustee, 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; Chairman and Chief Executive Officer, John Hancock Funds (mutual funds), 1989-2000

129

Former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

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; Director or Management Director of US Equity Research, Chase Asset Management, 1996-2003; Investment Banker, Morgan Stanley, 1982-1996

131

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Chair of the Board since 1/14, Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

Retired; Co-founder, The Succession Fund (provides exit strategies to owners of privately held companies); previously, Senior Vice President, Sara Lee Corporation; Senior Vice President and chief Financial officer, Beatrice Foods Company; Vice President, Esmark, Inc.; Associate, Price Waterhouse

131

Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; Director, International Textile Corp. since 2012; former Director, McMoRan Exploration Company (oil and gas exploration and development) 2010- 2013; former Trustee, BofA Funds Series Trust (11 funds), 2009-2011; Director, Spectrum Brands, Inc. (consumer products), 2002-2009; former Director, Simmons Company (bedding), 2004-2010

Annual Report 2014
32

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(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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 (also teaches and conducts research on corporate governance); Dean McCallum Graduate School of Business, Bentley University, 1992-2002

131

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

129

Trustee, BofA Funds Series Trust (11 funds)

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

129

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance), 2003-2011

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds, Board Chair 1/07-12/13

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer), 2002-2013

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) since September 1998

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer) 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 J for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation, 1993-1997

131

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

129

Director, Piedmont Natural Gas; Director, BlueCross BlueShield of South Carolina since April 2008; Director, National Association of Corporate Directors, Carolinas Chapter, since 2013; former Trustee, BofA Funds Series Trust (11 funds)

Annual Report 2014
33

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(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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., (biotechnology) 2003-2010

131

Director, Healthways, Inc. (health and wellbeing solutions) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

Interested Trustee Not Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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

129

Director, Renaissance Reinsurance Ltd. since May 2008; Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Citigroup Inc. since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds),2008-2011

*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.

Annual Report 2014
34

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

Interested Trustee Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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 since 5/10 for Nations Funds

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively (previously President 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); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively (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; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012

183

Former 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 or contacting your financial intermediary.

Annual Report 2014
35

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 and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 Born 1964	President and Principal Executive Officer (2009)	Managing Director and General Manager Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; and President, Columbia Funds since 2009; Managing Director, Columbia Management Advisors, LLC, December 2004 – April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008 – January 2009; and senior officer of Columbia Funds and affiliated funds since 2003
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010;Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004 – April 2010; and senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1959	Senior Vice President (2006), Chief Legal Officer (2006) and Assistant Secretary (2011)	Senior Vice President and Assistant General Counsel — Global Asset Management, Ameriprise Financial since February 2014 (previously, Senior Vice President and Lead Chief Counsel — Asset Management, 2012 – February 2014; Vice President and Lead Chief Counsel — Asset Management, 2010 – 2012; and Vice President and Chief Counsel — Asset Management, 2005 – 2010); Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; 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; senior officer of Columbia Funds and affiliated funds since 2006
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc. since May 2010; Chief Compliance Officer, Ameriprise Certificate Company, since September 2010; Compliance Executive, Bank of America, 2005 – April 2010
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global 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
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America 2005 – April 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006 – April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Vice President (2011) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010 – January 2013, and Group Counsel, November 2008 – January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008 – November 2008
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director 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)

Annual Report 2014
36

Columbia LifeGoal^® Growth Portfolio

Trustees and Officers (continued)

Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul D. Pearson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1956	Vice President (2011) and Assistant Treasurer (1999)	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial, Inc., 1998 – April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	Vice President and Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since January 2010 (previously Vice President and Group Counsel or Counsel, 2004 – January 2010); officer of Columbia Funds and affiliated funds since 2007
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 Born 1957	Vice President (2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., 2004 – April 2010; Managing Director, Columbia Management Distributors, Inc., 2007 – April 2010

Annual Report 2014
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Annual Report 2014
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 2014
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 and, if available, a summary 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.

ANN181_01_D01_(03/14)

Annual Report

January 31, 2014

Columbia Masters International Equity Portfolio

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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

Annual Report 2014

Columbia Masters International Equity Portfolio

Table of Contents

Performance Overview					2
Manager Discussion of Fund Performance					4
Understanding Your Fund'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					21
Report of Independent Registered Public Accounting Firm					29
Federal Income Tax Information					30
Trustees and Officers					31
Important Information About This Report					37

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

Annual Report 2014

Columbia Masters International Equity Portfolio

Performance Overview

Performance Summary

> Columbia Masters International Equity Portfolio (the Fund) Class A shares returned 9.50% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund's benchmark, the MSCI EAFE Index (Net), returned 11.93% for the same period.

> Exposure to emerging markets detracted from results relative to the benchmark, which does not include emerging markets. The Fund's position in Asian markets also detracted from relative returns.

Average Annual Total Returns (%) (for period ended January 31, 2014)

	Inception	1 Year		5 Years		Life
Class A	02/15/06
Excluding sales charges			9.50		14.26		2.91
Including sales charges			3.16		12.91		2.14
Class B	02/15/06
Excluding sales charges			8.62		13.40		2.15
Including sales charges			3.62		13.15		2.15
Class C	02/15/06
Excluding sales charges			8.63		13.37		2.14
Including sales charges			7.63		13.37		2.14
Class R	02/15/06		9.29		13.95		2.64
Class Z	02/15/06		9.71		14.51		3.16
MSCI EAFE Index (Net)			11.93		13.84		3.57

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 (except the MSCI EAFE Index (Net), which reflects reinvested dividends net of withholding taxes) or other expenses of investing. Securities in the Fund may not match those in an index.

Annual Report 2014
2

Columbia Masters International Equity Portfolio

Performance Overview (continued)

Performance of a Hypothetical $10,000 Investment (February 15, 2006 – January 31, 2014)

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 Fund distributions or on the redemption of Fund shares.

Annual Report 2014
3

Columbia Masters International Equity Portfolio

Manager Discussion of Fund Performance

For the 12-month period that ended January 31, 2014, the Fund's Class A shares returned 9.50% excluding sales charges. The Fund's benchmark, the MSCI EAFE Index (Net), returned 11.93% over the same period. The Fund 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 three of the Fund's four underlying funds helped bolster returns. However, exposure to emerging markets detracted from results relative to the benchmark, which does not include emerging markets. The Fund's position in Asian markets also detracted from relative returns.

A Strong Year for Global Equity Markets

Despite ending on a weak note, international equity markets posted solid returns for the period under review, diminished somewhat by a strong U.S. dollar. A potent combination of stabilizing economic growth, hyper-accommodative global central bank policy and undemanding valuations triggered a boom in stock markets around the world. However, emerging markets did not participate in the rally. Fears of reduced capital flows, as the Federal Reserve begins to wind down its highly accommodative stimulus, and specific local issues, such as political upheaval in Turkey, led to weak equity returns in emerging markets, which trailed developed markets by substantial margins. Weak currencies took a further bite out of emerging market returns to U.S. investors.

Some of the best performing stock markets outside the United States were in peripheral Europe, including Ireland, Greece and Spain. Japan was the strongest performing stock market among developed economies, bolstered by the initiation of Prime Minister Abe's "three arrows" of reform, which were designed to end decades of deflation and low growth. Much of the progress was driven by quantitative easing by the Bank of Japan, which reduced the value of the yen by more than 10%. Hong Kong and Singapore were conspicuously absent from the party, as a slowdown in China had knock-on effects for both countries.

In a year of generally strong returns, it was something of a surprise that the usually defensive telecommunications sector was the standout performer, driven by a wave of consolidation. Consumer discretionary stocks also fared well, as benign inflation, low interest rates and a stabilizing global economy led consumers to open their wallets after a multi-year hiatus following the credit crisis. The commodity-related energy and materials sectors were the weakest performers, barely scraping out positive returns for the year.

Underlying Funds Aided Returns

Three of the four Columbia funds in the Fund performed better than their individual benchmarks. Columbia European Equity Fund, which accounts for approximately 60% of the Fund's assets, outperformed its benchmark, the MSCI Europe Index (Net) by a margin of more than five percentage points. Columbia Acorn International outperformed both the S&P Global Ex-U.S. Between $500 million and $5 billion Index and the MSCI EAFE (Net). Columbia Emerging Markets Fund generated a loss for the Fund, but it held up significantly better than the MSCI Emerging Markets Index (Net) in a period that was generally weak for emerging markets. Columbia Pacific/Asia Fund underperformed its benchmark, the MSCI All Country Asia Pacific Index (Net).

Portfolio Management

Colin Moore, AIIMR

Fred Copper, CFA

Morningstar Style Box^TM

Annual Report 2014
4

Columbia Masters International Equity Portfolio

Manager Discussion of Fund Performance (continued)

The Fund uses equity index futures to equitize cash in its portfolio and a currency hedging strategy to manage risk. The impact of equity index futures on performance during the reporting period was minimal. The currency hedging policy detracted as the currency exposures resulting from our active country positions would have outperformed the benchmark currency basket had we not hedged them. However, these currency positions performed as expected, which is to eliminate the active currency positions that result from our country/stock selection process, which to us simply represents uncompensated risk.

Looking Ahead

At present, our outlook for global stock markets remains fairly positive. Of course, past performance is no guarantee of future results, but, we believe, history shows that returns tend to be positive in the year that follows a strong year, despite the logical assumption that some amount of "give-back" is in order. At this time, global monetary conditions continue to be supportive, and, in our view, valuation levels do not pose an obstacle, even though they are no longer a tailwind to the equity markets. In our view, odds currently favor a short-term pullback, but generally the environment for global equity markets remains favorable.

Portfolio Breakdown (%) (at January 31, 2014)
Equity Funds					98.7
International					98.7
Money Market Funds					1.3
Total					100.0

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

Investment Risks

As a "fund of funds," the Fund will bear its allocable share of the costs and expenses of the underlying investment vehicles in which it invests (including the allocable share of the management fees and incentive compensation payable to the investment managers of such vehicles). The Fund is thus subject to two levels of fees and a potentially higher expense ratio than would be associated with an investment in an investment fund that invests and trades directly in financial instruments under the direction of a single manager. International investments involve greater potential risks, including less regulation, currency fluctuations, economic instability and political developments. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, there is risk associated with possible differences in financial standards and other monetary and political risks. Equity securities are subject to stock market fluctuations that occur in response to economic and business developments. Investments in small and mid-cap companies may be subject to greater volatility and price fluctuations because they may be thinly traded and less liquid. Derivative instruments are financial instruments that have a value dependent on the value of something else, such as one or more underlying securities. Gains or losses may be substantial, because a relatively small price movement in an underlying security may result in a substantial gain or loss. See the Fund's prospectus for information on these and other risks.

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Columbia Masters International Equity Portfolio

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/or service fees, and other Fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.

Analyzing Your Fund's Expenses

Compare With Other Funds

August 1, 2013 – January 31, 2014

	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		1,051.50		1,023.95		1.29		1.28		0.25		6.31		6.22		1.22
Class B		1,000.00		1,000.00		1,047.50		1,020.16		5.16		5.09		1.00		10.17		10.03		1.97
Class C		1,000.00		1,000.00		1,047.60		1,020.16		5.16		5.09		1.00		10.17		10.03		1.97
Class R		1,000.00		1,000.00		1,050.60		1,022.68		2.58		2.55		0.50		7.60		7.49		1.47
Class Z		1,000.00		1,000.00		1,052.50		1,025.21		—		—		0.00		5.02		4.95		0.97

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

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Columbia Masters International Equity Portfolio

Portfolio of Investments

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 98.7%

	Shares		Value ($)
International 98.7%
Columbia Acorn International, Class I Shares^(a)		45,321		2,035,799
Columbia Emerging Markets Fund, Class I Shares^(a)		210,228		2,037,114
Columbia European Equity Fund, Class I Shares^(a)		3,298,169		24,274,522
Columbia Pacific/Asia Fund, Class I Shares^(a)		1,414,298		12,177,108
Total				40,524,543
Total Equity Funds (Cost: $34,769,076)				40,524,543

Money Market Funds 1.3%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.077%^(a)(b)		529,640		529,640
Total Money Market Funds (Cost: $529,640)				529,640
Total Investments (Cost: $35,298,716)				41,054,183
Other Assets and Liabilities				(7,775	)
Net Assets				41,046,408

Investments in Derivatives

Forward Foreign Currency Exchange Contracts Open at January 31, 2014

Counterparty	Exchange Date	Currency to be Delivered		Currency to be Received		Unrealized Appreciation ($)		Unrealized Depreciation ($)
J.P. Morgan Securities, Inc.	03/27/14		244,000 EUR		331,223 USD		2,134		—
J.P. Morgan Securities, Inc.	03/27/14		2,053,357,000 IDR		166,736 USD		—		(742	)
J.P. Morgan Securities, Inc.	03/27/14		1,620,113,000 KRW		1,495,397 USD		3,441		—
J.P. Morgan Securities, Inc.	03/27/14		8,277,000 THB		249,157 USD		—		(908	)
J.P. Morgan Securities, Inc.	03/27/14		37,823,000 TWD		1,248,407 USD		—		(1,651	)
J.P. Morgan Securities, Inc.	03/27/14		1,338,222 USD		1,528,000 AUD		—		(5,450	)
J.P. Morgan Securities, Inc.	03/27/14		826,813 USD		745,000 CHF		—		(4,767	)
J.P. Morgan Securities, Inc.	03/27/14		206,904 USD		1,137,000 DKK		—		(1,289	)
J.P. Morgan Securities, Inc.	03/27/14		1,661,429 USD		1,007,000 GBP		—		(6,639	)
J.P. Morgan Securities, Inc.	03/27/14		166,209 USD		581,000 ILS		—		(1,089	)
J.P. Morgan Securities, Inc.	03/27/14		1,657,007 USD		170,129,000 JPY		8,565		—
J.P. Morgan Securities, Inc.	03/27/14		123,584 USD		152,000 NZD		—		(1,114	)
J.P. Morgan Securities, Inc.	03/27/14		537,019 USD		3,499,000 SEK		—		(3,373	)
J.P. Morgan Securities, Inc.	03/27/14		333,346 USD		425,000 SGD		—		(469	)
Total							14,140		(27,491	)

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, 2014

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $31,440 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description

Number of
Contracts
Long (Short)

Trading
Currency

Notional
Market
Value ($)

Expiration
Date

Unrealized
Appreciation ($)

Unrealized
Depreciation ($)

EMINI MSCI EAFE INDEX

USD

545,340

03/21/14

—

(1,989

)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Acorn International, Class I Shares		1,236,019		197,182		(743,002	)		282,946			973,145		86,469		57,967		2,035,799
Columbia Emerging Markets Fund, Class I Shares		5,041,461		568,148		(3,225,815	)		(281,982	)		2,101,812		—		12,587		2,037,114
Columbia European Equity Fund, Class I Shares		26,769,511		1,746,016		(10,336,380	)		1,342,319			19,521,466		918,781		272,128		24,274,522
Columbia Pacific/ Asia Fund, Class I Shares		12,123,953		3,707,221		(3,643,326	)		(15,195	)		12,172,653		—		346,693		12,177,108
Columbia Short-Term Cash Fund		494,965		757,200		(722,525	)		—			529,640		—		553		529,640
Total		45,665,909		6,975,767		(18,671,048	)		1,328,088			35,298,716		1,005,250		689,928		41,054,183

(b) The rate shown is the seven-day current annualized yield at January 31, 2014.

Currency Legend

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP British Pound

IDR Indonesian Rupiah

ILS Israeli Shekel

JPY Japanese Yen

KRW Korean Won

NZD New Zealand Dollar

SEK Swedish Krona

SGD Singapore Dollar

THB Thailand Baht

TWD Taiwan Dollar

USD US Dollar

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

Annual Report 2014
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Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2014

Fair Value Measurements

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

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

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

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

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Columbia Masters International Equity Portfolio

Portfolio of Investments (continued)

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		40,524,543			—			—		40,524,543
Money Market Funds		529,640			—			—		529,640
Total Mutual Funds		41,054,183			—			—		41,054,183
Derivatives
Assets
Forward Foreign Currency Exchange Contracts		—			14,140			—		14,140
Liabilities
Forward Foreign Currency Exchange Contracts		—			(27,491	)		—		(27,491	)
Futures Contracts		(1,989	)		—			—		(1,989	)
Total		41,052,194			(13,351	)		—		41,038,843

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.

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Columbia Masters International Equity Portfolio

Statement of Assets and Liabilities

January 31, 2014

Assets
Investments, at value
Affiliated issuers (identified cost $35,298,716)	$	41,054,183
Margin deposits		31,440
Unrealized appreciation on forward foreign currency exchange contracts		14,140
Receivable for:
Investments sold		124,013
Capital shares sold		45,112
Dividends		41
Expense reimbursement due from Investment Manager		521
Prepaid expenses		1,339
Total assets		41,270,789
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		27,491
Payable for:
Investments purchased		37,657
Capital shares purchased		61,869
Variation margin		8,700
Distribution and/or service fees		254
Transfer agent fees		6,695
Administration fees		23
Compensation of board members		58,238
Other expenses		23,454
Total liabilities		224,381
Net assets applicable to outstanding capital stock	$	41,046,408
Represented by
Paid-in capital	$	126,143,978
Excess of distributions over investment income		(636,036	)
Accumulated net realized loss		(90,201,661	)
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		5,755,467
Forward foreign currency exchange contracts		(13,351	)
Futures contracts		(1,989	)
Total — representing net assets applicable to outstanding capital stock	$	41,046,408

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, 2014

Class A
Net assets	$	16,677,854
Shares outstanding		1,701,825
Net asset value per share	$	9.80
Maximum offering price per share^(a)	$	10.40
Class B
Net assets	$	1,276,751
Shares outstanding		131,564
Net asset value per share	$	9.70
Class C
Net assets	$	3,682,743
Shares outstanding		379,957
Net asset value per share	$	9.69
Class R
Net assets	$	129,592
Shares outstanding		13,284
Net asset value per share	$	9.76
Class Z
Net assets	$	19,279,468
Shares outstanding		1,960,988
Net asset value per share	$	9.83

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

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

Annual Report 2014
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Columbia Masters International Equity Portfolio

Statement of Operations

Year Ended January 31, 2014

Net investment income
Income:
Dividends — affiliated issuers	$	689,928
Total income		689,928
Expenses:
Distribution and/or service fees
Class A		45,105
Class B		14,559
Class C		38,170
Class R		569
Transfer agent fees
Class A		33,574
Class B		2,710
Class C		7,098
Class R		211
Class Z		39,752
Administration fees		8,959
Compensation of board members		20,680
Custodian fees		8,554
Printing and postage fees		36,247
Registration fees		45,795
Professional fees		24,009
Insurance fees		16,015
Other		2,413
Total expenses		344,420
Fees waived or expenses reimbursed by Investment Manager and its affiliates		(245,996	)
Expense reductions		(40	)
Total net expenses		98,384
Net investment income		591,544
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — affiliated issuers		1,328,088
Capital gain distributions from underlying affiliated funds		1,005,250
Forward foreign currency exchange contracts		(1,269,823	)
Futures contracts		80,679
Net realized gain		1,144,194
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated issuers		2,161,806
Forward foreign currency exchange contracts		225,514
Futures contracts		(32,917	)
Net change in unrealized appreciation (depreciation)		2,354,403
Net realized and unrealized gain		3,498,597
Net increase in net assets resulting from operations	$	4,090,141

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, 2014			Year Ended January 31, 2013
Operations
Net investment income	$	591,544		$	850,458
Net realized gain (loss)		1,144,194			(1,821,067	)
Net change in unrealized appreciation (depreciation)		2,354,403			8,259,880
Net increase in net assets resulting from operations		4,090,141			7,289,271
Distributions to shareholders
Net investment income
Class A		—			(295,343	)
Class B		—			(14,577	)
Class C		—			(41,210	)
Class R		—			(751	)
Class Z		—			(396,344	)
Total distributions to shareholders		—			(748,225	)
Increase (decrease) in net assets from capital stock activity		(12,139,852	)		(22,263,571	)
Total decrease in net assets		(8,049,711	)		(15,722,525	)
Net assets at beginning of year		49,096,119			64,818,644
Net assets at end of year	$	41,046,408		$	49,096,119
Excess of distributions over net investment income	$	(636,036	)	$	(540,787	)

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

Annual Report 2014
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Columbia Masters International Equity Portfolio

Statement of Changes in Net Assets (continued)

	Year Ended January 31, 2014						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(a)		183,447			1,747,592			156,533			1,274,090
Distributions reinvested		—			—			32,054			246,830
Redemptions		(665,557	)		(6,252,697	)		(1,191,691	)		(9,681,460	)
Net decrease		(482,110	)		(4,505,105	)		(1,003,104	)		(8,160,540	)
Class B shares
Subscriptions		328			3,013			2,510			20,186
Distributions reinvested		—			—			1,093			7,978
Redemptions^(a)		(50,071	)		(470,169	)		(80,142	)		(647,392	)
Net decrease		(49,743	)		(467,156	)		(76,539	)		(619,228	)
Class C shares
Subscriptions		36,063			350,085			17,574			142,381
Distributions reinvested		—			—			4,012			29,246
Redemptions		(136,768	)		(1,261,730	)		(239,284	)		(1,911,043	)
Net decrease		(100,705	)		(911,645	)		(217,698	)		(1,739,416	)
Class R shares
Subscriptions		6,235			58,153			4,077			32,700
Distributions reinvested		—			—			80			610
Redemptions		(2,864	)		(27,110	)		(508	)		(4,262	)
Net increase		3,371			31,043			3,649			29,048
Class Z shares
Subscriptions		111,806			1,061,780			113,071			964,880
Distributions reinvested		—			—			5,874			46,151
Redemptions		(781,599	)		(7,348,769	)		(1,578,043	)		(12,784,466	)
Net decrease		(669,793	)		(6,286,989	)		(1,459,098	)		(11,773,435	)
Total net decrease		(1,298,980	)		(12,139,852	)		(2,752,790	)		(22,263,571	)

(a) 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

	Year Ended January 31,									Year Ended March 31,
Class A	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.95		$	7.87		$	8.78		$	8.24		$	5.49		$	11.14
Income from investment operations:
Net investment income		0.12			0.13			0.07			0.15			0.27			0.05
Net realized and unrealized gain (loss)		0.73			1.06			(0.88	)		0.78			2.64			(5.14	)
Total from investment operations		0.85			1.19			(0.81	)		0.93			2.91			(5.09	)
Less distributions to shareholders:
Net investment income		—			(0.11	)		(0.10	)		(0.39	)		(0.16	)		—
Net realized gains		—			—			—			—			—			(0.56	)
Total distributions to shareholders		—			(0.11	)		(0.10	)		(0.39	)		(0.16	)		(0.56	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.80		$	8.95		$	7.87		$	8.78		$	8.24		$	5.49
Total return		9.50	%		15.40	%		(9.18	%)		12.08	%		53.33	%		(48.03	%)
Ratios to average net assets^(c)
Total gross expenses		0.80	%		0.70	%		0.76	%^(d)		0.65	%		0.53	%		0.51	%
Total net expenses^(e)		0.25	%^(f)		0.25	%^(f)		0.25	%^(d)(f)		0.25	%^(f)		0.25	%^(f)		0.25	%^(f)
Net investment income		1.30	%		1.56	%		1.01	%^(d)		1.80	%		3.50	%		0.56	%
Supplemental data
Net assets, end of period (in thousands)	$	16,678		$	19,543		$	25,069		$	41,237		$	53,013		$	44,548
Portfolio turnover		14	%		6	%		3	%		95	%		2	%		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) Rounds to zero.

(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	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.93		$	7.86		$	8.78		$	8.20		$	5.43		$	11.09
Income from investment operations:
Net investment income (loss)		0.05			0.07			0.02			0.08			0.21			(0.01	)
Net realized and unrealized gain (loss)		0.72			1.07			(0.89	)		0.79			2.62			(5.09	)
Total from investment operations		0.77			1.14			(0.87	)		0.87			2.83			(5.10	)
Less distributions to shareholders:
Net investment income		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		—
Net realized gains		—			—			—			—			—			(0.56	)
Total distributions to shareholders		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.70		$	8.93		$	7.86		$	8.78		$	8.20		$	5.43
Total return		8.62	%		14.67	%		(9.86	%)		11.18	%		52.13	%		(48.35	%)
Ratios to average net assets^(c)
Total gross expenses		1.55	%		1.45	%		1.51	%^(d)		1.40	%		1.28	%		1.26	%
Total net expenses^(e)		1.00	%^(f)		1.00	%^(f)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)
Net investment income (loss)		0.53	%		0.86	%		0.26	%^(d)		1.05	%		2.73	%		(0.18	%)
Supplemental data
Net assets, end of period (in thousands)	$	1,277		$	1,619		$	2,028		$	3,143		$	3,950		$	3,043
Portfolio turnover		14	%		6	%		3	%		95	%		2	%		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) Rounds to zero.

(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	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.92		$	7.86		$	8.77		$	8.19		$	5.42		$	11.08
Income from investment operations:
Net investment income (loss)		0.06			0.07			0.02			0.09			0.21			(0.02	)
Net realized and unrealized gain (loss)		0.71			1.06			(0.88	)		0.78			2.62			(5.08	)
Total from investment operations		0.77			1.13			(0.86	)		0.87			2.83			(5.10	)
Less distributions to shareholders:
Net investment income		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		—
Net realized gains		—			—			—			—			—			(0.56	)
Total distributions to shareholders		—			(0.07	)		(0.05	)		(0.29	)		(0.06	)		(0.56	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.69		$	8.92		$	7.86		$	8.77		$	8.19		$	5.42
Total return		8.63	%		14.54	%		(9.75	%)		11.19	%		52.22	%		(48.39	%)
Ratios to average net assets^(c)
Total gross expenses		1.55	%		1.46	%		1.51	%^(d)		1.40	%		1.28	%		1.26	%
Total net expenses^(e)		1.00	%^(f)		1.00	%^(f)		1.00	%^(d)(f)		1.00	%^(f)		1.00	%^(f)		1.00	%^(f)
Net investment income (loss)		0.61	%		0.81	%		0.25	%^(d)		1.05	%		2.77	%		(0.19	%)
Supplemental data
Net assets, end of period (in thousands)	$	3,683		$	4,286		$	5,486		$	8,990		$	10,506		$	9,087
Portfolio turnover		14	%		6	%		3	%		95	%		2	%		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) Rounds to zero.

(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	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.93		$	7.85		$	8.76		$	8.22		$	5.47		$	11.12
Income from investment operations:
Net investment income		0.13			0.16			0.07			0.14			0.28			0.02
Net realized and unrealized gain (loss)		0.70			1.01			(0.90	)		0.76			2.59			(5.11	)
Total from investment operations		0.83			1.17			(0.83	)		0.90			2.87			(5.09	)
Less distributions to shareholders:
Net investment income		—			(0.09	)		(0.08	)		(0.36	)		(0.12	)		—
Net realized gains		—			—			—			—			—			(0.56	)
Total distributions to shareholders		—			(0.09	)		(0.08	)		(0.36	)		(0.12	)		(0.56	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.76		$	8.93		$	7.85		$	8.76		$	8.22		$	5.47
Total return		9.29	%		15.17	%		(9.36	%)		11.62	%		52.81	%		(48.12	%)
Ratios to average net assets^(c)
Total gross expenses		1.05	%		0.93	%		1.01	%^(d)		0.90	%		0.78	%		0.76	%
Total net expenses^(e)		0.50	%^(f)		0.50	%^(f)		0.50	%^(d)(f)		0.50	%^(f)		0.50	%^(f)		0.50	%^(f)
Net investment income		1.34	%		1.93	%		0.98	%^(d)		1.75	%		3.78	%		0.26	%
Supplemental data
Net assets, end of period (in thousands)	$	130		$	89		$	49		$	20		$	31		$	26
Portfolio turnover		14	%		6	%		3	%		95	%		2	%		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) Rounds to zero.

(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	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	8.96		$	7.87		$	8.78		$	8.26		$	5.52		$	11.16
Income from investment operations:
Net investment income		0.14			0.14			0.09			0.17			0.29			0.07
Net realized and unrealized gain (loss)		0.73			1.08			(0.89	)		0.78			2.64			(5.15	)
Total from investment operations		0.87			1.22			(0.80	)		0.95			2.93			(5.08	)
Less distributions to shareholders:
Net investment income		—			(0.13	)		(0.11	)		(0.43	)		(0.19	)		—
Net realized gains		—			—			—			—			—			(0.56	)
Total distributions to shareholders		—			(0.13	)		(0.11	)		(0.43	)		(0.19	)		(0.56	)
Redemption fees:
Redemption fees added to paid-in capital		—			—			—			—			(0.00	)^(b)		(0.00	)^(b)
Net asset value, end of period	$	9.83		$	8.96		$	7.87		$	8.78		$	8.26		$	5.52
Total return		9.71	%		15.80	%		(8.99	%)		12.28	%		53.58	%		(47.84	%)
Ratios to average net assets^(c)
Total gross expenses		0.55	%		0.46	%		0.51	%^(d)		0.40	%		0.28	%		0.26	%
Total net expenses^(e)		0.00	%^(f)		0.00	%^(f)		0.00	%^(d)(f)		0.00	%^(f)		0.00	%^(f)		0.00	%^(f)
Net investment income		1.52	%		1.76	%		1.23	%^(d)		2.04	%		3.77	%		0.83	%
Supplemental data
Net assets, end of period (in thousands)	$	19,279		$	23,559		$	32,187		$	55,013		$	69,334		$	58,268
Portfolio turnover		14	%		6	%		3	%		95	%		2	%		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) Rounds to zero.

(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

Notes to Financial Statements

January 31, 2014

Note 1. Organization

Columbia Masters International Equity Portfolio (the Fund), a series of Columbia Funds Series Trust (the Trust), is a diversified fund. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

*For information on the goals, investment strategies and risks of the Underlying Funds, please refer to the Fund's most recent prospectus and the prospectuses of the Underlying Funds.

Fund Shares

The Trust may issue an unlimited number of shares (without par value). The Fund 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 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 Fund no longer accepts investments by new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund 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 generally available only to certain retirement plans and other eligible investors.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The following is a summary of significant accounting policies consistently followed by the Fund 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 Fund 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 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 (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. The Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Fund.

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

minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For over-the-counter derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate derivative contracts prior to maturity in the event the Fund's net assets decline by a stated percentage over a specified time period or the Fund fails to meet the terms of the ISDA Master Agreement, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. The Fund also has termination rights if the counterparty fails to meet the terms of the ISDA Master Agreement. In addition to considering counterparty credit risk, the Fund would consider terminating the derivative contracts based on whether termination would result in a net liability owed from the counterparty.

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

Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are over-the-counter agreements between two parties to buy and sell a currency at a set price on a future date. These contracts are typically 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 Fund utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities, to shift investment exposure from one currency to another, 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. These instruments may be used for other purposes in future periods.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

Fund will record a realized gain or loss when the forward foreign currency exchange contract expires or is closed.

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Fund bought and sold futures contracts to manage exposure to the securities market and maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily redemptions. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it

may not achieve the anticipated 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. The initial margin deposit must be maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund 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.

Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the Fund's gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of January 31, 2014:

					Net Amounts of		Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Assets Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)^(a)		Cash Collateral Received ($)		Securities Collateral Received ($)		Net Amount ($)^(b)
Asset Derivatives:
Forward Foreign Currency Exchange Contracts		14,140		—		14,140		14,140		—		—		—
Total		14,140		—		14,140		14,140		—		—		—
					Net Amounts of		Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities ($)		Gross Amounts Offset in the Statement of Assets and Liabilities ($)		Liabilities Presented in the Statement of Assets and Liabilities ($)		Financial Instruments ($)^(c)		Cash Collateral Pledged ($)		Securities Collateral Pledged ($)		Net Amount($)^(d)
Liability Derivatives:
Forward Foreign Currency Exchange Contracts		27,491		—		27,491		14,140		—		—		13,351
Total		27,491		—		27,491		14,140		—		—		13,351

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(b) Represents the net amount due from counterparties in the event of default.

(c) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statement of Assets and Liabilities.

(d) Represents the net amount due to counterparties in the event of default.

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

Effects of Derivative Transactions in the Financial Statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of the Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statement of Assets and Liabilities; the impact of derivative transactions over the period in the Statement of Operations 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, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Foreign exchange risk	Unrealized appreciation on forward foreign currency exchange contracts		14,140
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		1,989	*
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts		27,491
Total			29,480

*Includes cumulative appreciation (depreciation) as reported in the tables 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 following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)			Futures Contracts ($)		Total ($)
Equity risk		—			80,679		80,679
Foreign exchange risk		(1,269,823	)		—		(1,269,823	)
Total		(1,269,823	)		80,679		(1,189,144	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Forward Foreign Currency Exchange Contracts ($)		Futures Contracts ($)			Total ($)
Equity risk		—		(32,917	)		(32,917	)
Foreign exchange risk		225,514		—			225,514
Total		225,514		(32,917	)		192,597

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		686
Futures contracts		28

Security Transactions

Income Recognition

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

Expenses

Determination of Class Net Asset Value

Federal Income Tax Status

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

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

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Fund Fees

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

Administration Fees

Other Expenses

Compensation of Board Members

Board members are compensated for their services to the Fund 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 Fund 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 Fund or certain other funds managed by the Investment Manager. The Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan.

Transfer Agent Fees

The Transfer Agent receives monthly account-based service fees based on the number of open accounts and is reimbursed by the Fund for the fees and expenses the Transfer Agent pays to financial intermediaries that maintain omnibus accounts with the Fund that is a percentage of the average aggregate value of the 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 Fund (with the exception of out-of-pocket fees).

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

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, 2014, the Fund'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 R	0.19
Class Z	0.19

Distribution and Service Fees

Sales Charges

Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares were $5,821 for Class A, $505 for Class B and $9 for Class C shares for the year ended January 31, 2014.

Expenses Waived/Reimbursed by the Investment Manager and its Affiliates

	Fee Rates Contractual through May 31, 2014
Class A		0.25	%
Class B		1.00
Class C		1.00
Class R		0.50
Class Z		0.00

Note 4. Federal Tax Information

At January 31, 2014, these differences are primarily due to differing treatment for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred compensation, foreign currency transactions, net operating loss reclassification, late-year ordinary losses, and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the Fund's net assets in the Statement of Assets and Liabilities. Temporary differences do not require reclassifications. In the

Annual Report 2014
26

Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

Statement of Assets and Liabilities the following reclassifications were made:

Excess of distributions over net investment income	$	(686,793	)
Accumulated net realized loss		1,269,823
Paid-in capital		(583,030	)

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,				2014				2013
Ordinary income				$	—			$	748,225

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

At January 31, 2014, the components of distributable earnings on a tax basis were as follows:

Unrealized appreciation

4,183,433

At January 31, 2014, the cost of investments for federal income tax purposes was $36,870,750 and the aggregate gross unrealized appreciation and depreciation based on that cost was:

Unrealized appreciation	$	4,248,130
Unrealized depreciation		(64,697	)
Net unrealized appreciation	$	4,183,433

Year of Expiration	Amount
2017	$	4,980,942
2018		25,984,153
2019		19,955,661
Unlimited short-term		1,476,660
Unlimited long-term		36,234,200
Total	$	88,631,616

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.

For the year ended January 31, 2014, $2,134,147 of capital loss carryforward was utilized.

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, 2014, the Fund will elect to treat late-year ordinary losses of $586,758 as arising on February 1, 2014.

Note 5. Portfolio Information

The cost of purchases and proceeds from sales of investments in Underlying Funds, excluding money market funds, aggregated to $6,218,567 and $17,948,523, respectively, for the year ended January 31, 2014.

Note 6. Affiliated Money Market Fund

The Fund invests its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by the Fund and other affiliated funds. The income earned by the Fund from such investments is included as "Dividends — affiliated issuers" in the Statement of Operations. As an investing fund, the Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At January 31, 2014, one unaffiliated shareholder account owned 49.6% of the outstanding shares of the Fund. The Fund has no knowledge about whether any portion of those shares was owned beneficially by such account. Affiliated shareholder accounts owned 28.4% of the outstanding shares of the Fund. Subscription and redemption activity by concentrated accounts may have a significant effect on the operations of the Fund.

Note 8. Line of Credit

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Columbia Masters International Equity Portfolio

Notes to Financial Statements (continued)

January 31, 2014

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. Effective December 10, 2013, the Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. For the period July 1, 2013 through December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. Prior to July 1, 2013, the Fund was not charged a commitment fee. The commitment fee is included in other expenses in the Statement of Operations.

The Fund had no borrowings during the year ended January 31, 2014.

Note 9. Subsequent Events

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.

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.

Annual Report 2014
28

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 "Fund", a series of Columbia Funds Series Trust) at January 31, 2014, the results of its operations, the changes in its 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 Fund'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, 2014 by correspondence with the transfer agent and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2014

Annual Report 2014
29

Columbia Masters International Equity Portfolio

Federal Income Tax Information

(Unaudited)

Tax Designations:

Foreign Taxes Paid				$	72,040
Foreign Source Income				$	673,337

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.

Annual Report 2014
30

Columbia Masters International Equity Portfolio

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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

131

Trustee, 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; Chairman and Chief Executive Officer, John Hancock Funds (mutual funds), 1989-2000

129

Former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

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

131

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Chair of the Board since 1/14, Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

131

Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; Director, International Textile Corp. since 2012; former Director, McMoRan Exploration Company (oil and gas exploration and development) 2010-2013; former Trustee, BofA Funds Series Trust (11 funds), 2009-2011; Director, Spectrum Brands, Inc. (consumer products), 2002-2009; former Director, Simmons Company (bedding), 2004-2010

Annual Report 2014
31

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(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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

131

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

129

Trustee, BofA Funds Series Trust (11 funds)

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

129

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance), 2003-2011

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds, Board Chair 1/07-12/13

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer), 2002-2013

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) since September 1998

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer) 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 J for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation, 1993-1997

131

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

129

Annual Report 2014
32

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(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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., (biotechnology) 2003-2010

131

Director, Healthways, Inc. (health and wellbeing solutions) since 2005; Director, ICI Mutual Insurance Company, RRG since 2011; Director, Abt
Associates (government contractor) since 2001; Director, Boston Children's Hospital since 2002

Interested Trustee Not Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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

129

* 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.

Annual Report 2014
33

Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Interested Trustee Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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 since 5/10 for Nations Funds

183

Former 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 or contacting your financial intermediary.

Annual Report 2014
34

Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 Born 1964	President and Principal Executive Officer (2009)	Managing Director and General Manager Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; and President, Columbia Funds since 2009; Managing Director, Columbia Management Advisors, LLC, December 2004 – April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008 – January 2009; and senior officer of Columbia Funds and affiliated funds since 2003
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010;Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004 – April 2010; and senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1959	Senior Vice President (2006), Chief Legal Officer (2006) and Assistant Secretary (2011)	Senior Vice President and Assistant General Counsel — Global Asset Management, Ameriprise Financial since February 2014 (previously, Senior Vice President and Lead Chief Counsel — Asset Management, 2012 – February 2014; Vice President and Lead Chief Counsel — Asset Management, 2010 – 2012; and Vice President and Chief Counsel — Asset Management, 2005 – 2010); Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; 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; senior officer of Columbia Funds and affiliated funds since 2006
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc. since May 2010; Chief Compliance Officer, Ameriprise Certificate Company, since September 2010; Compliance Executive, Bank of America, 2005 – April 2010
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global 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
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America 2005 – April 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006 – April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Vice President (2011) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010 – January 2013, and Group Counsel, November 2008 – January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008 – November 2008
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director 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)

Annual Report 2014
35

Columbia Masters International Equity Portfolio

Trustees and Officers (continued)

Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul D. Pearson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1956	Vice President (2011) and Assistant Treasurer (1999)	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial, Inc., 1998 – April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	Vice President and Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since January 2010 (previously Vice President and Group Counsel or Counsel, 2004 – January 2010); officer of Columbia Funds and affiliated funds since 2007
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 Born 1957	Vice President (2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., 2004 – April 2010; Managing Director, Columbia Management Distributors, Inc., 2007 – April 2010

Annual Report 2014
36

Columbia Masters International Equity Portfolio

Important Information About This Report

Annual Report 2014
37

Columbia Masters International Equity Portfolio

P.O. Box 8081

Boston, MA 02266-8081

columbiamanagement.com

ANN193_01_D01_(03/14)

Annual Report

January 31, 2014

Columbia Capital Allocation Portfolios

Columbia Capital Allocation Conservative Portfolio

Columbia Capital Allocation Moderate Conservative Portfolio

Columbia Capital Allocation Moderate Portfolio

Columbia Capital Allocation Moderate Aggressive Portfolio

Columbia Capital Allocation Aggressive Portfolio

Not FDIC insured • No bank guarantee • May lose value

President's Message

Dear Shareholders,

Equities recovered

Fixed-income retreated

Stay on track with Columbia Management

Visit columbiamanagement.com for:

> The Columbia Management Perspectives blog, offering insights on current market events and investment opportunities

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

> 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

Investing involves risk including the risk of loss of principal.

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

Annual Report 2014

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					63
Statements of Changes in Net Assets					65
Financial Highlights					78
Notes to Financial Statements					124
Reports of Independent Registered Public Accounting Firm					140
Federal Income Tax Information					141
Trustees and Officers					142
Important Information About This Report					149

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

Annual Report 2014

Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Conservative Portfolio

Performance Summary

> Columbia Capital Allocation Conservative Portfolio (the Fund) Class A shares returned 3.28% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund underperformed its Blended Index, which returned 4.16% for the same time period.

> During the same 12-month period, the Barclays U.S. Aggregate Bond Index returned 0.12% and the Russell 3000 Index returned 22.60%.

> 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, 2014)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			3.28		8.29		4.61
Including sales charges			-1.63		7.25		4.10
Class B	03/04/04
Excluding sales charges			2.51		7.47		3.83
Including sales charges			-2.35		7.17		3.83
Class C	03/04/04
Excluding sales charges			2.43		7.48		3.83
Including sales charges			1.46		7.48		3.83
Class K	03/04/04		3.35		8.37		4.77
Class R*	09/27/10		2.94		8.04		4.39
Class R4*	06/13/13		3.41		8.31		4.63
Class R5*	06/13/13		3.49		8.33		4.64
Class Y*	06/13/13		3.53		8.34		4.64
Class Z*	09/27/10		3.42		8.45		4.70
Blended Index			4.16		7.77		5.12	**
Barclays U.S. Aggregate Bond Index			0.12		4.93		4.56
Russell 3000 Index			22.60		20.03		7.13

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 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 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

Annual Report 2014
2

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Conservative Portfolio

The Blended Index consists of 66% Barclays U.S. Aggregate Bond Index, 15% Russell 3000 Index, 10% Citigroup 3-Month U.S. Treasury Bill Index, 5% MSCI EAFE Index (Unhedged Net) and 4% Barclays High Yield Corporate Bond Index. 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 (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The Barclays High Yield Corporate Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. On June 20, 2013, the Fund altered the composition of the Blended Index. The Fund's Investment Manager made this recommendation to the Fund's Board that the new Blended Index provides a more appropriate Fund performance comparison than the prior blended index. The Citigroup 3-Month U.S. Treasury Bill Index and the MSCI EAFE Index (Gross) are no longer included as standalone benchmarks for Fund performance comparison purposes.

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 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.

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2014)

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.

Annual Report 2014
3

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2014)
Alternative Investment Funds					5.9
Equity Funds					17.4
International					5.2
U.S. Large Cap					11.6
U.S. Small Cap					0.6
Fixed-Income Funds					67.1
Convertible					1.0
Emerging Markets					4.2
High Yield					2.2
Inflation Protected Securities					4.6
International					0.3
Investment Grade					54.8
Money Market Funds					9.6
Total					100.0

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

Annual Report 2014
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 6.18% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund underperformed its Blended Index, which returned 7.07% for the same time period.

> During the same 12-month period, the Barclays U.S. Aggregate Bond Index returned 0.12% and the Russell 3000 Index returned 22.60%.

> 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, 2014)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			6.18		11.21		5.63
Including sales charges			0.09		9.89		5.01
Class B	08/07/97
Excluding sales charges			5.32		10.36		4.84
Including sales charges			0.32		10.09		4.84
Class C	10/15/96
Excluding sales charges			5.35		10.36		4.84
Including sales charges			4.35		10.36		4.84
Class K*	02/28/13		6.18		11.21		5.63
Class R*	01/23/06		5.87		10.94		5.37
Class R4*	11/08/12		6.52		11.28		5.66
Class R5*	11/08/12		6.53		11.29		5.67
Class Y*	06/13/13		6.51		11.28		5.66
Class Z	10/15/96		6.49		11.51		5.88
Blended Index			7.07		10.17		5.82
Barclays U.S. Aggregate Bond Index			0.12		4.93		4.62
Russell 3000 Index			22.60		20.03		7.32

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 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.

Annual Report 2014
5

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

The Blended Index consists of 55.5% Barclays U.S. Aggregate Bond Index, 26% Russell 3000 Index, 9% MSCI EAFE Index (Unhedged Net), 5% Citigroup 3-Month U.S. Treasury Bill Index and 4.5% Barclays High Yield Corporate Bond Index. The MSCI EAFE (Europe, Australasia, Far East) Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The Citigroup 3-Month U.S. Treasury Bill Index, an unmanaged index, is representative of the performance of three-month Treasury bills. The Barclays High Yield Corporate Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. On June 20, 2013, the Fund added a Blended Index for Fund performance comparison purposes. The Fund's Investment Manager made this recommendation to the Fund's Board that the new Blended Index provides a more appropriate basis for comparing the Fund's performance. Effective June 20, 2013, the S&P 500 Index will no longer be a benchmark for the Fund's performance. 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.

Performance of a Hypothetical $10,000 Investment (February 1, 2004 – January 31, 2014)

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.

Annual Report 2014
6

Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Conservative Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2014)
Alternative Investment Funds					6.0
Equity Funds					32.3
International					9.6
U.S. Large Cap					19.0
U.S. Mid Cap					2.0
U.S. Small Cap					1.7
Fixed-Income Funds					55.5
Convertible					1.0
Emerging Markets					4.4
High Yield					4.8
Inflation Protected Securities					2.3
International					0.5
Investment Grade					42.5
Money Market Funds					6.2
Total					100.0

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

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Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Moderate Portfolio

Performance Summary

> Columbia Capital Allocation Moderate Portfolio (the Fund) Class A shares returned 9.26% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund underperformed its Blended Index, which returned 9.73% for the same time period.

> During the same 12-month period, the Russell 3000 Index returned 22.60% and the Barclays U.S. Aggregate Bond Index returned 0.12%.

> 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, 2014)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			9.26		13.22		6.16
Including sales charges			2.96		11.89		5.53
Class B	03/04/04
Excluding sales charges			8.47		12.38		5.35
Including sales charges			3.47		12.12		5.35
Class C	03/04/04
Excluding sales charges			8.51		12.37		5.37
Including sales charges			7.51		12.37		5.37
Class K	03/04/04		9.39		13.35		6.36
Class R*	09/27/10		9.02		12.92		5.90
Class R4*	06/13/13		9.44		13.26		6.18
Class R5*	06/13/13	��	9.55		13.28		6.19
Class Y*	06/13/13		9.59		13.29		6.20
Class Z*	09/27/10		9.65		13.41		6.25
Blended Index			9.73		12.88		6.46
Russell 3000 Index			22.60		20.03		7.13
Barclays U.S. Aggregate Bond Index			0.12		4.93		4.56

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Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Portfolio

The Blended Index consists of 42.5% Barclays U.S. Aggregate Bond Index, 37% Russell 3000 Index, 11% MSCI EAFE Index (Unhedged Net), 7.5% Barclays High Yield Corporate Bond Index and 2% MCSI Emerging Markets Index (Net). The MSCI EAFE (Europe, Australasia, Far East) Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The Barclays High Yield Corporate Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. On June 20, 2013, the Fund altered the composition of the Blended Index. The Fund's Investment Manager made this recommendation to the Fund's Board that the new Blended Index provides a more appropriate Fund performance comparison than the prior blended index. The MSCI EAFE Index (Gross) is no longer included as a standalone benchmark for Fund performance comparison purposes.

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2014)

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.

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Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2014)
Alternative Investment Funds					4.9
Equity Funds					44.7
International					10.5
U.S. Large Cap					26.8
U.S. Mid Cap					4.4
U.S. Small Cap					3.0
Fixed-Income Funds					42.0
Convertible					1.0
Emerging Markets					1.8
High Yield					6.6
Inflation Protected Securities					0.9
Investment Grade					31.7
Money Market Funds					8.4
Total					100.0

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

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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 11.67% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund underperformed its Blended Index, which returned 12.24% for the same time period.

> During the same 12-month period, the Russell 3000 Index returned 22.60% and the Barclays U.S. Aggregate Bond Index returned 0.12%.

> 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, 2014)

	Inception	1 Year		5 Years		10 Years
Class A	10/15/96
Excluding sales charges			11.67		15.01		6.72
Including sales charges			5.28		13.66		6.09
Class B	08/13/97
Excluding sales charges			10.78		14.12		5.92
Including sales charges			5.78		13.88		5.92
Class C	10/15/96
Excluding sales charges			10.71		14.13		5.92
Including sales charges			9.71		14.13		5.92
Class K*	02/28/13		11.87		15.05		6.74
Class R*	01/23/06		11.31		14.69		6.44
Class R4*	11/08/12		11.95		15.07		6.76
Class R5*	11/08/12		12.07		15.11		6.77
Class T*	03/07/11
Excluding sales charges			11.52		14.93		6.66
Including sales charges			5.15		13.58		6.03
Class Y*	06/13/13		11.96		15.07		6.75
Class Z	10/15/96		11.87		15.29		7.00
Blended Index			12.24		14.86		6.97
Russell 3000 Index			22.60		20.03		7.32
Barclays U.S. Aggregate Bond Index			0.12		4.93		4.62

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 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.

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11

Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

The Blended Index consists of 49% Russell 3000 Index, 28.5% Barclays U.S. Aggregate Bond Index, 12% MSCI EAFE Index (Unhedged Net) and 6.5% Barclays High Yield Corporate Bond Index and 4% MCSI Emerging Markets Index (Net).The MSCI EAFE (Europe, Australasia, Far East) Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The Barclays High Yield Corporate Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. On June 20, 2013, the Fund added a Blended Index for Fund performance comparison purposes. This change was made based on a recommendation by the Fund's Investment Manager to the Fund's Board that the Blended Index provides a more appropriate basis for comparing the Fund's performance. Effective as of the same date, the S&P 500 Index will no longer be a benchmark for the Fund's performance. Information on the S&P 500 Index will be included only for a one-year transition period.

Performance of a Hypothetical $10,000 Investment (February 1, 2004 – January 31, 2014)

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.

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Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Moderate Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2014)
Alternative Investment Funds	4.3
Common Stocks	0.0	^(a)
Equity Funds	56.8
International	12.0
U.S. Large Cap	33.5
U.S. Mid Cap	7.1
U.S. Small Cap	4.2
Fixed-Income Funds	27.3
Convertible	1.0
Emerging Markets	1.3
High Yield	6.8
International	0.9
Investment Grade	17.3
Money Market Funds	11.6
Total	100.0

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

(a) Rounds to zero.

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Columbia Capital Allocation Portfolios

Performance Overview

Columbia Capital Allocation Aggressive Portfolio

Performance Summary

> Columbia Capital Allocation Aggressive Portfolio (the Fund) Class A shares returned 14.41% excluding sales charges for the 12-month period that ended January 31, 2014.

> The Fund underperformed its Blended Index, which returned 14.64% for the same time period.

> During the same 12-month period, the Russell 3000 Index returned 22.60% and the Barclays U.S. Aggregate Bond Index returned 0.12%.

> 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, 2014)

	Inception	1 Year		5 Years		Life
Class A	03/04/04
Excluding sales charges			14.41		16.48		6.32
Including sales charges			7.79		15.10		5.69
Class B	03/04/04
Excluding sales charges			13.54		15.60		5.50
Including sales charges			8.54		15.37		5.50
Class C	03/04/04
Excluding sales charges			13.56		15.61		5.50
Including sales charges			12.56		15.61		5.50
Class K	03/04/04		14.52		16.62		6.51
Class R*	09/27/10		14.13		16.22		6.08
Class R4*	06/13/13		14.53		16.51		6.33
Class R5*	06/13/13		14.72		16.55		6.35
Class Y*	06/13/13		14.69		16.54		6.34
Class Z*	09/27/10		14.82		16.71		6.42
Blended Index			14.64		16.67		7.11
Russell 3000 Index			22.60		20.03		7.13
Barclays U.S. Aggregate Bond Index			0.12		4.93		4.56

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Columbia Capital Allocation Portfolios

Performance Overview (continued)

Columbia Capital Allocation Aggressive Portfolio

The Blended Index consists of 60% Russell 3000 Index, 15% Barclays U.S. Aggregate Bond Index, 14% MSCI EAFE Index (Unhedged Net), 6% MCSI Emerging Markets Index (Net) and 5% Barclays High Yield Corporate Bond Index. The MSCI EAFE (Europe, Australasia, Far East) Index (Unhedged Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The Barclays High Yield Corporate Bond Index is a market value-weighted index, which covers the U.S. non-investment grade fixed-rate debt market. The index is composed of U.S. dollar-denominated corporate debt in industrial, utility and finance sectors with a minimum $150 million par amount outstanding and a maturity greater than one year. On June 20, 2013, the Fund altered the composition of its Blended Index. This change was made based on a recommendation by the Fund's Investment Manager to the Fund's Board that the new Blended Index provides a more appropriate Fund performance comparison than the prior blended index. The MSCI EAFE Index (Gross) is no longer included as a standalone benchmark for Fund performance comparison purposes.

Performance of a Hypothetical $10,000 Investment (March 4, 2004 – January 31, 2014)

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.

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Columbia Capital Allocation Portfolios

Portfolio Overview

Columbia Capital Allocation Aggressive Portfolio

(Unaudited)

Portfolio Breakdown (%) (at January 31, 2014)
Alternative Investment Funds					3.1
Equity Funds					73.1
International					18.5
U.S. Large Cap					40.0
U.S. Mid Cap					10.2
U.S. Small Cap					4.4
Fixed-Income Funds					13.0
Emerging Markets					0.5
High Yield					4.8
Investment Grade					7.7
Money Market Funds					10.8
Total					100.0

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

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16

Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance

While each of the Funds generated solid positive absolute returns, we attribute the Funds' relative performance to mixed results from asset class allocation and underlying fund performance. For the 12-month period that ended January 31, 2014:

> Columbia Capital Allocation Conservative Portfolio Class A shares returned 3.28% excluding sales charges, underperforming its Blended Index, which returned 4.16%.

> Columbia Capital Allocation Moderate Conservative Portfolio Class A shares returned 6.18% excluding sales charges, underperforming its Blended Index, which returned 7.07%.

> Columbia Capital Allocation Moderate Portfolio Class A shares returned 9.26% excluding sales charges, underperforming its Blended Index, which returned 9.73%.

> Columbia Capital Allocation Moderate Aggressive Portfolio Class A shares returned 11.67% excluding sales charges, underperforming its Blended Index, which returned 12.24%.

> Columbia Capital Allocation Aggressive Portfolio Class A shares returned 14.41% excluding sales charges, underperforming its Blended Index, which returned 14.64%.

During the same time frame, the Russell 3000 Index, which measures domestic equities, returned 22.60% and the Barclays U.S. Aggregate Bond Index, which measures the U.S. fixed income market, returned 0.12%.

Global Equity Markets Climbed

In the fixed income market, it was a fiscal year of transition. Government bond yields fell in January 2014 on the investor flight to quality, but for the annual period overall, government bond yields rose significantly. In turn, U.S. Treasury debt posted a loss during the annual period, while U.S. high yield corporate bonds posted solid positive returns, representing the two ends of the spectrum within the asset class. Emerging market bonds and inflation-protected bonds also declined.

Positioning and Underlying Fund Performance Generated Mixed Results

Overall, a tactical overweight to equities and underweight to fixed income in each of the Funds boosted relative results, as equities significantly outpaced fixed income during the annual period. Tactical asset allocation via the use of futures contributed positively to Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio, was

Portfolio Management

Jeffrey Knight, CFA

Anwiti Bahuguna, Ph.D.

Melda Mergen, CFA, CAIA

Marie Schofield, CFA

Beth Vanney, CFA

Toby Nangle*

*Effective August 2013, Mr. Nangle was named a Portfolio Manager of the Fund.

Investment Risks

Columbia Capital Allocation Portfolios (the Funds) are "fund of funds" comprised of holdings in several different Columbia Funds, which may include small-cap, mid-cap, large-cap, money market, international, bond, and/or sector funds. Each of the underlying funds in which the Funds invest has its own investment risks, and those risks can affect the value of the Funds' shares and investments. There are risks associated with fixed income investments, including credit risk, interest rate risk, and prepayment and extension risk. Non-investment grade securities have more volatile prices and carry more risk to principal and income than investment grade securities. International investing involves increased risk and volatility due to potential political and economic instability, currency fluctuations, and differences in financial reporting and accounting standards and oversight. Risks are particularly significant in emerging markets. Investments in small- and mid-capitalization companies involve greater risks and volatility than investments in larger, more established companies. Derivative instruments are financial instruments that have a value dependent on the value of something else, such as one or more underlying securities. Gains or losses may be substantial, because a relatively small price movement in an underlying security may result in a substantial gain or loss. The fund manager has a potential conflict of interest in selecting underlying funds because the fees paid to it by some underlying funds might be higher than those paid by other funds. However, the investment manager acts as a fiduciary to the Funds and is legally obligated to act in the Funds' best interest when selecting underlying funds. See the Funds' prospectus for more information on these and other risks that may be associated with the underlying funds.

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Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance (continued)

close to a neutral factor for Columbia Capital Allocation Moderate Portfolio and was a detractor from returns for Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio. Underlying fund performance was additive to relative returns for Columbia Capital Allocation Moderate Portfolio, Columbia Capital Allocation Moderate Aggressive Portfolio and Columbia Capital Allocation Aggressive Portfolio but detracted somewhat from returns in Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Conservative Portfolio.

More specifically, for each Fund, a sizable underweight to U.S. Treasury securities via underlying funds proved the single greatest positive contributor to relative results. A small tactical exposure to hybrid, or convertible, securities also contributed favorably to relative results for the conservative and moderate Funds. Conversely, exposure to emerging market equities, which generally declined, detracted. The Funds' exposure to absolute return strategies and to emerging market bonds, via underlying funds, detracted as well. An overweight to investment grade credit also hurt, as this fixed income sector lagged both high yield corporate bonds and equities during the annual period. Partially offsetting the impact of tactical asset allocation to the investment grade credit sector was the strong relative performance of the underlying funds focused on investment grade credit strategies. The performance of those underlying funds focused on foreign developed market equities proved beneficial to relative returns as well.

Portfolio Changes

Asset class changes within each Fund's portfolio 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 Conservative Portfolio, there were no significant changes made during the annual period, though its exposure to equities overall and to absolute return strategies decreased slightly. In Columbia Capital Allocation Moderate Conservative Portfolio, its exposure to equities overall, especially developed market equities, increased slightly, while its allocation to fixed income overall decreased. In Columbia Capital Allocation Moderate Portfolio, its allocations to U.S. mid-cap equities and to emerging market equities decreased and its weighting in fixed income overall increased significantly, especially within the investment grade corporate bond sector. In Columbia Capital Allocation Moderate Aggressive Portfolio, its allocations to fixed income and absolute return strategies overall decreased, while its position in equities increased. In Columbia Capital Allocation Aggressive Portfolio, its weighting in equities overall increased, while its fixed income exposure decreased, and its exposure to real estate investment trusts was eliminated.

Derivative Positions

During the annual period, the use of futures positions on equity indices was implemented via an overlay to the Funds to allow greater flexibility in establishing exposure to a given market than might otherwise be possible. Futures can offer both a liquid and cost efficient means of establishing exposure in a given market and can be used to reduce, or hedge, exposure to risk. Also, some of the underlying funds used derivatives during the annual period to attempt to enhance portfolio return and for hedging purposes as market conditions warranted.

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Columbia Capital Allocation Portfolios

Manager Discussion of Fund Performance (continued)

Looking Ahead

The strong equity returns of the past two years present an investment strategy challenge. At the end of January 2014, we believed equities continued to look attractive. However, we also believed stock markets outside the U.S. may show more potential in the year ahead. That said, we remain cautious at present on emerging market equities and intend to look for signs of acceleration in global trade before we selectively add to the sector. Another aspect of our equity investment strategy anticipated for 2014 is an increase in active risk. In our view, with major macro uncertainties, such as recession risk or policy uncertainty, having receded during 2013, we currently expect stock prices to be increasingly influenced by company specific fundamentals. In turn, stock price movement correlation began 2014 at its lowest level in years, which we believe has the potential to provide a much improved environment for active stock selection strategies. In the fixed income market, our current outlook targets sectors that trade on their yield spread relative to U.S. Treasuries, such as U.S. high yield corporate bonds. We also see some value at this time in emerging market sovereign bonds, although we continue to monitor liquidity pressures for these bonds given broad investor skepticism. Finally, our team currently intends to be on the lookout for credit market weakness, negative economic surprise or weakening stock price momentum as the year unfolds. We believe these indicators may help provide some forward guidance on any sustained near-term weakness in the capital markets.

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

Compare With Other Funds

Columbia Capital Allocation Conservative Portfolio

August 1, 2013 – January 31, 2014

	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		1,025.30		1,022.58		2.65		2.65		0.52		5.51		5.51		1.08
Class B		1,000.00		1,000.00		1,021.50		1,018.80		6.47		6.46		1.27		9.32		9.31		1.83
Class C		1,000.00		1,000.00		1,020.60		1,018.80		6.47		6.46		1.27		9.32		9.31		1.83
Class K		1,000.00		1,000.00		1,025.00		1,022.94		2.30		2.29		0.45		5.16		5.15		1.01
Class R		1,000.00		1,000.00		1,023.10		1,021.32		3.93		3.92		0.77		6.78		6.78		1.33
Class R4		1,000.00		1,000.00		1,026.00		1,023.89		1.33		1.33		0.26		4.19		4.18		0.82
Class R5		1,000.00		1,000.00		1,026.60		1,024.40		0.82		0.82		0.16		3.68		3.67		0.72
Class Y		1,000.00		1,000.00		1,026.80		1,024.75		0.46		0.46		0.09		3.32		3.32		0.65
Class Z		1,000.00		1,000.00		1,025.60		1,023.84		1.38		1.38		0.27		4.24		4.23		0.83

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Columbia Capital Allocation Portfolios

Understanding Your Fund's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Conservative Portfolio

August 1, 2013 – January 31, 2014

	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		1,036.50		1,022.84		2.41		2.40		0.47		5.60		5.56		1.09
Class B		1,000.00		1,000.00		1,031.90		1,019.06		6.25		6.21		1.22		9.42		9.36		1.84
Class C		1,000.00		1,000.00		1,032.00		1,019.06		6.25		6.21		1.22		9.42		9.36		1.84
Class K		1,000.00		1,000.00		1,035.60		1,023.24		2.00		1.99		0.39		5.18		5.15		1.01
Class R		1,000.00		1,000.00		1,034.10		1,021.58		3.69		3.67		0.72		6.87		6.83		1.34
Class R4		1,000.00		1,000.00		1,038.20		1,024.35		0.87		0.87		0.17		4.06		4.03		0.79
Class R5		1,000.00		1,000.00		1,036.90		1,024.55		0.67		0.66		0.13		3.85		3.83		0.75
Class Y		1,000.00		1,000.00		1,038.60		1,024.80		0.41		0.41		0.08		3.60		3.57		0.70
Class Z		1,000.00		1,000.00		1,038.00		1,024.10		1.13		1.12		0.22		4.31		4.29		0.84

Columbia Capital Allocation Moderate Portfolio

August 1, 2013 – January 31, 2014

	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		1,043.80		1,022.84		2.42		2.40		0.47		5.82		5.76		1.13
Class B		1,000.00		1,000.00		1,039.20		1,019.06		6.27		6.21		1.22		9.66		9.57		1.88
Class C		1,000.00		1,000.00		1,039.30		1,019.06		6.27		6.21		1.22		9.66		9.57		1.88
Class K		1,000.00		1,000.00		1,044.40		1,023.34		1.91		1.89		0.37		5.31		5.25		1.03
Class R		1,000.00		1,000.00		1,041.70		1,021.58		3.71		3.67		0.72		7.10		7.03		1.38
Class R4		1,000.00		1,000.00		1,044.70		1,024.05		1.19		1.17		0.23		4.59		4.54		0.89
Class R5		1,000.00		1,000.00		1,045.40		1,024.65		0.57		0.56		0.11		3.97		3.93		0.77
Class Y		1,000.00		1,000.00		1,045.70		1,024.85		0.36		0.36		0.07		3.76		3.73		0.73
Class Z		1,000.00		1,000.00		1,045.20		1,024.10		1.13		1.12		0.22		4.54		4.49		0.88

Annual Report 2014
21

Columbia Capital Allocation Portfolios

Understanding Your Fund's Expenses (continued)

(Unaudited)

Columbia Capital Allocation Moderate Aggressive Portfolio

August 1, 2013 – January 31, 2014

	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		1,052.10		1,022.58		2.69		2.65		0.52		6.26		6.17		1.21
Class B		1,000.00		1,000.00		1,047.10		1,018.85		6.50		6.41		1.26		10.06		9.92		1.95
Class C		1,000.00		1,000.00		1,047.30		1,018.80		6.55		6.46		1.27		10.11		9.97		1.96
Class K		1,000.00		1,000.00		1,052.90		1,023.19		2.07		2.04		0.40		5.64		5.56		1.09
Class R		1,000.00		1,000.00		1,050.00		1,021.37		3.93		3.87		0.76		7.49		7.39		1.45
Class R4		1,000.00		1,000.00		1,052.50		1,023.95		1.29		1.28		0.25		4.86		4.80		0.94
Class R5		1,000.00		1,000.00		1,053.90		1,024.30		0.93		0.92		0.18		4.50		4.44		0.87
Class T		1,000.00		1,000.00		1,051.00		1,022.33		2.95		2.91		0.57		6.51		6.42		1.26
Class Y		1,000.00		1,000.00		1,053.50		1,024.80		0.41		0.41		0.08		3.99		3.93		0.77
Class Z		1,000.00		1,000.00		1,052.60		1,023.89		1.35		1.33		0.26		4.91		4.85		0.95

Columbia Capital Allocation Aggressive Portfolio

August 1, 2013 – January 31, 2014

	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		1,059.60		1,022.48		2.80		2.75		0.54		6.59		6.47		1.27
Class B		1,000.00		1,000.00		1,054.90		1,018.70		6.68		6.56		1.29		10.46		10.28		2.02
Class C		1,000.00		1,000.00		1,054.90		1,018.70		6.68		6.56		1.29		10.46		10.28		2.02
Class K		1,000.00		1,000.00		1,059.00		1,023.14		2.13		2.09		0.41		5.92		5.81		1.14
Class R		1,000.00		1,000.00		1,057.50		1,021.27		4.05		3.97		0.78		7.83		7.69		1.51
Class R4		1,000.00		1,000.00		1,060.30		1,023.74		1.51		1.48		0.29		5.30		5.20		1.02
Class R5		1,000.00		1,000.00		1,061.20		1,024.25		0.99		0.97		0.19		4.78		4.69		0.92
Class Y		1,000.00		1,000.00		1,060.90		1,024.80		0.42		0.41		0.08		4.21		4.13		0.81
Class Z		1,000.00		1,000.00		1,060.50		1,023.74		1.51		1.48		0.29		5.30		5.20		1.02

Annual Report 2014
22

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 17.3%

	Shares		Value ($)
International 5.1%
Columbia European Equity Fund, Class I Shares^(a)		758,062		5,579,337
Columbia Overseas Value Fund, Class I Shares^(a)		1,045,232		9,198,041
Columbia Pacific/Asia Fund, Class I Shares^(a)		236,943		2,040,078
Total				16,817,456
U.S. Large Cap 11.6%
Columbia Contrarian Core Fund, Class I Shares^(a)		369,582		7,314,014
Columbia Large Cap Growth Fund, Class I Shares^(a)		118,019		3,921,781
Columbia Large Core Quantitative Fund, Class I Shares^(a)		972,072		7,932,107
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		866,108		7,180,037
Columbia Large Value Quantitative Fund, Class I Shares^(a)		1,150,403		9,858,950
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		127,107		1,587,570
Total				37,794,459
U.S. Small Cap 0.6%
Columbia Small Cap Core Fund, Class I Shares^(a)		104,557		2,050,363
Total Equity Funds (Cost: $51,101,263)				56,662,278

Fixed-Income Funds 67.0%

Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares^(a)	173,742	3,212,487
Emerging Markets 4.2%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	1,283,420	13,796,767
High Yield 2.2%
Columbia Income Opportunities Fund, Class I Shares^(a)	716,320	7,199,019
Inflation Protected Securities 4.6%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)	1,628,402	14,867,309

Fixed-Income Funds (continued)

	Shares		Value ($)
International 0.3%
Columbia International Bond Fund, Class I Shares^(a)		84,131		907,773
Investment Grade 54.7%
Columbia Corporate Income Fund, Class I Shares^(a)		6,700,499		67,206,001
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,123,039		31,074,240
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		10,611,460		57,407,999
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		2,082,362		22,926,807
Total				178,615,047
Total Fixed-Income Funds (Cost: $223,141,751)				218,598,402

Alternative Investment Funds 5.9%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	68,004	627,680
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	500,207	4,887,024
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	738,964	7,286,182
Columbia Flexible Capital Income Fund, Class I Shares^(a)	535,353	6,418,884
Total Alternative Investment Funds (Cost: $18,593,027)		19,219,770

Money Market Funds 9.6%

Columbia Short-Term Cash Fund, 0.077%^(a)(c)	31,246,540	31,246,540
Total Money Market Funds (Cost: $31,246,540)		31,246,540
Total Investments (Cost: $324,082,581)		325,726,990
Other Assets and Liabilities		500,873
Net Assets		326,227,863

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

Annual Report 2014
23

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $685,633 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO STOXX 50		42	EUR		1,709,558	03/2014		30,828		—
S&P 500 EMINI		77	USD		6,839,910	03/2014		31,381		—
US 10YR NOTE		130	USD		16,347,500	03/2014		68,790		—
US LONG BOND		13	USD		1,736,719	03/2014		39,582		—
Total								170,581		—

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		—		13,827		721,448		(46,335	)		(395	)		688,545		—		—		627,680
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		5,021,136		539,400		—		(515,071	)		6,824			5,052,289		—		165,044		4,887,024
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		7,879,989		452,064		—		(942,230	)		14,288			7,404,111		—		44,825		7,286,182
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		7,811,945		8,212,837		686,187		(16,761,170	)		50,201			—		—		—		—
Columbia Acorn International, Class I Shares		493,592		15,223		—		(613,865	)		105,050			—		—		5,755		—
Columbia Contrarian Core Fund, Class I Shares		5,707,870		2,125,349		—		(3,178,449	)		1,081,402			5,736,172		405,757		67,802		7,314,014

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

Annual Report 2014
24

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Convertible Securities Fund, Class I Shares		3,275,098		131,027		759,237		(2,320,214	)		596,712			2,441,860		—		92,657		3,212,487
Columbia Corporate Income Fund, Class I Shares		59,263,940		20,080,033		1,108,571		(13,389,084	)		287,592			67,351,052		2,228,884		2,039,184		67,206,001
Columbia Dividend Income Fund, Class I Shares		6,395,874		378,256		—		(8,870,565	)		2,096,435			—		91,139		159,351		—
Columbia Dividend Opportunity Fund, Class I Shares		6,224,199		217,529		—		(8,477,880	)		2,036,152			—		—		76,793		—
Columbia Emerging Markets Bond Fund, Class I Shares		15,410,247		1,588,139		986,086		(3,868,507	)		251,831			14,367,796		185,084		893,525		13,796,767
Columbia Emerging Markets Fund, Class I Shares		2,629,056		390,814		—		(3,093,415	)		73,545			—		—		—		—
Columbia European Equity Fund, Class I Shares		5,499,097		697,812		—		(2,524,469	)		699,250			4,371,690		218,041		64,580		5,579,337
Columbia Flexible Capital Income Fund, Class I Shares		6,238,751		625,208		—		(1,728,968	)		313,091			5,448,082		184,728		283,861		6,418,884
Columbia Income Opportunities Fund, Class I Shares		—		8,305,667		1,826,963		(3,495,178	)		564,046			7,201,498		—		246,973		7,199,019
Columbia Inflation Protected Securities Fund, Class I Shares		16,917,420		1,922,057		—		(2,193,612	)		15,006			16,660,871		822,574		118,999		14,867,309
Columbia International Bond Fund, Class I Shares		—		13,800		1,075,673		(151,319	)		(2,147	)		936,007		—		3,422		907,773
Columbia Large Cap Growth Fund, Class I Shares		3,163,286		517,125		—		(1,727,146	)		916,965			2,870,230		193,972		25,546		3,921,781

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

Annual Report 2014
25

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Large Core Quantitative Fund, Class I Shares		7,773,352		638,977		—		(3,327,838	)		1,039,732			6,124,223		—		173,947		7,932,107
Columbia Large Growth Quantitative Fund, Class I Shares		7,883,066		1,734,440		—		(3,026,582	)		559,057			7,149,981		1,267,858		93,188		7,180,037
Columbia Large Value Quantitative Fund, Class I Shares		—		10,755,628		—		(419,355	)		(13,411	)		10,322,862		182,184		49,995		9,858,950
Columbia Limited Duration Credit Fund, Class I Shares		33,008,959		1,385,283		4,831,415		(9,375,900	)		1,075,888			30,925,645		325,795		860,269		31,074,240
Columbia Mid Cap Growth Fund, Class I Shares		4,300,392		74,223		—		(4,917,707	)		543,092			—		—		—		—
Columbia Mid Cap Value Fund, Class I Shares		4,001,790		133,423		—		(5,460,583	)		1,325,370			—		16,244		26,185		—
Columbia Overseas Value Fund, Class I Shares		—		10,501,146		—		(1,378,258	)		34,746			9,157,634		—		161,705		9,198,041
Columbia Pacific/Asia Fund, Class I Shares		4,871,875		327,995		—		(3,813,354	)		523,912			1,910,428		—		109,474		2,040,078
Columbia Select Large Cap Equity Fund, Class I Shares		1,626,310		644,170		—		(610,695	)		42,263			1,702,048		558,317		20,677		1,587,570
Columbia Short-Term Bond Fund, Class I Shares		—		1,773		2,346,150		(2,446,951	)		99,028			—		—		696		—
Columbia Short-Term Cash Fund		8,880,035		55,884,448		1,286,385		(34,804,328	)		—			31,246,540		—		17,193		31,246,540
Columbia Small Cap Core Fund, Class I Shares		2,269,369		349,530		—		(1,016,609	)		153,705			1,755,995		166,374		6,793		2,050,363
Columbia U.S. Government Mortgage Fund, Class I Shares		79,034,500		3,442,029		3,543,442		(26,998,158	)		(194,162	)		58,827,651		174,609		2,241,851		57,407,999

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

Annual Report 2014
26

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia U.S. Treasury Index Fund, Class I Shares		24,703,222		1,071,761		2,470,314		(3,770,634	)		(45,292	)		24,429,371		256,600		374,417		22,926,807
Total		330,284,370		133,170,993		21,641,871		(175,264,429	)		14,249,776			324,082,581		7,278,160		8,424,707		325,726,990

(b) Non-income producing.

Currency Legend

EUR Euro

USD US Dollar

Fair Value Measurements

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

> 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 2014
27

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Conservative Portfolio

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		56,662,278		—		—		56,662,278
Fixed-Income Funds		218,598,402		—		—		218,598,402
Alternative Investment Funds		19,219,770		—		—		19,219,770
Money Market Funds		31,246,540		—		—		31,246,540
Total Mutual Funds		325,726,990		—		—		325,726,990
Investments in Securities		325,726,990		—		—		325,726,990
Derivatives
Assets
Futures Contracts		170,581		—		—		170,581
Total		325,897,571		—		—		325,897,571

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 2014
28

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 32.2%

	Shares		Value ($)
International 9.6%
Columbia Emerging Markets Fund, Class I Shares^(a)		267,937		2,596,310
Columbia European Equity Fund, Class I Shares^(a)		3,223,222		23,722,915
Columbia Overseas Value Fund, Class I Shares^(a)		4,085,022		35,948,193
Columbia Pacific/Asia Fund, Class I Shares^(a)		489,551		4,215,030
Total				66,482,448
U.S. Large Cap 18.9%
Columbia Contrarian Core Fund, Class I Shares^(a)		1,459,388		28,881,298
Columbia Large Cap Growth Fund, Class I Shares^(a)		555,483		18,458,691
Columbia Large Core Quantitative Fund, Class I Shares^(a)		2,513,712		20,511,887
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		2,906,779		24,097,196
Columbia Large Value Quantitative Fund, Class I Shares^(a)		3,812,900		32,676,549
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		550,213		6,872,164
Total				131,497,785
U.S. Mid Cap 2.0%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		220,489		6,938,784
Columbia Mid Cap Value Fund, Class I Shares^(a)		393,832		6,911,758
Total				13,850,542
U.S. Small Cap 1.7%
Columbia Small Cap Core Fund, Class I Shares^(a)		591,896		11,607,084
Total Equity Funds (Cost: $197,780,046)				223,437,859

Fixed-Income Funds 55.4%

Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares^(a)	376,103	6,954,138
Emerging Markets 4.4%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	2,848,368	30,619,953

Fixed-Income Funds (continued)

	Shares		Value ($)
High Yield 4.8%
Columbia Income Opportunities Fund, Class I Shares^(a)		3,313,714		33,302,825
Inflation Protected Securities 2.3%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,769,338		16,154,055
International 0.5%
Columbia International Bond Fund, Class I Shares^(a)	��	329,833		3,558,898
Investment Grade 42.4%
Columbia Corporate Income Fund, Class I Shares^(a)		13,039,440		130,785,589
Columbia Limited Duration Credit Fund, Class I Shares^(a)		4,801,994		47,779,837
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		19,335,274		104,603,834
Columbia U.S. Treasury Index Fund, Class I Shares^(a)		1,016,783		11,194,782
Total				294,364,042
Total Fixed-Income Funds (Cost: $387,745,812)				384,953,911

Alternative Investment Funds 6.0%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	287,760	2,656,029
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	1,101,273	10,759,434
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	1,616,641	15,940,081
Columbia Flexible Capital Income Fund, Class I Shares^(a)	1,025,332	12,293,732
Total Alternative Investment Funds (Cost: $40,753,325)		41,649,276

Money Market Funds 6.2%

Columbia Short-Term Cash Fund, 0.077%^(a)(c)	42,835,142	42,835,142
Total Money Market Funds (Cost: $42,835,142)		42,835,142
Total Investments (Cost: $669,114,325)		692,876,188
Other Assets and Liabilities		1,320,434
Net Assets		694,196,622

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

Annual Report 2014
29

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $1,692,489 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO STOXX 50		65	EUR		2,645,744	03/2014		47,710		—
FTSE 100 INDEX		12	GBP		1,274,054	03/2014		—		(2,559	)
S&P MID 400 EMINI		43	USD		5,634,290	03/2014		105,675		—
S&P 500 EMINI		167	USD		14,834,610	03/2014		68,061		—
TOPIX INDEX		11	JPY		1,308,114	03/2014		—		(20,887	)
US 10YR NOTE		224	USD		28,168,000	03/2014		118,530		—
US 5YR NOTE		21	USD		2,533,125	03/2014		—		(3,984	)
US LONG BOND		19	USD		2,538,281	03/2014		57,851		—
Total								397,827		(27,430	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		3,093,113		189,042		—		(368,457	)		(387	)		2,913,311		—		—		2,656,029
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		—		764,615		10,882,058		(551,197	)		9,362			11,104,838		—		363,665		10,759,434
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		12,147,574		5,957,741		(1,742,156	)		30,486			16,393,645		—		97,391		15,940,081
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		3,103,010		7,842,611		5,888,265		(16,914,839	)		80,953			—		—		—		—
Columbia Acorn International, Class I Shares		—		272,705		1,383,674		(1,975,039	)		318,660			—		—		16,414		—

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

Annual Report 2014
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Contrarian Core Fund, Class I Shares		3,504,763		2,151,660		17,945,115		(5,991,457	)		3,100,015			20,710,096		1,586,714		265,140		28,881,298
Columbia Convertible Securities Fund, Class I Shares		3,266,840		384,582		5,797,364		(4,703,984	)		930,560			5,675,362		—		241,324		6,954,138
Columbia Corporate Income Fund, Class I Shares		21,542,055		31,829,628		95,557,887		(18,722,765	)		717,161			130,923,966		4,321,991		3,510,386		130,785,589
Columbia Dividend Income Fund, Class I Shares		3,744,144		2,123,066		11,344,409		(22,824,812	)		5,613,193			—		236,654		409,469		—
Columbia Dividend Opportunity Fund, Class I Shares		2,841,232		541,316		16,842,000		(27,058,767	)		6,834,219			—		—		323,015		—
Columbia Emerging Markets Bond Fund, Class I Shares		3,969,319		3,278,931		26,609,375		(1,976,529	)		77,081			31,958,177		408,236		1,717,372		30,619,953
Columbia Emerging Markets Fund, Class I Shares		2,593,605		467,132		8,732,958		(9,442,822	)		177,834			2,528,707		—		21,126		2,596,310
Columbia European Equity Fund, Class I Shares		—		7,845,643		15,826,456		(5,471,156	)		1,470,605			19,671,548		915,127		271,046		23,722,915
Columbia Flexible Capital Income Fund, Class I Shares		—		1,004,621		10,930,665		(1,953,661	)		359,907			10,341,532		348,279		518,726		12,293,732
Columbia Greater China Fund, Class I Shares		582,268		169,701		5,575,179		(6,561,240	)		234,092			—		—		—		—
Columbia Income Opportunities Fund, Class I Shares		9,479,006		2,559,955		22,881,690		(3,852,306	)		771,036			31,839,381		—		1,655,425		33,302,825
Columbia Inflation Protected Securities Fund, Class I Shares		—		7,007,059		11,762,584		(985,985	)		(384	)		17,783,274		893,911		109,236		16,154,055

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

Annual Report 2014
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia International Bond Fund, Class I Shares		3,611,295		352,149		—		(275,220	)		(588	)		3,687,636		—		29,024		3,558,898
Columbia Large Cap Growth Fund, Class I Shares		4,258,884		1,283,794		9,197,416		(3,695,585	)		1,477,154			12,521,663		887,921		116,939		18,458,691
Columbia Large Core Quantitative Fund, Class I Shares		3,932,314		618,302		13,826,319		(6,665,779	)		3,237,048			14,948,204		—		448,506		20,511,887
Columbia Large Growth Quantitative Fund, Class I Shares		3,843,757		4,677,123		19,893,556		(5,974,383	)		1,655,194			24,095,247		4,242,655		311,836		24,097,196
Columbia Large Value Quantitative Fund, Class I Shares		1,068,727		35,097,810		—		(1,904,709	)		208,447			34,470,275		843,096		231,359		32,676,549
Columbia Limited Duration Credit Fund, Class I Shares		8,479,987		3,006,111		39,536,830		(4,456,528	)		125,962			46,692,362		498,390		1,151,537		47,779,837
Columbia Mid Cap Growth Fund, Class I Shares		2,392,020		856,814		13,970,190		(13,679,176	)		2,579,790			6,119,638		659,147		—		6,938,784
Columbia Mid Cap Value Fund, Class I Shares		2,187,845		1,273,322		14,501,715		(16,562,991	)		4,332,678			5,732,569		776,471		134,904		6,911,758
Columbia Overseas Value Fund, Class I Shares		—		37,905,764		—		(2,318,581	)		62,408			35,649,591		—		649,383		35,948,193
Columbia Pacific/Asia Fund, Class I Shares		1,147,334		2,506,012		13,358,653		(15,281,771	)		2,399,658			4,129,886		—		257,563		4,215,030
Columbia Select Large Cap Equity Fund, Class I Shares		—		2,598,365		6,607,857		(2,152,491	)		161,961			7,215,692		2,387,479		88,386		6,872,164
Columbia Short-Term Cash Fund		2,975,445		97,482,037		3,512,660		(61,135,000	)		—			42,835,142		—		21,806		42,835,142
Columbia Small Cap Core Fund, Class I Shares		—		2,912,361		11,609,154		(5,418,974	)		884,389			9,986,930		929,636		37,956		11,607,084

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

Annual Report 2014
32

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Small Cap Growth Fund I, Class I Shares		775,229		5,036		—		(775,412	)		(4,853	)		—		—		—		—
Columbia Small Cap Value Fund I, Class I Shares		713,553		95,345		—		(848,779	)		39,881			—		—		—		—
Columbia U.S. Government Mortgage Fund, Class I Shares		18,762,330		7,478,975		116,983,046		(35,783,177	)		(153,235	)		107,287,939		316,375		3,623,041		104,603,834
Columbia U.S. Treasury Index Fund, Class I Shares		—		682,435		12,096,779		(834,665	)		(46,835	)		11,897,714		124,457		157,134		11,194,782
Total		111,868,075		279,411,596		549,011,595		(308,860,393	)		37,683,452			669,114,325		20,376,539		16,779,109		692,876,188

(b) Non-income producing.

Currency Legend

EUR Euro

GBP British Pound

JPY Japanese Yen

USD US Dollar

Fair Value Measurements

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

> 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 2014
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

January 31, 2014

Fair Value Measurements (continued)

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 following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		223,437,859			—		—		223,437,859
Fixed-Income Funds		384,953,911			—		—		384,953,911
Alternative Investment Funds		41,649,276			—		—		41,649,276
Money Market Funds		42,835,142			—		—		42,835,142
Total Mutual Funds		692,876,188			—		—		692,876,188
Investments in Securities		692,876,188			—		—		692,876,188
Derivatives
Assets
Futures Contracts		397,827			—		—		397,827
Liabilities
Futures Contracts		(27,430	)		—		—		(27,430	)
Total		693,246,585			—		—		693,246,585

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 2014
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Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 44.6%

	Shares		Value ($)
International 10.5%
Columbia Emerging Markets Fund, Class I Shares^(a)		3,031,583		29,376,034
Columbia European Equity Fund, Class I Shares^(a)		10,706,215		78,797,743
Columbia Overseas Value Fund, Class I Shares^(a)		923,655		8,128,165
Columbia Pacific/Asia Fund, Class I Shares^(a)		6,736,075		57,997,608
Total				174,299,550
U.S. Large Cap 26.7%
Columbia Contrarian Core Fund, Class I Shares^(a)		5,500,032		108,845,630
Columbia Large Cap Growth Fund, Class I Shares^(a)		877,863		29,171,384
Columbia Large Core Quantitative Fund, Class I Shares^(a)		8,538,483		69,674,018
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		6,386,529		52,944,327
Columbia Large Value Quantitative Fund, Class I Shares^(a)		8,555,239		73,318,400
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		2,160,333		26,982,561
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		2,435,186		46,755,563
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,761,599		37,204,977
Total				444,896,860
U.S. Mid Cap 4.4%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,174,610		36,964,985
Columbia Mid Cap Value Fund, Class I Shares^(a)		1,046,336		18,363,206
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		1,744,906		18,251,715
Total				73,579,906
U.S. Small Cap 3.0%
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		737,747		16,473,894
Columbia Small Cap Core Fund, Class I Shares^(a)		1,260,327		24,715,005
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		256,513		8,380,286
Total				49,569,185
Total Equity Funds (Cost: $604,227,901)				742,345,501

Fixed-Income Funds 41.8%

	Shares		Value ($)
Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares^(a)		918,600		16,984,911
Emerging Markets 1.7%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)		2,710,649		29,139,475
High Yield 6.6%
Columbia Income Opportunities Fund, Class I Shares^(a)		10,859,985		109,142,851
Inflation Protected Securities 0.9%
Columbia Inflation Protected Securities Fund, Class I Shares^(a)		1,617,002		14,763,226
Investment Grade 31.6%
Columbia Corporate Income Fund, Class I Shares^(a)		15,563,352		156,100,420
Columbia Intermediate Bond Fund, Class I Shares^(a)		24,630,513		223,398,751
Columbia Limited Duration Credit Fund, Class I Shares^(a)		3,790,734		37,717,805
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)		20,044,644		108,441,524
Total				525,658,500
Total Fixed-Income Funds (Cost: $694,230,784)				695,688,963

Alternative Investment Funds 4.8%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	1,009,680	9,319,349
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	2,861,965	27,961,401
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	3,544,115	34,944,977
Columbia Flexible Capital Income Fund, Class I Shares^(a)	725,513	8,698,895
Total Alternative Investment Funds (Cost: $82,145,879)		80,924,622

Money Market Funds 8.4%

Columbia Short-Term Cash Fund, 0.077%^(a)(c)	139,047,874	139,047,874
Total Money Market Funds (Cost: $139,047,874)		139,047,874
Total Investments (Cost: $1,519,652,438)		1,658,006,960
Other Assets and Liabilities		6,591,530
Net Assets		1,664,598,490

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

Annual Report 2014
35

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $7,239,610 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO STOXX 50		909	EUR		36,999,710	03/2014		667,212		—
FTSE 100 INDEX		191	GBP		20,278,698	03/2014		—		(40,725	)
HANG SENG INDEX		18	HKD		2,551,341	02/2014		5,546		—
MSCI SING IX ETS		25	SGD		1,348,737	02/2014		3,780		—
S&P MID 400 EMINI		198	USD		25,943,940	03/2014		486,593		—
S&P 500 EMINI		192	USD		17,055,360	03/2014		78,250		—
SPI 200		61	AUD		6,863,869	03/2014		77,357		—
TOPIX INDEX		160	JPY		19,027,112	03/2014		—		(303,814	)
US 10YR NOTE		117	USD		14,712,750	03/2014		61,911		—
US LONG BOND		40	USD		5,343,750	03/2014		121,791		—
Total								1,502,440		(344,539	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		—		10,169,275		(40,247	)		(57	)		10,128,971		—		—		9,319,349
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		24,935,143		4,046,090		(95,817	)		1,976			28,887,392		—		937,127		27,961,401
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		36,503,547		(638,737	)		(2,487	)		35,862,323		—		212,622		34,944,977
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		26,834,487		1,063,889		(28,328,902	)		430,526			—		—		—		—

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

Annual Report 2014
36

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Acorn International, Class I Shares		5,571,949		68,340		(6,861,904	)		1,221,615			—		—		67,134		—
Columbia Contrarian Core Fund, Class I Shares		66,287,264		20,864,926		(9,777,525	)		1,499,035			78,873,700		5,904,812		986,695		108,845,630
Columbia Convertible Securities Fund, Class I Shares		37,164,165		940,777		(29,586,752	)		4,215,867			12,734,057		—		915,753		16,984,911
Columbia Corporate Income Fund, Class I Shares		105,013,134		52,889,210		(1,353,647	)		5,072			156,553,769		4,979,217		3,955,690		156,100,420
Columbia Dividend Income Fund, Class I Shares		41,761,782		1,739,695		(56,537,710	)		13,036,233			—		560,748		975,390		—
Columbia Dividend Opportunity Fund, Class I Shares		29,050,913		706,774		(46,304,093	)		16,546,406			—		—		635,280		—
Columbia Emerging Markets Bond Fund, Class I Shares		27,223,389		3,323,957		(224,043	)		7,290			30,330,593		386,341		1,717,652		29,139,475
Columbia Emerging Markets Fund, Class I Shares		43,323,419		6,020,255		(18,451,000	)		(1,081,717	)		29,810,957		—		210,537		29,376,034
Columbia European Equity Fund, Class I Shares		61,659,902		3,963,388		(8,114,725	)		2,230,904			59,739,469		2,952,403		874,454		78,797,743
Columbia Flexible Capital Income Fund, Class I Shares		7,145,124		600,288		(584,714	)		106,495			7,267,193		241,073		350,970		8,698,895
Columbia Greater China Fund, Class I Shares		18,291,674		301,025		(19,624,648	)		1,031,949			—		—		—		—
Columbia Income Opportunities Fund, Class I Shares		59,076,436		44,317,117		(917,874	)		228,986			102,704,665		—		4,677,459		109,142,851
Columbia Inflation Protected Securities Fund, Class I Shares		22,356,202		2,278,725		(8,220,169	)		323,092			16,737,850		796,370		109,511		14,763,226

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

Annual Report 2014
37

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Intermediate Bond Fund, Class I Shares		217,348,681		33,152,195		(26,157,981	)		1,810,799			226,153,694		4,212,962		6,227,580		223,398,751
Columbia Large Cap Growth Fund, Class I Shares		17,577,352		1,583,819		(4,215,239	)		2,179,958			17,125,890		1,374,323		180,998		29,171,384
Columbia Large Core Quantitative Fund, Class I Shares		49,037,558		1,607,293		(7,278,316	)		3,817,537			47,184,072		—		1,509,696		69,674,018
Columbia Large Growth Quantitative Fund, Class I Shares		43,387,039		9,990,209		(5,180,084	)		180,965			48,378,129		9,225,152		678,051		52,944,327
Columbia Large Value Quantitative Fund, Class I Shares		—		77,265,278		(19,112	)		(847	)		77,245,319		1,721,206		472,326		73,318,400
Columbia Limited Duration Credit Fund, Class I Shares		44,047,161		5,914,354		(13,122,743	)		971,225			37,809,997		384,041		1,039,461		37,717,805
Columbia Mid Cap Growth Fund, Class I Shares		61,674,204		3,530,946		(42,115,941	)		8,590,768			31,679,977		3,403,054		—		36,964,985
Columbia Mid Cap Value Fund, Class I Shares		25,280,542		2,176,995		(16,413,880	)		3,744,011			14,787,668		1,937,199		216,417		18,363,206
Columbia Mid Cap Value Opportunity Fund, Class I Shares		22,371,241		1,588,485		(26,331,323	)		14,873,625			12,502,028		1,281,417		251,708		18,251,715
Columbia Overseas Value Fund, Class I Shares		—		8,405,206		—			—			8,405,206		—		—		8,128,165
Columbia Pacific/Asia Fund, Class I Shares		57,007,991		2,530,869		(8,460,262	)		822,726			51,901,324		—		1,709,347		57,997,608
Columbia Select Large Cap Equity Fund, Class I Shares		21,921,631		8,954,891		(1,745,678	)		129,965			29,260,809		8,555,850		333,926		26,982,561
Columbia Select Large Cap Growth Fund, Class I Shares		36,823,290		1,783,655		(10,565,852	)		2,409,729			30,450,822		1,735,923		—		46,755,563

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

Annual Report 2014
38

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Select Large-Cap Value Fund, Class I Shares		26,120,578		1,442,134		(3,846,542	)		1,381,926		25,098,096		717,073		570,730		37,204,977
Columbia Select Smaller-Cap Value Fund, Class I Shares		15,585,003		1,017,089		(4,916,857	)		958,810		12,644,045		1,010,203		—		16,473,894
Columbia Short-Term Cash Fund		5,311,411		194,219,796		(60,483,333	)		—		139,047,874		—		43,901		139,047,874
Columbia Small Cap Core Fund, Class I Shares		23,661,151		2,078,139		(5,459,604	)		856,402		21,136,088		1,944,424		79,389		24,715,005
Columbia Small Cap Growth Fund I, Class I Shares		8,605,454		1,248,728		(1,900,140	)		50,260		8,004,302		1,216,258		—		8,380,286
Columbia U.S. Government Mortgage Fund, Class I Shares		150,015,008		10,249,814		(49,098,047	)		39,384		111,206,159		318,694		4,227,726		108,441,524
Total		1,401,470,278		558,537,173		(522,973,441	)		82,618,428		1,519,652,438		54,858,743		34,167,530		1,658,006,960

(b) Non-income producing.

Currency Legend

AUD Australian Dollar

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

SGD Singapore Dollar

USD US Dollar

Fair Value Measurements

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

Annual Report 2014
39

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Fair Value Measurements (continued)

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

> 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 2014
40

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Portfolio

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		742,345,501			—		—		742,345,501
Fixed-Income Funds		695,688,963			—		—		695,688,963
Alternative Investment Funds		80,924,622			—		—		80,924,622
Money Market Funds		139,047,874			—		—		139,047,874
Total Mutual Funds		1,658,006,960			—		—		1,658,006,960
Investments in Securities		1,658,006,960			—		—		1,658,006,960
Derivatives
Assets
Futures Contracts		1,502,440			—		—		1,502,440
Liabilities
Futures Contracts		(344,539	)		—		—		(344,539	)
Total		1,659,164,861			—		—		1,659,164,861

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 2014
41

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 56.5%

	Shares		Value ($)
International 11.9%
Columbia Emerging Markets Fund, Class I Shares^(a)		8,952,289		86,747,682
Columbia European Equity Fund, Class I Shares^(a)		10,248,468		75,428,720
Columbia Overseas Value Fund, Class I Shares^(a)		4,190,170		36,873,497
Columbia Pacific/Asia Fund, Class I Shares^(a)		9,090,506		78,269,256
Total				277,319,155
U.S. Large Cap 33.4%
Columbia Contrarian Core Fund, Class I Shares^(a)		7,918,266		156,702,475
Columbia Large Cap Growth Fund, Class I Shares^(a)		2,236,336		74,313,447
Columbia Large Core Quantitative Fund, Class I Shares^(a)		16,998,632		138,708,840
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		7,141,386		59,202,087
Columbia Large Value Quantitative Fund, Class I Shares^(a)		17,310,378		148,349,939
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		2,828,601		35,329,225
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		4,726,444		90,747,734
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		3,591,747		75,857,701
Total				779,211,448
U.S. Mid Cap 7.1%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		2,618,706		82,410,678
Columbia Mid Cap Value Fund, Class I Shares^(a)		2,346,719		41,184,911
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		3,925,621		41,062,002
Total				164,657,591
U.S. Small Cap 4.1%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)(b)		2,108,599		16,215,126
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		144,887		3,235,318
Columbia Small Cap Core Fund, Class I Shares^(a)		647,023		12,688,122
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		1,436,410		46,927,527

Equity Funds (continued)

	Shares		Value ($)
Columbia Small Cap Value Fund II, Class I Shares^(a)		974,507		17,463,165
Total				96,529,258
Total Equity Funds (Cost: $1,091,846,498)				1,317,717,452

Fixed-Income Funds 27.2%

Convertible 1.0%
Columbia Convertible Securities Fund, Class I Shares^(a)	1,290,299	23,857,626
Emerging Markets 1.3%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	2,723,847	29,281,353
High Yield 6.8%
Columbia High Yield Bond Fund, Class I Shares^(a)	7,924,798	23,615,898
Columbia Income Opportunities Fund, Class I Shares^(a)	13,470,925	135,382,800
Total		158,998,698
International 0.9%
Columbia International Bond Fund, Class I Shares^(a)	1,876,664	20,249,206
Investment Grade 17.2%
Columbia Corporate Income Fund, Class I Shares^(a)	21,902,270	219,679,769
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)	31,290,562	169,281,939
Columbia U.S. Treasury Index Fund, Class I Shares^(a)	1,046,104	11,517,610
Total		400,479,318
Total Fixed-Income Funds (Cost: $628,678,450)		632,866,201

Alternative Investment Funds 4.3%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	1,437,729	13,270,243
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)	2,365,719	23,113,078
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)	4,303,168	42,429,232

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

Annual Report 2014
42

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Alternative Investment Funds (continued)

	Shares		Value ($)
Columbia Commodity Strategy Fund, Class I Shares^(a)(b)		1,886,578		15,356,741
Columbia Flexible Capital Income Fund, Class I Shares^(a)		543,190		6,512,848
Total Alternative Investment Funds (Cost: $105,262,903)				100,682,142

Common Stocks —%

Issuer	Shares		Value ($)
Consumer Staples —%
Food Products —%
China Milk Products Group Ltd.^(b)(c)(d)		322,000		10,088
Total				10,088
Total Consumer Staples				10,088
Total Common Stocks (Cost: $172,880)				10,088

Money Market Funds 11.5%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.077%^(a)(e)		269,023,971		269,023,971
Total Money Market Funds (Cost: $269,023,971)				269,023,971
Total Investments (Cost: $2,094,984,702)				2,320,299,854
Other Assets and Liabilities				11,771,960
Net Assets				2,332,071,814

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $13,154,997 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO STOXX 50		1,288	EUR		52,426,432	03/2014		945,400		—
FTSE 100 INDEX		448	GBP		47,564,695	03/2014		—		(95,524	)
HANG SENG INDEX		26	HKD		3,685,270	02/2014		8,010		—
MSCI SING IX ETS		35	SGD		1,888,232	02/2014		5,292		—
S&P MID 400 EMINI		360	USD		47,170,800	03/2014		884,718		—
S&P 500 EMINI		545	USD		48,412,350	03/2014		222,115		—
SPI 200		87	AUD		9,789,452	03/2014		110,329		—
TOPIX INDEX		381	JPY		45,308,310	03/2014		—		(723,456	)
US 10YR NOTE		46	USD		5,784,500	03/2014		24,341		—
Total								2,200,205		(818,980	)

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

Annual Report 2014
43

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		20,431,617		590,474		—		(6,309,223	)		(189,714	)		14,523,154		—		—		13,270,243
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		—		2,188,934		22,096,487		(471,348	)		16,532			23,830,605		—		775,535		23,113,078
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		—		43,265,702		11,238,242		(11,018,830	)		301,771			43,786,885		—		258,581		42,429,232
Columbia Absolute Return Multi-Strategy Fund, Class I Shares		28,385,193		4,042,184		—		(32,760,225	)		332,848			—		—		—		—
Columbia Acorn International, Class I Shares		—		5,690,068		5,197,321		(12,500,799	)		1,613,410			—				62,612		—
Columbia Commodity Strategy Fund, Class I Shares		15,822,726		2,478,143		—		(557,700	)		(61,949	)		17,681,220		—		—		15,356,741
Columbia Contrarian Core Fund, Class I Shares		61,074,118		15,598,903		58,361,771		(25,697,979	)		6,205,701			115,542,514		8,526,789		1,424,828		156,702,475
Columbia Convertible Securities Fund, Class I Shares		20,181,499		1,071,743		22,870,971		(29,433,698	)		4,872,973			19,563,488		—		1,071,609		23,857,626
Columbia Corporate Income Fund, Class I Shares		87,819,499		30,648,444		114,120,451		(14,700,937	)		874,447			218,761,904		7,010,977		6,451,605		219,679,769

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

Annual Report 2014
44

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Diversified Equity Income Fund, Class I Shares		—		507,353		18,294,184		(33,082,300	)		14,280,763			—				498,886		—
Columbia Dividend Income Fund, Class I Shares		28,016,458		2,185,034		21,066,396		(67,612,210	)		16,344,322			—		788,882		1,297,444		—
Columbia Dividend Opportunity Fund, Class I Shares		29,380,802		934,551		18,004,662		(68,445,645	)		20,125,630			—		—		918,513		—
Columbia Emerging Markets Bond Fund, Class I Shares		18,857,088		2,580,010		10,239,918		(789,040	)		63,827			30,951,803		388,821		1,698,818		29,281,353
Columbia Emerging Markets Fund, Class I Shares		59,828,969		5,949,537		37,874,525		(13,753,201	)		(1,770,186	)		88,129,644		—		575,519		86,747,682
Columbia European Equity Fund, Class I Shares		5,010,513		3,707,267		58,735,854		(12,268,972	)		2,681,790			57,866,452		2,841,587		841,632		75,428,720
Columbia Flexible Capital Income Fund, Class I Shares		—		444,043		5,371,536		(456,295	)		81,755			5,441,039		180,755		263,015		6,512,848
Columbia Greater China Fund, Class I Shares		10,697,282		51,263		21,604,692		(35,435,480	)		3,082,243			—		—		—		—
Columbia High Yield Bond Fund, Class I Shares		15,467,222		7,954,881		—		(685,829	)		54,511			22,790,785		—		1,168,471		23,615,898
Columbia Income Opportunities Fund, Class I Shares		29,961,446		54,811,748		48,243,744		(3,635,576	)		537,147			129,918,509		—		5,526,644		135,382,800
Columbia Inflation Protected Securities Fund, Class I Shares		—		28,885,983		11,015,504		(39,294,079	)		(607,408	)		—				120,199		—

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

Annual Report 2014
45

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia International Bond Fund, Class I Shares		19,948,943		1,708,055		—		(690,852	)		8,938			20,975,084		—		157,449		20,249,206
Columbia Large Cap Growth Fund, Class I Shares		26,644,877		4,013,826		26,827,041		(11,226,765	)		2,444,480			48,703,459		3,517,066		463,196		74,313,447
Columbia Large Core Quantitative Fund, Class I Shares		73,178,103		3,081,473		39,425,893		(24,822,901	)		11,773,110			102,635,678		—		3,009,902		138,708,840
Columbia Large Growth Quantitative Fund, Class I Shares		21,908,974		11,174,517		32,754,615		(11,426,508	)		1,822,677			56,234,275		10,328,149		759,121		59,202,087
Columbia Large Value Quantitative Fund, Class I Shares		19,968,324		139,393,608		—		(8,287,990	)		1,359,583			152,433,525		3,343,488		917,505		148,349,939
Columbia Limited Duration Credit Fund, Class I Shares		31,001,809		971,749		—		(31,801,752	)		(171,806	)		—		—		316,143		—
Columbia Mid Cap Growth Fund, Class I Shares		45,997,749		7,676,295		55,114,532		(47,913,787	)		8,317,913			69,192,702		7,634,709		—		82,410,678
Columbia Mid Cap Value Fund, Class I Shares		43,114,554		5,088,531		31,775,546		(61,717,338	)		15,700,157			33,961,450		4,448,996		617,088		41,184,911
Columbia Mid Cap Value Opportunity Fund, Class I Shares		—		5,279,206		21,073,866		(5,055,716	)		2,890,006			24,187,362		2,896,133		568,885		41,062,002
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		—		1,635,885		8,061,074		(2,220,547	)		1,372,189			8,848,601		1,624,836		—		16,215,126
Columbia Overseas Value Fund, Class I Shares		24,626,781		12,002,843		—		(2,894,549	)		240,402			33,975,477		—		481,493		36,873,497

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

Annual Report 2014
46

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)		Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Pacific/Asia Fund, Class I Shares		25,666,223		2,592,749		54,979,552		(13,342,657	)		823,746		70,719,613		—		2,328,197		78,269,256
Columbia Real Estate Equity Fund, Class I Shares		—		729,339		8,978,990		(12,130,239	)		2,421,910		—		73,100		189,048		—
Columbia Select Large Cap Equity Fund, Class I Shares		—		11,972,999		30,398,085		(4,630,895	)		379,654		38,119,843		11,498,038		441,903		35,329,225
Columbia Select Large Cap Growth Fund, Class I Shares		38,937,654		3,398,285		35,656,369		(21,119,870	)		5,617,792		62,490,230		3,397,152		—		90,747,734
Columbia Select Large-Cap Value Fund, Class I Shares		10,015,392		24,736,005		31,223,593		(12,214,756	)		3,488,753		57,248,987		1,465,682		1,166,561		75,857,701
Columbia Select Smaller-Cap Value Fund, Class I Shares		—		199,756		2,916,104		(711,604	)		118,233		2,522,489		198,828		—		3,235,318
Columbia Short-Term Cash Fund		21,553,489		425,375,483		9,599,712		(187,504,713	)		—		269,023,971		—		93,390		269,023,971
Columbia Small Cap Core Fund, Class I Shares		—		1,051,400		11,542,641		(2,084,340	)		348,581		10,858,282		1,001,577		40,893		12,688,122
Columbia Small Cap Growth Fund I, Class I Shares		39,223,375		6,902,748		18,921,537		(23,684,964	)		2,084,449		43,447,145		6,844,042		—		46,927,527
Columbia Small Cap Value Fund I, Class I Shares		15,919,496		71		—		(16,664,777	)		745,210		—		—		—		—
Columbia Small Cap Value Fund II, Class I Shares		20,426,189		2,176,275		—		(9,505,121	)		1,631,427		14,728,770		2,043,541		124,938		17,463,165

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

Annual Report 2014
47

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Received in Merger ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia U.S. Government Mortgage Fund, Class I Shares		71,979,881		8,512,000		113,337,038		(20,834,874	)		498,815			173,492,860		499,869		5,168,161		169,281,939
Columbia U.S. Treasury Index Fund, Class I Shares		—		960,615		11,635,389		(359,028	)		(12,959	)		12,224,017		125,110		154,960		11,517,610
Total		981,046,245		894,219,978		1,028,557,835		(941,755,909	)		132,743,673			2,094,811,822		80,678,127		39,952,744		2,320,289,766

(b) Non-income producing.

(c) Identifies issues considered by the Investment Manager to be illiquid as to their marketability. The aggregate value of such securities at January 31, 2014 was $10,088, representing less than 0.01% of net assets. Information concerning such security holdings at January 31, 2014 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, 2014, the value of these securities amounted to $10,088, which represents less than 0.01% of net assets.

(e) The rate shown is the seven-day current annualized yield at January 31, 2014.

Currency Legend

AUD Australian Dollar

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

SGD Singapore Dollar

USD US Dollar

Fair Value Measurements

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

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

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

Annual Report 2014
48

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Fair Value Measurements (continued)

> 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 2014
49

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Moderate Aggressive Portfolio

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		1,317,717,452			—		—		1,317,717,452
Fixed-Income Funds		632,866,201			—		—		632,866,201
Alternative Investment Funds		100,682,142			—		—		100,682,142
Money Market Funds		269,023,971			—		—		269,023,971
Total Mutual Funds		2,320,289,766			—		—		2,320,289,766
Equity Securities
Common Stocks
Consumer Staples		—			—		10,088		10,088
Total Equity Securities		—			—		10,088		10,088
Investments in Securities		2,320,289,766			—		10,088		2,320,299,854
Derivatives
Assets
Futures Contracts		2,200,205			—		—		2,200,205
Liabilities
Futures Contracts		(818,980	)		—		—		(818,980	)
Total		2,321,670,991			—		10,088		2,321,681,079

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 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.

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

Annual Report 2014
50

Columbia Capital Allocation Portfolios

Portfolio of Investments

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

(Percentages represent value of investments compared to net assets)

Equity Funds 72.6%

	Shares		Value ($)
International 18.4%
Columbia Emerging Markets Fund, Class I Shares^(a)		3,532,103		34,226,076
Columbia European Equity Fund, Class I Shares^(a)		6,518,001		47,972,489
Columbia Overseas Value Fund, Class I Shares^(a)		356,450		3,136,760
Columbia Pacific/Asia Fund, Class I Shares^(a)		3,732,500		32,136,829
Total				117,472,154
U.S. Large Cap 39.8%
Columbia Contrarian Core Fund, Class I Shares^(a)		2,560,559		50,673,459
Columbia Large Cap Growth Fund, Class I Shares^(a)		594,857		19,767,115
Columbia Large Core Quantitative Fund, Class I Shares^(a)		4,050,019		33,048,155
Columbia Large Growth Quantitative Fund, Class I Shares^(a)		2,380,684		19,735,867
Columbia Large Value Quantitative Fund, Class I Shares^(a)		5,115,025		43,835,767
Columbia Select Large Cap Equity Fund, Class I Shares^(a)		2,159,170		26,968,027
Columbia Select Large Cap Growth Fund, Class I Shares^(a)(b)		1,874,594		35,992,212
Columbia Select Large-Cap Value Fund, Class I Shares^(a)		1,139,509		24,066,435
Total				254,087,037
U.S. Mid Cap 10.1%
Columbia Mid Cap Growth Fund, Class I Shares^(a)(b)		1,024,887		32,253,199
Columbia Mid Cap Value Fund, Class I Shares^(a)		737,956		12,951,116
Columbia Mid Cap Value Opportunity Fund, Class I Shares^(a)		1,844,169		19,290,008
Total				64,494,323
U.S. Small Cap 4.3%
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares^(a)(b)		828,323		6,369,804
Columbia Select Smaller-Cap Value Fund, Class I Shares^(a)(b)		212,531		4,745,822
Columbia Small Cap Core Fund, Class I Shares^(a)		518,993		10,177,454

Equity Funds (continued)

	Shares		Value ($)
Columbia Small Cap Growth Fund I, Class I Shares^(a)(b)		196,998		6,435,905
Total				27,728,985
Total Equity Funds (Cost: $375,205,062)				463,782,499

Fixed-Income Funds 13.0%

Emerging Markets 0.5%
Columbia Emerging Markets Bond Fund, Class I Shares^(a)	294,928	3,170,479
High Yield 4.8%
Columbia High Yield Bond Fund, Class I Shares^(a)	3,249,311	9,682,948
Columbia Income Opportunities Fund, Class I Shares^(a)	2,083,692	20,941,106
Total		30,624,054
Investment Grade 7.7%
Columbia Corporate Income Fund, Class I Shares^(a)	3,255,008	32,647,729
Columbia U.S. Government Mortgage Fund, Class I Shares^(a)	3,001,044	16,235,646
Total		48,883,375
Total Fixed-Income Funds (Cost: $82,165,944)		82,677,908

Alternative Investment Funds 3.1%

Columbia Absolute Return Currency and Income Fund, Class I Shares^(a)(b)	��	175,516	1,620,011
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares^(a)		655,318	6,402,454
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares^(a)		336,034	3,313,294
Columbia Commodity Strategy Fund, Class I Shares^(a)(b)		624,981	5,087,348
Columbia Flexible Capital Income Fund, Class I Shares^(a)		278,333	3,337,215
Total Alternative Investment Funds (Cost: $19,903,201)			19,760,322

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

Annual Report 2014
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Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

Money Market Funds 10.8%

	Shares		Value ($)
Columbia Short-Term Cash Fund, 0.077%^(a)(c)		68,866,948		68,866,948
Total Money Market Funds (Cost: $68,866,948)				68,866,948
Total Investments (Cost: $546,141,155)				635,087,677
Other Assets and Liabilities				3,411,138
Net Assets				638,498,815

Investments in Derivatives

Futures Contracts Outstanding at January 31, 2014

At January 31, 2014, cash totaling $3,557,303 was pledged as collateral to cover initial margin requirements on open futures contracts.

Contract Description	Number of Contracts Long (Short)		Trading Currency	Notional Market Value ($)		Expiration Date	Unrealized Appreciation ($)		Unrealized Depreciation ($)
EURO STOXX 50		357	EUR		14,531,239	03/2014		262,040		—
FTSE 100 INDEX		75	GBP		7,962,840	03/2014		—		(15,992	)
HANG SENG INDEX		8	HKD		1,133,929	02/2014		2,465		—
MSCI SING IX ETS		9	SGD		485,545	02/2014		1,361		—
S&P MID 400 EMINI		123	USD		16,116,690	03/2014		302,279		—
S&P 500 EMINI		198	USD		17,588,340	03/2014		80,695		—
SPI 200		24	AUD		2,700,538	03/2014		30,436		—
TOPIX INDEX		63	JPY		7,491,925	03/2014		—		(119,627	)
Total								679,276		(135,619	)

Notes to Portfolio of Investments

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Absolute Return Currency and Income Fund, Class I Shares		—		6,697,226		(4,894,222	)		(59,067	)		1,743,937		—		—		1,620,011
Columbia Absolute Return Emerging Markets Macro Fund, Class I Shares		10,428,525		2,334,074		(6,204,046	)		88,477			6,647,030		—		214,640		6,402,454
Columbia Absolute Return Enhanced Multi-Strategy Fund, Class I Shares		5,334,729		15,060,889		(17,150,072	)		155,026			3,400,572		—		17,918		3,313,294
Columbia Acorn International, Class I Shares		3,690,678		49,236		(4,691,117	)		951,203			—		—		45,669		—

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

Annual Report 2014
52

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Commodity Strategy Fund, Class I Shares		—		6,676,301		(1,332,440	)		(32,969	)		5,310,892		—		—		5,087,348
Columbia Contrarian Core Fund, Class I Shares		34,611,910		4,504,001		(3,831,964	)		473,754			35,757,701		2,740,782		457,985		50,673,459
Columbia Corporate Income Fund, Class I Shares		30,537,906		10,779,083		(8,740,277	)		164,126			32,740,838		1,122,591		1,052,960		32,647,729
Columbia Diversified Equity Income Fund, Class I Shares		10,872,643		602,172		(19,903,225	)		8,428,410			—		—		295,634		—
Columbia Dividend Income Fund, Class I Shares		12,623,770		782,425		(17,539,772	)		4,133,577			—		214,267		340,842		—
Columbia Dividend Opportunity Fund, Class I Shares		11,167,781		288,958		(18,274,341	)		6,817,602			—		—		209,901		—
Columbia Emerging Markets Bond Fund, Class I Shares		—		6,329,490		(3,048,878	)		7,960			3,288,572		42,451		156,413		3,170,479
Columbia Emerging Markets Fund, Class I Shares		21,250,020		14,010,707		(1,823,878	)		108,509			33,545,358		—		221,778		34,226,076
Columbia European Equity Fund, Class I Shares		38,773,787		2,387,525		(6,168,343	)		1,519,412			36,512,381		1,772,236		524,908		47,972,489
Columbia Flexible Capital Income Fund, Class I Shares		2,588,587		289,494		(93,062	)		15,752			2,800,771		91,853		130,193		3,337,215
Columbia Greater China Fund, Class I Shares		15,448,229		347,045		(17,790,862	)		1,995,588			—		—		—		—
Columbia High Yield Bond Fund, Class I Shares		—		9,742,169		(32,486	)		(155	)		9,709,528		—		294,498		9,682,948
Columbia Income Opportunities Fund, Class I Shares		16,852,840		3,115,742		(141,589	)		23,098			19,850,091		—		1,035,495		20,941,106
Columbia Large Cap Growth Fund, Class I Shares		10,603,738		1,064,832		(1,121,749	)		284,297			10,831,118		926,148		121,973		19,767,115
Columbia Large Core Quantitative Fund, Class I Shares		21,086,161		1,106,182		(2,303,393	)		401,184			20,290,134		—		710,698		33,048,155
Columbia Large Growth Quantitative Fund, Class I Shares		15,115,258		3,771,811		(1,511,089	)		630,212			18,006,192		3,412,881		250,848		19,735,867
Columbia Large Value Quantitative Fund, Class I Shares		—		45,966,722		—			—			45,966,722		569,236		156,207		43,835,767
Columbia Mid Cap Growth Fund, Class I Shares		38,291,293		3,076,261		(16,071,986	)		1,475,616			26,771,184		2,954,528		—		32,253,199
Columbia Mid Cap Value Fund, Class I Shares		15,479,714		1,488,834		(8,194,161	)		1,737,450			10,511,837		1,346,369		131,904		12,951,116
Columbia Mid Cap Value Opportunity Fund, Class I Shares		12,672,069		1,712,863		(5,725,762	)		3,158,996			11,818,166		1,343,583		263,919		19,290,008
Columbia Multi-Advisor Small Cap Value Fund, Class I Shares		3,536,431		647,426		(799,863	)		484,063			3,868,057		629,686		—		6,369,804
Columbia Overseas Value Fund, Class I Shares		—		3,243,671		—			—			3,243,671		—		—		3,136,760

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

Annual Report 2014
53

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

Notes to Portfolio of Investments (continued)

Issuer	Beginning Cost ($)		Purchase Cost ($)		Proceeds From Sales ($)			Realized Gain (Loss) ($)			Ending Cost ($)		Capital Gain Distributions ($)		Dividends — Affiliated Issuers ($)		Value ($)
Columbia Pacific/Asia Fund, Class I Shares		30,141,151		3,784,664		(5,894,191	)		1,047,074			29,078,698		—		883,550		32,136,829
Columbia Real Estate Equity Fund, Class I Shares		8,313,334		1,322,251		(12,068,755	)		2,433,170			—		71,894		186,528		—
Columbia Select Large Cap Equity Fund, Class I Shares		21,130,958		9,467,218		(1,501,581	)		136,388			29,232,983		8,358,185		330,331		26,968,027
Columbia Select Large Cap Growth Fund, Class I Shares		27,192,830		1,420,418		(6,070,133	)		1,373,861			23,916,976		1,326,507		—		35,992,212
Columbia Select Large-Cap Value Fund, Class I Shares		17,312,658		1,655,727		(2,130,939	)		715,919			17,553,365		459,521		365,740		24,066,435
Columbia Select Smaller-Cap Value Fund, Class I Shares		4,160,623		289,597		(969,414	)		238,944			3,719,750		288,522		—		4,745,822
Columbia Short-Term Cash Fund		5,165,113		88,116,144		(24,414,310	)		—			68,866,947		—		24,437		68,866,948
Columbia Small Cap Core Fund, Class I Shares		8,967,395		868,724		(1,380,712	)		201,555			8,656,962		795,989		32,499		10,177,454
Columbia Small Cap Growth Fund I, Class I Shares		10,956,818		968,361		(6,128,550	)		127,178			5,923,807		927,577		—		6,435,905
Columbia U.S. Government Mortgage Fund, Class I Shares		26,652,053		2,177,670		(12,101,150	)		(151,658	)		16,576,915		55,332		687,043		16,235,646
Total		490,959,002		256,145,913		(240,048,312	)		39,084,552			546,141,155		29,450,138		9,144,511		635,087,677

(b) Non-income producing.

Currency Legend

AUD Australian Dollar

EUR Euro

GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

SGD Singapore Dollar

USD US Dollar

Fair Value Measurements

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

Annual Report 2014
54

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

Fair Value Measurements (continued)

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

> 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 2014
55

Columbia Capital Allocation Portfolios

Portfolio of Investments (continued)

Columbia Capital Allocation Aggressive Portfolio

January 31, 2014

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at January 31, 2014:

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		463,782,499			—		—		463,782,499
Fixed-Income Funds		82,677,908			—		—		82,677,908
Alternative Investment Funds		19,760,322			—		—		19,760,322
Money Market Funds		68,866,948			—		—		68,866,948
Total Mutual Funds		635,087,677			—		—		635,087,677
Investments in Securities		635,087,677			—		—		635,087,677
Derivatives
Assets
Futures Contracts		679,276			—		—		679,276
Liabilities
Futures Contracts		(135,619	)		—		—		(135,619	)
Total		635,631,334			—		—		635,631,334

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 2014
56

Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities

January 31, 2014

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Assets
Investments, at value
Affiliated issuers (identified cost $324,082,581, $669,114,325, $1,519,652,438)	$	325,726,990	$	692,876,188		$	1,658,006,960
Margin deposits		685,633		1,692,489			7,239,610
Receivable for:
Investments sold		167,039		296,356			221,172
Capital shares sold		137,730		534,056			1,073,741
Dividends		465,657		916,968			1,867,010
Variation margin		42,656		77,274			61,827
Prepaid expenses		2,282		3,208			5,791
Other assets		16,272		6,591			16,272
Total assets		327,244,259		696,403,130			1,668,492,383
Liabilities
Payable for:
Investments purchased		463,280		913,685			1,856,164
Capital shares purchased		399,699		1,100,309			1,490,601
Variation margin		19,409		55,814			303,536
Investment management fees		482		680			2,226
Distribution and/or service fees		3,456		6,942			16,248
Transfer agent fees		24,569		57,758			110,495
Administration fees		179		382			915
Plan administration fees		1		—			2
Compensation of board members		67,301		16,334			14,676
Other expenses		38,020		54,604			99,030
Total liabilities		1,016,396		2,206,508			3,893,893
Net assets applicable to outstanding capital stock	$	326,227,863	$	694,196,622		$	1,664,598,490
Represented by
Paid-in capital	$	314,611,180	$	640,043,690		$	1,449,083,574
Undistributed net investment income		113,082		662,611			802,679
Accumulated net realized gain		9,688,427		29,358,140			75,183,309
Unrealized appreciation (depreciation) on:
Investments — affiliated issuers		1,644,409		23,761,863			138,354,522
Foreign currency translations		184		(79	)		16,505
Futures contracts		170,581		370,397			1,157,901
Total — representing net assets applicable to outstanding capital stock	$	326,227,863	$	694,196,622		$	1,664,598,490

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

Annual Report 2014
57

Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities (continued)

January 31, 2014

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Class A
Net assets	$	263,333,574		$	553,592,629		$	1,425,903,864
Shares outstanding		25,475,976			48,702,942			118,835,984
Net asset value per share	$	10.34		$	11.37		$	12.00
Maximum offering price per share^(a)	$	10.86		$	12.06		$	12.73
Class B
Net assets	$	12,454,255		$	27,184,323		$	71,473,027
Shares outstanding		1,208,490			2,403,521			5,984,122
Net asset value per share	$	10.31		$	11.31		$	11.94
Class C
Net assets	$	47,435,131		$	85,755,563		$	162,356,869
Shares outstanding		4,612,938			7,634,051			13,620,982
Net asset value per share	$	10.28		$	11.23		$	11.92
Class K
Net assets	$	98,873		$	56,310		$	358,518
Shares outstanding		9,652			5,017			29,902
Net asset value per share	$	10.24		$	11.22		$	11.99
Class R
Net assets	$	179,388		$	2,242,661		$	1,147,060
Shares outstanding		17,362			197,021			95,809
Net asset value per share	$	10.33		$	11.38		$	11.97
Class R4
Net assets	$	2,442		$	2,498		$	2,516
Shares outstanding		237			221			212
Net asset value per share	$	10.29	^(b)	$	11.29	^(b)	$	11.90	^(b)
Class R5
Net assets	$	2,442		$	73,652		$	2,516
Shares outstanding		237			6,527			212
Net asset value per share	$	10.29	^(b)	$	11.28		$	11.90	^(b)
Class Y
Net assets	$	2,442		$	2,468		$	2,516
Shares outstanding		237			221			212
Net asset value per share	$	10.29	^(b)	$	11.18	^(b)	$	11.90	^(b)

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

Annual Report 2014
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Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities (continued)

January 31, 2014

	Columbia Capital Allocation Conservative Portfolio		Columbia Capital Allocation Moderate Conservative Portfolio		Columbia Capital Allocation Moderate Portfolio
Class Z
Net assets	$	2,719,316	$	25,286,518	$	3,351,604
Shares outstanding		263,147		2,248,624		279,599
Net asset value per share	$	10.33	$	11.25	$	11.99

(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) 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 2014
59

Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities (continued)

January 31, 2014

	Columbia Capital Allocation Moderate Aggressive Portfolio		Columbia Capital Allocation Aggressive Portfolio
Assets
Investments, at value
Unaffiliated issuers (identified cost $172,880, $—)	$	10,088	$	—
Affiliated issuers (identified cost $2,094,811,822, $546,141,155)		2,320,289,766		635,087,677
Total investments (identified cost $2,094,984,702, $546,141,155)		2,320,299,854		635,087,677
Margin deposits		13,154,997		3,557,303
Receivable for:
Investments sold		414,977		270,866
Capital shares sold		1,275,863		515,794
Dividends		1,827,266		280,016
Reclaims		455		—
Variation margin		37,573		7,545
Prepaid expenses		7,311		3,503
Trustees' deferred compensation plan		118,178		—
Other assets		6,591		16,272
Total assets		2,337,143,065		639,738,976
Liabilities
Disbursements in excess of cash		25		—
Payable for:
Investments purchased		1,818,433		274,630
Capital shares purchased		1,910,214		691,153
Variation margin		704,328		147,536
Investment management fees		4,258		1,090
Distribution and/or service fees		21,341		6,086
Transfer agent fees		241,495		49,388
Administration fees		1,283		352
Plan administration fees		1		1
Compensation of board members		113,145		11,299
Other expenses		138,550		58,626
Trustees' deferred compensation plan		118,178		—
Total liabilities		5,071,251		1,240,161
Net assets applicable to outstanding capital stock	$	2,332,071,814	$	638,498,815

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

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Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities (continued)

January 31, 2014

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Represented by
Paid-in capital	$	2,003,481,228		$	543,451,267
Undistributed net investment income		2,698,172			2,843,827
Accumulated net realized gain		99,141,153			2,711,387
Unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(162,792	)		—
Investments — affiliated issuers		225,477,944			88,946,522
Foreign currency translations		54,884			2,155
Futures contracts		1,381,225			543,657
Total — representing net assets applicable to outstanding capital stock	$	2,332,071,814		$	638,498,815
Class A
Net assets	$	1,805,239,306		$	554,189,345
Shares outstanding		138,802,911			43,228,384
Net asset value per share	$	13.01		$	12.82
Maximum offering price per share^(a)	$	13.80		$	13.60
Class B
Net assets	$	92,956,276		$	31,472,963
Shares outstanding		7,210,262			2,456,195
Net asset value per share	$	12.89		$	12.81
Class C
Net assets	$	198,837,473		$	50,675,628
Shares outstanding		15,208,877			4,015,503
Net asset value per share	$	13.07		$	12.62
Class K
Net assets	$	104,571		$	152,256
Shares outstanding		8,059			11,853
Net asset value per share	$	12.98		$	12.84	^(b)
Class R
Net assets	$	4,347,256		$	644,064
Shares outstanding		334,632			50,496
Net asset value per share	$	12.99		$	12.75
Class R4
Net assets	$	7,236		$	25,646
Shares outstanding		553			2,031
Net asset value per share	$	13.08		$	12.63

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

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Columbia Capital Allocation Portfolios

Statement of Assets and Liabilities (continued)

January 31, 2014

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Class R5
Net assets	$	576,955		$	384,944
Shares outstanding		44,103			30,481
Net asset value per share	$	13.08		$	12.63
Class T
Net assets	$	101,766,283		$	—
Shares outstanding		7,826,053			—
Net asset value per share	$	13.00		$	—
Maximum offering price per share^(a)	$	13.79		$	—
Class Y
Net assets	$	2,606		$	2,670
Shares outstanding		202			212
Net asset value per share	$	12.87	^(b)	$	12.62	^(b)
Class Z
Net assets	$	128,233,852		$	951,299
Shares outstanding		9,871,665			74,461
Net asset value per share	$	12.99		$	12.78

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

(b) 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.

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Columbia Capital Allocation Portfolios

Statement of Operations

Year Ended January 31, 2014

	Columbia Capital Allocation Conservative Portfolio			Columbia Capital Allocation Moderate Conservative Portfolio			Columbia Capital Allocation Moderate Portfolio
Net investment income
Income:
Dividends — unaffiliated issuers	$	—		$	341		$	—
Dividends — affiliated issuers		8,424,707			16,779,109			34,167,530
Interest		2,116			75,504			—
Total income		8,426,823			16,854,954			34,167,530
Expenses:
Investment management fees		90,965			143,455			262,273
Distribution and/or service fees
Class A		700,461			1,268,785			3,464,313
Class B		166,160			302,649			848,206
Class C		492,535			790,836			1,487,226
Class R		583			11,711			2,881
Transfer agent fees
Class A		408,365			739,437			2,125,707
Class B		24,241			44,371			130,714
Class C		71,908			115,873			227,830
Class K^(a)		42			10			165
Class R		168			3,511			860
Class R4^(b)		3			4			3
Class R5^(b)		1			4			1
Class Z		3,628			35,617			4,990
Administration fees		69,740			128,628			324,687
Plan administration fees
Class K^(a)		214			50			823
Compensation of board members		21,207			16,919			23,587
Custodian fees		17,127			20,134			16,431
Printing and postage fees		55,769			36,969			227,603
Registration fees		76,854			82,506			89,527
Professional fees		28,177			40,157			29,912
Other		19,975			25,943			11,474
Total expenses		2,248,123			3,807,569			9,279,213
Expense reductions		(20	)		(260	)		(120	)
Total net expenses		2,248,103			3,807,309			9,279,093
Net investment income		6,178,720			13,047,645			24,888,437
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		142,385			121,992			—
Investments — affiliated issuers		14,249,776			37,683,452			82,618,428
Capital gain distributions from underlying affiliated funds		7,278,160			20,376,539			54,858,743
Foreign currency translations		(723	)		9,905			(2,690	)
Futures contracts		(213,214	)		(674,211	)		(1,280,443	)
Net realized gain		21,456,384			57,517,677			136,194,038
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(158,976	)		(600,932	)		—
Investments — affiliated issuers		(17,737,570	)		(36,952,083	)		(20,844,325	)
Foreign currency translations		184			(79	)		16,505
Futures contracts		364,379			507,870			1,705,152
Net change in unrealized appreciation (depreciation)		(17,531,983	)		(37,045,224	)		(19,122,668	)
Net realized and unrealized gain		3,924,401			20,472,453			117,071,370
Net increase in net assets resulting from operations	$	10,103,121		$	33,520,098		$	141,959,807

(a) For the period from February 28, 2013 (commencement of operations) to January 31, 2014 for Columbia Capital Allocation Moderate Conservative Portfolio.

(b) For the period from June 13, 2013 (commencement of operations) to January 31, 2014 for Columbia Capital Allocation Conservative Portfolio and Columbia Capital Allocation Moderate Portfolio.

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

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Columbia Capital Allocation Portfolios

Statement of Operations (continued)

Year Ended January 31, 2014

	Columbia Capital Allocation Moderate Aggressive Portfolio			Columbia Capital Allocation Aggressive Portfolio
Net investment income
Income:
Dividends — affiliated issuers	$	39,952,744		$	9,144,511
Interest		382,671			—
Foreign taxes withheld		(4	)		—
Total income		40,335,411			9,144,511
Expenses:
Investment management fees		635,791			140,922
Distribution and/or service fees
Class A		4,103,041			1,316,895
Class B		1,033,772			359,999
Class C		1,752,950			441,743
Class R		23,265			1,908
Class T		306,510			—
Transfer agent fees
Class A		2,818,300			926,806
Class B		178,208			63,797
Class C		300,944			77,500
Class K^(a)		44			70
Class R		8,029			654
Class R4^(b)		6			7
Class R5^(b)		27			13
Class T		176,173			—
Class Z		243,190			1,121
Administration fees		433,518			121,626
Plan administration fees
Class K^(a)		219			352
Compensation of board members		46,093			15,798
Custodian fees		28,133			15,117
Printing and postage fees		430,019			178,540
Registration fees		96,368			80,758
Professional fees		43,165			27,150
Other		32,654			6,151
Total expenses		12,690,419			3,776,927
Fees waived or expenses reimbursed by Investment Manager and its affiliates		—			(2	)
Expense reductions		(23,025	)		(235	)
Total net expenses		12,667,394			3,776,690
Net investment income		27,668,017			5,367,821
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		724,438			—
Investments — affiliated issuers		132,743,673			39,084,552
Capital gain distributions from underlying affiliated funds		80,678,127			29,450,138
Foreign currency translations		231,065			6,924
Futures contracts		3,573,838			413,148
Net realized gain		217,951,141			68,954,762
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,030,700	)		—
Investments — affiliated issuers		(19,970,156	)		5,828,586
Foreign currency translations		54,926			2,155
Futures contracts		1,487,750			543,657
Net change in unrealized appreciation (depreciation)		(21,458,180	)		6,374,398
Net realized and unrealized gain		196,492,961			75,329,160
Net increase in net assets resulting from operations	$	224,160,978		$	80,696,981

(a) For the period from February 28, 2013 (commencement of operations) to January 31, 2014 for Columbia Capital Allocation Moderate Aggressive Portfolio.

(b) For the period from June 13, 2013 (commencement of operations) to January 31, 2014 for Columbia Capital Allocation Aggressive Portfolio.

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

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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets

	Columbia Capital Allocation Conservative Portfolio						Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2014^(a)			Year Ended January 31, 2013			Year Ended January 31, 2014^(b)(c)			Year Ended January 31, 2013^(d)
Operations
Net investment income	$	6,178,720		$	6,992,749		$	13,047,645		$	2,614,316
Net realized gain		21,456,384			9,286,602			57,517,677			6,087,633
Net change in unrealized appreciation (depreciation)		(17,531,983	)		7,135,254			(37,045,224	)		2,193,638
Net increase in net assets resulting from operations		10,103,121			23,414,605			33,520,098			10,895,587
Distributions to shareholders
Net investment income
Class A		(6,891,668	)		(8,858,422	)		(13,915,199	)		(2,019,638	)
Class B		(252,474	)		(512,560	)		(575,701	)		(208,910	)
Class C		(875,181	)		(1,083,261	)		(1,676,381	)		(511,820	)
Class K		(2,636	)		(2,065	)		(1,066	)		—
Class R		(3,581	)		(1,567	)		(60,801	)		(51,816	)
Class R4		(60	)		—			(80	)		(36	)
Class R5		(62	)		—			(448	)		(37	)
Class Y		(63	)		—			(71	)		—
Class Z		(68,104	)		(18,883	)		(819,469	)		(695,159	)
Net realized gains
Class A		(9,182,882	)		(3,076,707	)		(15,327,654	)		(1,644,654	)
Class B		(506,183	)		(216,489	)		(796,347	)		(208,483	)
Class C		(1,624,121	)		(489,418	)		(2,385,389	)		(554,310	)
Class K		(3,351	)		(647	)		(1,469	)		—
Class R		(5,372	)		(757	)		(63,873	)		(47,757	)
Class R4		(60	)		—			(71	)		(51	)
Class R5		(60	)		—			(615	)		(51	)
Class Y		(60	)		—			(71	)		—
Class Z		(69,165	)		(5,981	)		(842,538	)		(518,082	)
Total distributions to shareholders		(19,485,083	)		(14,266,757	)		(36,467,243	)		(6,460,804	)
Increase (decrease) in net assets from capital stock activity		(12,564,537	)		26,360,589			571,155,801			(7,902,019	)
Total increase (decrease) in net assets		(21,946,499	)		35,508,437			568,208,656			(3,467,236	)
Net assets at beginning of year		348,174,362			312,665,925			125,987,966			129,455,202
Net assets at end of year	$	326,227,863		$	348,174,362		$	694,196,622		$	125,987,966
Undistributed net investment income	$	113,082		$	590,704		$	662,611		$	218,846

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(b) Class K shares are for the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(d) Class R4 and Class R5 shares are 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 2014
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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio						Columbia Capital Allocation Moderate Aggressive Portfolio
	Year Ended January 31, 2014^(a)			Year Ended January 31, 2013			Year Ended January 31, 2014^(b)(c)			Year Ended January 31, 2013^(d)
Operations
Net investment income	$	24,888,437		$	27,891,403		$	27,668,017		$	15,171,096
Net realized gain		136,194,038			52,031,919			217,951,141			42,575,284
Net change in unrealized appreciation (depreciation)		(19,122,668	)		72,331,915			(21,458,180	)		55,685,383
Net increase in net assets resulting from operations		141,959,807			152,255,237			224,160,978			113,431,763
Distributions to shareholders
Net investment income
Class A		(36,256,463	)		(33,484,327	)		(32,343,833	)		(12,092,814	)
Class B		(1,465,901	)		(1,898,902	)		(1,173,470	)		(612,563	)
Class C		(2,882,366	)		(2,336,981	)		(2,330,573	)		(888,392	)
Class K		(9,149	)		(9,733	)		(1,876	)		—
Class R		(19,170	)		(3,952	)		(76,129	)		(67,920	)
Class R4		(58	)		—			(62	)		(30	)
Class R5		(61	)		—			(2,037	)		(31	)
Class T		—			—			(1,922,837	)		(1,780,427	)
Class Y		(62	)		—			(55	)		—
Class Z		(92,629	)		(48,911	)		(2,927,692	)		(2,926,629	)
Net realized gains
Class A		(40,846,279	)		—			(23,824,457	)		(16,397,431	)
Class B		(2,336,580	)		—			(1,452,746	)		(1,442,652	)
Class C		(4,545,222	)		—			(2,537,064	)		(2,047,116	)
Class K		(9,983	)		—			(1,349	)		—
Class R		(23,669	)		—			(61,524	)		(106,359	)
Class R4		(75	)		—			(37	)		(47	)
Class R5		(75	)		—			(1,031	)		(47	)
Class T		—			—			(1,372,909	)		(2,478,029	)
Class Y		(75	)		—			(35	)		—
Class Z		(93,863	)		—			(1,823,566	)		(3,474,247	)
Total distributions to shareholders		(88,581,680	)		(37,782,806	)		(71,853,282	)		(44,314,734	)
Increase (decrease) in net assets from capital stock activity		49,934,081			4,645,590			1,110,240,958			(90,403,587	)
Total increase (decrease) in net assets		103,312,208			119,118,021			1,262,548,654			(21,286,558	)
Net assets at beginning of year		1,561,286,282			1,442,168,261			1,069,523,160			1,090,809,718
Net assets at end of year	$	1,664,598,490		$	1,561,286,282		$	2,332,071,814		$	1,069,523,160
Undistributed net investment income	$	802,679		$	5,353,167		$	2,698,172		$	547,716

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(b) Class K shares are for the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(d) Class R4 and Class R5 shares are 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.

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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended Januray 31, 2014^(a)			Year Ended January 31, 2013
Operations
Net investment income	$	5,367,821		$	6,343,220
Net realized gain		68,954,762			19,773,389
Net change in unrealized appreciation (depreciation)		6,374,398			44,505,038
Net increase in net assets resulting from operations		80,696,981			70,621,647
Distributions to shareholders
Net investment income
Class A		(10,117,401	)		(6,990,036	)
Class B		(370,076	)		(203,687	)
Class C		(570,041	)		(291,987	)
Class K		(2,942	)		(6,465	)
Class R		(10,084	)		(980	)
Class R4		(212	)		—
Class R5		(61	)		—
Class Y		(63	)		—
Class Z		(18,681	)		(6,998	)
Total distributions to shareholders		(11,089,561	)		(7,500,153	)
Increase (decrease) in net assets from capital stock activity		(5,033,370	)		(44,943,075	)
Total increase (decrease) in net assets		64,574,050			18,178,419
Net assets at beginning of year		573,924,765			555,746,346
Net assets at end of year	$	638,498,815		$	573,924,765
Undistributed net investment income	$	2,843,827		$	2,657,459

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

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

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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Conservative Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		4,029,414			42,703,289			6,781,719			72,018,617
Fund merger		1,477,865			15,819,588			—			—
Distributions reinvested		1,490,470			15,514,886			1,110,833			11,708,940
Redemptions		(8,088,385	)		(85,607,055	)		(5,654,986	)		(59,897,077	)
Net increase (decrease)		(1,090,636	)		(11,569,292	)		2,237,566			23,830,480
Class B shares
Subscriptions		112,408			1,190,717			296,084			3,129,259
Fund merger		86,216			919,956			—			—
Distributions reinvested		70,519			733,266			68,064			715,538
Redemptions^(b)		(909,696	)		(9,586,361	)		(916,733	)		(9,644,126	)
Net decrease		(640,553	)		(6,742,422	)		(552,585	)		(5,799,329	)
Class C shares
Subscriptions		1,088,706			11,469,795			1,263,252			13,333,831
Fund merger		490,357			5,223,287			—			—
Distributions reinvested		233,792			2,419,595			147,801			1,551,695
Redemptions		(1,488,690	)		(15,642,125	)		(687,099	)		(7,233,547	)
Net increase		324,165			3,470,552			723,954			7,651,979
Class K shares
Subscriptions		8,045			85,588			28			294
Distributions reinvested		517			5,339			214			2,232
Redemptions		(3	)		(29	)		(6,867	)		(72,046	)
Net increase (decrease)		8,559			90,898			(6,625	)		(69,520	)
Class R shares
Subscriptions		13,371			141,720			10,284			108,921
Distributions reinvested		847			8,805			210			2,215
Redemptions		(7,591	)		(80,870	)		(3	)		(28	)
Net increase		6,627			69,655			10,491			111,108
Class R4 shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—
Class R5 shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—
Class Y shares
Subscriptions		237			2,500			—			—
Net increase		237			2,500			—			—

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

Annual Report 2014
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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Conservative Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		93,195			977,578			126,954			1,336,128
Fund merger		243,364			2,604,183			—			—
Distributions reinvested		10,348			107,262			2,350			24,744
Redemptions		(149,682	)		(1,580,451	)		(68,393	)		(725,001	)
Net increase		197,225			2,108,572			60,911			635,871
Total net increase (decrease)		(1,193,902	)		(12,564,537	)		2,473,712			26,360,589

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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.

Annual Report 2014
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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2014^(a)(b)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(d)		6,761,998			77,962,560			1,263,090			14,202,737
Fund merger		44,299,319			506,764,422			—			—
Distributions reinvested		2,331,814			26,560,732			137,040			1,532,528
Redemptions		(10,983,907	)		(126,677,536	)		(1,353,714	)		(15,254,025	)
Net increase		42,409,224			484,610,178			46,416			481,240
Class B shares
Subscriptions		141,222			1,617,296			53,589			597,049
Fund merger		2,809,162			32,013,683			—			—
Distributions reinvested		106,799			1,210,734			10,630			118,401
Redemptions^(d)		(1,392,884	)		(15,988,045	)		(662,372	)		(7,410,612	)
Net increase (decrease)		1,664,299			18,853,668			(598,153	)		(6,695,162	)
Class C shares
Subscriptions		1,576,395			17,963,826			298,681			3,326,163
Fund merger		5,573,686			63,100,536			—			—
Distributions reinvested		322,351			3,633,628			53,807			595,527
Redemptions		(1,933,288	)		(22,053,399	)		(486,194	)		(5,429,932	)
Net increase (decrease)		5,539,144			62,644,591			(133,706	)		(1,508,242	)
Class K shares
Subscriptions		3,821			44,592			—			—
Fund merger		1,044			11,810			—			—
Distributions reinvested		158			1,777			—			—
Redemptions		(6	)		(65	)		—			—
Net increase		5,017			58,114			—			—
Class R shares
Subscriptions		122,087			1,393,111			124,813			1,404,746
Fund merger		437			5,010			—			—
Distributions reinvested		8,714			99,468			7,535			84,402
Redemptions		(123,596	)		(1,425,888	)		(43,497	)		(494,573	)
Net increase		7,642			71,701			88,851			994,575
Class R4 shares
Subscriptions		—			—			221			2,500
Net increase		—			—			221			2,500
Class R5 shares
Subscriptions		6,228			71,651			221			2,500
Distributions reinvested		80			909			—			—
Redemptions		(2	)		(23	)		—			—
Net increase		6,306			72,537			221			2,500

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Conservative Portfolio
	Year Ended January 31, 2014^(a)(b)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Y shares
Subscriptions		221			2,500			—			—
Net increase		221			2,500			—			—
Class Z shares
Subscriptions		1,379,673			15,908,286			366,700			4,078,776
Fund merger		66,440			752,312			—			—
Distributions reinvested		51,730			583,138			50,534			559,185
Redemptions		(1,096,169	)		(12,401,224	)		(520,598	)		(5,817,391	)
Net increase (decrease)		401,674			4,842,512			(103,364	)		(1,179,430	)
Total net increase (decrease)		50,033,527			571,155,801			(699,514	)		(7,902,019	)

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(b) Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		17,432,697			208,941,413			20,436,757			226,643,024
Distributions reinvested		6,381,480			76,146,882			2,955,792			33,017,329
Redemptions		(19,692,550	)		(236,032,491	)		(21,722,889	)		(241,624,219	)
Net increase		4,121,627			49,055,804			1,669,660			18,036,134
Class B shares
Subscriptions		450,094			5,357,760			714,059			7,890,332
Distributions reinvested		319,033			3,786,124			169,808			1,890,351
Redemptions^(b)		(2,940,373	)		(35,111,202	)		(3,680,334	)		(40,155,576	)
Net decrease		(2,171,246	)		(25,967,318	)		(2,796,467	)		(30,374,893	)
Class C shares
Subscriptions		3,940,344			46,932,118			3,196,378			35,365,027
Distributions reinvested		621,149			7,380,735			208,454			2,321,367
Redemptions		(2,452,794	)		(29,233,230	)		(1,979,826	)		(21,878,134	)
Net increase		2,108,699			25,079,623			1,425,006			15,808,260
Class K shares
Subscriptions		2,803			33,602			9,909			112,636
Distributions reinvested		1,546			18,448			849			9,431
Redemptions		(164	)		(1,977	)		(54,681	)		(601,177	)
Net increase (decrease)		4,185			50,073			(43,923	)		(479,110	)
Class R shares
Subscriptions		82,162			984,167			18,048			199,494
Distributions reinvested		3,545			42,680			350			3,885
Redemptions		(1,817	)		(22,032	)		(12,052	)		(133,325	)
Net increase		83,890			1,004,815			6,346			70,054
Class R4 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class R5 shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—
Class Y shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		261,619			3,103,896			211,738			2,369,031
Distributions reinvested		12,812			152,482			4,185			46,841
Redemptions		(214,260	)		(2,552,794	)		(74,333	)		(830,727	)
Net increase		60,171			703,584			141,590			1,585,145
Total net increase		4,207,962			49,934,081			402,212			4,645,590

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Year Ended January 31, 2014^(a)(b)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(d)		13,601,301			172,945,779			5,118,664			59,713,687
Fund merger		84,466,691			1,038,046,341			—			—
Distributions reinvested		3,669,244			47,128,855			1,503,792			17,424,301
Redemptions		(19,317,418	)		(245,326,310	)		(9,165,395	)		(106,841,676	)
Net increase (decrease)		82,419,818			1,012,794,665			(2,542,939	)		(29,703,688	)
Class B shares
Subscriptions		274,869			3,462,911			155,609			1,787,919
Fund merger		6,750,359			82,343,063			—			—
Distributions reinvested		162,785			2,072,252			48,899			561,009
Redemptions^(d)		(4,415,683	)		(55,432,562	)		(3,349,084	)		(38,757,333	)
Net increase (decrease)		2,772,330			32,445,664			(3,144,576	)		(36,408,405	)
Class C shares
Subscriptions		2,779,949			35,657,652			799,777			9,368,298
Fund merger		7,347,117			90,875,658			—			—
Distributions reinvested		296,392			3,845,928			127,886			1,489,852
Redemptions		(2,181,999	)		(27,930,753	)		(1,561,467	)		(18,303,886	)
Net increase (decrease)		8,241,459			102,448,485			(633,804	)		(7,445,736	)
Class K shares
Subscriptions		508			6,325			—			—
Fund merger		7,340			89,999			—			—
Distributions reinvested		213			2,735			—			—
Redemptions		(2	)		(27	)		—			—
Net increase		8,059			99,032			—			—
Class R shares
Subscriptions		100,353			1,272,521			173,922			2,037,313
Fund merger		731			8,976			—			—
Distributions reinvested		10,743			137,561			15,056			174,279
Redemptions		(164,917	)		(2,099,140	)		(147,472	)		(1,717,075	)
Net increase (decrease)		(53,090	)		(680,082	)		41,506			494,517
Class R4 shares
Subscriptions		1,056			13,767			213			2,500
Redemptions		(716	)		(9,091	)		—			—
Net increase		340			4,676			213			2,500

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

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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Moderate Aggressive Portfolio
	Year Ended January 31, 2014^(a)(b)						Year Ended January 31, 2013^(c)
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class R5 shares
Subscriptions		43,890			585,948			213			2,500
Distributions reinvested		224			2,965			—			—
Redemptions		(224	)		(2,972	)		—			—
Net increase		43,890			585,941			213			2,500
Class T shares
Subscriptions		46,144			578,169			31,954			372,493
Distributions reinvested		196,878			2,522,433			280,223			3,244,818
Redemptions		(801,509	)		(10,158,349	)		(1,037,773	)		(12,108,142	)
Net decrease		(558,487	)		(7,057,747	)		(725,596	)		(8,490,831	)
Class Y shares
Subscriptions		202			2,500			—			—
Net increase		202			2,500			—			—
Class Z shares
Subscriptions		1,009,331			12,739,858			2,164,449			25,259,972
Fund merger		49,631			608,943			—			—
Distributions reinvested		206,544			2,638,733			284,546			3,292,261
Redemptions		(3,650,858	)		(46,389,710	)		(3,200,487	)		(37,406,677	)
Net decrease		(2,385,352	)		(30,402,176	)		(751,492	)		(8,854,444	)
Total net increase (decrease)		90,489,169			1,110,240,958			(7,756,475	)		(90,403,587	)

(a) Class K shares are for the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(b) Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

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

(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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Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity
Class A shares
Subscriptions^(b)		5,171,241			63,781,304			5,431,267			57,544,416
Distributions reinvested		770,491			10,062,581			634,768			6,944,361
Redemptions		(6,177,530	)		(75,650,586	)		(9,022,215	)		(96,135,357	)
Net decrease		(235,798	)		(1,806,701	)		(2,956,180	)		(31,646,580	)
Class B shares
Subscriptions		86,725			1,071,332			123,248			1,307,406
Distributions reinvested		28,024			365,992			18,355			200,985
Redemptions^(b)		(1,079,391	)		(13,310,821	)		(1,539,524	)		(15,989,548	)
Net decrease		(964,642	)		(11,873,497	)		(1,397,921	)		(14,481,157	)
Class C shares
Subscriptions		1,125,152			13,694,189			729,806			7,657,395
Distributions reinvested		43,590			560,563			26,508			285,762
Redemptions		(576,146	)		(6,943,413	)		(645,587	)		(6,774,390	)
Net increase		592,596			7,311,339			110,727			1,168,767
Class K shares
Subscriptions		590			7,243			677			7,275
Distributions reinvested		205			2,688			574			6,291
Redemptions		—			—			(34,435	)		(383,185	)
Net increase (decrease)		795			9,931			(33,184	)		(369,619	)
Class R shares
Subscriptions		52,364			647,054			15,707			169,400
Distributions reinvested		772			10,028			86			936
Redemptions		(18,695	)		(230,423	)		(3	)		(34	)
Net increase		34,441			426,659			15,790			170,302
Class R4 shares
Subscriptions		2,115			26,702			—			—
Distributions reinvested		12			155			—			—
Redemptions		(96	)		(1,234	)		—			—
Net increase		2,031			25,623			—			—
Class R5 shares
Subscriptions		30,486			393,609			—			—
Redemptions		(5	)		(62	)		—			—
Net increase		30,481			393,547			—			—
Class Y shares
Subscriptions		212			2,500			—			—
Net increase		212			2,500			—			—

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

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Columbia Capital Allocation Portfolios

Statement of Changes in Net Assets (continued)

	Columbia Capital Allocation Aggressive Portfolio
	Year Ended January 31, 2014^(a)						Year Ended January 31, 2013
	Shares			Dollars ($)			Shares			Dollars ($)
Capital stock activity (continued)
Class Z shares
Subscriptions		86,154			1,066,148			34,663			377,096
Distributions reinvested		1,304			16,962			569			6,200
Redemptions		(49,308	)		(605,881	)		(15,506	)		(168,084	)
Net increase		38,150			477,229			19,726			215,212
Total net decrease		(501,734	)		(5,033,370	)		(4,241,042	)		(44,943,075	)

(a) Class R4, Class R5 and Class Y shares are for the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class A	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	9.77		$	8.51
Income from investment operations:
Net investment income		0.20			0.24			0.25			0.24			0.25
Net realized and unrealized gain		0.14			0.54			0.14			0.68			1.25
Total from investment operations		0.34			0.78			0.39			0.92			1.50
Less distributions to shareholders:
Net investment income		(0.27	)		(0.35	)		(0.25	)		(0.25	)		(0.24	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—			—
Total distributions to shareholders		(0.63	)		(0.47	)		(0.51	)		(0.25	)		(0.24	)
Net asset value, end of period	$	10.34		$	10.63		$	10.32		$	10.44		$	9.77
Total return		3.28	%		7.62	%		3.90	%		9.47	%		17.78	%
Ratios to average net assets^(a)
Total gross expenses		0.50	%		0.48	%		0.49	%		0.48	%		0.47	%
Total net expenses^(b)		0.50	%^(c)		0.48	%^(c)		0.49	%^(c)		0.48	%		0.47	%
Net investment income		1.91	%		2.28	%		2.35	%		2.32	%		2.71	%
Supplemental data
Net assets, end of period (in thousands)	$	263,334		$	282,382		$	251,178		$	217,147		$	188,324
Portfolio turnover		22	%		19	%		88	%		16	%		26	%

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 acquired 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.

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

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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class B	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	10.60		$	10.29		$	10.40		$	9.73		$	8.48
Income from investment operations:
Net investment income		0.11			0.15			0.16			0.15			0.17
Net realized and unrealized gain		0.15			0.54			0.16			0.69			1.25
Total from investment operations		0.26			0.69			0.32			0.84			1.42
Less distributions to shareholders:
Net investment income		(0.19	)		(0.26	)		(0.17	)		(0.17	)		(0.17	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—			—
Total distributions to shareholders		(0.55	)		(0.38	)		(0.43	)		(0.17	)		(0.17	)
Net asset value, end of period	$	10.31		$	10.60		$	10.29		$	10.40		$	9.73
Total return		2.51	%		6.79	%		3.19	%		8.64	%		16.82	%
Ratios to average net assets^(a)
Total gross expenses		1.25	%		1.23	%		1.24	%		1.23	%		1.23	%
Total net expenses^(b)		1.25	%^(c)		1.23	%^(c)		1.24	%^(c)		1.23	%		1.23	%
Net investment income		1.07	%		1.47	%		1.56	%		1.47	%		1.89	%
Supplemental data
Net assets, end of period (in thousands)	$	12,454		$	19,598		$	24,717		$	30,599		$	38,996
Portfolio turnover		22	%		19	%		88	%		16	%		26	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class C	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	10.58		$	10.28		$	10.39		$	9.73		$	8.48
Income from investment operations:
Net investment income		0.12			0.16			0.17			0.16			0.18
Net realized and unrealized gain		0.13			0.53			0.16			0.67			1.25
Total from investment operations		0.25			0.69			0.33			0.83			1.43
Less distributions to shareholders:
Net investment income		(0.19	)		(0.27	)		(0.18	)		(0.17	)		(0.18	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—			—
Total distributions to shareholders		(0.55	)		(0.39	)		(0.44	)		(0.17	)		(0.18	)
Net asset value, end of period	$	10.28		$	10.58		$	10.28		$	10.39		$	9.73
Total return		2.43	%		6.75	%		3.28	%		8.63	%		16.92	%
Ratios to average net assets^(a)
Total gross expenses		1.26	%		1.23	%		1.24	%		1.23	%		1.22	%
Total net expenses^(b)		1.26	%^(c)		1.23	%^(c)		1.24	%^(c)		1.23	%		1.22	%
Net investment income		1.18	%		1.54	%		1.62	%		1.60	%		1.99	%
Supplemental data
Net assets, end of period (in thousands)	$	47,435		$	45,368		$	36,637		$	26,212		$	18,362
Portfolio turnover		22	%		19	%		88	%		16	%		26	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class K	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	10.54		$	10.25		$	10.35		$	9.69		$	8.43
Income from investment operations:
Net investment income		0.23			0.24			0.25			0.24			0.24
Net realized and unrealized gain		0.12			0.53			0.16			0.67			1.25
Total from investment operations		0.35			0.77			0.41			0.91			1.49
Less distributions to shareholders:
Net investment income		(0.29	)		(0.36	)		(0.25	)		(0.25	)		(0.23	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—			—
Total distributions to shareholders		(0.65	)		(0.48	)		(0.51	)		(0.25	)		(0.23	)
Net asset value, end of period	$	10.24		$	10.54		$	10.25		$	10.35		$	9.69
Total return		3.35	%		7.62	%		4.14	%		9.49	%		17.86	%
Ratios to average net assets^(a)
Total gross expenses		0.41	%		0.39	%		0.41	%		0.44	%		0.38	%
Total net expenses^(b)		0.41	%		0.39	%		0.39	%		0.44	%		0.38	%
Net investment income		2.16	%		2.27	%		2.43	%		2.35	%		2.69	%
Supplemental data
Net assets, end of period (in thousands)	$	99		$	12		$	79		$	81		$	68
Portfolio turnover		22	%		19	%		88	%		16	%		26	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class R	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.20			0.25			0.22			0.10
Net realized and unrealized gain		0.11			0.50			0.15			0.21
Total from investment operations		0.31			0.75			0.37			0.31
Less distributions to shareholders:
Net investment income		(0.25	)		(0.32	)		(0.23	)		(0.11	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.61	)		(0.44	)		(0.49	)		(0.11	)
Net asset value, end of period	$	10.33		$	10.63		$	10.32		$	10.44
Total return		2.94	%		7.39	%		3.66	%		3.03	%
Ratios to average net assets^(b)
Total gross expenses		0.76	%		0.72	%		0.75	%		0.68	%^(c)
Total net expenses^(d)		0.76	%^(e)		0.72	%		0.75	%		0.68	%^(c)
Net investment income		1.91	%		2.36	%		2.07	%		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	179		$	114		$	3		$	3
Portfolio turnover		22	%		19	%		88	%		16	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class R4	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain		0.09
Total from investment operations		0.27
Less distributions to shareholders:
Net investment income		(0.26	)
Net realized gains		(0.25	)
Total distributions to shareholders		(0.51	)
Net asset value, end of period	$	10.29
Total return		2.56	%
Ratios to average net assets^(b)
Total gross expenses		0.23	%^(c)
Total net expenses^(d)		0.23	%^(c)(e)
Net investment income		2.67	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		22	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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.

(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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class R5	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain		0.09
Total from investment operations		0.27
Less distributions to shareholders:
Net investment income		(0.26	)
Net realized gains		(0.25	)
Total distributions to shareholders		(0.51	)
Net asset value, end of period	$	10.29
Total return		2.64	%
Ratios to average net assets^(b)
Total gross expenses		0.12	%^(c)
Total net expenses^(d)		0.12	%^(c)
Net investment income		2.78	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		22	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

Class Y	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	10.53
Income from investment operations:
Net investment income		0.19
Net realized and unrealized gain		0.09
Total from investment operations		0.28
Less distributions to shareholders:
Net investment income		(0.27	)
Net realized gains		(0.25	)
Total distributions to shareholders		(0.52	)
Net asset value, end of period	$	10.29
Total return		2.68	%
Ratios to average net assets^(b)
Total gross expenses		0.07	%^(c)
Total net expenses^(d)		0.07	%^(c)
Net investment income		2.83	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		22	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Conservative Portfolio

	Year Ended January 31,
Class Z	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	10.63		$	10.32		$	10.44		$	10.24
Income from investment operations:
Net investment income		0.24			0.30			0.28			0.12
Net realized and unrealized gain		0.12			0.51			0.14			0.20
Total from investment operations		0.36			0.81			0.42			0.32
Less distributions to shareholders:
Net investment income		(0.30	)		(0.38	)		(0.28	)		(0.12	)
Net realized gains		(0.36	)		(0.12	)		(0.26	)		—
Total distributions to shareholders		(0.66	)		(0.50	)		(0.54	)		(0.12	)
Net asset value, end of period	$	10.33		$	10.63		$	10.32		$	10.44
Total return		3.42	%		7.91	%		4.19	%		3.15	%
Ratios to average net assets^(b)
Total gross expenses		0.26	%		0.22	%		0.24	%		0.26	%^(c)
Total net expenses^(d)		0.26	%^(e)		0.22	%^(e)		0.24	%^(e)		0.21	%^(c)
Net investment income		2.26	%		2.80	%		2.71	%		3.28	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2,719		$	700		$	52		$	20
Portfolio turnover		22	%		19	%		88	%		16	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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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Financial Highlights

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,									Year Ended March 31,
Class A	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.33		$	10.96		$	10.89		$	10.04		$	8.03		$	10.40
Income from investment operations:
Net investment income		0.25			0.25			0.21			0.26			0.31			0.33
Net realized and unrealized gain (loss)		0.44			0.71			0.07			0.85			2.00			(1.97	)
Total from investment operations		0.69			0.96			0.28			1.11			2.31			(1.64	)
Less distributions to shareholders:
Net investment income		(0.33	)		(0.32	)		(0.21	)		(0.26	)		(0.30	)		(0.33	)
Net realized gains		(0.32	)		(0.27	)		—			—			—			(0.40	)
Total distributions to shareholders		(0.65	)		(0.59	)		(0.21	)		(0.26	)		(0.30	)		(0.73	)
Net asset value, end of period	$	11.37		$	11.33		$	10.96		$	10.89		$	10.04		$	8.03
Total return		6.18	%		8.94	%		2.63	%		11.21	%		29.06	%		(16.58	%)
Ratios to average net assets^(b)
Total gross expenses		0.47	%		0.70	%		0.64	%^(c)(d)		0.50	%		0.50	%		0.50	%^(d)
Total net expenses^(e)		0.47	%^(f)		0.57	%^(f)		0.57	%^(c)(d)(f)		0.50	%		0.50	%		0.50	%^(d)(f)
Net investment income		2.15	%		2.19	%		2.37	%^(c)		2.52	%		3.26	%		3.59	%
Supplemental data
Net assets, end of period (in thousands)	$	553,593		$	71,321		$	68,452		$	63,807		$	60,848		$	44,825
Portfolio turnover		30	%		38	%		55	%		87	%		34	%		52	%

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.

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,									Year Ended March 31,
Class B	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.28		$	10.91		$	10.85		$	10.00		$	8.01		$	10.36
Income from investment operations:
Net investment income		0.15			0.15			0.14			0.18			0.23			0.26
Net realized and unrealized gain (loss)		0.45			0.73			0.07			0.85			1.99			(1.95	)
Total from investment operations		0.60			0.88			0.21			1.03			2.22			(1.69	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)
Net realized gains		(0.32	)		(0.27	)		—			—			—			(0.40	)
Total distributions to shareholders		(0.57	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)
Net asset value, end of period	$	11.31		$	11.28		$	10.91		$	10.85		$	10.00		$	8.01
Total return		5.32	%		8.17	%		1.96	%		10.43	%		27.94	%		(17.09	%)
Ratios to average net assets^(b)
Total gross expenses		1.22	%		1.44	%		1.39	%^(c)(d)		1.25	%		1.25	%		1.25	%^(d)
Total net expenses^(e)		1.22	%^(f)		1.32	%^(f)		1.31	%^(c)(d)(f)		1.25	%		1.25	%		1.25	%^(d)(f)
Net investment income		1.30	%		1.36	%		1.58	%^(c)		1.75	%		2.51	%		2.80	%
Supplemental data
Net assets, end of period (in thousands)	$	27,184		$	8,335		$	14,587		$	26,181		$	40,508		$	40,270
Portfolio turnover		30	%		38	%		55	%		87	%		34	%		52	%

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.

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,									Year Ended March 31,
Class C	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.20		$	10.84		$	10.78		$	9.94		$	7.96		$	10.30
Income from investment operations:
Net investment income		0.16			0.16			0.14			0.18			0.23			0.26
Net realized and unrealized gain (loss)		0.44			0.71			0.07			0.84			1.98			(1.94	)
Total from investment operations		0.60			0.87			0.21			1.02			2.21			(1.68	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.24	)		(0.15	)		(0.18	)		(0.23	)		(0.26	)
Net realized gains		(0.32	)		(0.27	)		—			—			—			(0.40	)
Total distributions to shareholders		(0.57	)		(0.51	)		(0.15	)		(0.18	)		(0.23	)		(0.66	)
Net asset value, end of period	$	11.23		$	11.20		$	10.84		$	10.78		$	9.94		$	7.96
Total return		5.35	%		8.13	%		1.97	%		10.39	%		27.99	%		(17.09	%)
Ratios to average net assets^(b)
Total gross expenses		1.23	%		1.45	%		1.39	%^(c)(d)		1.25	%		1.25	%		1.25	%^(d)
Total net expenses^(e)		1.23	%^(f)		1.32	%^(f)		1.32	%^(c)(d)(f)		1.25	%		1.25	%		1.25	%^(d)(f)
Net investment income		1.38	%		1.44	%		1.61	%^(c)		1.77	%		2.51	%		2.81	%
Supplemental data
Net assets, end of period (in thousands)	$	85,756		$	23,470		$	24,156		$	23,651		$	23,321		$	18,370
Portfolio turnover		30	%		38	%		55	%		87	%		34	%		52	%

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.

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class K	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.25
Income from investment operations:
Net investment income		0.32
Net realized and unrealized gain		0.32
Total from investment operations		0.64
Less distributions to shareholders:
Net investment income		(0.35	)
Net realized gains		(0.32	)
Total distributions to shareholders		(0.67	)
Net asset value, end of period	$	11.22
Total return		5.72	%
Ratios to average net assets^(b)
Total gross expenses		0.38	%^(c)
Total net expenses^(d)		0.38	%^(c)
Net investment income		3.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	56
Portfolio turnover		30	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,									Year Ended March 31,
Class R	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.34		$	10.96		$	10.90		$	10.04		$	8.04		$	10.40
Income from investment operations:
Net investment income		0.21			0.23			0.18			0.23			0.28			0.31
Net realized and unrealized gain (loss)		0.45			0.72			0.07			0.86			2.00			(1.96	)
Total from investment operations		0.66			0.95			0.25			1.09			2.28			(1.65	)
Less distributions to shareholders:
Net investment income		(0.30	)		(0.30	)		(0.19	)		(0.23	)		(0.28	)		(0.31	)
Net realized gains		(0.32	)		(0.27	)		—			—			—			(0.40	)
Total distributions to shareholders		(0.62	)		(0.57	)		(0.19	)		(0.23	)		(0.28	)		(0.71	)
Net asset value, end of period	$	11.38		$	11.34		$	10.96		$	10.90		$	10.04		$	8.04
Total return		5.87	%		8.76	%		2.34	%		11.03	%		28.58	%		(16.69	%)
Ratios to average net assets^(b)
Total gross expenses		0.74	%		0.96	%		0.89	%^(c)(d)		0.75	%		0.75	%		0.75	%^(d)
Total net expenses^(e)		0.74	%^(f)		0.81	%^(f)		0.82	%^(c)(d)(f)		0.75	%		0.75	%		0.75	%^(d)(f)
Net investment income		1.85	%		2.04	%		2.03	%^(c)		2.28	%		3.00	%		3.34	%
Supplemental data
Net assets, end of period (in thousands)	$	2,243		$	2,148		$	1,102		$	428		$	559		$	358
Portfolio turnover		30	%		38	%		55	%		87	%		34	%		52	%

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.

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class R4	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	11.25		$	11.30
Income from investment operations:
Net investment income		0.27			0.09
Net realized and unrealized gain		0.46			0.26
Total from investment operations		0.73			0.35
Less distributions to shareholders:
Net investment income		(0.37	)		(0.17	)
Net realized gains		(0.32	)		(0.23	)
Total distributions to shareholders		(0.69	)		(0.40	)
Net asset value, end of period	$	11.29		$	11.25
Total return		6.52	%		3.11	%
Ratios to average net assets^(b)
Total gross expenses		0.19	%		0.51	%^(c)
Total net expenses^(d)		0.19	%^(e)		0.37	%^(c)
Net investment income		2.36	%		3.68	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2		$	2
Portfolio turnover		30	%		38	%

Notes to Financial Highlights

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,
Class R5	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	11.25		$	11.30
Income from investment operations:
Net investment income		0.38			0.10
Net realized and unrealized gain		0.35			0.25
Total from investment operations		0.73			0.35
Less distributions to shareholders:
Net investment income		(0.38	)		(0.17	)
Net realized gains		(0.32	)		(0.23	)
Total distributions to shareholders		(0.70	)		(0.40	)
Net asset value, end of period	$	11.28		$	11.25
Total return		6.53	%		3.13	%
Ratios to average net assets^(b)
Total gross expenses		0.13	%		0.41	%^(c)
Total net expenses^(d)		0.13	%		0.29	%^(c)
Net investment income		3.35	%		3.77	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	74		$	2
Portfolio turnover		30	%		38	%

Notes to Financial Highlights

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

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

Class Y	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.32
Income from investment operations:
Net investment income		0.22
Net realized and unrealized gain		0.28
Total from investment operations		0.50
Less distributions to shareholders:
Net investment income		(0.32	)
Net realized gains		(0.32	)
Total distributions to shareholders		(0.64	)
Net asset value, end of period	$	11.18
Total return		4.51	%
Ratios to average net assets^(b)
Total gross expenses		0.08	%^(c)
Total net expenses^(d)		0.08	%^(c)
Net investment income		3.02	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	2
Portfolio turnover		30	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Conservative Portfolio

	Year Ended January 31,									Year Ended March 31,
Class Z	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.21		$	10.85		$	10.78		$	9.94		$	7.96		$	10.30
Income from investment operations:
Net investment income		0.28			0.27			0.23			0.28			0.33			0.35
Net realized and unrealized gain (loss)		0.44			0.71			0.07			0.84			1.98			(1.93	)
Total from investment operations		0.72			0.98			0.30			1.12			2.31			(1.58	)
Less distributions to shareholders:
Net investment income		(0.36	)		(0.35	)		(0.23	)		(0.28	)		(0.33	)		(0.36	)
Net realized gains		(0.32	)		(0.27	)		—			—			—			(0.40	)
Total distributions to shareholders		(0.68	)		(0.62	)		(0.23	)		(0.28	)		(0.33	)		(0.76	)
Net asset value, end of period	$	11.25		$	11.21		$	10.85		$	10.78		$	9.94		$	7.96
Total return		6.49	%		9.22	%		2.85	%		11.49	%		29.25	%		(16.23	%)
Ratios to average net assets^(b)
Total gross expenses		0.24	%		0.45	%		0.39	%^(c)(d)		0.25	%		0.25	%		0.25	%^(d)
Total net expenses^(e)		0.24	%^(f)		0.32	%^(f)		0.32	%^(c)(d)(f)		0.25	%		0.25	%		0.25	%^(d)(f)
Net investment income		2.46	%		2.45	%		2.61	%^(c)		2.77	%		3.51	%		3.98	%
Supplemental data
Net assets, end of period (in thousands)	$	25,287		$	20,710		$	21,157		$	21,839		$	20,406		$	16,275
Portfolio turnover		30	%		38	%		55	%		87	%		34	%		52	%

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.

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

(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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Financial Highlights

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class A	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.61		$	10.75		$	10.71		$	9.46		$	7.58
Income from investment operations:
Net investment income		0.20			0.22			0.23			0.23			0.23
Net realized and unrealized gain		0.86			0.93			0.06			1.29			1.90
Total from investment operations		1.06			1.15			0.29			1.52			2.13
Less distributions to shareholders:
Net investment income		(0.31	)		(0.29	)		(0.25	)		(0.27	)		(0.25	)
Net realized gains		(0.36	)		—			—			—			—
Total distributions to shareholders		(0.67	)		(0.29	)		(0.25	)		(0.27	)		(0.25	)
Net asset value, end of period	$	12.00		$	11.61		$	10.75		$	10.71		$	9.46
Total return		9.26	%		10.87	%		2.84	%		16.23	%		28.49	%
Ratios to average net assets^(a)
Total gross expenses		0.46	%		0.46	%		0.43	%		0.43	%		0.45	%
Total net expenses^(b)		0.46	%^(c)		0.46	%^(c)		0.43	%^(c)		0.43	%		0.45	%
Net investment income		1.64	%		1.98	%		2.11	%		2.32	%		2.63	%
Supplemental data
Net assets, end of period (in thousands)	$	1,425,904		$	1,331,311		$	1,215,462		$	1,164,732		$	936,670
Portfolio turnover		23	%		23	%		58	%		9	%		26	%

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.

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

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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class B	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.55		$	10.70		$	10.66		$	9.41		$	7.54
Income from investment operations:
Net investment income		0.10			0.13			0.14			0.15			0.15
Net realized and unrealized gain		0.87			0.93			0.07			1.29			1.91
Total from investment operations		0.97			1.06			0.21			1.44			2.06
Less distributions to shareholders:
Net investment income		(0.22	)		(0.21	)		(0.17	)		(0.19	)		(0.19	)
Net realized gains		(0.36	)		—			—			—			—
Total distributions to shareholders		(0.58	)		(0.21	)		(0.17	)		(0.19	)		(0.19	)
Net asset value, end of period	$	11.94		$	11.55		$	10.70		$	10.66		$	9.41
Total return		8.47	%		9.99	%		2.03	%		15.43	%		27.54	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%		1.20	%		1.18	%		1.19	%		1.21	%
Total net expenses^(b)		1.21	%^(c)		1.20	%^(c)		1.18	%^(c)		1.19	%		1.21	%
Net investment income		0.81	%		1.17	%		1.32	%		1.47	%		1.79	%
Supplemental data
Net assets, end of period (in thousands)	$	71,473		$	94,225		$	117,235		$	153,336		$	163,375
Portfolio turnover		23	%		23	%		58	%		9	%		26	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class C	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.53		$	10.69		$	10.65		$	9.41		$	7.55
Income from investment operations:
Net investment income		0.11			0.14			0.15			0.16			0.17
Net realized and unrealized gain (loss)		0.86			0.91			0.07			1.28			1.88
Total from investment operations		0.97			1.05			0.22			1.44			2.05
Less distributions to shareholders:
Net investment income		(0.22	)		(0.21	)		(0.18	)		(0.20	)		(0.19	)
Net realized gains		(0.36	)		—			—			—			—
Total distributions to shareholders		(0.58	)		(0.21	)		(0.18	)		(0.20	)		(0.19	)
Net asset value, end of period	$	11.92		$	11.53		$	10.69		$	10.65		$	9.41
Total return		8.51	%		9.95	%		2.10	%		15.40	%		27.45	%
Ratios to average net assets^(a)
Total gross expenses		1.21	%		1.21	%		1.18	%		1.19	%		1.20	%
Total net expenses^(b)		1.21	%^(c)		1.21	%^(c)		1.18	%^(c)		1.19	%		1.20	%
Net investment income		0.92	%		1.25	%		1.38	%		1.62	%		1.92	%
Supplemental data
Net assets, end of period (in thousands)	$	162,357		$	132,770		$	107,827		$	90,001		$	60,533
Portfolio turnover		23	%		23	%		58	%		9	%		26	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

	Year Ended January 31,
Class K	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.60		$	10.74		$	10.70		$	9.45		$	7.57
Income from investment operations:
Net investment income		0.21			0.21			0.23			0.27			0.26
Net realized and unrealized gain		0.86			0.95			0.08			1.26			1.88
Total from investment operations		1.07			1.16			0.31			1.53			2.14
Less distributions to shareholders:
Net investment income		(0.32	)		(0.30	)		(0.27	)		(0.28	)		(0.26	)
Net realized gains		(0.36	)		—			—			—			—
Total distributions to shareholders		(0.68	)		(0.30	)		(0.27	)		(0.28	)		(0.26	)
Net asset value, end of period	$	11.99		$	11.60		$	10.74		$	10.70		$	9.45
Total return		9.39	%		10.94	%		2.94	%		16.38	%		28.70	%
Ratios to average net assets^(a)
Total gross expenses		0.36	%		0.34	%		0.34	%		0.33	%		0.35	%
Total net expenses^(b)		0.36	%		0.34	%		0.34	%		0.33	%		0.35	%
Net investment income		1.77	%		1.93	%		2.18	%		2.66	%		2.96	%
Supplemental data
Net assets, end of period (in thousands)	$	359		$	298		$	748		$	760		$	221
Portfolio turnover		23	%		23	%		58	%		9	%		26	%

Notes to Financial Highlights

(b) 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	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.58		$	10.74		$	10.70		$	10.10
Income from investment operations:
Net investment income		0.23			0.18			0.30			0.11
Net realized and unrealized gain (loss)		0.80			0.93			(0.02	)		0.60
Total from investment operations		1.03			1.11			0.28			0.71
Less distributions to shareholders:
Net investment income		(0.28	)		(0.27	)		(0.24	)		(0.11	)
Net realized gains		(0.36	)		—			—			—
Total distributions to shareholders		(0.64	)		(0.27	)		(0.24	)		(0.11	)
Net asset value, end of period	$	11.97		$	11.58		$	10.74		$	10.70
Total return		9.02	%		10.46	%		2.66	%		7.06	%
Ratios to average net assets^(b)
Total gross expenses		0.72	%		0.70	%		0.71	%		0.67	%^(c)
Total net expenses^(d)		0.72	%^(e)		0.70	%^(e)		0.71	%		0.67	%^(c)
Net investment income		1.92	%		1.67	%		2.93	%		3.18	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	1,147		$	138		$	60		$	3
Portfolio turnover		23	%		23	%		58	%		9	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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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Financial Highlights (continued)

Columbia Capital Allocation Moderate Portfolio

Class R4	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain		0.53
Total from investment operations		0.71
Less distributions to shareholders:
Net investment income		(0.27	)
Net realized gains		(0.36	)
Total distributions to shareholders		(0.63	)
Net asset value, end of period	$	11.90
Total return		6.11	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%^(c)
Total net expenses^(d)		0.21	%^(c)(e)
Net investment income		2.36	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		23	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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

Class R5	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.19
Net realized and unrealized gain		0.53
Total from investment operations		0.72
Less distributions to shareholders:
Net investment income		(0.28	)
Net realized gains		(0.36	)
Total distributions to shareholders		(0.64	)
Net asset value, end of period	$	11.90
Total return		6.21	%
Ratios to average net assets^(b)
Total gross expenses		0.11	%^(c)
Total net expenses^(d)		0.11	%^(c)
Net investment income		2.51	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		23	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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 Moderate Portfolio

Class Y	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.19
Net realized and unrealized gain		0.54
Total from investment operations		0.73
Less distributions to shareholders:
Net investment income		(0.29	)
Net realized gains		(0.36	)
Total distributions to shareholders		(0.65	)
Net asset value, end of period	$	11.90
Total return		6.25	%
Ratios to average net assets^(b)
Total gross expenses		0.07	%^(c)
Total net expenses^(d)		0.07	%^(c)
Net investment income		2.56	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		23	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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 Moderate Portfolio

	Year Ended January 31,
Class Z	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.59		$	10.75		$	10.71		$	10.10
Income from investment operations:
Net investment income		0.23			0.28			0.26			0.16
Net realized and unrealized gain		0.87			0.88			0.07			0.58
Total from investment operations		1.10			1.16			0.33			0.74
Less distributions to shareholders:
Net investment income		(0.34	)		(0.32	)		(0.29	)		(0.13	)
Net realized gains		(0.36	)		—			—			—
Total distributions to shareholders		(0.70	)		(0.32	)		(0.29	)		(0.13	)
Net asset value, end of period	$	11.99		$	11.59		$	10.75		$	10.71
Total return		9.65	%		10.98	%		3.15	%		7.31	%
Ratios to average net assets^(b)
Total gross expenses		0.21	%		0.22	%		0.19	%		0.11	%^(c)
Total net expenses^(d)		0.21	%^(e)		0.22	%^(e)		0.19	%^(e)		0.11	%^(c)
Net investment income		1.90	%		2.54	%		2.49	%		4.32	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3,352		$	2,544		$	836		$	7
Portfolio turnover		23	%		23	%		58	%		9	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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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Financial Highlights

Columbia Capital Allocation Moderate Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class A	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.04		$	11.30		$	11.61		$	10.23		$	7.33		$	11.36
Income from investment operations:
Net investment income		0.18			0.18			0.15			0.19			0.23			0.22
Net realized and unrealized gain (loss)		1.21			1.07			(0.30	)		1.37			2.89			(2.91	)
Total from investment operations		1.39			1.25			(0.15	)		1.56			3.12			(2.69	)
Less distributions to shareholders:
Net investment income		(0.25	)		(0.22	)		(0.14	)		(0.18	)		(0.22	)		(0.22	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—			—			(1.12	)
Total distributions to shareholders		(0.42	)		(0.51	)		(0.16	)		(0.18	)		(0.22	)		(1.34	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—
Net asset value, end of period	$	13.01		$	12.04		$	11.30		$	11.61		$	10.23		$	7.33
Total return		11.67	%		11.28	%		(1.20	%)		15.48	%		42.94	%		(26.48	%)
Ratios to average net assets^(c)
Total gross expenses		0.50	%		0.53	%		0.51	%^(d)(e)		0.50	%^(e)		0.50	%		0.50	%
Total net expenses^(f)		0.50	%^(g)		0.53	%^(g)		0.51	%^(d)(e)(g)		0.50	%^(e)		0.50	%		0.50	%^(g)
Net investment income		1.38	%		1.51	%		1.60	%^(d)		1.75	%		2.45	%		2.44	%
Supplemental data
Net assets, end of period (in thousands)	$	1,805,239		$	679,109		$	665,859		$	291,758		$	245,327		$	170,155
Portfolio turnover		22	%		34	%		42	%		68	%		27	%		47	%

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.

(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 Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class B	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	11.94		$	11.21		$	11.53		$	10.16		$	7.29		$	11.30
Income from investment operations:
Net investment income		0.07			0.07			0.07			0.10			0.16			0.15
Net realized and unrealized gain (loss)		1.21			1.08			(0.29	)		1.37			2.87			(2.89	)
Total from investment operations		1.28			1.15			(0.22	)		1.47			3.03			(2.74	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—			—			(1.12	)
Total distributions to shareholders		(0.33	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—
Net asset value, end of period	$	12.89		$	11.94		$	11.21		$	11.53		$	10.16		$	7.29
Total return		10.78	%		10.45	%		(1.87	%)		14.63	%		41.72	%		(27.01	%)
Ratios to average net assets^(c)
Total gross expenses		1.25	%		1.27	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%		1.25	%
Total net expenses^(f)		1.25	%^(g)		1.27	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%		1.25	%^(g)
Net investment income		0.53	%		0.65	%		0.75	%^(d)		0.99	%		1.70	%		1.67	%
Supplemental data
Net assets, end of period (in thousands)	$	92,956		$	53,009		$	85,005		$	133,770		$	181,026		$	156,679
Portfolio turnover		22	%		34	%		42	%		68	%		27	%		47	%

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.

(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 Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class C	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.11		$	11.36		$	11.68		$	10.29		$	7.38		$	11.43
Income from investment operations:
Net investment income		0.08			0.09			0.08			0.11			0.16			0.15
Net realized and unrealized gain (loss)		1.21			1.08			(0.30	)		1.38			2.91			(2.93	)
Total from investment operations		1.29			1.17			(0.22	)		1.49			3.07			(2.78	)
Less distributions to shareholders:
Net investment income		(0.16	)		(0.13	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—			—			(1.12	)
Total distributions to shareholders		(0.33	)		(0.42	)		(0.10	)		(0.10	)		(0.16	)		(1.27	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—
Net asset value, end of period	$	13.07		$	12.11		$	11.36		$	11.68		$	10.29		$	7.38
Total return		10.71	%		10.49	%		(1.85	%)		14.64	%		41.76	%		(27.05	%)
Ratios to average net assets^(c)
Total gross expenses		1.25	%		1.28	%		1.26	%^(d)(e)		1.25	%^(e)		1.25	%		1.25	%
Total net expenses^(f)		1.25	%^(g)		1.28	%^(g)		1.26	%^(d)(e)(g)		1.25	%^(e)		1.25	%		1.25	%^(g)
Net investment income		0.63	%		0.75	%		0.81	%^(d)		1.00	%		1.70	%		1.67	%
Supplemental data
Net assets, end of period (in thousands)	$	198,837		$	84,349		$	86,321		$	91,556		$	87,496		$	64,940
Portfolio turnover		22	%		34	%		42	%		68	%		27	%		47	%

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 the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(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 Aggressive Portfolio

Class K	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	12.07
Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain		1.17
Total from investment operations		1.35
Less distributions to shareholders:
Net investment income		(0.27	)
Net realized gains		(0.17	)
Total distributions to shareholders		(0.44	)
Net asset value, end of period	$	12.98
Total return		11.31	%
Ratios to average net assets^(b)
Total gross expenses		0.38	%^(c)
Total net expenses^(d)		0.38	%^(c)
Net investment income		1.57	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	105
Portfolio turnover		22	%

Notes to Financial Highlights

(a) For the period from February 28, 2013 (commencement of operations) to January 31, 2014.

(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 Moderate Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class R	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.03		$	11.29		$	11.60		$	10.22		$	7.33		$	11.36
Income from investment operations:
Net investment income		0.13			0.15			0.13			0.16			0.20			0.22
Net realized and unrealized gain (loss)		1.22			1.07			(0.30	)		1.38			2.89			(2.94	)
Total from investment operations		1.35			1.22			(0.17	)		1.54			3.09			(2.72	)
Less distributions to shareholders:
Net investment income		(0.22	)		(0.19	)		(0.12	)		(0.16	)		(0.20	)		(0.19	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—			—			(1.12	)
Total distributions to shareholders		(0.39	)		(0.48	)		(0.14	)		(0.16	)		(0.20	)		(1.31	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—
Net asset value, end of period	$	12.99		$	12.03		$	11.29		$	11.60		$	10.22		$	7.33
Total return		11.31	%		11.01	%		(1.39	%)		15.21	%		42.46	%		(26.67	%)
Ratios to average net assets^(c)
Total gross expenses		0.75	%		0.78	%		0.77	%^(d)(e)		0.75	%^(e)		0.75	%		0.75	%
Total net expenses^(f)		0.75	%^(g)		0.78	%^(g)		0.77	%^(d)(e)(g)		0.75	%^(e)		0.75	%		0.75	%^(g)
Net investment income		1.02	%		1.26	%		1.40	%^(d)		1.54	%		2.16	%		2.48	%
Supplemental data
Net assets, end of period (in thousands)	$	4,347		$	4,664		$	3,908		$	1,517		$	1,740		$	1,666
Portfolio turnover		22	%		34	%		42	%		68	%		27	%		47	%

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.

(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 Aggressive Portfolio

	Year Ended January 31,
Class R4	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.11		$	11.71
Income from investment operations:
Net investment income		0.18			0.11
Net realized and unrealized gain		1.25			0.65
Total from investment operations		1.43			0.76
Less distributions to shareholders:
Net investment income		(0.29	)		(0.14	)
Net realized gains		(0.17	)		(0.22	)
Total distributions to shareholders		(0.46	)		(0.36	)
Net asset value, end of period	$	13.08		$	12.11
Total return		11.95	%		6.60	%
Ratios to average net assets^(b)
Total gross expenses		0.22	%		0.24	%^(c)
Total net expenses^(d)		0.22	%^(e)		0.24	%^(c)
Net investment income		1.39	%		3.98	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	7		$	3
Portfolio turnover		22	%		34	%

Notes to Financial Highlights

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

(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 Aggressive Portfolio

	Year Ended January 31,
Class R5	2014			2013^(a)
Per share data
Net asset value, beginning of period	$	12.11		$	11.71
Income from investment operations:
Net investment income		0.33			0.11
Net realized and unrealized gain		1.12			0.66
Total from investment operations		1.45			0.77
Less distributions to shareholders:
Net investment income		(0.31	)		(0.15	)
Net realized gains		(0.17	)		(0.22	)
Total distributions to shareholders		(0.48	)		(0.37	)
Net asset value, end of period	$	13.08		$	12.11
Total return		12.07	%		6.64	%
Ratios to average net assets^(b)
Total gross expenses		0.18	%		0.12	%^(c)
Total net expenses^(d)		0.18	%		0.12	%^(c)
Net investment income		2.56	%		4.10	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	577		$	3
Portfolio turnover		22	%		34	%

Notes to Financial Highlights

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

(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 Moderate Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class T	2014			2013			2012^(a)			2011^(b)
Per share data
Net asset value, beginning of period	$	12.04		$	11.30		$	11.61		$	11.49
Income from investment operations:
Net investment income		0.16			0.17			0.15			0.02
Net realized and unrealized gain (loss)		1.22			1.07			(0.30	)		0.13
Total from investment operations		1.38			1.24			(0.15	)		0.15
Less distributions to shareholders:
Net investment income		(0.25	)		(0.21	)		(0.14	)		(0.03	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—
Total distributions to shareholders		(0.42	)		(0.50	)		(0.16	)		(0.03	)
Proceeds from regulatory settlements		—			—			0.00	^(c)		—
Net asset value, end of period	$	13.00		$	12.04		$	11.30		$	11.61
Total return		11.52	%		11.23	%		(1.23	%)		1.28	%
Ratios to average net assets^(d)
Total gross expenses		0.55	%		0.58	%		0.56	%^(e)(f)		0.55	%^(e)
Total net expenses^(g)		0.55	%^(h)		0.58	%^(h)		0.56	%^(e)(f)(h)		0.55	%^(e)
Net investment income		1.24	%		1.46	%		1.58	%^(e)		2.26	%^(e)
Supplemental data
Net assets, end of period (in thousands)	$	101,766		$	100,955		$	102,913		$	3
Portfolio turnover		22	%		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 7, 2011 (commencement of operations) to March 31, 2011.

(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 the Fund invests. Such indirect expenses are not included in the reported expense ratios.

(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

Class Y	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	12.35
Income from investment operations:
Net investment income		0.18
Net realized and unrealized gain		0.78
Total from investment operations		0.96
Less distributions to shareholders:
Net investment income		(0.27	)
Net realized gains		(0.17	)
Total distributions to shareholders		(0.44	)
Net asset value, end of period	$	12.87
Total return		7.88	%
Ratios to average net assets^(b)
Total gross expenses		0.07	%^(c)
Total net expenses^(d)		0.07	%^(c)
Net investment income		2.22	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		22	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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 Moderate Aggressive Portfolio

	Year Ended January 31,									Year Ended March 31,
Class Z	2014			2013			2012^(a)			2011			2010			2009
Per share data
Net asset value, beginning of period	$	12.03		$	11.29		$	11.60		$	10.21		$	7.33		$	11.36
Income from investment operations:
Net investment income		0.19			0.20			0.17			0.21			0.25			0.25
Net realized and unrealized gain (loss)		1.23			1.08			(0.30	)		1.39			2.88			(2.92	)
Total from investment operations		1.42			1.28			(0.13	)		1.60			3.13			(2.67	)
Less distributions to shareholders:
Net investment income		(0.29	)		(0.25	)		(0.16	)		(0.21	)		(0.25	)		(0.24	)
Net realized gains		(0.17	)		(0.29	)		(0.02	)		—			—			(1.12	)
Total distributions to shareholders		(0.46	)		(0.54	)		(0.18	)		(0.21	)		(0.25	)		(1.36	)
Proceeds from regulatory settlements		—			—			0.00	^(b)		—			—			—
Net asset value, end of period	$	12.99		$	12.03		$	11.29		$	11.60		$	10.21		$	7.33
Total return		11.87	%		11.57	%		(1.00	%)		15.89	%		43.01	%		(26.28	%)
Ratios to average net assets^(c)
Total gross expenses		0.25	%		0.28	%		0.26	%^(d)(e)		0.25	%^(e)		0.25	%		0.25	%
Total net expenses^(f)		0.25	%^(g)		0.28	%^(g)		0.26	%^(d)(e)(g)		0.25	%^(e)		0.25	%		0.25	%^(g)
Net investment income		1.49	%		1.72	%		1.86	%^(d)		2.03	%		2.69	%		2.83	%
Supplemental data
Net assets, end of period (in thousands)	$	128,234		$	147,433		$	146,805		$	56,805		$	64,967		$	44,020
Portfolio turnover		22	%		34	%		42	%		68	%		27	%		47	%

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.

(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

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class A	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.41		$	10.19		$	10.28		$	8.62		$	6.49
Income from investment operations:
Net investment income		0.12			0.13			0.12			0.14			0.15
Net realized and unrealized gain (loss)		1.53			1.25			(0.07	)		1.69			2.14
Total from investment operations		1.65			1.38			0.05			1.83			2.29
Less distributions to shareholders:
Net investment income		(0.24	)		(0.16	)		(0.14	)		(0.17	)		(0.16	)
Total distributions to shareholders		(0.24	)		(0.16	)		(0.14	)		(0.17	)		(0.16	)
Net asset value, end of period	$	12.82		$	11.41		$	10.19		$	10.28		$	8.62
Total return		14.41	%		13.63	%		0.60	%		21.22	%		35.27	%
Ratios to average net assets^(a)
Total gross expenses		0.52	%		0.52	%		0.49	%		0.50	%		0.53	%
Total net expenses^(b)		0.52	%^(c)		0.51	%^(c)		0.49	%^(c)		0.50	%		0.51	%
Net investment income		0.98	%		1.25	%		1.18	%		1.48	%		1.92	%
Supplemental data
Net assets, end of period (in thousands)	$	554,189		$	495,722		$	472,855		$	489,241		$	411,906
Portfolio turnover		29	%		21	%		83	%		10	%		28	%

Notes to Financial Highlights

(b) 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 B	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.41		$	10.17		$	10.24		$	8.57		$	6.46
Income from investment operations:
Net investment income		0.02			0.04			0.04			0.06			0.08
Net realized and unrealized gain (loss)		1.53			1.26			(0.07	)		1.69			2.12
Total from investment operations		1.55			1.30			(0.03	)		1.75			2.20
Less distributions to shareholders:
Net investment income		(0.15	)		(0.06	)		(0.04	)		(0.08	)		(0.09	)
Total distributions to shareholders		(0.15	)		(0.06	)		(0.04	)		(0.08	)		(0.09	)
Net asset value, end of period	$	12.81		$	11.41		$	10.17		$	10.24		$	8.57
Total return		13.54	%		12.80	%		(0.22	%)		20.46	%		34.10	%
Ratios to average net assets^(a)
Total gross expenses		1.27	%		1.26	%		1.24	%		1.26	%		1.29	%
Total net expenses^(b)		1.27	%^(c)		1.26	%^(c)		1.24	%^(c)		1.26	%		1.27	%
Net investment income		0.14	%		0.41	%		0.38	%		0.62	%		1.09	%
Supplemental data
Net assets, end of period (in thousands)	$	31,473		$	39,020		$	49,003		$	66,323		$	69,632
Portfolio turnover		29	%		21	%		83	%		10	%		28	%

Notes to Financial Highlights

(b) 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 C	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.24		$	10.04		$	10.14		$	8.50		$	6.42
Income from investment operations:
Net investment income		0.03			0.05			0.04			0.07			0.11
Net realized and unrealized gain (loss)		1.50			1.24			(0.07	)		1.67			2.08
Total from investment operations		1.53			1.29			(0.03	)		1.74			2.19
Less distributions to shareholders:
Net investment income		(0.15	)		(0.09	)		(0.07	)		(0.10	)		(0.11	)
Total distributions to shareholders		(0.15	)		(0.09	)		(0.07	)		(0.10	)		(0.11	)
Net asset value, end of period	$	12.62		$	11.24		$	10.04		$	10.14		$	8.50
Total return		13.56	%		12.86	%		(0.23	%)		20.45	%		34.07	%
Ratios to average net assets^(a)
Total gross expenses		1.27	%		1.27	%		1.24	%		1.25	%		1.28	%
Total net expenses^(b)		1.27	%^(c)		1.26	%^(c)		1.24	%^(c)		1.25	%		1.26	%
Net investment income		0.27	%		0.52	%		0.44	%		0.72	%		1.37	%
Supplemental data
Net assets, end of period (in thousands)	$	50,676		$	38,461		$	33,266		$	31,772		$	26,852
Portfolio turnover		29	%		21	%		83	%		10	%		28	%

Notes to Financial Highlights

(b) 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 K	2014			2013			2012			2011			2010
Per share data
Net asset value, beginning of period	$	11.43		$	10.20		$	10.30		$	8.63		$	6.50
Income from investment operations:
Net investment income		0.14			0.15			0.13			0.15			0.17
Net realized and unrealized gain (loss)		1.52			1.25			(0.07	)		1.70			2.13
Total from investment operations		1.66			1.40			0.06			1.85			2.30
Less distributions to shareholders:
Net investment income		(0.25	)		(0.17	)		(0.16	)		(0.18	)		(0.17	)
Total distributions to shareholders		(0.25	)		(0.17	)		(0.16	)		(0.18	)		(0.17	)
Net asset value, end of period	$	12.84		$	11.43		$	10.20		$	10.30		$	8.63
Total return		14.52	%		13.84	%		0.64	%		21.46	%		35.36	%
Ratios to average net assets^(a)
Total gross expenses		0.40	%		0.37	%		0.35	%		0.38	%		0.36	%
Total net expenses^(b)		0.40	%		0.37	%		0.35	%		0.38	%		0.36	%
Net investment income		1.13	%		1.37	%		1.30	%		1.62	%		2.13	%
Supplemental data
Net assets, end of period (in thousands)	$	152		$	126		$	451		$	461		$	391
Portfolio turnover		29	%		21	%		83	%		10	%		28	%

Notes to Financial Highlights

(b) 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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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class R	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.35		$	10.16		$	10.25		$	9.42
Income from investment operations:
Net investment income		0.14			0.11			0.10			0.10
Net realized and unrealized gain (loss)		1.47			1.24			(0.07	)		0.92
Total from investment operations		1.61			1.35			0.03			1.02
Less distributions to shareholders:
Net investment income		(0.21	)		(0.16	)		(0.12	)		(0.19	)
Total distributions to shareholders		(0.21	)		(0.16	)		(0.12	)		(0.19	)
Net asset value, end of period	$	12.75		$	11.35		$	10.16		$	10.25
Total return		14.13	%		13.38	%		0.33	%		10.87	%
Ratios to average net assets^(b)
Total gross expenses		0.78	%		0.79	%		0.70	%		0.71	%^(c)
Total net expenses^(d)		0.78	%^(e)		0.76	%^(e)		0.70	%		0.71	%^(c)
Net investment income		1.12	%		1.03	%		0.98	%		2.91	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	644		$	182		$	3		$	3
Portfolio turnover		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

Class R4	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.20
Net realized and unrealized gain		0.88
Total from investment operations		1.08
Less distributions to shareholders:
Net investment income		(0.27	)
Total distributions to shareholders		(0.27	)
Net asset value, end of period	$	12.63
Total return		9.08	%
Ratios to average net assets^(b)
Total gross expenses		0.29	%^(c)
Total net expenses^(d)		0.29	%^(c)(e)
Net investment income		2.54	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	26
Portfolio turnover		29	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

Class R5	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.04
Net realized and unrealized gain		1.06
Total from investment operations		1.10
Less distributions to shareholders:
Net investment income		(0.29	)
Total distributions to shareholders		(0.29	)
Net asset value, end of period	$	12.63
Total return		9.27	%
Ratios to average net assets^(b)
Total gross expenses		0.19	%^(c)
Total net expenses^(d)		0.19	%^(c)
Net investment income		0.47	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	385
Portfolio turnover		29	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

Class Y	Year Ended January 31, 2014^(a)
Per share data
Net asset value, beginning of period	$	11.82
Income from investment operations:
Net investment income		0.15
Net realized and unrealized gain		0.95
Total from investment operations		1.10
Less distributions to shareholders:
Net investment income		(0.30	)
Total distributions to shareholders		(0.30	)
Net asset value, end of period	$	12.62
Total return		9.23	%
Ratios to average net assets^(b)
Total gross expenses		0.06	%^(c)
Total net expenses^(d)		0.06	%^(c)
Net investment income		1.95	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	3
Portfolio turnover		29	%

Notes to Financial Highlights

(a) For the period from June 13, 2013 (commencement of operations) to January 31, 2014.

(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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Financial Highlights (continued)

Columbia Capital Allocation Aggressive Portfolio

	Year Ended January 31,
Class Z	2014			2013			2012			2011^(a)
Per share data
Net asset value, beginning of period	$	11.36		$	10.16		$	10.26		$	9.42
Income from investment operations:
Net investment income		0.19			0.21			0.14			0.12
Net realized and unrealized gain (loss)		1.50			1.19			(0.07	)		0.92
Total from investment operations		1.69			1.40			0.07			1.04
Less distributions to shareholders:
Net investment income		(0.27	)		(0.20	)		(0.17	)		(0.20	)
Total distributions to shareholders		(0.27	)		(0.20	)		(0.17	)		(0.20	)
Net asset value, end of period	$	12.78		$	11.36		$	10.16		$	10.26
Total return		14.82	%		13.87	%		0.83	%		11.11	%
Ratios to average net assets^(b)
Total gross expenses		0.28	%		0.28	%		0.24	%		0.18	%^(c)
Total net expenses^(d)		0.28	%^(e)		0.26	%^(e)		0.24	%^(e)		0.18	%^(c)
Net investment income		1.51	%		2.00	%		1.40	%		3.44	%^(c)
Supplemental data
Net assets, end of period (in thousands)	$	951		$	413		$	168		$	3
Portfolio turnover		29	%		21	%		83	%		10	%

Notes to Financial Highlights

(a) For the period from September 27, 2010 (commencement of operations) to January 31, 2011.

(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, 2014

Note 1. Organization

Columbia Funds Series Trust and Columbia Funds Series Trust II (each, 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, Fund and collectively, the Funds): Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio, each a series of Columbia Funds Series Trust, and Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio, and Columbia Capital Allocation Aggressive Portfolio, 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 (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), or an affiliate acts as investment manager or principal underwriter (affiliated underlying funds). The Funds may also invest in third-party advised (unaffiliated) funds and exchange-traded funds (ETFs), (collectively with the affiliated underlying funds, the Underlying Funds), equity and fixed income securities, including treasury inflation protected securities (TIPS) and other instruments such as derivatives.

* For information on the goals, investment strategies and risks of the affiliated underlying funds, please refer to the Funds' most recent prospectus and the prospectuses of the affiliated 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 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, Class R4, Class R5, Class Y and Class Z shares. Columbia Capital Allocation Moderate Aggressive Portfolio offers Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class T, Class Y 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.

Different share classes pay different distribution amounts to the extent the expenses of such share classes differ, and distributions in liquidation will be proportional to the net asset value of each share class. 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 Fund no longer accepts investments by new or existing investors in the Fund's Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund 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 are not subject to sales charges and are closed to new investors. Class K shares of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio commenced operations on February 28, 2013.

Class R shares are not subject to sales charges and are generally available only to certain retirement plans and other eligible investors.

Class R4 shares are not subject to sales charges and are generally available only to omnibus retirement plans and certain other eligible investors. Class R4 shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio commenced operations on June 13, 2013.

Class R5 shares are not subject to sales charges and are generally available only to investors purchasing through

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Notes to Financial Statements (continued)

January 31, 2014

authorized investment professionals and omnibus retirement plans. Class R5 of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio commenced operations on June 13, 2013.

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 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 Y shares are not subject to sales charges and are generally available only to certain retirement plans. Class Y shares of each Fund commenced operations on June 13, 2013.

Class Z shares are not subject to sales charges and are available only to certain eligible investors, which are subject to different investment minimums.

Note 2. Summary of Significant Accounting Policies

Use of 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 (NYSE) 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.

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.

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 Translations

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 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

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Notes to Financial Statements (continued)

January 31, 2014

trading, to reduce transaction costs and to pursue higher investment returns. The Fund may also use derivative instruments to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell, including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statement of Assets and Liabilities. The notional amounts of derivative instruments, if applicable, are not recorded in the financial statements.

A derivative instrument may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. A Fund's risk of loss from counterparty credit risk on over-the-counter derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund and the amount of any initial margin held by the counterparty. With exchange traded or centrally cleared derivatives, there is minimal counterparty credit risk to the Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the counterparty credit risk is limited to failure of the clearinghouse. However, credit risk still exists in exchange traded or centrally cleared derivatives with respect to initial and variation margin that is held in a broker's customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker's customers, potentially resulting in losses to the Fund.

and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral (margin) requirements differ by type of derivative. Margin requirements are established by the exchange or clearinghouse for exchange traded and centrally cleared derivatives. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract specific for over-the-counter derivatives. For OTC derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any variation margin currently pledged by the Fund and/or the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (e.g. $500,000) before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

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

Futures Contracts

Futures contracts are exchange traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. The Funds bought and sold

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Notes to Financial Statements (continued)

January 31, 2014

futures contracts to manage the duration and yield curve exposure of the Fund 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. These instruments may be used for other purposes in future periods. Upon entering into futures contracts, the Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.

Effects of Derivative Transactions in the Financial Statements

Columbia Capital Allocation Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		62,209	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		108,372	*
Total			170,581

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		456,200
Interest rate risk		(669,414	)
Total		(213,214	)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category	Futures Contracts ($)
Equity risk		62,209
Interest rate risk		302,170
Total		364,379

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument				Contracts Opened
Futures contracts					1,493

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Notes to Financial Statements (continued)

January 31, 2014

Columbia Capital Allocation Moderate Conservative Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		221,446	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		176,381	*
Total			397,827
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		23,446	*
Interest rate risk	Net assets — unrealized depreciation on futures contracts		3,984	*
Total			27,430

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category				Futures Contracts ($)

Equity risk	369,474
Interest rate risk	(1,043,685	)
Total	(674,211	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category				Futures Contracts ($)

Equity risk					198,000
Interest rate risk					309,870
Total					507,870

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument

Contracts Opened

Futures contracts

2,870

Columbia Capital Allocation Moderate Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		1,318,738	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		183,702	*
Total			1,502,440
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		344,539	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Risk Exposure Category				Futures Contracts ($)

Equity risk	(259,742	)
Interest rate risk	(1,020,701	)
Total	(1,280,443	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Risk Exposure Category				Futures Contracts ($)

Equity risk					974,199
Interest rate risk					730,953
Total					1,705,152

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument				Contracts Opened
Futures contracts					6,141

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Notes to Financial Statements (continued)

January 31, 2014

Columbia Capital Allocation Moderate Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2014:

Asset Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		2,175,864	*
Interest rate risk	Net assets — unrealized appreciation on futures contracts		24,341	*
Total			2,200,205
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		818,980	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category	Futures Contracts ($)
Equity risk		3,758,318
Interest rate risk		(184,480	)
Total		3,573,838

Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income

Risk Exposure Category	Futures Contracts ($)
Equity risk		1,356,884
Interest rate risk		130,866
Total		1,487,750

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument				Contracts Opened
Futures contracts					10,801

Columbia Capital Allocation Aggressive Portfolio

The following table is a summary of the fair value of derivative instruments at January 31, 2014:

Asset Derivatives

Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized appreciation on futures contracts		679,276	*
Liability Derivatives
Risk Exposure Category	Statement of Assets and Liabilities Location	Fair Value ($)
Equity risk	Net assets — unrealized depreciation on futures contracts		135,619	*

The following table indicates the effect of derivative instruments in the Statement of Operations for the year ended January 31, 2014:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Risk Exposure Category				Futures Contracts ($)
Equity risk					413,148

Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income

Risk Exposure Category				Futures Contracts ($)
Equity risk					543,657

The following table is a summary of the volume of derivative instruments for the year ended January 31, 2014:

Derivative Instrument				Contracts Opened
Futures contracts					2,709

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Notes to Financial Statements (continued)

January 31, 2014

Treasury Inflation Protected Securities

Each Fund 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

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 generally 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.

Awards from class action litigation are recorded as a reduction of cost basis if the Fund still owns the applicable securities on the payment date. If the Fund no longer owns the applicable securities, the proceeds are recorded as realized gains.

Expenses

General expenses of the Trusts are allocated to the Funds and other funds 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 that 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 Statements 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 Trust's 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 the 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.

Note 3. Fees and Compensation Paid to Affiliates

Investment Management Fees and Underlying Fund Fees

Under an Investment Management Services Agreement, the Investment Manager determines which securities will be purchased, held or sold. The investment management fee for the Funds is an annual fee that is a blend of (i) 0.00% on assets invested in Columbia proprietary funds that pay an investment advisory fee to the Investment Manager, (ii) 0.10%

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Notes to Financial Statements (continued)

January 31, 2014

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, ETFs, derivatives and individual securities.

Prior to March 1, 2013, Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio did not pay the Investment Manager a direct investment management fee for managing its assets.

The effective investment management fee rates based on each Fund's average daily net assets for the year ended January 31, 2014 were as follows:

Columbia Capital Allocation Conservative Portfolio	0.03	%
Columbia Capital Allocation Moderate Conservative Portfolio	0.02
Columbia Capital Allocation Moderate Portfolio	0.02
Columbia Capital Allocation Moderate Aggressive Portfolio	0.03
Columbia Capital Allocation Aggressive Portfolio	0.02

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

Administration Fees

Under an Administrative Services Agreement, the Investment Manager also serves as the Fund Administrator. Each Fund pays the Fund 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, miscellaneous expenses of the Funds or the Board, including payments to a company providing limited administrative services to the Funds and the Board. That company's expenses include boardroom and office expense, employee compensation, employee health and retirement benefits and certain other expenses. For the year ended January 31, 2014, other expenses paid to this company were as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		1,722
Columbia Capital Allocation Moderate Conservative Portfolio		2,086
Columbia Capital Allocation Moderate Portfolio		3,020
Columbia Capital Allocation Moderate Aggressive Portfolio		3,708
Columbia Capital Allocation Aggressive Portfolio		1,990

Compensation of Board Members

Board members are compensated for their services to the Funds as disclosed in the Statements of Operations. Under a Deferred Compensation Plan (the Plan), the Board members who are not "interested persons" of the Funds, 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. 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 omnibus accounts (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).

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January 31, 2014

For the year ended January 31, 2014, the Funds' effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)			Class R (%)		Class R4 (%)			Class R5 (%)			Class T (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.15		0.15		0.15		0.05			0.14		0.16	*		0.05	*		—		0.15
Columbia Capital Allocation Moderate Conservative Portfolio		0.15		0.15		0.15		0.05	*		0.15		0.17			0.05			—		0.15
Columbia Capital Allocation Moderate Portfolio		0.15		0.15		0.15		0.05			0.15		0.21	*		0.04	*		—		0.15
Columbia Capital Allocation Moderate Aggressive Portfolio		0.17		0.17		0.17		0.05	*		0.17		0.16			0.05			0.17		0.17
Columbia Capital Allocation Aggressive Portfolio		0.18		0.18		0.18		0.05			0.17		0.18	*		0.05	*		—		0.17

*Annualized

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, 2014 these minimum account balance fees reduced total expenses as follows:

Fund	Amount ($)
Columbia Capital Allocation Conservative Portfolio		20
Columbia Capital Allocation Moderate Conservative Portfolio		260
Columbia Capital Allocation Moderate Portfolio		120
Columbia Capital Allocation Moderate Aggressive Portfolio		23,025
Columbia Capital Allocation Aggressive Portfolio		235

Plan Administration Fees

Under a Plan Administration Services Agreement with the Transfer Agent, each Fund pays an annual fee at a rate of 0.25% of the Fund'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. The Board has approved, and the Funds have adopted, distribution and shareholder service plans (the Plans) applicable to certain share classes, which set the distribution and 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 each 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 the Funds, 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:

Fund	Class B ($)		Class C ($)
Columbia Capital Allocation Conservative Portfolio		1,773,000		260,000
Columbia Capital Allocation Moderate Conservative Portfolio		3,016,000		454,000
Columbia Capital Allocation Moderate Portfolio		5,745,000		1,706,000
Columbia Capital Allocation Moderate Aggressive Portfolio		5,389,000		1,233,000
Columbia Capital Allocation Aggressive Portfolio		1,632,000		259,000

These amounts are based on the most recent information available as of December 31, 2013, 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.

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Notes to Financial Statements (continued)

January 31, 2014

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 shareholder services fees for the year ended January 31, 2014 was 0.30% of the Fund's average daily net assets attributable to Class T shares.

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, 2014, were as follows:

Fund	Class A ($)		Class B ($)		Class C ($)		Class T ($)
Columbia Capital Allocation Conservative Portfolio		318,270		4,084		3,323		—
Columbia Capital Allocation Moderate Conservative Portfolio		702,736		6,900		8,351		—
Columbia Capital Allocation Moderate Portfolio		2,578,265		18,563		12,099		—
Columbia Capital Allocation Moderate Aggressive Portfolio		2,541,129		33,155		10,901		7,941
Columbia Capital Allocation Aggressive Portfolio		1,254,458		11,040		3,707		—

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 as well as any reorganization costs allocated to the Funds), for the periods disclosed below, 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:

	June 1, 2013 through May 31, 2014
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)			Class R5 (%)			Class T (%)		Class Y* (%)		Class Z (%)
Columbia Capital Allocation Conservative Portfolio		0.51		1.26		1.26		0.43		0.76		0.26	*		0.18	*		N/A		0.13		0.26
Columbia Capital Allocation Moderate Conservative Portfolio		0.51		1.26		1.26		0.43		0.76		0.26			0.18			N/A		0.13		0.26
Columbia Capital Allocation Moderate Portfolio		0.51		1.26		1.26		0.43		0.76		0.26	*		0.18	*		N/A		0.13		0.26
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.43		0.76		0.26			0.18			0.56		0.13		0.26
Columbia Capital Allocation Aggressive Portfolio		0.51		1.26		1.26		0.43		0.76		0.26	*		0.18	*		N/A		0.13		0.26

* Annual rate is contractual from June 13, 2013 (commencement of operations for Class R4 and Class R5 shares of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio and for Class Y shares of each Fund) through May 31, 2014.

	Prior to June 1, 2013
Fund	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		0.43		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

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Notes to Financial Statements (continued)

January 31, 2014

	Prior to June 1, 2013
Fund	Class A (%)		Class B (%)		Class C (%)		Class K (%)		Class R (%)		Class R4 (%)		Class R5 (%)		Class T (%)		Class Z (%)
Columbia Capital Allocation Moderate Aggressive Portfolio		0.51		1.26		1.26		0.43		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

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. Effective March 1, 2013, the investment management fee is also excluded from the waiver/reimbursement commitment for Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio only and is therefore paid by the Funds. 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. Reorganization (see Note 8) costs, if any, were allocated to the Funds only to the extent they are expected to be offset by the anticipated reduction in expenses borne by the Funds' shareholders during the first year following the Reorganization.

Note 4. Federal Tax Information

At January 31, 2014, these differences are primarily due to differing treatments for capital loss carryforwards, deferral/reversal of wash sales losses, Trustees' deferred

compensation, foreign currency transactions, non-deductible expenses, re-characterization of distributions from investments and derivative investments. To the extent these differences are permanent, reclassifications are made among the components of the applicable Fund's 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:

Fund	Undistributed Net Investment Income ($)		Accumulated Net Realized Gain (Loss) ($)			Paid-in Capital Increase (Decrease) ($)
Columbia Capital Allocation Conservative Portfolio		1,437,487		(2,390,728	)		953,241
Columbia Capital Allocation Moderate Conservative Portfolio		4,440,889		(4,566,469	)		125,580
Columbia Capital Allocation Moderate Portfolio		11,286,934		(11,286,934	)		—
Columbia Capital Allocation Moderate Aggressive Portfolio		15,299,960		(14,876,635	)		(423,325	)
Columbia Capital Allocation Aggressive Portfolio		5,908,108		(5,935,051	)		26,943

Net investment income and net realized gains (losses), as disclosed in the Statements of Operations, and net assets were not affected by these reclassifications.

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

	Year Ended January 31, 2014								Year Ended January 31, 2013
Fund	Ordinary Income ($)		Long-term Capital Gains ($)		Tax Return of Capital ($)		Total ($)		Ordinary Income ($)		Long-term Capital Gains ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		8,195,597		11,289,486		—		19,485,083		10,476,758		3,789,999		14,266,757
Columbia Capital Allocation Moderate Conservative Portfolio		17,049,216		19,418,027		—		36,467,243		3,487,416		2,973,388		6,460,804
Columbia Capital Allocation Moderate Portfolio		40,878,109		47,703,571		—		88,581,680		37,782,806		—		37,782,806

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Notes to Financial Statements (continued)

January 31, 2014

	Year Ended January 31, 2014								Year Ended January 31, 2013
Fund	Ordinary Income ($)		Long-term Capital Gains ($)		Tax Return of Capital ($)		Total ($)		Ordinary Income ($)		Long-term Capital Gains ($)		Total ($)
Columbia Capital Allocation Moderate Aggressive Portfolio		40,778,564		31,074,718		—		71,853,282		18,368,806		25,945,928		44,314,734
Columbia Capital Allocation Aggressive Portfolio		11,089,561		—		—		11,089,561		7,500,153		—		7,500,153

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

At January 31, 2014, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income ($)		Undistributed Accumulated Long-Term Gain ($)		Unrealized Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		297,920		10,520,993		864,080
Columbia Capital Allocation Moderate Conservative Portfolio		1,007,006		33,247,781		19,934,395
Columbia Capital Allocation Moderate Portfolio		1,094,057		88,604,581		126,029,972
Columbia Capital Allocation Moderate Aggressive Portfolio		2,927,559		114,836,784		212,377,580
Columbia Capital Allocation Aggressive Portfolio		2,854,064		12,091,024		81,104,092

At January 31, 2014, the cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Fund	Tax Cost ($)		Gross Unrealized Appreciation ($)		Gross Unrealized Depreciation ($)			Net Appreciation (Depreciation) ($)
Columbia Capital Allocation Conservative Portfolio		324,862,910		7,249,099		(6,385,019	)		864,080
Columbia Capital Allocation Moderate Conservative Portfolio		672,941,793		29,749,493		(9,815,098	)		19,934,395
Columbia Capital Allocation Moderate Portfolio		1,531,976,988		145,104,653		(19,074,681	)		126,029,972
Columbia Capital Allocation Moderate Aggressive Portfolio		2,107,922,274		233,762,766		(21,385,186	)		212,377,580
Columbia Capital Allocation Aggressive Portfolio		553,983,585		86,865,291		(5,761,199	)		81,104,092

Fund	2016 ($)		2017 ($)		Unlimited Short-Term ($)		Unlimited Long-Term ($)		Total ($)
Columbia Capital Allocation Conservative Portfolio		—		—		—		—		—
Columbia Capital Allocation Moderate Conservative Portfolio		—		—		—		—		—
Columbia Capital Allocation Moderate Portfolio		—		—		—		—		—
Columbia Capital Allocation Moderate Aggressive Portfolio		777,010		—		—		—		777,010
Columbia Capital Allocation Aggressive Portfolio		—		908,182		—		—		908,182

For the year ended January 31, 2014, the amount of capital loss carryforward utilized and expired unused were as follows:

Fund	Utilized ($)		Expired ($)
Columbia Capital Allocation Conservative Portfolio		—		—
Columbia Capital Allocation Moderate Conservative Portfolio		—		—
Columbia Capital Allocation Moderate Portfolio		—		—
Columbia Capital Allocation Moderate Aggressive Portfolio		61,794,281		—
Columbia Capital Allocation Aggressive Portfolio		44,676,842		—

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 Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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Notes to Financial Statements (continued)

January 31, 2014

Note 5. Portfolio Information

For the year ended January 31, 2014, the cost of purchases and proceeds from sales of securities, including U.S. government securities, but excluding investments in money market funds, for each Fund aggregated to:

	U.S. Government Securities				Other Investment Securities
Fund	Purchases ($)		Proceeds ($)		Purchases ($)		Proceeds ($)
Columbia Capital Allocation Conservative Portfolio		1,146,932		1,308,391		71,847,802		134,560,802
Columbia Capital Allocation Moderate Conservative Portfolio		—		4,943,375		179,164,350		249,908,557
Columbia Capital Allocation Moderate Portfolio						364,317,377		462,490,108
Columbia Capital Allocation Moderate Aggressive Portfolio		—		24,499,958		446,751,027		756,692,201
Columbia Capital Allocation Aggressive Portfolio		—		—		168,029,769		215,634,002

Transactions to realign the Capital Allocation Conservative Portfolio's portfolio following the merger as described in Note 9 are excluded for purposes of calculating the Fund's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $5,421,000 and $7,207,689 respectively.

Transactions to realign the Capital Allocation Moderate Conservative Portfolio's portfolio following the merger as described in Note 9 are excluded for purposes of calculating the Fund's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $2,760,210 each.

Transactions to realign the Capital Allocation Moderate Aggressive Portfolio's portfolio following the merger as described in Note 9 are excluded for purposes of calculating the Fund's portfolio turnover rate. These realignment transactions amounted to cost of purchases and proceeds from sales of $22,093,468 each.

Note 6. Affiliated Money Market Fund

Each Fund may invest its daily cash balances in Columbia Short-Term Cash Fund, an affiliated money market fund established for the exclusive use by each Fund and other affiliated Funds. The income earned by the Funds from such investments is included as "Dividends — affiliated issuers" in the Statement of Operations. As an investing fund, each Fund indirectly bears its proportionate share of the expenses of Columbia Short-Term Cash Fund.

Note 7. Shareholder Concentration

At January 31, 2014, 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:

Fund	Number of Unaffiliated Accounts		Percentage of Shares Outstanding Held — Unaffiliated (%)		Percentage of Shares Outstanding Held — Affiliated (%)
Columbia Capital Allocation Conservative Portfolio		—		—		26.2
Columbia Capital Allocation Moderate Conservative Portfolio		1		10.1		22.7
Columbia Capital Allocation Moderate Portfolio		—		—		24.3
Columbia Capital Allocation Moderate Aggressive Portfolio		1		16.7		18.3
Columbia Capital Allocation Aggressive Portfolio		—		—		28.0

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. Effective December 10, 2013, each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.075% per annum. For the period July 1, 2013 through December 10, 2013, the commitment fee was charged at the annual rate of 0.08% per annum. Prior to July 1, 2013, the Funds were not charged a commitment fee. The commitment fee is included in other expenses in the Statements of Operations.

No Fund had borrowings during the year ended January 31, 2014.

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Notes to Financial Statements (continued)

January 31, 2014

Note 9. Fund Mergers

Columbia Capital Allocation Conservative Portfolio

At the close of business on April 26, 2013, Columbia Capital Allocation Conservative Portfolio acquired the assets and assumed the identified liabilities of Columbia LifeGoal Income Portfolio, a series of Columbia Funds Series Trust II. The reorganization was completed after shareholders of the acquired fund approved the plan on February 27, 2013. 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 Columbia Capital Allocation Conservative Portfolio immediately before the acquisition were $348,977,186 and the combined net assets immediately after the acquisition were $373,544,200.

The merger was accomplished by a tax-free exchange of 2,298,723 shares of Columbia LifeGoal Income Portfolio valued at $24,567,014 (including $1,787,615 of unrealized appreciation).

In exchange for Columbia LifeGoal Income Portfolio's shares, Columbia Capital Allocation Conservative Portfolio issued the following number of shares:

	Shares
Class A		1,477,865
Class B		86,216
Class C		490,357
Class Z		243,364

For financial reporting purposes, net assets received and shares issued by Columbia Capital Allocation Conservative Portfolio were recorded at fair value; however, Columbia LifeGoal Income Portfolio's cost of investments was carried forward.

The financial statements reflect the operations of Columbia Capital Allocation Conservative 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 LifeGoal Income Portfolio that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on February 1, 2013, Columbia Capital Allocation Conservative Portfolio's pro-forma net investment income, net gain on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the year ended

January 31, 2014 would have been approximately $6.2 million, $21.5 million, $(17.4) million and $10.3 million, respectively.

Columbia Capital Allocation Moderate Conservative Portfolio

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. 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 Columbia Capital Allocation Moderate Conservative Portfolio immediately before the acquisition were $126,099,791 and the combined net assets immediately after the acquisition were $728,747,564.

The merger was accomplished by a tax-free exchange of 53,696,442 shares of Columbia Portfolio Builder Moderate Conservative Fund valued at $602,647,773 (including $53,201,190 of unrealized appreciation).

In exchange for Columbia Portfolio Builder Moderate Conservative Fund's shares, Columbia Capital Allocation Moderate Conservative Portfolio issued the following number of shares:

	Shares
Class A		44,299,319
Class B		2,809,162
Class C		5,573,686
Class K		1,044
Class R		437
Class Z		66,440

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

The financial statements reflect the operations of Columbia Capital Allocation Moderate Conservative 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 Moderate Conservative Fund that

Annual Report 2014
137

Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2014

have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on February 1, 2013, Columbia Capital Allocation Moderate Conservative Portfolio's pro-forma net investment income, net gain on investments, net change in unrealized depreciation and net increase in net assets from operations for the year ended January 31, 2014 would have been approximately $13.2 million, $58.9 million, $(30.0) million and $42.1 million, respectively.

Columbia Capital Allocation Moderate Aggressive Portfolio

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 the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and strategies.

The aggregate net assets of Capital Allocation Moderate Aggressive Portfolio immediately before the acquisition were $1,079,846,854 and the combined net assets immediately after the acquisition were $2,291,819,834.

The merger was accomplished by a tax-free exchange of 102,704,635 shares of Columbia Portfolio Builder Moderate Aggressive Fund valued at $1,211,972,980 (including $183,352,502 of unrealized appreciation).

In exchange for the acquired fund's shares, Capital Allocation Moderate Aggressive Portfolio issued the following number of shares:

	Shares
Class A		84,466,691
Class B		6,750,359
Class C		7,347,117
Class K		7,340
Class R		731
Class Z		49,631

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

The financial statements reflect the operations of Capital Allocation Moderate Aggressive 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 Moderate Aggressive Fund that have been included in the combined Fund's Statement of Operations since the merger was completed.

Assuming the merger had been completed on February 1, 2013, Capital Allocation Moderate Aggressive Portfolio's pro-forma net investment income (loss), net gain (loss) on investments, net change in unrealized appreciation (depreciation) and net increase in net assets from operations for the year ended January 31, 2014 would have been approximately $25.2 million, $220.0 million, $5.6 million and $250.8 million, respectively.

Note 10. Subsequent Events

Note 11. Information Regarding Pending and Settled Legal Proceedings

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138

Columbia Capital Allocation Portfolios

Notes to Financial Statements (continued)

January 31, 2014

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.

Annual Report 2014
139

Columbia Capital Allocation Portfolios

Reports of Independent Registered Public Accounting Firm

To the Trustees of Columbia Funds Series Trust and the shareholders of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, of Columbia Capital Allocation Moderate Conservative Portfolio and Columbia Capital Allocation Moderate Aggressive Portfolio (the "Funds", constituting part of Columbia Funds Series Trust), 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 each of the Funds at January 31, 2014, the results of each of their operations for the year then ended and 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 Funds' 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, 2014 by correspondence with the custodian, brokers and transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2014

To the Trustees of Columbia Funds Series Trust II and the shareholders of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, of Columbia Capital Allocation Conservative Portfolio, Columbia Capital Allocation Moderate Portfolio and Columbia Capital Allocation Aggressive Portfolio (the "Funds", constituting part of Columbia Funds Series Trust II), 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 each of the Funds at January 31, 2014, the results of each of their operations for the year then ended and the changes in each of their net assets and the financial highlights for each of the two years in the period 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 Funds' 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, 2014 by correspondence with brokers and transfer agent, provide a reasonable basis for our opinion. The financial highlights for the Funds for the periods ended on or prior to January 31, 2012 were audited by another independent registered public accounting firm whose report dated March 26, 2012 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2014

Annual Report 2014
140

Columbia Capital Allocation Portfolios

Federal Income Tax Information

(Unaudited)

The Funds hereby designate the following tax attributes in the fiscal year ended January 31, 2014. Shareholders will be notified in early 2015 of the amounts for use in preparing 2014 income tax returns.

	Qualified Dividend Income (%)		Dividends Received Deduction (%)		Capital Gain Dividend ($)		Foreign Taxes Paid ($)		Foreign Source Income ($)
Columbia Capital Allocation Conservative Portfolio		15.33		11.09		19,155,763		32,090		324,909
Columbia Capital Allocation Moderate Conservative Portfolio		25.20		17.69		53,813,806		106,691		1,156,461
Columbia Capital Allocation Moderate Portfolio		31.53		23.43		127,311,700		326,271		4,457,364
Columbia Capital Allocation Moderate Aggressive Portfolio		46.86		36.40		138,331,992		511,061		4,152,578
Columbia Capital Allocation Aggressive Portfolio		32.34		20.45		12,695,575		263,706		1,758,598

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.

Annual Report 2014
141

Columbia Capital Allocation Portfolios

Trustees and Officers

Independent Trustees

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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

131

Trustee, 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; Chairman and Chief Executive Officer, John Hancock Funds (mutual funds), 1989-2000

129

Former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

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

131

None

William P. Carmichael
901 S. Marquette Ave.
Minneapolis, MN 55402
1943

Chair of the Board since 1/14, Board member since 6/11 for RiverSource Funds and since 2003 for Nations Funds

131

Director, Cobra Electronics Corporation (electronic equipment manufacturer); The Finish Line (athletic shoes and apparel) since July 2003; Director, International Textile Corp. since 2012; former Director, McMoRan Exploration Company (oil and gas exploration and development) 2010-2013; former Trustee, BofA Funds Series Trust (11 funds), 2009-2011; Director, Spectrum Brands, Inc. (consumer products), 2002-2009; former Director, Simmons Company (bedding), 2004-2010

Annual Report 2014
142

Columbia Capital Allocation Portfolios

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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

131

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

129

Trustee, BofA Funds Series Trust (11 funds)

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

129

Chairman, BofA Fund Series Trust (11 funds); former Director, CNO Financial Group, Inc. (insurance), 2003-2011

Stephen R. Lewis, Jr.
901 S. Marquette Ave.
Minneapolis, MN 55402
1939

Board member for RiverSource Funds since 1/02 and since 6/11 for Nations Funds, Board Chair 1/07-12/13

President Emeritus and Professor of Economics Emeritus, Carleton College since 2002

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer), 2002-2013

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) since September 1998

131

Director, Valmont Industries, Inc. (irrigation systems manufacturer) 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 J for Nations Funds

Counsel, Lewis & Munday, P.C. (law firm) since 2004; Vice President and General Counsel, Automotive Legal Affairs, Chrysler Corporation, 1993-1997

131

Annual Report 2014
143

Columbia Capital Allocation Portfolios

Trustees and Officers (continued)

Independent Trustees (continued)

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

Number of
Funds in the
Fund Family
Overseen by
Board Member

Other Present or Past
Directorships/
Trusteeships
(Within Past 5 Years)

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

129

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., (biotechnology) 2003-2010

131

Interested Trustee Not Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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

129

Annual Report 2014
144

Columbia Capital Allocation Portfolios

Trustees and Officers (continued)

Interested Trustee Affiliated with Investment Manager*

Name,
Address,
Year of Birth

Position Held With
Funds and Length of
Service

Principal Occupation(s)
During Past Five Years
and Other Relevant
Professional Experience

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 since 5/10 for Nations Funds

183

Former 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 or contacting your financial intermediary.

Annual Report 2014
145

Columbia Capital Allocation Portfolios

Trustees and Officers (continued)

Officers

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
J. Kevin Connaughton 225 Franklin Street Boston, MA 02110 Born 1964	President and Principal Executive Officer (2009)	Managing Director and General Manager Mutual Fund Products, Columbia Management Investment Advisers, LLC since May 2010; and President, Columbia Funds since 2009; Managing Director, Columbia Management Advisors, LLC, December 2004-April 2010; Senior Vice President and Chief Financial Officer, Columbia Funds, June 2008-January 2009; and senior officer of Columbia Funds and affiliated funds since 2003
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011) and Chief Financial Officer (2009)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010;Managing Director of Fund Administration, Columbia Management Advisors, LLC, September 2004-April 2010; and senior officer of Columbia Funds and affiliated funds since 2002
Scott R. Plummer 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1959	Senior Vice President (2006), Chief Legal Officer (2006) and Assistant Secretary (2011)	Senior Vice President and Assistant General Counsel — Global Asset Management, Ameriprise Financial since February 2014 (previously, Senior Vice President and Lead Chief Counsel — Asset Management, 2012-February 2014; Vice President and Lead Chief Counsel — Asset Management, 2010-2012; and Vice President and Chief Counsel — Asset Management, 2005-2010); Senior Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since June 2005; 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; senior officer of Columbia Funds and affiliated funds since 2006
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc. since May 2010; Chief Compliance Officer, Ameriprise Certificate Company, since September 2010; Compliance Executive, Bank of America, 2005-April 2010
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Director and Global 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
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010; Associate General Counsel, Bank of America 2005-April 2010
Joseph F. DiMaria 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Chief Accounting Officer (2008)	Vice President — Mutual Fund Treasurer, Columbia Management Investment Advisers, LLC since May 2010; Director of Fund Administration, Columbia Management Advisors, LLC, 2006-April 2010
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Vice President (2011) and Assistant Secretary (2008)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since November 2008 and January 2013, respectively (previously Chief Counsel, January 2010-January 2013, and Group Counsel, November 2008-January 2010); Director, Managing Director and General Counsel, J. & W. Seligman & Co. Incorporated, July 2008-November 2008
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director 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)

Annual Report 2014
146

Columbia Capital Allocation Portfolios

Trustees and Officers (continued)

Officers (continued)

Name, Address and Year of Birth	Position and Year First Appointed to Position for any Fund in the Columbia Funds Complex or a Predecessor Thereof	Principal Occupation(s) During Past Five Years
Paul D. Pearson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1956	Vice President (2011) and Assistant Treasurer (1999)	Vice President — Investment Accounting, Columbia Management Investment Advisers, LLC since May 2010; Vice President — Managed Assets, Investment Accounting, Ameriprise Financial, Inc., 1998-April 2010
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	Vice President and Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc., since January 2010 (previously Vice President and Group Counsel or Counsel, 2004-January 2010); officer of Columbia Funds and affiliated funds since 2007
Stephen T. Welsh 225 Franklin Street Boston, MA 02110 Born 1957	Vice President (2006)	President and Director, Columbia Management Investment Services Corp. since May 2010; President and Director, Columbia Management Services, Inc., 2004-April 2010; Managing Director, Columbia Management Distributors, Inc., 2007-April 2010

Annual Report 2014
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Annual Report 2013
148

Columbia Capital Allocation Portfolios

Important Information About This Report

Annual Report 2014
149

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 and, if available, a summary 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.

ANN124_01_D01_(03/14)

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 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. 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 four series of the registrant whose reports to stockholders are included in this annual filing. In addition, one series merged away on April 26, 2013 and the fees incurred by this series through its merger date are included in the response to this Item.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended January 31, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	57,400	$	66,300

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, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	5,600	$	9,500

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 2014 and 2013, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports and agreed-upon procedures related to fund mergers.

During the fiscal years ended January 31, 2014 and January 31, 2013, 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, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	36,600	$	28,600

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. Fiscal year 2014 also includes Tax Fees for agreed-upon procedures for a fund merger and the review of a final tax return. In both fiscal years 2014 and 2013 Tax Fees also include agreed-upon procedures related to foreign tax filings.

During the fiscal years ended January 31, 2014 and January 31, 2013, 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, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	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, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	135,000	$	285,800

In fiscal years 2014 and 2013, 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 auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) 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 Auditors for Audit and Non-Audit Services (the “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 (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. 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 board members. 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 auditor 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 specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

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 provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

*****

(e)(2) 100% of the services performed for items (b) through (d) above during 2014 and 2013 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 during the fiscal years ended January 31, 2014 and January 31, 2013 are approximately as follows:

2014		2013
$	177,200	$	323,900

(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) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 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 24, 2014

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.


					/s/ J. Kevin Connaughton
By (Signature and Title)					J. Kevin Connaughton, President and Principal Executive Officer



Date					March 24, 2014


By (Signature and Title)					/s/ Michael G. Clarke
					Michael G. Clarke, Treasurer and Chief Financial Officer


Date					March 24, 2014

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